Caesars Entertainment Inc (CZR) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Caesars Entertainment, Inc. 2022 First Quarter Earnings Call. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions) I would now like to hand the conference over to your host today, Brian Agnew, Senior Vice President of Corporate Finance, Treasury and Investor Relations. You may begin.

美好的一天，感謝您的支持。歡迎來到 Caesars Entertainment, Inc. 2022 年第一季度財報電話會議。 （操作員說明）請注意，此通話正在錄音中。 （操作員說明）我現在想將會議交給今天的主持人，公司財務、財務和投資者關係高級副總裁 Brian Agnew。你可以開始了。

Thank you, Justin, and good afternoon to everyone on the call. Welcome to our conference call to discuss our first quarter 2022 earnings. This afternoon, we issued a press release announcing our financial results for the period ended March 31, 2022. A copy of the press release is available in the Investor Relations section of our website at investor.caesars.com.

謝謝賈斯汀，大家下午好。歡迎參加我們的電話會議，討論我們 2022 年第一季度的收益。今天下午，我們發布了一份新聞稿，宣布了我們截至 2022 年 3 月 31 日期間的財務業績。該新聞稿的副本可在我們網站investor.caesars.com 的投資者關係部分獲取。

Joining me on the call today are Tom Reeg, our Chief Executive Officer; Anthony Carano, our President and Chief Operating Officer; and Bret Yunker, our Chief Financial Officer.

今天和我一起參加電話會議的是我們的首席執行官 Tom Reeg； Anthony Carano，我們的總裁兼首席運營官；和我們的首席財務官 Bret Yunker。

Before I turn the call over to Anthony, I would like to remind you that during today's conference call, we may make certain forward-looking statements about the company's performance. Such forward-looking statements are not guarantees of future performance, and therefore, one should not place undue reliance on them. Forward-looking statements are also subject to the inherent risks and uncertainties that could cause actual results to differ materially from those expressed.

在我把電話轉給安東尼之前，我想提醒你，在今天的電話會議中，我們可能會對公司的業績做出某些前瞻性陳述。此類前瞻性陳述並非對未來業績的保證，因此，不應過分依賴它們。前瞻性陳述也受到固有風險和不確定性的影響，可能導致實際結果與所表達的結果大不相同。

For additional information concerning factors that could cause actual results to differ from those discussed in our forward-looking statements, you should refer to the cautionary statements contained in our press release as well as the risk factors contained in the company's filings with the Securities and Exchange Commission.

有關可能導致實際結果與我們的前瞻性陳述中討論的不同的因素的更多信息，您應參閱我們新聞稿中包含的警示性聲明以及公司向證券交易委員會提交的文件中包含的風險因素委員會。

Caesars Entertainment undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances that occur after the call today.

Caesars Entertainment 不承擔修改或更新任何前瞻性陳述以反映今天電話會議後發生的事件或情況的義務。

Also, during today's call, the company may discuss certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures, most directly comparable to each non-GAAP financial measure discussed and the reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, can be found on the company's website at investor.caesars.com by selecting the press release regarding the company's 2022 first quarter financial results.

此外，在今天的電話會議中，公司可能會討論 SEC 條例 G 定義的某些非 GAAP 財務指標。GAAP 財務指標與討論的每個非 GAAP 財務指標最直接可比，以及每個非 GAAP 之間差異的調節通過選擇有關公司 2022 年第一季度財務業績的新聞稿，可以在公司網站 Investor.caesars.com 上找到財務指標和可比的 GAAP 財務指標。

With that, I will turn the call over to Anthony.

有了這個，我會把電話轉給安東尼。

Thank you, Brian, and good afternoon to everyone on the call. We delivered another strong quarter to start the year in 2022. Adjusted EBITDA in the first quarter, excluding Caesars Digital, was $850 million, up over 60% versus the first quarter last year. Margins in our brick-and-mortar business were 36.2% despite the negative impact of Omicron in January.

謝謝你，Brian，大家下午好。我們在 2022 年年初實現了另一個強勁的季度。第一季度調整後的 EBITDA（不包括 Caesars Digital）為 8.5 億美元，比去年第一季度增長 60% 以上。儘管 1 月份受到 Omicron 的負面影響，我們實體業務的利潤率為 36.2%。

Operating results reflect a new first quarter record for adjusted EBITDA in our Las Vegas segment despite multiple headwinds during the quarter. In total, 18 of our properties set a record for the highest first quarter EBITDA, while 28 set a record for the highest Q1 EBITDA margin.

儘管本季度面臨多重不利因素，但經營業績反映了我們拉斯維加斯部門調整後 EBITDA 的第一季度新紀錄。總的來說，我們的 18 處物業創下了第一季度 EBITDA 的最高記錄，而 28 處物業創下了第一季度 EBITDA 利潤率的最高記錄。

Turning to Las Vegas. Demand trends strengthened throughout the quarter, leading to an all-time first quarter record of $411 million in adjusted EBITDA, excluding real rent payments. EBITDA improved to 140% versus the first quarter of '21, and margins improved 1,000 basis points to 45%.

轉向拉斯維加斯。整個季度的需求趨勢增強，導致第一季度調整後 EBITDA 創下 4.11 億美元的歷史新高，不包括實際租金支付。與 21 年第一季度相比，EBITDA 提高至 140%，利潤率提高 1,000 個基點至 45%。

Total occupancy for Q1 was 83%, which weakened occupancy at 95% and midweek at 77%. As of April 1, 2022, we lifted all occupancy caps in Las Vegas and would expect to see a material improvement in occupancy for the second quarter of 2022.

第一季度的總入住率為 83%，入住率為 95%，周中入住率為 77%。截至 2022 年 4 月 1 日，我們取消了拉斯維加斯的所有入住率上限，預計 2022 年第二季度的入住率將出現實質性改善。

Group room nights during Q1 represented approximately 13% of occupied room nights in Las Vegas, up from 11% in the second half of '21 despite January weakness to Omicron. Elevated attrition rates continued to decline, and group revenue pace from Las Vegas is strong for the remainder of the year and into '23 and '24. With convention demand accelerating, we are excited to finally see the full potential of the new CAESARS FORUM Convention Center.

儘管 1 月份對 Omicron 表現疲軟，但第一季度的團體房晚約佔拉斯維加斯入住房晚的 13%，高於 21 年下半年的 11%。高流失率繼續下降，拉斯維加斯的集團收入步伐在今年剩餘時間和 23 年和 24 年保持強勁。隨著會議需求的加速，我們很高興終於看到新的 CAESARS FORUM 會議中心的全部潛力。

FORUM currently has 150 future events booked, with over 1.3 million room nights and over $500 million in revenue. Over 70% of this contracted business is new to Caesars as a company.

FORUM 目前預訂了 150 場未來活動，客房夜數超過 130 萬，收入超過 5 億美元。超過 70% 的合同業務是 Caesars 公司的新業務。

In our regional markets, operating results remained strong and revenues and EBITDA improved sequentially each month of the quarter. Trends have further improved into April. EBITDA for the first quarter was $459 million, with margins of 33.6%.

在我們的區域市場，經營業績保持強勁，本季度每個月的收入和 EBITDA 均環比增長。到 4 月，趨勢進一步改善。第一季度的 EBITDA 為 4.59 億美元，利潤率為 33.6%。

Highlighting a few specific properties, trends normalized in New Orleans in Q1, following the removal of mask and vaccine mandates in March. And Atlantic City had a great quarter despite still having rooms off-line for remodeling. We are encouraged by the early returns on the capital spend at the recently rebranded Horseshoe Indianapolis and look forward to starting construction on our Harrah's Hoosier Park expansion this year.

在 3 月份取消口罩和疫苗規定後，新奧爾良在第一季度突出了一些特定屬性，趨勢正常化。大西洋城有一個很棒的季度，儘管仍有房間離線進行改造。我們對最近重新命名的印第安納波利斯馬蹄鐵的早期資本支出回報感到鼓舞，並期待今年開始建設我們的哈拉斯印第安納州公園擴建項目。

Following the launch of sports betting and iCasino in Ontario on April 4, we now offer sports betting in a combination of 24 domestic states in North American jurisdictions, 17 of which are -- offer mobile wagering. In March, we converted Illinois to our Liberty platform and expect all of our remaining Caesars-branded apps and sportsbooks to be running Liberty by year-end 2022.

繼 4 月 4 日在安大略省推出體育博彩和 iCasino 之後，我們現在在北美司法管轄區的 24 個國內州的組合中提供體育博彩，其中 17 個州提供移動博彩。 3 月，我們將伊利諾伊州轉換為 Liberty 平台，並預計到 2022 年底，我們所有剩餘的 Caesars 品牌應用程序和體育博彩都將運行 Liberty。

We remain focused on growing our Digital business during Q1 through customer acquisition, especially in new markets, including New York and Louisiana. While customer acquisition and handle exceeded our internal expectations, especially in New York and Louisiana, net revenues were negatively impacted by promotional investment to support the new market launches.

在第一季度，我們仍然專注於通過客戶獲取來發展我們的數字業務，特別是在紐約和路易斯安那州等新市場。雖然客戶獲取和處理超出了我們的內部預期，尤其是在紐約和路易斯安那州，但淨收入受到支持新市場推出的促銷投資的負面影響。

Our capital program remains unchanged from our Q4 call. We are excited to have most of our room remodels completed in Atlantic City for the upcoming summer season and look forward to many new food and beverage and entertainment offerings this fall. Our new land-based facility in Lake Charles remains on track to open in Q4 of this year and so does our casino expansion and new parking garage in Pompano.

我們的資本計劃與我們的第四季度電話會議保持不變。我們很高興在大西洋城為即將到來的夏季完成大部分客房改造，並期待今年秋季推出許多新的餐飲和娛樂產品。我們在查爾斯湖的新陸上設施仍有望在今年第四季度開放，我們在龐帕諾的賭場擴建和新停車場也是如此。

We anticipate breaking ground on our expansion plans for Harrah's Hoosier Park this quarter, and construction is slated to begin on our Columbus, Nebraska project later this year. These are exciting projects to which we'll collectively generate a meaningful EBITDA contribution for our company.

我們預計本季度 Harrah's Hoosier Park 的擴建計劃將破土動工，我們的內布拉斯加州哥倫布項目將於今年晚些時候開工建設。這些都是令人興奮的項目，我們將共同為我們的公司產生有意義的 EBITDA 貢獻。

As we look to the remainder of '22, we remain optimistic about our business as consumer trends remain strong. We are also encouraged regarding improving group and convention trends in Las Vegas as well as the potential for the full recovery of our older demographic consumer, who has been the most impacted to COVID-19.

當我們展望 22 年的剩餘時間時，我們對我們的業務保持樂觀，因為消費趨勢依然強勁。我們也對改善拉斯維加斯的團體和會議趨勢以及我們的老年消費者完全恢復的潛力感到鼓舞，他們對 COVID-19 的影響最大。

In addition, our property rebrands are exceeding return expectations, which gives us confidence in future-announced rebranding opportunities in St. Louis, Black Hawk, Las Vegas and Florida. I want to thank all of our employees for their hard work in 2022 so far. I'm extremely proud of our operating teams, their execution and their exceptional guest service.

此外，我們的房地產品牌重塑超出了預期回報，這讓我們對未來在聖路易斯、黑鷹、拉斯維加斯和佛羅里達州宣布的品牌重塑機會充滿信心。我要感謝我們所有員工在 2022 年迄今為止的辛勤工作。我為我們的運營團隊、他們的執行力和卓越的賓客服務感到非常自豪。

With that, I will now turn the call over to Tom for some additional insights on the quarter.

有了這個，我現在將把電話轉給湯姆，以獲得關於本季度的更多見解。

Thanks, Anthony. Good afternoon, everyone. Thanks for joining us. I would echo Anthony's comments on the work that our employees have done to drive results for the organization. Personally, this -- it now feels like what we thought we were buying when we originally bought -- we bought Caesars Entertainment, we're almost 2 years in now, but with all the virus disruptions that went on over those 2 years, it's really the last 8 weeks or so that we're starting to hit on all cylinders and really feel the potential of the organization.

謝謝，安東尼。大家下午好。感謝您加入我們。我會回應 Anthony 對我們的員工為推動組織取得成果所做的工作的評論。就個人而言，這 - 現在感覺就像我們最初購買時認為我們要購買的東西 - 我們購買了 Caesars Entertainment，我們現在已經快 2 年了，但是在這 2 年中發生的所有病毒破壞，它是真的是過去 8 週左右，我們開始全力以赴，真正感受到組織的潛力。

So we talked to you in -- well into the first quarter. And what we described then was Omicron was kind of a wet blanket around the entire business for the bulk of January into February. It was really right before the Super Bowl that events changed with the virus, and we saw a surge in visitation. This is -- you'll hear a common theme as I go through. I know that investors are extremely concerned with health of the consumer and what's going on inflation-wise, what impact is that having on the business.

因此，我們在第一季度與您進行了交談。我們當時描述的是，在 1 月到 2 月的大部分時間裡，Omicron 就像是整個業務的濕毯。就在超級碗之前，事件隨著病毒而改變，我們看到訪問量激增。這是——當我講完時，你會聽到一個共同的主題。我知道投資者非常關心消費者的健康，以及通脹方面的情況，以及這對企業的影響。

So I can say unequivocally that the biggest correlation that we see in the business over the last 2 years is the state of the virus, and that when the virus recedes and case counts are benign, there is a pent-up demand for travel and entertainment activity and we see a burst of demand in our business. That was -- Omicron was no exception.

所以我可以毫不含糊地說，過去兩年我們在業務中看到的最大相關性是病毒的狀態，當病毒消退並且病例數是良性時，對旅行和娛樂的需求就會被壓抑活動，我們看到我們的業務需求激增。那是——Omicron 也不例外。

So as you got through Omicron, if you look at the regional market, as Anthony discussed, we ended up considerably year-over-year, margins in the 33-plus percent range. If you think about that in the quarter, and this is true throughout, when volumes are down, we experienced negative operating leverage.

因此，當您通過 Omicron 時，如果您查看區域市場，正如 Anthony 所討論的那樣，我們最終同比大幅增長，利潤率在 33% 以上的範圍內。如果您在本季度考慮這一點，並且在整個季度都是如此，那麼當交易量下降時，我們就會遇到負經營槓桿。

So regional margins in January were 29%. In March, they were above 37%. So we ramped up through the quarter as demand increased, and that has continued into April -- into the second quarter, with margins in excess, up 37%, on a preliminary basis in April and volumes remaining strong. So obviously, we have a tough comp, second quarter, in regional, but we have been holding up particularly well as we've gone through April.

因此，1 月份的區域利潤率為 29%。 3月份，他們超過了37%。因此，隨著需求的增加，我們在整個季度都在增加，這種情況一直持續到 4 月 - 到第二季度，在 4 月的初步基礎上，利潤率超額增長了 37%，並且銷量保持強勁。所以很明顯，我們在地區的第二季度有一個艱難的競爭，但我們一直保持得特別好，因為我們已經度過了四月。

In Las Vegas, if you look at from an occupancy standpoint, we had told you before, January was around 75% occupancy, February was about 80% -- came in about 81%. We thought that March would come in, in the mid-80s. It actually came in at 91% for the month. And so we were able to have a record first quarter even with a slow start, where we lost the bulk of CES, which is one of the biggest groups on the calendar market-wide.

在拉斯維加斯，如果你從入住率的角度來看，我們之前告訴過你，1 月份的入住率約為 75%，2 月的入住率約為 80%——約為 81%。我們認為 3 月會在 80 年代中期到來。這個月實際上達到了 91%。因此，即使開局緩慢，我們也能夠在第一季度創紀錄，我們失去了大部分 CES，這是整個日曆市場上最大的群體之一。

And if you think about margins in Las Vegas, we were a little over 40.5% in January. In March, we were a little over 47%. The strength has continued into April. April was the single largest month in the history of the Caesars organization for cash room revenue. Occupancy was just under 97%. Rates were up a little less than 40% over last year -- last April and a little less than 20% over '19.

如果你考慮拉斯維加斯的利潤率，我們 1 月份的利潤率略高於 40.5%。 3 月份，我們的比例略高於 47%。這種力量一直持續到四月。 4 月是 Caesars 組織歷史上現金室收入最大的一個月。入住率略低於 97%。房價比去年（去年 4 月）上漲了不到 40%，比 19 年上漲了不到 20%。

So Vegas is extraordinarily strong for us as we sit here today. I would expect us to break the record again in May for cash hotel revenue.

所以當我們今天坐在這裡時，維加斯對我們來說非常強大。我預計我們將在 5 月份再次打破酒店現金收入的記錄。

Second quarter is going to be particularly strong in the group business. This is where a lot of the cancellations post-pandemic started to rebook into. So we expect a significant bump in group business. Recall that when we talk about group business, we did not have Caesars in '19, did not have the FORUM Convention Center operating. So when we say group, it will be considerably stronger than '19. That includes the FORUM, '19 did not.

第二季度的集團業務將特別強勁。這是大流行後許多取消預訂開始重新預訂的地方。因此，我們預計集團業務將出現顯著增長。回想一下，當我們談論集團業務時，我們在 19 年沒有 Caesars，也沒有 FORUM 會議中心運營。所以當我們說組時，它會比'19強得多。這包括 FORUM，'19 沒有。

But we would expect Vegas to continue a very strong trajectory, as I said, April all-time cash room revenue record despite only 30 days and the Easter holiday in April, which is not a particularly good casino holiday. May of 31 days should be even better. So I feel very good about where the brick-and-mortar business is heading.

但我們預計維加斯將繼續保持強勁勢頭，正如我所說，儘管只有 30 天和 4 月的複活節假期，但 4 月的現金室收入創歷史新高，這並不是一個特別好的賭場假期。 31 天的 5 月應該會更好。因此，我對實體業務的發展方向感到非常滿意。

As you look at Digital -- let me -- I'm sorry, before I go to Digital, I spoke unartfully on the last conference call about timing of the Vegas asset sale. I want to be very clear. We started the process to sell a Las Vegas Strip asset early in '22. There are public documents that show you how long the ROFR process and the process to reach a definitive agreement last, which would put us somewhere in the middle of summer for a consummation of the transaction.

當您查看 Digital 時——讓我來——我很抱歉，在我去 Digital 之前，我在上次電話會議上談到了拉斯維加斯資產出售的時間安排。我想非常清楚。我們在 22 年初就開始了出售拉斯維加斯大道資產的流程。有公開文件向您展示 ROFR 流程和達成最終協議的流程持續多長時間，這將使我們在仲夏的某個時間完成交易。

You shouldn't expect us to be giving you play-by-play in the interim. We'll be back to you when that's resolved, know that it is in motion and governed by the documents that we -- that govern our VICI agreement.

您不應該期望我們會在此期間為您逐個播放。當問題解決後，我們會回复您，知道它正在運行並受我們管理我們的 VICI 協議的文件的約束。

As we go to Digital, as I said on the fourth quarter call, first quarter is our peak EBITDA loss. Of the $553 million of EBITDA loss in the quarter, a little over $400 million is attributable to the launches in New York and Louisiana, with New York, the lion's share of that.

正如我在第四季度電話會議上所說，當我們轉向數字時，第一季度是我們的 EBITDA 虧損峰值。在本季度 5.53 億美元的 EBITDA 損失中，略高於 4 億美元的原因是在紐約和路易斯安那州的推出，其中紐約佔據了最大份額。

As discussed, we got to our handle share goals far earlier than we anticipated, and we did cut back all of our mass media spend. So we cut about a little over of $0.25 billion of expected spend from when we started cutting in February, through the end of this year. We've seen no degradation in handle share other than our planned retrenchment in New York back through.

如前所述，我們比預期更早地實現了共享目標，並且我們確實削減了所有大眾媒體支出。因此，從 2 月開始削減到今年年底，我們削減了大約 2.5 億美元的預期支出。除了我們計劃在紐約進行的裁員計劃之外，我們沒有看到手柄份額的下降。

Yes, as we talked about, we were more aggressive than we needed to be out of the box in New York and got 37%, 40%, 40-plus percent share. You see us kind of in that 15% to 20% share since we've retrenched. That's the only material movement in share, even though we've cut over $0.25 billion for marketing.

是的，正如我們所說，我們比我們在紐約開箱即用所需的更具侵略性，並獲得了 37%、40%、40% 以上的份額。自從我們裁員以來，你會看到我們佔了 15% 到 20% 的份額。這是份額的唯一實質性變動，儘管我們已經削減了超過 2.5 億美元的營銷費用。

If you look at the quarter, we lost about $44 million in March. So as you got out of those, that heavy launch period, our losses moderated considerably. If you think about the investment that we talked about making in terms of cumulative EBITDA losses, we said north of $1 billion. In my mind, when that -- when I made that statement in -- when we launched in August, I was thinking $1.25 billion to $1.5 billion.

如果你看一下這個季度，我們在 3 月份損失了大約 4400 萬美元。因此，當您擺脫那些沉重的發射期時，我們的損失大大減輕了。如果你考慮一下我們談到的累積 EBITDA 損失方面的投資，我們說超過 10 億美元。在我看來，當我在 8 月發布該聲明時，我在想 12.5 億到 15 億美元。

Based on where we've gotten share-wise, I think $1.5 billion is the right neighborhood. And if you look at what we've done to date, in the -- about 2/3 of our cumulative EBITDA loss, our investment into Digital measured in that way is now in the rearview mirror.

根據我們獲得的份額，我認為 15 億美元是正確的社區。如果你看看我們迄今為止所做的事情，在我們累計 EBITDA 損失的大約 2/3 中，我們以這種方式衡量的對數字的投資現在在後視鏡中。

So our losses come down considerably as we move forward, and we fully expect to inflect to EBITDA positive in Digital as we move into football season of '22. And if you think about numbers that we've talked to in the past, the cross-market play out of sourced-in-digital into brick-and-mortar, we said was run-rating about $150 million of gaming revenue at the time of our last call, that has since increased to over $200 million.

因此，隨著我們前進，我們的損失會大大減少，並且我們完全希望隨著我們進入 22 年的足球賽季，數字化的 EBITDA 將轉為正數。如果你想想我們過去談過的數字，從數字來源到實體店的跨市場遊戲，我們說當時的遊戲收入約為 1.5 億美元在我們上次的電話會議中，這已經增加到超過 2 億美元。

What are we focused on in the off-season? We're focused on the shoulder season. I should say there's never an off-season, but football is clearly the driver of sports. So before next football season, we're bolstering our customer service capability, we're bolstering our technology, we're bolstering our payments capability so that we're ready for next football season.

淡季我們關注什麼？我們專注於肩部賽季。我應該說從來沒有休賽期，但足球顯然是體育運動的驅動力。所以在下一個足球賽季之前，我們正在加強我們的客戶服務能力，我們正在加強我們的技術，我們正在加強我們的支付能力，以便我們為下一個足球賽季做好準備。

As I look back, we closed William Hill in April. We had almost exactly 100 days to our -- to the start of football season when we closed William Hill and our relaunch.

回首往事，我們在四月關閉了威廉希爾。當我們關閉威廉希爾並重新啟動時，我們距離足球賽季開始還有將近 100 天的時間。

So we were kind of sprinting to keep up throughout football season last year. This year is going to feel much more comfortable for us in terms of being well prepared for anything that can come our way. We are absolutely thrilled with the business that we've built to date. But we're excited about what we can do as we move forward.

所以我們在去年的整個足球賽季都在衝刺。今年對我們來說會感覺更舒服，因為我們要為可能發生的任何事情做好充分的準備。我們對迄今為止建立的業務感到非常興奮。但我們對我們在前進的過程中能做些什麼感到興奮。

To give you some context, we've had 1.4 million Caesars Rewards sign-ups since we relaunched Digital, that came in through the Digital channel. If you think about a typical Caesars property, we get about $50,000 on average per property per year of new sign-ups, a little more in destination properties, a little less in regional properties.

為您提供一些背景信息，自我們重新啟動 Digital 以來，我們已經有 140 萬個 Caesars Rewards 註冊，這些註冊是通過數字渠道進入的。如果您考慮典型的 Caesars 物業，我們平均每處物業每年新註冊的收入約為 50,000 美元，目的地物業多一點，區域物業少一點。

If you think about 1.4 million customers coming into the pipeline in really a span of 5 months, it's extraordinary. And now, the work in front of us is to identify which are the most valuable customers there. As you look back at the way football season was last year, you were getting the same offer whether you were a $50 player or you were a $1,000-and-above player.

如果您考慮一下在 5 個月內真正有 140 萬客戶進入管道，那是非同尋常的。而現在，擺在我們面前的工作是確定那裡最有價值的客戶。當你回顧去年的足球賽季時，無論你是 50 美元的球員還是 1000 美元及以上的球員，你都會得到相同的報價。

We didn't discriminate. That's kind of what we inherited as we bought all of these brick-and-mortar assets from various operators in the past, marketing to the masses with little discrimination. And what you've seen us do repeatedly in the brick-and-mortar business is target that spend to our most valuable players and not waste money on the unprofitable players.

我們沒有歧視。這就是我們過去從各種運營商那裡購買所有這些實體資產時繼承的，幾乎沒有歧視地向大眾營銷。你已經看到我們在實體業務中反复做的事情是把錢花在我們最有價值的玩家身上，而不是把錢浪費在無利可圖的玩家身上。

That's the task in front of us in Digital. So you're going to see us segmenting in terms of our marketing as we move forward, and that's going to be a dramatic improvement in profitability as we move forward. So we are excited for that.

這就是擺在我們面前的數字任務。因此，隨著我們的前進，您將看到我們在營銷方面進行細分，隨著我們的前進，這將顯著提高盈利能力。所以我們為此感到興奮。

As you think about where we are now that we've got 2/3 of the losses behind us, we should be a significant free cash flow producer as an enterprise going forward. We're expecting to close on the non-U.S. William Hill sale within this quarter. I talked about Vegas Strip asset sale in motion. We would expect to be making significant reductions in our leverage within this calendar year and into '23 and beyond.

當您考慮我們現在所處的位置時，我們已經承擔了 2/3 的損失，作為一家未來的企業，我們應該成為一個重要的自由現金流生產者。我們預計將在本季度完成非美國威廉希爾的銷售。我談到了拉斯維加斯大道的資產出售。我們預計將在本日曆年內和 23 年及以後大幅降低我們的槓桿率。

And I'll pass to Bret for some specifics on liquidity and capital.

關於流動性和資本的一些細節，我將轉交給 Bret。

Thanks, Tom. 2022 is off to a nice start in terms of executing on our growth objectives, alongside continued debt reduction. When the sale of William Hill International's business closes in June, we will apply all proceeds to reduce debt, taking aggregate debt reduction over the past 12 months to over $2 billion. We expect the cadence of debt reduction to accelerate over the next 12 months through strong free cash flow and further asset sale proceeds.

謝謝，湯姆。 2022 年在執行我們的增長目標以及繼續減少債務方面有了一個良好的開端。當 William Hill International 的業務在 6 月出售結束時，我們將利用所有收益來減少債務，使過去 12 個月的債務減少總額超過 20 億美元。我們預計，通過強勁的自由現金流和進一步的資產出售收益，未來 12 個月減債的節奏將加快。

Our 2022 calendar year CapEx spend remains unchanged from our Q4 call at $300 million of maintenance CapEx, $100 million of Digital capital and approximately $700 million related to project capital. These figures exclude CapEx spend in Atlantic City, which is escrowed and sits in restricted cash. We continue to model minimal cash taxes and approximately $800 million of cash interest expense for 2022, which we intend to reduce through debt repayment and opportunistic refinancing.

我們 2022 日曆年的資本支出與第四季度的電話會議保持不變，維護資本支出為 3 億美元，數字資本為 1 億美元，與項目資本相關的約 7 億美元。這些數字不包括在大西洋城的資本支出支出，該支出由託管並以受限現金形式存在。我們繼續為 2022 年模擬最低現金稅和大約 8 億美元的現金利息支出，我們打算通過償還債務和機會性再融資來減少這些費用。

I'll turn it back to Tom.

我會把它還給湯姆。

Thanks, Bret. So we've got some exciting projects coming online. As Anthony said, we've got a lot of our Atlantic City capital comes online before the summer season and then some of the restaurant stuff over the summer. We've got Lake Charles hitting in the fourth quarter of this year. We're in the midst of -- we did -- we just did open the expansion of Horseshoe Indianapolis. We've got a similar project going at Harrah's Hoosier Park in Indianapolis. So we've got capital projects that will start contributing that have been drains on us in the past.

謝謝，布雷特。所以我們有一些令人興奮的項目即將上線。正如安東尼所說，我們有很多我們的大西洋城首府在夏季之前上線，然後在夏季有一些餐廳的東西。我們已經在今年第四季度擊中了查爾斯湖。我們正處於 - 我們做到了 - 我們剛剛打開了馬蹄印第安納波利斯的擴張。我們在印第安納波利斯的 Harrah's Hoosier Park 也有一個類似的項目。因此，我們有一些資本項目將開始貢獻，這些項目過去一直在消耗我們的精力。

We think we can continue to execute on basic operations, both digital and brick-and-mortar, and significantly reduce our debt over the next several quarters.

我們認為我們可以繼續執行數字化和實體店的基本運營，並在未來幾個季度顯著減少我們的債務。

Back to the key point or the key takeaway. I know there's a lot of concern about what's going on with the consumer, what's going to happen around the corner. I can't stress enough that this business, particularly in Vegas right now, is operating and generating as much cash as it ever has. So we feel very good about the balance of the year.

回到重點或重點外賣。我知道有很多關於消費者發生的事情以及即將發生的事情的擔憂。我怎麼強調都不為過，這項業務，尤其是現在在維加斯，正在運營並產生與以往一樣多的現金。所以我們對今年的餘額感覺非常好。

And with that, I'll open it up to questions. Operator, we're ready to take any questions.

有了這個，我會提出問題。接線員，我們準備好回答任何問題。

(Operator Instructions) And our first question is going to come from Carlo Santarelli from Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的 Carlo Santarelli。

Tom, just to kind of make sure I'm understanding how you articulated the Digital investments. As you said, kind of $1.5 billion is where you think it comes in. That would imply ballpark, $475 million to $525 million, of spend before turning profitable again.

湯姆，只是為了確保我理解你是如何表達數字投資的。正如你所說，15 億美元是你認為它進來的地方。這意味著在再次盈利之前花費 4.75 億美元到 5.25 億美元。

Is that how you're thinking about it in terms of between now and say, August, September of next year, when the NFL season starts, you would be looking at something in the ballpark of $500 million of losses?

從現在到明年 8 月、9 月，當 NFL 賽季開始時，你是這麼想的嗎？你會看到大約 5 億美元的損失嗎？

Yes. And Carlo, obviously, that will -- we've got an Ohio launch in front of us. That would be the only launch that I can think of that would have significant costs surrounding it. And so how we come out of the box in Ohio will be a governing factor in terms of where we would be, but that's the right ZIP Code.

是的。顯然，卡洛將——我們面前有俄亥俄州的發射。那將是我能想到的唯一一個會產生大量成本的發射。因此，我們如何在俄亥俄州開箱即用將成為決定我們所處位置的決定性因素，但這是正確的郵政編碼。

Okay. And then just on the iCasino side of the business. I know you guys were -- you talked about it previously, putting more content on and making a bigger push there. Does the $500 million kind of contemplate some additional efforts on that side of the Digital business?

好的。然後只是在業務的 iCasino 方面。我知道你們是——你們之前談到過，在上面放更多的內容，並在那裡做出更大的推動。 5 億美元是否會考慮在數字業務的這方面做出一些額外的努力？

Yes. That's inclusive of everything that we have in front of us in Digital.

是的。這包括我們在數字領域所擁有的一切。

Okay. Great. And then, just lastly, kind of on Las Vegas. Putting into context kind of all the room nights or the revenue that's booked for the Convention Center as well as kind of the 11% mix of room nights in the 4Q, moving to 13% in the 1Q. Where do you think that mix kind of shakes out on a 2023 basis?

好的。偉大的。然後，就在最後，有點像在拉斯維加斯。考慮到所有房間夜數或為會議中心預訂的收入，以及第四季度 11% 的房間夜數組合，第一季度上升到 13%。你認為這種混合在 2023 年的基礎上會發生什麼變化？

And then where do you think it shakes out pro forma for the asset sale and the separation from Rio, so maybe on a 2024 basis, just in terms of room night mix?

然後你認為它會在哪些方面動搖資產出售和與里約熱內盧的分離，所以也許在 2024 年的基礎上，就房間夜組合而言？

So I would say, leaving aside the Rio, you should expect that group room night mix in a normal world would be north of 15%. For us, somewhere between 15% and 20%. As you remove Rio from the equation, you'll have -- that will creep up slightly. The big group at Rio is World Series of Poker, which is coming to the Strip this summer. So that's already shifting as we speak today.

所以我想說，撇開里約熱內盧不談，你應該預計，在正常世界中，團體房間的夜間混合比例會在 15% 以上。對我們來說，大約在 15% 到 20% 之間。當您從等式中刪除 Rio 時，您將擁有 - 這將略微上升。里約最大的團體是今年夏天來到拉斯維加斯大道的世界撲克系列賽。因此，正如我們今天所說的那樣，這種情況已經發生了變化。

And our next question comes from Joe Greff from JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Tom, have you seen or experienced a noticeable difference from your competitors with regard to marketing promos? And just broadly, customer acquisition cost, meaning, have your larger competitors pivoted away providing for an incrementally more rational environment?

湯姆，在營銷促銷方面，您是否看到或經歷過與競爭對手的顯著差異？從廣義上講，客戶獲取成本，意思是，您的大型競爭對手是否已經轉向提供越來越合理的環境？

You're talking about Digital?

你說的是數字？

On the Digital side, sorry, yes.

在數字方面，對不起，是的。

No, not that I can speak to. I think everybody else is spending fairly much -- fairly well in line with where they were before.

不，不是我可以說話的。我認為其他人都在花費相當多的錢——與他們之前的情況相當一致。

Great. And then, Bret, you talked a little bit earlier in your prepared comments about opportunistic refinancing. Can you talk about the timing of this? And does that timing coincide with the closing of William Hill and later in the year, a Strip asset sale?

偉大的。然後，布雷特，你早些時候在準備好的評論中談到了機會性再融資。你能談談這個時間嗎？這個時間是否與威廉希爾的關閉以及今年晚些時候的剝離資產出售相吻合？

Yes. I think those sync up pretty well through the summer, when you think about closing William Hill, where we get to on the Las Vegas asset sale, alongside a lot of our debt, becomes callable July 1. So I would be looking at the third quarter as a likely window for us to be refinancing.

是的。我認為這些在整個夏天都同步得很好，當你考慮關閉威廉希爾時，我們將在拉斯維加斯資產出售，連同我們的大量債務，在 7 月 1 日變得可贖回。所以我會看第三個季度作為我們進行再融資的可能窗口。

And our next question comes from Steve Wieczynski from Stifel.

我們的下一個問題來自 Stifel 的 Steve Wieczynski。

Tom, so you talked about the strength in Vegas has continued into the second quarter. And obviously, so far, April has had a lot of big events, concerts. You just had the NFL Draft. And I'm just wondering, as we kind of think about comparisons moving forward, is the second quarter going to be a little bit of an anomaly.

湯姆，所以你談到拉斯維加斯的實力一直持續到第二季度。顯然，到目前為止，四月已經舉辦了很多大型活動，音樂會。你剛剛參加了 NFL 選秀。我只是想知道，當我們考慮進行比較時，第二季度是否會有點反常。

Or is the rest of the year kind of going to be in a very similar position from not only a group standpoint, but from an event standpoint? And then maybe as we think about the second quarter for next year, was the Draft big enough to call out? Or was it just kind of average, if that makes sense?

或者，從團體的角度來看，今年餘下的時間是否會處於非常相似的位置，但從事件的角度來看？然後也許當我們考慮明年的第二季度時，選秀是否足夠大到可以召喚？或者這只是一種平均水平，如果這有意義的話？

Yes. So Steve, in terms of group calendar going forward, group calendar going forward is very strong. Second quarter and beyond, as we talked about, World Series of Poker comes to the Strip in that time frame as well.

是的。所以史蒂夫，就未來的組日曆而言，未來的組日曆非常強大。正如我們所談到的，第二季度及以後，世界撲克系列賽也在那個時間範圍內來到拉斯維加斯大道。

In terms of the Draft, I would say, from a visitation standpoint for the market, very, very strong. Not a particularly great gambling crowd, so good for visitation, but casino numbers were kind of average. So I certainly wouldn't expect it. We're pointing to the lack of that next year as any kind of headwind.

就草案而言，我想說，從市場訪問的角度來看，非常非常強大。不是特別多的賭博人群，非常適合參觀，但賭場數量平均。所以我當然不會期待。我們指出明年缺乏這種逆風。

Okay. Got you. And then, Tom, you talked about getting back to -- or getting to that breakeven point on the Digital side of things in the football season of 2023. And you called out how you're kind of changing around some of your marketing strategies.

好的。得到你。然後，湯姆，你談到了在 2023 年足球賽季的數字方面回到或達到盈虧平衡點。你還談到了你如何圍繞一些營銷策略進行改變。

And I guess -- I'm guessing, when you talk about that breakeven point in the fall of '23, does that include those marketing changes? Or as you start to implement those marketing changes, could that time frame get accelerated?

我猜——我猜，當你談到 23 年秋季的盈虧平衡點時，這是否包括那些營銷變化？或者當你開始實施這些營銷變革時，這個時間框架會加快嗎？

I would say, yes, that's our best peg as we sit here today. Obviously, the couple of quarters before football season in '23 tend to be lower-volume sports quarters, still lower loss anyway. So is it possible it sneaks a little bit earlier, I would say that's possible. But I would be banking on inflection in fourth quarter as we sit here today.

我會說，是的，這是我們今天坐在這裡的最佳選擇。顯然，23 年足球賽季前的幾個季度往往是低容量的運動季度，無論如何損失仍然較低。那麼它是否有可能提前一點偷偷摸摸，我會說這是可能的。但是，當我們今天坐在這裡時，我將寄希望於第四季度的拐點。

And our next question comes from Barry Jonas from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Barry Jonas。

Tom, you've talked in the past about a potential 40% ROI on that $1.5 billion in Digital losses. I'm curious what you think has to happen across the market, and Caesars-specific, to see those types of returns and what you think a reasonable time line might be.

湯姆，您過去曾談到 15 億美元的數字損失可能帶來 40% 的投資回報率。我很好奇您認為整個市場必鬚髮生什麼，以及特定於 Caesars 的情況，才能看到這些類型的回報以及您認為合理的時間線可能是什麼。

So I don't think there needs to be anything heroic for -- that needs to change for the business to become profitable. And I've actually been talking about 50%-plus cash ROI. You can see where our handle is today. You can make assumptions on where our handle will go in the future. And you know where hold is going to shake out in sports and iCasino based on a lot of history.

所以我認為不需要有什麼英雄主義的東西——這需要改變才能使企業盈利。我實際上一直在談論 50% 以上的現金投資回報率。你可以看到我們今天的句柄在哪裡。您可以對我們的句柄未來的發展方向做出假設。根據大量歷史，您知道體育和 iCasino 將在哪裡保持穩定。

What happens functionally is your customer base becomes dominated by existing customers rather than by brand-new customers that are taking advantage of a new customer promo offer. And so as you shift more out of business dominated by new customers, and as I said, we had 1.4 million sign up for Caesars Rewards since we launched, and those that deposited and became active in Digital, almost certainly did so through a promo. Those promos are different as you become a seasoned customer.

在功能上發生的情況是，您的客戶群被現有客戶而不是正在利用新客戶促銷優惠的全新客戶所主導。因此，隨著您更多地擺脫由新客戶主導的業務，正如我所說，自我們推出以來，我們有 140 萬人註冊了 Caesars Rewards，而那些在 Digital 中存款並變得活躍的人，幾乎可以肯定是通過促銷來註冊的。當您成為經驗豐富的客戶時，這些促銷活動會有所不同。

What gets the headlines in terms of deposit matches, things like that, that's not what happens as customers season and your margin profile changes significantly. And the other thing that's going to change, I touched on in my remarks, in football season of '21, the -- every customer, regardless of value, was getting a similar offer.

在存款匹配方面，諸如此類的事情會成為頭條新聞，這並不是隨著客戶季節和您的保證金狀況發生顯著變化而發生的事情。另一件將會改變的事情，我在我的講話中談到，在 21 年的足球賽季，每個客戶，無論價值如何，都得到了類似的報價。

And so what's going to happen as we move into '22 football season and beyond is we're going to segment our customer base based on worth and we're going to target our promotional spending at our profitable customers, which is going to be a much smaller subset of that larger group. And that's going to have 2 significant impacts.

因此，隨著我們進入 22 年足球賽季及以後，我們將根據價值對客戶群進行細分，我們將針對盈利客戶的促銷支出，這將是該較大組的較小子集。這將產生兩個重大影響。

You're going to build loyalty among that group that is targeted, and you're going to increase profitability as you increase share of wallet. You're still going to have activity from those that are not targeted to the same degree, but your profitability on those customers is going to change dramatically because they're not getting the marketing officers that come out.

您將在目標群體中建立忠誠度，並且隨著錢包份額的增加，您將提高盈利能力。您仍然會從那些沒有達到相同程度的目標中獲得活動，但是您對這些客戶的盈利能力將發生巨大變化，因為他們沒有讓營銷人員出來。

And so we have significant history in Nevada, in particular, what does a stable state look like from a margin standpoint, a customer activity standpoint and a promotional standpoint. All of our states are going to end up looking, in some form or fashion, like Nevada, with different puts and takes based on tax rate and competitive environment. But it's going to look nothing like the environment that you're analyzing now, where a state launches, nobody has any customers, and it's the Wild West.

因此，我們在內華達州有著重要的歷史，特別是從利潤的角度、客戶活動的角度和促銷的角度來看，穩定狀態是什麼樣的。我們所有的州最終都會以某種形式或方式，像內華達州一樣，根據稅率和競爭環境採取不同的看跌期權。但它看起來與您現在正在分析的環境完全不同，一個州啟動，沒有任何客戶，它是狂野的西部。

That -- those days are already in our rearview mirror in most states as we move forward. There's going to be some new states, but as a percentage of the business, it's going to be much more of an existing customer and existing state crowd. And the states are going to start to look more like the seasoned states in our portfolio.

那 - 在我們前進的過程中，那些日子已經在我們大多數州的後視鏡中。將會有一些新的州，但作為業務的百分比，它將更多地是現有的客戶和現有的州人群。這些州將開始看起來更像我們投資組合中經驗豐富的州。

Got it. Got it. And then just a follow-up on the land-based business. Current trends in the outlook, Tom, has seemed really strong. But I'm just curious if there's any remaining negative impact you're seeing from COVID. I guess that would include any of the older demographic not back yet or anything else you wanted to highlight.

知道了。知道了。然後只是對陸上業務的跟進。湯姆，目前的前景趨勢似乎非常強勁。但我只是好奇你是否從 COVID 中看到了任何剩餘的負面影響。我想這將包括任何尚未回歸的老年人或您想要強調的任何其他內容。

No, we had seen 55-plus return post-Omicron. They're still not as strong as the younger cohorts, but they're coming back and there's more coming back every week.

不，我們在 Omicron 之後看到了超過 55 人的回報。他們仍然不如年輕一代強大，但他們正在回歸，而且每週都有更多人回歸。

And our next question comes from Thomas Allen from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Thomas Allen。

Sir, just on the Digital side, Tom, you highlighted Ohio as like the only state where you really have to invest in this year. Maryland may launch this year. Is your comment just on Ohio because you think Maryland will probably launch next year? Or is there just a difference in where you see the opportunity between those 2 states?

先生，就數字方面而言，湯姆，您強調俄亥俄州是您今年真正必須投資的唯一州。馬里蘭州可能會在今年推出。你的評論僅僅是因為你認為馬里蘭州可能會在明年推出嗎？還是只是在您看到這兩個州之間的機會方面存在差異？

Yes, Thomas. I'm skeptical Maryland launches mobile in '22.

是的，托馬斯。我懷疑馬里蘭州會在 22 年推出手機。

Okay. All right. So still a good -- Maryland is still a good opportunity for you. It's just...

好的。好的。所以仍然是一個好機會——馬里蘭州對你來說仍然是一個好機會。只是...

Oh, yes. And if and when mobile launches, you should expect us to be competitive there as well.

哦是的。如果移動推出，您應該期望我們在那裡也具有競爭力。

Perfect. And then any commentary around the Ontario market and what you've seen to date in terms of the competitiveness and potential of the size of it?

完美的。然後是關於安大略市場的任何評論，以及迄今為止您所看到的關於其規模的競爭力和潛力的情況？

Yes. I would say we have -- Ontario is a unique animal, given the gray market that existed there before and the restrictions on what you're able to do. So we're building our capabilities in Ontario, but you shouldn't expect us to -- you shouldn't expect to see us throw a lot of money at Ontario. We expect to be a player, we expect the market to grow steadily, but that's not going to be a big needle-mover one way or another for us.

是的。我會說我們有——安大略是一種獨特的動物，考慮到以前存在的灰色市場以及你能做什麼的限制。所以我們正在安大略省建立我們的能力，但你不應該期望我們——你不應該期望看到我們在安大略省投入大量資金。我們希望成為一個參與者，我們希望市場穩定增長，但這對我們來說不會是一個大的推動者。

Perfect. And then, just lastly, on the brick-and-mortar business. What are you seeing in terms of labor availability, your competitors increasing marketing? Any other kind of cost changes, big cost changes you're seeing that you want to call out?

完美的。然後，最後，關於實體業務。您在勞動力可用性方面看到了什麼，您的競爭對手增加了營銷？任何其他類型的成本變化，您看到的大成本變化是您想要提出的？

Labor is still tight. It's gotten better. Obviously, we talked about how -- Anthony talked about how we were able to remove our caps as we ended first quarter. That was as a result of a lot of hiring effort and activity. So we're feeling better. Labor costs are higher, but nothing that's a considerable drag on the organization. As you know, gaming taxes is our #1 expense category. And thankfully, those are -- those don't inflate.

勞動力仍然緊張。它變得更好了。顯然，我們談到瞭如何——安東尼談到了我們如何能夠在第一季度結束時取消我們的上限。這是大量招聘工作和活動的結果。所以我們感覺好多了。勞動力成本較高，但對組織沒有什麼太大的拖累。如您所知，博彩稅是我們的第一大支出類別。謝天謝地，那些是 - 那些不會膨脹。

And if they do, it's because you're getting more gaming revenue and getting increase on a percentage of revenue basis. So we feel, while there are pressures, the strength in the -- the underlying customer activity strength is swapping anything that we see on the cost side.

如果他們這樣做了，那是因為你獲得了更多的遊戲收入，並且在收入百分比的基礎上得到了增長。所以我們覺得，雖然有壓力，但潛在的客戶活動強度正在交換我們在成本方面看到的任何東西。

And our next question comes from Shaun Kelley, Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

I don't think this has been touched on, but Tom, I think in the prepared remarks, it was mentioned that, if I caught it correctly and please correct if it's not, but that April in the regional markets was trending well and better than March.

我認為沒有涉及到這一點，但是湯姆，我認為在準備好的評論中提到，如果我理解正確，請糾正，如果不是，但區域市場的 4 月趨勢良好且更好比三月。

And I think that's a little different than some of the patterns and some of the other companies that we've heard about. So could you talk about that a little bit more, if I caught that correctly, and what might be driving that?

我認為這與我們聽說過的一些模式和其他一些公司有點不同。那麼，如果我正確理解了這一點，您能否再談一談，以及可能是什麼推動了這一點？

Yes. For us, we've gotten -- margins have continued to increase. So your rate of increase is not like January to March, but we're still improving. We've got properties like New Orleans that were under significant COVID restrictions that came off just before the Final Four in March. So we saw benefits in April. Atlantic City has been particularly strong for us, even with construction disruption. So that's been a strong performer.

是的。對我們來說，我們得到了——利潤率繼續增加。所以你的增長率不像一月到三月，但我們仍在改善。我們有像新奧爾良這樣的房產，在 3 月份的四強賽之前就受到了嚴重的 COVID 限制。所以我們在四月份看到了好處。大西洋城對我們來說特別強大，即使施工中斷。所以這是一個強大的表演者。

Northern Nevada for us is -- has just been incredible, for going on like 18 months now. So it's -- we've got some particular pockets that are strong. We're up against a very difficult comp in the second quarter given this is when stimulus checks went out, but we feel good about comping against those numbers.

對我們來說，北內華達州 - 簡直令人難以置信，因為現在已經持續了 18 個月。所以它 - 我們有一些特別強大的口袋。鑑於這是刺激檢查結束的時候，我們在第二季度面臨非常困難的比較，但我們對與這些數字進行比較感到滿意。

That's great. And then 2 markets I wanted to touch on specifically, one you kind of just did, which was we've heard about a little bit of potential softness in Northern Nevada and then also in the Southeast, so maybe ex-New Orleans, which is a bit idiosyncratic to you. But any comments on just behavior in those particular markets? It sounds, like I said, like Northern Nevada might be swimming along just fine, but just, yes, any thoughts there?

那太棒了。然後是我想特別談談的兩個市場，一個你剛剛做過的市場，我們聽說內華達州北部和東南部有一點潛在的疲軟，所以也許是前新奧爾良，這是對你來說有點特殊。但對這些特定市場的公正行為有何評論？聽起來，就像我說的那樣，內華達州北部可能會很好地游泳，但是，是的，那裡有什麼想法嗎？

Yes. Reno and Tahoe for us have been stellar performers really since reopening. We could do better than $0.25 billion of EBITDA out of Northern Nevada in '22, which was not in the realm of what we were thinking before we did the Caesars transaction. So the strength there is continuing.

是的。自從重新開放以來，Reno 和 Tahoe 對我們來說一直是出色的表演者。 22 年，我們在北內華達州的 EBITDA 可以超過 2.5 億美元，這不在我們進行 Caesars 交易之前的考慮範圍內。所以那裡的力量還在繼續。

And our -- for us, the Southeast, outside of New Orleans, you're generally talking about smaller properties, that whether they move up or down, aren't going to swing our broader numbers much. So New Orleans is the key there.

而我們的 - 對於我們來說，東南部，在新奧爾良以外的地方，你通常談論的是較小的房產，無論它們向上還是向下移動，都不會對我們更廣泛的數字產生太大影響。所以新奧爾良是那裡的關鍵。

And our next question comes from Stephen Grambling from Goldman Sachs.

我們的下一個問題來自高盛的 Stephen Grambling。

On the 1.4 million in new adds to the loyalty program through Digital, how did the demographics of this group compare to what would normally sign up? And how is the frequency and spend per visit in the cross-sell that you referenced or even mix of tables versus slots on the property compared to the existing base of Rewards customers?

在通過 Digital 為忠誠度計劃新增的 140 萬用戶中，該群體的人口統計數據與通常註冊的人數相比如何？與現有的 Rewards 客戶群相比，在您引用的交叉銷售中，甚至是混合表與位置的混合銷售中，每次訪問的頻率和支出如何？

I appreciate those questions, Stephen, but that's the level of granularity I would rather not get into on our database.

我很欣賞這些問題，Stephen，但這是我不想進入我們的數據庫的粒度級別。

Fair enough. And then should we interpret that the $200 million in cross-sell is purely incremental? So the like-for-like customer revenue, as we look at 1Q, we would back out that $200 million and I think that would be down. So it's really just the Digital piece that's keeping trends strong, stable in the industry, as we attract the new customer.

很公平。那麼我們是否應該將 2 億美元的交叉銷售解釋為純增量？因此，當我們查看第一季度的同類客戶收入時，我們將收回 2 億美元，我認為這會下降。因此，當我們吸引新客戶時，真正保持行業強勁、穩定趨勢的只是數字產品。

Well, the $200 million is an annual number, so you're talking about $50 million of quarterly spend that gets up -- that gets to that number. That's pure additions through the Digital channel. If you want to take it to the level of customers would sign up and there would be some -- if Digital didn't exist, there would be an addition through Caesars Rewards. That's a derivative level that's not useful to get into on the call.

嗯，2 億美元是一個年度數字，所以你說的是 5000 萬美元的季度支出增加了 - 達到了這個數字。這純粹是通過數字渠道添加的。如果您想將其提升到客戶會註冊的級別，並且會有一些 - 如果不存在 Digital，則將通過 Caesars Rewards 增加。這是一個衍生級別，在通話中沒有用處。

But you should consider there's $200 million of casino revenue on an annual basis that's running through the business now, about 70% of that into destination markets, the rest into regional.

但是你應該考慮到現在每年有 2 億美元的賭場收入貫穿整個業務，其中大約 70% 進入目的地市場，其餘進入區域市場。

That's helpful. And maybe if I can sneak one other one on that cohort. I mean have you been actually trying to market at all at this point to that cross-sell? Or is that something that could actually build the incremental cross-sell as we think about moving throughout the year?

這很有幫助。也許如果我能在那個隊列中偷偷另一個人。我的意思是，此時您是否真的在嘗試進行交叉銷售？或者當我們考慮全年移動時，這實際上可以建立增量交叉銷售嗎？

I would say we've had baby steps in that direction to date, that most of that number is naturally occurring. You should expect that to be a considerable area of focus for us when I talk about marketing to profitable customers.

我想說，到目前為止，我們已經朝著這個方向邁出了一小步，其中大部分是自然發生的。當我談到向有利可圖的客戶進行營銷時，您應該期望這將成為我們關注的一個相當大的領域。

This is a group that really all came in the door in kind of a 120-day period, as I talked about, that swaps, what the rest of the organization does on an annual basis. So as we sort through them, you should expect that to be a target focus for us as we move forward and an area where we can drive revenue throughout the enterprise.

正如我所談到的，這是一個真正在 120 天的時間內全部加入的團隊，它交換了組織的其他成員每年所做的事情。因此，當我們對它們進行分類時，您應該期望這是我們前進的目標焦點，也是我們可以在整個企業中增加收入的領域。

And our next question comes from John DeCree from CBRE.

我們的下一個問題來自 CBRE 的 John DeCree。

Just 2 follow-ups on some of your comments in the prepared remarks. First, on the regionals, you mentioned that margins ramped from the high 20s in January, to over 37% in March. And it sounds like a lot of that was Omicron impact in January. I think the occupancy coming back in Vegas is a bit more tangible for us to kind of contemplate.

在準備好的評論中僅對您的一些評論進行 2 次跟進。首先，在地區，您提到利潤率從 1 月份的 20 多歲上升到 3 月份的 37% 以上。聽起來其中很大一部分是 1 月份的 Omicron 影響。我認為回到拉斯維加斯的入住率對我們來說更具體一些。

Can you kind of talk about that margin ramp in regionals? I know you mentioned New Orleans normalized. Maybe that's a chunk of it, but kind of help us understand the ramp there. Was it just Omicron or some other stuff kind of working through as well as you ramp back up in the regionals?

你能談談區域性的利潤率上升嗎？我知道你提到了新奧爾良標準化。也許這是其中的一部分，但有助於我們理解那裡的坡道。只是 Omicron 還是其他一些工作以及您在區域賽中重新開始的工作？

It's just Omicron. Remember, John, in our regional, we have a number of destination markets, New Orleans, Atlantic City, Northern Nevada, that all would have had similar visitation and occupancy trajectory as Vegas had in the quarter. It's really a function of that.

這只是歐姆龍。請記住，約翰，在我們的地區，我們有許多目的地市場，新奧爾良、大西洋城、內華達州北部，所有這些市場的訪問量和入住率都與拉斯維加斯在本季度的情況相似。這真的是一個功能。

Okay. That's helpful clarity. And lastly, on the -- cutting back on the mass marketing or media spend at the Digital level, where you've really seen your handle share unchanged or normalized, was that surprising to you, or anything about that surprising in some of the resilience that you've seen? I mean is that Caesars Rewards at its finest? Or how would you kind of characterize that trend once you pulled back on that spend?

好的。這有助於清晰。最後，關於 - 削減數字層面的大眾營銷或媒體支出，你真的看到你的手柄份額沒有變化或正常化，這讓你感到驚訝，或者在某些彈性方面有什麼令人驚訝的事情你見過嗎？我的意思是凱撒獎賞是最好的嗎？或者，一旦您縮減支出，您會如何描述這種趨勢？

I think it's the effectiveness of the campaign that was developed by Chris Holdren and Sharon Otterman in Digital, that we started this in August with very little recognition from the average consumer that Caesars was associated with, sports and sports betting. And certainly, after the New York launch, there's very few people that would be possibly likely sports betters looking for an app that didn't know that Caesars was a choice.

我認為這是由 Chris Holdren 和 Sharon Otterman 在 Digital 領域開發的活動的有效性，我們在 8 月開始這項活動時，Caesars 與體育和體育博彩相關的普通消費者幾乎沒有認識到這一點。當然，在紐約發布之後，很少有人可能會在尋找不知道 Caesars 是一個選擇的應用程序時可能會成為體育愛好者。

And so it was really just a job well done in terms of getting our customer recognition up. You do -- you hook them into Caesars Rewards. We told you that what we've seen in Caesars Rewards is that creates a stickier customer, and we're seeing the benefits of that since we pulled back on mass market spend.

因此，就提高我們的客戶認可度而言，這確實是一項出色的工作。你做到了——你把他們鉤到凱撒獎勵中。我們告訴過您，我們在 Caesars Rewards 中看到的是，它創造了一個更具粘性的客戶，並且自從我們縮減大眾市場支出以來，我們看到了這樣做的好處。

And our next question comes from David Katz from Jefferies.

我們的下一個問題來自 Jefferies 的 David Katz。

Tom, if we could just go back to the Strip asset row for a minute. I would like to just be clear about there is a time period. And is that -- should we consider that an outside time limit? In other words, could it potentially be sooner than that? Or is it necessarily 6 months?

湯姆，如果我們能回到地帶資產行一分鐘。我想明確指出有一個時間段。那是 - 我們是否應該將其視為一個外部時間限制？換句話說，它可能比這更早嗎？還是一定要6個月？

Well, David, miracles happen every day. But my experience has been, when you get a lot of lawyers involved, the work extends to whatever the maximum allowable deadline is. So if we finish 1 day ahead of that 6 months, I would be very pleased.

好吧，大衛，奇蹟每天都在發生。但我的經驗是，當你有很多律師參與時，工作會延伸到允許的最大期限。因此，如果我們在這 6 個月之前完成 1 天，我會非常高興。

Okay. Fair enough. And I would just like to go back to one of your prepared comments around being, I believe the quote was, "a meaningful free cash generator this year." Have you sort of put any order of magnitude around that or sort of walked across any of the approximate details to help us with our just sanity, to check our model?

好的。很公平。我只想回到你準備好的評論之一，我相信這句話是“今年有意義的免費現金產生者”。你有沒有把它放在任何數量級上，或者走過任何大致的細節來幫助我們保持理智，檢查我們的模型？

Yes. I mean we can go through off-line. But if you think about round numbers, we've been run-rating, ex-Omicron, something $4 billion or better in EBITDA. You had about $2 billion in outflows between interest expense and lease expense, about $1 billion of CapEx and $1 billion of Digital loss, roughly speaking, and then the capital from asset sales would be excess that pays down debt.

是的。我的意思是我們可以通過離線。但如果你考慮整數，我們一直在運行評級，前 Omicron，EBITDA 約為 40 億美元或更高。粗略地說，您在利息支出和租賃費用之間有大約 20 億美元的流出，大約 10 億美元的資本支出和 10 億美元的數字損失，然後資產出售的資本將是償還債務的多餘資金。

Now with $0.5 million of EBITDA loss-plus behind us in Digital, as you look through the rest of the year, we should be a free cash flow producer on an operating basis after CapEx, in addition to the proceeds that we generate from asset sales. And Bret, Brian and their team did a great job of managing through a heavy cash use quarter to where we come out in a good position and should be a significant free cash flow producer from now forward.

現在，隨著我們在數字領域的 50 萬美元的 EBITDA 虧損，當你回顧今年剩餘的時間時，除了我們從資產銷售中產生的收益之外，我們應該在資本支出之後的運營基礎上成為自由現金流生產者. Bret、Brian 和他們的團隊在管理大量現金使用季度方面做得很好，我們處於有利地位，從現在開始應該是一個重要的自由現金流生產者。

And our next question comes from Dan Politzer from Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

So we've heard a lot of -- in these earnings season about strong travel and leisure demand. I mean I guess, as you look across your portfolios and your properties, do you think that these properties in Northern Nevada, New Orleans, Atlantic City, those markets you kind of mentioned, do you think they have a longer runway for growth from here than maybe some of the earlier to recover properties in some of your other segments?

因此，我們在這些財報季聽到了很多關於旅行和休閒需求強勁的消息。我的意思是我猜，當您查看您的投資組合和您的房產時，您是否認為內華達州北部、新奧爾良、大西洋城的這些房產，您提到的那些市場，您是否認為它們有更長的增長跑道可能比之前在您的其他一些細分市場中恢復財產的一些人？

I mean I think that there's -- you're seeing a migration of the customers, right? When -- and I think this is the crux of your question. When we had the reopening after the pandemic, people wanted to get out of their house. They were trapped for quite some time. They were comfortable traveling a, in a lot of cases, a limited amount. They wanted to get out of the house, but they were comfortable going somewhere in their car. And so you saw this big burst of demand in regional markets.

我的意思是我認為有——你看到了客戶的遷移，對吧？什麼時候——我認為這是你問題的癥結所在。當我們在大流行後重新開放時，人們想離開他們的房子。他們被困了很長時間。在很多情況下，他們在有限的旅行中很自在。他們想離開房子，但他們很樂意坐在車裡的某個地方。因此，您看到了區域市場的需求激增。

And if you think about other times where demand was crimped for any reason in casino, what you see is you see some substitution out of destination trips into regional markets. And if you want to argue that there was some of that in '20 and '21, I think you've got a leg to stand on. And as the picture surrounding the virus has gotten better, we've seen increasing willingness to travel, willingness to get on a plane, go somewhere where you're staying away from home, for 2, 3, 4 nights.

而且，如果您考慮其他時間賭場出於任何原因需求受到抑制，您會看到目的地旅行的一些替代進入區域市場。如果你想爭辯說在 20 年和 21 年有一些這樣的情況，我認為你有一條腿可以站立。隨著圍繞病毒的情況變得更好，我們看到越來越多的人願意旅行，願意坐飛機，去一個你遠離家鄉的地方，住 2、3、4 個晚上。

And that's what you're seeing now in our regional destination properties in Vegas, in particular. And I think you've got some pent-up demand for group travel that we're really just getting into now. You're seeing [watch rates] come down considerably. I would expect that to continue.

這就是您現在在我們位於維加斯的區域目的地物業中所看到的，尤其是。而且我認為您對團體旅行有一些被壓抑的需求，而我們現在才真正進入。你看到 [觀看率] 大幅下降。我希望這種情況會繼續下去。

You have people that were used to being on a plane going to group meetings that haven't really done that in 2, 2.5 years at this point. And I think you're going to see that as the group calendar begins in earnest. We really -- that's kind of another leg that we haven't seen yet. So I think this is just part of a migration of people getting more comfortable as the virus recedes.

有些人習慣於在飛機上參加小組會議，但在 2 到 2.5 年的時間裡還沒有真正做到這一點。我認為隨著小組日程的正式開始，你會看到這一點。我們真的 - 這是我們還沒有看到的另一條腿。所以我認為這只是隨著病毒消退人們變得更加舒適的遷移的一部分。

Got it. And then, on Digital, I guess, high level. I think about you guys, you have this big database, a big omnichannel presence, you have all these Strip properties. How do you think about leveraging this over time given, up to this point, it feels like you've been mostly sports-centric, whereas, I think right now, you're just kind of real-time rolling out your iGaming content? Like is it reasonable that, over time, we should expect the mix to shift more to the casino and online casino side?

知道了。然後，在數字上，我猜是高水平的。我想你們，你們有這個龐大的數據庫，一個龐大的全渠道存在，你們擁有所有這些 Strip 屬性。您如何看待隨著時間的推移利用這一點，到目前為止，感覺您主要以體育為中心，而我認為現在，您只是在實時推出您的 iGaming 內容？是否合理，隨著時間的推移，我們應該期望混合更多地轉移到賭場和在線賭場方面？

From where we are today, most definitely. I would expect iCasino to be a significant contributor to the profitability metrics that we laid out.

從我們今天的位置來看，絕對是。我預計 iCasino 將成為我們制定的盈利指標的重要貢獻者。

Got it. And then just one quick housekeeping. On corporate expense, I think that ticked down a bit sequentially. Was there any kind of -- anything specific to call out there?

知道了。然後只是一個快速的家務。在公司開支方面，我認為這按順序有所下降。有什麼--有什麼特別的地方可以叫出來嗎？

So the good old Eldorado business model in effect, but nothing specific.

所以好的舊埃爾多拉多商業模式有效，但沒有什麼具體的。

We're making [it ahead, and you'll pay for his lunch now].

我們正在[提前，你現在支付他的午餐費用]。

And our next question comes from David Bain from B. Riley.

我們的下一個問題來自 B. Riley 的 David Bain。

First, just big picture question. Tom, a few have reported positive real-time trends. Just if you have -- I think yours sounds a little bit better than those. But investor focus on our end continues to be sort of the broader intermediate-term macro. And I know you spoke to specifics why structurally, out of COVID, were a stage for potential growth.

首先，只是大局問題。湯姆，一些人報告了積極的實時趨勢。只要你有——我認為你的聽起來比那些好一點。但投資者對我們的關注仍然是更廣泛的中期宏觀。我知道你談到了為什麼在結構上，在 COVID 之外，是一個潛在增長的階段。

When you look at gaming as an investment, which I know you do, in addition to the structural setup of that versus other consumer discretionary industries, can you speak to a little bit or speak to the gaming business in general and some things that maybe investors should consider? And maybe Anthony wants to speak to that as well.

當您將游戲視為一項投資時，我知道您會這樣做，除了與其他非必需消費品行業相比的結構設置之外，您能否談談或總體上談談遊戲業務以及一些可能是投資者的事情應該考慮？也許安東尼也想談一談。

Yes. I would just say there is clearly something about gaming even within travel and entertainment with the social aspect. If you walk to -- you walk the floors here and see groups of people that have not been out with each other in quite some time, enjoying them, so there's a social aspect to this that I don't know how well we appreciated it until it was gone. And that's, I think, a significant driver of what we've got going here.

是的。我只想說，即使在社交方面的旅行和娛樂中，遊戲也很明顯。如果你走到這裡——你走過這裡的地板，看到很長一段時間沒有在一起的一群人，享受著他們，所以這有一個社會方面，我不知道我們有多欣賞它直到它消失。我認為，這是我們在這裡取得進展的重要驅動力。

I know that as investors sit here today, crouched under their desks waiting for the next shoe to drop in inflation or economy, we've been living with inflation for -- with significant inflation for about a year now. We've seen no real impact on gaming spend. We just reported a quarter where GDP was down, what, 1.5 points. And this business, not our business, but the business of casinos in particular, held up quite well.

我知道，當投資者今天坐在這裡，蹲伏在他們的辦公桌下等待下一隻鞋在通脹或經濟下降時，我們一直在與通脹共存——現在大約一年來一直存在顯著的通脹。我們沒有看到對遊戲支出的真正影響。我們剛剛報告了 GDP 下降的一個季度，下降了 1.5 個百分點。而這項業務，不是我們的業務，尤其是賭場業務，保持得很好。

So I can't tell you what's going to happen in September or December or March, but the resilience of this business and casino customers generally has been extraordinary. And none of us would have imagined that we would shut our doors for months at a time, and nobody knew what would happen when we reopen.

所以我不能告訴你 9 月、12 月或 3 月會發生什麼，但這個企業和賭場客戶的彈性通常是非同尋常的。我們沒有人會想到我們會一次關門幾個月，沒有人知道當我們重新開放時會發生什麼。

But I look at other sectors, travel and entertainment, consumer-facing, the level of demand that has come back here has just been great to see. And like I said, as I walk through our properties now, this feels like what we were buying when we announced this deal back in June of '19. So we're super excited to see where it goes from here.

但我看看其他行業，旅遊和娛樂，面向消費者，回到這裡的需求水平非常值得一看。就像我說的，當我現在走過我們的房產時，感覺就像我們在 19 年 6 月宣布這筆交易時所購買的一樣。所以我們很高興看到它從這裡走向何方。

Okay. Great. And then my other one was on California. If [the -- it passes in November, you get a skin]. I know a lot of unknowns with the landscape in taxes, but big picture, would the strategy match New York just given the success there?

好的。偉大的。然後我的另一個在加利福尼亞。如果 [-- 它在 11 月過去，你會得到一個皮膚]。我知道稅收方面的許多未知數，但從大局來看，該戰略是否會與剛剛取得成功的紐約相匹配？

Or would it move more to partnerships or other things that you've learned from the New York opening? I'm just trying to get a big picture on big market openings because iCasino, I think, still has a ways to go. So wondering what we should look for in future years.

還是會更多地轉向合作夥伴關係或您從紐約開幕式中學到的其他東西？我只是想了解大型市場的開放情況，因為我認為 iCasino 仍有很長的路要走。所以想知道我們在未來幾年應該尋找什麼。

Yes. So California, obviously, between our Indian partnerships and our Vegas assets, we have an enormous California database. We would expect to be an aggressive competitor for business if and when that state launches. There are things that we learned in New York, in terms of how we would tailor an offer and what we would shoot for. But we would expect to be among the leaders in California, like we are in most of the states where we operate.

是的。所以加利福尼亞，顯然，在我們的印度合作夥伴關係和我們的拉斯維加斯資產之間，我們擁有龐大的加利福尼亞數據庫。如果該州啟動，我們預計將成為業務的積極競爭對手。我們在紐約學到了一些東西，比如我們如何定制報價以及我們的目標。但我們希望成為加利福尼亞州的領導者，就像我們在我們經營的大多數州一樣。

Okay. And does that change with iCasino, new states going live versus OSB?

好的。這會隨著 iCasino、新州上線與 OSB 的不同而改變嗎？

No. iCasino, as we've talked about, is -- it's a function of getting our app up to snuff in terms of game count that's finally almost complete. And then you should expect to see us become much more visible in terms of marketing that business and becoming a real competitor.

不。正如我們所討論的，iCasino 是——它是一項讓我們的應用程序在遊戲數量方面達到標準的功能，最終幾乎完成。然後您應該期望看到我們在營銷該業務並成為真正的競爭對手方面變得更加引人注目。

We didn't want to spend marketing dollars to send customers to what, in our view, was a substandard product, as we talked -- we've talked about, David. When we took the William Hill, William Hill had a single employee on the iGaming side. So we have a lot of more work to do there than we did even in OSB. But we expect to be a formidable competitor there, and we're now in position to start that process.

我們不想花費營銷資金將客戶帶到我們認為不合格的產品，正如我們所說的 - 我們已經談到了，大衛。當我們選擇威廉希爾時，威廉希爾在 iGaming 方面只有一名員工。因此，即使在 OSB 中，我們還有很多工作要做。但是我們希望在那裡成為一個強大的競爭對手，我們現在可以開始這個過程。

And our next question comes from Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的 Chad Beynon。

Tom, just kind of piggybacking on the end of your last comment. You mentioned Liberty is expected to be in all markets by the end of the year. I think you said Illinois migrated over in March. I'm not sure if Pennsylvania has migrated over. Are there any other major markets we should be aware of kind of on the come in the next couple of months?

湯姆，只是在你最後一條評論的結尾處搭訕。您提到 Liberty 預計將在今年年底前進入所有市場。我想你說伊利諾伊州在三月份遷移過來了。我不確定賓夕法尼亞州是否已經遷移過來。在接下來的幾個月裡，是否還有其他我們應該注意的主要市場？

And then more importantly, do you believe that -- or how long should it take for you to get to market share that you're happy with after these platforms are switched over? Can we get there by the end of NFL season? Or does it take another cycle of seasons?

然後更重要的是，您是否相信 - 或者在這些平台切換後，您需要多長時間才能獲得您滿意的市場份額？我們能在 NFL 賽季結束前到達那裡嗎？還是需要另一個季節循環？

So the other state that still needs to come on Liberty is Nevada, which is obviously a big one for us. And in terms of building share, these are states where we're undeniably late to the game and we're going to be smart about how much resources we throw at them. But we're all tying them into our brick-and-mortar business. Obviously, we've got a lot of customers out of Pennsylvania, both at Chester and in Atlantic City.

所以另一個仍然需要自由的州是內華達州，這對我們來說顯然是一個大州。就建立份額而言，這些是我們不可否認地在遊戲中遲到的狀態，我們將聰明地知道我們向他們投入了多少資源。但我們都將它們與我們的實體業務聯繫在一起。顯然，我們在賓夕法尼亞州以外的切斯特和大西洋城都有很多客戶。

And then we've got 4 -- a number -- 3 Illinois properties that have significant databases, and you should expect us, that's what we're going to mine. And we would expect to be -- continue to grind higher in market share. And if you're asking, do you think we'll be at our peak by this football season, I think we'll still be growing beyond that. And go ahead.

然後我們有 4 個 - 一個數字 - 3 個擁有重要數據庫的伊利諾伊州房產，你應該期待我們，這就是我們要挖掘的。我們預計會 - 繼續提高市場份額。如果你問，你認為我們會在這個足球賽季達到頂峰嗎，我認為我們還會繼續成長。然後繼續。

And thank you. I am showing no further questions. I would now like to turn the call back over to Tom Reeg for closing remarks.

謝謝你。我沒有再提出任何問題。我現在想將電話轉回給 Tom Reeg 以作結束髮言。

Thanks, everybody, for dialing in to the call, and we will talk to you following the completion of second quarter. See you soon.

謝謝大家撥入電話，我們將在第二季度完成後與您交談。再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。