Codere Online Luxembourg SA (CDRO) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the Codere Online first quarter 2025 results conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Codere Online 2025 年第一季業績電話會議。（操作員指示）

Thank you. I'd now like to turn the call over to Guillermo Lancha, Head of Investor Relations. You may begin.

謝謝。現在我想將電話轉給投資人關係主管 Guillermo Lancha。你可以開始了。

Thanks, operator, and welcome everyone to Codere Online's earnings call for the first quarter of 2025. Today you will hear from our CEO Aviv Sher and Chief Financial Officer Oscar Iglesias. Our executive Vice Chairman, Moshe Edree will also join us in the Q&A section.

謝謝，接線生，歡迎大家參加 Codere Online 2025 年第一季財報電話會議。今天您將聽到我們的執行長 Aviv Sher 和財務長 Oscar Iglesias 的演講。我們的執行副主席 Moshe Edree 也將參加問答環節。

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

在將電話轉給 Aviv 之前，我想提醒大家，在本次電話會議中，我們將參考今天早些時候上傳到我們網站的一份演示文稿，其中包括非國際財務報告準則的初步和未經審計的財務指標，如淨的博彩收入、調整後的 EBITDA 和恆定貨幣數字，您可以在演示文稿的附錄中找到這些指標指標或免責文稿。

These non-IFRS financial measures should be considered in addition to and not as a substitute for our IFRS results. Please note that all growth rates discussed during this call are year on year comparisons unless noted otherwise. Let me also remind you that our accounting information is prepared under IFRS accounting standards and that throughout this presentation, all monetary figures will be in EUR unless expressed otherwise.

這些非國際財務報告準則 (IFRS) 財務指標應被視為我們的國際財務報告準則 (IFRS) 結果的補充，而非替代。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。我還要提醒您，我們的會計資訊是根據 IFRS 會計準則編制的，並且在整個演示過程中，除非另有說明，所有貨幣數字均以歐元為單位。

During this call, we will make forward-looking statements, including those related to our net gaming revenue and adjusted the outlooks, which are subject to numerous risks and uncertainties, including those discussed in our earnings press release and other documents filed with the SEC and which could cause actual results to differ materially from those anticipated by these statements.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們的淨博彩收入和調整後的前景相關的陳述，這些陳述受多種風險和不確定因素的影響，包括我們在收益新聞稿和向美國證券交易委員會提交的其他文件中討論的風險和不確定因素，這些風險和不確定因素可能導致實際結果與這些陳述預期的結果存在重大差異。

These forward-looking statements reflect our current expectations based on our beliefs, assumptions, and information currently available to us. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. 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 our investor email alerts.

這些前瞻性陳述反映了我們根據我們的信念、假設和目前所掌握的資訊所做的當前預期。儘管我們認為這些預期是合理的，但我們不承擔修改任何聲明以反映本次電話會議後發生的變更的義務。最後，請注意，本次通話的重播和記錄將在我們的網站 codereonline.com 上提供，您也可以在該網站上註冊我們的投資者電子郵件提醒。

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

說完這些，我將繼續把電話轉給 Aviv。

Thanks, Guillermo, and thanks everyone for joining us today. Before we dive into first quarter earnings, let me please provide a quick update on where we stand in regards to our NASDAQ compliance issue. First and foremost, we filed our 2023 annual report on Form-20 on May 1. That is within the extended deadline granted to us by NASDAQ and thereby regain compliance with applicable listing requirements. This was formally confirmed in a letter we received yesterday from NASDAQ.

謝謝，吉列爾莫，也謝謝大家今天的到來。在深入討論第一季收益之前，請容我簡要介紹一下我們在納斯達克合規問題的現狀。首先，我們在 5 月 1 日提交了 2023 年 Form-20 年度報告。這是在納斯達克授予我們的延長期限內，從而重新符合適用的上市要求。我們昨天收到的納斯達克的一封信中正式證實了這一點。

As since since engaging Malon Bailey as our new auditor on December 31, we have been working on both our 2023 and 2024 audits in parallel, but in the back half of April decided to focus most of our efforts on completing the 2023 audit to ensure that we meet that we met NASDAQ deadline for filling our 2023 annual report, which was both the source of our compliance issue and, as you would expect, our top priority. As a consequence, however, we have not yet been able to complete the work on 2024 audit.

自從 12 月 31 日聘請 Malon Bailey 作為我們的新審計師以來，我們一直在同時進行 2023 年和 2024 年的審計，但在 4 月下半月，我們決定將大部分精力集中在完成 2023 年的審計上，以確保我們能夠在納斯達克截止日期前提交 2023 年年度報告，這既是我們的問題，這既是我們的首要任務，也是我們的首要任務。但結果是，我們尚未完成 2024 年審計工作。

And as a result, we are not able to file our 2024 annual report by May 15, that is within the 15 day grace period provided. Unlike last year, however, in which NASDAQ first issued a delinquency notice and provided us with the time to submit a plan to regain compliance and given that we are currently under one year mandatory monitoring monitor. Period. We understand that NASDAQ will be sending us a new delisting notice over the coming days, shortly following receipt of the total delist of that delisting notice.

因此，我們無法在 5 月 15 日之前（即規定的 15 天寬限期內）提交 2024 年年度報告。然而，與去年不同的是，納斯達克首先發布了違約通知，並為我們提供了提交重新合規計畫的時間，並考慮到我們目前正處於一年的強制監控之下。時期。我們了解到納斯達克將在收到該退市通知的全面退市後不久，在未來幾天內向我們發送新的退市通知。

We will be appealing this new delisting determination and requesting both a new hearing plan and further stay of any trading suspension. That said, and as already disclosed to the market, we expect to file our 2024 annual report by the end of May. So we would expect to regain compliance with NASDAQ listing requirements ahead of any hearing actually taking place. In short, while we may still have a couple noisy weeks ahead of us, given the communication we are required to make to the market, we expect to finally be putting this issue behind us soon.

我們將對這項新的退市決定提出上訴，並要求制定新的聽證計劃並進一步暫停交易。話雖如此，正如已經向市場披露的那樣，我們預計將在 5 月底之前提交 2024 年年度報告。因此，我們希望在任何聽證會實際舉行之前重新遵守納斯達克上市要求。簡而言之，雖然我們可能仍會面臨幾週的混亂，但考慮到我們需要與市場進行的溝通，我們預計最終這個問題很快就會解決。

As always, we appreciate the patience and understanding that all of you have shown us through throughout this process and look forward to getting back to business as usual.

像往常一樣，我們感謝大家在整個過程中表現出的耐心和理解，並期待恢復正常業務。

Moving now to the highlights of the first quarter of 2025 on page 8, we delivered EUR 57 million in net gaming revenue, 8% above Q1 2024. As in prior two quarters, net gaming revenue was negatively impacted by a weaker Mexican peso. In constant currency terms, net gaming revenue would have been EUR62 million in the first quarter, 17% above prior year period.

現在轉到第 8 頁的 2025 年第一季亮點，我們實現了 5700 萬歐元的淨博彩收入，比 2024 年第一季增長 8%。與前兩個季度一樣，淨博彩收入受到墨西哥比索走弱的負面影響。以固定匯率計算，第一季淨博彩收入為 6,200 萬歐元，比去年同期成長 17%。

In terms of product mix, the contribution from our casino segment came in at 61% of our total net gaming revenue in the first quarter due to not only focus have placed on this segment in recent years, but also to a lower sports margin in Mexico. This growth in net gaming revenue was driven by a 13% increase in the number of average monthly active users. While the average monthly spend per active customer dropped 5% to €118.

在產品組合方面，我們的賭場部門貢獻了第一季總淨博彩收入的 61%，這不僅是因為近年來我們專注於這一部門，也是因為墨西哥的體育利潤率較低。淨遊戲收入的成長得益於平均每月活躍用戶數量成長 13%。而每位活躍客戶的平均每月消費額則下降 5% 至 118 歐元。

In regards to customer acquisition, we had a very strong quarter with 91001st time depositors, 21% above the 75,000 acquired in the prior year period, and 25% higher than in Q4 2024. This increase resulted in an average CPA. In the quarter of approximately EUR200 making two consecutive quarters of moderation in our CPA level, which are back to the levels we had in 2023.

在客戶獲取方面，我們本季表現非常強勁，擁有 91,001 名定期存款人，比去年同期的 75,000 名高出 21%，比 2024 年第四季高出 25%。這一增長導致了平均每次轉換費用 (CPA) 的增加。本季約為 200 歐元，連續兩季我們的 CPA 水準有所緩和，現已恢復到 2023 年的水準。

Finally, as announced last hotel, we put in place a one year share buyback plan for up to EUR5 million. That was approved by our shareholder on March 3, through May 2015, we have repurchased around 68,000 shares for approximately EUR50 million under this plan.

最後，正如上一家酒店宣布的那樣，我們制定了一項為期一年、金額高達 500 萬歐元的股票回購計劃。該方案已於 2015 年 3 月 3 日獲得股東批准，截至 2015 年 5 月，我們已根據該計劃回購了約 68,000 股，價值約 5,000 萬歐元。

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

現在，我將把電話轉給奧斯卡 (Oscar)，讓他介紹本季的財務亮點。

Thanks. Turning now to the financial performance for the quarter on page 10, consolidated net gaming revenue grew by 8% to EUR57 million. This was driven primarily by our Mexican business where revenue grew 15% to EUR30 million.

謝謝。現在來看第 10 頁的季度財務業績，合併淨博彩收入成長 8%，達到 5,700 萬歐元。這主要得益於我們的墨西哥業務，其收入成長了 15%，達到 3,000 萬歐元。

In Spain, net gaming revenue was roughly flat versus the prior year period at EUR22 million. Adjusted EBITDA meanwhile was positive EUR1.8 million in the first quarter and included a contribution of EUR5.5 million from our Spanish business and EUR1.8 million from Mexico, it's best performance to date. This marks our fifth consecutive quarter of positive adjusted EBITDA at the consolidated level.

在西班牙，淨博彩收入與去年同期基本持平，為 2,200 萬歐元。同時，第一季調整後的 EBITDA 為正 180 萬歐元，其中包括來自西班牙業務的 550 萬歐元和來自墨西哥的 180 萬歐元貢獻，這是迄今為止的最佳表現。這是我們連續第五個季度實現合併後調整後 EBITDA 為正。

Looking now at our P&L on page 11, adjusted EBITDA was in line with the first quarter of 2024, despite the $4 million increase in net gaming revenue due to a higher level of marketing investment in the quarter, together with other investments made in the business and further into future growth.

現在查看第 11 頁的損益表，調整後的 EBITDA 與 2024 年第一季持平，儘管由於本季行銷投資增加以及對業務和未來成長的其他投資導致淨遊戲收入增加了 400 萬美元。

Turning now to the consolidated figures on page 12, the 8% increase in net gaming revenue was driven by a 13% increase in active customers, primarily in Mexico. On a constant currency basis, net gaming revenue would have grown 17% in the quarter instead of the reported 8%.

現在來看第 12 頁的綜合數據，淨博彩收入 8% 的成長是由活躍客戶數量（主要在墨西哥）13% 的成長所推動的。以固定匯率計算，本季淨博彩收入將成長 17%，而不是報告的 8%。

As Aviv mentioned, we had a significant uptick in FTDs which grew 21% to 91,000 in the quarter and were driven mostly by Mexico, where in recent months, we've been testing a number of new customer acquisition channels. Turning to the Spanish operating financial metrics, net gaming revenue in the first quarter was nearly flat at EUR222 million driven by a lower spend per active.

正如 Aviv 所提到的，我們的 FTD 數量在本季度大幅增長了 21%，達到 91,000，這主要得益於墨西哥，近幾個月來，我們一直在測試一些新的客戶獲取管道。談到西班牙的營運財務指標，第一季淨博彩收入幾乎持平於 2.22 億歐元，原因是每活躍支出較低。

On a positive note, we managed to increase the number of active customers by 4% versus the prior year and 7% sequentially, getting back to 52,000 average monthly actives, the level we had prior to the reintroduction of bonuses in the second quarter of 2024.

積極的一面是，我們成功地將活躍客戶數量與上年相比增加了 4%，比上一季增加了 7%，恢復到平均每月 52,000 名活躍客戶，即 2024 年第二季度重新引入獎金之前的水平。

While adapting our promotional activity to this new competitive landscape in Spain has been challenging, we have made significant progress in regards to improving the quality of the customers we acquire, both in terms of player value and retention.

雖然使我們的促銷活動適應西班牙新的競爭格局具有挑戰性，但我們在提高客戶品質方面取得了重大進展，包括玩家價值和保留率。

In Mexico, net gaming revenue was EUR30.5 million in the first quarter, 15% above the prior year period. The Mexican peso devalued by more than 16% in the first quarter of 2025, resulting in a EUR5 million headwind to our net gaming revenue and even higher impact than the EUR3 million we had in both the third and fourth quarters of 2024.

在墨西哥，第一季淨博彩收入為 3,050 萬歐元，比去年同期成長 15%。2025 年第一季度，墨西哥比索貶值超過 16%，導致我們的淨博彩收入遭受 500 萬歐元的損失，甚至比 2024 年第三季和第四季的 300 萬歐元的影響還要大。

On a constant currency basis, our net gaming revenue in Mexico would have grown 34%. So the underlying growth trend in this market is still very impressive. As in the fourth quarter, the sports betting margin was a bit lower than our target. This time equivalent to about 1% point, which impacted NGR by about EUR1.5 million.

以固定匯率計算，我們在墨西哥的淨博彩收入將成長 34%。因此，這個市場的潛在成長趨勢仍然非常令人印象深刻。與第四季一樣，體育博彩利潤率略低於我們的目標。這次相當於約 1% 的點，對 NGR 的影響約為 150 萬歐元。

As mentioned before, we had a significant increase in average monthly active customers to 82,000, 31% above Q1, 2024 and 19% above the prior quarter, albeit with lower player values than what we had seen previously, but also with lower acquisition costs.

如前所述，我們的平均每月活躍客戶數量大幅增加至 82,000 人，比 2024 年第一季度增長 31%，比上一季度增長 19%，儘管玩家價值低於我們之前看到的水平，但獲取成本也較低。

Going forward, we will continue to explore and optimize all sources of customer traffic and otherwise continue and otherwise continue to believe that the opportunity to invest and grow in Mexico is still very compelling.

展望未來，我們將繼續探索和優化所有客戶流量來源，並繼續相信在墨西哥投資和發展的機會仍然非常引人注目。

On page 15, we are including again the evolution of the Mexican pistol against the EUR, which had been relatively stable throughout the first quarter, but more volatile since April on the back of trade tensions and other uncertainties. When compared to the first quarter of 2024, the Mexican pestle weakened by 6% in the first quarter of 2025.

在第 15 頁，我們再次介紹了墨西哥手槍對歐元的演變情況，歐元在整個第一季一直相對穩定，但自 4 月以來，由於貿易緊張和其他不確定因素的影響，波動性加大。與 2024 年第一季相比，2025 年第一季墨西哥比索貶值了 6%。

Looking ahead, the exchange rate headwind will continue, but should begin to lessen after the second quarter. As we begin to lap the significant evaluation of this so following federal elections in Mexico in mid 2024. In short, we're expecting a difficult comparison for the second quarter results, but less of an impact thereafter.

展望未來，匯率逆風仍將持續，但第二季後應該會開始減弱。當我們開始對此進行重要評估時，墨西哥將於 2024 年中期舉行聯邦選舉。簡而言之，我們預計第二季的業績將很難進行比較，但其後的影響將較小。

Turning to the balance sheet on page 16, as of March 31, we had EUR42 million of total cash on the balance sheet, of which approximately EUR37 million was available. In terms of our networking capital position, we ended the quarter with negative EUR18 million, or around 8% of our LTM net gaming revenue, which continues to reflect the longer term trend that we've spoken about of more restrictive trade terms with suppliers. Notwithstanding that we believe that we are currently operating with a normalized level of working capital.

翻到第 16 頁的資產負債表，截至 3 月 31 日，我們的資產負債表上共有 4,200 萬歐元現金，其中約 3,700 萬歐元可用。就我們的網路資本狀況而言，本季末我們的虧損為 1800 萬歐元，約占我們 LTM 淨遊戲收入的 8%，這繼續反映了我們所說的與供應商簽訂更嚴格的貿易條款的長期趨勢。儘管如此，我們相信我們目前的營運資金水準處於正常水準。

Looking at our cash flow on page 17 in the first quarter of 2025, we generated EUR2.2 million of available cash, partially offset by EUR0.9 million negative FXs impact on ending cash balances due to the devaluation of both the Mexican peso and the US dollar on cash we hold in both currencies.

查看第 17 頁 2025 年第一季的現金流，我們產生了 220 萬歐元的可用現金，但由於墨西哥比索和美元對我們持有的兩種貨幣的現金貶值，外匯對期末現金餘額產生了 90 萬歐元的負面影響，部分抵消了這一影響。

Touching briefly on our outlook for 2025 on page 19, we are reiterating our expectation to generate net gaming revenue of between EUR220 million and EUR230 million and adjusted Ibi down the range of EUR10 million to EUR15 million.

在第 19 頁簡要談到我們對 2025 年的展望時，我們重申我們的預期，即產生 2.2 億歐元至 2.3 億歐元之間的淨博彩收入，並將 Ibi 範圍下調 1000 萬歐元至 1500 萬歐元。

Despite generating only EUR1.8 million and adjusted EBITDA even down the first quarter, we are confident that our operating an investment plan for the remainder of the year, including around the Club World Cup taking place from mid-June to mid-July, will allow us to meet our full year guidance. That's all from my end.

儘管第一季的調整後息稅折舊攤銷前利潤僅為 180 萬歐元，但我們相信，我們在今年剩餘時間實施的投資計畫（包括 6 月中旬至 7 月中旬舉行的俱樂部世界盃）將使我們能夠實現全年目標。我要說的就這些。

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

現在我將發言權交還給阿維夫，請他作最後發言。

Thanks, Oscar. Before we move to Q&A, I want to thank their online team, as always, for their dedication and hard work in the recent months. As always, thank you to our investors, analysts and market, participants.

謝謝，奧斯卡。在我們進入問答環節之前，我想一如既往地感謝他們的線上團隊近幾個月來的奉獻和辛勤工作。一如既往，感謝我們的投資者、分析師和市場參與者。

It's okay. I can just delivering remarks. Am I off mute? Yes. Before moving to Q&A, I want to thank the Codere Online team as always for their dedication and hard work in recent months. As always, thank you to our investors, analysts, and market participants for your support and interest. We look forward to speaking with you again soon.

沒關係。我只能發表一些評論。我靜音了嗎？是的。在進入問答環節之前，我想一如既往地感謝 Codere Online 團隊近幾個月來的奉獻和辛勤工作。一如既往，感謝我們的投資者、分析師和市場參與者的支持和關注。我們期待很快再次與您交談。

With that said, we'll turn it back to the operator to open the call to Q&A.

話雖如此，我們將把電話轉回給接線生，開始問答環節。

Thank you. We will now begin the question and answer session. (Operator Instructions) Your first question comes from a line of Jeffrey Stantial from Stifel. Your line is open.

謝謝。我們現在開始問答環節。（操作員指示）您的第一個問題來自 Stifel 的 Jeffrey Stantial。您的線路已開通。

Hey, great, good morning guys. Thanks for taking our questions. Starting off, it looks like [CapEx] was down 6% quarter on quarter, even though as you touched on user acquisition was up quite nicely. If you could you just talk about the competitive environment a bit more? That's not really what's driving that. Just what is allowing you to continue to acquire more users at lower cost? Thanks.

嘿，太好了，大家早安。感謝您回答我們的問題。首先，看起來[資本支出]比上一季下降了 6%，儘管正如你所提到的，用戶獲取量成長相當不錯。能否再多談談競爭環境？這並不是真正的驅動因素。究竟是什麼讓您能夠以更低的成本持續獲得更多用戶？謝謝。

Can you hear me? Can you hear me?

你聽得到我嗎？你聽得到我嗎？

We can hear you.

我們能聽到你的聲音。

Okay. So basically, as we are always testing, new, traffic sources and trying all kind of experiments. We had some good experience on one a good experiment on one of our channel. And we tested it for let's say one quarter more or less. It resulted in reduced CPA and the higher amount of players, those players eventually, in terms of spend per customer where well with, well with a lower value and there are always more sources like that.

好的。所以基本上，我們一直在測試新的流量來源並嘗試各種實驗。我們在其中一個頻道上的一項很好的實驗中獲得了很好的經驗。我們對其進行了大約四分之一的測試。結果是每次轉換費用的降低和玩家數量的增加，這些玩家最終在每位客戶的支出方面表現良好，價值較低，而且總是有更多這樣的來源。

So we tested that and we didn't find it so compelling. The eventually the supporting of those players to the revenue and the new revenue, and our predicted the future revenue from those customers was not as high as expected.

所以我們對此進行了測試，但發現它不那麼引人注目。最終這些玩家的支持對收入和新收入的影響，以及我們預測這些客戶的未來收入並不像預期的那麼高。

So it resulted a little bit of those numbers to be lower in terms of CPA and higher in terms of amount of FTDs, but eventually in revenue impact, the revenue impact was a little bit low. My assumption is that in the next quarter or so we will be back to our plan with the amount of players that we are requiring and with the values that we are that we already know.

因此，就 CPA 而言，這些數字略低一些，而就 FTD 數量而言，這些數字略高一些，但最終就收入影響而言，收入影響略低。我的假設是，在下個季度左右，我們將回到我們的計劃，我們需要的球員數量和我們已經知道的價值。

Hi Avi, can you hear us now? We got disconnected there for a few seconds. Can you hear us now?

嗨，Avi，你現在能聽到我們說話嗎？我們的連結在那裡斷了幾秒鐘。現在你能聽到我們說話嗎？

Yes,

是的，

okay, great. Sorry about that

好的，太好了。很抱歉

That's great. Just to confirm, yeah, we can hear on our end as.

那太棒了。只是為了確認一下，是的，我們可以聽到。

Well. Okay. That's helpful.

出色地。好的。這很有幫助。

Thank you for that and then just turning to Spain [slatish] net revenue growth in the quarter that's obviously a bit of a deceleration quarter on quarter, both on a year on year and on a two year stack basis. I just want to confirm, Oscar, is that mostly higher competition coming back in the market after, some of the restrictions paired back off or if there's something else driving. And then as a corollary to that, are you hearing anything in terms of efforts to bring back some of those marketing restrictions via more formal legislation this time?

謝謝您，然後我們談談西班牙 [slatish] 本季的淨收入成長，顯然與上一季相比有所減速，無論是與去年同期相比還是與兩年疊加的基礎上。奧斯卡，我只是想確認一下，是不是因為一些限制措施取消後，市場競爭會更加激烈，還是有其他因素在推動。那麼，作為必然結果，您是否聽說過這次將通過更正式的立法來恢復一些行銷限制的努力？

Thanks. Yeah, as you point out, the first quarter comparison is because the reintroduction of the welcome bonus happened in April of last year. So this is the last quarter where we have this this difficult comparison with the prior year period. So yes, it's the impact of the new competitive landscape on the reintroduction of the wealth and some other promotional strategies that now are permitted that previously were part of the pro prohibited activities. So yeah, I think that's the primary driver. I can say that even though the first quarter flat or slightly down, we are seeing some positive trends.

謝謝。是的，正如您所指出的，第一季的比較是因為去年 4 月重新引入了歡迎獎金。因此，這是我們與去年同期進行艱難比較的最後一個季度。所以是的，這是新的競爭格局對重新引入財富和一些其他促銷策略的影響，這些策略現在是被允許的，而以前是被禁止的活動的一部分。是的，我認為這是主要驅動因素。我可以說，儘管第一季持平或略有下降，但我們還是看到了一些正面的趨勢。

We've made some changes, especially in the first quarter. Focusing our promotional strategies where it needs to be focused on our higher value customers, and it's showing good results in April and in the first few days of May. It's still a little bit too early to say with conviction, but within what is a more competitive landscape in Spain, I think increasingly we're going to find better ways to compete. And to your second question, there our understanding is that the government continues to pursue avenues to put the restriction back into place that were there pursuant to the original executive decree, but they yet haven't found a way of doing that.

我們做出了一些改變，尤其是在第一季。我們的促銷策略專注於更高價值的客戶，這在四月和五月初取得了良好的效果。現在下定論還為時過早，但在西班牙競爭更加激烈的環境下，我認為我們將會找到更好的競爭方式。關於您的第二個問題，我們的理解是，政府正在繼續尋求途徑，按照原來的行政命令重新實施限制，但他們還沒有找到辦法。

So this is various legislative initiatives, one that we thought was closed back in February through a health care law that we thought would go through ultimately didn't, but our understanding is the current government continues to work and it's really requires the cooperation with its coalition partners, it's minority coalition partners to get any legislation passed.

因此，這是各種立法舉措，其中一項我們原以為會在二月份通過的醫療保健法被否決，但最終並沒有通過，但我們的理解是，現任政府將繼續工作，並且確實需要與其聯盟夥伴、少數派聯盟夥伴的合作才能使任何立法獲得通過。

So, that obviously would be upside for us. We're not counting on it, at least not in our let's say short in the short medium term we're assuming that the current environment is the one we have, to operate in, but obviously the reintroduction of that restriction on welcome bonuses would be good for us and good for the whole sector.

所以，這對我們來說顯然是有利的。我們不指望它，至少在短期和中期內不會，我們假設當前的環境就是我們要運營的環境，但顯然重新引入對歡迎獎金的限制對我們和整個行業都有好處。

Okay, perfect. And then if I could just squeeze in one more Oscar, I think you talked about average revenue for active, being down on my method is about 5%. Some of that is going to be mixed shift from Spain to Mexico given the lower player values there, but it looks like if you just evaluate each of those individually, average revenue per player was down on a market level. So can you just, expand a bit further on what's driving that?

好的，完美。然後，如果我可以再擠進一個奧斯卡獎，我想你談到了活躍的平均收入，按照我的方法下降了大約 5%。由於西班牙的球員價值較低，部分收入將由西班牙轉移到墨西哥，但如果單獨評估每個國家，則似乎每個球員的平均收入在市場層面上有所下降。那麼，您能否進一步解釋造成這現象的原因呢？

Yeah, I think in Spain it's the issues that we talked about that our existing portfolio, the spend proactive is a bit lower than obviously what it would have been before the reintroduction of the welcome bonus, as well as the lower player values given the competitive, bonusing and promotional environment that we have, the player values for new acquisitions are also lower. So that's the Spain impact. In Mexico, it's a little bit what we discussed and maybe if you've already touched on this, but it's really in, especially in the first quarter.

是的，我認為在西班牙，我們討論的問題是，我們現有的投資組合，主動支出明顯比重新引入歡迎獎金之前的水平要低一些，而且考慮到競爭、獎金和促銷環境，玩家價值較低，新收購的玩家價值也較低。這就是西班牙的影響。在墨西哥，這有點像我們討論過的內容，也許你已經提到過這一點，但它確實存在，特別是在第一季。

The last month, I think of '24 in the into the first quarter of '25, where we were, testing out some new acquisition channels, those were, with lower acquisition costs, but also, at least initially, what we're seeing is lower player values. So that contributes, let's say, incrementally contributes and brings down the average spend per active, in the period. We don't have enough data points to know.

上個月，我想到 24 年到 25 年第一季度，我們正在測試一些新的收購管道，這些管道的收購成本較低，但至少在最初，我們看到的球員價值較低。因此，可以說，這有助於逐步降低該時期內每位活躍用戶的平均支出。我們沒有足夠的數據點來了解。

Conclusively whether what we found there again, it's a higher or lower what we what we said customer acquisition cost is neither good nor bad. It's a function of then the strength of the customer, the average customer that you're acquiring and the player values and the revenue that you're expecting to generate over longer terms. So we're only three, four, five months in some cases in, so the verdict is a little, is still out, but that's part of what you're seeing in terms of at a consolidated level, the lower spend per active in the period.

最終，無論我們再次發現什麼，我們所說的客戶獲取成本是高或低都無所謂。它是客戶實力、您所獲得的平均客戶、玩家價值以及您期望在長期內產生的收入的函數。因此，在某些情況下，我們只進行了三、四、五個月，因此結論還有一點，尚未得出，但這是您在綜合層面上看到的該期間每活躍用戶支出較低的部分情況。

That's great thank you for all the color. I'll pass it on.

太棒了，謝謝你提供的所有顏色。我會傳達的。

Your next question comes from a line of Michael Kupinski from Noble. Your line is open.

您的下一個問題來自 Noble 的 Michael Kupinski。您的線路已開通。

Thank you and thanks for taking my questions. I just have a couple here. I was just wondering in terms of your investments, it seems like you're getting still very favorable returns in Mexico. Are there market dynamics that are starting to improve in other markets to where you may step up investment spend, whether it be Argentina or wherever it might be, I just wanted to get your color on other potential markets to that you might invest in?

謝謝您，也謝謝您回答我的問題。我這裡只有幾個。我只是想知道，就您的投資而言，您在墨西哥似乎仍然獲得了非常可觀的回報。其他市場的市場動態是否開始改善，您是否可能在這些市場加大投資支出，無論是阿根廷還是其他任何地方，我只是想了解您可能投資的其他潛在市場的情況？

Avi, you want to jump in?

Avi，你想加入嗎？

Yeah. So basically we had, we started to see good results in Colombia, and I think everybody knows what happened in Colombia in the past few months with the VAT regime that they introduced, so we had to stop our efforts over there.

是的。所以基本上我們已經開始在哥倫比亞看到良好的成果，我想每個人都知道過去幾個月哥倫比亞引入增值稅制度後發生了什麼，所以我們不得不停止在那裡的努力。

We do see some improvement in Panama in recent months, so we have some expectations to mitigate some of the issues that we have in Colombia with Panama and probably in the coming months we will see our investment increase a little bit with Mexico in order to reach our targets in terms of new markets or new big investment currently we are.

近幾個月來，我們確實看到巴拿馬的情況有所改善，因此我們期望巴拿馬能夠緩解我們在哥倫比亞遇到的一些問題，並且在未來幾個月內，我們可能看到我們在墨西哥的投資略有增加，以實現我們目前在新市場或新的大投資方面的目標。

Let's say staying defensive with our business plan, then maybe just to mitigate a little bit with Colombia to see what's going on over there because it's hurting us a little bit and I think going forward to next year with the World Cup, we will have a more aggressive budget to be able to capitalize on this large event and to continue and maintain our position in Mexico.

假設我們的商業計劃保持防禦性，那麼也許只是稍微緩和一下與哥倫比亞的關係，看看那裡的情況，因為這對我們造成了一些傷害，我認為明年世界杯將有更積極的預算，以便能夠利用這一大型賽事，繼續保持我們在墨西哥的地位。

Yeah, I would just add one point, yeah, I'm just going to add one point on Spain that that even though, since April of last year, the unit economics, the player values have weakened directionally in that market, that the unit economics are still very attractive. So, the level of investment that we've made in that market, even. Even at the higher levels this year versus last year are in our minds, still very justified in terms of a return profile of the customers were acquiring. So, it's still a very good market. It just went from a great market to a very good market.

是的，我只想補充一點，是的，我只想補充一點關於西班牙的情況，儘管自去年 4 月以來，該市場的單位經濟效益、球員價值已經呈方向性減弱，但單位經濟效益仍然非常有吸引力。因此，我們在該市場上的投資水準是均勻的。我們認為，即使今年的水平比去年更高，但從客戶獲得的回報來看，仍然是非常合理的。所以，這仍然是一個非常好的市場。它剛剛從一個大市場變成了一個非常好的市場。

Gotcha. And that was kind of leading into my next question in terms of your guidance for the full year. Obviously you're anticipating some sporting events to kind of kick it kickstart that in the back half, but I was just wondering if you were looking at. Just the continuation. I was just wondering in terms of the how you look at the segment of those numbers, would Spain then start to kick in? Mexico can kind of continue to perform as well as it has, and then maybe you start to get a little pick up from some of these other markets to drive the year full year expectations. I just wondering if you can add some color on how geographically you expect to reach your target for the for the year?

明白了。這引出了我的下一個問題，即您對全年的指導。顯然，您期待一些體育賽事能夠在後半段起到推動作用，但我只是想知道您是否正在關注。只是延續。我只是想知道，就您如何看待這些數字的部分而言，西班牙是否會開始發揮作用？墨西哥可以繼續保持其良好的表現，然後也許你會開始從其他一些市場獲得一些回暖，以推動全年預期。我只是想知道您是否可以詳細說明您預計今年在哪些地理區域實現您的目標？

Yeah, Mike, I think that's fair that that we're expecting a pickup from most markets. I think Colombia is still a TBD in terms of what we do there to impact to mitigate the tax on deposits. But incrementally Panama's performing well and we've made some product changes, some, there's been some new developments there that have helped us make our product more attractive for customers in that market and we're start starting to show results.

是的，麥克，我認為我們預計大多數市場都會回暖，這是公平的。我認為，就我們在哥倫比亞採取何種措施來減輕存款稅而言，這仍有待確定。但巴拿馬的表現逐漸良好，我們對產品進行了一些調整，在那裡取得了一些新的進展，幫助我們使我們的產品對該市場的客戶更具吸引力，我們開始看到成效。

In Argentina, I think it's less a question of the top line, especially with the lifting of the capital controls, the new whatever it was 15% to 20% step devaluation of the this, so it's a challenge, but we, without the sponsorship since what, whatever would have been end of March, or if end of April, we no longer sponsors of the River Plate Club in Argentina.

在阿根廷，我認為這不是一個收入問題，特別是隨著資本管制的取消，新的15％至20％的逐步貶值，所以這是一個挑戰，但是，如果沒有贊助，無論是從三月底還是四月底開始，我們就不再是阿根廷河床俱樂部的讚助商了。

So that at the EBITDA level where it seems like we have the biggest hill to climb to meet, guidance that's a couple of million of expense that we won't have starting in the second quarter, partially starting in the second quarter, but definitely into the back half of the year. So, I think it's, primarily given the expectations we have for Spain and Mexico, but then on the margin, both in Panama and Argentina we're seeing support for that conviction that we have that we'll make the four year guidance.

因此，在 EBITDA 層級上，我們似乎面臨最大的挑戰，那就是要達到數百萬的支出目標，這筆支出從第二季開始不會有，部分從第二季開始不會有，但肯定會持續到下半年。因此，我認為，主要是考慮到我們對西班牙和墨西哥的期望，但在邊緣，無論是在巴拿馬還是阿根廷，我們都看到了對我們制定四年指導方針的支持。

Gotcha. Well, you got a good start to the year. Congratulations. That's all I have. Thank you.

明白了。嗯，今年你有一個好的開始。恭喜。這就是我所擁有的一切。謝謝。

Your next question comes from a line of Ryan Sigdahl from Craig-Hallum. Your line is open.

您的下一個問題來自 Craig-Hallum 的 Ryan Sigdahl。您的線路已開通。

Hey, good day guys. Want to stay on kind of the topic of new market potentially. I it doesn't sound like in the near term, but parent company [Gruppo Correre] just made an acquisition in Italy of an Italian land-based operator. Curious, you guys exited the Italian operations a few years ago. Curious how you think about new markets, in the construct of maybe what your parent company is doing and specifically as it relates to Italy.

嘿，大家好。想要繼續討論有關潛在新市場的議題。聽起來這不像是短期內的事情，但母公司 [Gruppo Correre] 剛剛在義大利收購了一家義大利陸基營運商。好奇的是，你們幾年前就退出了義大利業務。我很好奇您如何看待新市場，也許是根據您的母公司正在做的事情，特別是與義大利的關係。

Yeah, hi. So, let me take it. It's Moshe here. Hi, how are you? So yeah, look, first and foremost, I think that, in regard to Italy, so it's true. I mean, a few years ago we had the kind of like, an experiment that was, I believe before we went public and we tried to do something, in that market, and mainly based on, our previous, the operational previous, experience in Italy based on the strong, player value. But as a non-brand in Italy, we find it quite hard and difficult to enter to this to this market and therefore we decided to withdraw and especially when it wasn't our core business and not with our own technology and we didn't have, we didn't have a license back then.

是的，你好。那麼，就讓我來接受它吧。我是摩西。你好你好嗎？是的，首先，我認為，就義大利而言，這是真的。我的意思是，幾年前，我們在上市之前做過類似的實驗，我們試圖在那個市場做一些事情，主要基於我們之前在義大利的營運經驗，基於強大的球員價值。但作為義大利的非品牌，我們發現進入這個市場非常困難，因此我們決定退出，特別是當它不是我們的核心業務，沒有我們自己的技術，而且我們當時沒有許可證。

The reason that now the group decided that they're going for a partnership and a license it's more about the strategy of the group and less of the strategy of the online, our company. We are very focused, as I've been mentioned in the previous question, we are very focused to keep our position in Mexico. We believe that this is our core market. We believe that we have like still a lot of growth potential and it's important that we be focused about. Keeping our, I would say.

現在集團決定尋求合作和許可的原因更多的是集團的策略，而不是我們公司的線上策略。我們非常專注，正如我在上一個問題中提到的那樣，我們非常專注於保持我們在墨西哥的地位。我們相信這是我們的核心市場。我們相信我們仍然有很大的成長潛力，重要的是我們要集中精力。我想說，保持我們的。

A market share and especially due to the fact that there's a lot of new comp competitors are trying to get to the market and we better, we better keep the position rather than the, to try to put some effort in other markets. In Mexico, we still benefit from some of, the omni-channel activity with the group, so that's good, but aside of that, we see that, as KPIs we manage to increase the marketing spend and to keep the same ratio between the CPA and the player value. So that's a good sign of potential growth.

市場份額，特別是由於有許多新的競爭對手試圖進入市場，我們最好保持現有地位，而不是試圖在其他市場上投入精力。在墨西哥，我們仍然受益於與集團開展的一些全通路活動，這很好，但除此之外，我們看到，作為 KPI，我們設法增加行銷支出，並保持 CPA 和玩家價值之間的相同比率。這是潛在成長的一個好兆頭。

Then just switching back to Spain specifically appreciate kind of all of the moving pieces there are you willing to comment specifically within your guidance if you expect that market to return to revenue growth for the rest of the year?

然後回到西班牙，特別注意那裡的所有活動因素，您是否願意在您的指導中具體評論一下，您是否預計該市場在今年剩餘時間內將恢復收入成長？

I mean that's our objective. Yes, if you're talking about year on year growth, yes, we would be expecting to resume growth in Spain. Yes.

我的意思是這就是我們的目標。是的，如果您談論的是同比增長，是的，我們預計西班牙將恢復增長。是的。

The signals that we are getting from the KPIs are, let's not, I can't say back to normal, but positive enough to make us confident with the results that we will deliver.

我們從 KPI 中得到的訊號是，我們不能說已經恢復正常，但這些訊號夠積極，讓我們對將要取得的成果充滿信心。

Excellent, thanks guys. Good luck.

非常好，謝謝大家。祝你好運。

Great, thanks.

太好了，謝謝。

Your next question comes from a line of Arthur [Rula] from Three Court. Your line is open.

您的下一個問題來自 Three Court 的 Arthur [Rula]。您的線路已開通。

Hey guys, good morning, a couple questions, first would be you mentioned some, I guess additional investments in one cu on the marketing front with those, sort of one time in nature or is this something else that you're doing that's, I guess ongoing?

嘿，大家早上好，我有幾個問題，首先您提到了一些，我想在營銷方面對一個公司進行額外投資，這本質上是一次性的，還是您正在做的其他事情，我想是持續進行的？

Yeah, I think that's it's a little bit of a mix of, on the margin additional investments that we've made in terms of growing the team personnel as well as on the platform front. There's a number of initiatives, as we operate on the core platform and all jurisdictions other than Mexico and things that we're doing there to increase, stability performance but also give us more functionality. On the product front, especially, payments that's critical in Latin America.

是的，我認為這是我們在擴大團隊人員以及平台方面所做的額外投資的混合體。由於我們在核心平台和墨西哥以外的所有司法管轄區開展業務，因此我們採取了許多舉措，我們在那裡所做的工作不僅是為了提高穩定性性能，也是為了賦予我們更多功能。在產品方面，尤其是支付，這在拉丁美洲至關重要。

So a little bit on that front, I think on the personnel front, the team has grown as well. We're always mindful of the, keeping, personnel expense growth up below. The growth of top line of the business, but there have been some areas that we've had to invest in and some savings we see medium term from greater automation as it relates to certain aspects of our business, customer verification, and some of the other things we do. But today, given the scale and the growth of the business that we've had in the last year or two, there were some areas that we needed to reinforce. So that, that's the type of investment, but nothing major there. It's really on the margin.

因此，從這方面來看，我認為在人員方面，團隊也有所成長。我們始終注意保持人員費用的成長。業務收入有所成長，但有些領域我們必須進行投資，從中期來看，透過提高自動化程度可以節省一些成本，因為這與我們業務的某些方面、客戶驗證以及我們所做的其他一些事情有關。但今天，考慮到我們過去一兩年的業務規模和成長，我們需要加強一些領域。這就是投資類型，但沒有重大的投資。這確實處於邊緣。

I agree. It's a marginal investment.

我同意。這是一項邊際投資。

In from a straight marketing perspective, I think last year you guys spent, I think it was like high 80s in a EUR perspective. Yeah, the first quarter was sort of run rating at 95% and change. Would we expect that number to step back down into like the high 80s, especially in light of the devaluation in Mexico, meaning that I guess your EUR. Dollar effectively is going further from a buy perspective there?

從直接的行銷角度來看，我認為去年你們的花費，從歐元的角度來看，大概是 80 多億美元。是的，第一節的得分率大概在 95% 左右。我們是否預期該數字會回落至 80 年代後期，特別是考慮到墨西哥的貨幣貶值，我猜這意味著歐元。從買進角度來看，美元實際上還會進一步走高嗎？

Yeah, so you know that we are forecasting a full year, but the spend on each quarter is not divided equally. Usually in the summer we are lowering our marketing investment, so probably we will be more of the same of what we had last year, maybe a little bit higher, of course we are generating more revenues.

是的，所以您知道我們預測的是全年的支出，但每季的支出並不是平均分配的。通常在夏季我們會降低行銷投資，因此我們的投資金額可能與去年持平，甚至可能略高一些，當然，我們的收入也會增加。

And we have the, let's call it the constraints of our EBITDA guidance. So within those perimeters which are very small fluctuations. We should spend more or less, as expected, yeah, similar level plus the third quarter usually is a little bit with less investment because of the summer and the lack of sporting events. So it's not a straight line going from first quarter to the fourth in terms of how to look at our marketing investment.

我們可以將此稱為 EBITDA 指導的限制。因此在這些周界內波動非常小。正如預期的那樣，我們應該多花點錢或少花點錢，是的，水平差不多，而且由於夏季和缺乏體育賽事，第三季度的投資通常會少一點。因此，就如何看待我們的行銷投資而言，從第一季到第四季並不是一條直線。

Got it. And then the I think I may sort of missed this I guess the river plate sponsorship maybe is like rolling off and you said that might be some a few million or I don't know, a million cost savings in the back half of the year, is that accurate?

知道了。然後我想我可能有點錯過了，我猜河床隊的贊助可能就像滾滾而來，你說這可能是下半年節省幾百萬或一百萬美元的成本，是這樣嗎？

Correct, yes.

正確，是的。

And then on, another thing I may miss, did you say that there's like sort of like a negative, sport, outcome in one cue that was like about $1.5 million hit? Was that focused in Spain or Mexico or?

然後，還有一件事我可能忽略了，您是否說過，在一條球桿上出現了某種負面的運動結果，損失了大約 150 萬美元？重點是西班牙還是墨西哥？

A specifically Mexico and it wasn't a major, I think last last quarter it was. It was about 2% points of margin was a little bit more significant, 1% point is within the band of a normal margin, but yes, that's equivalent to about EUR1.5 million of NGR in Mexico.

具體來說，在墨西哥，這並不是什麼大問題，我認為上個季度是這樣的。大約 2% 的利潤率稍微重要一點，1% 的利潤率在正常利潤率範圍內，但是是的，這相當於墨西哥約 150 萬歐元的 NGR。

We saw, and other competitors also reported NFL season was very favorable with a very low margin. It impacted, let's just I can't say the whole industry, but, any sport, betting bookie. That has some focus in the United States is impacted by NFL results during the first quarter.

我們看到，其他競爭對手也報告 NFL 賽季非常有利，利潤率非常低。它影響了，我不能說是整個行業，但是，任何體育、博彩莊家都受到了影響。這在一定程度上受到了美國國家橄欖球聯盟第一季成績的影響。

Yeah, no, it's been consistent across the group, I just have two more and then I'll let someone else, jump on the one thing I was confused about is this dynamic with regard to the share repurchase. Thank you for putting it in and thank you for beginning to execute it, but I guess the shareholders have approved a $10 million dollar share repurchase and the board has approved $5 million. Is there a reason sort of like that. Yeah, I haven't not sure that I've seen that dynamic before as to why that was put in place like that.

是的，不，整個集團都是一致的，我只有兩個，然後我會讓其他人跳到我感到困惑的一件事是關於股票回購的動態。感謝您提出並開始執行，但我想股東已經批准了 1000 萬美元的股票回購，董事會已經批准了 500 萬美元。是否存在類似這樣的原因？是的，我不確定我之前是否見過這種動態，也不知道為什麼要這樣做。

Yeah, I mean, the shareholder what we were trying to do there is the shareholder authorization is a broader authorization. What the board then decides in terms of the execution, the implementation of that broader authorization is can change over time. And initially the board, what the board approved was and up to $5 million US dollar share buyback program. So that's the one that we actually announced the market, but it sits within the broader shareholder authorization.

是的，我的意思是，股東，我們試圖做的是股東授權是一種更廣泛的授權。董事會隨後就執行所做的決定以及更廣泛授權的實施可能會隨著時間而改變。董事會最初批准的是高達 500 萬美元的股票回購計畫。這就是我們實際宣布的市場，但它屬於更廣泛的股東授權範圍。

So the board could tomorrow decide to do something different, to do more, to do less. But again, what we try to do with it's similar to the, authorization, of share issuance, right, that the shareholders offer us something broader, and then the board. It has remit to execute in the best interests of all of all shareholders. So today we're operating as a management team. We have marching orders and under a $5 million buyback plan from the board of directors.

因此，董事會明天可能會決定採取不同的行動，做更多的事情，或做更少的事情。但是，我們嘗試做的類似於股票發行的授權，股東給我們更廣泛的東西，然後是董事會。它的職責是為所有股東謀取最大利益。所以今天我們以管理團隊的形式來進行工作。我們已收到董事會的命令和 500 萬美元的回購計畫。

Got it. My final question, and I will stop. Has there been any progress in This, Argentina license acquisition or is it sort of remain sort of stymied over price of license?

知道了。我的最後一個問題，然後我就講完了。阿根廷許可證獲取有任何進展嗎？還是在許可證價格方面仍受阻？

Yeah, more the latter, more of the latter. We're still open to open to the opportunity, but nothing that's developed currently.

是的，後者更多，後者更多。我們仍然對這個機會持開放態度，但目前還沒有任何進展。

Got it. Okay. Thank you guys very much.

知道了。好的。非常感謝你們。

Thanks Arthur. Talk soon.

謝謝亞瑟。很快再談。

And there are no further questions at this time, Guillermo, I turn the call back over to you.

吉列爾莫，現在沒有其他問題了，我把電話轉回給你。

Okay. We have no questions coming in through the webcast either. So, unless anybody else would like to ask a question, I guess we can. We can leave it here. We will be speaking again towards the end of July with our Q2 earnings and, anyone, feel free to reach out if you have any follow-ups. Thank you.

好的。我們也沒有透過網路直播提出任何問題。所以，除非其他人想提問，否則我想我們可以。我們可以把它留在這裡。我們將在 7 月底再次討論我們的第二季度收益，如果您有任何後續問題，請隨時與我們聯繫。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。