Draftkings Inc (DKNG) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the DraftKings' first-quarter 2025 earnings call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 DraftKings 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Michael DeLalio, Senior Director of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係高級總監 Michael DeLalio。請繼續。

Good morning, everyone, and thank you 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.

大家早安，感謝大家今天加入我們。我們在本次電話會議中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，這些因素在我們提交給美國證券交易委員會的文件中進一步討論，可能導致我們的實際結果與我們的歷史結果或預測有重大差異。除法律要求外，我們不承擔更新前瞻性陳述的責任。

During this call, management will also discuss certain non-GAAP financial measures that we believe may be useful in evaluating DraftKings' operating performance. These measures should not be considered in isolation or as a substitute for DraftKings' financial results prepared in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our earnings release and 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 經營績效的某些非 GAAP 財務指標。這些措施不應被孤立地考慮，也不應被作為 DraftKings 按照 GAAP 編制的財務結果的替代。這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表可在我們的收益報告和簡報中找到，這些報告和簡報可在我們的網站上以及我們向美國證券交易委員會提交的 10-Q 表季度報告中找到。

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 our business. Following Jason's remarks, our Chief Financial Officer, Alan Ellingson, will provide a review of our financials. We will then open the line to questions.

今天的電話會議由 DraftKings 聯合創始人兼首席執行官 Jason Robins 主持，他將致開幕詞並介紹我們的業務最新情況。在傑森講話之後，我們的財務長艾倫·埃林森 (Alan Ellingson) 將對我們的財務狀況進行審查。然後我們將開放問答熱線。

I will now turn the call over to Jason Robins.

現在我將把電話轉給傑森羅賓斯 (Jason Robins)。

Thank you, Mike. Good morning, everyone, and thank you all for joining. We are off to a strong start to the year. If not for customer-friendly sport outcomes in March, we will be raising our fiscal year 2025 revenue and adjusted EBITDA guidance.

謝謝你，麥克。大家早安，感謝大家的參與。今年我們有一個好的開始。如果 3 月的體育賽事結果對客戶不友好，我們將提高 2025 財年的收入和調整後的 EBITDA 指引。

There are four important takeaways that we are sharing today. First, our core value drivers are outperforming our expectations. Our product enhancements are driving higher structural sportsbook coal percentage and more efficient deployment of promotions, while Sportsbook handle is strong and consistent with our expectations. We now expect revenue to grow 32% year over year in fiscal year 2025 and 36% year over year spanning the second through fourth quarters.

今天我們要分享四個重要要點。首先，我們的核心價值驅動因素超出了我們的預期。我們的產品增強功能正在推動更高的結構性體育博彩煤炭百分比和更有效的促銷部署，同時體育博彩處理能力強勁且符合我們的預期。我們現在預計 2025 財年的營收將年增 32%，第二季至第四季的營收將年增 36%。

Second, sport outcomes were once again customer-friendly in the first quarter. A favorable Super Bowl was more than offset by favorites dominating the men's NCAA basketball tournament. For the first time in tournament history, all four number one seeds reached the Final Four and three number two seeds and one number three seed reached the Elite Eight. Across the entire tournament, higher seeds went in at 82% rate, which is the highest rate in history. We acknowledge that customer-friendly sport outcomes has impacted recent quarters and are continuously analyzing our data, including historical performance by bet type to fully understand the gap between our structural and actual hold percentage. Our analysis provide us strong confidence that the recent volatility we've experienced is random in nature.

其次，第一季的體育賽事結果再次令觀眾感到滿意。超級盃的火熱表現被大熱門球隊在 NCAA 男子籃球錦標賽上的統治性表現所抵消。這是錦標賽史上第一次，四支一號種子球隊全部進入四強，三支二號種子球隊和一支三號種子球隊進入八強。整個賽事中，高種子選手的入圍率高達82%，創歷史新高。我們承認，客戶友好的體育賽事結果對最近幾個季度產生了影響，並且正在不斷分析我們的數據，包括按投注類型劃分的歷史表現，以充分了解我們的結構性和實際持有百分比之間的差距。我們的分析使我們有強烈的信心，我們經歷的近期波動本質上是隨機的。

Third, we are well positioned for the evolving macroeconomic environment. Online gaming was resilient in more mature jurisdictions globally during the global financial crisis. And today, our customer metrics continue to be strong, consistent with forecasted trends. We are also beginning to realize efficiency as broader corporate demand softens in areas such as advertising.

第三，我們已做好充分準備應對不斷變化的宏觀經濟環境。在全球金融危機期間，線上遊戲在全球較成熟的司法管轄區中表現強勁。今天，我們的客戶指標持續保持強勁，與預測趨勢一致。隨著企業在廣告等領域的需求逐漸減弱，我們也開始意識到效率的提升。

Fourth, we have a healthy balance sheet. We completed the first quarter with $1.1 billion of cash after repurchasing 3.7 million of our shares. Looking ahead, we expect our balance sheet to strengthen further as free cash flow accumulates.

第四，我們擁有健康的資產負債表。在回購了 370 萬股股票後，我們在第一季結束時擁有 11 億美元現金。展望未來，我們預期隨著自由現金流的積累，我們的資產負債表將進一步增強。

With that, I will turn it over to our Chief Financial Officer, Alan Ellingso

接下來，我將把時間交給我們的財務長 Alan Ellingso

Thank you, Jason. I'll hit the highlights, including our first quarter 2025 performance as well as our fiscal year guidance. Please note that all income statement measures discussed, except for revenue, are on a non-GAAP adjusted EBITDA basis. As Jason mentioned, our core value drivers are outperforming our expectations.

謝謝你，傑森。我將重點介紹一些要點，包括我們 2025 年第一季的業績以及財政年度指引。請注意，除收入外，討論的所有損益表指標均基於非 GAAP 調整後的 EBITDA。正如傑森所提到的，我們的核心價值驅動因素超出了我們的預期。

In the first quarter, we generated $1.409 billion of revenue, representing 20% year-over-year growth and $103 million of adjusted EBITDA. New customer acquisition was consistent with our expectations and highly efficient as we continue to leverage our brand and scale while optimizing our marketing channel mix.

第一季度，我們的營收為 14.09 億美元，年增 20%，調整後 EBITDA 為 1.03 億美元。隨著我們繼續利用我們的品牌和規模，同時優化我們的行銷管道組合，新客戶的獲取符合我們的預期並且非常有效率。

Sportsbook handle increased 16% year over year to $13.9 billion and was consistent with our expectations as the NCAA men's and women's college basketball tournament attracted strong customer activity. For the jurisdictions where we were live in Sportsbook before 2024, handle increased 11% year over year. Structural sportsbook hold percentage of 10.4% outperformed our expectations and was an increase of 60 basis points year over year, driven by partly handled mix increase of 370 basis points year over year. Actual Sportsbook hold percentage was 9.5% as a favorable Super Bowl was more than offset by customer-friendly NCAA basketball tournament outcomes. Promotional reinvestment as a percentage of gross gaming revenues was more efficient year over year, even with the previously mentioned customer-friendly sport outcomes at the end of the quarter.

體育博彩收入年增 16%，達到 139 億美元，符合我們的預期，因為 NCAA 男子和女子大學籃球錦標賽吸引了大量客戶活動。對於我們在 2024 年之前上線體育博彩的司法管轄區，投注額比去年同期增長了 11%。結構性體育博彩持有率為 10.4%，超出我們的預期，同比增長 60 個基點，這得益於部分處理組合同比增長 370 個基點。實際體育博彩持有率為 9.5%，因為有利的超級盃比賽結果被客戶友好的 NCAA 籃球錦標賽結果所抵消。即使本季末出現了前面提到的客戶友好的體育賽事結果，促銷再投資佔博彩總收入的百分比仍然比去年同期更有效率。

Our adjusted gross margin increased more than 100 basis points year over year to 45% as a result of both the higher structural Sportsbook hold percentage and the improved promotional efficiency. Adjusted operating expenses slightly outperformed our expectations as we work to integrate recent acquisitions while maintaining cost discipline across the organization.

由於結構性體育博彩持有比例提高和促銷效率提升，我們的調整後毛利率年增超過 100 個基點，達到 45%。由於我們致力於整合最近的收購，同時保持整個組織的成本控制，調整後的營運費用略微超出了我們的預期。

Now I'll touch on our fiscal year 2025 guidance. In February, we guided fiscal year 2025 revenue of $6.3 billion to $6.6 billion and adjusted EBITDA of $900 million to $1 billion. Today, in light of Q1 results, we are revising our fiscal year 2025 revenue guidance to $6.2 billion to $6.4 billion and adjusted EBITDA of $800 million to $900 million. Importantly, if not for customer-friendly outcomes in March, we would be raising our fiscal year 2025 revenue and adjusted EBITDA guidance ranges at this time.

現在我將談談我們 2025 財年的指導。2 月份，我們預計 2025 財年營收為 63 億美元至 66 億美元，調整後 EBITDA 為 9 億美元至 10 億美元。今天，根據第一季的業績，我們將 2025 財年的營收預期修改為 62 億美元至 64 億美元，調整後的 EBITDA 修改為 8 億美元至 9 億美元。重要的是，如果 3 月沒有取得對客戶有利的結果，我們將在此時提高 2025 財年的收入和調整後的 EBITDA 指導範圍。

Core value drivers continue to improve, reflected in our higher structural Sportsbook hold percentage and the optimization of the deployment of promotions. Sportsbook handle has been strong and consistent with our expectations. These trends account for $50 million higher revenue and $37 million higher adjusted EBITDA across the full year.

核心價值驅動因素不斷改善，體現在我們更高的結構性體育博彩持有百分比和促銷部署的優化。體育博彩表現強勁，符合我們的預期。這些趨勢使得全年營收增加 5,000 萬美元，調整後 EBITDA 增加 3,700 萬美元。

Customer-friendly sport outcomes year-to-date were a headwind of $170 million to revenue and $111 million to adjusted EBITDA. Maryland increasing its tax rate on sports betting and Jackpocket shutting down digital lottery courier operations in Texas and New Mexico are a combined headwind of $30 million to revenue and $26 million to adjusted EBITDA.

今年迄今為止，客戶友好的體育賽事結果給收入造成了 1.7 億美元的不利影響，給調整後的 EBITDA 造成了 1.11 億美元的不利影響。馬裡蘭州提高了體育博彩的稅率，而 Jackpocket 關閉了德克薩斯州和新墨西哥州的數位彩票快遞業務，這給其收入造成了 3000 萬美元的不利影響，給調整後的 EBITDA 造成了 2600 萬美元的不利影響。

We are also providing additional fiscal year 2025 guidance detail. We continue to expect Sportsbook net revenue margin of 7% to 7.5% as we anticipate higher structural Sportsbook hold percentage and increased promotional efficiency to offset the impact from customer-friendly sport outcomes year-to-date. We now expect our adjusted gross margin to be 46%, an improvement of more than 300 basis points year over year compared to fiscal year 2024.

我們也提供 2025 財年的更多指導細節。我們繼續預期體育博彩淨收入利潤率將在 7% 至 7.5% 之間，因為我們預計體育博彩的結構性持有百分比將上升，促銷效率也將提高，以抵消年初至今客戶友好的體育賽事結果帶來的影響。我們現在預計調整後的毛利率為 46%，與 2024 財年相比年增 300 多個基點。

We continue to expect stock-based compensation expense to represent 6% of revenue in fiscal year 2025. We expect the bridge between adjusted EBITDA and free cash flow to be approximately $100 million and therefore, expect to generate free cash flow of about $750 million in fiscal year 2025. In the second quarter, we expect revenues to increase approximately 25% year over year and for adjusted EBITDA to exceed $200 million.

我們繼續預期股票薪酬支出將佔 2025 財年收入的 6%。我們預計調整後的 EBITDA 與自由現金流之間的橋樑約為 1 億美元，因此預計 2025 財年將產生約 7.5 億美元的自由現金流。我們預計第二季營收將年增約 25%，調整後的 EBITDA 將超過 2 億美元。

That concludes our remarks. We will now open the line for questions.

我們的發言到此結束。我們現在開放問答熱線。

(Operator Instructions) David Katz, Jefferies.

（操作員指示）David Katz，Jefferies。

I wanted to just raise the issue of M&A, not from a perspective of will you or won't you, but rather what are the boundaries as you see them today, use of equity, tolerance for leverage, trajectory to accretion, anything that you can give us some perspective on?

我只是想提出併購的問題，不是從你願意或不願意的角度，而是從你今天所看到的界限是什麼，股權的使用，對槓桿的容忍度，增值的軌跡，你能給我們一些看法嗎？

Thank you, David. So I think the best way to think about it is M&A, like anything is just part of an overall evaluation of what's the best way to create value for our shareholders. And I think including the questions you asked around how if you did do M&A, you would ultimately think about equity versus debt versus cash on the balance sheet.

謝謝你，大衛。所以我認為最好的思考方式是併購，就像任何事情一樣，它只是對為股東創造價值的最佳方式進行整體評估的一部分。我認為，包括您提出的問題，如果您確實進行併購，您最終會在資產負債表上考慮股權、債務和現金。

I think a good example of that would be some of the acquisitions we made last year like Simplebet, Sports IQ and Mustard Golf, which really, we're now seeing pay dividends in our increase in live handle as well as the cost reductions we've seen by bringing those costs in-house, which alone were enough to pay for the deal. So that we thought was a great use of shareholder capital because even with no revenue upside, which we do believe is there, we were easily paying back at our thresholds of cost of capital.

我認為一個很好的例子就是我們去年進行的一些收購，例如 Simplebet、Sports IQ 和 Mustard Golf，實際上，我們現在看到了這些收購帶來的回報，即實時投注量增加，以及通過將成本轉移到內部而實現的成本降低，僅此一點就足以支付這筆交易的費用。因此，我們認為這是對股東資本的絕佳利用，因為即使沒有收入成長（我們確實相信有收入成長），我們也可以輕鬆地在資本成本門檻上償還貸款。

So things like that, I think, may make sense, but they're really part of, as I said, of an overall evaluation, including buybacks and other organic investments that we can be making as well.

所以我認為這樣的事情可能是有道理的，但正如我所說，它們實際上是整體評估的一部分，包括回購和我們可以進行的其他有機投資。

And quickly as my follow-up, I wonder if you all share some of the stress that we have over the conversation of hold and structural hold versus actual hold. Are we sure we have the right structural hold? And do we get there and when? I suppose there's a bunch of discussions in there.

作為我的後續提問，我想知道你們是否都對我們在討論持有、結構性持有與實際持有時所面臨的壓力感到擔憂。我們確定我們有正確的結構支撐嗎？我們什麼時候能到達那裡？我想這裡面肯定有很多討論。

I mean, listen, I'd be asking the same thing because we've had a couple of really bad quarters in a row in terms of outcomes. This quarter as past quarter was looking great until March Madness, so that does happen. We have analyzed, as we always do, everything thoroughly, and we are 100% confident that these are random outcomes.

我的意思是，聽著，我會問同樣的問題，因為就結果而言，我們已經連續幾個季度表現非常糟糕。本季度與上一季一樣，在三月瘋狂之前表現都很好，所以這種情況確實發生了。正如我們一貫所做的那樣，我們對一切都進行了徹底的分析，我們 100% 確信這些都是隨機結果。

I think another way to think about it, too, is that even if there were something that fundamentally changed, like I've heard theories like NIL is driving more winning amongst the top ranked teams in college sports. First of all, we didn't see that in college football. But certainly, this year, there were a lot of favorites that won in the college basketball tournament at 82%, which was an all-time high. One year does not a trend make, but it is something, of course, that has a legitimate theory behind it. But in that case, it wouldn't change who the favorites are. It wouldn't change that customers are betting on favorites. It would just optimize the lines a little bit.

我認為另一種思考方式是，即使發生了一些根本性的變化，就像我聽到的理論一樣，NIL 正在推動大學體育排名靠前的球隊取得更多勝利。首先，我們在大學橄欖球比賽中沒有看到這種情況。但可以肯定的是，今年有很多熱門球隊在大學籃球錦標賽中獲勝，勝率達到 82%，創歷史新高。一年的時間並不能形成一種趨勢，但當然，它背後有一個合理的理論。但在這種情況下，誰是奪冠熱門並不會改變。這不會改變顧客押注熱門球隊的趨勢。它只會稍微優化線條。

So to your question, if that is something that's going on, the models will pick that up and it will converge. So unless there's fundamental changes that are happening on a frequent basis in sport, structural hold and hold should converge over time. But part of sport is that there are randomness to outcomes and things happen. That's why people watch sports and want to bet on sports. It's part of what makes the customer experience great.

所以對於你的問題，如果這是正在發生的事情，模型就會捕捉到它，並且它會收斂。因此，除非體育運動中頻繁發生根本性變化，否則結構性控制和控制應該隨著時間的推移而趨於一致。但體育運動的一部分是結果和事情的發生具有隨機性。這就是人們觀看體育比賽並想對體育比賽下注的原因。這是讓客戶體驗更佳的部分原因。

So there are periods where you're going to have quarters two, three in a row sometimes with bad outcomes, maybe even more. But obviously, there could be the opposite, too. So we'll just have to kind of wait and see if things normalize. I expect they will because they always seem to.

因此，有時連續兩個、三個季度的結果都會很糟糕，甚至可能更多。但顯然，也可能存在相反的情況。所以我們只能拭目以待，看看事情是否恢復正常。我希望他們會這麼做，因為他們似乎總是這麼做。

Shaun Kelley, BofA.

美國銀行的肖恩·凱利（Shaun Kelley）。

Jason, maybe we could just start with the big question we received across the board is around handle growth and sort of what we've seen broadly across the market. A lot of your commentary in the letter was really positive around that. But just to put a fine point on it, have we seen a deceleration as you kind of move through Q1 and into April as we've lapped North Carolina? And two, do you expect trends to pick up from here? And what would drive that if you do?

傑森，也許我們可以從我們收到的關於處理成長以及我們在整個市場上廣泛看到的情況的大問題開始。您在信中對此的許多評論都是非常正面的。但只是為了更準確地說，當我們通過第一季進入四月並超越北卡羅來納州時，我們是否看到了減速？第二，您是否預期趨勢會從現在開始回升？如果你這麼做的話，是什麼推動了這個進程？

Yes, it's a great question. I mean we've seen pretty strong whole growth this year, definitely a little bit of a slowdown in April relative to Q1, but still seeing strong growth in April. It's only down a bit. But I think that is much of a sports seasonality type thing.

是的，這是一個很好的問題。我的意思是，今年我們看到了相當強勁的整體成長，雖然 4 月相對於第一季肯定略有放緩，但 4 月仍保持強勁成長。只是下降了一點點。但我認為這很大程度上是一種體育季節性的事情。

NBA was a little bit weaker this year than some, but the playoffs have actually been picking up, so I don't expect Q2 to be too bad. I think it's probably going to end up being high single digits to low double digits growth would be my guess in terms of overall handle. But as a perspective, March was 14% up year over year for us. The quarter, as you know, was up 16%. And then baseball year-to-date is up about 16%.

今年的 NBA 比其他一些球隊弱一些，但季後賽實際上一直在回暖，所以我預計第二季不會太糟糕。我認為，就整體處理而言，最終可能會實現高個位數到低兩位數的成長。但從角度來看，3 月我們的銷售額年增了 14%。如您所知，本季度增長了 16%。今年迄今棒球收入上漲了約 16%。

So those are some data points that might be helpful in thinking about where things are headed.

這些數據點可能有助於我們思考事情的發展方向。

That's great. And just for a quick follow-up, iGaming was an area that sort of tracked a little bit behind what we were thinking and a little bit behind state reported GGR figures if we did the math right. So your comments there, was there something going on as it relates to promotion or bonusing? And sort of what are you doing to kind of get that product on an NGR basis back up to the growth rates you might expect, which might be a little closer to high teens than the 14% that was in the quarter?

那太棒了。簡單跟進一下，iGaming 這個領域的發展有點落後於我們的想法，如果我們計算正確的話，它的發展也有點落後於國家報告的 GGR 數據。那麼，您的評論是否與晉升或獎金有關？那麼，您正在採取什麼措施來使該產品的 NGR 成長率恢復到您預期的水平，該成長率可能更接近十幾歲，而不是本季的 14%？

Well, I mean, we believe it should be even higher. April, we were in the mid-20s percentage growth year over year at 26%. So really feel like that's where we should be trending. We made some significant changes and improvements, I think, in both the product as well as the marketing and operations and promotion deployment. And I think the combination of those things have led to accelerated growth in April, and we expect that to continue.

嗯，我的意思是，我們認為它應該更高。4 月份，我們的銷售額年增 25% 左右，達到 26%。所以真的覺得這就是我們應該關注的趨勢。我認為我們在產品以及行銷、營運和推廣部署方面都做出了一些重大的改變和改進。我認為這些因素共同導致了四月份經濟成長的加速，我們預計這種趨勢將會持續下去。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Maybe following up on both David and Shaun's questions but tying in promotions. It looks like they were down as a percentage of handle year over year. How should we be thinking about where promotions as a percentage of handle should shake out in the year and/or longer term? And any impact you think about that having on handle as well?

也許可以跟進 David 和 Shaun 的問題，但要結合促銷活動。看起來他們的處理量百分比與去年同期相比有所下降。我們應該如何考慮今年和/或更長時間內促銷活動佔總收入的比例？您認為這對處理有何影響？

Yes. I think it's going to be balanced as structural hold rises to think about it in terms of handle. I think thinking about it as a percentage of hold -- of GGR or even structural hold, I think, is a good way to think about it as well. But I do -- we've said this for a time, and it will continue to go down even if nothing else changes in terms of other optimizations because of the mix of new users becoming less and less of the total user pool over time, total customer pool.

是的。我認為，隨著結構保持力的提高，從處理的角度來考慮，它會變得平衡。我認為將其視為持有的百分比——GGR 或甚至是結構性持有，也是一種很好的思考方式。但我確實說過——我們已經說過一段時間了，即使在其他優化方面沒有發生任何其他變化，它仍將繼續下降，因為隨著時間的推移，新用戶的組合在總用戶池、總客戶池中所佔的比例越來越小。

So that, I think, is part of what happened in Q1. And I think the other point I made is that GGR, we expect -- sorry, hold rate, we expect to continue to rise as the product continues to develop and as more and more customers shift into parlays and things like that. So if that happens, then I think you could potentially see a flattening or even slight rise in terms of promo as a percentage of hold, but it should definitely continue to decline as a percentage of GGR.

所以我認為這就是第一季發生的情況的一部分。我認為我提出的另一點是，隨著產品的不斷發展以及越來越多的客戶轉向聯注投注和類似產品，我們預計 GGR——抱歉，是持有率，將繼續上升。因此，如果發生這種情況，那麼我認為您可能會看到促銷佔持有量的百分比趨於平穩甚至略有上升，但它佔 GGR 的百分比肯定會繼續下降。

That's helpful. And maybe an unrelated follow up. In the release and in the letter, you talked about an AI kind of first strategy with the business. Where are the biggest opportunities to leverage and/or deploy AI? Or where is it currently being used?

這很有幫助。或許還有不相關的後續行動。在新聞稿和信中，您談到了人工智慧優先的業務策略。利用和/或部署人工智慧的最大機會在哪裡？或者它目前在哪裡被使用？

I think this has been a real big win for us over the last quarter or so, maybe two. It's gone from something where pockets of the company were utilizing it to becoming a company-wide movement. It's really great to see.

我認為這對我們來說是過去一個季度左右，甚至兩個季度以來的重大勝利。它已從公司部分部門的利用發展成為一項全公司範圍的運動。看到這個真是太好了。

I mean one example I'd point to is that all the time, we would see people thinking about what can I do if I had more headcount. And now people are totally shifting that mindset to what could I do with AI. It's just an amazing thing.

我想舉的一個例子是，我們總是會看到人們在思考，如果我有更多的員工，我可以做什麼。現在人們的思維方式已經完全轉變，開始思考可以用人工智慧做什麼。這真是一件令人驚奇的事。

And as far as where opportunities are, it's really across the board on both the revenue and cost side. There's not a place that you can't see efficiency gain throughout the company. Everything from documents being created and summarized and customer service not having to spend 45 minutes to an hour tracking down dozens and dozens of e-mails or other communications a customer sent because an AI tool can summarize everything that's been happening in a case to date in two seconds, actually less. It's just really a remarkable thing to see how much people have really started to understand how this can be life-changing and business changing, and we're leaning in really hard.

至於機會在哪裡，它實際上是在收入和成本方面都存在的。整個公司沒有一個地方看不到效率的提升。從創建和總結文件到客戶服務，一切都不必花費 45 分鐘到一個小時來追蹤客戶發送的數十封電子郵件或其他通信，因為人工智慧工具可以在兩秒鐘內總結迄今為止案件中發生的所有事情，實際上用時更短。看到這麼多人開始真正理解這將如何改變生活和商業，這真是一件了不起的事情，我們也在努力適應。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. I wonder if you could talk a little bit about your market share in basketball. It seemed like given the strength of the acceleration of your handle growth overall in the quarter, some others talked about softness in handle in basketball. So I wonder if you could tell us a little bit about maybe if there was some share shift there.

偉大的。我想知道您是否可以談談您在籃球領域的市場份額。似乎考慮到本季你的控球能力整體加速成長的力度，其他人則談到了籃球控球能力的柔弱。所以我想知道您是否可以告訴我們是否存在一些份額轉移。

Yes. I do think we believe we gained some share. I think the big part of the story here has been live betting. Live betting is up significantly for us year over year. Really, I think some of the investments we alluded to earlier like Simplebet and some of the others, I think, have really helped us accelerate our live betting options.

是的。我確實認為我們相信我們獲得了一些份額。我認為這裡故事的重點是現場投注。我們的現場投注量逐年大幅成長。真的，我認為我們之前提到的一些投資，例如 Simplebet 和其他一些投資，確實幫助我們加速了我們的現場投注選擇。

And I think also those are coming with better hold and stronger adoption at the same time, which is the perfect combination. So that's been a big part of the story of what's driving our handle up, and I do think we've gained some share.

我認為這些同時會帶來更好的控制力和更強的採用力，這是完美的組合。所以，這在很大程度上推動了我們的銷售成長，而且我確實認為我們已經獲得了一些份額。

Great. And then just as my follow-up, I wonder if you can help us think about how growth rates should look. You talked about handle being up 16% in the quarter and for the pre '24 states, up 11%. So not a surprise, right, that maybe some of those initial growth rates slow that we should expect that at all.

偉大的。然後，作為我的後續問題，我想知道您是否可以幫助我們思考成長率應該是什麼樣子。您談到本季手柄數量上漲了 16%，而 24 個州之前的手柄數量上漲了 11%。因此，這並不奇怪，也許一些初始成長率會放緩，我們應該預料到這一點。

Is there -- can you help us also think about even more -- what that rate of growth looks like sort of over a period of two or three years, right, if we looked at like the 20 states that started in 2021 versus states in 2022 versus 2023, sort of what that rate of sort of maybe maturing handle would look like?

您能否幫助我們進一步思考一下，在兩三年的時間內，這種成長率是什麼樣的？如果我們比較一下 2021 年開始的 20 個州與 2022 年和 2023 年的州，這種成熟的速度會是什麼樣的？

Yes. It's hard to look at handle in isolation because remember, one of the things -- as the state matures, there's a number of metrics that move together to drive increasing contribution profit. Handle growth is obviously one of them, but also our hold rate is going up. Promotions continue to decline as states mature and marketing spend continues to go down as states mature.

是的。孤立地看待處理是很困難的，因為請記住，其中一件事——隨著國家的成熟，有許多指標會共同推動貢獻利潤的增加。處理量成長顯然是其中之一，但我們的持有率也在上升。隨著國家的成熟，促銷活動持續減少，行銷支出也隨著國家的成熟而下降。

So those things all combine to create significant inflection of contribution profit. Obviously, we'd like our handle growth to be as strong as possible, but we don't really look at it in isolation, we look at it as one of multiple things that we're monitoring. And sometimes when you're doing things like reducing promo and increasing hold rate, that's not going to always maximize the handle growth, but it still might be the optimal cocktail. So that's always how we look at it.

因此，所有這些因素結合起來就造成了貢獻利潤的顯著變化。顯然，我們希望我們的句柄成長盡可能強勁，但我們實際上並不是孤立地看待它，而是將其視為我們正在監控的多個事物之一。有時，當您採取諸如減少促銷和提高保留率等措施時，這並不總是能最大限度地提高處理量成長，但它仍然可能是最佳的組合。所以我們總是這樣看待它。

Ben Miller, Goldman Sachs.

高盛的班·米勒。

Can you just talk about the underlying dynamics around the handle acceleration versus the MUPs deceleration when you exclude Jackpocket? And just any color you can provide on what you're seeing in the cohort data by vintage around handle versus users would be helpful.

當您排除 Jackpocket 時，您能否談談手柄加速與 MUP 減速之間的潛在動態？只要您能根據處理方式和使用者類型提供佇列資料中看到的任何顏色，都會很有幫助。

Yes. I think the Q1 MUPs were actually consistent with our expectations, but we did see that handle acceleration you mentioned. So as I said, a big part of that is live betting. Live betting in Q1 was actually up to greater than 50% of our total handle, the first time that's ever happened. We think there's even more upside from there.

是的。我認為 Q1 MUP 實際上與我們的預期一致，但我們確實看到了您提到的處理加速。正如我所說，其中很大一部分是現場投注。第一季的現場投注實際上佔了我們總投注額的 50% 以上，這是有史以​​來第一次。我們認為，未來還有更大的上漲空間。

As we've said, we've seen stats that it's as high as 70%, 80% of GGR in some cases for operators in more mature markets. So we think there's a ton of opportunity there, but really happy to see that.

正如我們所說，我們看到的統計數據表明，對於更成熟市場的營運商來說，這一比例在某些情況下高達 70% 甚至 80%。所以我們認為那裡有很多機會，但真的很高興看到這一點。

MLB live handle, it's early in the season, but is up 36% year over year for April. Really great to see. So we think there's a ton of upside there. And as we noted in the last couple of quarters, that's where we've been leaning in. But certainly also continue to focus on driving pre-match handle and bet mix and also been a great story on the bet mix side.

MLB 直播，賽季才剛開始，但 4 月的收視率比去年同期成長了 36%。真的很高興看到。因此我們認為這其中蘊藏著巨大的上升空間。正如我們在過去幾個季度中指出的那樣，這就是我們一直以來所傾向的。但當然也繼續專注於推動賽前處理和投注組合，並且在投注組合方面也有一個很棒的故事。

We've had tremendous year-over-year gains in terms of both SGP and parlay mix and overall average leg count.

我們在 SGP 和 parlay 組合以及總體平均投注次數方面都取得了巨大的同比增長。

Great. And then just on the prediction markets, obviously, a lot of moving pieces there. But I'm curious how your conversations with state legislators and tribes have evolved in the context of prediction markets and whether that's catalyzing states that are not legal to refocus efforts in some way.

偉大的。然後僅在預測市場上，顯然就有很多變動因素。但我很好奇，在預測市場的背景下，您與州立法者和部落的對話是如何發展的，以及這是否會促使那些不合法的州以某種方式重新集中精力。

It's definitely something that they're talking about. And it's early days, so it's hard to say at this point that it's really catalyzed anything because we haven't seen any states that are like, yes, we're going to do this now. But definitely, I think step one, which, as you noted, is getting their attention and making them start having those conversations. We are seeing that happen.

這肯定是他們正在談論的事情。現在還處於早期階段，所以現在很難說它是否真的催化了什麼，因為我們還沒有看到任何國家表示，是的，我們現在就要這樣做。但毫無疑問，我認為第一步，正如你所說，是引起他們的注意並讓他們開始進行這些對話。我們正在目睹這種情況的發生。

And I think as it continues to grow, that's just going to continue to be a powerful lever that this is happening kind of whether you want to or not. So do you want to do it in a way that makes sense if you're a California tribe or if you're a state that hasn't legalized it yet that allows you to prosper? Or do you want to watch it happen somewhere else? And I think that's something that everybody is talking about right now.

我認為，隨著它的不斷發展，它將繼續成為一個強大的槓桿，無論你是否願意，這種情況都會發生。那麼，如果你是加州的一個部落，或者你是一個尚未將其合法化的州，你想以一種合理的方式來做到這一點，讓你繁榮起來嗎？或者你想在其他地方觀看它發生？我認為這是現在每個人都在談論的事情。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

So first one on OSB. Could you remind us what is implied for structural hold in the second half of '25 guidance, particularly NFL? And maybe talk through the lens of parlay mix. What are you looking for in terms of parlay mix lift year over year in the second half versus the trajectory that you were on as of the first quarter year over year?

第一個是關於 OSB 的。您能否提醒我們 25 年指導方針下半年的結構性保持意味著什麼，特別是 NFL？或許可以透過 parlay mix 的視角來談。與第一季同比的走勢相比，您預計下半年的累積投注組合將是年比提升？

Yes. So in terms of the back half, structural hold should be a little north of 11%. It's going to be a bit lower, like just below 11% in Q3 and then over 11% in Q4. So that's, I think, the best way to think about it. And really, the driver of that, as you kind of alluded to, is NFL, but also NBA, which are the two best sports in terms of structural hold as far as the major sports go because of the heavy SGP and parlay mix.

是的。因此，就後半部而言，結構保持率應略高於 11%。它會稍微低一些，例如第三季略低於 11%，第四季超過 11%。所以我認為這是思考這個問題的最佳方式。事實上，正如您所提到的，推動這一趨勢的不僅是 NFL，還有 NBA，就主要體育賽事而言，由於 SGP 和 parlay 的大量結合，它們是結構性支撐最好的兩項體育賽事。

That's really helpful, Jason. And then just more of a near-term modeling question. The release says adjusted EBITDA in the 2Q should exceed $200 million. That's a reasonable ways off from what's currently implied in the consensus numbers. So maybe you could just talk about the way that you split up the hold impact between the first quarter and April.

這真的很有幫助，傑森。這只是一個近期建模問題。新聞稿稱，第二季調整後的 EBITDA 應超過 2 億美元。這與目前普遍預期的數字相差甚遠。因此，也許您可以談談如何劃分第一季和四月之間的持有影響。

And then anything else we should think about in terms of comparisons for the next couple of quarters?

那麼，在接下來的幾個季度的比較中我們還應該考慮什麼呢？

Yes. I mean that's part of why we said it because we haven't always provided color on a quarter-by-quarter basis at the beginning of the year. We typically don't, but wanted to obviously help since we saw that the Q2 numbers and consensus were a little bit off. As far as outcomes go, about $50 million -- or sorry, excuse me, $30 million of outcome headwinds were in April, so not a huge number. And that's -- sorry, that's on the revenue side.

是的。我的意思是，這就是我們這麼說的原因之一，因為我們並不總是在年初按季度提供詳細資訊。我們通常不會這樣做，但顯然想提供幫助，因為我們發現第二季的數據和共識有點偏差。就結果而言，大約 5,000 萬美元——或者抱歉，請原諒我，是 3,000 萬美元的結果逆風發生在 4 月份，所以數字並不大。那是——抱歉，那是收入方面。

So obviously, less impact on the EBITDA side, about probably $20 million, $21 million of that flows through. So yes, it's definitely somewhat of the impact, but it's not really. It was more just the allocation across quarters was a little bit different in our model than what the Street had.

因此顯然，對 EBITDA 方面的影響較小，大概只有 2,000 萬美元、2,100 萬美元左右。所以，是的，它確實有一定影響，但事實並非如此。只不過我們的模型中各季度的分配與華爾街的略有不同。

Jordan Bender, Citizens.

喬丹·本德，公民。

You gave parameters around M&A and how you think about potentially getting that done, but curious to get your thoughts around becoming larger on a global scale through M&A and just more broadly, maybe your updated thoughts around your ambitions for international expansion.

您給出了有關併購的參數以及您認為如何實現這一目標，但我好奇地想知道您對透過併購在全球範圍內擴大規模的想法，以及更廣泛地說，您對國際擴張雄心的最新想法。

Yes. I mean I think we continue to feel the same way we've been sort of articulating over the past years when it comes to international. It's something that we don't need, but we do believe that if the right opportunity emerges, it's something that fits well and could create synergies.

是的。我的意思是，我認為，當談到國際議題時，我們仍然會抱持與過去幾年相同的感受。這是我們不需要的東西，但我們確實相信，如果出現合適的機會，它就會很適合我們並能產生協同效應。

But we don't feel like we need it right now. We think we have a ton of growth in the US, and so that's our focus. But if the right opportunity came about internationally, we think it's something we should look at because we do have global ambitions one day. But obviously, we'll be very selective there and the bar is very high given our focus on the US and our opportunity in the US.

但我們覺得現在不需要它。我們認為我們在美國有大量的成長空間，因此這是我們的重點。但如果國際上出現了合適的機會，我們認為我們應該考慮，因為有一天我們確實有全球抱負。但顯然，我們會非常謹慎，而且考慮到我們對美國的關注以及我們在美國的機會，我們的門檻非常高。

And we understand that, and we know that anything we might do elsewhere, we have to do with a very high bar because the opportunity here and any distraction from that is costly, too.

我們理解這一點，我們也知道，我們在其他地方所做的任何事情都必須有非常高的標準，因為這裡的機會以及由此產生的任何干擾都是代價高昂的。

Great. And then just a follow up. You just gave the back half of the year expected hold. From what I can tell, below 11% in the third quarter above, 11% in the fourth quarter implies a potential slowdown in that growth year over year. Just curious if that's correct, and what could be driving that?

偉大的。然後只是後續跟進。您剛剛給出了下半年的期望。據我所知，低於第三季的11%，第四季的11%意味著該成長率可能比去年同期放緩。只是好奇這是否正確，以及是什麼原因導致的？

No, I don't think it's a slowdown. We're seeing structural hold increases and expect to see that in the back half of the year as well.

不，我不認為這是一種放緩。我們看到結構性持有量正在增加，預計今年下半年也會出現這種情況。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

Jason, your comment on live betting and the improvement in the product, a lot of those acquisitions, tuck-in acquisitions that you have made have largely occurred within the last year. So just wondering kind of when you felt as though like you've got the live product at a point now where you can really start to accelerate and see growth from that? And then I have a follow-up after.

傑森，你對現場投注和產品改進的評論，你所做的許多收購、附加收購大多發生在去年。所以我只是想知道，當您感覺好像您現在已經擁有了實時產品時，現在可以真正開始加速並看到增長了嗎？然後我進行後續跟進。

I really think this past quarter was the first time I felt like, wow, I'm actually really seeing impact on the live side start to materialize in the way that we had planned. And it was exciting to see and it's continued and actually accelerated into Q2 with MLB being up 36% year over year in live.

我真的認為，上個季度我第一次感覺到，哇，我真的看到直播方面的影響開始按照我們計劃的方式實現。令人興奮的是，這一趨勢持續並加速進入第二季度，MLB 直播收入較去年同期成長 36%。

So really excited to see that and still think there's a ton of upside, as I noted. But I think it's really just this last quarter, we started to see those impacts. We knew the work that was being done before, but the actual impact in the numbers.

所以真的很高興看到這一點，並且仍然認為有很多好處，正如我所說的。但我認為實際上只是到上個季度，我們才開始看到這些影響。我們知道之前所做的工作，但實際的影響是在數字上。

Got you. And then a follow-up on Jackpocket. In terms of the database, can you give us a rough split of the percentage of users in non-OSB states? And do you think you have a path in Texas for them to reconsider your offering there?

明白了。然後是 Jackpocket 的後續報道。就資料庫而言，您能否粗略地劃分一下非 OSB 州的使用者百分比？您認為在德州，你們有辦法讓他們重新考慮你們在那裡提供的服務嗎？

So I don't have an exact stat for you on percent of customers in non-OSB states, but they are certainly in quite a few states that have OSB in them. And Texas, obviously, was not one of them. And as far as that question, I don't know. We'll have to see. There is certainly some momentum around legislation at one point, but I don't know if that's going to go through given the Senate in Texas will probably oppose it.

因此，我沒有關於非 OSB 州的客戶百分比的確切統計數據，但他們肯定在相當多的有 OSB 的州。而德克薩斯州顯然不屬於其中。至於這個問題，我不知道。我們得拭目以待。立法方面確實一度有一些勢頭，但我不知道這是否會通過，因為德克薩斯州參議院可能會反對。

And so I'm not sure what's going to happen there. But if it ends up that there is a stalemate in the legislature, then it would have to be through the courts. And right now, we're not pursuing that. But one of Jackpocket -- one of the competitors, I believe Lotto.com is doing so and recently won an injunction. So that certainly signals there might be something.

所以我不確定那裡會發生什麼事。但如果最終立法機構陷入僵局，那麼就必須透過法院來解決。而現在，我們還沒有追求這個目標。但我相信，競爭對手之一 Jackpocket，Lotto.com 正在這樣做，並且最近贏得了一項禁令。所以這肯定表明可能存在某種情況。

But I think early days and hard to know. And obviously, we're watching closely, and we'll make any decisions accordingly.

但我認為早期還很難知道。顯然，我們正在密切關注，並會據此做出任何決定。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

In the letter, you guys talked about beginning to realize efficiency as demand softens in areas such as advertising. So just curious if you can share any levels of the ad efficiencies you've seen to date and talk more about how you can benefit or how that's going to impact your planned advertising spend for the rest of the year.

在信中，你們談到隨著廣告等領域的需求減弱，開始實現效率。所以我很好奇您是否可以分享迄今為止您所看到的廣告效率水平，並詳細談談您如何從中受益，或者這將如何影響您今年剩餘時間的廣告支出計劃。

Sure. So really, where we're starting to see some is on the digital side. Haven't really seen anything on the offline side in terms of softening yet. And I think a lot of the places that are premium sport property are going to continue to command prices because of the scarcity of inventory. But on the digital side, we are definitely seeing some softening.

當然。所以實際上，我們開始看到一些是在數字方面。目前為止，我還沒有真正看到離線方面有任何軟化跡象。我認為，由於庫存稀缺，許多高端體育場的價格將繼續居高不下。但在數字方面，我們確實看到了一些疲軟。

And maybe on taxes. Clearly, we saw Illinois increase and with Maryland set to increase, can you just take a step back and share what you've learned about the right strategy to help mitigate future tax increases and how investors should think about the risk for additional states increasing taxes in the year ahead?

或許還有稅收方面。顯然，我們看到伊利諾伊州的稅收在增加，而馬裡蘭州的稅收也將增加，您能否退一步分享您所了解的幫助減輕未來稅收增加的正確策略，以及投資者應該如何看待未來一年其他州增加稅收的風險？

Yes. I mean I think what's unfortunately happening as states increase taxes is alternate options are gaining share. And so that's something that we're making sure people understand the illegal market is bigger than ever in terms of iGaming. And obviously, that's mostly in states that don't have legal iGaming, but those companies are going to create competitive offerings and push them in states that do have legal iGaming if taxes are too high. So that's something that we think certainly is resonating.

是的。我的意思是，我認為不幸的是，隨著各州增加稅收，替代方案的份額正在增加。因此，我們要確保人們了解，iGaming 的非法市場比以往任何時候都要大。顯然，這主要發生在沒有合法 iGaming 的州，但如果稅收過高，這些公司將創造有競爭力的產品，並在有合法 iGaming 的州推廣它們。所以我們認為這肯定會引起共鳴。

And then also, I think that there is an element of just making sure that they do understand that there is ultimately a cost to the consumer, whether it's weaker product, less promotions, things like that. So it's something that we're certainly cognizant is out there. We're operating in quite a few states now. So at any point in time, there's probably going to be some positive developments going on in any given states and some challenges, and we're just going to have to stay on top of everything.

而且，我認為還有一個因素是確保他們確實明白，這最終會為消費者帶來成本，無論是產品品質較差、促銷活動減少，或是諸如此類的事情。所以我們當然知道它的存在。我們目前在相當多的州開展業務。因此，在任何時候，任何特定的州都可能出現一些積極的發展和一些挑戰，我們必須掌握一切。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Just getting to live betting, if that becomes a larger percentage of your handle, would we expect that to handle or reaccelerate, but it'd be at a lower hold because you don't want to maximize your hold on live betting? And then just looking at your R&D, it's up quite a bit. Is that being more deployed to product and development? Or is that from acquisitions? Because we've noticed a huge product improvement in your NBA products, so any color there would be great.

只是談到現場投注，如果這成為您處理的一個更大比例，我們是否會期望它能夠處理或重新加速，但它會處於較低的水平，因為您不想最大限度地控制現場投注？然後看看你的研發，它已經上升了不少。這是否會更多地部署到產品和開發中？還是來自收購？因為我們注意到你們的 NBA 產品有了巨大的改進，所以任何顏色都很棒。

Yes. So on the latter question, it's -- some of the recent acquisitions that I noted are what that is being driven by. And I think definitely appreciate the comments on the NBA. It's a product that we worked hard on, and I'm really excited about our baseball product as well as our golf product. We have a lot of great updates that are coming through this summer as well. So I'm pretty pumped about where we're at from a product perspective.

是的。因此，關於後一個問題，我注意到的一些最近的收購就是由這一因素推動的。我非常欣賞對 NBA 的評論。這是我們努力打造的產品，我對我們的棒球產品和高爾夫產品感到非常興奮。今年夏天我們還將推出許多精彩的更新。因此，從產品角度來看，我對我們所處的位置感到非常興奮。

And then as far as the first question, I think it depends on the kind of live betting. If you're talking about micro bets, next basket, next pitch, I do think you're correct that you don't want to hold too high on those. If you're talking about customers that are at half time betting on what the end outcome of the game is, that's fine to have them making parlays and having higher hold products. So I think it really depends, but that's how we think about it.

至於第一個問題，我認為這取決於現場投注的類型。如果您談論的是微型賭注、下一個籃框、下一個投球，我確實認為您是對的，您不想對這些下注太高。如果您談論的是中場休息時對比賽最終結果下注的顧客，那麼讓他們進行累積投注並擁有更高持有率的產品是可以的。所以我認為這確實取決於情況，但我們就是這麼認為的。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Jason, I wanted to go back to the structural hold topic. And maybe you could help us understand or unpack, I guess, what sort of contributes or drives -- this quarter, I think you guys saw a 300 basis points mix shift towards parlays. Is that largely a function of new cohorts that you're onboarding that are significantly more parlay inclined? Or is it coming largely from your existing player cohorts where you're able to gradually shift them over towards higher-margin bets via retention promo? Or does one of those, I guess, sort of offer you a bigger opportunity or a bigger value driver down the road?

傑森，我想回到結構保持話題。也許你可以幫助我們理解或解開什麼樣的貢獻或驅動力——本季度，我認為你們看到了 300 個基點的組合轉向聯注。這是否很大程度是由於您所招募的新成員更傾向聯營？或者它主要來自於您現有的玩家群體，您是否能夠透過保留促銷逐漸將他們轉向更高利潤的賭注？或者我想，其中一個會為你提供更大的機會或更大的價值驅動力？

It's really both. We're seeing progress on both new customers coming in and immediately exhibiting behavior of higher parlay mix, but also existing customers increasing their parlay mix in parlay betting. So definitely both. But as far as going forward, I think same story, both are going to be levers for us. There's still a lot of room there, I believe.

確實兩者皆有。我們看到，新客戶加入後立即表現出更高的串聯投注組合行為，而現有客戶也在串聯投注中增加了串聯投注組合。所以肯定兩者都有。但就未來而言，我認為情況是一樣的，兩者都將成為我們的槓桿。我相信那裡還有很大的空間。

And the great thing is that customers love the product, so it's very sticky. So even if you have to utilize promo to try to get people to try it here and there, continue to promo just for pure engagement. We're seeing a lot of the customers that initially adopted parlay betting through promo continue to make parlays even when they're not getting promos. So that's really a great sign for us.

最棒的是，客戶喜愛該產品，因此它非常具有粘性。因此，即使您必須利用促銷來嘗試讓人們到處嘗試，也要繼續促銷，純粹是為了吸引人們的參與。我們發現許多最初透過促銷活動採用串聯投注的客戶即使沒有獲得促銷也會繼續進行串聯投注。這對我們來說確實是一個好兆頭。

That's helpful. And if I could ask a separate follow-up around AI, I'm curious how much, I guess, you've sort of integrated that tech into the pricing and risk management framework at this stage. Are you using that as a means of sort of better understanding elasticity or capturing inferences from sort of ticket flow on the fly that might be, I guess, a little bit less obvious to a human that was looking at the same data?

這很有幫助。如果我可以就人工智慧單獨提出後續問題，我很好奇您在現階段將這項技術融入定價和風險管理框架的程度。您是否使用它來更好地理解彈性或從動態票流中獲取推論，我想，對於查看相同數據的人來說，這可能不太明顯？

A little bit, but it is pretty early. I think that's actually a huge opportunity for us. I'm glad you mentioned it. We are still very early days in terms of implementing, but it's an area we've identified that we think there's a lot of opportunity for sure.

有一點，但是還很早。我認為這對我們來說實際上是一個巨大的機會。我很高興你提到了這一點。我們在實施方面仍處於非常早期的階段，但我們已經確定這個領域肯定存在著許多機會。

Steven Sheeckutz, Citi.

花旗銀行的 Steven Sheeckutz。

Now that we're a few months into the launch of DraftKings Plus in New York, I was hoping you could comment on your initial learnings from that offering and if you anticipate maybe expanding that product into other states down the line?

現在 DraftKings Plus 在紐約推出已經有幾個月了，我希望您能評論一下您對該產品的初步了解，以及您是否預計未來可能會將該產品擴展到其他州？

Thanks. Yes. So we had a very limited launch because we weren't sure if we were going to make changes to the product and didn't want to have a bunch of people sign up and have to do that. So as a result, it's taken a little longer to get statistically significant results on some of the things that we were looking at.

謝謝。是的。因此，我們的發布非常有限，因為我們不確定是否會對產品做出更改，並且不想讓一大群人註冊並不得不這樣做。因此，我們需要花更長的時間才能獲得我們正在研究的一些事物的具有統計意義的結果。

That said, so far, we've been very encouraged by what we've seen. It's been a very small user cohort, as I mentioned, by design. But it's been really a success amongst those customers. We've had really high satisfaction ratings from people. People are not canceling the subscription and they're seeing value in it.

儘管如此，到目前為止，我們所看到的情況讓我們感到非常鼓舞。正如我所提到的，根據設計，這是一個非常小的使用者群體。但它在這些客戶中確實獲得了成功。我們獲得了人們非常高的滿意度評價。人們不會取消訂閱，他們看到了其中的價值。

It's also generating value for us. So we are cautiously optimistic. It's something that we can do on a more broad basis. But we also, like I said, don't want to roll it out more broadly until we've done quite a bit of testing because we don't want to have to make changes to the program after we've gotten hundreds of thousands or even millions of customers to sign up for it.

它也為我們創造了價值。因此我們持謹慎樂觀的態度。這是我們可以在更廣泛的基礎上做的事情。但正如我所說，在進行大量測試之前，我們不想更廣泛地推出該計劃，因為我們不想在數十萬甚至數百萬客戶註冊後對該計劃進行更改。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

I appreciate the chart you made showing the historical resiliency of digital gaming amidst the Great Recession. But I guess as you look at the database today, are there certain segments or cohorts doing better than others worth highlighting?

我很欣賞您製作的圖表，它展示了大衰退期間數字遊戲的歷史彈性。但我猜，當您今天查看資料庫時，是否有某些部分或群體比其他部分或群體表現更好，值得強調？

No, not really. We haven't -- we've actually looked at that quite a bit, and we haven't seen anything to suggest that there's different cohorts, no matter how you slice it, that are performing differently. We've looked at it by state, we've looked at it by higher versus lower spend customers, we've looked at it by tenure, quite a few different ways, looked at it by sport preference. And we really aren't seeing a big change in anything. Everything looks pretty much as we expect.

不，不是真的。我們沒有——實際上我們已經對此進行了大量研究，我們並沒有看到任何跡象表明，無論如何劃分，不同的群體會有不同的表現。我們根據州、消費額較高和較低的顧客、使用期限等多種不同方式對它進行研究，也根據運動偏好對它進行過研究。我們確實沒有看到任何重大變化。一切看起來都和我們預期的差不多。

So far, we're seeing no signs that there's any macroeconomic effects happening on our customer base. And as you noted, I think based on other data we've seen from third parties, it really has been a trend in gaming that you don't see actually much impact, if any, at all, from any sort of recession or economic downturn.

到目前為止，我們還沒有看到任何跡象表明我們的客戶群受到任何宏觀經濟影響。正如您所說，我認為根據我們從第三方看到的其他數據，遊戲產業確實存在這樣的趨勢，即任何類型的衰退或經濟衰退實際上都不會對其造成太大影響，甚至根本不會產生影響。

Great. And then just how are you thinking about capital allocation here, specifically share repurchases?

偉大的。那麼您如何考慮這裡的資本配置，特別是股票回購？

As we noted, we did repurchase, what was it, 140 million of shares in Q1. So definitely pleased that we were able to do that. And we have, as you also know, committed to $1 billion as a buyback that's been authorized by the Board. So that continues to be something that we're planning. But obviously, if anything changes in terms of either that or additional buybacks, we'll certainly let you know.

正如我們所指出的，我們確實在第一季回購了 1.4 億股股票。我們非常高興能夠做到這一點。如您所知，我們已承諾回購 10 億美元，這已獲得董事會的批准。所以這仍然是我們正在計劃的事情。但顯然，如果在這方面或額外回購方面有任何變化，我們一定會通知您。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

My first is on external marketing spend. How are you thinking about the magnitude of this spend this year relative to maybe the start of the year? Has it changed at all? And I guess I would preface it with two dynamics as I see it: Number one, Jackpocket exiting Texas; and then number two, the softer digital ad spend environment that you referenced earlier. I guess does the combination of those two change anything for you?

我的第一項支出是外部行銷支出。您認為今年的支出規模相對於年初而言如何？它有改變嗎？我想我會用我所看到的兩種動態作為開端：第一，Jackpocket 退出德克薩斯州；第二，您之前提到的數位廣告支出環境更加疲軟。我想這兩者結合會為你帶來什麼改變嗎？

And I'm not sure if there's any other dynamics that you would flag or if I captured it all.

我不確定您是否會標記其他動態，或者我是否已將其全部捕獲。

Yes. It's a good question. So at this point, it's pretty much where we expected it to be. There's been, as you noted, a little bit of softening on the digital side. So we're certainly looking at opportunities to maybe spend a little bit more there, but that is more than offset -- sorry, that is offset by the reduction that we see in Texas from Jackpocket exiting.

是的。這是個好問題。因此，就目前情況而言，它基本上符合我們的預期。正如您所說，數字方面已經出現了一些軟化。因此，我們當然正在尋找機會在那裡多花一點錢，但這不僅僅是抵消——抱歉，這被我們在德克薩斯州看到的因 Jackpocket 退出而減少的支出所抵消。

So it's kind of a wash, and we're sort of right on track with where we thought we'd be.

所以這就像是一種洗禮，我們基本上已經按照我們預想的方向前進了。

Sorry, maybe just a follow-up there. I guess if its softer digital ad spend, wouldn't that be less expensive for you? And then wouldn't Jackpocket exiting Texas -- go ahead.

抱歉，也許只是後續事宜。我想，如果數位廣告支出較少的話，對你來說成本不是更低嗎？那麼 Jackpocket 不會離開德州嗎？

Sorry. No, no. If it's softer, sometimes an opportunity to lean in a little bit more, right, because you have a spend that wasn't efficient before that now is efficient.

對不起。不，不。如果它更柔軟，有時就有機會稍微傾斜一下，對吧，因為你以前的支出效率不高，但現在卻高效了。

Understood. Makes sense. And then related --

明白了。有道理。然後相關--

If you're buying literally the same volume of ads, though, you're correct. But when the market softens, sometimes that's an opportunity to spend a little bit deeper. But like I said, these are low double-digit flexes either way. So it's kind of a rounding error even if you didn't include either of them. We're pretty much right where we expected to be and expect that will be the trend for the rest of the year.

不過，如果您購買的廣告數量完全相同，那麼您是正確的。但當市場疲軟時，有時這是一個加大投資的機會。但就像我說的，無論如何，這些都是低兩位數的彎曲。因此，即使您不包括其中任何一個，這也是一種舍入誤差。我們基本上已經達到了預期，並且預計這將是今年剩餘時間的趨勢。

Understood. That's helpful. And then on -- just one more on Jackpocket. I guess, what's the desire to integrate this into the DraftKings app? And then any updated thoughts on profitability?

明白了。這很有幫助。然後——再說一個關於 Jackpocket 的事情。我想，將其整合到 DraftKings 應用程式中的願望是什麼？那麼對於獲利能力有什麼最新的想法嗎？

I think in the past, there was some medium-term kind of bogeys out there you had provided. Should we expect an update here at some point, just given the changes in a few markets?

我認為過去您曾提出過一些中期警告。鑑於一些市場發生的變化，我們是否應該期待某個時候的更新？

So on the first question, we're actually actively working on that. So I do expect that it will be integrated sometime, I believe, in the back half of the year, and we'll have it fully on our platform on our PAM. So that will also hopefully help with conversion and other metrics on the wallet.

關於第一個問題，我們實際上正在積極努力。因此我確實希望它能夠在今年下半年的某個時候集成，並且我們將在我們的 PAM 平台上完全實現它。因此這也有望有助於錢包的轉換和其他指標。

As far as profitability goes, we said that it will be profitable this year. We do expect that it will be probably about breakeven, maybe slightly up or down from profitability level, largely due to the Texas exit. So it's something that obviously we hope to get over the profit line, but also it's a growth asset, and we want to make sure we're properly investing in it, too. It's still growing very quickly even with Texas. So I think a lot of opportunity on that front.

從獲利能力來說，我們說過今年是會獲利的。我們確實預計它可能會達到收支平衡，可能比盈利水平略高或略低，這主要是由於退出德克薩斯州。因此，我們顯然希望它能夠實現盈利，但它也是一種成長資產，我們希望確保我們對它進行適當的投資。即使在德克薩斯州，它仍然增長非常快。所以我認為這方面有很多機會。

Ladies and gentlemen, this does conclude the Q&A portion of today's conference. I would like to turn the call back over to Jason for any further remarks.

女士們、先生們，今天會議的問答部分到此結束。我想將電話轉回給傑森，讓他發表進一步的評論。

Thank you all for joining us on today's call. We are really optimistic about the rest of 2025 and are well positioned for continued success in the future. Thank you for your continued support.

感謝大家參加今天的電話會議。我們對 2025 年剩餘時間充滿樂觀，並為未來繼續取得成功做好了準備。感謝您一直以來的支持。

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。現在您可以斷開連接並享受美好的一天。