Draftkings Inc (DKNG) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the DraftKings Q3 2022 Earnings Call. (Operator Instructions) I would now like to turn the call over to your host, Stanton Dodge, Chief Legal Officer. You may begin.

女士們先生們，感謝您的支持，歡迎參加 DraftKings 2022 年第三季度財報電話會議。 （操作員說明）我現在想將電話轉給您的主持人，首席法務官 Stanton Dodge。你可以開始了。

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期間所做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，如我們在 SEC 文件中進一步討論的，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. Reconciliation 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 and 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根據公認會計原則編制的 DraftKings 財務結果。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，該報告可在我們的網站和我們提交給 SEC 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. I hope you've all enjoyed the first two months of NFL and college football as much as I have and are excited about all of the other sporting events going on, including the MLB playoffs and the first few weeks' season for the NBA and NHL. We're also ready for the start of college basketball and the World Cup later this month.

大家，早安。我希望你們都和我一樣享受前兩個月的 NFL 和大學橄欖球比賽，並對正在進行的所有其他體育賽事感到興奮，包括 MLB 季后賽以及 NBA 和 NHL 的前幾週賽季.我們也為本月晚些時候開始的大學籃球和世界杯做好了準備。

As you know, the fall is always a very exciting time of the year for DraftKings for the past calendar featuring the four major North American sports active at the same time as well as many other exciting events.

如您所知，對於 DraftKings 來說，秋季始終是一年中非常激動人心的時刻，因為過去的日曆中有四大北美運動同時活躍以及許多其他激動人心的賽事。

I want to discuss a few topics today starting off with our very strong third quarter. In short, our product and technology, trading, customer service and marketing teams all executed extremely well, which resulted in the best multistate NFL kickoff in our history based on our September handle and gross revenue share. We are very well prepared, and I'm very proud of the team for executing so effectively.

我今天想從我們非常強勁的第三季度開始討論一些話題。簡而言之，我們的產品和技術、交易、客戶服務和營銷團隊都執行得非常好，根據我們 9 月的處理和總收入份額，這導致了我們歷史上最好的多州 NFL 開球。我們做好了充分的準備，我為團隊如此有效地執行感到非常自豪。

Customers have enjoyed the new features that we rolled out around the start of NFL season such as quick parlay, quick same-game parlays and the ability to combine most of the same-game parlays. Our parlay handle mix increased 500 basis points year-over-year in Q3. And our parlay debt mix increased 1,500 basis points.

客戶很喜歡我們在 NFL 賽季開始時推出的新功能，例如快速過關、快速同場過關以及結合大多數同場過關的能力。我們的 parlay 手柄組合在第三季度同比增長 500 個基點。我們的槓桿債務組合增加了 1,500 個基點。

And our innovative early payout capability, otherwise known as 7 up or 10 up, engaged both new and existing customers. We had an excellent launch in Kansas on September 1 with more rapid customer acquisition on a population-adjusted basis than we have with any other state launch, resulting in very attractive cash.

我們創新的提前支付能力，也稱為 7 up 或 10 up，吸引了新老客戶。我們於 9 月 1 日在堪薩斯州推出了出色的產品，在人口調整的基礎上，我們獲得的客戶比任何其他州推出的產品都更快，從而產生了非常有吸引力的現金。

For the month of September, we led the state and handle share with more than twice that of the second largest operator. And based on the states that reported operator-level handle and GGR data through September, we are capturing GGR share that is at or above our long-term target as industry activity continues to coalesce towards a very limited number of operators.

9月份，我們領跑全州，處理份額是第二大運營商的兩倍多。根據截至 9 月報告運營商級別處理和 GGR 數據的州，隨著行業活動繼續向數量非常有限的運營商合併，我們正在獲取達到或高於我們長期目標的 GGR 份額。

We announced in September that Amazon selected DraftKings as a sponsor and exclusive pregame odds provider for Thursday Night Football and Prime Video. This is a unique opportunity to engage with customers in a true digital environment. Our multiyear collaboration with Amazon will deliver fans engaging pregame content and unique betting offers on Thursday throughout the NFL season.

我們在 9 月宣布，亞馬遜選擇 DraftKings 作為周四晚上足球和 Prime Video 的讚助商和獨家賽前賠率提供商。這是在真正的數字環境中與客戶互動的獨特機會。我們與亞馬遜的多年合作將在整個 NFL 賽季的星期四為球迷提供引人入勝的賽前內容和獨特的投注優惠。

As part of our agreement with Amazon, Thursday Night Football features DraftKings integrations in its live pregame show, including odds and additional sports betting insights. DraftKings and Amazon will also collaborate on TNF-themed offerings, including game parlays, which are available on the DraftKings Sportsbook app. Our content will be featured in all 15 Thursday Night Football games on Prime Video during the 2022 NFL season.

作為我們與亞馬遜協議的一部分，星期四晚上足球在其現場賽前節目中集成了 DraftKings，包括賠率和額外的體育博彩見解。 DraftKings 和亞馬遜還將合作開發以 TNF 為主題的產品，包括可在 DraftKings Sportsbook 應用程序上獲得的遊戲過關投注。在 2022 年 NFL 賽季期間，我們的內容將出現在 Prime Video 上的所有 15 場星期四晚上足球比賽中。

In terms of financials, our third quarter revenue was $502 million, much higher than expected, supported by favorable sport outcomes as well as the aforementioned excellent execution across product technology, trading, customers [service and marketing]. Adjusted EBITDA was negative $254 million, also much better than anticipated due to flow-through from higher revenue and expenses shifting out of Q3 into Q4 despite marketing investments into our Kansas launch that had not been included in the expectations that we provided in early August.

在財務方面，我們第三季度的收入為 5.02 億美元，遠高於預期，這得益於有利的體育成果以及上述在產品技術、交易、客戶 [服務和營銷] 方面的出色執行。調整後的 EBITDA 為負 2.54 億美元，也遠好於預期，原因是收入和支出從第三季度轉移到第四季度，儘管我們在 8 月初提供的預期中沒有包括對我們堪薩斯州發布的營銷投資。

2022 has been a transformative year for DraftKings. We have shifted more attention towards cost controls in our path to profitability. We identified over $100 million of annual cost savings and have significantly slowed year-over-year fixed cost growth as evidenced by our Q3 results.

2022 年對於 DraftKings 來說是變革性的一年。在實現盈利的道路上，我們已將更多注意力轉移到成本控制上。我們確定了超過 1 億美元的年度成本節約，並顯著減緩了固定成本的同比增長，我們的第三季度業績證明了這一點。

What I am most proud of though is that we've been able to do all of this while continuing to focus heavily on top line growth, winning competitively and most importantly, on retaining and growing engagement with our customers. We are also seeing a benefit to our marketing efficiency from shifting towards national advertising and away from local spending, considering we're now live with mobile sports betting in 18 states that collectively represents 37% of the U.S. population.

不過，我最自豪的是，我們能夠做到這一切，同時繼續重點關注收入增長，贏得競爭，最重要的是，保持和增加與客戶的互動。考慮到我們現在在 18 個州進行移動體育博彩，這些州共代表美國人口的 37%，因此我們還看到了營銷效率的好處，即轉向全國廣告和遠離本地支出。

In the third quarter, we acquired more new customers at a 10% lower average CAC relative to the third quarter of 2021. And looking ahead, we'd expect CAC to decline as our state footprint continues to expand.

在第三季度，我們以比 2021 年第三季度低 10% 的平均 CAC 獲得了更多新客戶。展望未來，隨著我們州足蹟的繼續擴大，我們預計 CAC 將會下降。

The progress we have made over the past year on our products, customer service and internal operations has been tremendous. And our Q3 results demonstrate all of these points with both revenue and adjusted EBITDA significantly exceeding our expectations.

過去一年，我們在產品、客戶服務和內部運營方面取得了巨大進步。我們的第三季度業績證明了所有這些點，收入和調整後的 EBITDA 都大大超出了我們的預期。

It is evident that the hard work of our team this year is paying off. And we believe we are striking a great balance between maintaining an aggressive and customer-focused growth plan while simultaneously working to manage expenses.

很明顯，我們團隊今年的辛勤工作正在得到回報。我們相信，我們在保持積極和以客戶為中心的增長計劃，同時努力管理開支之間取得了很好的平衡。

This combination of revenue growth and expense management creates a clear path of profitability that is consistent with the long-term gross margins and adjusted EBITDA margins that we have consistently articulated.

這種收入增長和費用管理的結合創造了一條清晰的盈利路徑，與我們一貫闡明的長期毛利率和調整後的 EBITDA 利潤率一致。

Now I'd like to move on to our financial outlook. For 2022, we are excited to be raising the midpoint of our revenue guidance by $45 million. We are also increasing the midpoint of our 2022 adjusted EBITDA guidance by $10 million.

現在我想談談我們的財務前景。對於 2022 年，我們很高興將收入指導的中點提高 4500 萬美元。我們還將 2022 年調整後 EBITDA 指引的中點提高了 1000 萬美元。

Our guidance now includes our launch in Kansas as well as our expected launch in Maryland in Q4 and prelaunch marketing investment for Ohio that we expect to launch on January 1, 2023, with both Maryland and Ohio pending licensure and regulatory approval. These three states were not included in our prior adjusted EBITDA guidance. Therefore, we are improving our guidance despite the addition of these additional marketing investments.

我們現在的指導包括我們在堪薩斯州的啟動以及我們預計在第四季度在馬里蘭州的啟動以及我們預計將於 2023 年 1 月 1 日啟動的俄亥俄州的啟動前營銷投資，馬里蘭州和俄亥俄州都在等待許可和監管部門的批准。這三個州未包含在我們之前調整後的 EBITDA 指導中。因此，儘管增加了這些額外的營銷投資，我們仍在改進我們的指導。

We are also excited to share our initial 2023 outlook today, which reflects our core principles of maintaining strong growth and customer engagement while also continuing on our path to profitability as well as having a cost structure that supports our long-term margin goals.

我們今天也很高興分享我們最初的 2023 年展望，這反映了我們保持強勁增長和客戶參與度的核心原則，同時也繼續走上盈利之路，並擁有支持我們長期利潤率目標的成本結構。

For 2023, we are introducing revenue guidance of $2.8 billion to $3 billion and adjusted EBITDA guidance of negative $575 million to $475 million. Unlike our prior guidance, our outlook now reflects our existing state footprint, including campus, as well as expected launches subject to licensure regulatory approvals in Maryland, Ohio and Massachusetts as well as Puerto Rico.

對於 2023 年，我們將引入 28 億美元至 30 億美元的收入指引，調整後的 EBITDA 指引為負 5.75 億美元至 4.75 億美元。與我們之前的指導不同，我們的展望現在反映了我們現有的州足跡，包括校園，以及在馬里蘭州、俄亥俄州和馬薩諸塞州以及波多黎各獲得許可監管批准的預期推出。

As we've stated previously, we expect that the fourth quarter of 2023, only one year away from now, will be our first quarter with positive adjusted EBITDA. Additionally, as previously stated, we are well positioned from a balance sheet standpoint to reach profitability under most reasonable legalization scenarios without needing to raise any additional capital.

正如我們之前所說，我們預計距離現在僅一年的 2023 年第四季度將是我們調整後 EBITDA 為正的第一季度。此外，如前所述，從資產負債表的角度來看，我們處於有利位置，可以在最合理的合法化情景下實現盈利，而無需籌集任何額外資金。

We expect to end 2022 with a cash balance that is roughly double the high end of our guidance for our adjusted EBITDA loss in 2023. And while it's too early to guide full year 2024, our current multiyear plan suggests that we'll be approximately breakeven on a full year adjusted EBITDA basis in 2024, assuming legalization and launch trends remain consistent with prior years.

我們預計到 2022 年底的現金餘額大約是我們對 2023 年調整後 EBITDA 虧損的指導上限的兩倍。雖然現在指導 2024 年全年還為時過早，但我們目前的多年計劃表明我們將接近盈虧平衡假設合法化和發布趨勢與前幾年保持一致，則以 2024 年全年調整後的 EBITDA 為基礎。

Looking ahead, the outlook for state launches continue to be positive. We anticipate launching OSB in Maryland in the fourth quarter of 2022; and Ohio, Massachusetts and Puerto Rico in 2023, which would bring our penetration of the U.S. population to 45%.

展望未來，國家發射的前景繼續樂觀。我們預計將於 2022 年第四季度在馬里蘭州推出 OSB；以及 2023 年的俄亥俄州、馬薩諸塞州和波多黎各，這將使我們在美國人口中的滲透率達到 45%。

Californians will vote on whether to legalize OSB on November 8. We are still deploying grassroots efforts, but the most recent polling suggests a likely unfavorable outcome for our coalition. The DraftKings has discontinued additional cash investment in the campaign. Please note that DraftKings 2022 cash investment in California was approximately $17 million.

加利福尼亞人將在 11 月 8 日投票決定是否將 OSB 合法化。我們仍在部署基層努力，但最近的民意調查表明我們的聯盟可能會出現不利的結果。 DraftKings 已停止對該活動的額外現金投資。請注意，DraftKings 2022 在加利福尼亞的現金投資約為 1700 萬美元。

And lastly, while it's still too early to know which states may pass OSB and iGaming legislation in 2022, we expect that several states will actively consider legislation. So there's a lot to be excited about on the regulatory front.

最後，雖然現在知道哪些州可能會在 2022 年通過 OSB 和 iGaming 立法還為時過早，但我們預計有幾個州會積極考慮立法。因此，在監管方面有很多令人興奮的事情。

We remain confident in our long-term outlook that states comprising 65% of the U.S. population will ultimately permit legalized OSB, and states comprising 30% of the U.S. population will ultimately permit legalized iGaming.

我們對我們的長期前景充滿信心，即占美國人口 65% 的州最終將允許 OSB 合法化，而占美國人口 30% 的州最終將允許合法化 iGaming。

Now I'd like to spend a few more minutes providing additional detail on our recent product enhancements. We have continued to expand the content and functionality of our Sportsbook product, which drives efficient customer acquisition as well as long-term engagement retention.

現在，我想再花幾分鐘時間提供有關我們最近的產品增強功能的更多詳細信息。我們繼續擴展我們的體育博彩產品的內容和功能，從而推動有效的客戶獲取以及長期的參與度保留。

The wagering content we launched for the 2022 NFL season included head-to-head match-ups, several new multiplayer props and flash player market and full time and anytime squares. Head-to-head matchups include spreads, moneylines and totals on all our player subcategories to improve our derivative player offering.

我們為 2022 年 NFL 賽季推出的投注內容包括對戰、幾個新的多人遊戲道具和 Flash 播放器市場以及全時和隨時隨地的方格。頭對頭對決包括我們所有玩家子類別的點差、賠率線和總數，以改進我們的衍生玩家產品。

Multiplayer props include game and highest total from a list of options to increase the variety of player-propped types. Player flash costs include player-specific next drive and next play markets to increase the depth of our player performance offering. And full-time and anytime square is our model-driven squares product, which we've now extended to every game in the season.

多人道具包括遊戲和選項列表中的最高總數，以增加玩家道具類型的多樣性。播放器閃存成本包括播放器特定的下一個驅動器和下一個播放市場，以增加我們的播放器性能產品的深度。全職和任何時間方格是我們的模型驅動方格產品，我們現在已將其擴展到本賽季的每場比賽。

DraftKings also added new functionality such as early payoffs on moneyline wagers, quick parlay and quick same-game parlay as well as the ability for users to combine multiple same game parlays. Early payout is a newly introduced mechanic to settle moneyline best once the team reaches a certain point lead.

DraftKings 還添加了新的功能，例如贏利投注的早期支付、快速過關和快速相同遊戲過關以及用戶組合多個相同遊戲過關的能力。提前支付是一種新引入的機制，一旦團隊達到一定的領先優勢，就可以最好地解決賠付線。

Quick parlay is a new interface for customers to build larger parlays with more cross-port play as well. Quick SGP features dozens of prepackaged being game parlay best per game for all same-game parlay sports. And SGPx allows customers to parlay same-game parlays with other same-game parlays and singles from different games, which increases the size and average leg count of parlay. It has been an exciting 12 months of product and technology innovation enabled by our vertical integration with much more to come.

快速過關是一個新界面，客戶可以通過更多跨端口遊戲來構建更大的過關。 Quick SGP 具有數十種預先打包的遊戲過關遊戲，每場比賽都適用於所有同場過關投注運動。 SGPx 允許客戶將相同遊戲的過關投注與其他相同遊戲的過關投注和來自不同遊戲的單人投注進行過關，這增加了過關投注的規模和平均回合數。這是令人興奮的 12 個月的產品和技術創新，我們的垂直整合帶來了更多未來。

For iGaming, we recently introduced player contributed jackpot in response to customer demand and are the only operator in the U.S. with its in-house capability. Players can opt in for an additional modest wager for a chance to win potentially hundreds of thousands of dollars. We believe this product functionality will increase customer engagement and demonstrates our continued differentiation from competition.

對於 iGaming，我們最近推出了玩家貢獻頭獎以響應客戶需求，並且是美國唯一一家擁有內部能力的運營商。玩家可以選擇額外的適度投注，以獲得可能贏得數十萬美元的機會。我們相信該產品功能將增加客戶參與度，並展示我們在競爭中的持續差異化。

And now I'll turn the call over to DraftKings' CFO, Jason Park, who will discuss our third quarter results and refreshed outlook.

現在我將把電話轉給 DraftKings 的首席財務官 Jason Park，他將討論我們的第三季度業績和更新的前景。

Thanks, Jason, and hello, everyone. I'll start off by providing more granularity pertaining to Q3, and then I'll shift to the outlook for Q4 and 2023. Please note that all income statement measures discussed, except for revenue, are on a non-GAAP adjusted EBITDA basis.

謝謝，傑森，大家好。我將首先提供與第三季度有關的更多細節，然後轉向第四季度和 2023 年的展望。請注意，除收入外，討論的所有損益表衡量指標均基於非公認會計原則調整後的 EBITDA。

We executed very well in Q3. Customer activity was robust, supported by new product functionality that we rolled out around the start of the NFL season. We have continued to look at detailed cohort data and are not seeing any discernible indication that the macroeconomic environment is impacting our overall customer engagement.

我們在第三季度執行得非常好。在我們在 NFL 賽季開始時推出的新產品功能的支持下，客戶活動非常活躍。我們繼續查看詳細的隊列數據，並沒有看到任何明顯的跡象表明宏觀經濟環境正在影響我們的整體客戶參與度。

In Q3, we generated $502 million of revenue and negative $264 million of adjusted EBITDA, both significantly outperformed the expectations that we provided on our Q2 call in August. Our B2C segment revenue increased 161% versus Q3 of 2021 as compared to Q2 2022's year-over-year growth rate of 68%.

在第三季度，我們產生了 5.02 億美元的收入和負 2.64 億美元的調整後 EBITDA，兩者都大大超過了我們在 8 月份第二季度電話會議上提供的預期。我們的 B2C 部門收入與 2021 年第三季度相比增長了 161%，而 2022 年第二季度的同比增長率為 68%。

Sport outcomes certainly were favorable to our operators this quarter, lapping unfavorable outcomes last year. Our strong execution across acquisition, retention and monetization initiatives for our core product offerings was also a driver of our outperformance.

本季度的體育賽事結果肯定對我們的運營商有利，而去年則不利。我們對核心產品的收購、保留和貨幣化計劃的強大執行也是我們表現優異的驅動力。

In Q3, favorable sport outcomes contributed approximately $70 million of revenue. On our call in August, we provided a rule of thumb for you to understand potential revenue volatility in Q3.

在第三季度，有利的體育成果貢獻了大約 7000 萬美元的收入。在 8 月份的電話會議上，我們提供了一條經驗法則，供您了解第三季度潛在的收入波動。

As most of you are well aware, it was an operator-friendly quarter. NFL underdogs generally did well in September. For example, three of the biggest underdogs won in week 1, including the Seahawk, Sealers and Bears. In addition, several Sunday night, Monday night and Thursday night football games fell in our favor. These games tend to attract higher handle per game relative to other NFL games. And isolating just these 11 primetime games in the third quarter, our hold rate was greater than 10%.

正如你們大多數人都知道的那樣，這是一個對運營商友好的季度。 NFL 的失敗者在 9 月份普遍表現良好。例如，三個最大的失敗者在第一周獲勝，包括海鷹隊、海豹隊和熊隊。此外，週日晚上、週一晚上和周四晚上的幾場足球比賽對我們有利。相對於其他 NFL 遊戲，這些遊戲往往會在每場比賽中吸引更高的手數。僅從第三季度的這 11 場黃金時段比賽來看，我們的持有率超過 10%。

It's important to note we launched Kansas on September 1, and we have not included that in our prior guidance due to significant uncertainty about that launch date. Kansas generated negative $8 million of net revenue in the quarter, consistent with our standard new state launch playbook. Kansas is off to a fantastic start.

值得注意的是，我們於 9 月 1 日啟動了堪薩斯州，由於該啟動日期存在很大的不確定性，我們尚未將其納入之前的指導中。堪薩斯州本季度淨收入為負 800 萬美元，與我們標準的新州啟動手冊一致。堪薩斯州有了一個美妙的開端。

Net revenue growth also benefited from a less promotional environment than in Q3 of 2021. For the industry as a whole, we saw more rational behavior, which we expect to persist. And within the DraftKings business, we deployed more surgical promotions based on player-specific gross profit profile and as we have consistently reiterated or reinvesting less as cohorts mature.

淨收入增長也得益於促銷環境低於 2021 年第三季度。對於整個行業，我們看到了更加理性的行為，我們預計這種行為會持續下去。在 DraftKings 業務中，我們根據球員特定的毛利潤狀況部署了更多的外科促銷活動，並且我們一直在重申或隨著群體的成熟減少再投資。

We had 1.6 million monthly unique payers in Q3, which is 22% higher than the prior year period. It's important to remember that Q3 2021 included the conclusion of the NBA playoffs, while the NBA playoffs were completed before Q3 in 2022.

我們在第三季度有 160 萬每月唯一付款人，比去年同期增長 22%。重要的是要記住，2021 年第三季度包括 NBA 季后賽的結束，而 NBA 季后賽是在 2022 年第三季度之前完成的。

Notably, in September alone, MUPs increased 27% year-over-year to 2.7 million, which is typically our seasonally strongest month of the year for MUPs due to the kickoff of the NFL season. Average revenue per monthly unique payer or ARPMUP more than doubled on a year-over-year basis to $100 with solid gross margin flow-through. This balance of player growth and revenue per player growth is very healthy as promotional intensity naturally declines as states mature.

值得注意的是，僅在 9 月，MUP 同比增長 27% 至 270 萬，由於 NFL 賽季的開始，這通常是我們一年中 MUP 季節性最強的月份。每月唯一付款人或 ARPMUP 的平均收入同比增長一倍以上，達到 100 美元，毛利率穩定。這種玩家增長和每位玩家收入增長的平衡是非常健康的，因為隨著州的成熟，促銷強度自然會下降。

Adjusted EBITDA in Q3 was negative $264 million, which is $50 million better than the negative $314 million of adjusted EBITDA in the prior year period and significantly outperformed the expectations for Q3 that we provided on our August call primarily due to the higher-than-anticipated revenue.

第三季度調整後 EBITDA 為負 2.64 億美元，比去年同期調整後 EBITDA 的負 3.14 億美元好 5,000 萬美元，顯著優於我們在 8 月電話會議上提供的第三季度預期，這主要是由於高於預期收入。

Our Q3 performance was especially impressive, given that it included investment in our Kansas launch, which was not included in our previous guidance. Additionally, certain expenses, principally within our marketing and G&A line items, shifted out of Q3 and into Q4.

我們第三季度的表現尤其令人印象深刻，因為它包括對我們堪薩斯州發射的投資，而這未包含在我們之前的指導中。此外，主要在我們的營銷和 G&A 項目中的某些費用從第三季度轉移到第四季度。

As a reminder, revenue upside driven by favorable outcomes and revenue downside driven by unfavorable outcomes typically flows through to our adjusted EBITDA at a high incremental margin, given certain expenses within our cost of revenues are tied to deposits in handle rather than gross or net revenue.

提醒一下，由於我們的收入成本中的某些費用與處理存款而不是總收入或淨收入有關，由有利結果驅動的收入上升和由不利結果驅動的收入下降通常以較高的增量利潤率流入我們調整後的 EBITDA .

Gross margin rate for Q3 was 34% and increased 100 basis points compared to the third quarter of last year. On a year-over-year basis, the inclusion of New York and our continued mix shift out of our DFS product into our growing Sportsbook and iGaming products significantly limited our gross margin rate improvement.

第三季度的毛利率為 34%，與去年第三季度相比增加了 100 個基點。與去年同期相比，紐約的加入以及我們持續將 DFS 產品組合轉移到我們不斷增長的體育博彩和 iGaming 產品中，顯著限制了我們的毛利率改善。

However, I was pleased that the OSB in iGaming states where we were live prior to Q3 2021 saw an increase in gross profit of over $110 million primarily due to revenue growth as well as a meaningful reduction in promotional intensity. We continue to expect our gross margin rate to be approximately 40% for full year 2022 and to improve in 2023 into the low to mid-40% range as our promotional intensity naturally declines across our portfolio of states.

然而，我很高興我們在 2021 年第三季度之前所在的 iGaming 州的 OSB 毛利潤增加了超過 1.1 億美元，這主要是由於收入增長以及促銷強度的顯著降低。我們繼續預計我們的毛利率在 2022 年全年約為 40%，並在 2023 年提高到 40% 的中低水平，因為我們的促銷強度在我們的州投資組合中自然下降。

Sales and marketing expense was up 8% versus Q3 of 2021. For our states that have been live for more than a year, external marketing spend was down 20% on a year-over-year basis. And we generated significant contribution profit from these states in Q3 2022 compared to a deep loss in Q3 2021, which was largely driven by unfavorable outcomes.

與 2021 年第三季度相比，銷售和營銷費用增長了 8%。對於我們已經存在一年多的州，外部營銷支出同比下降了 20%。與 2021 年第三季度的大幅虧損相比，我們在 2022 年第三季度從這些州產生了可觀的貢獻利潤，這主要是由不利的結果驅動的。

We continue to be pleased with our LTV-to-CAC ratios and continue to be on track for a 3-year gross profit payback.

我們繼續對我們的 LTV 與 CAC 比率感到滿意，並繼續有望實現 3 年的毛利潤回報。

As we mentioned on our Q2 call, our fixed expense growth began to moderate meaningfully in the third quarter with products and technology and general and administrative expenses up 37% and 28%, respectively, compared to the prior year period.

正如我們在第二季度電話會議中提到的那樣，我們的固定費用增長在第三季度開始顯著放緩，產品和技術以及一般和管理費用與去年同期相比分別增長了 37% 和 28%。

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 help build the best product in the industry and to continuously strengthen our data science capabilities. For G&A expense, the growth is largely a reflection of the increased investment in our customer experience capabilities, which we expect will continue to grow as we add new customers but at a slower pace than previous quarters as we reach scale and lap the significant investments we made late in the second half of 2021 and early in 2022.

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，以幫助構建業內最好的產品並不斷加強我們的數據科學能力。對於 G&A 費用，增長主要反映了我們對客戶體驗能力的投資增加，我們預計隨著我們增加新客戶，這些能力將繼續增長，但隨著我們達到規模並完成我們的重大投資，增長速度將低於前幾個季度於 2021 年下半年和 2022 年初製造。

Moving into guidance. Note that unlike the guidance that we have provided in the past, we are now guiding 2022 and 2023 inclusive of states that have legalized and in which it is reasonably foreseeable that we will launch during the guided period.

進入指導。請注意，與我們過去提供的指導不同，我們現在正在指導 2022 年和 2023 年，包括已經合法化並且可以合理預見我們將在指導期內啟動的州。

Specifically, our 2022 guidance now includes Kansas, which launched in September as well as Maryland, which we expect to launch in the fourth quarter and prelaunch marketing spend related to Ohio, which we expect to launch on January 1, 2023, both pending licensure and regulatory approvals.

具體來說，我們的 2022 年指導現在包括 9 月推出的堪薩斯州以及我們預計將在第四季度推出的馬里蘭州，以及與俄亥俄州相關的啟動前營銷支出，我們預計將於 2023 年 1 月 1 日推出，兩者都在等待許可和監管批准。

Looking at 2022, we are pleased to be raising our full year revenue outlook to a range of $2.16 billion to $2.19 billion from a range of $2.08 billion to $2.18 billion, which increases the midpoint of our guidance to $2.175 billion from $2.13 billion. The midpoint of our increased revenue guidance implies 68% growth compared to the full year 2021.

展望 2022 年，我們很高興將全年收入預期從 20.8 億美元至 21.8 億美元上調至 21.6 億美元至 21.9 億美元，這將我們指導的中點從 21.3 億美元上調至 21.75 億美元。我們增加的收入指導的中點意味著與 2021 年全年相比增長 68%。

We are increasing our revenue guidance due to the strength we saw in our online gaming verticals in Q3. For newly included states, we expect Maryland to contribute negative revenue as we invest in the state in the early weeks following its launch.

由於我們在第三季度在在線遊戲垂直領域看到的實力，我們正在增加我們的收入指導。對於新納入的州，我們預計馬里蘭州將在啟動後的最初幾週內對該州進行投資，從而帶來負收入。

In Q4, we expect to generate about $790 million in revenue based on the midpoint of our 2022 revenue guidance, which represents substantial year-over-year growth and planned reinvestment in customers who have significant unlucky outcomes early in the football season.

根據我們 2022 年收入指引的中點，我們預計第四季度將產生約 7.9 億美元的收入，這代表著同比大幅增長，併計劃對在足球賽季初期出現重大不幸結果的客戶進行再投資。

Our Q4 expectations also reflect continued softness in the broader NFT market, which has impacted our new Reignmakers vertical. Looking at MUPs and ARPMUP, we expect ARPMUP growth to be higher than MUP growth for the full year.

我們對第四季度的預期也反映了更廣泛的 NFT 市場的持續疲軟，這影響了我們新的 Reignmakers 垂直市場。從 MUP 和 ARPMUP 來看，我們預計 ARPMUP 的增長將高於全年的 MUP 增長。

Moving on to our adjusted EBITDA guidance. We are improving the midpoint of our full year 2022 guidance by $10 million to negative $790 million despite now including Kansas, which launched in September as well as investments in expected state launches for Maryland and Ohio. The significant improvement in our 2022 adjusted EBITDA guidance on a comparable basis was primarily driven by higher revenue combined with cost discipline, particularly in the marketing and G&A expense lines.

繼續我們調整後的 EBITDA 指導。儘管現在包括 9 月啟動的堪薩斯州以及對馬里蘭州和俄亥俄州預期啟動的投資，但我們正在將 2022 年全年指導的中點提高 1000 萬美元至負 7.9 億美元。在可比基礎上，我們 2022 年調整後 EBITDA 指引的顯著改善主要是由於更高的收入和成本紀律，特別是在營銷和 G&A 費用項目中。

I'm proud that we expect to land materially better than where we thought at the beginning of the year despite launching in new states. There has been an ongoing effort throughout the year to drive and capture efficiencies, which has resulted in more than $100 million of in-year cost savings in 2022. We will continue to focus diligently on this area of the business for the remainder of this year and beyond.

我很自豪，儘管在新州推出，但我們期望在物質上比年初想像的要好。全年一直在努力提高和提高效率，從而在 2022 年節省超過 1 億美元的成本。我們將在今年剩餘時間內繼續努力專注於這一業務領域超越。

Finally, I want to reiterate that we continue to expect at least 10 states to be contribution profit positive for full year 2022.

最後，我想重申，我們繼續預計至少有 10 個州在 2022 年全年貢獻利潤。

Today, we are also introducing 2023 guidance for revenue and adjusted EBITDA. We expect revenue for full year 2023 to be between $2.8 billion and $3.0 billion and adjusted EBITDA for full year 2023 to be negative $575 million to negative $475 million.

今天，我們還介紹了 2023 年收入和調整後 EBITDA 的指導。我們預計 2023 年全年的收入將在 28 億美元至 30 億美元之間，2023 年全年調整後的 EBITDA 為負 5.75 億美元至負 4.75 億美元。

For our full year 2023 guidance, we are assuming that Maryland launches in Q4 2022, Ohio and Massachusetts launch in Q1 2023 and Puerto Rico launches in Q3 2023. We expect launches in new jurisdictions on a combined basis to generate less than 5% of full year 2023 revenue and to account for approximately 25% of our full year 2023 negative adjusted EBITDA.

對於我們的 2023 年全年指導，我們假設馬里蘭州在 2022 年第四季度推出，俄亥俄州和馬薩諸塞州在 2023 年第一季度推出，波多黎各在 2023 年第三季度推出。我們預計在新司法管轄區的推出加起來將產生不到 5% 2023 年的收入，約占我們 2023 年全年負調整 EBITDA 的 25%。

In 2023, we expect gross margin to improve slightly relative to 2022 as we reduced promotional intensity in more mature states, partially offset by new state launches and continued mix shift out of DFS. Our population weighted average state age will be 2.6 years exiting 2023 versus 1.8 years exiting 2022. And if that number appreciates, the gross margin rate is expected to improve dramatically. We expect fixed cost growth to slow meaningfully, while variable marketing will largely depend upon how many new users we acquire.

2023 年，我們預計毛利率將相對於 2022 年略有改善，因為我們降低了更成熟州的促銷力度，部分被新州的推出和 DFS 的持續混合轉移所抵消。到 2023 年，我們的人口加權平均州年齡將為 2.6 歲，而到 2022 年為 1.8 歲。如果這個數字升值，預計毛利率將大幅提高。我們預計固定成本增長將顯著放緩，而可變營銷將在很大程度上取決於我們獲得多少新用戶。

Last, I'll touch on our liquidity position. With close to $1.4 billion in cash as of September 30 and our guided adjusted EBITDA range for the fourth quarter combined with expected other usages, we are poised to exit the year with between $1.1 billion and $1.2 billion of cash. Based on our 2023 adjusted EBITDA guidance and other expected cash usages next year, we expect to end 2023 with more than $500 million in cash on the balance sheet.

最後，我將談談我們的流動性狀況。截至 9 月 30 日，現金接近 14 億美元，我們指導的第四季度調整後 EBITDA 範圍與預期的其他用途相結合，我們準備以 11 億至 12 億美元的現金退出今年。根據我們 2023 年調整後的 EBITDA 指引和明年的其他預期現金使用情況，我們預計到 2023 年底，資產負債表上的現金將超過 5 億美元。

It's important to note that a significant amount of our 2022 cash outflows such as $97 million in net cash paid for GNOG are not expected to recur in 2023.

重要的是要注意，我們 2022 年的大量現金流出，例如為 GNOG 支付的 9700 萬美元淨現金，預計不會在 2023 年再次發生。

Looking out to 2024, we would expect adjusted EBITDA to be roughly breakeven on a full year basis under most reasonable legalization and launch scenarios.

展望 2024 年，我們預計調整後的 EBITDA 在最合理的合法化和發布情景下全年將大致收支平衡。

So in summary, we believe we are well capitalized to become free cash flow positive with existing resources. And the business is on a clear path to achieve our long-term gross margin and EBITDA margin targets.

因此，總而言之，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。並且該業務正朝著實現我們的長期毛利率和 EBITDA 利潤率目標邁進。

That concludes our remarks, and we will now open the line for questions.

我們的發言到此結束，我們現在開始提問。

(Operator Instructions) Our first question comes from Dave Katz with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Dave Katz。

I wanted to just touch on Golden Nugget for a minute. And I realize it's not right down the middle and probably why it isn't necessarily core of the discussion. But iGaming becomes -- discussed more and more, its profit potential, its long-term growth, et cetera. How are you doing with that -- what are you doing with that? What can you share with us? And how should we looked at its prospects, please?

我只想談談Golden Nugget。而且我意識到它不是在中間，可能為什麼它不一定是討論的核心。但 iGaming 成為——越來越多地討論其盈利潛力、長期增長等等。你怎麼處理它——你用它做什麼？你能和我們分享什麼？請問我們應該如何看待它的前景？

Thank you. Great question. So everything is going really well with the integration. We started to realize some synergies, particularly on the marketing side. Really, the biggest synergies will come next year when we migrate the entire Golden Nugget operation onto our platform. So very excited about that.

謝謝你。好問題。因此，集成一切順利。我們開始意識到一些協同效應，特別是在營銷方面。確實，當我們將整個 Golden Nugget 運營遷移到我們的平台上時，最大的協同效應將在明年出現。對此非常興奮。

That should hopefully be in the back half of the year, we'll complete that migration. So everything is on track, teams are gelling nicely and really excited about the future of Golden Nugget as a way to penetrate deeper into the iGaming market.

那應該是在今年下半年，我們將完成遷移。所以一切都在正軌上，團隊正在很好地凝聚起來，並且對 Golden Nugget 的未來感到非常興奮，因為它可以作為更深入地滲透到 iGaming 市場的一種方式。

Can I follow up, please, on that? Is it in and of itself? And are we able to tell, is it profitable today? Is it offsetting some of the investments that you're making on the OSB side? And is it large enough to do that?

請問我可以跟進嗎？它本身嗎？我們是否能夠判斷，它今天是否有利可圖？它是否抵消了您在 OSB 方面所做的一些投資？它足夠大嗎？

We haven't broken out Golden Nugget separately, but I believe we said that we expect any impact to the bottom line to be de minimis.

我們沒有單獨打破金塊，但我相信我們說過我們預計對底線的任何影響都是微乎其微的。

Understood.

明白了。

For 2022.

2022 年。

(Operator Instructions) Our next question comes from Shaun Kelley with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Shaun Kelley。

Jason or Jason, just wanted to ask a little bit more about kind of hold versus product mix. Obviously, Jason Robins, you outlined a bunch of new product initiatives and your parlay mix being materially higher in the quarter. I imagine a lot of those changes are here to stay.

Jason 或 Jason，只是想問更多關於持有與產品組合的問題。顯然，傑森羅賓斯，您概述了一系列新產品計劃，並且您的分紅組合在本季度顯著提高。我想很多這些變化都將繼續存在。

So we're sort of trying to wrap our minds around go-forward hold rates as some of these new product initiatives take hold and sort of what's the ability to push that percentage higher relative to what we saw in the quarter, which is obviously a lot of luck-based outcomes as well. So if you could just talk about some of those trade-offs and how you thought about it or what's baked into 2023.

因此，隨著其中一些新產品計劃的實施，我們正試圖將我們的注意力集中在前進的持有率上，以及相對於我們在本季度看到的情況，有什麼能力將這個百分比推高，這顯然是一個還有很多基於運氣的結果。所以，如果你能談談其中的一些權衡，以及你是如何考慮的，或者 2023 年會發生什麼。

Yes. Great question. I think that a lot of progress has been made on the whole front primarily driven by our improvement in bet mix year-over-year. That's largely been product as well as merchandising and marketing.

是的。好問題。我認為在整個方面取得了很大進展，這主要是由於我們在投注組合方面的逐年改進。這主要是產品以及商品推銷和營銷。

So as mentioned, we launched a whole host of parlay, same-game parlay as well as combinations of multiple same-game parlays, launched prepacks, many other features. And I think the team has done a great job merchandising and marketing those two, including through our NFL, Thursday Night Football relationship with Amazon.

如前所述，我們推出了一整套過關、同場過關以及多個同場過關的組合、推出的預包裝以及許多其他功能。我認為這支球隊在銷售和營銷這兩個方面做得很好，包括通過我們與亞馬遜的 NFL，星期四晚上足球的關係。

So lots of, I think, parts of the company executing to drive that mix, and it's definitely improved hold rate. And I think we should continue to see improvement. We feel like there's a lot of tailwind there.

我認為，公司的很多部門都在執行以推動這種組合，而且肯定會提高持有率。我認為我們應該繼續看到改進。我們覺得那裡有很多順風。

As far as what's baked in, we've been pretty cautious about baking in improvement. I think as usually is the case with our guidance, we typically only include things that we have clear line of sight to. I think 2022 has been a great example of that.

至於烘焙的內容，我們對改進烘焙非常謹慎。我認為與我們的指導通常情況一樣，我們通常只包括我們有清晰視線的東西。我認為 2022 年就是一個很好的例子。

In February, we guided to minus $875 million in EBITDA. Now we're guiding to minus $790 million, and that's with the inclusion of Ontario, Maryland, Ohio and Kansas, which were not in the $875 million. So almost $100 million better on the bottom line with the absorption of four state flash province launches.

2 月份，我們引導 EBITDA 為負 8.75 億美元。現在我們的指導是負 7.9 億美元，其中包括安大略省、馬里蘭州、俄亥俄州和堪薩斯州，它們不在 8.75 億美元之內。因此，吸收了四個州級閃電省發射項目，利潤增加了近 1 億美元。

And that was because at the time, that's what we had line of sight to. But we rallied the team around a number of different cost initiatives throughout the year. We're able to over -- save over $100 million in year savings.

那是因為當時，這就是我們的視線。但我們全年圍繞一系列不同的成本計劃召集了團隊。我們能夠超過 - 每年節省超過 1 億美元。

So that's typically how we approach guidance. And I think it's the same thing here where we're guiding to what we feel like we currently have line of sight to and can make a commitment to. We very much view our credibility as the most important thing, and I want to make sure we're never signing up to a number that we don't think we can achieve.

所以這通常是我們處理指導的方式。我認為這與我們正在指導我們目前有視線並可以做出承諾的感覺是一樣的。我們非常認為我們的信譽是最重要的事情，我想確保我們永遠不會簽署我們認為我們無法實現的數字。

But we always go out there and try to do better, too. And I think 2022 is a great example of that, where we continually throughout the year, we're able to improve guidance despite the launch of new states each and every quarter. And so that's our goal every year, and that's what we're going to try to do again in '23.

但我們也總是走出去，努力做得更好。我認為 2022 年就是一個很好的例子，我們全年不斷地改進指導，儘管每個季度都會推出新的州。這就是我們每年的目標，也是我們將在 23 年再次嘗試做的事情。

And then maybe as my follow-up, could you just talk a little bit about how you're thinking about sort of some of these fixed marketing investments relative or -- and sponsorship deals relative to variable going forward? Obviously, the big Amazon partnership you outlined for Thursday Night Football, ESPN is another one where you have a relationship, but there could potentially be more.

然後也許作為我的後續行動，你能否談談你如何看待這些固定營銷投資相對或 - 以及與未來變量相關的讚助交易？顯然，你為《星期四晚上足球》概述的亞馬遜大型合作夥伴關係，ESPN 是另一個你有關係的地方，但可能還有更多。

So just maybe strategically, how are you thinking about investing in these types of deals where maybe there's more committed spend relative to things that could be more variable and more directly tied to top line outcomes.

因此，也許從戰略上講，您如何考慮投資這些類型的交易，相對於可能更具可變性且更直接與頂線結果相關的事物，可能會有更多的承諾支出。

The majority of our marketing spend is not committed. It's completely controllable. We're pretty selective with deals, but we feel really good about the Amazon deal. I think it's one of the better deals that we've had in recent years and very excited about the results we've seen through the first several weeks of Thursday Night Football with that one. But no, most of our marketing spend is not committed. We like to keep flexibility so that we can optimize in and out of things.

我們的大部分營銷支出都沒有承諾。它是完全可控的。我們對交易非常挑剔，但我們對亞馬遜的交易感覺非常好。我認為這是我們近年來達成的更好的交易之一，並且對我們在周四晚上足球比賽的前幾週看到的結果感到非常興奮。但是不，我們的大部分營銷支出都沒有承諾。我們喜歡保持靈活性，以便我們可以優化進出事物。

(Operator Instructions) Our next question comes from Ed Young with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的 Ed Young。

My first question is just a clarification really. You touched on it, Jason Park, in comments, but I wonder if you could quantify the EBITDA impact from Kansas, and the Q4 investments in Maryland and Ohio just to give us a sense of your underlying assumptions you're making in this year's guidance?

我的第一個問題實際上只是一個澄清。 Jason Park，您在評論中談到了它，但我想知道您是否可以量化堪薩斯州的 EBITDA 影響，以及在馬里蘭州和俄亥俄州的第四季度投資，只是為了讓我們了解您在今年的指導中所做的基本假設?

And then my broader question, again, any sort of quantification would be useful about how you think about operating leverage into next year. So could you give some color on the moving parts, particularly around promotions of your sort of GGR, NGR conversion around the marketing ratio and your kind of OpEx growth versus cost out for next year?

然後是我更廣泛的問題，再次，任何形式的量化都將有助於您如何看待明年的運營槓桿。那麼，您能否就活動部分給出一些顏色，特別是圍繞您的 GGR 類型的促銷、圍繞營銷比率的 NGR 轉換以及您的類型的 OpEx 增長與明年的成本？

Yes. Yes, absolutely. Our full year 2022 and the 2023 guide that we provided today includes Kansas, which has obviously already launched as well as the expected imminent launch in Maryland, Ohio. And we've also included Massachusetts and Puerto Rico.

是的。是的，一點沒錯。我們今天提供的 2022 年全年和 2023 年指南包括堪薩斯州，它顯然已經啟動，以及預計即將在俄亥俄州馬里蘭州啟動。我們還包括馬薩諸塞州和波多黎各。

In terms of Q4, what you're seeing there is a little bit of flow-through from the slightly lower revenue outlook in Q4. And that slightly revenue -- lower revenue outlook is due to the planned reinvestment in a very surgical way for players who had unlucky hold in Q3 as well as some headwinds from the Reignmakers NFT product. So that's impacting the Q4 EBITDA. But the major change in the Q4 EBITDA is the inclusion of Maryland and Ohio, which we are now including in the Q4 EBITDA guide.

就第四季度而言，您所看到的來自第四季度略低的收入前景的一些流動性。收入略有下降——收入前景下降是由於計劃以一種非常手術的方式對第三季度不幸持有的玩家進行再投資，以及來自 Reignmakers NFT 產品的一些不利因素。所以這會影響第四季度的 EBITDA。但第四季度 EBITDA 的主要變化是包含了馬里蘭州和俄亥俄州，我們現在將其包含在第四季度 EBITDA 指南中。

And then in terms of 2023, again, we are including Massachusetts, Maryland, Ohio, Puerto Rico. And as I mentioned on the call, about 5% of the revenue guide comes from those new states and 25% of the EBITDA loss comes from those new states. So if you think about the implied flow-through with and without new states, I think you're well north of a 60% implied flow-through on the incremental revenue in 2023 on a no new state basis.

然後就 2023 年而言，我們再次包括馬薩諸塞州、馬里蘭州、俄亥俄州和波多黎各。正如我在電話會議上提到的，大約 5% 的收入指南來自這些新州，25% 的 EBITDA 虧損來自這些新州。因此，如果您考慮有和沒有新州的隱含流通量，我認為您在 2023 年在沒有新州的基礎上增加收入的隱含流通量遠遠超過 60%。

Yes. I think that's an important takeaway. One of the things, I think, that is very different this year and this quarter, I should say, is that we guided with new states in. We've never done that before. We realize that's a shift. And it's a response to investors saying, listen, if you have line of sight with relative certainty to state launch dates, and we do in that we received our license in Maryland. It's not a certainty, but it's a pretty narrow window. We expect to launch there. Same -- pending, of course, additional approvals that we require.

是的。我認為這是一個重要的收穫。我認為，今年和本季度非常不同的一件事是，我應該說，我們引導新州進入。我們以前從未這樣做過。我們意識到這是一個轉變。這是對投資者說的回應，聽著，如果你對州發布日期有相對確定的視線，我們這樣做是因為我們在馬里蘭州獲得了許可證。這不是確定的，但它是一個非常狹窄的窗口。我們希望在那裡發射。同樣——當然，還有我們需要的額外批准。

Same thing in Ohio. Pending approvals, they've set Jan 1 as a launch date. In Massachusetts, the Gaming Commission voted to launch in March. So felt like those were sufficiently close enough around the quarter and had sufficient certainty around at least a narrow range of timing.

在俄亥俄州也是如此。待批准後，他們已將 1 月 1 日定為發布日期。在馬薩諸塞州，博彩委員會投票決定於 3 月推出。所以感覺這些在本季度足夠接近，並且在至少一個狹窄的時間範圍內有足夠的確定性。

Obviously, if something changes, we'll come back and update. But that is a change, and I think may have muddied the waters a little bit on some of the comparisons that did not include those states.

顯然，如果有什麼變化，我們會回來更新。但這是一個變化，我認為在一些不包括這些州的比較中可能有點混亂。

And as Jason Park noted, if you take out those states, we're guiding to under $400 million loss in 2023. So I think that at least some of the analyst numbers out there that might be a more apples-to-apples comparison versus the guide we just provided, which was for the first time, including several new states.

正如 Jason Park 所指出的，如果剔除這些州，我們預計 2023 年的虧損將低於 4 億美元。所以我認為，至少有一些分析師的數據可能會與蘋果進行比較我們剛剛提供的指南，這是第一次，包括幾個新的狀態。

And then, Ed, on your question just broadly on cost going into 2023, the -- I think the right way to think about it as you look at the 2023 guide, the commentary on gross margin rate, if you look at the implied total operating expense growth, I think you're looking at -- single-digit growth rate going into 2023. We've talked about on the last few quarters a meaningfully slower fixed cost growth next year.

然後，Ed，關於您關於 2023 年成本的廣泛問題，我認為當您查看 2023 年指南、毛利率評論（如果您查看隱含總額）時思考它的正確方法營業費用增長，我認為您正在關注-到 2023 年的個位數增長率。我們在過去幾個季度談到了明年固定成本增長顯著放緩。

So on a total OpEx, you're looking at single digits. And we're not breaking out how much of that is variable marketing versus fixed marketing, but certainly a meaningful slowdown in cost. And I've also mentioned that we're continuing to look for more and more opportunities on that front.

因此，在總運營支出中，您看到的是個位數。我們並沒有說明其中有多少是可變營銷與固定營銷，但肯定是成本的顯著放緩。我還提到，我們將繼續在這方面尋找越來越多的機會。

And I appreciate all the detail there. And I think the [5 25] split for the new launches next year is particularly useful to give us the like-for-like comparison. But just on the Q4, are you able to -- are you not able to give us a quantification of the investment for Maryland and Ohio, the cost shift Reignmakers to get just an idea. You've obviously beaten quite decent in Q3 and not much has been passed on to the full year guide in terms of EBITDA. So just trying to think about what the underlying -- looks like there?

我很欣賞那裡的所有細節。而且我認為明年新發布的 [5 25] 拆分對於給我們進行同類比較特別有用。但是就在第四季度，您是否能夠 - 您是否無法量化馬里蘭州和俄亥俄州的投資，成本轉移 Reignmakers 以獲得一個想法。顯然，您在第三季度的表現相當不錯，並且在 EBITDA 方面沒有多少傳遞到全年指南。所以只是想想想潛在的東西 - 在那裡看起來像什麼？

I mean, what I do is I think you can flow through the revenue decline and that the revenue sort of a slightly lower revenue outlook in Q4 to the Q4 EBITDA. And you can basically say the rest due to the new states.

我的意思是，我所做的是我認為你可以通過收入下降以及第四季度到第四季度 EBITDA 的收入前景略低。由於新狀態，您基本上可以說其餘的。

(Operator Instructions) Our next question comes from Jason Bazinet with Citi.

（操作員說明）我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just had a quick question on, I think, a, pretty significant share gains that you've had across a number of states. And I was just wondering if you can confirm that, that's true.

我只是有一個簡短的問題，我認為，你在多個州獲得了相當可觀的份額收益。我只是想知道你是否可以證實這一點，這是真的。

And then, b, is that sort of tethered to the lower promotional activity that's going on? Or would you pin that on some of the enhancements that you've made?

然後，b，這是否與正在進行的較低促銷活動有關？或者你會把它釘在你所做的一些改進上嗎？

Thank you. Yes, we did see a nice share increase to start NFL. We typically do very well in NFL relative to other sports. So there's a little bit of seasonality in there.

謝謝你。是的，我們確實看到啟動 NFL 的份額增加了很多。相對於其他運動，我們通常在 NFL 中做得很好。所以那裡有一點季節性。

But if I had to point to it, I would say the two things you touched on are the biggest drivers, the product enhancements, which have been substantial. We shipped a lot of stuff right before NFL. And I think that created some real interesting points of differentiation as well as closed all material competitive gaps.

但是，如果我不得不指出它，我會說你提到的兩件事是最大的驅動力，即產品的改進，這是實質性的。我們在 NFL 之前就運送了很多東西。我認為這創造了一些真正有趣的差異化點，並縮小了所有實質性的競爭差距。

And then secondly is the lower sort of promotion, which is a larger story, really. It's a subset of the more rational competitive environment we're seeing this year versus last year was truly night and day.

其次是較低級別的促銷，這是一個更大的故事，真的。這是我們今年看到的更理性的競爭環境的一個子集，與去年相比，這是真正的白天和黑夜。

As far as the competitive environment and the rationality behind it, there was still certainly some aggressive investments by some of our competitors, but nothing that was, I think, out of the ordinary.

就競爭環境及其背後的合理性而言，我們的一些競爭對手肯定仍然進行了一些激進的投資，但我認為沒有什麼不尋常的。

And I think certainly, the change in that promotion environment as well as in the external marketing spend of some of the competitors helped us gain some share as well. But if I had to, like I said, point to anything, I'd say it's the product enhancements that we made, probably number one.

我認為當然，促銷環境的變化以及一些競爭對手的外部營銷支出也幫助我們獲得了一些份額。但如果我必須像我說的那樣指出任何事情，我會說這是我們所做的產品改進，可能是第一名。

Number two would be the more rationalizing competitive environment. And then number three would be that this is seasonally typically a better time of year for us, given our strength in NFL.

第二是更加合理化的競爭環境。然後第三個問題是，鑑於我們在 NFL 的實力，這通常是我們一年中更好的季節。

That's great. I like the ranking.

那太棒了。我喜歡這個排名。

(Operator Instructions) Our next question comes from Jed Kelly with Oppenheimer.

（操作員說明）我們的下一個問題來自 Jed Kelly 和 Oppenheimer。

Great. Just circling back on MUPs. Given your, I guess, the higher hold, did you see elevated churn in September and October? And I think, Jason, you mentioned MUPs grew 27% in September. Can you give us the October growth rate?

偉大的。只是在 MUP 上盤旋。考慮到您的，我猜，較高的持有量，您是否看到 9 月和 10 月的客戶流失率升高？我認為，傑森，你提到 MUP 在 9 月份增長了 27%。你能給我們10月份的增長率嗎？

And then just a follow-up question. Just on Amazon, Jason, you mentioned strong customer engagement. Can you sort of speak to some of the metrics you're seeing around engagement with the Amazon Thursday Night Football deal?

然後只是一個後續問題。就在亞馬遜上，傑森，你提到了強大的客戶參與度。你能談談你在亞馬遜週四晚上足球交易中看到的一些指標嗎？

Sure. I'll start on the second one. So really, there's two things that have been, I think, the primary kind of benefits of that relationship. One are just the new customers that we've acquired; and two, is by really pushing same-game parlay on Thursday Night Football, which is a perfect setup for it, it's the one game on. So it's a great time to do that.

當然。我將從第二個開始。所以真的，我認為有兩件事是這種關係的主要好處。一個是我們獲得的新客戶；第二，在星期四晚上的足球比賽中真正推動同場比賽，這是一個完美的設置，這是一場比賽。所以現在是這樣做的好時機。

We've seen real material movement in bet mix. So those have been two real positive stories from that partnership.

我們已經看到了投注組合中真正的物質變動。因此，這是該夥伴關係中的兩個真正積極的故事。

And as far as MUPs, I think the key thing with MUPs has been that last year, if you're looking at the -- this is why we broke out September because it is a little bit neater of a -- cleaner of a comparison.

就 MUP 而言，我認為 MUP 的關鍵在於去年，如果您正在查看 - 這就是我們在 9 月爆發的原因，因為它有點整潔 - 比較乾淨.

But if you look at 2021, July had -- I think it was a few games of NBA. So that drove up that July MUPs number quite substantially, whereas this year, NBA ended in Q2. So we didn't get any Q3 NBA. July, obviously, given the way the MUPs calculation is doing is done is 1/3 of the calculation. So that definitely was a -- I think the biggest kind of story in why the Q3 MUPs growth was less than the September MUPs growth.

但如果你看看 2021 年，七月有——我認為那是 NBA 的幾場比賽。因此，這大大提高了 7 月份的 MUP 數量，而今年，NBA 在第二季度結束。所以我們沒有得到任何Q3 NBA。 7 月，顯然，考慮到 MUP 計算的方式是計算的 1/3。所以這絕對是一個 - 我認為為什麼第三季度 MUP 增長低於 9 月 MUP 增長的最大故事。

And then on the flip side of that, the really significant growth in ARPMUP, part of that was the same thing because the denominator for last year included only some players that only participated in a handful of days in July. They were primarily NBA players that didn't come back until September. For NFL, that revenue number per player look, it's a numerator, denominator thing looked a little bit better this year, I think.

另一方面，ARPMUP 的真正顯著增長，部分原因是相同的，因為去年的分母僅包括一些僅在 7 月份參加了少數幾天的玩家。他們主要是直到 9 月才回歸的 NBA 球員。對於 NFL，每個球員的收入數字看起來，這是一個分子，分母的東西今年看起來好一點，我認為。

So always hard to tell, given that the sport calendar changes year-over-year. So it's a bit of a complex thing. It's always hard to kind of tell, which is why we don't guide some MUPs and ARPMUP. It's a nice KPI and a good measure of the health of the business. But you add into things like predicting is the NBA playoffs going to go into July when you start thinking about guiding to MUPs or ARPMUP. So we've just sort of stayed away from it because it's a little volatile, given the sport calendar changes.

所以總是很難說，因為運動日曆每年都在變化。所以這是一個有點複雜的事情。總是很難說清楚，這就是為什麼我們不指導一些 MUP 和 ARPMUP。這是一個很好的 KPI，也是衡量業務健康狀況的良好指標。但是當您開始考慮指導 MUP 或 ARPMUP 時，您會添加諸如預測 NBA 季后賽將進入 7 月之類的內容。所以我們只是遠離它，因為它有點不穩定，考慮到運動日曆的變化。

Got it. But churn has sort of been in line with what we thought it would be, given the above-average holds?

知道了。但是考慮到高於平均水平的情況，流失率與我們的預期一致？

Yes. I mean, I think that when we look at churn, we look at it on a player-by-player basis. So there have certainly been some optimizations we've made year-to-year to pare back bonus hunters and other sorts of things that, I think, is good churn.

是的。我的意思是，我認為當我們查看流失時，我們會逐個查看玩家。因此，我們逐年進行了一些優化，以減少獎金獵人和其他類型的事情，我認為這是很好的流失。

But as far as the underlying health of the cohorts, we're seeing the same thing that we've seen in previous quarters and continue to see no real impact from anything micro like higher hold nor in terms of churn nor are we seeing any impact from the macroeconomic environment either. So we continue to keep an eye on that. That's something we monitor very closely, but the cohorts from all respects, look very healthy to us.

但就群體的基本健康而言，我們看到了與前幾個季度相同的情況，並且繼續看不到任何微觀因素（如更高的持有量）或客戶流失方面的實際影響，我們也沒有看到任何影響從宏觀經濟環境來說。因此，我們將繼續關注這一點。這是我們非常密切關注的事情，但是從各個方面來看，這些同夥對我們來說都非常健康。

(Operator Instructions) Our next question comes from Carlo Santarelli with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Carlo Santarelli。

Just back on that point, Jason Park, you mentioned earlier that the 3Q unfavorable loss kind of led to some tactical reinvestment in the 4Q or that you're programming for the 4Q. I'm assuming most of that was in October.

回到這一點，Jason Park，您之前提到過 3Q 的不利損失導致了對 4Q 的一些戰術性再投資，或者您正在為 4Q 進行編程。我假設大部分是在 10 月。

But as you think about your experience to date with players whose accounts have basically gone to zero, what does the retention look like on that customer once they've already kind of gone through their funding?

但是，當您考慮您迄今為止與帳戶基本上為零的玩家的經歷時，一旦他們已經完成了他們的資金，該客戶的保留情況如何？

Yes. I mean we -- it's a good question. I think that's probably a little granular for what we'd like to cover on an earnings call. But what I will say is that we have quite a few model-based trigger campaigns set up to try to reach players before their balances go down to zero.

是的。我的意思是我們——這是一個很好的問題。我認為這對於我們想要在財報電話會議上涵蓋的內容可能有點細化。但我要說的是，我們設置了很多基於模型的觸發活動，以嘗試在玩家餘額降至零之前吸引他們。

And I think that also reinvestment, and you noted that's part of why you're seeing the Q3 to Q4 -- or excuse me, Q4 into Q3 revenue shift. We actually last quarter did it the other way around. But then given the outcomes came in, we flipped it this time.

我認為這也是再投資，你注意到這就是為什麼你看到第三季度到第四季度的部分原因——或者對不起，第四季度到第三季度的收入轉變。實際上，我們上個季度是反其道而行之。但是後來考慮到結果，我們這次翻轉了它。

That's the result of us trying to make sure that our players are staying active that when there are negative sport outcomes, we're giving them good promotions to get them to reactivate. And that there's an overall sort of amount of return to player that we're still -- I mean it's the ultimate question. But every day, we get a little smarter in understanding what that should look like to maximize long-term lifetime value.

這是我們努力確保我們的球員保持活躍的結果，當出現負面的運動結果時，我們會為他們提供良好的促銷活動，讓他們重新活躍起來。並且我們仍然存在對球員的總體回報 - 我的意思是這是最終的問題。但每一天，我們都會更聰明地理解應該是什麼樣子才能最大限度地提高長期生命週期價值。

So that's really how we look at it is there's a number of different levers between some that are uncontrollable like sport outcomes, some that are controllable like promotional intensity. And there's probably an optimal total return to player that needs to be reached. And it's probably different for different segments of players, and we're constantly trying to optimize that equation.

所以這就是我們真正看待它的方式，在一些不可控的槓桿（如運動結果）和一些可控的槓桿（如促銷強度）之間存在許多不同的槓桿。並且可能需要達到玩家的最佳總回報。對於不同的玩家來說，它可能會有所不同，我們一直在努力優化這個等式。

Great. And then if I could, just one follow-up as it pertains to the balance sheet. The cash used in the period was about, I think, about $132 million. You guys spent, I think, somewhere in kind of software costs, et cetera, $22 million or so in the period and had the $264 million EBITDA loss. So that $150 million gap, it looks like a source of cash, could you kind of bridge that for me? Is there something that I'm missing in there?

偉大的。然後，如果可以的話，只需一項與資產負債表有關的後續行動。我認為，在此期間使用的現金約為 1.32 億美元。我認為，你們在此期間花費了大約 2200 萬美元的軟件成本等，並且有 2.64 億美元的 EBITDA 損失。所以這個 1.5 億美元的缺口，看起來像是現金的來源，你能幫我彌補一下嗎？那裡有我遺漏的東西嗎？

Yes, Carlo. So basically, the major part of the bridge is the working capital use -- source of cash in Q3. So if you recall back in Q1, Q2, we had slight uses of cash and Q3 as the source of cash. And I would just comment that on a full year basis, we don't -- I don't anticipate working capital being a meaningful source or use of cash, consistent with businesses of our type.

是的，卡羅。所以基本上，橋樑的主要部分是營運資金的使用——第三季度的現金來源。因此，如果您回想起第一季度和第二季度，我們有少量使用現金和第三季度作為現金來源。我只想評論說，在全年的基礎上，我們不會 - 我不認為營運資金是有意義的現金來源或現金使用，與我們類型的業務一致。

(Operator Instructions) Our next question comes from Michael Graham with Canaccord Genuity.

（操作員說明）我們的下一個問題來自 Canaccord Genuity 的 Michael Graham。

The first question is just you mentioned the national advertising mix. And I just wonder if you could give us an update on where you are in the art of transforming that mix? And what do you expect kind of the terminal mix between national and local to be?

第一個問題就是你剛才提到的全國廣告組合。我只是想知道您是否可以向我們提供有關您在轉換該組合的藝術方面的最新情況？您期望國家和地方之間的終端組合是什麼？

And then I just wanted to ask Jason about how you're thinking about the probability, I guess, that the U.S. economy will go into a recession next year? How would you expect that to impact your business? And how is it affecting your planning?

然後我只是想問傑森，你如何看待美國經濟明年將陷入衰退的可能性？您認為這將如何影響您的業務？它對您的計劃有何影響？

Yes. Good question. So on the first one, we've, over the last few years, said that as we get to north of around 35% of the population having legal online sports betting, that would be a turning point where national advertising would start to become, in many cases, more efficient than local advertising.

是的。好問題。因此，在第一個問題上，我們在過去幾年中表示，隨著大約 35% 的人口擁有合法的在線體育博彩，這將是一個轉折點，全國廣告將開始成為，在許多情況下，比本地廣告更有效。

We're just crossing that threshold now. We are in states that represent about 37% of population. So just starting to see some small impacts and favorability from that.

我們現在才剛剛跨過這個門檻。我們所在的州約佔人口的 37%。所以剛剛開始看到一些小的影響和好感。

As I think we noted on the call, we had CACs that were 10% better than we expected, and we actually beat our total forecast for new customers acquired. So we were able to get scale and efficiency. And I think part of that is starting to get a little bit of benefit from this national advertising shift.

正如我認為我們在電話會議上指出的那樣，我們的 CAC 比我們預期的要好 10%，而且我們實際上超過了我們對新客戶獲得的總預測。所以我們能夠獲得規模和效率。我認為其中一部分開始從這種全國性的廣告轉變中獲得一點好處。

That should only continue to increase. We have states right now that represent 8% of the population that are in the next months or so projected to launch, the ones that we mentioned, Maryland, Ohio and Massachusetts pending licensure and regulatory approvals, of course. That will really start to add additional tailwind.

這應該只會繼續增加。我們現在的州代表了預計在未來幾個月左右推出的人口的 8%，當然，我們提到的馬里蘭州、俄亥俄州和馬薩諸塞州正在等待許可和監管批准。這將真正開始增加額外的順風。

And then it really just continues to go from there because as each new state comes on, you're reaching customers that already are seeing those national ads. You don't have to advertise locally as much anymore. So really, I think, a big tailwind behind our back now, and you're starting to see that in some of the Q3 results.

然後它真的只是繼續從那裡開始，因為隨著每個新州的出現，您會接觸到已經看到這些國家廣告的客戶。您不必再在本地做廣告了。所以，我認為，現在我們背後有一股巨大的順風，你開始在第三季度的一些結果中看到這一點。

And then I'm sorry, what was the second question?

然後我很抱歉，第二個問題是什麼？

Just how you're thinking about a recession. A possible recession.

就像你對經濟衰退的看法一樣。可能的衰退。

Yes. So we've definitely looked at different scenarios where if there were some kind of recession and if it were impactful to consumer behavior of our segment of customers that what could that look like? What would that mean for revenue next year? What would that mean for how we have to manage costs?

是的。因此，我們肯定已經研究了不同的情況，如果出現某種衰退，以及它是否對我們客戶群的消費者行為產生影響，那會是什麼樣子？這對明年的收入意味著什麼？這對我們必須如何管理成本意味著什麼？

So we're well prepared for that. And right now, we're not seeing any sign of that. So we're managing to the environment that we are seeing. But we are prepared to shift pretty quickly if we do start to see anything that concerns us. And fortunately, right now, we're not seeing that, but always good to be prepared.

所以我們為此做好了充分的準備。而現在，我們沒有看到任何跡象。所以我們正在管理我們所看到的環境。但是，如果我們確實開始看到任何與我們有關的事情，我們就準備好迅速轉變。幸運的是，現在，我們沒有看到這一點，但做好準備總是好的。

(Operator Instructions) Our next question comes from Bernie McTernan with Needham.

（操作員說明）我們的下一個問題來自 Bernie McTernan 和 Needham。

Since you last struck the partnership deal with ESPN, even though it's just a short time ago, the landscape of U.S. sports betting has changed a lot. So thinking about key priorities with any media partnership now as we sit here versus a couple of years ago, are there any major changes that you would look for now that maybe weren't a key priority a couple of years ago?

自從您上次與 ESPN 達成合作協議以來，儘管只是不久前，美國體育博彩的格局已經發生了很大變化。因此，當我們坐在這裡與幾年前相比，考慮現在與任何媒體合作夥伴關係的關鍵優先事項，您現在是否會尋找幾年前可能不是關鍵優先事項的任何重大變化？

I think with anything we're doing, we're looking at it the same way, which is what is the impact of any partnership we might establish on our financials over the course of the partnership and if relevant beyond. And does that check out against what we view as the expense of the partnership?

我認為對於我們正在做的任何事情，我們都以同樣的方式看待它，這就是我們在合作過程中可能建立的任何合作關係對我們的財務狀況的影響，如果相關的話。這是否與我們認為的伙伴關係費用相符？

So really, that's how we evaluate everything. If you look at it kind of down to some of the more specific KPIs, as noted in the past, we look at gross profit payback of three years or less for new customers. And I think that's something that always comes into play because many partnerships with media companies are mostly about customer acquisition.

所以真的，這就是我們評估一切的方式。如果您將其視為一些更具體的 KPI，如過去所述，我們會考慮新客戶三年或更短的毛利潤回收期。而且我認為這總是會發揮作用，因為與媒體公司的許多合作夥伴關係主要是關於客戶獲取。

So that's really how we've always looked at it. Nothing's changed too much there. I will say that the environment has improved dramatically year-over-year and that some of the deals that really at that time, I think last year, we had to pass on. I think in today's environment, would be more rationally priced.

這就是我們一直以來的看法。那裡沒有什麼太大的變化。我要說的是，環境逐年顯著改善，而且我認為去年的一些交易確實在當時，我們不得不放棄。我認為在今天的環境下，定價會更加合理。

So we're always keeping an eye out for opportunities. But also, as I noted earlier, we have more than half of our marketing spend and actually substantial -- excuse me, more than 2/3 of our marketing spend as variable. And we like to keep flexibility around being able to optimize in and out of things.

所以我們一直在關注機會。而且，正如我之前提到的，我們有超過一半的營銷支出，實際上是可觀的——對不起，超過 2/3 的營銷支出是可變的。我們希望在能夠優化進出事物方面保持靈活性。

So always very careful before doing any partnership that we have historical data from testing on those channels, and feel very good about the commitments we're making in light of the benefits that we expect to receive.

因此，在建立任何合作夥伴關係之前，始終要非常小心，我們從這些渠道的測試中獲得了歷史數據，並且根據我們期望獲得的好處對我們做出的承諾感到非常滿意。

Great. That's really helpful. And then as a follow-up, you spoke about the same profitability framework for 4Q '23 irrespective of California passing. Now that it doesn't seem like California is going to pass and you're not going to have those customer acquisition costs in the quarter, are those going to be redeployed into anywhere else that maybe now you have the luxury you're spending on that you didn't -- that there's a chance you wouldn't have prior?

偉大的。這真的很有幫助。然後作為後續行動，您談到了 23 年第 4 季度的相同盈利框架，無論加利福尼亞是否通過。既然加州似乎不會過去，並且您不會在本季度獲得這些客戶獲取成本，那麼這些成本是否會被重新部署到其他任何地方，也許現在您已經擁有了您正在花費的奢侈品你沒有 - 你以前沒有機會嗎？

That's a great question. The answer is yes. So we had a California plan and a non-California plan. Obviously, anything can happen. If we all wake up on Tuesday and Wednesday, I guess, and find out it passed, and we'll give it back to the California plan, but it wasn't the same plan. It wasn't as simple as saying we tack on California to what we just guided to now.

這是一個很好的問題。答案是肯定的。所以我們有一個加州計劃和一個非加州計劃。顯然，任何事情都可能發生。如果我們都在周二和周三醒來，我猜，發現它通過了，我們會把它還給加州計劃，但它不是同一個計劃。這並不像說我們將加利福尼亞州與我們現在所引導的內容一樣簡單。

There are definitely trade-offs that would have needed to be made and that we were prepared to make if California were to launch. So great question. And I think really, what we've continuously said is that we are absolutely committed to controlling our own destiny that we have a clear path to profitability with cushion on the cash balance that we have today. And that was irrespective of whether California launched or not.

肯定需要做出權衡，如果加利福尼亞要啟動，我們已經準備好做出這些權衡。這麼好的問題。我真的認為，我們一直在說的是，我們絕對致力於控制自己的命運，我們有一條清晰的盈利之路，可以緩沖我們今天擁有的現金餘額。這與加利福尼亞是否啟動無關。

And so we had two different plans, one with and one without California. Right now, we're planning on executing it without since that looks like where it's going, but we're ready to pivot on a dime if we get a pleasant surprise although that's certainly not what I'm expecting next week.

所以我們有兩個不同的計劃，一個有加利福尼亞，一個沒有加利福尼亞。現在，我們計劃在沒有的情況下執行它，因為它看起來像它的發展方向，但如果我們得到一個令人驚喜的驚喜，我們準備好轉一角，儘管這肯定不是我下週所期待的。

(Operator Instructions) Our next question comes from Ryan Sigdahl with Craig-Hallum.

（操作員說明）我們的下一個問題來自 Ryan Sigdahl 和 Craig-Hallum。

Two questions for us. First one, curious that parlay is a big focus, obviously, for everybody and you guys. But what about in-game betting? How has that trended as a percent of sales the last few quarters and then expectations going forward?

給我們兩個問題。第一個，好奇過關投注顯然是每個人和你們的重點。但是遊戲內投注呢？在過去幾個季度中，這一比例在銷售額中的百分比是如何變化的，然後是未來的預期？

So in-game betting is definitely also an area of focus. We've seen since we've launched continued improvement in mix of live betting. I think one of the really interesting things about the early win promo that we ran this year is that part of the design behind it was you're paying out in game and can we use that to then merchandise and drive more live betting. And we've seen really good, I think, impact from when we've had those early payouts on driving up live betting. So it definitely continues to be a focus.

因此，遊戲內投注絕對也是一個重點領域。自從我們推出現場投注組合以來，我們已經看到了持續改進。我認為我們今年運行的早期獲勝促銷活動的真正有趣的事情之一是，它背後的部分設計是你在遊戲中支付，我們可以用它來銷售和推動更多的現場投注。我認為，我們已經看到了非常好的影響，因為我們獲得了早期支付對推動現場投注的影響。所以它肯定會繼續成為焦點。

I know we've talked about parlay a lot, but that's just because we felt like that was where the biggest gap was competitively on the bet mix side and why we are holding below at least FanDuel.

我知道我們已經談論過很多次過關投注，但這只是因為我們覺得那是在下注組合方面最大的競爭差距，也是我們至少保持在 FanDuel 以下的原因。

So I think that, that's really why we've talked a lot about that, but it doesn't mean internally that live betting hasn't been a big focus and it continues to be. It's a great way of keeping the customer engaged throughout the game.

所以我認為，這就是我們談論這個問題的真正原因，但這並不意味著在內部，現場投注沒有成為焦點，而且仍然如此。這是在整個遊戲過程中保持客戶參與度的好方法。

And then just as I think about DraftKings relative to FanDuel, it seems like you guys are a bit more aggressive -- speaking on you mentioned early win and some of those other creative promotions and reinvestment in some temporary or short-term unlucky players, et cetera, outcomes, but a little bit less on the national advertising. How do you think about balancing new player bonuses versus existing player retention loyalty versus national and kind of brand building marketing?

然後就像我認為與 FanDuel 相關的 DraftKings 一樣，你們似乎更具侵略性——談到你提到的早期勝利和一些其他創造性的促銷活動以及對一些臨時或短期倒霉球員的再投資等等等，結果，但在全國廣告上少了一點。您如何看待平衡新玩家獎金與現有玩家保留忠誠度與國家和品牌建設營銷的方式？

Yes, that's a very important question. It's one of those along with the kind of return to your question, and I mentioned earlier that really important for us to continue to optimize what's the right balance of -- if you think of all of it as sort of this broad category of marketing, what's the right balance of advertising spend versus promotional spend.

是的，這是一個非常重要的問題。這是對你問題的一種回歸，我之前提到過，對於我們來說，繼續優化正確的平衡非常重要——如果你認為所有這些都是這種廣泛的營銷類別，廣告支出與促銷支出的正確平衡是什麼。

And I think we're still along our journey of figuring that out, but definitely gets smarter every day. And I think this year, we were able to improve how we've optimized against both such that the overall rate of promotion was lower for us this year.

我認為我們仍在努力解決這個問題，但肯定每天都在變得更聰明。而且我認為今年，我們能夠改進我們針對兩者進行優化的方式，以便今年我們的整體晉升率更低。

Our advertising spend on a per customer basis, our CAC, I should say, has improved. We mentioned 10% better than expected in Q3 this year. And we've been able to do all that while still hitting or exceeding our new customer targets. So I feel like we've made great progress there, but there's still a lot of work to be done to figure out the right balance of where those investments are made.

我們基於每位客戶的廣告支出，我應該說，我們的 CAC 有所改善。我們提到今年第三季度比預期好 10%。我們已經能夠做到這一切，同時仍然達到或超過我們的新客戶目標。所以我覺得我們在這方面取得了很大進展，但仍有很多工作要做，以找出這些投資的正確平衡點。

(Operator Instructions) Our next question comes from Joe Stauff with Susquehanna.

（操作員說明）我們的下一個問題來自 Susquehanna 的 Joe Stauff。

First question, I just wanted maybe to follow up on kind of users. I think you said for the full year, Jason Park, that the relationship between MUPs and monetization or more monetization. But I was wondering to what degree. I mean, obviously, in the third quarter, you had 22% MUP growth and significant monetization.

第一個問題，我只是想跟進一些用戶。 Jason Park，我想你全年都說過 MUP 與貨幣化或更多貨幣化之間的關係。但我想知道到什麼程度。我的意思是，很明顯，在第三季度，你的 MUP 增長了 22%，並實現了顯著的貨幣化。

Just wondering if you can, say, tighten up sort of expectations in terms of that relationship in the fourth quarter. And really, how you think about it based on your 2023 guide.

只是想知道你是否可以在第四季度加強對這種關係的期望。真的，你是如何根據你的 2023 年指南來思考它的。

Yes. So great question. I think some of it is controllable. Most of it's not. So a big reason why you saw substantially more ARPMUP than MUP growth in this quarter or in Q3, I should say, was the NBA bleed into July last year and this year, you didn't. So that obviously drove the denominator up last year, drove it down this year, but then in turn, also increased the ARPMUP.

是的。這麼好的問題。我認為其中一些是可控的。大多數不是。因此，我應該說，在本季度或第三季度，您看到 ARPMUP 的增長遠高於 MUP 增長的一個重要原因是去年 7 月 NBA 流血，而今年，您沒有。所以這顯然推動了去年的分母上升，今年又下降了，但反過來，也增加了 ARPMUP。

So I think some of that is sort of just sport calendar-dependent. For us, we're trying to maximize total long-term player LTV regardless of how -- of what form that comes in. So we don't really look at it as one is better than the other. It's more how do we maximize the LTV that we're generating from the players that we acquire. So that's really what guides us.

所以我認為其中一些只是體育日曆的依賴。對我們來說，我們正在努力最大化長期玩家的 LTV，無論以何種形式出現。所以我們並沒有真正將其視為一個比另一個更好。更重要的是我們如何最大化我們從我們獲得的玩家那裡產生的 LTV。所以這才是真正指導我們的東西。

And I think in the short term, we look at maximizing revenue but also making sure that we're not doing that at the expense of future revenue either. So really, we look at it more holistically. And I think those KPIs are more just a measure for us to understand. Underlying what's going on in the business.

我認為在短期內，我們著眼於最大化收入，但也要確保我們不會以犧牲未來收入為代價。所以說真的，我們更全面地看待它。我認為這些 KPI 更多地只是我們理解的衡量標準。是業務中正在發生的事情的基礎。

Makes sense. And then as a follow-up, I was wondering what your expectations were for World Cup relative to your 4Q guide?

說得通。然後作為後續，我想知道你對世界杯相對於你的 4Q 指南的期望是什麼？

Yes. World Cup will be interesting. We haven't really talked too much about it. We're not breaking it out separately as we don't with any other sports. So it will be interesting to see what kind of engagement we get. And I think that's probably one of the examples of something that if it significantly outperforms our expectations could be a positive catalyst for the quarter. But we don't have a ton of data on World Cup. So it's, it's really tough to say what to expect from it.

是的。世界杯會很有趣。我們並沒有真正談論太多。我們不會將其分開，因為我們不會與任何其他運動一起進行。所以看看我們得到什麼樣的參與會很有趣。我認為這可能是一個例子，如果它顯著超過我們的預期，可能會成為本季度的積極催化劑。但是我們沒有關於世界杯的大量數據。所以，真的很難說可以期待什麼。

And certainly, Joe, not a lot of data of World Cup in Q4.

當然，喬，沒有很多關於第四季度世界杯的數據。

Yes. Yes, exactly. Makes a big difference.

是的。對，就是這樣。有很大的不同。

And could I just squeeze a last one in just in terms of your DFS. Is -- how did DFS, I guess, perform in the third quarter? Is it kind of still like low single-digit type grower?

就您的 DFS 而言，我能不能只擠最後一個。是——我猜，DFS 在第三季度的表現如何？還是有點像低個位數的種植者嗎？

Yes, that's about right. DFS continues to be a slow grower for us, but one that's very important because in addition to providing revenue that flows through at a very high margin, it also is really a huge source of new customers for us every time we enter a new state for OSB or iGaming.

是的，這差不多。 DFS 對我們來說仍然是一個緩慢的增長者，但它非常重要，因為除了提供以非常高的利潤率流過的收入之外，每次我們進入一個新的狀態時，它對我們來說也是一個巨大的新客戶來源OSB 或 iGaming。

(Operator Instructions) Our last question comes from Jordan Bender with JMP Securities.

（操作員說明）我們的最後一個問題來自 JMP 證券公司的 Jordan Bender。

On the iGaming side, can you talk about the pace of new content coming on to your platform? And then maybe any improvements you've made on that end?

在 iGaming 方面，您能談談新內容進入您的平台的速度嗎？然後也許你在這方面做了任何改進？

Yes. The biggest thing that we just launched, and this was a big one that was a lot of work in the making, very proud of the product team was our jackpot functionality. It's totally unique to the market. No one else, no other operators have it. It allowed players to opt in to a separate jackpot pool, which then once it hits gets paid out, usually very high sums.

是的。我們剛剛推出的最重要的東西，這是一件大事，需要大量的工作，產品團隊非常自豪的是我們的累積獎金功能。它完全是市場獨有的。沒有其他人，沒有其他運營商擁有它。它允許玩家選擇加入一個單獨的累積獎金池，一旦它命中就會得到支付，通常是非常高的金額。

So really appealing, interesting, attractive product that I think (inaudible) that a lot of what players are looking for, which is the opportunity to put a small amount of money to work and potentially get a big payday. So very excited about that.

所以非常吸引人、有趣、有吸引力的產品，我認為（聽不清）很多玩家正在尋找的東西，這是一個投入少量資金並有可能獲得豐厚報酬的機會。對此非常興奮。

That's the most significant thing we've launched. For the year though, we've been launching tons of new content, lots of games, some of which are homegrown and unique, some of which are through third-party integrations, but always looking to build out the content and make sure that we have both the best and most popular titles out there but also unique and differentiated offerings like our Rocket game or like this jackpot functionality that we just recently launched.

這是我們推出的最重要的東西。不過這一年，我們一直在推出大量新內容、大量遊戲，其中一些是本土的和獨特的，其中一些是通過第三方集成的，但我們一直在尋求構建內容並確保我們既有最好的和最受歡迎的遊戲，也有獨特和差異化的產品，例如我們的 Rocket 遊戲或我們最近推出的頭獎功能。

I'd like to turn the call back over to Jason Robins, CEO, for any closing remarks.

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 for all joining us today on the call. We had an excellent third quarter, really excited about performance there. And we feel we're really well positioned for a very strong finish to 2022 and really well set up for 2023 going into 2024, which we expect to be roughly breakeven, potentially our first full profitable year and then, of course, Q4 of 2023, which we expect to be our first quarter of positive adjusted EBITDA. So very excited about the future, only 1 year away, we think, from our first positive adjusted EBITDA quarter.

感謝大家今天加入我們的電話會議。我們有一個出色的第三季度，對那裡的表現感到非常興奮。而且我們認為我們已經做好了到 2022 年非常強勁的完成的準備，並且為 2023 年到 2024 年做好了很好的準備，我們預計這將大致實現盈虧平衡，這可能是我們第一個全面盈利的一年，當然還有 2023 年第四季度，我們預計這將是我們第一季度的正調整 EBITDA。我們認為，距離我們第一個調整後的 EBITDA 正數季度只有 1 年的時間，我們對未來感到非常興奮。

I look forward to speaking with you all over the next few weeks. And hope everybody stays safe and well and enjoys a very exciting time on the sports calendar through the remainder of the year. Thank you.

我期待在接下來的幾週內與您交談。並希望每個人都保持安全，並在今年剩餘的時間裡享受體育日曆上非常激動人心的時光。謝謝你。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。