Draftkings Inc (DKNG) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to DraftKings first quarter (sic - "second quarter") 2024 Earnings Call.

歡迎參加 DraftKings 2024 年第一季（原文如此，「第二季」）財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

After the speakers' presentation, there will be a question-and-answer session.

演講者演講結束後，將進行問答環節。

(Operator Instructions) Please be advised, today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would like to turn the call over to your speaker today, Alan Ellingson, DraftKings Chief Financial Officer.

我想將今天的電話轉給您的發言人，DraftKings 財務長 Alan Ellingson。

Please proceed.

請繼續。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

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 forecasts.

我們在本次電話會議中所做的某些聲明可能構成前瞻性聲明，這些聲明受到風險、不確定性和我們在SEC 文件中進一步討論的其他因素的影響，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有重大差異。

We assume no responsibility to update forward-looking statements other than as required by law.

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.

在這次電話會議中，管理階層還將討論某些非公認會計準則財務指標，我們認為這些指標可能有助於評估 DraftKings 的營運表現。

These measures should not be considered in isolation or as a substitute for DraftKings financial results prepared in accordance with GAAP.

這些措施不應被孤立地考慮或作為根據 GAAP 編制的 DraftKings 財務業績的替代品。

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release and presentation, which can be found on our website and in our quarterly report on Form 10-Q filed with the SEC.

這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳可在我們的收益發布和演示中找到，這些內容可以在我們的網站和向 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 and Chief Executive Officer of DraftKings, who will share some opening remarks and an update on the business.

DraftKings 聯合創始人兼執行長 Jason Robins 主持了今天的電話會議，他將分享一些開場白和業務最新動態。

Following Jason's remarks, I will provide a review of our financials.

在傑森的演講之後，我將回顧我們的財務狀況。

We will then open the line to questions.

然後我們將開放提問熱線。

I will now turn the call over to Jason Robins.

我現在將把電話轉給傑森羅賓斯。

Good morning, and thank you all for joining.

早安，感謝大家的加入。

There are five key points that I'd like to focus on during our call today.

在今天的電話會議中，我想專注於五個要點。

First, we are achieving strong and efficient customer acquisition.

首先，我們正在實現強大且有效率的客戶獲取。

New OSB and iGaming customers increased nearly 80% year-over-year, while cap declined more than 40% year-over-year in the second quarter, a period with no new state launches.

新 OSB 和 iGaming 客戶年增近 80%，而第二季上限年減超過 40%，在此期間沒有新的州推出。

We anticipate the healthy customer acquisition environment to continue through the back half of the year and possibly beyond which may indicate that the US online gaming opportunity could be even larger than we previously thought.

我們預計健康的客戶獲取環境將持續到今年下半年，甚至可能表明美國線上遊戲的機會可能比我們之前想像的還要大。

Second, we believe we have a reasonable solution for high tax states including Illinois.

其次，我們相信我們對包括伊利諾伊州在內的高稅收州有一個合理的解決方案。

We plan to implement a gaming tax surcharge in the four states that have multiple sports betting operators and tax rates above 20% starting January 1, 2025.

我們計劃自 2025 年 1 月 1 日起在擁有多家體育博彩業者且稅率高於 20% 的四個州實施博彩稅附加費。

We believe additional upside potentially exists for adjusted EBITDA in 2025 and beyond from this gaming tax surcharge.

我們認為，博彩稅附加費在 2025 年及以後可能會為調整後的 EBITDA 帶來額外的上漲空間。

Third, the Jackpocket integration is off to a great start.

第三，Jackpocket 整合有了一個好的開始。

We are on track to hit the multiyear guidance for the transaction that we provided in announcement and expect the deal to generate positive adjusted EBITDA in the fiscal year 2025.

我們預計將達到我們在公告中提供的交易多年指引，並預計該交易將在 2025 財年產生正的調整後 EBITDA。

Fourth, we are excited about the future and are reiterating our expectation for $900 million to $1 billion of adjusted EBITDA in fiscal year 2025.

第四，我們對未來感到興奮，並重申我們對 2025 財年調整後 EBITDA 達到 9 億至 10 億美元的預期。

Finally, we said last quarter that we would provide an update on capital allocation.

最後，我們在上個季度表示，我們將提供資本配置的最新資訊。

We are pleased to announce that our Board authorized a share repurchase of up to $1 billion of our Class A common stock.

我們很高興地宣布，董事會授權回購最多 10 億美元的 A 類普通股。

This inaugural authorization reflects our conviction in the strong trajectory of our business and our expectation that we will generate significant free cash flow in the coming years.

這項首次授權反映了我們對業務強勁發展軌蹟的信心，以及我們對未來幾年將產生大量自由現金流的期望。

I'd also like to emphasize that all of us at DraftKings are very excited for the start of football season.

我還想強調，DraftKings 的所有人都對足球賽季的開始感到非常興奮。

Our product is in a great position as we are continuing to differentiate ourselves by investing in new features and functionality for Sportsbook and iGaming.

我們的產品處於有利地位，因為我們透過投資體育博彩和 iGaming 的新功能和功能，繼續使自己脫穎而出。

In Sportsbook, we recently launched in-house player prop wagers for NFL, NBA, MLB, NHL, college football, college basketball, and tennis.

在運動博彩中，我們最近推出了 NFL、NBA、MLB、NHL、大學橄欖球、大學籃球和網球的內部球員道具投注。

We also broadened our progressive parlays to include spread and total wagers.

我們也擴大了累積投注範圍，將點差和總投注納入其中。

In addition, we plan to integrate a bet and watch experience with NFL streaming.

此外，我們計劃將投注和觀看體驗與 NFL 串流媒體整合。

In iGaming, the DraftKings and Golden Nugget Online Gaming apps were ranked number one and number two overall in a recent third party survey.

在 iGaming 領域，DraftKings 和 Golden Nugget Online Gaming 應用程式在最近的第三方調查中分別排名第一和第二。

We are on track to double the number of new games we will release this year compared to last year and recently improved our interface to promote game discoverability.

與去年相比，我們今年發布的新遊戲數量預計將增加一倍，並且最近改進了我們的介面以提高遊戲的可發現性。

In closing, our business fundamentals are very healthy and we are excited about the second half of 2024 and beyond.

最後，我們的業務基本面非常健康，我們對 2024 年下半年及以後的前景感到興奮。

With that, I will turn it over to Alan Ellingson.

有了這個，我將把它交給艾倫·埃林森。

Thank you, Jason.

謝謝你，傑森。

I'll hit the financial highlights, including our second quarter 2024 performance and our updated guidance.

我將重點介紹財務亮點，包括我們 2024 年第二季的業績和更新的指導。

Please note that all income statement measures discussed, except for revenue, are on a non-GAAP adjusted EBITDA basis.

請注意，除收入外，討論的所有損益表指標均基於非公認會計原則調整後的 EBITDA。

As Jason mentioned, our business fundamentals were strong in the second quarter.

正如傑森所提到的，我們第二季的業務基本面強勁。

We generated $1.104 billion of revenue, representing 26% year-over-year growth and $128 million of adjusted EBITDA.

我們實現了 11.04 億美元的收入，年增 26%，調整後的 EBITDA 為 1.28 億美元。

Importantly, customer acquisition exceeded our expectations as new to DraftKings OSB and iGaming customers increased nearly 80% year-over-year.

重要的是，客戶獲取超出了我們的預期，DraftKings OSB 和 iGaming 的新客戶年增了近 80%。

Customer retention and engagement were healthy and resulted in handle that exceeded our expectations.

客戶保留率和參與度都很健康，處理效果超出了我們的預期。

Handle was strong even with fewer than anticipated NBA playoff games.

儘管 NBA 季後賽的比賽數量少於預期，但漢德爾的表現依然強勁。

Structural Sportsbook hold percent improved year-over-year in line with our expectations to approximately 10%.

結構性體育博彩持有百分比年增至約 10%，符合我們的預期。

Adjusted gross margin for the second quarter was 43% primarily due to better than expected customer acquisition and the corresponding promotional reinvestment.

第二季調整後毛利率為 43%，主要是因為好於預期的客戶獲取和相應的促銷再投資。

Operating expenses, including sales and marketing, products and technology, and general and administrative expenses were consistent with our expectations as we continued to balance revenue growth with operating efficiency across the organization.

營運費用（包括銷售和行銷、產品和技術以及一般和管理費用）與我們的預期一致，因為我們繼續在整個組織內平衡收入成長與營運效率。

Moving on to our fiscal year 2024 guidance.

接下來是我們的 2024 財政年度指導。

We now expect revenue in the range of $5.050 billion to $5.250 billion from a range of $4.800 billion to $5 billion.

我們現在預計收入範圍從 48.00 億美元到 50 億美元到 50.50 億美元到 52.50 億美元。

The updated range equates to year-over-year growth of 38% to 43%.

更新後的範圍相當於年增 38% 至 43%。

The increase in revenue guidance is driven by strong customer acquisition, engagement and retention trends for our existing customers as well as the inclusion of Jackpocket and our recent launch of Sportsbook in Washington, DC.

收入指引的成長是由我們現有客戶的強勁客戶獲取、參與度和保留趨勢以及 Jackpocket 的納入和我們最近在華盛頓特區推出的體育博彩推動的。

We are also revising our fiscal year 2024 adjusted EBITDA guidance to $340 million to $420 million from the range of $460 million to $540 million.

我們也將 2024 財年調整後 EBITDA 指引從 4.6 億美元至 5.4 億美元修改為 3.4 億美元至 4.2 億美元。

The revision takes into account Illinois raising its Sportsbook tax rate, strong new customer acquisition expectations, as well as the prior mentioned inclusion of Jackpocket and our recent Sportsbook launch in Washington, DC. From fiscal year 2024, we now expect our adjusted gross margin to increase modestly.

此次修訂考慮到了伊利諾伊州提高體育博彩稅率、強勁的新客戶獲取預期，以及前面提到的 Jackpocket 納入以及我們最近在華盛頓特區推出的體育博彩。從 2024 財年開始，我們預計調整後的毛利率將小幅成長。

We expect sales and marketing expense to increase at a mid to high single digit rate year-over-year.

我們預計銷售和行銷費用將以中高個位數的速度年增。

The increase is primarily due to the investments in Jackpocket brand.

這一成長主要是由於對 Jackpocket 品牌的投資。

We continue to expect the bridge between adjusted EBITDA and free cash flow to be approximately $100 million based on approximately $120 million of annual capital expenditure and capitalized software development costs, as well as a modest source of cash from changes in net working capital combined with interest income.

基於約 1.2 億美元的年度資本支出和資本化軟體開發成本，以及來自淨營運資本變動和利息的適度現金來源，我們仍然預計調整後 EBITDA 和自由現金流之間的橋樑約為 1 億美元收入。

And we continue to expect 2024 stock-based compensation expense to be flat to down in dollar terms on a year-over-year basis and represents approximately 7% of revenue in fiscal year 2024.

我們繼續預期 2024 年股票薪酬支出以美元計算將同比持平或下降，約佔 2024 財年收入的 7%。

Looking ahead to fiscal year 2025, we continue to expect adjusted EBITDA in the range of $900 million to $1.0 billion due to our underlying business momentum, including the benefit of higher customer acquisitions in the second half of 2024.

展望 2025 財年，由於我們的基本業務勢頭，包括 2024 年下半年客戶獲取量增加的好處，我們繼續預計調整後 EBITDA 將在 9 億至 10 億美元之間。

We believe additional upside potential exists when we apply the gaming tax surcharge in those noted high tax states that have multiple online Sportsbook operators, which we are not including at this time.

我們相信，當我們在那些擁有多家線上體育博彩營運商的高稅收州徵收博彩稅附加費時，存在額外的上行潛力，但我們目前不包括在內。

We expect to provide more details on our fiscal year 2025 guidance with our next earnings report in November.

我們預計將在 11 月的下一份收益報告中提供有關 2025 財年指導的更多詳細資訊。

That concludes our remarks.

我們的發言到此結束。

We will now open the line for questions.

我們現在將開通提問熱線。

Thank you.

謝謝。

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

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

Your line is open.

您的線路已開通。

Thank you, and good morning.

謝謝你，早安。

I appreciate all the information.

我很感激所有的資訊。

What I was really hoping to do was just talk about the surcharge for a moment, which is an interesting strategy, and how you thought about the degree to which competitors may or may not follow, and how you react under those circumstances?

我真正想做的只是談談附加費，這是一個有趣的策略，您如何考慮競爭對手可能會或可能不會遵循的程度，以及在這種情況下您會如何反應？

Just flushing out the strategy a bit more would be really helpful.

只要稍微完善一下策略就會非常有幫助。

Thank you, David.

謝謝你，大衛。

Great question.

很好的問題。

I think every company has to do what's best for their own business.

我認為每個公司都必須做對自己業務最有利的事。

I think we believe this is what's best for us.

我認為我們相信這對我們來說是最好的。

And I would imagine that if that's our calculus, then others would come to the same conclusion.

我想如果這是我們的計算，那麼其他人也會得出同樣的結論。

But we really don't know and we'll have to see.

但我們真的不知道，我們必須看看。

And, obviously, there might be other ways, other ideas for how to implement something like this that might be better than what we came up with.

而且，顯然，可能還有其他方法、其他想法來實現這樣的事情，這可能比我們想出的更好。

We thought through this quite a bit, but you never know.

我們對此進行了相當多的思考，但你永遠不知道。

So we do have some time between now and January 1st, and we'll see what happens.

所以從現在到 1 月 1 日我們確實有一段時間，我們將看看會發生什麼。

Right.

正確的。

Interesting.

有趣的。

And as a quick follow up, just with respect to putting the surcharge aside, if we think about the impact that we should be reflecting in our models for Illinois, assuming no surcharge, any help, Alan, as to how we might sort of think through that impact and include it for the future, just a lot going on in there?

作為快速跟進，只是關於將附加費放在一邊，如果我們考慮一下我們應該在伊利諾伊州的模型中反映的影響，假設沒有附加費，任何幫助，艾倫，關於我們如何思考通過這種影響並將其納入未來，那裡發生了很多事情？

I'll answer quickly and then Alan can add any detail.

我會快速回答，然後艾倫可以添加任何細節。

But I think the best way to think about it is the overperformance that we are seeing with customer acquisition.

但我認為最好的思考方式是我們在客戶獲取方面看到的超額表現。

The launch of Washington D.C., our expectation for Jackpocket to deliver positive EBITDA next year, as well as underlying trends with our existing customers and outperformance on the handle side.

華盛頓特區的推出，我們對 Jackpocket 明年實現正 EBITDA 的期望，以及我們現有客戶的基本趨勢和手柄方面的優異表現。

All should offset the Illinois tax increase next year.

所有這些都應該抵消明年伊利諾伊州的增稅。

So even if we don't get any benefit from the fee, we will see still $900 million to $1 billion in adjusted EBITDA next year.

因此，即使我們沒有從這筆費用中獲得任何好處，明年調整後的 EBITDA 仍將達到 9 億至 10 億美元。

Yes.

是的。

Okay.

好的。

Okay.

好的。

Thank you very much.

非常感謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Shaun Kelley with BofA.

我們的下一個問題來自美國銀行的肖恩凱利。

Your line is open.

您的線路已開通。

Hi.

你好。

Good morning, everyone.

大家早安。

Jason or Alan, I think a lot of the rest of the subject of the sort of update here is about the increased customer acquisition environment.

傑森或艾倫，我認為這裡的大部分更新主題都是關於增加客戶獲取環境。

Obviously, some of the continued investments you're making.

顯然，您正在進行一些持續的投資。

So the impact here seems to be the net is obviously higher revenue expectations and lower profit flow throughs.

因此，這裡的淨影響似乎是明顯更高的收入預期和更低的利潤流量。

Specifically asking about kind of 2025 to start, just the implied guidance right now implies some reacceleration.

具體詢問 2025 年開始的時間，現在隱含的指導意味著一些重新加速。

I don't think, you've given explicit revenue guidance.

我認為您沒有給出明確的收入指引。

That seems to be kind of the undertone here.

這似乎是這裡的基調。

So what in your mind would kind of cause the environment to change from where we're at today?

那麼您認為什麼會導致環境發生與我們今天所處的位置不同的變化呢？

And if it doesn't, what would some of the offsets potentially be for DraftKings as we kind of move into next year?

如果沒有，那麼當我們進入明年時，DraftKings 可能會得到哪些補償？

And, let's say, the customer acquisition environment remains rich and you continue to see strong adds there?

而且，比方說，客戶獲取環境仍然豐富，並且您繼續看到那裡的強勁成長？

Thanks.

謝謝。

Yes.

是的。

It's a great question.

這是一個很好的問題。

Just to explain a little bit about what's going on.

只是為了解釋一下正在發生的事情。

One, even if we didn't spend another dime on marketing, new customers promotions.

第一，即使我們沒有在行銷、新客戶促銷上再花一毛錢。

So, you're right, that has a drag on revenue and EBITDA, and we're seeing enough outperformance on the revenue side elsewhere that while it certainly hit the bottom line a little bit or will for the remainder of the year, it didn't actually.

所以，你是對的，這對收入和 EBITDA 造成了拖累，而且我們在其他地方看到收入方面的表現足夠出色，雖然它肯定會在今年剩餘時間內或會稍微觸及底線，但它並沒有其實不是。

We're still seeing improved revenue.

我們仍然看到收入有所改善。

So that just kind of demonstrates, I think, the underlying strength of the business and the customers that we're seeing.

我認為，這只是展示了我們所看到的業務和客戶的潛在實力。

So when you kind of put all that together next year, we do expect to get a little bit more revenue, because we'll need that to offset in order to make the math work that's needed to offset the Illinois gaming tax increase.

因此，當你明年將所有這些放在一起時，我們確實預計會獲得更多的收入，因為我們需要抵消這些收入，以便進行抵消伊利諾伊州博彩稅增加所需的數學計算。

So that's kind of how you get to the $900 million to $1 billion.

這就是你獲得 9 億至 10 億美元的方式。

And then any additional upside beyond that Illinois gaming tax amount would be either revenue driven or from the impact of the fee that we're instituting in those four states.

然後，除了伊利諾伊州博彩稅金額之外的任何額外增長要么是收入驅動的，要么是我們在這四個州徵收的費用的影響。

And then as far as the potential for hot customer acquisition next year, that can always happen.

就明年獲得熱門客戶的潛力而言，這種情況總是可能發生。

Right now, we feel we've built in some degree of the increased trends we're seeing.

現在，我們覺得我們已經在某種程度上建立了我們所看到的成長趨勢。

And obviously, a lot of that will depend on if there's more state launches and things like that.

顯然，這很大程度上取決於是否有更多的州發布之類的事情。

So, I think, you could sort of think of this as a same state basis type of thing again.

所以，我認為，你可以再次將其視為相同的狀態基礎類型。

And obviously, if there's more state launches next year and more customer acquisition investment, then that might change things a bit.

顯然，如果明年有更多的州發布和更多的客戶獲取投資，那麼情況可能會有所改變。

But that just means bigger numbers longer term over the following year.

但這只意味著隔年的長期數字會更大。

So, I think, that's the right way to think about it.

所以，我認為，這是正確的思考方式。

But as of today, I see no reason to think that on a same state basis, wouldn't be able to deliver $900 million to $1 billion in adjusted EBITDA next year.

但截至今天，我認為沒有理由認為在同一州的基礎上，明年將無法實現 9 億至 10 億美元的調整後 EBITDA。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Stephen Grambling with Morgan Stanley.

我們的下一個問題來自摩根士丹利的史蒂芬‧格蘭布林。

Your line is open.

您的線路已開通。

Hi.

你好。

Thanks.

謝謝。

Just want to maybe follow up on Shaun's question, but ask it in a different way.

只是想跟進肖恩的問題，但以不同的方式提出。

Are you seeing any change in the cost to sustain and engage existing players?

您是否發現維持和吸引現有玩家的成本有任何變化？

And also on the new customer acquisition, is that primarily coming from new states?

還有關於新客戶的獲取，主要來自新的州嗎？

Are you still seeing even greater uptick from existing states?

您是否仍看到現有州的漲幅更大？

So we are not seeing an increase in the existing player cost.

因此，我們沒有看到現有玩家成本的增加。

It's all new player driven and mix driven, so meaning, mix of new players to existing.

這都是新玩家驅動和混合驅動的，因此意味著新玩家與現有玩家的混合。

And interestingly, it really is across the board.

有趣的是，這確實是全面的。

So certainly we got some boost from North Carolina having launched in late Q1.

因此，我們肯定從第一季末推出的北卡羅來納州得到了一些推動。

But if you remember, last year we had two big states, Ohio and Massachusetts, launched in Q1.

但如果你還記得的話，去年我們有兩個大州，俄亥俄州和馬薩諸塞州，在第一季啟動。

So this year there were less new state launches around this timeframe and none in Q2.

因此，今年在這個時間段內推出的新州數量較少，而第二季度則沒有。

We did have DC launch recently, but that didn't affect the Q2 numbers that was in July.

我們最近確實推出了 DC，但這並沒有影響 7 月的第二季數據。

So really it has to come from existing states if you look at it that way.

所以如果你這樣看的話，它其實必須來自現有的狀態。

And then it's really across products, too.

而且它也確實是跨產品。

We did see some particular strength in the Golden Nugget brand as we migrated onto the DraftKings platform and product.

當我們遷移到 DraftKings 平台和產品時，我們確實看到了 Golden Nugget 品牌的一些特殊優勢。

We definitely saw a boost in conversion and got some lift on there.

我們確實看到了轉換率的提高，並且得到了一些提升。

But really it's been across states, across products.

但實際上它是跨州、跨產品的。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Joe Greff of JPMorgan.

我們的下一個問題來自摩根大通的喬·格雷夫。

Your line is open.

您的線路已開通。

Good morning, everybody.

大家早安。

Hi.

你好。

Jason, just wanted to ask on the higher new user acquisition cost plans in the second half of this year.

Jason，只是想問今年下半年更高的新用戶獲取成本計劃。

How much of this is offense, meaning, to grow the new user base versus defense versus impacting the competition?

其中有多少是進攻，也就是說，是為了擴大新用戶群，還是防守，還是影響競爭？

And then my follow-up to that is, you mentioned that presently the customer acquisition environment is healthy.

我的後續行動是，您提到目前客戶獲取環境是健康的。

What if that environment changes to the downside?

如果環境變得不利怎麼辦？

How do you react?

你有何反應？

How do you pivot?

你如何轉動？

Yes, great questions.

是的，很好的問題。

I mean, we, I think, have been very consistent in that.

我的意思是，我認為我們在這方面一直非常一致。

We don't react competitively.

我們不會做出競爭性的反應。

We make decisions based on our three-year payback rule and what our data says our customer acquisition spend is returning.

我們根據三年投資回收規則以及我們的數據顯示我們的客戶獲取支出正在回報的情況做出決策。

So as we noted, we had an over 80% increase an almost 80% increase in new players in Q2 year-over-year and an over 40% CAC decline.

正如我們所指出的，第二季新玩家數量同比增長了 80% 以上，幾乎增長了 80%，而 CAC 下降了 40% 以上。

I mean, those are just massive numbers, right?

我的意思是，這些數字很大，對嗎？

So when you or me looking at those numbers, your marketing team is coming to you and saying we can deliver more productive spend with the same type of results, it's hard to say no to that, right?

因此，當你或我看到這些數字時，你的行銷團隊會來找你並說我們可以在相同類型的結果下提供更有成效的支出，很難拒絕，對吧？

And we've been monitoring cohort quality.

我們一直在監控隊列品質。

I mean, everything looks really, really solid.

我的意思是，一切看起來都非常非常堅固。

So, I think, it's just a particularly strong environment right now.

所以，我認為，現在的環境特別強大。

The market is growing quickly.

市場正在快速成長。

I think, you've got to fish when the fish are biting, so to speak.

我認為，可以這麼說，當魚咬鉤時，你必須釣魚。

So, I think, that's the way to think about it.

所以，我認為，這就是思考這個問題的方式。

It's absolutely offensive and really more so just kind of following the data.

這絕對是令人反感的，而且更重要的是遵循數據。

And by the same token to your second question, if it goes the other way, we'll follow it back the other way.

同樣，對於你的第二個問題，如果情況相反，我們也會從另一個方面跟進。

So the good news for us is the vast majority of our marketing spend is flexible.

因此，對我們來說，好消息是我們的絕大多數行銷支出都是彈性的。

We can move in and out of it very quickly.

我們可以很快地進出它。

A lot of it's digital.

其中很多都是數位化的。

Even the TV we can move out of in a matter of days, usually.

通常，即使是電視我們也可以在幾天內搬走。

So, really it's quite easy for us to make adjustments as we see what's working and at what levels.

所以，當我們看到什麼是有效的以及在什麼水平上時，我們真的很容易做出調整。

And same way that when the data is telling us we should be investing deeper, because the paybacks are really strong, if we start to see the opposite or if we start to see a decline in cohort quality, we can easily adjust there.

同樣，當數據告訴我們我們應該進行更深入的投資時，因為回報非常強勁，如果我們開始看到相反的情況，或者我們開始看到隊列品質下降，我們可以輕鬆地進行調整。

Great.

偉大的。

And Alan, when do you start becoming a cash taxpayer with the gaming?

艾倫，你什麼時候開始成為博彩現金納稅人？

And what's the cash corporate tax rate in 2026?

2026 年現金企業稅率是多少？

We'll probably start paying a minimum amount of cash taxes in 2025 and 2026, but we don't expect to run through all of our NOLs until 2027 or 2028 at the soonest.

我們可能會在 2025 年和 2026 年開始繳納最低金額的現金稅，但我們預計最快要到 2027 年或 2028 年才能用完所有 NOL。

Thanks, guys.

謝謝，夥計們。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Clark Lampen with BTIG.

我們的下一個問題來自 BTIG 的 Clark Lampen。

Your line is open.

您的線路已開通。

Good morning, everyone.

大家早安。

Thanks for taking the question.

感謝您提出問題。

Good morning.

早安.

Jason, I want to come back to the sort of customer acquisition topic and the comments you made around existing state performance.

傑森，我想回到客戶獲取主題以及您對現有州績效所做的評論。

I'm curious, I guess, in absence of obvious changes, I guess from last quarter to this one, from like a launch dynamic standpoint, what's creating, I guess, the sort of more favorable environment that you're leaning into.

我很好奇，我想，在沒有明顯變化的情況下，我想從上個季度到本季度，從啟動動態的角度來看，是什麼在創造，我想，你正在傾向於的那種更有利的環境。

Is it sort of more of a push factor where CACs have come down enough, where it makes sense to spend more and you can actually reach customer cohorts that you weren't previously addressing, or is something sort of ticked up in terms of interest that suggests the TAM maybe really is expanding at a faster pace than we expected right now?

這是否更像是一種推動因素，在這種情況下，CAC 已經下降得足夠多，花更多的錢是有意義的，你實際上可以接觸到你之前沒有解決過的客戶群，或者是某種興趣上的提升，顯示 TAM 的擴張速度可能真的比我們現在預期的還要快？

Yes.

是的。

It's a great question and hard to exactly pinpoint, but I think it's a combination of both the things that you said, primarily.

這是一個很好的問題，很難準確指出，但我認為這主要是你所說的兩件事的結合。

So, one, as we've increased our state footprint, we've talked about this for years now, how this is kind of the gift that keeps on giving.

因此，第一，隨著我們增加國家足跡，我們已經討論這個問題很多年了，這是一種持續給予的禮物。

We see the same cost from a national marketing perspective, regardless of how many states we're operating in.

無論我們在多少州開展業務，從全國行銷的角度來看，我們的成本都是相同的。

But the bigger your footprint, the more bang for your buck you're getting for it.

但您的足跡越大，您獲得的收益就越大。

So as we've grown our state footprint, you're absolutely right, it just continues to improve our efficiency, which allows us to unlock the ability to reach a little bit deeper and spend a little bit more in pockets that weren't meeting our payback thresholds previously.

因此，隨著我們擴大國家足跡，你說得完全正確，它只會繼續提高我們的效率，這使我們能夠進一步深入，並在無法滿足需求的地方多花一點錢。

Secondly, I do think that there's just a ton of momentum in the industry right now.

其次，我確實認為該行業目前有很大的發展勢頭。

Lots of buzz coming up with NFL season.

NFL 賽季即將到來，引起了很多關注。

It's only going to get bigger, because this is the most busy time of year for us typically from a customer acquisition perspective, I guess the Super bowl, but the whole NFL, kind of NBA, that whole fall timeframe is usually the biggest overall period.

它只會變得更大，因為從客戶獲取的角度來看，這通常是我們一年中最繁忙的時間，我猜是超級碗，但整個NFL，某種NBA，整個秋季時間範圍通常是最大的整體時期。

And, really, I see no reason to think that that's going to slow down.

事實上，我認為沒有理由認為這種速度會放緩。

Obviously, as noted earlier, we're going to be very closely monitoring the data and if we see any changes, we'll adjust our spend and adjust our approach.

顯然，如前所述，我們將非常密切地監控數據，如果發現任何變化，我們將調整我們的支出並調整我們的方法。

But right now, I think, if anything, you'd expect it to build, because we're in really the least busy time of year and we're still seeing very strong customer acquisition.

但現在，我認為，如果有什麼不同的話，你會期望它能夠建立起來，因為我們確實正處於一年中最不繁忙的時期，而且我們仍然看到非常強勁的客戶獲取。

So, I don't know why that would slow down going into the busiest time of year.

所以，我不知道為什麼進入一年中最繁忙的時間會減慢速度。

Understood.

明白了。

I have a follow up also for Alan, I guess, on the repurchase that was announced today.

我想我對艾倫也有後續行動，就是今天宣布的回購。

Alan, you guys just wrote a fairly large check for Jackpocket.

艾倫，你們剛剛為 Jackpocket 寫了一張相當大的支票。

There have been some rumors of other sort of smaller scale deals.

有一些關於其他小規模交易的傳言。

Football season last year was a pretty good reminder of result swings and the potential for sort of intra-quarter outflows.

去年的足球賽季很好地提醒了人們結果的波動以及季度內資金流出的可能性。

Is it fair to think that, I guess, utilization of that buyback authorization might be more of a 2025 event?

我認為，回購授權的使用可能更多是 2025 年的事件，這是否公平？

And if so, is this something that's going to be more formulaic in nature or would you hope to be a little bit more tactical and take advantage of the bigger dislocations, I guess, in the stock price?

如果是這樣，這是否會在本質上更加公式化，或者您是否希望更具策略性並利用股價中更大的錯位？

Thank you.

謝謝。

I think we anticipate being able to buyback the $1 billion of Class A shares over the next two to three years.

我認為我們預計能夠在未來兩到三年內回購 10 億美元的 A 類股票。

And we would like to be ideally be formulaic with it create some consistency.

理想情況下，我們希望能夠公式化，從而創造出一定的一致性。

But I do expect it to take more than just the next little while to get fully finalized.

但我確實預計它需要的不僅僅是接下來的一段時間才能完全敲定。

Yes.

是的。

And it will be a mix.

這將是一個混合體。

I mean, we'll have certainly some flexibility, as you noted, to take advantage of any dislocations in the share price.

我的意思是，正如您所指出的，我們肯定會有一定的靈活性，以利用股價的任何錯位。

But as Alan noted, I think the bulk of it will be formulaic.

但正如艾倫指出的那樣，我認為其中大部分內容都是公式化的。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Robert Fishman with MoffettNathanson.

我們的下一個問題來自羅伯特·菲什曼和莫菲特·內桑森。

Your line is open.

您的線路已開通。

Hi.

你好。

Good morning.

早安.

Curious, are you guys seeing any signs of consumer weakness in your -- some of your older states, maybe?

好奇，你們是否在你們的一些老州看到了消費者疲軟的跡象？

And how would you think about the impact on OSB and iGaming if we see any more of macro headwinds in the next couple of quarters?

如果我們在接下來的幾季看到更多的宏觀阻力，您會如何看待對 OSB 和 iGaming 的影響？

And then shifting gears a little bit, given the expected integration of the bet-and-watch experience with the NFL streaming, curious did you see anything last year?

然後稍微改變一下方向，考慮到投注和觀看體驗與 NFL 串流媒體的預期整合，你好奇去年看到了什麼嗎？

Some of your competitors did, I think, have this functionality.

我認為您的一些競爭對手確實具有此功能。

So anything that you learned last year about the NFL season that pushed you into this product enhancement?

那麼，您去年從 NFL 賽季中了解到的哪些資訊促使您進行了此產品改進？

And any early thoughts about exploring these rights for the NBA?

對於探索 NBA 的這些權利，您有什麼早期想法嗎？

Thank you.

謝謝。

Yes.

是的。

I think, on your first question, we're seeing absolutely no signs of any weakness in the consumer whatsoever.

我認為，關於你的第一個問題，我們絕對沒有看到消費者有任何疲軟的跡象。

Hard to know how much of that is unique to our industry versus macro, but really on our end, we're seeing super strong, healthy cohort behavior across the board.

很難知道其中有多少是我們行業與宏觀方面的獨特之處，但實際上就我們而言，我們看到了全面超強、健康的群體行為。

And as noted, customer acquisition is really at an all-time high as well.

如上所述，客戶獲取量也確實達到了歷史最高水準。

So everything looks really good on that front for us.

所以對我們來說，這方面的一切看起來都非常好。

On the bet-and-watch side, it wasn't really that we saw anything last year and anything our competitors did.

在投注和觀看方面，去年我們並沒有看到任何東西，也沒有看到我們的競爭對手所做的任何事情。

It was more that we wanted to do this all along.

更重要的是我們一直想這麼做。

It's a great thing that we think will add a lot of value to our customers doing live betting, just didn't make the cut.

我們認為這是一件很棒的事情，它將為我們進行現場投注的客戶增加很多價值，但沒有成功。

We had so many other great things that we were trying to get done last year.

去年我們還有很多其他很棒的事情想要完成。

And, I think, to do it in a sort of haphazard way wasn't our style.

而且，我認為，以某種隨意的方式來做這件事不是我們的風格。

We want to do it right, so we really wanted to make sure it wasn't just some kind of hack together integration of a video feed.

我們希望做得正確，所以我們真的想確保這不僅僅是某種視訊來源的拼湊整合。

But it was a true experience that we are creating, because if somebody tries it, we want them to say, this is great, and come back and get one shot at a first impression.

但這是我們正在創造的真實體驗，因為如果有人嘗試，我們希望他們說，這太棒了，然後回來嘗試第一印象。

So, I think, we felt like between the other things that we had on our roadmap and our desire to make sure we did this in the right way, we decided it would be better off for this coming season.

所以，我認為，我們覺得在路線圖上的其他事情和確保我們以正確的方式做到這一點的願望之間，我們決定在下個賽季會更好。

Thank you.

謝謝。

One moment for our next set of question.

請稍等一下我們的下一組問題。

Our next question comes from Ben Miller with Goldman Sachs.

我們的下一個問題來自高盛的本·米勒。

Your line is open.

您的線路已開通。

Thanks for taking the questions.

感謝您提出問題。

I guess just back on the gaming tax surcharge, can you just talk about the thought process behind using a surcharge as the mitigation measure as opposed to a more discreet lever?

我想回到博彩稅附加費，您能否談談使用附加費作為緩解措施而不是更謹慎的槓桿背後的思考過程？

And then are there any insights you can share around customer behavior from any A/B Testing that you might have done in advance of announcing this?

那麼，在宣布這項計劃之前，您是否可以分享有關 A/B 測試中的客戶行為的見解？

Thanks.

謝謝。

Sure.

當然。

So definitely discussed and thought through a lot of different ways of doing it.

因此，我們肯定討論並思考了很多不同的方法。

And as I said, some better idea comes along.

正如我所說，出現了一些更好的想法。

We're open to it.

我們對此持開放態度。

I think the important thing is that, if you look at sort of the way it's typically done in other industries, whether it'd be hotel taxes or even the sales tax that you pay when you buy something at the store, taxis, you name it.

我認為重要的是，如果你看看其他行業通常採取的方式，無論是酒店稅，還是你在商店、出租車等購物時支付的銷售稅它。

It's typically line itemed out separately and usually 100% passed along to the consumer.

它通常是單獨列出的，並且通常 100% 傳遞給消費者。

In this case, we're obviously subsidizing a chunk of it.

在這種情況下，我們顯然補貼了其中很大一部分。

So, we just thought that was most sort of in line with how it's typically done versus trying to obfuscate it, which also isn't consistent with our commitment to be transparent to our customers and be very customer friendly in everything we do.

因此，我們只是認為這最符合通常的做法，而不是試圖混淆它，這也不符合我們對客戶透明並在我們所做的一切中對客戶非常友好的承諾。

So, I know there's maybe benefit to hiding it, because maybe people don't notice, but I think over the long term customers appreciate transparency and even if they don't love that, their state implemented a high tax and some of that is being passed along.

所以，我知道隱藏它可能有好處，因為也許人們沒有註意到，但我認為從長遠來看，客戶欣賞透明度，即使他們不喜歡這一點，他們的州實施了高稅收，其中一些是被傳承。

I think they prefer that to not knowing if it were buried in the pricing or something else.

我認為他們更喜歡這一點，而不是不知道它是否隱藏在定價或其他東西中。

Was there any A/B testing that you guys done that you could share any customer behavior from that?

你們是否做過任何 A/B 測試，可以分享其中的任何客戶行為？

No, we haven't.

不，我們沒有。

We still there's work to do to implement it and I think it's hard to A/B test something like that.

我們仍然有工作要做來實現它，我認為很難對類似的東西進行 A/B 測試。

What we are doing is we're launching in four states, so we'll certainly see the impact there.

我們正在做的是在四個州推出，所以我們肯定會看到那裡的影響。

And, obviously, it won't be a perfect A/B test, but I think that we have enough comparable data from other states and enough of an understanding of what we would expect from consumer behavior that, I think, will have a pretty clean read on the impact.

而且，顯然，這不會是一個完美的A/B 測試，但我認為我們有足夠的來自其他州的可比較數據，並且對我們對消費者行為的期望有足夠的了解，我認為，這將有一個相當好的結果。

But it is a nominal amount.

但這只是像徵性的金額。

If you look at the materials we provided in the investor presentation, for Illinois, for example, if you made $10 bet to win $20, it would be a 37-ish or 30 something cent.

如果你看一下我們在投資者介紹中提供的材料，以伊利諾伊州為例，如果你下注 10 美元贏得 20 美元，那麼這將是 37 美元左右或 30 美分左右。

I forget the exact number charged.

我忘了具體的收費金額。

So, obviously, some people might just react negatively to the idea of being charged at all.

因此，顯然，有些人可能會對被指控的想法產生負面反應。

But it's really fairly nominal and it makes a huge difference in our ability to make a reasonable margin and also more importantly to compete with the illegal market, which pays no taxes and has the ability to invest 100% of their revenue into product and other things.

但這確實是名義上的，它對我們賺取合理利潤的能力產生了巨大的影響，更重要的是與非法市場競爭，非法市場不納稅，並且有能力將100% 的收入投資到產品和其他東西上。

So for us to be able to be competitive with the illegal market and invest properly in product and customer experience in a state that has a very high tax rate, we feel this is an important step that consumers will ultimately understand.

因此，為了讓我們能夠與非法市場競爭，並在稅率非常高的州對產品和客戶體驗進行適當投資，我們認為這是消費者最終會理解的重要一步。

And if they feel the product and experience is better, then they'd rather pay for that than somewhere else that maybe doesn't have as stronger product.

如果他們覺得產品和體驗更好，那麼他們寧願為此付費，而不是其他可能沒有更強大產品的地方。

Great.

偉大的。

Thanks so much.

非常感謝。

Operator

操作員

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Robin Farley with UBS.

我們的下一個問題來自瑞銀集團的羅賓法利。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

Yes.

是的。

I wanted to ask, when you think about strategy in Latin America, is that something you would pursue sort of organically or something that you might look to use M&A to get a stake in that market?

我想問，當您考慮拉丁美洲的策略時，您會有機地追求這一目標，還是希望透過併購來獲得該市場的股份？

And then just a quick follow-up question on the earlier commentary about the increased acquisition -- customer acquisition.

然後是對先前關於增加客戶獲取的評論的一個快速跟進問題——客戶獲取。

Your market share looked pretty consistent year-over-year.

你們的市佔率看起來與去年同期相當一致。

I guess, how should we think about what's the time lag between the higher customer acquisition and that showing up in the market share numbers?

我想，我們應該如何考慮更高的客戶獲取量和市佔率數字中顯示的客戶獲取量之間的時間差？

Thank you.

謝謝。

So, a couple things.

所以，有幾件事。

One, answering your question on Latin America, we would probably not do it organically if we were to pursue, it would be through M&A.

第一，回答你關於拉丁美洲的問題，如果我們要追求，我們可能不會有機地這樣做，而是透過併購。

That said, we don't currently have any plans to do that either.

也就是說，我們目前也沒有任何計畫要這樣做。

I think, we're really focused, as we've noted in the past, on winning the US online gaming opportunity.

我認為，正如我們過去所指出的那樣，我們真正專注於贏得美國線上遊戲的機會。

In fact, just in the last couple of months, we divested VSiN, we shuttered Reignmakers.

事實上，就在過去幾個月，我們剝離了 VSiN，並關閉了 Reignmakers。

So, I mean, we're more focused than ever on our core.

所以，我的意思是，我們比以往任何時候都更加關注我們的核心。

And I think that's just been a mantra and a theme throughout the company is focus, focus, focus.

我認為這一直是整個公司的口頭禪和主題，那就是專注、專注、專注。

So definitely want to make that point.

所以肯定想強調這一點。

But were we to do something, I think it would likely be through M&A for that very reason we don't want to take a big chunk of our brain trust here and distract them with something like that.

但如果我們要做某事，我認為很可能會透過併購來實現，正因為如此，我們不想在這裡佔用我們智囊團的一大部分，並用類似的事情分散他們的注意力。

And then, I'm sorry, second question on share.

然後，對不起，關於分享的第二個問題。

So hard to know exactly, because I would assume that if we're seeing robust customer acquisition, then our competitors are as well.

很難確切地知道，因為我認為如果我們看到強勁的客戶獲取，那麼我們的競爭對手也是如此。

So, I don't know if that's unique to us.

所以，我不知道這是否是我們所獨有的。

If it were unique to us, it should show up pretty quickly within a quarter or two of acquiring the customers.

如果它對我們來說是獨一無二的，那麼它應該會在獲得客戶後一兩個季度內很快出現。

But I think the caveat is, my guess is that the entire market, the entire industry is experiencing very strong customer acquisition right now, well, I guess there could be some things, like in the case of the Golden Nugget migration, that we're getting a little bit of an extra boost from, but for the most part we're seeing it across states, across products.

但我認為需要注意的是，我的猜測是，整個市場、整個行業現在正在經歷非常強勁的客戶獲取，嗯，我想可能會有一些事情，比如金塊遷移的情況，我們'我們得到了一點額外的推動，但在大多數情況下，我們在各州、各個產品中都看到了這種情況。

So, I think, it's more of a macro industry trend as much as anything else.

所以，我認為，這更像是宏觀產業趨勢。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Dan Politzer with Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

Your line is open.

您的線路已開通。

Hey, good morning, everyone.

嘿，大家早安。

First one, in terms of that stronger customer acquisition retention engagement, if I just look at your slide deck, it's a positive revenue of about $177 million, but a drag in terms of EBITDA.

首先，就更強大的客戶獲取保留參與度而言，如果我只看一下您的幻燈片，就會發現大約 1.77 億美元的正收入，但 EBITDA 卻是一個拖累。

But that compares with your first quarter, where both of those figures were positive, right?

但這與第一季相比，這兩個數字都是正值，對吧？

They would add incremental adjusted EBITDA.

他們將增加增量調整後的 EBITDA。

So, I guess, the question is, is there any way to kind of break out the $23 million EBITDA loss as part of your bridge as it relates to better monetization of existing customers versus maybe the drag of acquiring new customers?

所以，我想，問題是，有沒有辦法彌補 2300 萬美元的 EBITDA 損失，作為橋樑的一部分，因為它關係到現有客戶更好的貨幣化，而不是獲取新客戶的拖累？

Yes.

是的。

It's a great question.

這是一個很好的問題。

I mean, I think that the best way to think about it is if you assume that the incremental revenue from existing customers flows through somewhere in the 50-ish percent range, maybe a little bit higher, but somewhere around there, then you can kind of back into what comes from each.

我的意思是，我認為考慮這個問題的最好方法是，如果你假設現有客戶的增量收入流經50% 左右的範圍內的某個地方，也許更高一點，但在那附近的某個地方，那麼你可以回到各自的來源。

Got it.

知道了。

And the other thing I note, too, and I just want to make sure people understand this as well, because I think it's an important point.

我還注意到另一件事，我只是想確保人們也理解這一點，因為我認為這是很重要的一點。

When we talk about revising EBITDA guidance and incremental customer acquisition cost, even if we didn't spend any more money on marketing, new customer promos come from just more customers coming in.

當我們談論修改 EBITDA 指導和增量客戶獲取成本時，即使我們沒有在行銷上花費更多資金，新客戶促銷也來自更多客戶的進來。

So if we under forecast it, which in this case we did, the number of new customers that we expect to acquire this year, then even if we spent zero more dollars on advertising, on marketing, we would still see a headwind, which is in that line you're mentioning from new customer promos, because just more people signing up means more new customer promos.

因此，如果我們低估了今年預計獲得的新客戶數量（在本例中我們就是這樣做的），那麼即使我們在廣告和行銷上花費了零美元，我們仍然會看到逆風，即在這句話中，您提到了新客戶促銷，因為更多的人註冊意味著更多的新客戶促銷。

So, that's a good thing.

所以，這是一件好事。

It's not a bad thing.

這並不是一件壞事。

Obviously, it creates more profit over the long term, but it's something that really is not within our control.

顯然，從長遠來看，它會創造更多利潤，但這確實不在我們的控制範圍內。

And, I think, a good long term element of what we believe is a large and growing TAM.

而且，我認為，我們認為，一個好的長期要素是一個龐大且不斷成長的 TAM。

But in the end, unless we took away new customer offers, which we would never do, that's something that we can't really control.

但最終，除非我們取消新客戶的報價（我們永遠不會這樣做），否則這是我們無法真正控制的事情。

Got it.

知道了。

And then just quickly for my follow up on the surcharge.

然後快速跟進附加費。

In those states that you're going to implement that, are there additional steps that you're going to implement as well, such as marketing reductions or any other levers you can pull in Illinois, New York, Pennsylvania, to maybe offset some of the higher taxes?

在您要實施的那些州，您是否還要實施其他步驟，例如行銷削減或您可以在伊利諾伊州、紐約州、賓州採取的任何其他槓桿，以抵消一些影響稅收越高？

Yes.

是的。

I think part of the idea is to do this in place of that, so we can continue to invest in the state.

我認為部分想法是用這個來代替那個，這樣我們就可以繼續對國家進行投資。

I think, New York is a great example where all companies have, including DraftKings, have pulled back heavily on promotions and in state marketing investment.

我認為，紐約是一個很好的例子，包括 DraftKings 在內的所有公司都大幅削減了促銷和州行銷投資。

And, I think, that's fine, that's one way of doing it.

而且，我認為，這很好，這是實現這一目標的一種方法。

But another way is to say, look, I'm going to adjust so that we're effectively at a 20% tax rate, which is in line with a lot of other states, and I'm going to invest at the level that I would invest in a 20% tax rate state.

但另一種說法是，看，我將進行調整，以便我們實際上採用 20% 的稅率，這與許多其他州一致，並且我將按照以下水平進行投資我會投資於稅率為 20% 的州。

We'll have to see which one works better, but my guess is that that's going to work better, because it allows us to make the investments in product and promotions and marketing and all the other things that should continue to create long term growth.

我們必須看看哪一種效果更好，但我的猜測是，那種效果會更好，因為它使我們能夠在產品、促銷、行銷以及所有其他應該繼續創造長期成長的事情上進行投資。

Thanks so much for all the detail.

非常感謝您提供所有詳細資訊。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Joe Stauff with SIG.

我們的下一個問題來自 SIG 的 Joe Stauff。

Your line is open.

您的線路已開通。

Okay.

好的。

Thanks.

謝謝。

Good morning, Jason and Alan.

早安，傑森和艾倫。

Two questions, please.

請教兩個問題。

Good morning.

早安.

I wanted to see if you could, Jason, sort of describe, say, the iCasino first opportunity.

傑森，我想看看你能否描述一下 iCasino 的第一個機會。

At this point, you have GNOG fully ramped up and launched, and in particular, was it a material contributor to your MUP growth?

至此，您已經全面啟動並啟動了 GNOG，特別是，它是否對您的 MUP 成長做出了重大貢獻？

And then the second piece is just wanted to ask about, say, the economics of customer acquisition in existing states.

第二個問題只是想問現有州的客戶獲取經濟學。

We're aware obviously of that initial golden cohort, but just wondering how and what you've seen in terms of the economics and the LTVs for all the cohorts after that, whether it'd be year two versus year three and so forth?

我們顯然知道最初的黃金群體，但只是想知道在那之後的所有群體的經濟和生命週期價值方面您如何看到以及看到了什麼，是否是第二年與第三年等等？

I guess the main question is, like, in year two and year three, based on what you can observe, are the economics very different between them?

我想主要的問題是，在第二年和第三年，根據你所觀察到的情況，它們之間的經濟狀況是否有很大不同？

One would think over time it'd be lower, but I was just wondering what you're observing.

人們會認為隨著時間的推移它會更低，但我只是想知道你在觀察什麼。

Yes.

是的。

It's great question.

這是一個很好的問題。

So starting off, as we noted, we're seeing customer acquisition outperform really across the board, really states and products alike.

因此，正如我們所指出的，從一開始，我們就看到客戶獲取在各個方面都表現出色，無論是州還是產品。

That said, GNOG has been a bright spot ever since we migrated onto the DraftKings products and platform, which is a much more positive customer experience, better conversion flows, all those sorts of things.

也就是說，自從我們遷移到 DraftKings 產品和平台以來，GNOG 一直是個亮點，它提供了更積極的客戶體驗、更好的轉換流程等等。

We have definitely seen GNOG spike.

我們確實看到了 GNOG 的飆升。

So that was a material contributor for sure.

所以這肯定是個物質貢獻者。

It's still relatively small compared to DraftKings, but we're very excited about the potential for that brand in growth that we're going to see there.

與 DraftKings 相比，它的規模仍然相對較小，但我們對該品牌的成長潛力感到非常興奮，我們將在那裡看到這一點。

So more to come there, but definitely an important contributor to the outperformance on customer acquisition.

因此，還會有更多的事情發生，但絕對是客戶獲取方面表現優異的重要貢獻者。

And then the cohort question, we've noted this in the past as well, for sure.

然後是隊列問題，我們過去也注意到了這一點，當然。

As time goes on, you see some decline in cohort quality.

隨著時間的推移，您會發現隊列品質有所下降。

It's a thing that we look at every single day, and it's not just a matter of time.

這是我們每天都會看到的事情，而且不僅僅是時間問題。

Obviously, time is one factor, but you also see different LTVs based on what sport you acquire a player on or whether a player gets acquired onto iGaming versus onto OSB.

顯然，時間是一個因素，但根據您吸引玩家參加的運動項目，或者玩家是否被吸引到 iGaming 與 OSB，您也會看到不同的 LTV。

First, there's a number of different factors that we have noted that definitely drive differential LTVs.

首先，我們注意到有許多不同的因素肯定會導致生命週期價值的差異。

Obviously, the state that they're acquired and play in based on tax rates and other elements like whether there's iGaming.

顯然，他們被收購和參與的狀態是基於稅率和其他因素（例如是否有 iGaming）。

So, lots of complex variables that go into how we look at LTV, but certainly one of them is that there is an underlying quality of the player that declines as time goes on.

因此，我們如何看待 LTV 有很多複雜的變量，但其中之一肯定是玩家的潛在品質會隨著時間的推移而下降。

Because of course you're going to get your strongest players in the first year or two of state launch.

因為當然，您將在州啟動的第一年或第二年獲得最強大的玩家。

So that is something that we factor in.

這就是我們要考慮的因素。

We closely monitor it.

我們密切關注它。

It tends to asymptote out after a little bit of time.

它往往會在一段時間後逐漸消失。

So it's not like it just perpetually declines.

所以它並不是永遠下降。

Usually you kind of get that first year or two, depending on the state where you get the strongest players, and then it kind of flattens out.

通常你會得到第一年或第二年，這取決於你得到最強球員的州，然後它就會趨於平緩。

But no doubt, players you're getting a few years in or weaker than the players you get day one.

但毫無疑問，你得到的球員會比你第一天得到的球員弱一些。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Carlo Santarelli with DB.

我們的下一個問題來自 DB 的 Carlo Santarelli。

Your line is open.

您的線路已開通。

Hey, everybody.

嘿，大家。

Good morning.

早安.

Good morning.

早安.

First off, I just wanted to clarify something as it pertains to the 80%, the 80% growth in customers.

首先，我只是想澄清一些與 80%、80% 客戶成長有關的事情。

Does that include the Jackpocket customer base?

這包括 Jackpocket 客戶群嗎？

No, that's just new customers onto the DraftKings brand.

不，這只是 DraftKings 品牌的新客戶。

Oh, and GNOG as well.

哦，還有 GNOG。

In GNOG and DraftKings, okay, that's helpful.

在 GNOG 和 DraftKings 中，好吧，這很有幫助。

And then secondly, just to follow up, Jason, on your response to, I believe it was Dan's question, around the $177 million.

其次，傑森，我想跟進您對 1.77 億美元左右的問題的回答，我相信這是丹的問題。

I know you said 50% flow through on the existing customers.

我知道您說過 50% 的流量來自現有客戶。

Is it fair to more or less estimate that the existing customers are likely generating, call it, more than $177 million of incremental net revenue as the new customers would carry kind of negative net revenue through the rest of this year through the payback period.

或多或少估計，現有客戶可能會產生超過 1.77 億美元的增量淨收入，因為新客戶在今年剩餘時間的投資回收期內將帶來某種負的淨收入。

And hence the math is kind of like 200 to 300 from new customers, and then looked at the other way, take 50% flow through for the EBITDA and look at what the delta is on the acquired customers.

因此，數學上類似於來自新客戶的 200 到 300 個，然後從另一個角度來看，將 50% 的流量用於 EBITDA，然後看看所獲得的客戶的增量是多少。

Is that accurate?

準確嗎？

That's close.

那很接近了。

So new customers that we acquired, say, in Q2 will definitely generate positive revenue by the end of the year, but their new customer promo will also be a significant chunk of the play.

因此，我們在第二季度獲得的新客戶肯定會在年底前產生正收入，但他們的新客戶促銷也將是其中的重要組成部分。

What is it about three or four months after a customer's acquired that they are so depending on the timing, many of them would be negative this year, but some would get positive.

獲得客戶大約三、四個月後，他們會變得如此，這取決於時間，今年很多人會是負面的，但有些人會變得積極。

So it's a little bit complicated to think about.

所以考慮起來有點複雜。

But the best way that I would think about it is separate out.

但我認為最好的方式是分開。

Instead of thinking of it as a customer level, think of it as we're spending X more promo dollars because of new customers.

不要將其視為客戶級別，而是將其視為我們因為新客戶而花費了更多的促銷資金。

And those promo dollars are going to flow through somewhere around 90% to the bottom line.

這些促銷資金將有 90% 左右流入利潤。

And that's how you can back -- and then the rest of the revenue, the positive revenue, flows through in the 50s and that's how you can back into it.

這就是你可以回來的方式——然後剩下的收入，即正收入，在 50 年代流過，這就是你可以回來的方式。

Got it.

知道了。

Okay.

好的。

That makes sense.

這是有道理的。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Bernie McTernan with Needham & Company.

我們的下一個問題來自尼達姆公司的伯尼·麥克特南。

Your line is open.

您的線路已開通。

Great.

偉大的。

Good morning.

早安.

Thanks for taking the questions.

感謝您提出問題。

Maybe just to start sticking on the EBITDA bridge for 2025 or moving over to 2025, how much of the stronger customer acquisition, retention engagement, that line that's offsetting the Illinois, how much of that is really truly existing customers versus customers that you've acquired this year?

也許只是開始堅持 2025 年的 EBITDA 橋樑或轉向 2025 年，有多少更強大的客戶獲取、保留參與度，抵消了伊利諾伊州的影響，其中有多少是真正的現有客戶與您已經擁有的客戶今年收購的？

Sorry, say it one more time.

抱歉，請再說一次。

Yes.

是的。

In the EBITDA bridge, so Illinois is a big negative and then the big offset is the customer retention engagement line.

在 EBITDA 橋樑中，伊利諾伊州是一個很大的負面因素，然後最大的抵消因素是客戶保留參與線。

So want to know how much of that is driven by truly existing customers that you acquired before this year and better outperformance there versus the customers that you have been and expect to acquire this year?

那麼想知道其中有多少是由您在今年之前獲得的真正現有客戶以及與您今年已經獲得併預計獲得的客戶相比表現更好的推動的嗎？

This is 2025, right, you are talking about?

這是2025年，對吧，你說的是？

Yes, for the 2025.

是的，2025 年。

Exactly.

確切地。

Okay.

好的。

I don't know proportionally how it breaks out.

我不知道它是如何按比例爆發的。

Do you know the answer to that?

你知道答案嗎？

We won't break it out for this call, but disproportionate amount of it is the existing customers.

我們不會在這次電話會議中詳細說明，但其中不成比例的部分是現有客戶。

New customers tend to ramp up over time.

新客戶往往會隨著時間的推移而增加。

So you can assume that it's a little bit heavier on the existing customers and the performance on the retention and the engagement of our existing customers and less on the new customers, which we're still exploring the value of.

因此，您可以假設對現有客戶的影響更大，對現有客戶的保留和參與度的影響更大，而對新客戶的影響則較小，我們仍在探索新客戶的價值。

Okay, perfect.

好的，完美。

And then just given the focus on higher tax rate states, is the contribution profit margin significantly different in those high tax rate states versus the lower ones?

然後，考慮到對高稅率州的關注，高稅率州與低稅率州的貢獻利潤率是否有顯著差異？

Well, pre-instituting the fee, definitely the contribution margin is different, because even with reduced promo and marketing, you still depends on the state, right.

好吧，預先收取費用，邊際貢獻肯定是不同的，因為即使促銷和行銷活動減少，你仍然取決於國家，對吧。

I guess, New York is probably the one I'm thinking of when I'm answering your question. 51% tax on gross revenue can't overcome it to a point where it's going to be in line with the other states margin wise.

我想，當我回答你的問題時，我可能想到的就是紐約。對總收入徵收 51% 的稅無法克服這一問題，使其與其他州的利潤率保持一致。

But obviously it depends on the state.

但顯然這取決於國家。

And some states that are closer to that 20%, we can claw back most of it through promo and reduce advertising.

而一些接近 20% 的州，我們可以透過促銷和減少廣告來收回大部分。

Okay.

好的。

Thanks, Jason.

謝謝，傑森。

Thanks, Alan.

謝謝，艾倫。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Jed Kelly with Oppenheimer.

我們的下一個問題來自傑德·凱利和奧本海默。

Your line is open.

您的線路已開通。

Hey, great.

嘿，太棒了。

Thanks for taking my question.

感謝您提出我的問題。

Just circling back on the surcharge, maybe a different way to ask it, what would cause you not to potentially implement it?

只是回到附加費，也許換一種方式問它，什麼會導致你不潛在地實施它？

And then just real quickly on hold.

然後很快就暫停了。

Some of the hold trends are obviously different, but have you seen any change in how you view your structural hold or your parlay mix?

有些持有趨勢明顯不同，但您是否看到您對結構持有或連本帶利組合的看法發生了任何變化？

Or are you changing, like, hey, it's more important to drive engagement than to maximize hold.

或者你正在改變，例如，嘿，提高參與度比最大限度地保留更重要。

Thanks.

謝謝。

Yes.

是的。

Great question.

很好的問題。

So, as of now, I don't think there would be any reason that we wouldn't implement it, but obviously we're paying close attention to customer feedback.

因此，到目前為止，我認為我們沒有任何理由不實施它，但顯然我們正在密切關注客戶的回饋。

And if we hear anything that makes us change our mind, we'll certainly let you know.

如果我們聽到任何讓我們改變主意的消息，我們一定會通知您。

I think on the hold side, we continue to focus very much there.

我認為在持有方面，我們繼續非常關注這一點。

I think it's largely still a bet mix thing.

我認為這在很大程度上仍然是一個混合賭注的事情。

Certainly, we feel like there's a ton of room to increase our parlay mix and increase our average leg count still.

當然，我們覺得還有很大的空間來增加我們的連贏組合併增加我們的平均賽局數。

So team is very focused on that.

所以團隊非常關注這一點。

I think, we're also focusing on other parts of the betting platform as well, such as live betting.

我認為，我們也關注投注平台的其他部分，例如現場投注。

So it's a little bit more balanced probably than, I think, maybe last year where it was just all about hold rate and bet mix, but we're still very focused on bet mix.

因此，我認為，這可能比去年更加平衡，去年只是關於持有率和下注組合，但我們仍然非常關注下注組合。

And then just real quick, anything to call out on shutting down reign makers in terms of our EBITDA drag or headwind fix?

然後，就我們的 EBITDA 拖累或逆風修復而言，有什麼需要呼籲關閉統治者的嗎？

Yes.

是的。

Reign makers is fairly immaterial, so I wouldn't factor it in in any way.

統治者是相當無關緊要的，所以我不會以任何方式考慮它。

I think, for us, it's really just about eliminating a distraction and potential risk.

我認為，對我們來說，這實際上只是為了消除乾擾和潛在風險。

And as I said earlier, I think the mantra around the company has been focus, focus, focus, let's go win the US online gaming opportunity and maximize the amount of profit we're driving in that space.

正如我之前所說，我認為公司的口號是專注，專注，專注，讓我們去贏得美國線上遊戲的機會，並最大限度地提高我們在該領域的利潤。

And I think that's what we're focusing on right now.

我認為這就是我們現在關注的重點。

Thank you.

謝謝。

(Operator Instructions) One moment for our next question.

（操作員說明）請稍等一下我們的下一個問題。

Our next question comes from Barry Jonas with Truist Securities.

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

Your line is open.

您的線路已開通。

Hey, guys.

嘿，夥計們。

We've seen a number of states starting to react to the offshore market by banning

我們已經看到許多州開始透過禁止來應對離岸市場

(Inaudible).

（聽不清楚）。

Do you see these actions as meaningful to combat the illegal market?

您認為這些行動對打擊非法市場有意義嗎？

I think so.

我想是的。

I mean, right now, the illegal market, particularly in the iGaming space, ironically, is bigger than ever.

我的意思是，諷刺的是，目前非法市場，尤其是在線博彩領域，比以往任何時候都更大。

I think consumers don't know oftentimes what's legal and what's not.

我認為消費者常常不知道什麼是合法的，什麼是不合法的。

They don't know if it's legal in their state, and there's just zero controls put on these companies that make sure that they're not marketing to miners and other sorts of things.

他們不知道這在他們的州是否合法，而且對這些公司的控制為零，以確保他們不會向礦工和其他類型的產品進行行銷。

So I do think it's a big issue, and it's good to see the regulators starting to focus on it.

所以我確實認為這是一個大問題，很高興看到監管機構開始關注它。

And the thing is that there's so much pent up demand and there's so many people that would prefer to bet in the legal market.

問題是，有太多被壓抑的需求，而且有很多人更願意在合法市場下注。

I think you're seeing growth despite the fact that there's still a rampant illegal market.

我認為儘管非法市場仍然猖獗，但你還是看到了成長。

But for sure, a lot of the current TAM is still tied up there, both for the long term health of the industry as well as for making sure that states are maximizing their revenues and their purpose for doing this, which is to regulate and protect consumers, I think it's absolutely essential that that continues to be a focus.

但可以肯定的是，目前的 TAM 中的許多人仍然被束縛在那裡，既是為了行業的長期健康發展，也是為了確保各州最大化其收入以及這樣做的目的，即監管和保護對於消費者來說，我認為繼續成為焦點是絕對必要的。

So I'm happy to see it, and hopefully we'll see more of it.

所以我很高興看到它，希望我們能看到更多。

Great.

偉大的。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Ben Chaiken with Mizuho.

我們的下一個問題來自 Mizuho 的 Ben Chaiken。

Your line is open.

您的線路已開通。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

Two very quick product questions.

兩個非常快速的產品問題。

I guess, I would imagine integrating Jackpocket into the DraftKings app would be another significant customer acquisition opportunity, I guess.

我想，我想將 Jackpocket 整合到 DraftKings 應用程式中將是另一個重要的客戶獲取機會。

One, do you agree?

一、你同意嗎？

And two, if so, any color on timing?

還有兩個，如果是的話，時間上有什麼顏色嗎？

And then on the bet-and-watch integration, will that require users to have access to the games themselves, or will you have an opportunity to kind of tactically subsidize that in any way?

然後，在投注和觀看整合方面，是否需要用戶自己存取遊戲，或者您是否有機會以任何方式進行戰術性補貼？

Thanks.

謝謝。

I think the bet-and-watch is just included, so is that correct?

我認為投注和觀看只是包括在內，所以這是正確的嗎？

It's not.

它不是。

Yeah, there's no additional charge for it.

是的，沒有額外費用。

So it's a feature that customers will have just by being a part of the DraftKings user base.

因此，客戶只需成為 DraftKings 用戶群的一部分即可擁有此功能。

And then -- sorry, what was the first question?

然後——抱歉，第一個問題是什麼？

Jackpocket.

口袋。

Oh, Jackpocket.

哦，傑克口袋。

Yes.

是的。

So, we do plan on integrating those products into DraftKings, as well as integrating DraftKings Casino and OSB products into Jackpocket.

因此，我們確實計劃將這些產品整合到 DraftKings 中，並將 DraftKings Casino 和 OSB 產品整合到 Jackpocket 中。

Timing, we haven't quite determined yet.

時間，我們還沒有完全確定。

I think, in the past, what we said, and I kind of echo is, we long term want to have all of our products available through all of our brands, and exactly when we implement those things directly versus when we have more linkage through brand-to-brand cross-sell will depend on other priorities and how that slots into our product roadmap.

我認為，在過去，我們所說的，我有點同意的是，我們長期希望透過我們所有的品牌提供我們所有的產品，並且確切地說，當我們直接實施這些事情時，而不是當我們透過更多聯繫時品牌間的交叉銷售將取決於其他優先事項以及如何將其納入我們的產品路線圖。

But we definitely do plan to do that at some point.

但我們確實計劃在某個時候這樣做。

I guess just as a very quick follow up, would you agree that integrating it would be a significant kind of customer acquisition catalyst for other portions of the business, or do you think you've already acquired those customers?

我想，作為一個非常快速的跟進，您是否同意整合它將成為業務其他部分的重要客戶獲取催化劑，或者您認為您已經獲得了這些客戶？

Does that makes sense.

這樣有道理嗎？

No, we definitely haven't acquired all those customers.

不，我們肯定還沒有獲得所有這些客戶。

So I agree it would be, and that's the reason we're planning to do it.

所以我同意，這就是我們計劃這樣做的原因。

I also think that in the interim, we continue to see Jackpocket as a great vehicle for acquiring those customers and cross-selling them into DraftKings.

我還認為，在此期間，我們繼續將 Jackpocket 視為獲取這些客戶並將其交叉銷售到 DraftKings 的絕佳工具。

But we know from experience that having a fully integrated product is always going to yield stronger conversion and stronger cross-sell.

但我們從經驗中知道，擁有完全整合的產品總是會產生更強的轉換和更強的交叉銷售。

So no doubt you're correct that that will be a boost.

所以毫無疑問你是對的，這將是一個推動。

Thanks.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

Your line is open.

您的線路已開通。

Hi.

你好。

Good morning, everybody.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

So, one more on the surcharge.

所以，又要加一筆附加費。

Just thinking through the potential outcomes of that plan, especially if nobody follows suit, we would think that -- we would think that it would affect the larger players, the VIPs more, and at the same time, you're accelerating your customer acquisition and penetrating more customers in your existing states.

只要考慮一下該計劃的潛在結果，尤其是如果沒有人效仿的話，我們會認為——我們會認為這會影響更大的參與者，更多的 VIP，同時，你正在加速你的客戶獲取並滲透到您現有州的更多客戶。

Is there a thought that this would potentially move you more to a recreational mix and could that actually help hold longer term?

您是否認為這可能會讓您更多地轉向休閒組合，並且這實際上有助於長期持有？

Yes.

是的。

It's a great question.

這是一個很好的問題。

Certainly, I think that players betting multi-leg parlays and things like that are going to be less sensitive, because the payout is already very large.

當然，我認為多回合連贏等投注的玩家不會那麼敏感，因為賠率已經非常大了。

So, I get that.

所以，我明白了。

I hadn't really thought about how it might affect, I mean, we're hopeful that our product and the investment we're making, our customer experience is strong enough that we have players across the spectrum and they view us as being worth maybe paying a few extra cents on a bet.

我並沒有真正考慮過它會如何影響，我的意思是，我們希望我們的產品和我們正在進行的投資，我們的客戶體驗足夠強大，我們擁有各個領域的玩家，他們認為我們值得也許在賭注上多付幾分錢。

But certainly we'll have to see how that plays out and it'll be something just like everything, where we look at the data and we decide what we do accordingly.

但當然，我們必須看看結果如何，這將與所有事情一樣，我們查看數據並相應地決定我們做什麼。

I do think that if you run the math, it would take quite a bit of top line deterioration to make it not worthwhile from a bottom line perspective.

我確實認為，如果你進行數學計算，你會發現，從獲利的角度來看，需要相當多的營收惡化，才會讓它變得不值得。

So, I'm optimistic.

所以，我很樂觀。

But we'll have to see and we'll have to follow whatever the data and analytics tell us to do.

但我們必須觀察，並且必須遵循數據和分析告訴我們要做的任何事情。

Oh, great.

哦，太好了。

Thanks for that, Jason.

謝謝你，傑森。

And then just to follow up on Jackpocket, just piecing together some of your comments, you're investing more in marketing.

然後，為了跟進 Jackpocket，將您的一些評論拼湊起來，您將在行銷方面投入更多資金。

This year in Jackpocket, the integration sounds like a little bit more longer term.

今年的 Jackpocket 整合聽起來似乎更長遠。

So what gives you confidence that you're going to inflect positive in your 2025 guide in in that you laid out in your deck?

那麼，是什麼讓您有信心在您的 2025 年指南中體現出積極的態度，因為您在自己的套牌中列出了這些內容呢？

Just trying to understand some of the drivers there.

只是想了解那裡的一些驅動程式。

Well, really it's the revenue growth we're seeing right now on Jackpocket that gives us confidence we'll be able to achieve adjusted positive EBITDA in 2025.

事實上，我們現在在 Jackpocket 上看到的營收成長讓我們有信心在 2025 年實現調整後的正 EBITDA。

So they've been really doing well from that standpoint.

所以從這個角度來看，他們確實做得很好。

Also, as a reminder, they have an extremely low CAC.

另外，提醒一下，他們的 CAC 極低。

So while we are investing more in, we get a lot of customers for that.

因此，當我們加大投資的同時，也因此獲得了許多客戶。

So, definitely makes a big difference in their revenue ramp as well.

因此，這肯定會對他們的收入成長產生很大影響。

So, I think, all signs point towards them being a positive contributor to adjusted EBITDA in 2025 and beyond.

因此，我認為，所有跡像都表明它們將為 2025 年及以後的調整後 EBITDA 做出積極貢獻。

But obviously, we'll have to see how the back half of the year plays out and we'll have more of an update on that in November.

但顯然，我們必須看看今年下半年的情況如何，我們將在 11 月提供更多更新。

Great.

偉大的。

Thanks, everyone.

謝謝大家。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Jordan Bender with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Jordan Bender。

Your line is open.

您的線路已開通。

Hey, it's Jordan.

嘿，這是喬丹。

Thanks for taking my questions.

感謝您回答我的問題。

I want to talk on your market access agreements.

我想談談你們的市場准入協議。

There's obviously not much room to move in some states, like in New York and Oregon, but is the supply/demand dynamic changed to the point that states with unused skins can maybe act as a renegotiation tool and be a serious lever to drive cost savings over the long term?

顯然，在紐約和俄勒岡州等一些州，沒有太大的移動空間，但供需動態是否已發生變化，以至於擁有未使用的毛皮的州可能可以充當重新談判工具，並成為推動成本節約的重要槓桿長遠來看？

Thank you.

謝謝。

I think, there's probably some room there.

我想，那裡可能還有一些空間。

Most states we feel we have pretty good deals in already, so I don't think there's a ton where we feel there's a lot of optimization, but I think there's probably some optimization and it'll be a little bit longer term, because most of the deals we struck are very long term deals.

我們認為大多數州已經有了相當不錯的交易，所以我不認為我們認為有很多優化，但我認為可能有一些優化，而且時間會更長一些，因為大多數州我們達成的交易中有一些是非常長期的交易。

So, like seven to 10-year deals.

所以，就像七到十年的交易。

But I do think as they start to come up, there will be states that have a lot of open skins.

但我確實認為，當它們開始出現時，將會有一些州有很多開放的皮膚。

And just like anything, it's a supply/demand thing.

就像任何事情一樣，這是一個供需關係。

And I think also, even though we got great rates, many of the early states were before, I think, we really established the level of place in the industry that we have.

我還認為，儘管我們獲得了很高的利率，但我認為，許多早期的州之前我們確實確立了我們在行業中的地位水平。

So, I think, that will hopefully help a little bit, too.

所以，我認為，這也希望能有所幫助。

Thank you very much.

非常感謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Ryan Sigdhal with Craig-Hallum Capital Group.

我們的下一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdhal。

Your line is open.

您的線路已開通。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning.

早安.

Looking at Slide 10, the MUP increase sequentially, normally kind of flattish quarter given seasonality, up almost 1 million.

從投影片 10 來看，MUP 連續成長，考慮到季節性因素，通常季度表現持平，成長了近 100 萬。

Are you able to break out how much that was Jackpocket versus just organic DraftKings and Golden Nugget acquisition?

你能算出 Jackpocket 的收購金額與直接收購 DraftKings 和 Golden Nugget 的金額相比有多少嗎？

It was mostly Jackpocket.

主要是 Jackpocket。

Obviously, the new customer acquisition boosted it too, but given the substantial size of their database, it was mostly Jackpocket.

顯然，新客戶的獲取也推動了這一成長，但考慮到他們資料庫的龐大規模，主要是 Jackpocket。

No?

不？

No.

不。

Oh, I'm sorry.

哦，對不起。

It was not.

事實並非如此。

I got that wrong.

我錯了。

Half and half.

一半一半。

Okay, I stand corrected.

好吧，我糾正了。

Thankfully, I have people with better data than I have in my brain, apparently next to me, so it's about half and half.

值得慶幸的是，我身邊有人擁有比我大腦中更好的數據，顯然就在我旁邊，所以大約是一半一半。

Thank you.

謝謝。

Good luck, guys.

祝你好運，夥計們。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Michael Graham with Canaccord.

我們的下一個問題來自 Canaccord 的 Michael Graham。

Your line is open.

您的線路已開通。

Thank you.

謝謝。

Jason, I just wanted to ask about your thoughts on the product and the platform as we head into the NFL season.

Jason，我只是想問一下您在 NFL 賽季即將到來之際對產品和平台的看法。

Obviously, you don't have the tremendous, like, upside from introducing same game parlays that you had, but you have the bet-and-watch feature.

顯然，您並沒有像引入相同的遊戲連贏一樣獲得巨大的優勢，但您擁有投注和觀看功能。

But just wanted to, kind of, hear any comments you're willing to share on how you think the product will perform in this important seasonal period here coming up?

但只是想聽聽您願意分享的任何評論，了解您認為該產品在即將到來的這個重要季節期間的表現如何？

I think I feel really excited about the product we have going into NFL.

我想我對我們進入 NFL 的產品感到非常興奮。

A lot of the work we've been doing over the last several months has been more back end performance stuff.

過去幾個月我們所做的許多工作都是後端效能方面的工作。

So things that maybe aren't as immediately obvious, because they don't show up like front end features, but things like making sure that pages load faster, making sure that the app crashes less, making sure markets are up for longer, and we have less time where marketing markets are locked or unavailable, adding new bet types, bringing in-house our pricing and trading for many new sports, and also launching things like cash out for same game parlay.

因此，有些事情可能不那麼明顯，因為它們不像前端功能那樣顯示，但諸如確保頁面加載速度更快、確保應用程式崩潰更少、確保市場持續更長時間等等。或不可用的情況下的時間更少，增加了新的投注類型，將許多新體育項目的定價和交易引入內部，並推出了諸如為相同遊戲連贏取現的服務。

So we have a lot of really exciting new stuff.

所以我們有很多非常令人興奮的新東西。

We expanded progressive parlays to include new types of bets as well.

我們擴展了累進連贏投注，還包括新的投注類型。

So, more to come.

所以，還會有更多。

Obviously, bet-and-watch hasn't launched yet and we have a number of other features that we haven't announced that we have planned for the coming months.

顯然，投注和觀看尚未推出，我們還有許多其他功能尚未宣布，但我們計劃在未來幾個月內推出。

A lot of what we do, really all of what we do, revolves around a calendar starting in the fall.

我們所做的很多事情，實際上是我們所做的所有事情，都是圍繞著從秋季開始的日曆進行的。

So the team thinks about it as what do we want to ship in the August-September timeframe and how do we then, starting at the beginning of the year, orient our entire product road map and calendar around that.

因此，團隊將其視為我們希望在 8 月至 9 月的時間範圍內交付什麼，以及如何從年初開始圍繞這一目標確定我們的整個產品路線圖和日曆。

So a lot of the product that we ship is going to be done over the next three to six weeks, and I think you'll see a lot of new stuff pop up as the season approaches.

因此，我們發貨的許多產品將在接下來的三到六週內完成，我想隨著季節的臨近，你會看到很多新的東西出現。

All right.

好的。

That's exciting.

這太令人興奮了。

Thank you.

謝謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

Your line is open.

您的線路已開通。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Jason, I wanted to ask about, I guess, the temperature of some of the tribal news that's been out there.

傑森，我想我想問的是一些部落新聞的熱度。

Obviously a big decision that we learned a few months ago in Florida.

顯然，這是我們幾個月前在佛羅裡達州做出的重大決定。

Does this change the landscape of other tribal states in terms of what you believe they could offer and then, more importantly, your ability to partner with these companies?

這是否會改變其他部落國家的格局，因為您認為他們可以提供什麼，更重要的是，您與這些公司合作的能力？

Could that accelerate some of the TAM if they decide to move forward on digital?

如果 TAM 決定推動數位化，這是否會加速他們的發展？

Thanks.

謝謝。

Yes.

是的。

I do think that there is some momentum in tribal communities now.

我確實認為部落社區現在有一些勢頭。

And, obviously, DraftKings already has a number of partners that are tribes in various states, including Foxwoods, the Pequot Tribe in Connecticut, Passamaquoddy in Maine, Bay Mills in Michigan, several others.

顯然，DraftKings 已經擁有許多來自各州的部落合作夥伴，包括 Foxwoods、康乃狄克州的 Pequot Tribe、緬因州的 Passamaquoddy、密西根州的 Bay Mills 等。

I don't want to leave any out, but I probably left a few out.

我不想遺漏任何東西，但我可能遺漏了一些。

But we continue to believe that we are the partner of choice and also that we have a great track record, if you talk to any of our tribal partners, of being great partners.

但我們仍然相信，我們是首選的合作夥伴，如果您與我們的任何部落合作夥伴交談，我們也擁有成為優秀合作夥伴的良好記錄。

And, I think, just like anything, it takes time and education sometimes in some states, like California, where there's over 70 tribes.

而且，我認為，就像任何事情一樣，在某些州有時需要時間和教育，例如加州，那裡有 70 多個部落。

I think that there it's obviously about getting alignment as much as it is about openness.

我認為這顯然是為了保持一致和開放。

And so each one, each state is a bit unique, just like all states in all regards politically and otherwise are unique in their own ways.

因此，每個國家、每個國家都有一點獨特，就像所有國家在政治和其他方面都以自己的方式獨一無二一樣。

So we kind of have to look at it that way.

所以我們必須這樣看待它。

But I do think there's some momentum now more than ever.

但我確實認為現在比以往任何時候都更有動力。

I think you're seeing -- we're seeing tribes come to us and ask about what we can do.

我想你看到了——我們看到部落來找我們，詢問我們能做什麼。

Minnesota is one that I think is another tribal state that got very close to passing a bill this past session.

我認為明尼蘇達州是另一個在上屆會議上非常接近通過法案的部落州。

And I'm hopeful that it gets done next session.

我希望它能在下次會議上完成。

And that was all about the tribes and the tracks agreeing to a deal.

這就是部落和賽道同意達成協議的全部內容。

So, sometimes it's not even about openness, it's about getting different stakeholders within the state to align.

因此，有時甚至與開放無關，而是讓州內不同的利害關係人保持一致。

Thank you.

謝謝。

Appreciate it.

欣賞它。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Jeff Stantial with Stifel.

我們的下一個問題來自 Jeff Stantial 和 Stifel。

Your line is open.

您的線路已開通。

Great, thanks.

太好了，謝謝。

Good morning, guys.

早安，夥計們。

Thanks for taking our question.

感謝您提出我們的問題。

Maybe digging in a bit further into some of the commentary on iCasino player acquisition.

也許可以進一步深入了解一些有關 iCasino 玩家獲取的評論。

Jason, you talked about some sequential uplift to conversion rates from the Golden Nugget platform transition, but looking at this more strategically, I guess, has your philosophy on investing towards that iCasino led player cohort changed at all now that Golden Nugget is fully integrated.

Jason，您談到了Golden Nugget 平台轉型帶來的轉換率的連續提升，但從更具策略性的角度來看，我想，既然Golden Nugget 已完全整合，您對iCasino 主導的玩家群體的投資理念已經發生了根本改變。

Historically, I believe the strategy is more to focus on cross-sell of sports users versus acquiring that higher CAC, higher LTV, iCasino led player.

從歷史上看，我認為該策略更專注於體育用戶的交叉銷售，而不是收購更高 CAC、更高 LTV、iCasino 主導的玩家。

But just curious if you're thinking here shifted around at all based on the returns that you're seeing with this recent user acquisition upsell

但只是好奇你的想法是否完全基於你最近的用戶獲取追加銷售所看到的回報而發生了轉變

[ph]?

[ph]？

Thanks.

謝謝。

Yes.

是的。

I think so.

我想是的。

I mean, I wouldn't really describe it as a philosophical change as much as us continuing with the philosophy of following the data and the analytics and putting our dollars where we feel that where we see the best returns.

我的意思是，我不會真正將其描述為一種哲學上的變化，而是我們繼續遵循遵循數據和分析的哲學，並將我們的資金投入到我們認為能看到最佳回報的地方。

So naturally, as you noted, when you see an increase in performance on GNOG, then that would mean that more dollars should flow there, because it's performing better, therefore should get a higher proportion of our acquisition spend.

因此，正如您所指出的，當您看到GNOG 的性能有所提高時，這意味著更多的資金應該流向那裡，因為它的性能更好，因此應該在我們的採購支出中獲得更高的比例。

So we definitely are moving dollars around based on performance and what we're seeing, and that's always been consistent with what we've done.

因此，我們肯定會根據業績和我們所看到的情況來調整資金，這始終與我們所做的保持一致。

But the result, as you noted, has been some shift towards that iGaming-first customer acquisition investment, which I think, again, it's all just kind of where do we get the best return, right.

但正如您所指出的，結果是向 iGaming 優先的客戶獲取投資發生了一些轉變，我再次認為，這只是我們獲得最佳回報的地方，對吧。

It's not that we think cross-sell is inherently a better way of doing it.

這並不是說我們認為交叉銷售本質上是更好的方法。

It was just -- and still is, by the way, that that's where we get the bulk of our iGaming customers, and that's the most efficient means of doing it.

順便說一句，這就是我們獲得大量 iGaming 客戶的地方，而且仍然是最有效的方法。

But certainly where we see opportunity to invest directly in acquiring an iGaming-first customer, we're also taking advantage of that.

但當然，當我們看到直接投資獲得 iGaming 優先客戶的機會時，我們也會利用這一點。

Great.

偉大的。

Thanks very much.

非常感謝。

One moment for our next question.

請稍等一下我們的下一個問題。

Our next question comes from Lance Vitanza with TD Cowen.

我們的下一個問題來自 Lance Vitanza 和 TD Cowen。

Your line is open.

您的線路已開通。

Thanks, guys.

謝謝，夥計們。

First of all, congratulations on a great quarter.

首先，恭喜這個季度的出色表現。

Thank you.

謝謝。

Lance Vitanza

蘭斯·維坦扎

I just have one question regarding the surcharge, but it does have three parts.

我只有一個關於附加費的問題，但它確實包含三個部分。

And maybe just to focus on Illinois, can you talk about what percentage of the EBITDA lost due to the tax rate increase?

也許只是為了關注伊利諾伊州，您能談談由於稅率增加而損失的 EBITDA 百分比嗎？

Is the surcharge designed to recapture?

附加費是設計來收回的嗎？

I'm just trying to get a sense for the potential upside beyond the $900 million to $1 billion guide to the extent that the surcharge is successful.

我只是想了解一下，在附加費成功的情況下，除了 9 億至 10 億美元的指導之外，還有哪些潛在的上行空間。

Obviously, I'm talking about fiscal 2025.

顯然，我說的是 2025 財年。

Yes.

是的。

So the way we calculated it is, we set the amount such that we are targeting DraftKings covering 20% of gross revenue and taxes.

因此，我們計算的方式是，我們設定的金額是我們的目標 DraftKings 涵蓋總收入和稅收的 20%。

And so basically, the way to think of it is, any tax rate that's higher than 20%, we would be paying up to the 20%, and then the remaining would be -- the fee is designed to offset.

所以基本上，思考它的方式是，任何高於 20% 的稅率，我們將支付最多 20%，然後剩餘的費用將被設計用來抵消。

So in a state like New York, where the tax rate is 51%, that's a large number.

所以在像紐約這樣稅率為51%的州，這是一個很大的數字。

Obviously, the big question is, do we see any deterioration in handle and top line as a result?

顯然，最大的問題是，我們是否會看到手把和頂線因此而惡化？

But you can do the math and see it would take quite a bit, because if you think about 51% versus 20%, that's 60% of the taxes that we're paying in New York.

但你可以算一下，你會發現這需要相當多的時間，因為如果你考慮 51% 和 20%，那就是我們在紐約繳納的稅金的 60%。

And you could do the math on that from all the public reports.

你可以根據所有公開報告對此進行計算。

It's a big number.

這是一個很大的數字。

So, you need to see a substantial decline in handle to get to a point where you were fully cannibalizing that.

因此，你需要看到手柄的大幅下降才能達到完全蠶食它的程度。

And obviously, if we saw that, we would reconsider our plan.

顯然，如果我們看到這一點，我們會重新考慮我們的計劃。

But I think there's quite a bit of cushion there.

但我認為那裡有相當多的緩衝。

Lance Vitanza

蘭斯·維坦扎

Well, and my gut tells me that customer activity would actually be highly inelastic, at least around mid-single digit surcharge on winnings.

好吧，我的直覺告訴我，客戶活動實際上非常缺乏彈性，至少在獎金的附加費中個位數左右。

I know, you haven't done A/B Testing, but do you have any data that you've seen that would bear this out?

我知道，您還沒有進行過 A/B 測試，但是您有看過可以證明這一點的數據嗎？

I mean, other than just our guts?

我的意思是，除了我們的勇氣之外？

Yes.

是的。

I think you're right, by the way.

順便說一句，我認為你是對的。

The best data we have is really from either other industries or from our industry and other parts of the world.

我們擁有的最佳數據實際上來自其他行業或來自我們的行業和世界其他地區。

There are other places where online gaming companies charge customers more because of the tax regime.

在其他地方，線上遊戲公司會因為稅收制度而向客戶收取更高的費用。

In countries like Germany or Australia, as an example.

以德國或澳洲等國為例。

It's not done exactly in this way, but it's conceptually very similar.

它並不完全按照這種方式完成，但在概念上非常相似。

Also, we noted this earlier on the call, but a number of industries, from hotels to taxis, all have taxes in various states that get charged to the customer.

此外，我們早些時候在電話會議上註意到了這一點，但從酒店到計程車，許多行業都在不同的州向客戶收取稅款。

And people may gripe about it, but I don't really see behavior change because of it.

人們可能會抱怨它，但我並沒有真正看到行為因此而改變。

So, you're right.

所以，你是對的。

It depends on the level, I think, in the mid-single digits.

我認為，這取決於中間個位數的水平。

Our belief is that when you compare it to sort of other industries as well as, sort of, what we just got checked think seems fair and seems reasonable to a customer.

我們的信念是，當您將其與其他行業進行比較時，我們剛剛檢查的內容對客戶來說似乎是公平且合理的。

It seems like this is a good zone for us, but we'll only find out when we do it.

看起來這對我們來說是一個很好的區域，但只有當我們這樣做時我們才會發現。

It's hard.

這很難。

You can't really A/B Test something like that.

你不能真正對這樣的東西進行 A/B 測試。

Right.

正確的。

And last part of my question.

我的問題的最後一部分。

I'm glad that you're making the surcharge visible to consumers.

我很高興您讓消費者可以看到附加費。

As you point out, black market operators pay zero tax, a 40% tax, and obviously referring to Illinois here, that seems short-sighted, unfair and ultimately counterproductive.

正如您所指出的，黑市經營者繳納零稅，稅率為 40%，而且這裡顯然指的是伊利諾伊州，這似乎是短視的、不公平的，最終會適得其反。

And I'm wondering if part of the calculus in making the visible, making the surcharge visible, is that intended to raise awareness around this issue?

我想知道，使附加費可見的微積分的一部分是否是為了提高人們對這個問題的認識？

Do you think you could possibly generate grassroots support for more rational tax policy, i.e., lower rates?

您認為您是否有可能獲得基層支持，支持更合理的稅收政策，即降低稅率？

Well, there's certainly an element there that entered into our thinking.

嗯，肯定有一個因素進入了我們的思維。

Obviously, you're right.

顯然，你是對的。

When you have illegal operators paying zero tax, that's pretty tough to compete with at any level.

當非法經營者繳納零稅時，在任何層面上都很難與之競爭。

But when it starts getting higher than 20%, it just becomes untenable.

但當它開始高於 20% 時，它就變得站不住腳了。

So I do think that in absence of us doing something like this, why wouldn't more states consider it?

所以我確實認為，如果我們不做這樣的事情，為什麼更多的州不會考慮這樣做？

It's not getting passed to their customers, they're not hearing from their constituents, and we haven't, in New York, done anything differently, or nobody in the industry has.

它沒有傳遞給他們的客戶，他們沒有聽到選民的意見，而且我們在紐約沒有採取任何不同的做法，或者業內沒有人這樣做。

So I do think that this is something that may make some states reconsider, because now they may be hearing more from their citizens that they don't like it.

所以我確實認為這可能會讓一些州重新考慮，因為現在他們可能會從公民那裡聽到更多他們不喜歡的聲音。

Obviously, they wouldn't be hearing anything from people who are being charged, because it's not like -- I guess maybe they'd hear from like local teams that aren't getting as much sponsorship spend, but not from the mass of voters that bet on sports.

顯然，他們不會從被指控的人那裡聽到任何消息，因為這不像——我想他們可能會從沒有那麼多贊助支出的當地球隊那裡聽到任何消息，但不會從廣大選民那裡聽到任何消息。

So -- but in the end, I think states are going to decide based on a number of items.

所以，但最終，我認為各州將根據許多項目做出決定。

I mean, if you look at some of the comparison industries I mentioned, like taxis and hotels, it's not like you don't pay for that when you go to a New York.

我的意思是，如果你看看我提到的一些比較行業，例如計程車和飯店，你會發現，當你去紐約時，你並不是不花錢。

So, I think, some states feel like because of where they are and because of the value proposition they bring that they can have higher costs in certain things and that's not up to us.

所以，我認為，有些州感覺因為它們所處的位置以及它們帶來的價值主張，它們在某些事情上可能會付出更高的成本，但這不取決於我們。

That's a policy decision that they're going to have to make.

這是他們必須做出的政策決定。

And, as a business, we have to make the business decision that we have to make accordingly.

而且，作為一家企業，我們必須做出相應的業務決策。

But certainly we will continue to advocate for taxes that allow us to compete more with the illegal market.

但我們肯定會繼續倡導稅收，使我們能夠與非法市場進行更多競爭。

And I am hopeful and I believe most states do see that.

我充滿希望，而且我相信大多數州確實看到了這一點。

If you look, most -- vast majority of states around the country have tax rates of 20% or under, it's just a handful that don't.

如果你看一下，你會發現全國絕大多數州的稅率都在 20% 或以下，只有少數州沒有這樣做。

Thanks, guys.

謝謝，夥計們。

Ladies and gentlemen, this concludes the Q&A portion of today's conference.

女士們、先生們，今天會議的問答部分就到此結束。

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

我想將電話轉回給傑森·羅賓斯，讓其結束語。

Well, thank you all for joining us on today's call.

好的，謝謝大家參加今天的電話會議。

We are really optimistic about the second half of 2024 and are excited and well positioned position for success in the future 2025 and beyond.

我們對 2024 年下半年非常樂觀，並對 2025 年及以後的未來取得成功感到興奮和有利。

Thank you for your continued support.

感謝您一直以來的支持。

Ladies and gentlemen, that concludes today's presentation.

女士們、先生們，今天的演講到此結束。

You may now disconnect, and have a wonderful day.

您現在可以斷開連接，並度過美好的一天。