Draftkings Inc (DKNG) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to the DraftKings Q2 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

感謝您的支持，歡迎參加 DraftKings Q2 收益電話會議。 （操作員說明）作為提醒，今天的電話會議正在錄音中。

I would now like to hand the conference over to your host, Mr. Stanton Dodge, Chief Legal Officer. Sir, you may begin.

我現在想將會議交給您的主持人，首席法務官 Stanton Dodge 先生。先生，您可以開始了。

Good morning, everyone, and thanks for joining us today. Certain statements we make during this call may constitute forward-looking statements that are subject to risks, uncertainties and other factors, as discussed further in our SEC filings, that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility to update forward-looking statements other than as required by law.

大家早上好，感謝您今天加入我們。我們在本次電話會議中做出的某些陳述可能構成前瞻性陳述，這些陳述受風險、不確定性和其他因素的影響，正如我們在 SEC 文件中進一步討論的那樣，這可能導致我們的實際結果與我們的歷史結果或我們的預測存在重大差異。除法律要求外，我們不承擔更新前瞻性陳述的責任。

During this call, management will also discuss certain non-GAAP financial measures that we believe may be useful in evaluating DraftKings' operating performance. These measures should not be considered in isolation or as a substitute for DraftKings' financial results prepared in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings presentation, which can be found on our website in our quarterly report on Form 10-Q filed with the SEC.

在本次電話會議中，管理層還將討論我們認為可能有助於評估 DraftKings 經營業績的某些非公認會計原則財務指標。這些措施不應孤立地考慮或替代 DraftKings 根據公認會計原則編制的財務業績。這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬可在我們的收益報告中找到，可在我們網站上向 SEC 提交的 10-Q 表格季度報告中找到。

Hosting the call today, we have Jason Robins, Co-Founder, Chief Executive Officer and Chairman of DraftKings, who will share some opening remarks and an update on our business; and Jason Park, Chief Financial Officer of DraftKings, who will provide a review of our financials. We will then open the line to questions.

今天主持電話會議的有 DraftKings 的聯合創始人、首席執行官兼董事長 Jason Robins，他將分享一些開場白和我們業務的最新情況； DraftKings 首席財務官 Jason Park 將審查我們的財務狀況。然後，我們將打開問題線。

I will now turn the call over to Jason Robins.

我現在將把電話轉給 Jason Robins。

Good morning, everyone, and welcome to DraftKings Q2 earnings call. I want to touch on a few topics today. Let me start off with my thoughts on Q2. I'm really pleased with how we performed in the quarter. We generated $466 million in revenue, which exceeded the midpoint of the guidance we provided on our Q1 earnings call by $33 million. And we outperformed the midpoint of our adjusted EBITDA guidance by almost 40%. Our core B2C revenue grew 68% versus Q2 of last year.

大家早上好，歡迎來到 DraftKings Q2 財報電話會議。今天我想談幾個話題。讓我從我對 Q2 的想法開始。我對我們在本季度的表現感到非常滿意。我們創造了 4.66 億美元的收入，超出了我們在第一季度財報電話會議上提供的指導的中點 3300 萬美元。我們的表現比調整後 EBITDA 指引的中點高出近 40%。我們的核心 B2C 收入與去年第二季度相比增長了 68%。

Our organization is executing very well. We have struck a great balance of continuing to drive top line growth while also capturing meaningful efficiencies that are helping our bottom line. From a top line perspective, our customers are playing more frequently than we expected, and we're seeing great success driving parlay mix in our Sportsbook product. In fact, our parlay bet mix increased by 1,700 basis points in the quarter compared to Q2 of 2021.

我們的組織執行得非常好。我們在繼續推動收入增長的同時也取得了有助於我們盈利的有意義的效率，取得了很好的平衡。從頂線的角度來看，我們的客戶比我們預期的更頻繁地玩，我們看到在我們的體育博彩產品中推動過關投注組合取得了巨大成功。事實上，與 2021 年第二季度相比，我們的過關投注組合在本季度增加了 1,700 個基點。

I really love how we are merchandising our same-game parlays, which I think have great personality. Hopefully, you have seen our new parley merchandising in the app, which gives our customers fun ways to engage with these types of wagers. We're also making great strides on improving the customer experience, such as ease of getting money on and off the platform and many other areas related to overall app usability and experience. We expect to continue to make these investments on an ongoing basis.

我真的很喜歡我們如何銷售我們的同款過關投注，我認為這很有個性。希望您已經在應用程序中看到了我們新的談判推銷，它為我們的客戶提供了有趣的方式來參與這些類型的投注。我們還在改善客戶體驗方面取得了長足的進步，例如在平台內外輕鬆賺錢以及與整體應用程序可用性和體驗相關的許多其他領域。我們預計將繼續持續進行這些投資。

And on the costs side, we continue to drive efficiencies during Q2. We captured $40 million of 2022 cost opportunities on top of the $50 million we captured in Q1. These efficiencies are in a variety of non-compensation areas and are a great demonstration of how our organization rallied around an important initiative and delivered great results.

在成本方面，我們在第二季度繼續提高效率。除了我們在第一季度獲得的 5000 萬美元之外，我們還抓住了 2022 年 4000 萬美元的成本機會。這些效率體現在各種非薪酬領域，很好地證明了我們的組織如何圍繞一項重要舉措團結起來並取得了巨大的成果。

Looking forward to the back half of the year, we are geared up and ready to go. For online sports betting, the NFL season is right around the corner and our sports betting app is in fantastic shape with many new features and markets. Enhancing our parlay offering has been a top priority. We rolled out parlay insurance, which allows customers to avoid an outright loss if one of the legs in their parlay misses. We developed the capability for customers to void an individual leg of a same-game parlay bet without voiding the entire parlay. And finally, we will be launching a feature that allows multiple same-game parlays to be combined into one.

展望下半年，我們蓄勢待發，蓄勢待發。對於在線體育博彩，NFL 賽季即將到來，我們的體育博彩應用程序狀態極佳，擁有許多新功能和新市場。加強我們的過關交易服務一直是重中之重。我們推出了過關保險，讓客戶在過關中的一條腿未命中時避免直接損失。我們開發了讓客戶在不取消整個過關投注的情況下取消同一遊戲過關投注的單個回合的功能。最後，我們將推出一項功能，允許將多個相同遊戲的過關投注合併為一個。

Turning to new markets. We are seeing the benefits of the migration to our own bet engine, which gives us the speed and flexibility to offer differentiated North American-focused markets. We were the first to release lookahead lines for all 272 NFL games. We also introduced new markets for Major League Baseball, such as wagers based on pitch speeds and pitch counts for plate appearance, and same-game parlays for UFC fights. We will have more markets for the NFL that we plan to roll out when the season starts.

轉向新市場。我們看到了遷移到我們自己的投注引擎的好處，這使我們能夠快速和靈活地提供以北美為重點的差異化市場。我們是第一個為所有 272 場 NFL 比賽發布前瞻線的公司。我們還為美國職業棒球大聯盟引入了新市場，例如基於投球速度和投球數的投注，以及 UFC 比賽的同場過關投注。我們計劃在賽季開始時推出更多的 NFL 市場。

Our social functionality is continuing to develop. Engagement with our feature that allows the customer to tailor fade their friends bet that's been growing rapidly. We also launched Betting Group, which makes it easier for groups and friends to engage together on the platform. While our social features are still very early in their life cycle, engagement has been very encouraging. And we are continuing to invest in developing this functionality as a differentiator for DraftKings.

我們的社交功能正在不斷發展。參與我們的功能，允許客戶定制淡化他們的朋友賭注，這種賭注正在迅速增長。我們還推出了 Betting Group，讓團體和朋友更容易在平台上進行互動。雖然我們的社交功能仍處於其生命週期的早期階段，但參與度非常令人鼓舞。我們將繼續投資開發此功能，作為 DraftKings 的差異化因素。

Turning to our iGaming product. Performance continues to be very strong. Gross revenues for the DraftKings brand on a same-state basis grew 35% year-over-year in the quarter. We are also focused on capturing the marketing, gross margin and G&A synergies from the Golden Nugget online gaming transaction that we outlined in the past. We understand the GNOG target customer better than ever and have already started tests around cross-marketing the Landry's and Golden Nugget online gaming databases and optimizing marketing mix, marketing messages, keyword optimization and other tactics to grow our overall iGaming business. In addition, we began our efforts to migrate the GNOG [guests] to the DraftKings platform, which we estimate will be complete in the back half of 2023.

轉向我們的 iGaming 產品。表現繼續非常強勁。 DraftKings 品牌在本季度的同州總收入同比增長 35%。我們還專注於從我們過去概述的 Golden Nugget 在線遊戲交易中獲取營銷、毛利率和 G&A 協同效應。我們比以往任何時候都更了解 GNOG 目標客戶，並且已經開始圍繞 Landry 和 Golden Nugget 在線遊戲數據庫的交叉營銷以及優化營銷組合、營銷信息、關鍵字優化和其他策略來發展我們的整體 iGaming 業務進行測試。此外，我們開始努力將 GNOG [guests] 遷移到 DraftKings 平台，我們估計將在 2023 年下半年完成。

I'm also quite excited about how our recent investments in Web3 technology and DraftKings marketplace have positioned us over the past year to launch major new and disruptive fantasy sports games, Reignmakers Football. In preparation for the NFL season kickoff, our customers are currently building up their collection of player card NFTs, which are officially licensed digital collectibles through our exclusive multiyear agreement with the NFLPA. As the season starts, Reignmakers Football customers will be able to use their player cards to build fantasy lineups and compete in no-fee contest for over $1 million in prizes every week. We will even crown a world champion this season at the $1 million Reignmakers Football World Championship live in New Orleans.

我也對我們最近對 Web3 技術和 DraftKings 市場的投資如何使我們在過去一年中定位我們推出主要的新的和顛覆性的幻想體育遊戲 Reignmakers Football 感到非常興奮。為了準備 NFL 賽季的開賽，我們的客戶目前正在建立他們的球員卡 NFT 集合，這些是通過我們與 NFLPA 的獨家多年協議獲得官方許可的數字收藏品。隨著賽季的開始，Reignmakers Football 的客戶將能夠使用他們的球員卡來打造夢幻陣容，並參加免費競賽，每週贏得超過 100 萬美元的獎金。我們甚至將在本賽季在新奧爾良舉行的價值 100 萬美元的 Reignmakers 足球世界錦標賽上為世界冠軍加冕。

Beyond our NFLPA licensing agreement, we have also agreed to terms with the UFC to build Reignmakers UFC, featuring officially licensed NFT cards from their active roster. Our UFC relationship in this new Reignmakers game have already been announced, including the prelaunch HEATWAVE NFT collection. The full Reignmakers UFC game is expected to go live in late Q4 this year, and we'll continue the momentum we've built around this new game franchise.

除了我們的 NFLPA 許可協議外，我們還與 UFC 達成了建立 Reignmakers UFC 的條款，其中包含來自其活躍名冊的官方許可 NFT 卡。我們在這款新的 Reignmakers 遊戲中的 UFC 合作關係已經公佈，包括預發布的 HEATWAVE NFT 系列。完整的 Reignmakers UFC 遊戲預計將在今年第四季度末上線，我們將繼續圍繞這個新遊戲專營權建立的勢頭。

We believe that nobody else in our industry is driving innovation in this way. And we think it's a great example of how DraftKings is forward thinking in sports entertainment. Our Web3 strategy implements use cases for blockchain and NFT technology that are (inaudible) to our core business, disrupt the sports fan experience and create differentiation for DraftKings that helps separate us from the pack. We look forward to deepening our long-term customer relationships with this new experience.

我們相信，我們行業中沒有其他人以這種方式推動創新。我們認為這是 DraftKings 如何在體育娛樂領域進行前瞻性思考的一個很好的例子。我們的 Web3 戰略實施了區塊鍊和 NFT 技術的用例，這些用例對我們的核心業務來說（聽不清），破壞了體育迷的體驗，並為 DraftKings 創造了差異化，幫助我們脫穎而出。我們期待通過這種新體驗加深我們的長期客戶關係。

Moving to our outlook. Most importantly, our online gaming business is very healthy, and we are continuing to execute on operating efficiencies. As a result, we are improving the midpoint of our full year 2022 guidance for revenue and adjusted EBITDA. I now want to spend a few minutes discussing Q3. As many of you know, our Q3 revenue and adjusted EBITDA have the potential for high upside or downside volatility for 2 primary reasons.

轉向我們的展望。最重要的是，我們的在線遊戲業務非常健康，我們將繼續提高運營效率。因此，我們正在提高 2022 年全年收入和調整後 EBITDA 指引的中點。我現在想花幾分鐘時間討論 Q3。正如你們許多人所知，我們的第三季度收入和調整後的 EBITDA 有可能出現大幅上行或下行波動，主要原因有兩個。

First, a significant amount of the quarter's expected revenue comes in the final 3 weeks of September due to the beginning of the NFL season. Hold rate tends to normalize over the course of a full NFL season, but it can vary significantly over the course of a few weeks. This can have a pronounced impact on Q3 considering July and August are amongst the lightest months of the year from a sports calendar perspective.

首先，由於 NFL 賽季的開始，本季度的大部分預期收入來自 9 月的最後 3 週。在整個 NFL 賽季的過程中，保持率趨於正常化，但在幾週內它可能會有很大差異。考慮到從體育日曆的角度來看，7 月和 8 月是一年中最輕的月份，這可能會對第三季度產生顯著影響。

Second, the last few weeks of September are heavy in terms of promotional activity, which is driven by customer acquisition and reactivation. While some of the promotions we run have predictable numbers behind them, there are others that depend on game outcomes, which amplifies potential volatility in Q3.

其次，9 月的最後幾週促銷活動很繁重，這是由客戶獲取和重新激活所驅動的。雖然我們開展的一些促銷活動背後有可預測的數字，但還有一些促銷活動取決於遊戲結果，這放大了第三季度的潛在波動性。

In a few minutes, Jason Park will provide additional color on our guidance as well as more detail on how to estimate DraftKings' financial performance after game outcomes from the first 3 weeks of the NFL earnout.

幾分鐘後，Jason Park 將為我們的指導提供更多色彩，以及如何在 NFL 前 3 週的比賽結果後估計 DraftKings 的財務表現的更多細節。

Looking ahead to the longer term, the outlook for new state launches next year and beyond continues to be excellent. We are preparing for OSB launches in Maryland, Ohio, Kansas and Puerto Rico, which will make our Sportsbook app available to 44% of the U.S. population pending licensure and regulatory approvals.

從長遠來看，明年及以後新州推出的前景仍然非常好。我們正準備在馬里蘭州、俄亥俄州、堪薩斯州和波多黎各推出 OSB，這將使我們的 Sportsbook 應用程序可供 44% 的美國人口使用，等待許可和監管批准。

In Massachusetts, the legislature passed the bill that is now pending executive action that would legalize retail and online wagering in professional and collegiate sports. Massachusetts represents an additional 2% of the U.S. population. And California is a huge opportunity with 12% of the U.S. population. Online sports betting is officially on the ballot with Proposition #27. And on November 8, Californians will vote on whether they want regulated online sports betting, while simultaneously helping solve issues such as homelessness, mental health and addiction, while providing funding and economic opportunity for all of the state's tribe.

在馬薩諸塞州，立法機構通過了一項法案，該法案目前正在等待行政行動，該法案將使專業和大學體育的零售和在線投注合法化。馬薩諸塞州占美國人口的 2%。加州是一個巨大的機會，擁有 12% 的美國人口。在線體育博彩正式通過第 27 號提案進行投票。 11 月 8 日，加州人將投票決定是否需要受監管的在線體育博彩，同時幫助解決無家可歸、心理健康和成癮等問題，同時為該州所有部落提供資金和經濟機會。

Even assuming all of these states, including California, launched in late '22 or in 2023, we have more conviction than ever in our ability to reach positive free cash flow with our current capital reserves. Despite that conviction, we are still making a concerted effort this year to drive efficiency opportunities and early GNOG synergies and have already identified approximately $100 million of cost reductions for this year.

即使假設包括加利福尼亞在內的所有這些州都在 22 年底或 2023 年啟動，我們比以往任何時候都更有信心利用我們目前的資本儲備實現正的自由現金流。儘管有這樣的信念，我們今年仍在齊心協力推動提高效率的機會和早期的 GNOG 協同效應，並且已經確定今年將減少約 1 億美元的成本。

As I mentioned earlier, I am very proud of the team for striking a great balance through the first half of the year by driving strong revenue growth while also making improvements to our long-term cost structure. We look forward to continuing to balance these dual objectives.

正如我之前提到的，我為團隊在上半年通過推動強勁的收入增長同時改善我們的長期成本結構而取得了巨大的平衡感到非常自豪。我們期待繼續平衡這些雙重目標。

In addition, we are finalizing our plans for 2023. We expect our fixed cost growth next year to be much more moderate than over the past few years as we have reached scale across many of our departments. As it pertains to state level economics, we continue to be on track to have at least 10 states that will be contribution profit positive this year. As these states mature further in '23 and beyond, we expect them to generate meaningful free cash flow. Even assuming California launches next year, we expect that 2022 will be the year of peak adjusted EBITDA losses. We will share more specifics on our expectations for 2023 from both a revenue and adjusted EBITDA perspective on our next quarterly earnings call.

此外，我們正在敲定 2023 年的計劃。我們預計明年的固定成本增長將比過去幾年溫和得多，因為我們的許多部門都已達到規模。由於它與州級經濟有關，我們繼續有望在今年至少有 10 個州的貢獻利潤為正。隨著這些州在 23 年及以後進一步成熟，我們預計它們將產生有意義的自由現金流。即使假設加州明年推出，我們預計 2022 年將是調整後 EBITDA 虧損峰值的一年。我們將在下一個季度財報電話會議上從收入和調整後的 EBITDA 角度分享我們對 2023 年預期的更多細節。

I'm also focused on several other areas that are worth sharing with you. First, we are doubling down on our strategy and cultural approach to customer-centricity. At DraftKings, the customer is at the center of everything we do. As we have grown our organization, we are actively putting mechanisms in place to ensure that this continues to be a defining element of our culture and how we make decisions.

我還專注於其他幾個值得與您分享的領域。首先，我們正在加倍努力以客戶為中心的戰略和文化方法。在 DraftKings，客戶是我們所做一切的中心。隨著我們組織的發展，我們正在積極建立機制，以確保這繼續成為我們文化和決策方式的決定性要素。

Second, we're focused on strong talent management, with an emphasis on retaining and developing our top performers, building out world-class management, and building a culture where we manage underperformance efficiently and effectively. As we have slowed hiring, we have also used this as an opportunity to reemphasize how critical it is to hold comp at high. I've been very pleased to see how our team has rallied around the importance of these areas as well as for the team which rallied around the other cost initiatives that we previously mentioned.

其次，我們專注於強大的人才管理，重點是留住和培養我們的優秀人才，建立世界一流的管理，並建立一種我們有效管理業績不佳的文化。由於我們放慢了招聘速度，我們也藉此機會再次強調了保持高薪酬的重要性。我很高興看到我們的團隊如何圍繞這些領域的重要性以及圍繞我們之前提到的其他成本計劃的團隊團結起來。

Third, responsible gaming remains a big focal point for us as we continue to grow our footprint. We are laser-focused on creating best-in-class practices through research, training and education. For example, we became the first U.S. operator to provide customers with access to BetBlocker software in July. BetBlocker is a leading responsible gaming and safer play not-for-profit charity. As a result of this collaboration, when DraftKings' customers set restrictions on their gaming activity, those restrictions will apply across thousands of gaming sites, whether regulated or unregulated globally.

第三，隨著我們的足跡不斷擴大，負責任的遊戲仍然是我們關注的重點。我們專注於通過研究、培訓和教育創造一流的實踐。例如，我們在 7 月成為第一家向客戶提供 BetBlocker 軟件訪問權限的美國運營商。 BetBlocker 是一家領先的負責任遊戲和更安全遊戲的非營利慈善機構。由於這種合作，當 DraftKings 的客戶對其遊戲活動設置限制時，這些限制將適用於全球數千個遊戲網站，無論是受監管還是不受監管。

Our responsible gaming team is doing a great job, and I am very proud to see their efforts being noticed externally as well. Our RG team took on 3 awards at this year's National Council on Problem Gambling Conference. The awards recognize the team's outstanding commitment to social responsibility as it relates to problem of gaming as well as the efforts of 2 of our team members specifically who won individual awards at the conference for the work they do at DraftKings to promote and institute strong responsible gaming practices and culture.

我們負責任的遊戲團隊做得很好，我很自豪地看到他們的努力也受到了外界的關注。我們的 RG 團隊在今年的全國賭博問題委員會會議上獲得了 3 個獎項。該獎項旨在表彰團隊對社會責任的傑出承諾，因為這與遊戲問題有關，以及我們的 2 位團隊成員的努力，特別是他們在 DraftKings 為促進和建立強大的負責任遊戲所做的工作而在會議上獲得了個人獎項實踐和文化。

I will now turn the call over to DraftKings' CFO, Jason Park, who will discuss our second quarter results and updated 2022 guidance.

我現在將把電話轉給 DraftKings 的首席財務官 Jason Park，他將討論我們的第二季度業績和更新的 2022 年指導。

Thanks, Jason, and good morning, everyone. I'll start off by providing color on Q2 and then I'll shift into our outlook for the back half of the year and beyond. Please note that all income statement measures discussed below, except for revenue, are on a non-GAAP adjusted EBITDA basis.

謝謝，傑森，大家早上好。我將從提供第二季度的顏色開始，然後我將轉向我們對下半年及以後的展望。請注意，下文討論的所有損益表衡量指標（收入除外）均基於非公認會計原則調整後的 EBITDA。

We executed very well in Q2. And our customer activity continued to be very robust, with no indication that the macroeconomic environment is impacting engagement. In Q2, we generated $466 million of revenue and negative $118 million of adjusted EBITDA. Both of which outperformed the guidance we provided on our Q1 earnings call. Our B2C segment grew 68% versus Q2 of 2021 compared to Q1's year-over-year growth of 44%.

我們在第二季度執行得非常好。我們的客戶活動繼續非常活躍，沒有跡象表明宏觀經濟環境正在影響參與度。在第二季度，我們產生了 4.66 億美元的收入和負 1.18 億美元的調整後 EBITDA。兩者都優於我們在第一季度財報電話會議上提供的指導。我們的 B2C 部門與 2021 年第二季度相比增長了 68%，而第一季度的同比增長為 44%。

Our customers responded well to our improved merchandising of bet types, in particular, our prepackaged same-game parlays. Hold percentage was in line with our expectations, which was great to see. And customers were less reliant on promotions as Q2 saw a low overall promo reinvestment rate compared to prior quarters.

我們的客戶對我們改進的投注類型商品銷售反應良好，特別是我們預先包裝的同場過關投注。持有百分比符合我們的預期，很高興看到。由於與前幾個季度相比，第二季度的整體促銷再投資率較低，因此客戶對促銷的依賴程度較低。

We had 1.5 million monthly unique payers, which is 30% higher than the prior year period. And our average revenue per monthly unique payer was a record high $103, which is also 30% higher than the prior year period.

我們每月有 150 萬獨立付款人，比去年同期增長 30%。我們每個月唯一付款人的平均收入達到創紀錄的 103 美元，也比去年同期高出 30%。

Our adjusted EBITDA of negative $118 million was $72 million better than the midpoint of our guidance due to several factor. First, we had flow-through of our higher-than-expected revenue. Second, some expenses shifted out of Q2 into the back half of the year, notably marketing as we continued to optimize our overall marketing approach. Please note that this category of expenses will not improve our 2022 full year EBITDA since it was simply due to timing. Finally, we have continued to make great progress on driving cost efficiencies throughout the business, including some early wins on achieving GNOG synergy.

由於多種因素，我們調整後的 EBITDA 為負 1.18 億美元，比我們指導的中點高出 7200 萬美元。首先，我們的收入高於預期。其次，隨著我們繼續優化整體營銷方式，一些費用從第二季度轉移到了下半年，尤其是營銷費用。請注意，此類費用不會改善我們的 2022 年全年 EBITDA，因為這僅僅是時間問題。最後，我們在推動整個業務的成本效率方面繼續取得巨大進展，包括在實現 GNOG 協同效應方面取得的一些早期勝利。

We expect these cost efficiencies will drive $40 million of savings in 2022 on top of the approximately $60 million we had previously identified in Q1. I am very proud of our team for rallying around several internal initiatives, which have now resulted in approximately $100 million of in-year savings. Touching specifically on the $40 million of opportunities we identified in Q2, these were across a variety of areas up and down the P&L.

我們預計這些成本效率將在我們之前在第一季度確定的約 6000 萬美元的基礎上，在 2022 年節省 4000 萬美元。我為我們的團隊圍繞多項內部舉措團結起來感到非常自豪，這些舉措現在已經在一年內節省了大約 1 億美元。特別談到我們在第二季度發現的 4000 萬美元機會，這些機會涉及損益表上下的各個領域。

Gross margin rate for Q2 was 41%, which is up roughly 900 basis points compared to the first quarter of this year. On a year-over-year basis, the 550 basis point decline was due to continued mix shift out of our DFS product and the inclusion of New York, where gross margin is a rate headwind. I was pleased that the OSB and iGaming states where we were live prior to Q2 2021 saw rate improvement of approximately 700 basis points due to reduced promotional intensity. We continue to expect our gross margin rate to be roughly 40% for 2022 and then improve over the coming years as our promotional intensity naturally declines across our portfolio of states and we continue to improve our COGS structure.

第二季度的毛利率為 41%，與今年第一季度相比上升了約 900 個基點。與去年同期相比，下降 550 個基點是由於我們的 DFS 產品的持續組合轉移以及包括紐約在內的毛利率是不利的因素。我很高興，由於促銷強度降低，我們在 2021 年第二季度之前所在的 OSB 和 iGaming 州的利率提高了約 700 個基點。我們繼續預計我們的毛利率在 2022 年約為 40%，然後隨著我們的促銷強度在我們的州投資組合中自然下降而在未來幾年內提高，我們將繼續改善我們的 COGS 結構。

Sales and marketing was up 18% versus Q2 of 2021. And external marketing spend was down on a year-over-year basis for the states that have been live for more than a year. We are very pleased with our LTV to CAC ratios and continue to be on track for 3-year gross profit paybacks for our existing and new cohorts.

與 2021 年第二季度相比，銷售和營銷增長了 18%。對於已經存在一年多的州，外部營銷支出同比下降。我們對我們的 LTV 與 CAC 比率感到非常滿意，並繼續為我們現有和新的群組實現 3 年的毛利潤回報。

Product and technology and general and administrative costs were up 39% and 83%, respectively, compared to the prior year period. The growth in P&T expenses is primarily the result of the additional engineering and product management resources we've added over the past year to ensure we are building the best product in the industry and to continuously strengthen our data science capabilities.

與去年同期相比，產品和技術以及一般和管理成本分別增長了 39% 和 83%。 P&T 費用的增長主要是由於我們在過去一年中增加了額外的工程和產品管理資源，以確保我們正在構建業內最好的產品並不斷加強我們的數據科學能力。

For G&A, the growth is largely a reflection of the increased investment in our customer experience capabilities, which will continue to grow as we add new customers but at a slower pace given our current scale. Going forward, we are planning for meaningfully slower fixed cost growth for 2023. We will have reached staffing scale in many of our departments by the end of this year. And the focus now is on delivering more with existing resources.

對於 G&A，增長很大程度上反映了對我們客戶體驗能力的投資增加，隨著我們增加新客戶，這種能力將繼續增長，但鑑於我們目前的規模，增長速度會放緩。展望未來，我們計劃在 2023 年顯著放緩固定成本增長。到今年年底，我們的許多部門將達到人員配備規模。現在的重點是利用現有資源提供更多服務。

Moving into guidance. We are pleased to be raising our full year revenue outlook to a range of $2.0 billion to $2.18 billion from a range of $2.055 billion to $2.175 billion, which increases the midpoint from $2.115 billion to $2.13 billion. The midpoint of our increased revenue guidance implies 64% growth compared to last year and H2 revenue of $1.2 billion to $1.3 billion.

進入指導。我們很高興將全年收入預期從 20.55 億美元至 21.75 億美元上調至 20 億美元至 21.8 億美元，這將中點從 21.15 億美元提高至 21.3 億美元。我們增加的收入指導的中點意味著與去年相比增長 64%，下半年收入為 12 億美元至 13 億美元。

We are increasing our revenue guidance due to the strength we are seeing across our online gaming verticals with no foreseeable degradation due to the macroeconomic backdrop. This is partially offset by a decrease in our 2022 outlook for marketplace, primarily due to our updated understanding of how revenue will be recognized across the entire NFL season for our gamified NFTs as well as some overall softness in the crypto markets.

我們正在增加我們的收入指導，因為我們在在線遊戲垂直領域看到了實力，並且由於宏觀經濟背景沒有可預見的退化。這部分被我們對 2022 年市場前景的下降所抵消，這主要是由於我們對如何在整個 NFL 賽季中為我們的遊戲化 NFT 確認收入以及加密市場的一些整體疲軟有了更新的理解。

Looking at MUPs and ARPMUP, we expect ARPMUP growth to be modestly higher than MUP growth for the full year. In terms of quarterly seasonality, if hold is as we expect, Q3 revenue should grow nearly 100% year-over-year, assuming no new jurisdictions launched. But if we see favorites are winning consistently and large underdogs rarely winning, big parlay stacks hitting or certain promotions paying out in full due to game outcomes, that Q3 figure could come down meaningfully. The opposite is also true.

從 MUP 和 ARPMUP 來看，我們預計 ARPMUP 的增長將略高於全年的 MUP 增長。就季度季節性而言，如果按預期保持不變，假設沒有新的司法管轄區推出，第三季度的收入應該會同比增長近 100%。但是，如果我們看到熱門球隊持續獲勝，而大失敗者很少獲勝，大額過關籌碼命中或某些促銷活動由於比賽結果而全額支付，那麼第三季度的數字可能會顯著下降。反之亦然。

I'll provide a few points of reference so that you all can understand the potential revenue volatility for Q3. First, we expect approximately $1 billion of OSB handle on NFL games in Q3. Second, last season, the average of our bottom 3 NFL hold weeks was approximately negative 10%. And third, as a rule of thumb, you can look at the 5 widest money line spreads for each week of the NFL season.

我將提供一些參考點，以便大家了解第三季度潛在的收入波動。首先，我們預計第三季度 NFL 遊戲的 OSB 交易額約為 10 億美元。其次，上個賽季，我們 NFL 排名倒數第三週的平均負數約為負 10%。第三，根據經驗，您可以查看 NFL 賽季每週的 5 個最寬的賠率線。

If the underdog loses in each of those games, we would expect to have a negative hold in that week. If the underdog wins in 1 or 2 of those 5 games, we would expect to have close to normal hold. And if the underdog wins in 3, 4 or 5 of the games, we would expect to have better than expected hold. This rule of thumb is simplistic considering that specific spreads, over/unders, parlays and relative game exposures impact it too, but it should give you a general sense of how revenue for the quarter is trending for OSB.

如果弱者在每場比賽中都輸了，我們預計在那一周會有一個負數。如果弱者在這 5 場比賽中贏了 1 場或 2 場，我們預計會接近正常的持球。如果失敗者在 3、4 或 5 場比賽中獲勝，我們預計會比預期更好。考慮到特定的點差、大盤/小盤、過關投注和相關遊戲風險也會對其產生影響，這一經驗法則過於簡單，但它應該讓您大致了解本季度 OSB 的收入趨勢。

Moving on to our adjusted EBITDA guidance. We are pleased to be improving our full year 2022 guidance to a range of negative $765 million to $835 million from a range of negative $810 million to $910 million, an improvement of the midpoint from negative $860 to negative $800 million. The roughly $60 million improvement in the midpoint primarily reflects the flow-through from our improved revenue outlook from the core business, the $40 million of additional cost efficiencies and early GNOG synergy wins that we have captured, and the timing shift in expenses from Q2 into the back half of the year. These items are partially offset by the high flow-through from lower marketplace revenue.

繼續我們調整後的 EBITDA 指導。我們很高興將我們的 2022 年全年指引從負 8.1 億美元到 9.1 億美元的範圍提高到負 7.65 億美元到 8.35 億美元，中點從負 860 美元提高到負 8 億美元。中點約 6000 萬美元的改善主要反映了我們從核心業務改善的收入前景、4000 萬美元的額外成本效率和我們獲得的早期 GNOG 協同效應以及從第二季度到第二季度支出的時間轉移。下半年。這些項目被較低市場收入的高流通量部分抵消。

From a quarterly perspective, we expect our adjusted EBITDA loss in Q3 to be modestly wider than our adjusted EBITDA loss in Q3 of 2021, assuming normal hold. As a reminder, revenue variance caused by favorable or unfavorable sport outcomes would also impact our adjusted EBITDA at a high incremental margin. We expect Q4 to be our best adjusted EBITDA quarter for the year as we benefit from higher seasonal revenue.

從季度的角度來看，假設正常持有，我們預計我們在第三季度調整後的 EBITDA 損失將略大於我們在 2021 年第三季度調整後的 EBITDA 損失。提醒一下，由有利或不利的運動結果引起的收入差異也會以較高的增量利潤率影響我們調整後的 EBITDA。由於我們受益於較高的季節性收入，我們預計第四季度將是我們全年調整後的最佳 EBITDA 季度。

Please note that our updated 2022 guidance includes only the jurisdictions in which we are live today. As we think about the rest of 2022, any states that launch would have minimal to negative top line impact initially as we promote in those states and a negative impact on adjusted EBITDA as we spend on external marketing to drive early customer engagement at tax that are consistent with our 2- to 3-year gross profit payback period of target.

請注意，我們更新的 2022 年指南僅包括我們今天居住的司法管轄區。當我們考慮到 2022 年剩餘時間時，任何推出的州最初都會對我們在這些州進行推廣產生的負面頂線影響微乎其微，並且對調整後的 EBITDA 產生負面影響，因為我們花在外部營銷上以推動早期客戶在稅收方面的參與與我們 2 至 3 年的毛利回收期目標一致。

With $1.5 billion in cash as of June 30, our liquidity position remains strong, and we believe we are well capitalized to become free cash flow positive with existing resources. That concludes our remarks, and we will now open the line for question.

截至 6 月 30 日，我們擁有 15 億美元的現金，我們的流動性狀況依然強勁，我們相信我們的資本充足，可以利用現有資源實現正的自由現金流。我們的發言到此結束，我們現在開始提問。

(Operator Instructions) Our first question comes from Michael Graham.

（操作員說明）我們的第一個問題來自 Michael Graham。

Congrats on the quarter. Tons of great proof points in there. I wanted to focus in on the MUP growth of 30%. And just wondering if you could comment a little bit on the mix between gross adds and retention, sort of what were some of the factors that drove each of those. And I thought it was really great that in your pre-2021 markets, your promotional intensity is coming down so much. Can you just talk a little bit about some of the dynamics there? And are you confident that with less promotional intensity, you're still optimizing your customer growth?

祝賀本季度。那裡有很多很好的證明點。我想專注於 30% 的 MUP 增長。只是想知道您是否可以評論一下總增加量和保留率之間的混合，以及推動這些因素的一些因素。而且我認為在你們 2021 年之前的市場中，你們的促銷強度下降了這麼多，這真是太好了。你能談談那裡的一些動態嗎？您是否有信心通過減少促銷強度，仍然優化您的客戶增長？

Mike, so first on the MUPs question. We were really happy with MUPs growth. Historically, Q2 is a relatively slower quarter from a sports calendar perspective. This year, it was actually a tough comp because last year, there were over 200 NBA games in May and June. This year, there were only about 40 something. So real big difference there on the schedule side for one of the most popular sports. So definitely, we are really happy with 30%, which is one of our strongest quarters of growth in a while.

邁克，首先是關於 MUP 的問題。我們對 MUP 的增長感到非常滿意。從歷史上看，從體育日曆的角度來看，第二季度是一個相對較慢的季度。今年，這實際上是一場艱難的比賽，因為去年五月和六月有超過 200 場 NBA 比賽。今年，只有大約 40 件左右。對於最受歡迎的運動之一，日程安排方面的差異非常大。因此，毫無疑問，我們對 30% 感到非常滿意，這是我們一段時間以來增長最強勁的季度之一。

As far as like looking at how we got there and some of your questions on marketing and promotion, we continue to optimize there. And I think that, that -- it's just been always an area of focus for the company. And the more data that we get, the better we can do. We're also continuing to shift more into national marketing, as we've said in the past. Once you get to kind of mid-30s percent of the population, that starts to make more sense. But yes, a lot of it's optimization that has been the result of many years of testing and lots of data and analytics. We also started to see some early synergies with GNOG, which is great where we were able to continue to have the same kind of active customer base while optimizing our marketing across both of those brands.

就我們如何到達那里以及您對營銷和促銷的一些問題而言，我們會繼續在那裡進行優化。我認為，這一直是公司關注的一個領域。我們獲得的數據越多，我們就能做得越好。正如我們過去所說，我們還將繼續更多地轉向全國營銷。一旦你達到了 30% 左右的人口，這就開始變得更有意義了。但是，是的，很多優化都是多年測試以及大量數據和分析的結果。我們還開始看到與 GNOG 的一些早期協同效應，這很好，我們能夠繼續擁有相同類型的活躍客戶群，同時優化我們對這兩個品牌的營銷。

Yes. I would add, Mike, as J Rob just said, MUP growth was right on with our expectations. The underlying retention rates that are an important part of the LTV outlook for each customer cohort were right on as well and consistent with what we've disclosed in the past during our Investor Day. So good retention. And we've always said that the promotional intensity for existing cohorts, decreases over time as those new -- as the promotional offers for brand-new customers is different than what is given to an existing customer, and that is all coming to fruition.

是的。我要補充一點，邁克，正如 J Rob 剛才所說，MUP 的增長與我們的預期相符。作為每個客戶群 LTV 前景的重要組成部分的基本保留率也正確，並且與我們過去在投資者日期間披露的內容一致。那麼好的保留。而且我們一直說，現有群組的促銷強度會隨著時間的推移而降低，因為新客戶的促銷優惠與現有客戶的促銷優惠不同，這一切都將取得成果。

Our next question comes from Shaun Kelley of Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

I wanted to ask generally just to kind of probably a little bit clarify. But on the customer acquisition environment, I think it was clear from your comments in the outlook that you're not actually changing your external marketing spend. A lot of that has to do with timing when it comes to the broader guidance that you provided. So just could you sort of clarify that and maybe just talk to us a little bit more broadly? Because we have heard from some others that have reported thus far that the promotional environment actually has rationalized pretty dramatically in the last couple of months, and maybe how that is also playing through your strategic opportunities.

我想問一般只是有點可能有點澄清。但在客戶獲取環境方面，我認為從您對前景的評論中可以清楚地看出，您實際上並沒有改變您的外部營銷支出。當涉及到您提供的更廣泛的指導時，其中很多與時間有關。所以你能不能澄清一下，也許只是更廣泛地和我們談談？因為到目前為止，我們從其他一些人那裡聽說，在過去幾個月裡，促銷環境實際上已經非常合理化，也許這也通過你的戰略機會發揮作用。

Yes. So I think it's a bit of both. We definitely are finding some marketing optimization, both through the shift into national from local as well as some early wins on the GNOG synergy side. So those are things that we view as just pure optimizations. Part of also what we look at as optimization is how we time our spending throughout the year. And I think that because of that, there are also some optimizations that have come from shifts that won't actually lower the overall amount of spend. But we'll make it such that the performance is better because we've timed it better. So yes, there is a reduction, but there is also some timing shift. It's a combination of both.

是的。所以我認為兩者兼而有之。我們肯定會發現一些營銷優化，無論是通過從本地轉移到國家還是在 GNOG 協同方面的一些早期勝利。因此，我們認為這些只是純粹的優化。我們將其視為優化的部分原因是我們如何安排全年的支出。而且我認為正因為如此，還有一些優化來自於實際上不會降低總支出的轉變。但是我們會讓它的性能更好，因為我們已經更好地計時了。所以是的，有減少，但也有一些時間偏移。這是兩者的結合。

Our next question comes from Jason Bazinet at Citi.

我們的下一個問題來自花旗的 Jason Bazinet。

I just had a quick question. Are you guys surprised at the resiliency of the consumer? And if you aren't, are there any sort of details that you'd be willing to share about what's happening underneath the hood? In other words, are there any sort of dynamics that are happening between new customer spending and sort of more loyal customers that have been with you for a while?

我有一個簡短的問題。你們對消費者的彈性感到驚訝嗎？如果您不是，您是否願意分享有關引擎蓋下發生的事情的任何細節？換句話說，在新客戶支出和已經與您在一起一段時間的更忠誠的客戶之間是否存在某種動態？

Yes. Great question. I think, I wouldn't say we're surprised. I think gaming has always sort of been known to be resilient. There's been a lot of research done on it in the U.S., in particular on the lottery, but throughout the world. And gaming has always been resilient to a variety of macroeconomic conditions. So I wouldn't say we're surprised. Of course, like even despite that, we're all not taking that for granted. So it's nice to see, and we're happy. And I think we're still obviously not taking anything for granted.

是的。好問題。我想，我不會說我們感到驚訝。我認為遊戲一直以具有彈性而著稱。美國對此進行了大量研究，特別是關於彩票，但在全世界範圍內。遊戲一直能夠適應各種宏觀經濟條件。所以我不會說我們感到驚訝。當然，儘管如此，我們都不會認為這是理所當然的。所以很高興看到，我們很高興。而且我認為我們顯然仍然沒有將任何事情視為理所當然。

But I don't think I would go as far to say we're surprised because I'd say that was our baseline expectation going in. And it's consistent with what's been seen through many decades of research across both brick-and-mortar and online. As far as what's going on under the hood, it's really across the board. We're just continuing to see really strong retention numbers. Our average revenue per player, as noted, went up 30% year-over-year. So it's really kind of across the board. There's nothing in particular I can point towards to say this segment is outperforming that one.

但我認為我不會說我們感到驚訝，因為我會說這是我們的基線預期。這與幾十年來對實體店和實體店的研究所看到的一致。在線的。就幕後發生的事情而言，它確實是全面的。我們只是繼續看到非常強勁的保留人數。如前所述，我們每位玩家的平均收入同比增長 30%。所以它真的是全面的。沒有什麼特別的我可以指出說這個細分市場優於那個細分市場。

Yes, I would agree. We had at least 3 different teams try to unpack any trends in consumer behavior versus prior year, versus expectations, looking at bet frequency, average bet size, a variety of other factors. Different teams had different hypotheses. And the net result was, wow, there's no discernible impact.

是的，我同意。我們至少有 3 個不同的團隊試圖解開消費者行為與上一年、與預期相比的任何趨勢，查看投注頻率、平均投注規模以及各種其他因素。不同的團隊有不同的假設。最終結果是，哇，沒有明顯的影響。

Next question comes from David Katz with Jefferies.

下一個問題來自 Jefferies 的 David Katz。

Number one, I wanted to just unpack the cost base a little bit. You've obviously done well of trimming some things. When we look at advertising in particular, can you talk a bit about the base of advertising contracts that may be a bit more temporarily fixed or multiyear versus those that you can put your hands on the dials of more immediately and flex in and out as you move forward?

第一，我想稍微了解一下成本基礎。很明顯，你在修剪一些東西方面做得很好。當我們特別看廣告時，你能談談廣告合同的基礎嗎前進？

Yes. So that's disclosed in our Q. You can look that up. We have a list of commitments. We don't break out which ones are marketing versus things like rent, lease agreements and other things. But you could see what our overall long-term commitments are. What I would tell you is the majority of our spend is flexible. We certainly have some deals. We like those deals for the most part. There's a few that we'll probably optimize out of, and all of them are in relatively short-term contracts for the most part. But the majority of our spend is flexible, and we like it that way. And certainly, with the right strategic deals, we've leaned in. And we think that, that can be something that gives us a true differentiator on the marketing front.

是的。所以這在我們的 Q 中有所披露。你可以查一下。我們有一份承諾清單。我們不會區分哪些是營銷與租金、租賃協議和其他東西。但是您可以看到我們的總體長期承諾是什麼。我要告訴你的是，我們的大部分支出都是靈活的。我們當然有一些交易。我們在很大程度上喜歡這些交易。有一些我們可能會優化出來，而且大部分都是相對短期的合同。但我們的大部分支出都是靈活的，我們喜歡這樣。當然，通過正確的戰略交易，我們已經投入其中。我們認為，這可以讓我們在營銷方面真正與眾不同。

But we also like having an opportunity to be flexible and to test and move things around. I will note that even within deals, we can do that. Marketing partners that we have deals with, we test all sorts of different things. So it's not like the media itself is fixed. We can optimize within that partner. So partners with large footprints, there's a lot of different things we can do. And I expect the performance of the deals to improve as we continue to optimize across the years.

但我們也喜歡有機會靈活地測試和移動事物。我會指出，即使在交易中，我們也可以這樣做。我們與之打交道的營銷合作夥伴，我們測試各種不同的東西。所以它不像媒體本身是固定的。我們可以在該合作夥伴內部進行優化。因此，擁有大足蹟的合作夥伴，我們可以做很多不同的事情。隨著我們多年來不斷優化，我預計交易的表現會有所改善。

Perfect. And if I can follow up quickly on how you would sort of gauge the targeted parlay mix at maturity and sort of where we are today? And what that does to your sort of overall hold rate as you approach it?

完美的。如果我能快速跟進您將如何衡量成熟時的目標過關組合以及我們今天所處的位置？當你接近它時，這對你的整體持有率有什麼影響？

Well, I think we all don't know what it can get to. I mean it's been increasing rapidly, as noted on our call. We had about a 1,700 basis point increase year-over-year in terms of percentage of bets made as parlay. So that's a pretty big gain. We're obviously not done. And I think we can hopefully see it continue to go up. Right now, I think a good ceiling -- minimum ceiling, I would say, is where [FanDuel] is, which you can see in the reports from some of the states. But we continue to close that gap, and I think that they're continuing to increase, too. So it feels like there's a pretty high ceiling there.

好吧，我想我們都不知道它可以達到什麼目的。我的意思是，正如我們在電話會議上所指出的那樣，它一直在迅速增加。就作為過關投注的投注百分比而言，我們同比增長了約 1,700 個基點。所以這是一個相當大的收穫。我們顯然還沒有完成。我認為我們可以希望看到它繼續上漲。現在，我認為一個很好的上限——我想說的最低上限是 [FanDuel] 所在的位置，你可以在一些州的報告中看到這一點。但我們繼續縮小這一差距，我認為它們也在繼續增加。所以感覺那裡的天花板很高。

And as far as what that does for hold, the way you could think of it is it's not even just parlay mix. It's number of legs. Every leg of a parlay is like its own bet. So the percentage that you would take would be taken off of each leg. So the more legs you can get, obviously, more parlays. But more legs you can get on parlays is also another really good thing. And it can increase hold quite a bit. Obviously, it depends on a number of different factors, like the underlying holds of the market, but it definitely can increase hold quite a bit if you can get more parlays and more legs on those parlays.

至於它對保持的作用，你可以想到的方式是它甚至不僅僅是過關組合。是腿數。過關投注的每一回合都像是自己的賭注。因此，您將採取的百分比將從每條腿中扣除。因此，您可以獲得的賭注越多，顯然就越多。但是你可以在過關投注中獲得更多的腿也是另一件非常好的事情。它可以增加相當多的保持。顯然，這取決於許多不同的因素，例如市場的潛在持有量，但如果您可以獲得更多的過關投注和更多的投注，它肯定可以增加相當多的持有量。

Our next question comes from Carlo Santarelli of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Carlo Santarelli。

I wanted to talk a little bit about promotions. We've heard several times that the promotional intensity has waned a little bit. When you look at kind of the data that we all can see, from a year-over-year perspective, and obviously, the data isn't perfect. I'll be the first to acknowledge that. It doesn't necessarily appear that that's the case, whether you're looking at it as a percentage of handle, on an absolute dollar basis or whatnot, in some of the states where it's trackable.

我想談談促銷活動。我們多次聽說促銷力度有所減弱。當您查看我們都可以看到的數據時，從年復一年的角度來看，很明顯，這些數據並不完美。我將是第一個承認這一點的人。在某些可追踪的州，無論您將其視為處理的百分比，以絕對美元為基礎還是諸如此類，都不一定是這種情況。

So would you guys kind of maybe comment on what you're actually seeing out there with respect to promotions or if there's things within the promotional numbers that maybe we can't see and different ways people go about enacting the business that's making -- that's giving the impression that promotions are kind of taming, to show the numbers that maybe we can't see in different ways people go about enacting the business that's making -- that's giving the impression that promotions are kind of taming?

那麼你們會不會評論一下你實際看到的促銷活動，或者促銷數字中是否有我們可能看不到的東西，以及人們開展業務的不同方式 - 那就是給人一種促銷是一種馴服的印象，以顯示人們可能無法以不同的方式看到的數字來製定正在開展的業務——這給人一種促銷是一種馴服的印象？

I think sometimes, when people say promotions, they're also talking about advertising. And the mix I think is part of what sometimes people are saying. As far as actual like customer giveaway promotions, I think New York is a good case study where it's pretty clearly come back. Hard to tell, to your point, on the macro side because depending on the nature of the promotion, it can show up in areas of the state reported numbers in different areas of the P&L. So it is tough to tell.

我想有時候，當人們說促銷時，他們也在談論廣告。我認為這種混合是人們有時所說的一部分。就實際的客戶贈品促銷活動而言，我認為紐約是一個很好的案例研究，它很明顯會捲土重來。就您而言，在宏觀方面很難說，因為根據促銷的性質，它可以顯示在損益表不同區域的州報告數字區域中。所以很難說。

I can tell you, on our end, we've seen in existing states a decline each year since launch year. That's been consistent. That hasn't been a recent thing since we launched OSB. And we expect that to continue to be the case. And obviously, the mix of new states coming in, I'm sure, for example, if California is up and running before next NFL season, you're going to see an uptick in promotions in that state, and that might drive some overall lifting. So it kind of -- there's a lot of moving variables. But the way we like to look at it is in a state, year 1 should be the highest promotion year. And then it should decline until it reaches a steady state, which we've outlined in our Investor Day, what we expect that to be.

我可以告訴你，就我們而言，自啟動之年以來，我們已經看到現有州每年都在下降。這是一致的。自從我們推出 OSB 以來，這並不是最近的事情。我們預計情況將繼續如此。顯然，新州的加入，我敢肯定，例如，如果加州在下一個 NFL 賽季之前啟動並運行，你會看到該州的促銷活動增加，這可能會推動整體起重。所以它有點 - 有很多移動變量。但是我們喜歡看的方式是處於一種狀態，第一年應該是最高晉升的年份。然後它應該會下降，直到達到我們在投資者日概述的穩定狀態，這是我們預期的。

And so that's really how we look at it on a state-by-state basis. And when we look at what competitors are doing, to your point, it's hard to tell. We obviously have a lot of qualitative evidence from our team going and looking at what's in the market. We have a detailed competitive intelligence team that goes through and catalogs everything. But the impact on the actual revenue or other metrics in the P&L, it's tough to tell because there's a lot of moving parts. And the state reports, it's been noted in the past, are not necessarily capturing things consistently operator to operator.

這就是我們逐個州看待它的方式。當我們查看競爭對手在做什麼時，就您而言，這很難說。我們顯然從我們的團隊那裡得到了很多定性證據，並研究了市場上的情況。我們有一個詳細的競爭情報團隊，負責審查和分類所有內容。但是對實際收入或損益表中其他指標的影響，很難說，因為有很多活動部分。過去曾指出，國家報告不一定會始終如一地從運營商到運營商捕獲事物。

Yes. That's helpful. And then if I could, just one follow-up. I think the cash you used in the period was about $260 million. Obviously, you have the operating loss in there. And then I think it was $96 million of cash paid for acquisitions that kind of bridge the majority of that gap along with the software cost and the traditional PPE. The $96 million, is that related to GNOG or is that something incremental?

是的。這很有幫助。然後，如果可以的話，只需進行一次後續行動。我認為您在此期間使用的現金約為 2.6 億美元。顯然，你有經營虧損。然後我認為這是為收購支付的 9600 萬美元現金，彌補了軟件成本和傳統 PPE 的大部分差距。 9600 萬美元，是與 GNOG 相關還是增量？

No. That's absolutely a onetime cash usage in the quarter, Carlo, related to the GNOG acquisition. It was a pay down. And we took the option to prepay a term loan that came with the GNOG asset.

不。這絕對是本季度的一次性現金使用，卡洛，與收購 GNOG 相關。這是一個支付。我們選擇了預付 GNOG 資產附帶的定期貸款。

Okay. Got it. Because that -- the funding of the acquisition was an all-cash deal, right? That was just something separate? It was an all-stock deal, I apologize.

好的。知道了。因為那——收購的資金是全現金交易，對嗎？那隻是分開的東西？這是一個全股票交易，我很抱歉。

Yes, it was an all-stock deal. We chose to pay down the term loan just to keep our balance sheet healthier.

是的，這是一筆全股票交易。我們選擇償還定期貸款只是為了保持我們的資產負債表更健康。

Our next question comes from Ed Young of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ed Young。

I want to ask about ARPMUP, which was very strong in the quarter. And I presume that was on stronghold. But you said the hold was in line with your expectations. Were your expectations that it will be up on -- I guess I'm referring to you saying you've got very good traction to increasing your parlay mix. So what kind of proportion of the growth was driven by maybe hold and structural gains from product?

我想問一下 ARPMUP，它在本季度非常強勁。我想那是在據點上。但你說持有符合你的預期。如果你期望它會上升 - 我想我指的是你說你有很好的牽引力來增加你的過關組合。那麼，什麼樣的增長比例是由產品的持有和結構性收益推動的呢？

Yes. It's a great question. And I'm glad you asked because it gives us a chance to unpack it a little bit. So when we say it was in line with expectations, what we mean is based on sport outcome. That's typically what we like to share, is, hey just -- because those are things that aren't fundamental to the business. They're more just randomness of sport outcomes. So if we have a quarter where there was a shift positive/negative on the sport outcome side, of course, Q3 is the one where that's most likely to happen given only 3 weeks of NFL having such an outsized impact on the quarter.

是的。這是一個很好的問題。我很高興你問到，因為它讓我們有機會稍微解開它。因此，當我們說它符合預期時，我們的意思是基於運動結果。這通常是我們喜歡分享的內容，嘿，只是——因為這些不是業務的基礎。它們更多地只是運動結果的隨機性。因此，如果我們有一個季度在運動結果方面發生了積極/消極的轉變，當然，考慮到 NFL 僅 3 週對該季度產生如此巨大的影響，第三季度是最有可能發生這種情況的季度。

However, exactly as you said, we did see parlay mix increase. We've been seeing that at a year-over-year comparison for a couple of quarters now since we launched our own same-game parlays and started promoting it more heavily back in Q3 of last year. So we did expect an increase in hold that would result from that. And that was in line with our expectations as well.

但是，正如您所說，我們確實看到過關投注組合有所增加。自從我們推出自己的同款遊戲並在去年第三季度開始大力推廣以來，我們已經在幾個季度的同比比較中看到了這一點。因此，我們確實預計會因此導致持有量增加。這也符合我們的預期。

I would just add, Ed, 2 more components of the unpacking of ARPMUP. First, you've got the promotional decline, which is impacting your ARPMUP growth, which I alluded to in the script. And then the other thing is product mix. So Q2 with -- especially with this year, lapping last year's heavy NBA sport mix in the quarter and this year, the playoffs ending earlier. Just as a reminder, remember the 2020 to 2021 NBA season started late so it ended late, versus this year, it started more normal, so ended earlier than last year. So what you're seeing also is a little bit of a product mix shift between iGaming and OSB in the quarter.

Ed，我只想添加 2 個 ARPMUP 解包的組件。首先，您的促銷下降，這影響了您的 ARPMUP 增長，我在腳本中提到了這一點。然後另一件事是產品組合。所以第二季度——尤其是今年，在這個季度和今年的季后賽中都覆蓋了去年的沉重的 NBA 運動組合，季后賽結束得更早。提醒一下，請記住 2020 到 2021 年的 NBA 賽季開始得很晚，所以結束得很晚，與今年相比，它開始更正常，所以比去年更早結束。因此，您還看到本季度 iGaming 和 OSB 之間的產品組合略有轉變。

Our next question comes from Jed Kelly of Oppenheimer.

我們的下一個問題來自奧本海默的傑德凱利。

Two, if I may. One, can you just talk about your merchandising strategies around same-game parlay and how you think that compares to some of your other competitors? And then can you give us any update on how your launch in Canada is going?

二，如果可以的話。第一，您能否談談您圍繞同場過關投注的營銷策略以及您認為與其他一些競爭對手相比的情況？然後你能告訴我們你在加拿大推出的最新進展嗎？

Sure. So we recently launched some new merchandising zones in the app. I think that first step for us is to build the product. And then obviously, as we continue to enhance that product, add more markets, bring more in-house, we also are focusing on how we market it and merchandise it in the app better. Really, for us, it's about having it feel native, not feel like we're pushing something on the customer. We use fun names that are in line with the sorts of things that we would name our daily fantasy contest, that sports fans we think would find enjoyable and at times humorous and just try to give them some personality.

當然。所以我們最近在應用程序中推出了一些新的商品區。我認為我們的第一步是構建產品。然後很明顯，隨著我們繼續增強該產品，增加更多市場，引入更多內部產品，我們也專注於我們如何營銷它並在應用程序中更好地推銷它。真的，對我們來說，這是關於讓它感覺本土化，而不是感覺我們在向客戶推一些東西。我們使用有趣的名稱，這些名稱與我們將日常奇幻比賽命名的事物相一致，我們認為體育迷會覺得有趣，有時還很幽默，只是試圖賦予他們一些個性。

And really, it's all database. So we test things to see what works. We're working on updating our data science engine so that those things become fully personalized. They're not yet, but we're working on that. So there's a lot of, I think, behind the scenes work too that really optimizes getting the right thing in front of the right customer at the right time.

真的，這都是數據庫。所以我們測試一些東西，看看什麼是有效的。我們正在努力更新我們的數據科學引擎，以便這些東西變得完全個性化。他們還沒有，但我們正在努力。因此，我認為，還有很多幕後工作可以真正優化在正確的時間將正確的東西呈現在正確的客戶面前。

As far as Canada goes, I think Ontario is kind of what we expected. We always said that we didn't think we'd be able to achieve quite the same share as we believe we will be able to achieve in the U.S. We had projected 10% to 20% in Ontario as opposed to 20% to 30% in U.S. states. We also always had said pretty consistently that we thought it would be more of a slower grind given the nature of the market where there is a lot of continuity between the gray market and now versus, I think, U.S. states, which when they open up, it's really more greenfield.

就加拿大而言，我認為安大略是我們所期望的。我們總是說，我們認為我們無法實現與我們認為在美國能夠實現的份額相同的份額。我們預計安大略省為 10% 到 20%，而不是 20% 到 30%在美國各州。我們也一直非常一致地表示，考慮到市場的性質，灰色市場和現在與我認為美國各州之間有很多連續性，當他們開放時，我們認為這將是一個更慢的研究，這真的是更多的綠地。

So I think that those are some real key differences. And for those reasons, we always sort of felt like, Canada, we can achieve strong share, but probably wouldn't have quite the same ceiling that we believe we have in the U.S. and don't have the same expectation that we would have in the U.S. That said, we've always had a very strong DFS database there. We have a brand that's fairly well known in Canada. And I think for those reasons, we do feel like we can do well there.

所以我認為這些是一些真正的關鍵差異。由於這些原因，我們總是覺得，加拿大，我們可以實現強大的份額，但可能不會有我們認為我們在美國擁有的相同上限，也沒有我們會擁有的相同期望在美國。也就是說，我們在那裡一直擁有非常強大的 DFS 數據庫。我們有一個在加拿大相當知名的品牌。我認為出於這些原因，我們確實覺得我們可以在那裡做得很好。

Our next question comes from Joe Stauff of SIG.

我們的下一個問題來自 SIG 的 Joe Stauff。

And then maybe just a follow-up on costs. I wanted to...

然後也許只是對成本的跟進。我想...

You got cut off at the beginning. We missed the first part. Can you start again?

你一開始就被打斷了。我們錯過了第一部分。你能重新開始嗎？

Yes. Sorry about that. I had a question on users and then maybe a follow-up on costs. In the quarter, I wanted to check to see what user growth look like in some of your older states, whether it be New Jersey and so forth. And then on the costs side, I'm wondering, if we look at your historical CAC, I'm wondering what's the right way to think about your increased use of network advertising, and how that could flex it down?

是的。對於那個很抱歉。我有一個關於用戶的問題，然後可能是關於成本的後續問題。在本季度，我想查看一些老州的用戶增長情況，無論是新澤西州等。然後在成本方面，我想知道，如果我們查看您的歷史 CAC，我想知道您增加使用網絡廣告的正確方法是什麼，以及如何降低它？

Sure. So first, we continue to see growth across pretty much every state. I know that some of the older states we've had, we've looked and still see growth year-over-year in users there. So that's been really encouraging. This is really exactly what we hope for, that we can dial back on promotions and marketing spend and continue to see user growth. And that's what we're seeing. As far as the CAC optimization question, I think what you're describing is exactly what we've also been talking about for the last couple of years, that early on, there was some inefficiency on the marketing side because you had to localize everything. And the rates are more expensive on a local basis, particularly on things like television.

當然。因此，首先，我們繼續看到幾乎每個州的增長。我知道我們曾經擁有的一些較舊的州，我們已經看到並且仍然看到那裡的用戶同比增長。所以這真的很令人鼓舞。這正是我們所希望的，我們可以減少促銷和營銷支出，並繼續看到用戶增長。這就是我們所看到的。至於 CAC 優化問題，我認為您所描述的正是我們在過去幾年中一直在談論的問題，在早期，營銷方面存在一些效率低下的問題，因為您必須將所有內容本地化.而且當地的費率更貴，尤其是在電視等方面。

So being able to go to national networks certainly will help us optimize. And the nice thing about that is that it becomes a continuous tailwind because as more states get added, those same advertisements are reaching people that previously were not able to -- eligible to play the product. So you don't have to do -- I mean, we obviously will do some local heavy ups at the very start of a state launch. But they'll be shorter imbursed and less intense because we have such a strong national footprint that we're starting to build.

因此，能夠進入國家網絡肯定會幫助我們優化。這樣做的好處是，它成為了持續的順風，因為隨著更多州的加入，這些相同的廣告正在接觸到以前無法——有資格玩該產品的人。所以你不必做——我的意思是，我們顯然會在州發射的一開始就做一些地方性的大動作。但它們的支出會更短，強度也會更低，因為我們擁有如此強大的全國足跡，我們正在開始建立。

Our next question comes from Daniel Politzer of Wells Fargo.

我們的下一個問題來自富國銀行的 Daniel Politzer。

I have a 2-part question on OpEx. Your sales and marketing, I know, was meaningfully lower in the quarter, with some shift outs. But is there also an opportunity to benefit from lower media costs just given maybe a softening advertising market or as your competitors maybe offload some of their supply of traditional media spends? And then the other part, just in terms of the engineers in terms of the FTEs, where are you in terms of that? And where do you maybe look to get to as you continue to ramp there?

我有一個關於 OpEx 的兩部分問題。我知道，您的銷售和營銷在本季度明顯下降，並有一些轉移。但是，如果廣告市場疲軟，或者您的競爭對手可能會減少他們的部分傳統媒體支出供應，是否還有機會從較低的媒體成本中受益？然後另一部分，僅就 FTE 的工程師而言，您在哪裡？當你繼續在那裡爬坡時，你可能會去哪裡？

Yes. It's a good question. I think on -- I'll break it down a couple of ways. First, when it comes to television, particularly things like in-game advertising, the leagues, and in some cases, the networks are still putting limitations on the number of spots that can be featured from our category in a given game, for example. So unfortunately, that doesn't really -- if you see auto and other sorts of large insurance categories dialing back at all, I don't know if they are or not, but just as an example, that wouldn't really help us as much. But I think as time evolves, we'll have to see where that goes.

是的。這是個好問題。我想——我會以幾種方式分解它。首先，當涉及到電視時，尤其是遊戲內廣告、聯賽，以及在某些情況下，網絡仍在限制我們類別中可以在給定遊戲中出現的廣告位數量。所以不幸的是，這並不是真的——如果你看到汽車和其他類型的大型保險類別完全回撥，我不知道它們是否存在，但作為一個例子，這對我們沒有幫助盡可能多。但我認為隨著時間的推移，我們將不得不看看它的發展方向。

And in other channels, we do benefit a little bit, but not maybe as much as you would think from things like IDFA. Because, for example, on the app side, what we've really just seen is a shift away from iOS and into Android. So iOS has gotten a little cheaper, which is good because we have more iOS customers. But I think that overall, the market hasn't really changed a whole lot. It's just been more of a shift into Android.

在其他渠道中，我們確實受益了一些，但可能不像您從 IDFA 之類的東西中想像的那麼多。因為，例如，在應用程序方面，我們真正看到的是從 iOS 轉向 Android。所以 iOS 變得更便宜了，這很好，因為我們有更多的 iOS 客戶。但我認為總體而言，市場並沒有真正發生太大變化。這更像是向Android的轉變。

So some softening, but not too much. And then probably where the biggest softening on the macro side is, which is television, unfortunately, we're not benefiting from our categories, not benefiting from the -- for the reason I described earlier. That said, we continue to be able to optimize, as you noted on the quarter. I think that in some ways, I'm actually very happy that it wasn't just due to rate reductions because it means we're finding real meaningful synergies with GNOG and real optimization opportunities. And we'll have to see what happens with rates over time.

所以有些軟化，但不要太多。然後可能宏觀方面最大的軟化在哪裡，那就是電視，不幸的是，我們沒有從我們的類別中受益，也沒有從——因為我之前描述的原因。也就是說，正如您在本季度所指出的那樣，我們繼續能夠進行優化。我認為在某些方面，我實際上很高興這不僅僅是因為降價，因為這意味著我們正在尋找與 GNOG 的真正有意義的協同作用和真正的優化機會。我們將不得不看看隨著時間的推移費率會發生什麼。

And then just on the engineers, the FTEs, in terms of the ramp there?

然後只是工程師，FTE，就那裡的坡道而言？

Sorry. Say one more time?

對不起。再說一次？

As you continue to hire the engineers and ramp your full-time employees there, like where are you in terms of that ramp as you think about that?

當您繼續僱用工程師並在那裡增加您的全職員工時，就像您考慮到的那樣，您在那個坡度方面處於什麼位置？

Yes. I mean we're still definitely adding engineers. But as we noted, we are meaningfully slowing fixed cost growth in '23, which means less hiring in '22 and certainly in '23. Obviously, heavy hiring in '22 would lead to meaningful fixed cost growth in '23. So we are slowing quite a bit. And I think that is because we're reaching scale in a number of our different departments, which is great to see. Engineering, we are still hiring, but we've slowed the pace there as well. So I think across the board, we've slowed down and in some departments we're really starting to reach full scale.

是的。我的意思是我們仍然肯定會增加工程師。但正如我們所指出的，我們正在顯著放緩 23 年的固定成本增長，這意味著 22 年和 23 年肯定會減少招聘。顯然，22 年的大量招聘將導致 23 年有意義的固定成本增長。所以我們放慢了很多。我認為這是因為我們在許多不同的部門都達到了規模，這很高興。工程，我們仍在招聘，但我們也放慢了那裡的步伐。所以我認為，我們已經全面放慢了速度，在某些部門，我們真的開始全面發展。

Our next question comes from Joe Greff of JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Jason Park, I just wanted to follow up on your comments about taking out a meaningful amount of fixed costs. I guess that was more of a forward year commentary than elaborating on this year. But of the $2.9 billion of adjusted operating expenses this year, how much of that would you characterize as fixed? Obviously, G&A is going to be a big component of that. You disclosed that. And does that comment about costs coming -- fixed costs coming down next year on an absolute basis, is that inclusive of new state launches, such as Maryland, Ohio, Kansas, Puerto Rico, Massachusetts, and potentially California?

Jason Park，我只是想跟進您關於扣除大量固定成本的評論。我想這更像是對前一年的評論，而不是對今年的詳細說明。但在今年調整後的 29 億美元運營費用中，您認為其中有多少是固定的？顯然，G&A 將成為其中的重要組成部分。你透露了這一點。關於成本即將到來的評論——明年固定成本絕對會下降，是否包括新州的推出，例如馬里蘭州、俄亥俄州、堪薩斯州、波多黎各、馬薩諸塞州和潛在的加利福尼亞州？

Yes. Great question. So yes, absolutely, looking into 2023, we've been consistent in saying that the fixed cost growth will slow down meaningfully into next year. In terms of more specifics, we are working through our detailed budgeting process now. We'll be in a position to provide more color on what 2023 will look like likely in our November earnings call.

是的。好問題。所以是的，絕對是，展望 2023 年，我們一直在說固定成本增長將顯著放緩到明年。在更具體的方面，我們現在正在完成詳細的預算流程。我們將能夠在 11 月的財報電話會議上為 2023 年的情況提供更多色彩。

On your question around sort of incorporating new state thinking into our fixed cost growth, I would say, we think about new states really down to the contribution profit level, gross profit minus dedicated advertising within each new state. I would say that new states at this point won't drive additional fixed cost growth.

關於您關於將新州思維納入我們的固定成本增長的問題，我想說，我們認為新州實際上是貢獻利潤水平，毛利潤減去每個新州內的專用廣告。我想說，此時的新州不會推動額外的固定成本增長。

Our next question comes from Chad Beynon of Macquarie.

我們的下一個問題來自麥格理的 Chad Beynon。

Just in terms of the competition that you're seeing out there, I know there were a few competitors that kind of had a half-baked product last NFL season and they have at least a strategy in place to attempt to gain market share this year. Do you expect that there will be any market share shifts this fourth quarter into NFL? Or do you think the big 3, obviously, including you guys, will be kind of stable as we see it?

就你所看到的競爭而言，我知道上個 NFL 賽季有一些競爭對手的產品不成熟，他們至少有一個策略來試圖在今年獲得市場份額.你預計第四季度會有任何市場份額轉移到 NFL 嗎？或者你認為包括你們在內的三巨頭顯然會像我們所看到的那樣穩定？

I feel very good about our NFL plan. And I think that we've kind of gotten used to each year for one reason or another. We hear chatter of this or that competitor that are going to make some big moves. And we feel like we've held pretty well through all of that. And I think we're just continuing to focus on our own plans and making sure that we're being very customer-centric and doing the things that we think will help us have the strongest market share over the long term.

我對我們的 NFL 計劃感覺很好。而且我認為出於某種原因，我們已經習慣了每年。我們聽到關於這個或那個競爭對手將採取一些重大舉措的喋喋不休。我們覺得我們在所有這些方面都做得很好。而且我認為我們只是繼續專注於我們自己的計劃，並確保我們非常以客戶為中心，並做我們認為將有助於我們在長期內擁有最強大市場份額的事情。

And my hope certainly is that we gain share. I can't really speak for others. I know you were asking about some of our competitors and whether they'd hold or gain or not. I don't know. We're not privy to some of the plans they have. But I think on our end, we feel pretty excited about the plans we have for NFL season. We feel really good about the plans we have for activating around start as well as continuing to maintain strong engagement, both customer acquisition, driving more parlays, and better bet mix and all the key metrics. And I think if we execute that plan, then we're hopeful that we'll actually gain some share in the back half of the year.

我當然希望我們能分得一杯羹。我真的不能為別人說話。我知道你問的是我們的一些競爭對手，以及他們是否會持有或獲利。我不知道。我們不知道他們的一些計劃。但我認為，就我們而言，我們對 NFL 賽季的計劃感到非常興奮。我們對我們在開始時激活的計劃以及繼續保持強大的參與度感到非常滿意，包括客戶獲取、推動更多的過關投注、更好的投注組合以及所有關鍵指標。而且我認為，如果我們執行該計劃，那麼我們希望我們實際上會在今年下半年獲得一些份額。

Our next question comes from Robin Farley of UBS.

我們的下一個問題來自瑞銀的 Robin Farley。

I wonder for California, if you could remind us what you're expecting. What that could be on a full year basis in terms of potential EBITDA loss initially? And then what your expectations are for maybe timing? Assuming a referendum would pass, what timing for that would be?

我想知道加利福尼亞，如果你能提醒我們你的期望。就最初的潛在 EBITDA 損失而言，全年可能是多少？然後你對時機的期望是什麼？假設公投會通過，那將是什麼時候？

Thank you. It's a good question. Obviously, we're a little ways from -- away from there. We got to pass it first. And then I think as far as what the potential impact to the P&L could be next year, both top and bottom line, that's largely dependent on if it passes, of course, but then also timing of launch. So really hard to say.

謝謝你。這是個好問題。顯然，我們離那裡有點遠。我們必須先通過它。然後我認為，至於明年對損益表的潛在影響，無論是頂線還是底線，這在很大程度上取決於它是否通過，當然，但也取決於發布的時間。所以真的很難說。

I think once we have more clarity, hopefully, after the ballot initiative passes, within a little bit of time, there'll start to be some clarity if it passes on when the launch might occur. And at that point, I think we'll feel comfortable providing some estimates. But right now, there's just too many moving variables for us to do that.

我認為，一旦我們更加清晰，希望在投票倡議通過後，在一點點時間裡，如果它在何時啟動可能會通過，就會開始變得清晰。到那時，我認為我們會很樂意提供一些估計。但是現在，我們無法做到這一點，有太多的變動因素。

Yes. I would add, Robin, it's not just California. It's the pipeline, including Kansas, Maryland, Ohio, Puerto Rico, and it's knock on wood, Massachusetts. There is a lead time between the formal legalization and the launch, which is regulation writing and licensing process. But -- so it's always a little hard to tell on exactly what the launch date will be.

是的。我要補充一點，羅賓，不僅僅是加利福尼亞。這是管道，包括堪薩斯州、馬里蘭州、俄亥俄州、波多黎各和馬薩諸塞州。正式合法化和發布之間有一段準備時間，即法規編寫和許可過程。但是 - 所以總是有點難以準確地確定發布日期。

In terms of the economics of a new state, we did provide some color in our March 2022 Investor Day on what percentage of the population we would expect to acquire over the first 6 months and the effect of CAC. So that at least helps you understand what the marketing investment would be in the early period were a state to launch sort of in the beginning of an NFL season.

就新州的經濟狀況而言，我們確實在 2022 年 3 月的投資者日中提供了一些顏色，說明我們預計在前 6 個月內獲得的人口百分比以及 CAC 的影響。因此，這至少可以幫助您了解在 NFL 賽季開始時推出某種狀態的早期營銷投資將是什麼。

Okay. Great. And then just one quick follow-up. I think you kind of alluded to in your remarks. Was hold in the quarter as expected? I don't think it was specifically said in the slides or anything. But I guess in your comments, is that what we should conclude on the hold impact in Q2?

好的。偉大的。然後只是一個快速的跟進。我想你在評論中提到了一些。是否按預期在本季度舉行？我認為幻燈片或其他任何內容中都沒有具體說明。但我想在你的評論中，我們應該得出關於第二季度持有影響的結論嗎？

Yes. We were very pleased with hold. It was as expected in the quarter.

是的。我們對保持非常滿意。這與本季度的預期一致。

Our next question comes from Bernie [Tavernan] of Needham.

我們的下一個問題來自李約瑟的伯尼 [Tavernan]。

For me. First, just keeping on California. Jason, you sound pretty bullish on the potential for the ballot initiative to pass last quarter. I just wanted to gauge your temperature to see if anything's changed in your thoughts on the probability there. And then for Jason Park, can you just put some context around the $100 million of cost reductions this year? Is that the run rate we should expect for the end of the year? And how long should it take to get to that run rate level? And which line item should we expect to see it then?

為了我。首先，只關注加利福尼亞。傑森，你聽起來很看好投票倡議在上個季度通過的可能性。我只是想測量你的體溫，看看你對那裡概率的想法是否有任何變化。然後對於 Jason Park，您能否介紹一下今年 1 億美元成本削減的背景？這是我們應該期望的年底運行率嗎？需要多長時間才能達到該運行率水平？那麼我們應該期望看到哪個訂單項呢？

So first, on California, I think really nothing has changed. We kind of are where we expected to be. Right now, we're very focused on educating voters about what the benefits to homelessness, mental health. Also, having a legal and regulated online sports betting market will help keep customers who are betting through illegal sites right now safe. So I think there's quite a few benefits for California. And we're focused on trying to articulate that to the voters.

所以首先，在加利福尼亞，我認為真的沒有任何改變。我們有點像我們期望的那樣。目前，我們非常專注於教育選民了解無家可歸和心理健康的好處。此外，擁有一個合法且受監管的在線體育博彩市場將有助於保護現在通過非法網站進行博彩的客戶的安全。所以我認為加州有很多好處。我們專注於向選民闡明這一點。

So we'll see where it goes. But we feel just as optimistic as we did a quarter ago, and I continue to believe that we'll get this over the line. But still a long way to the election, so lots can happen. We're certainly not celebrating yet, and things could swing either way. Jason, do you want to take the...

所以我們會看看它的去向。但我們感到和四分之一前一樣樂觀，我仍然相信我們會克服困難。但距離選舉還有很長的路要走，所以可能會發生很多事情。我們當然還沒有慶祝，事情可能會發生變化。傑森，你要不要...

Yes. In terms -- just to reiterate, we had alluded to about $60 million of 2022 opportunity -- cost opportunity that we talked about back in May and another $40 million in 2022 opportunity that we were able to find in the quarter. So a couple of things, Bernie. A, that $100 million is not on a full year basis. So going into 2023, that would improve. Just looking at it on a full year basis, I do feel like those are permanent improvements in our cost structure. B, some of those items -- I mean, it was up and down the P&L, ranging from vendors that fit in our COGS, vendors in sales and marketing, product and technology and G&A. And so to the extent that some of the savings were in COGS, you would expect the quantum to increase as revenue increases too as we negotiate better rates on some of those folks.

是的。就條款而言 - 重申一下，我們已經提到了大約 6000 萬美元的 2022 年機會 - 我們在 5 月份談到的成本機會以及我們能夠在本季度找到的 2022 年另外 4000 萬美元的機會。有幾件事，伯尼。答，這 1 億美元不是按全年計算的。所以進入 2023 年，情況會有所改善。僅從全年來看，我確實覺得這些是我們成本結構的永久性改進。 B，其中一些項目——我的意思是，它在損益表上下波動，從適合我們 COGS 的供應商、銷售和營銷、產品和技術以及 G&A 的供應商。因此，就 COGS 中的部分節省而言，您會期望隨著收入的增加，隨著我們為其中一些人協商更好的費率，數量也會增加。

So that's a little bit more color. In terms of specifically where the $100 million came out from COGS versus P&T versus G&A versus S&M, it was really sort of across everything. I would say this was a really dedicated initiative that we drove to the company. It's been a great mindset shift across the employee base to balance top line growth with finding efficiencies. I think there's just a ton of buy-in company-wide that we can do this type of thing without impacting the customer. And so we're really proud of the outcome here, and we'll always be looking for more opportunities like that.

所以顏色有點多。就 COGS 與 P&T 與 G&A 與 S&M 的 1 億美元的具體來源而言，這確實涵蓋了所有方面。我會說這是我們向公司發起的一項非常專注的計劃。在員工群體中，平衡頂線增長和提高效率是一種很好的思維方式轉變。我認為在公司範圍內只有大量的支持，我們可以在不影響客戶的情況下做這種事情。所以我們對這裡的結果感到非常自豪，我們將一直在尋找更多這樣的機會。

Our next question comes from Brandt Montour of Barclays.

我們的下一個問題來自巴克萊的 Brandt Montour。

So just on GNOG, a few months in now after gaining full control of that asset. I was just wondering if you guys have an updated view on where you think your market share can get on that on the combined iGaming business?

所以就在 GNOG 上，在完全控制該資產幾個月後。我只是想知道你們是否對合併後的 iGaming 業務的市場份額有什麼最新看法？

Yes. I think a lot of that obviously remains to be seen. But right now, we feel it's very consistent with what we've shared in the past in our Investor Day presentations. And perhaps there's a little upside there. But I think it's early to -- for us to sit here and say it's going to be better than what we've previously shared. So I think that's a good number to go off of. And we feel like that's the right target for now.

是的。我認為其中很多顯然還有待觀察。但現在，我們覺得這與我們過去在投資者日演講中分享的內容非常一致。也許那裡有一點好處。但我認為現在還為時過早——讓我們坐在這裡說它會比我們之前分享的更好。所以我認為這是一個很好的數字。我們覺得這是目前正確的目標。

And you're right. We've had it for a quarter. It's still a very short period of time. We haven't migrated the platform yet. We haven't really been able to see the realization of some of the revenue synergies that we believe will occur from that. So we're cautiously optimistic that we can improve even beyond what we've said in the past. But we're still too early to be saying we think it's going to be any different than what we said previously.

你是對的。我們已經用了四分之一了。這仍然是很短的一段時間。我們還沒有遷移平台。我們還沒有真正看到我們認為會產生的一些收入協同效應的實現。因此，我們謹慎樂觀地認為，我們可以改進甚至超過我們過去所說的。但是我們現在說我們認為這將與我們之前所說的有所不同還為時過早。

Our next question comes from [Jason] Bender of JMP Securities.

我們的下一個問題來自 JMP Securities 的 [Jason] Bender。

It's Jordan. The guidance raise for the full year was slightly less than the beat in the quarter. Outside of the marketplace revenues, is there kind of anything to call out in that guidance raise?

是喬丹。全年的指導漲幅略低於本季度的漲幅。除了市場收入之外，在該指導性加薪中還有什麼需要指出的嗎？

Well, I think there's a couple of things. One, really, the OSB and iGaming business are actually up. So we are increasing the outlook there. Marketplace, the primary reason that changed is as we got closer to launching Reignmakers, we updated our assessment of the way revenue needs to be recognized given that the games are played throughout the quarter -- excuse me, throughout the season. So not only does that shift from Q3 into Q4, it also shifts from H2 into 2023. Importantly, those cash flows are received in year. So that is consistent with what we thought in the past.

嗯，我認為有幾件事。一，真的，OSB 和 iGaming 業務實際上正在上升。所以我們正在增加那裡的前景。市場，發生變化的主要原因是隨著我們越來越接近推出 Reignmakers，我們更新了我們對收入確認方式的評估，因為遊戲在整個季度都在進行 - 對不起，整個賽季。因此，這不僅會從第三季度轉移到第四季度，還會從下半年轉移到 2023 年。重要的是，這些現金流是在當年收到的。所以這和我們過去的想法是一致的。

But from a GAAP accounting standpoint, some of the revenue will need to be recognized at later points in the season. That was the primary driver of why we didn't 100% flow through to beat. Last time, we hadn't quite completed our assessment of revenue recognition, and the update was baked into this one. But I do want to reemphasize that we actually took up the forecast for OSB and iGaming.

但從公認會計原則會計的角度來看，一些收入需要在本賽季後期確認。這就是為什麼我們沒有 100% 成功擊敗的主要原因。上一次，我們還沒有完全完成對收入確認的評估，更新被納入了這個。但我確實想再次強調，我們實際上接受了 OSB 和 iGaming 的預測。

This does conclude the conference portion of the call. I'd like to turn the call back over to Jason Robins, CEO, for any closing remarks.

這確實結束了通話的會議部分。我想將電話轉回給首席執行官傑森羅賓斯，以聽取任何結束語。

Thank you all for joining us on today's call. We had an excellent second quarter. We continue to be excited about 2022. And we look forward to speaking with you over the next few weeks. I hope you all stay safe and well and are enjoying your summers. Thank you.

感謝大家加入我們今天的電話會議。我們有一個出色的第二季度。我們繼續對 2022 年感到興奮。我們期待在接下來的幾週內與您交談。我希望你們都保持安全和健康，並享受你們的夏天。謝謝你。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect.

謝謝你。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。