Firy Inc (FIRY) 2026 Q1 法說會逐字稿

Good afternoon, everyone. I'd like to welcome you to the Skillz, Inc., first-quarter 2026 results call.

各位下午好。歡迎參加 Skillz, Inc. 2026 年第一季業績電話會議。

At this time, I would like to turn the conference over to your host, Joe Jaffoni from JCIR to begin.

此刻，我想把會議交給今天的主持人——來自 JCIR 的 Joe Jaffoni，請他開始。

Good afternoon, everyone. Skillz issued its 2026 first-quarter earnings release on May 15, which is available on the company's Investor Relations website. Let me read the Safe Harbor language, and then we'll get right into the call.

各位下午好。Skillz 已於 5 月 15 日發布 2026 年第一季財報新聞稿，可於公司投資人關係網站取得。我先宣讀「安全港」聲明，然後我們就直接進入會議內容。

All statements and comments made by management during this conference call other than statements of historical fact may be deemed forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Skillz cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those reflected by the forward-looking statements made during the call. For additional details on these risks and uncertainties, please see Skillz annual report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission and Skillz subsequent public filings with the SEC. Skillz undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

在本次電話會議中，管理層所作之所有陳述與評論（除歷史事實陳述外）均可能被視為《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義之「前瞻性陳述」。Skillz 提醒，這些前瞻性陳述存在風險與不確定性，可能導致實際結果與本次會議所作前瞻性陳述所反映之結果存在重大差異。關於上述風險與不確定性的更多細節，請參閱 Skillz 截至 2025 年 12 月 31 日止年度之 Form 10-K 年報（已向美國證券交易委員會提交）以及 Skillz 其後向 SEC 提交之公開文件。Skillz 不承擔更新或修訂任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。

Additionally, we will reference various non-GAAP financial measures and KPIs during this call. Please refer to our earnings release for an explanation of these measures and how we use them and in the case of the non-GAAP financial measures, reconciliations to their nearest GAAP equivalents.

此外，我們在本次會議中將引用多項非 GAAP 財務衡量指標與 KPI。請參閱我們的財報新聞稿，以了解這些指標的說明及其使用方式；並就非 GAAP 財務衡量指標部分，查閱其與最接近之 GAAP 指標的調節表。

It's now my pleasure to turn the call over to Skillz CEO, Andrew Paradise. Andrew, please go ahead.

現在我很高興把電話會議交給 Skillz 執行長 Andrew Paradise。Andrew，請開始。

Thank you, Joe, and good afternoon, everyone. I'll begin today's call with a review of our first-quarter results. For the first quarter, GAAP revenue was $29 million, down 3% quarter-over-quarter and up 33% year-over-year. Adjusted EBITDA loss was $13 million compared to a loss of $10 million in the fourth quarter. The increase in adjusted EBITDA loss was driven by higher litigation-related expenses during the quarter. Importantly, excluding litigation-related expenses, adjusted EBITDA in Q1 2026 improved to a loss of $7 million, representing a 15% improvement quarter-over-quarter on a normalized basis.

謝謝你，Joe，各位下午好。我先回顧我們第一季的業績。第一季 GAAP 營收為 2,900 萬美元，較上一季下降 3%，較去年同期成長 33%。調整後 EBITDA 虧損為 1,300 萬美元，第四季為虧損 1,000 萬美元。調整後 EBITDA 虧損擴大主要是因本季訴訟相關費用較高所致。重要的是，若排除訴訟相關費用，2026 年第一季調整後 EBITDA 改善至虧損 700 萬美元，以常態化基礎計算，較上一季改善 15%。

At RZR, adjusted EBITDA was $2 million, marking a third consecutive quarter of profitability. We expect this improvement in underlying profitability across our portfolio as we continue to move into the second quarter. Paying MAU for the Skillz platform was 128,000, down 9% quarter-over-quarter and up 3% year-over-year. This quarterly sequential decline in PMAU was partly driven by our decrease in UA spend, resulting in fewer new user cohort additions. While top line PMAUs decreased, we're encouraged that retention across our more mature cohorts improved from the previous quarter. This reflects a healthier platform demonstrated by our 7% quarter-over-quarter increase in average revenue per paying user.

在 RZR，調整後 EBITDA 為 200 萬美元，連續第三季維持獲利。我們預期，隨著我們持續進入第二季，整體投資組合的基礎獲利能力將進一步改善。Skillz 平台的付費 MAU 為 128,000，較上一季下降 9%，較去年同期成長 3%。本季 PMAU 的季對季下滑，部分原因是我們降低了 UA（用戶獲取）支出，導致新增用戶群（cohort）加入較少。雖然 PMAU 的營收端規模下降，但我們很受鼓舞地看到較成熟 cohort 的留存率較上一季提升。這反映出平台更健康，並由每位付費用戶平均收入季對季成長 7% 所印證。

Moving to our fair play initiative and an update on our litigation against Papaya Gaming. In April, the unanimous jury in the US District Court for the Southern District of New York found Papaya liable for false advertising under the Lanham Act and deceptive practices under New York law, awarding Skillz $420 million in actual damages, the largest false advertising award in US history under the Lanham Act. The jury also made advisory findings supporting disgorgement of either $719 million based on Papaya's profits or $652 million based on Papaya's cost savings. These are alternative theories and will not be added together. The court will determine whether to award disgorgement and, if so, the final amount.

接著談我們的公平競技（fair play）倡議，以及我們對 Papaya Gaming 的訴訟最新進展。4 月，美國紐約南區聯邦地方法院的陪審團一致裁定 Papaya 依《蘭哈姆法》（Lanham Act）構成虛假廣告，並依紐約州法律構成欺騙性行為，判給 Skillz 4.2 億美元的實際損害賠償，這是美國《蘭哈姆法》下史上最大的虛假廣告賠償裁決。陪審團亦提出諮詢性（advisory）認定，支持追繳（disgorgement）金額可採兩種計算方式之一：依 Papaya 利潤計為 7.19 億美元，或依 Papaya 成本節省計為 6.52 億美元。這些屬替代理論，不會相加。法院將決定是否裁定追繳，以及若裁定追繳，最終金額為何。

It may accept, modify or decline the advisory findings entirely, ensuring there is no duplicative recovery where actual damages and disgorgement overlap. Under the Lanham Act, the court has the ability to enhance the actual damages award by up to 3 times the $420 million. For any disgorgement the court chooses to award, there is no cap on enhancement. In simple terms, the total potential award ranges from $420 million to over $1.2 billion, depending on the court's determination on disgorgement enhancement. To understand what this verdict means for the category we pioneered, it helps to understand some of the why.

法院可全部接受、修改或完全不採納上述諮詢性認定，並確保在實際損害與追繳重疊之處不會出現重複求償。依《蘭哈姆法》，法院可將 4.2 億美元的實際損害賠償最高加倍至 3 倍。至於法院若裁定追繳，則其加重（enhancement）並無上限。簡言之，總潛在裁決金額介於 4.2 億美元至超過 12 億美元之間，取決於法院對追繳加重的裁定。要理解這項裁決對我們所開創的類別意味著什麼，先理解其中一些原因會有所幫助。

Skillz founded the skill-based competitive gaming category at a single premise, the players compete fairly against real human opponents for real prizes. As the category grew, we saw competitors gaining market share in ways that defy explanation. This turned out to be what we believe to be fraud. We had to use the legal system to fight back on behalf of our players and our shareholders.

Skillz 以一個核心前提創立了「以技術為基礎的競技遊戲」類別：玩家以公平方式與真實的人類對手競賽，爭取真實獎金。隨著類別成長，我們看到競爭對手以難以解釋的方式取得市占。結果證明，我們相信那是詐欺。我們必須運用法律體系，代表我們的玩家與股東反擊。

What we alleged against one of these competitors was confirmed by Papaya's own internal documents. Bots were being deployed at scale. Bot scores selected by Papaya determined the outcomes, and none of it was disclosed to the players. I remind you, we've taken this path before. In 2024, a federal jury found AviaGames liable for patent infringement and awarded $42.9 million in damages.

我們對其中一位競爭對手的指控，已由 Papaya 自身的內部文件所證實。機器人（bots）被大規模部署。由 Papaya 選定的機器人分數決定比賽結果，而這一切都未向玩家揭露。我提醒各位，我們以前也走過這條路。2024 年，聯邦陪審團裁定 AviaGames 構成專利侵權，並判給 4,290 萬美元的損害賠償。

We subsequently pursued a separate false advertising case against Avia, and the two cases ultimately settled together for $80 million. We applied those learnings and brought Papaya to trial on false advertising grounds directly. The evidence of trial is clear. Papaya's bots outnumber human players. Across tournaments advertising, approximately $6.7 billion in prize pools, only about $2 billion was actually paid to real users, leaving roughly $4.7 billion in, quote, imaginary money, quote, a term used by Papaya's own defense council that was never paid to human players.

其後我們另行對 Avia 提起虛假廣告訴訟，兩案最終合併以 8,000 萬美元和解。我們運用這些經驗，直接以虛假廣告為由將 Papaya 送上法庭。審判證據非常清楚：Papaya 的機器人數量超過人類玩家。在其宣稱的約 67 億美元獎金池中，實際支付給真實用戶的僅約 20 億美元，剩下約 47 億美元為所謂的「想像中的錢」（quote, imaginary money, quote）——這是 Papaya 自家辯護律師使用的用語——從未支付給人類玩家。

The jury's verdict confirms that these practices violate the Lanham Act false advertising standards. We founded this industry, and we remain committed to ensuring that fair competition is the standard every participant is held to. On collectibility, based on publicly available data, Papaya operates at substantial scale with leading titles ranking among the most downloaded in the US, generating significant revenue. Based on independent analyst coverage notes, Papaya's annual net revenue is approximately $950 million to $1.1 billion. We believe this scale supports Papaya's capacity to satisfy a judgment of this size.

陪審團裁決確認，這些作法違反《蘭哈姆法》的虛假廣告標準。我們創立了這個產業，並將持續致力於確保公平競爭是每位參與者都必須遵守的標準。關於可收回性（collectibility），根據公開資料，Papaya 以相當規模營運，其主力遊戲在美國下載排行名列前茅，並創造可觀營收。依獨立分析師研究報告，Papaya 年度淨營收約為 9.5 億至 11 億美元。我們相信，這樣的規模支持 Papaya 有能力履行如此金額的判決。

Looking ahead, we expect that the court will determine the final disgorgement award in June. The parties have been ordered to engage in settlement discussions, which we're actively pursuing. We're also evaluating alternatives to secure capital against the judgment and are monitoring closely whether an appeal bond or other secured capital will be required. This verdict confirms that false advertising in skill-based gaming category violates federal law. We believe the Papaya verdict supports the integrity of the category and may improve competitive dynamics over time.

展望未來，我們預期法院將於 6 月決定最終追繳金額。法院已命令雙方進行和解協商，我們正積極推進。我們也在評估以該判決作為擔保取得資金的替代方案，並密切關注是否需要提出上訴保證金（appeal bond）或其他擔保資金。此裁決確認，在以技術為基礎的競技遊戲類別中，虛假廣告違反聯邦法律。我們相信 Papaya 案的裁決有助於維護該類別的完整性，並可能隨時間改善競爭態勢。

Our litigation against Voodoo games continues to proceed on the same principles of fair play. The Papaya verdict is a significant milestone, and our focus remains on operating and growing our business. As we move through 2026, we are organizing our execution around three core initiatives that build on the foundation established during our turnaround. First, strengthen demand and engagement; second, execute a more efficient and disciplined go-to-market; and third, improve our platform performance and infrastructure. Across each of these initiatives, we're leveraging the Skillz competition platform, RZR's performance marketing engine, and Beamable, our newly acquired developer platform. Together, our businesses are building a connected ecosystem designed to improve performance and drive efficiency.

我們對 Voodoo games 的訴訟仍依循相同的公平競技原則持續推進。Papaya 案裁決是一個重要里程碑，而我們的重點仍是營運並成長我們的業務。隨著我們走過 2026 年，我們將執行聚焦於三項核心倡議，並建立在我們轉型期間奠定的基礎之上。第一，強化需求與參與度；第二，執行更高效率且更具紀律的 go-to-market；第三，提升平台效能與基礎設施。在每一項倡議中，我們都在運用 Skillz 競賽平台、RZR 的績效行銷引擎，以及我們新近收購的開發者平台 Beamable。整體而言，我們的業務正在打造一個互聯的生態系，旨在提升效能並推動效率。

Turning to our first initiative, strengthening demand and engagement. On the Skillz platform, we remain focused on quality and long-term value. We saw continued strength in our core player base, particularly among longer tenured cohorts. Retention across our three-plus month cohorts improved quarter-over-quarter, driving higher engagement and monetization on a per user basis. This reflects the underlying health of the platform.

談到我們的第一項倡議：強化需求與參與度。在 Skillz 平台上，我們仍專注於品質與長期價值。我們看到核心玩家基礎持續展現韌性，尤其是在資歷較長的玩家族群中。我們三個月以上玩家群組的留存率較上一季提升，帶動每位用戶的參與度與變現能力提高。這反映了平台的基本面健康。

Solitaire Skillz continues to scale as a top title on the platform. We also strengthened our owned content portfolio through the acquisitions of Blackout Bingo and Dominoes Gold and are expanding the pipeline with new titles launching later this year. At RZR, engagement is driven by precision targeting and performance marketing at scale. We added several new advertisers across gaming, consumer applications, retail and entertainment. We grew revenue across both new and existing customers and launched our connected TV business, opening a new channel for advertiser spend.

Solitaire Skillz 持續擴張，成為平台上的頂尖遊戲之一。我們也透過收購 Blackout Bingo 與 Dominoes Gold 強化自有內容組合，並擴充產品管線，預計於今年稍晚推出新遊戲。在 RZR 方面，參與度由精準定向與規模化的成效行銷所驅動。我們新增了多位新廣告主，涵蓋遊戲、消費者應用程式、零售與娛樂等領域。我們在新舊客戶上皆實現營收成長，並推出連網電視（Connected TV）業務，開啟廣告主投放的新通路。

Turning to our second initiative, efficient and disciplined go-to-market. On the Skillz platform, we remain focused on executing an efficient and disciplined go-to-market strategy. In Q1, user acquisition spend continued to focus on attracting profitable long-term players. Our approach reflects concentrating investment in channels with attractive returns.

談到我們的第二項倡議：高效率且有紀律的市場推進（go-to-market）。在 Skillz 平台上，我們仍專注於執行高效率且有紀律的 go-to-market 策略。於第一季，用戶獲取支出仍聚焦於吸引具獲利能力的長期玩家。我們的方法反映出將投資集中於具吸引力報酬的渠道。

At RZR, we continue to scale our performance, expanding our advertiser base and deepening relationships with existing clients. During the quarter, we continued to optimize media margins through improved product mix. Our machine learning platform continues to drive stronger targeting efficiency and return on ad spend for advertisers. Additionally, the launch of connected TV has attracted initial advertiser commitments, broadening RZR's addressable market and opening a new channel for advertising spend.

在 RZR 方面，我們持續擴大成效規模，擴增廣告主基礎並深化與既有客戶的合作關係。本季我們透過改善產品組合，持續優化媒體毛利率。我們的機器學習平台持續為廣告主帶來更強的定向效率與更高的廣告投資報酬（ROAS）。此外，連網電視的推出已吸引初步的廣告主承諾，擴大 RZR 的可服務市場，並開啟新的廣告支出通路。

Turning to our third initiative, improving platform performance and infrastructure. On the Skillz platform, we continue to invest in systems supporting player engagement. We're also advancing our Pro SDK development with several developers building new games or converting existing games using this technology. During the quarter, RZR continued migration to more advanced neural network models, improved training efficiency and prediction accuracy, expanded integrations with measurement partners, and advanced next-generation machine learning infrastructure.

談到我們的第三項倡議：提升平台效能與基礎設施。在 Skillz 平台上，我們持續投資於支援玩家參與的系統。我們也在推進 Pro SDK 的開發，目前已有多位開發者使用這項技術開發新遊戲或將既有遊戲轉換導入。本季 RZR 持續遷移至更先進的神經網路模型，提升訓練效率與預測準確度，擴大與衡量（measurement）合作夥伴的整合，並推進下一代機器學習基礎設施。

In Q1, we completed the acquisition of Beamable, a developer platform providing the game services and back-end infrastructure that we believe will power Skillz over time. Beamable joins RZR and the Skillz competition platform is the third component of our connected ecosystem, bringing developer tooling to our own products and to the customers RZR brings into the network. Beamable also continues to serve the developers and studios that relied on the platform prior to the acquisition. Taken together, our businesses form a compounding flywheel. We believe the campaigns improve the model, every impression strengthens targeting, and every outcome improves future performance.

在第一季，我們完成對 Beamable 的收購。Beamable 是一個開發者平台，提供遊戲服務與後端基礎設施；我們相信這將隨時間推進成為驅動 Skillz 的核心能力。Beamable 與 RZR 以及 Skillz 競技平台共同構成我們互聯生態系的第三個組件，將開發者工具帶入我們自有產品，也帶給 RZR 引入網路的客戶。Beamable 也將持續服務在收購前即依賴該平台的開發者與工作室。綜合而言，我們的業務形成一個可累積增長的飛輪效應。我們相信，行銷活動能改善模型、每一次曝光都能強化定向，而每一個結果都能提升未來表現。

In closing, the first quarter reflected disciplined execution across the organization. We strengthened the Skillz platform, improved unit economics, continue to scale RZR as a profitable growth engine, and began integrating Beamable as the developer platform powering our products and ecosystem over time. By combining competitive skill-based gaming with AI-driven performance marketing, we're building an ecosystem designed to scale engagement, data, and monetization with discipline. We believe this integrated approach creates long-term optionality in gaming as well as in adjacent areas where content, identity, commerce, and performance marketing converge. Our focus remains on executing against that opportunity while maintaining financial discipline and driving long-term shareholder value.

最後，第一季反映出我們在全公司範圍內的有紀律執行。我們強化了 Skillz 平台、改善單位經濟效益，持續將 RZR 擴張為具獲利能力的成長引擎，並開始整合 Beamable，使其隨時間推進成為驅動我們產品與生態系的開發者平台。透過結合以競技為核心的技巧型遊戲與 AI 驅動的成效行銷，我們正在打造一個以紀律方式擴大參與度、數據與變現能力的生態系。我們相信，這種整合式方法能在遊戲領域以及內容、身分、商務與成效行銷交會的相鄰領域，創造長期的策略選擇權。我們仍將專注於把握這項機會，同時維持財務紀律並推動長期股東價值。

And with that, I'll turn it over to Gaetano for the financial review.

接下來，我把時間交給 Gaetano 進行財務回顧。

Thank you, Andrew. Our first-quarter results highlight the benefits of disciplined execution and structural improvements across both the Skillz and RZR businesses, producing stronger fundamentals and a trajectory toward profitability. Q1 2026 GAAP revenue was $29 million, down from $30 million in Q4 2025 and up from $22 million in Q1 2025, representing a 3% decline quarter-over-quarter and 33% growth year-over-year. Of note, Q4 2025 revenue included an indirect tax accrual release. Normalizing for the indirect tax accrual release, Q1 2026 revenue would be up 2% quarter-over-quarter.

謝謝你，Andrew。我們第一季的結果凸顯了在 Skillz 與 RZR 兩項業務上有紀律執行與結構性改善所帶來的效益，帶來更強的基本面與邁向獲利的軌跡。2026 年第一季 GAAP 營收為 2,900 萬美元，較 2025 年第四季的 3,000 萬美元下降，較 2025 年第一季的 2,200 萬美元上升，代表季減 3%、年增 33%。值得注意的是，2025 年第四季營收包含一筆間接稅（indirect tax）應計負債回轉（accrual release）。若將該間接稅應計回轉因素正常化，2026 年第一季營收將較上一季成長 2%。

Q1 2026 research and development expenses of $5 million increased 5% year-over-year, reflecting ongoing investment in our Skillz and RZR businesses. Q1 2026 sales and marketing expenses of $17 million decreased 4% year-over-year. In the quarter, end-user marketing was $8 million and user acquisition was $3 million. Q1 2026 general and administrative expenses of $19 million increased 2% year-over-year. Q1 2026 net loss of $11 million improved 36% year-over-year.

2026 年第一季研發費用為 500 萬美元，年增 5%，反映我們持續投資於 Skillz 與 RZR 業務。2026 年第一季銷售與行銷費用為 1,700 萬美元，年減 4%。本季終端用戶行銷（end-user marketing）為 800 萬美元，用戶獲取（user acquisition）為 300 萬美元。2026 年第一季一般與行政費用為 1,900 萬美元，年增 2%。2026 年第一季淨損為 1,100 萬美元，較去年同期改善 36%。

Q1 adjusted EBITDA loss was $13 million compared to a loss of $10 million in Q4 2025 and improved from a loss of $17 million in Q1 2025. Excluding litigation-related expenses, adjusted EBITDA in Q1 2026 improved to a loss of $7 million, representing a 15% improvement quarter-over-quarter on a normalized basis. We believe our balance sheet remains healthy, and we continue to manage capital prudently as we progress towards sustained profitability. We ended Q1 2026 with $185 million in cash and cash equivalents and $130 million of debt outstanding due by the end of this year. As the debt approaches maturity later this year, we continue to evaluate a range of strategic alternatives to optimize our capital structure. We are driving the business forward with focus and discipline to deliver meaningful long-term value for our shareholders and look forward to updating you further on our progress in 2026.

第一季調整後 EBITDA 虧損為 1,300 萬美元，相較 2025 年第四季虧損 1,000 萬美元，並較 2025 年第一季虧損 1,700 萬美元有所改善。若排除訴訟相關費用，2026 年第一季調整後 EBITDA 改善至虧損 700 萬美元；以正常化口徑計算，較上一季改善 15%。我們認為資產負債表仍然健康，並在邁向持續獲利的過程中持續審慎管理資本。2026 年第一季末，我們持有 1.85 億美元的現金及約當現金，且尚有 1.30 億美元的未償債務將於今年年底前到期。隨著債務在今年稍晚接近到期，我們持續評估一系列策略性替代方案，以優化資本結構。我們將以專注與紀律推動業務前進，為股東創造具意義的長期價值，並期待在 2026 年進一步向各位更新我們的進展。

Operator, we're now ready to open the line for questions.

接線員，我們現在準備開放提問。

(Operator Instructions) Ed Alter, Jefferies.

（接線員指示）Jefferies 的 Ed Alter。

I wanted to ask a question on paying MAU and GMV. I saw that actually GMV was actually up quarter-on-quarter despite kind of paying users down. So can you just talk about the two drivers of that and why the spend per player is actually increasing and some of the drivers there?

我想就付費 MAU 和 GMV 問一個問題。我看到其實 GMV 較上一季上升，儘管付費用戶似乎下降。你們能否談談造成這種情況的兩個驅動因素，以及為什麼每位玩家的支出實際上在增加，還有哪些相關驅動因素？

Yes, I think, as you know, what we focus on is really high-paying users, long-term users. And so this is sort of a view of an outcome that we've been driving towards and trying to continue to retain and attract high-paying users. So you see even though our PMAU is slightly down, you can see our GMV continues to grow and our ARPPU continues to grow.

是的，我想如你所知，我們真正聚焦的是高付費用戶、長期用戶。因此，這算是我們一直在推動並希望持續達成的結果：留住並吸引高付費用戶。所以你會看到，即使我們的 PMAU 略有下降，我們的 GMV 仍持續成長，而 ARPPU 也持續成長。

And if I could also jump in -- sorry, I was going to add that one of the reasons PMAU is slightly down is we actually dialed back user acquisition in Q1, really continuing to raise our focus on profitable acquisition. So continuing to bring in tighter and tighter breakeven periods and better one-year paybacks. We're -- I think we're kind of at maximum tight now as we ended the quarter, and we're thinking about how to thoughtfully expand on marketing.

如果我也可以補充一下——抱歉，我想補充的是，PMAU 略有下降的原因之一，是我們在第一季確實下調了用戶獲取，持續把重心提高到「獲利型獲取」。因此我們持續把損益兩平期間壓得更短，並提升一年期回收表現。我們——我認為在本季結束時，我們已經把條件收緊到接近上限，現在正在思考如何審慎地擴大行銷投入。

Yes. Great. Great. And just to follow up on that because I noticed that the MAUs was also down a decent amount, but a lot of the non-paying MAUs were down. Is that kind of like a new normal for your marketing strategy? Or just how do we go from here is, I guess, the main question.

好的。很好，很好。那我再追問一下，因為我注意到 MAU 也下降了不少，但下降的多數是非付費 MAU。這是否算是你們行銷策略下的新常態？或者我想問的重點是，接下來你們打算如何推進？

Yes. I think it's -- with where we are on user acquisition and kind of cutting spend and optimizing, you can expect that we're stabilized and going to build forward. So I would expect PMAU and traffic overall flat to up with improving unit economics. That's the way I think about the business. It's -- at the end of the day, if we can service a higher-value customer, it's a better business.

是的。我認為——就我們目前在用戶獲取方面的進展，以及削減支出並進行優化的情況來看，你可以預期我們已經趨於穩定，並將持續向前建設。因此我預期付費月活躍用戶（PMAU）以及整體流量將持平到小幅上升，同時單位經濟效益會改善。我就是這樣看待這門生意的——歸根結底，如果我們能服務更高價值的客戶，那就是更好的生意。

Bharath Nagaraj, Cantor Fitzgerald.

Bharath Nagaraj，Cantor Fitzgerald。

Just the first one is around, are you seeing any reduction in user acquisition costs at all since the lawsuit went in your favor? And then the second one, just a follow-up on the previous answer that you provided to the previous question, what would you actually attribute the growth in paying MAUs since Q1 2025, right? Like it's kind of been pretty good since then and up until Q1 2026. Is it because the mobile gaming environment is a lot better now?

第一個問題是，自從訴訟結果對你們有利之後，你們是否看到用戶獲取成本有任何下降？第二個問題是，延續你剛才對上一個問題的回答，你會把自 2025 年第一季以來付費 MAU 的成長歸因於什麼？也就是說，從那之後到 2026 年第一季之前，表現一直相當不錯。是因為現在行動遊戲環境好很多嗎？

Or is it some kind of a change in strategy? And I note that the user acquisition costs have come down as well as you mentioned. So hence, wanting to understand that a bit better.

還是因為某種策略上的改變？我也注意到你提到用戶獲取成本也下降了。因此想更深入了解一下。

Yes. Thank you for the question. So let me hit the first part on user acquisition costs and some lawsuit. I think it would be really difficult for us to directly link the two and create attribution there. In terms of user acquisition costs, we are at -- as of the end of Q1, the best UA prices we've seen in, I don't know how many years, multiple years. So we're seeing attractive customer acquisition costs and thinking about how we can thoughtfully scale up where we're seeing these attractive prices.

是的。謝謝你的提問。先談第一部分：用戶獲取成本以及訴訟。我認為我們很難把兩者直接連結起來並做出歸因。就用戶獲取成本而言，截至第一季末，我們看到的是——我不知道多少年來——多年來最好的 UA 價格。因此我們看到具吸引力的客戶獲取成本，並在思考如何在看到這些具吸引力價格的地方，有節制且審慎地擴大規模。

In terms of the second question, attributing growth to paying PMAU and how PMAU has been growing from Q1 '25 through this past quarter. Perhaps, Gaetano, do you want to jump in on that or --

至於第二個問題，把成長歸因到付費 PMAU，以及 PMAU 從 2025 年第一季到上一季的成長。或許 Gaetano，你要不要補充一下，或者——

Yes. Thanks, Andrew. I think the way to think about it and what we've been describing for the past several quarters is really the focus around product-led growth. And so there's been a significant number of investments in our platform around retention and engagement and things that we've launched are really focused around attracting and retaining paying customers. And so I think you're seeing that as a result that our focus on paying MAU is paying off.

好的。謝謝，Andrew。我認為應該這樣理解，而我們過去幾季一直在描述的是，重點其實在於以產品驅動的成長（product-led growth）。因此我們在平台上針對留存、互動等方面做了大量投資，而我們推出的內容也確實聚焦在吸引並留住付費客戶。所以我認為你看到的結果，就是我們聚焦付費 MAU 的策略正在奏效。

I note that -- I think a couple of your development partners, I think you have said account for like a significant portion of your revenue. And I think if I'm not wrong, correct me there if I'm wrong, Solitaire Cube and 21 Blitz will, kind of, drop off the platform in Jan 2027. So I'm just wondering what the future strategy is there. I think you're trying to develop some of your own games, but is there -- how do we think about the trajectory of revenue post, I don't know, Q4 this year?

我注意到——我想你們有幾個開發合作夥伴，你們曾說過它們貢獻了相當大一部分營收。而且如果我沒記錯的話（如有錯請糾正），Solitaire Cube 和 21 Blitz 會在 2027 年 1 月左右從平台下架。所以我想知道你們未來的策略是什麼。我知道你們正在開發一些自有遊戲，但——我們該如何看待今年第四季之後（我不確定）營收的走勢？

Yes. Thank you for the question on that. So to kind of hear it back, how are we thinking about the migration of one of our developers off platform. We now -- as of the end of Q1, we acquired Blackout Bingo and Dominoes Gold. So we own and operate now three of the top five titles in the platform.

是的。謝謝你就此提問。簡單回應一下，也就是我們如何看待某位開發商從平台移轉出去。到第一季末，我們已收購 Blackout Bingo 和 Dominoes Gold。因此我們現在擁有並營運平台前五大遊戲中的三款。

And this actually happened in Q3 of last year. But when that particular developer left the platform, there were 34 titles, 2 of which we have contractual rights through March of 2027. And then the other 32, which we had contractual exclusivity up through December. We migrated the first 32 titles in Q3 -- so in-quarter. And so you can see kind of the result of that in our numbers.

而這其實發生在去年第三季。不過當那位特定開發商離開平台時，當時共有 34 款遊戲，其中 2 款我們有合約權利可延續至 2027 年 3 月；另外 32 款則是我們擁有合約獨家權至 12 月。我們在第三季——也就是當季內——完成了前 32 款遊戲的移轉。因此你可以在我們的數據中看到這樣的結果。

We are now looking at -- in particular, I think you mentioned Solitaire Cube, but looking at the migration to future state. And we have quite a number of Solitaire titles on platform as well as the owned and operated title, Solitaire Skillz.

我們現在正在看——特別是你提到的 Solitaire Cube——也就是往未來狀態的移轉。我們平台上也有相當多的接龍（Solitaire）遊戲，以及我們自有並營運的遊戲《Solitaire Skillz》。

Ed Alter, Jefferies.

Ed Alter，Jefferies。

I just wanted to follow up on the last question. With you guys now making your own Solitaire game, buying Blackout and Dominoes Gold, it seems like a decently large strategy shift to now you guys own most of the large games on the platform. Is this how to think about the business going forward? Or just kind of some of the rationale for doing that kind of that shift?

我想延續上一個問題追問一下。你們現在自己做接龍遊戲，又收購了 Blackout 和 Dominoes Gold，看起來是一個相當大的策略轉變：你們現在擁有平台上多數大型遊戲。未來我們應該用這種方式來理解你們的業務嗎？或者能否談談做出這種轉變的理由？

Yes. First of all, thank you for the question. But I would say, yes, owning and operating is a shift from the historic only third-party and second-party relationships with developers. You may be aware that we've been a second party or investor in content for a number of years. I want to say, over five years pre-IPO, we've owned a stake in content on the platform. Now owning and operating, so if you think about first party, second party, third party, now we're entering into first-party relationships with content, so owned and operated.

是的。首先，謝謝你的提問。不過我會說，是的，擁有並營運（owned and operated）確實是相較於過去僅與開發商建立第三方與第二方合作關係的一種轉變。你可能知道，多年來我們一直以第二方或投資者的角色參與內容。我想說，在 IPO 前超過五年，我們就已在平台內容上持有權益。現在進一步到擁有並營運——如果你把第一方、第二方、第三方放在一起看，我們現在正進入與內容的第一方關係，也就是自有並營運。

And the way we think about this is if there's a category on system and a piece of content like Solitaire, where there's relatively little development in the future, acquiring a developer or developer's game or building a game in that category, it creates a stability for the platform and a consistent offering that we can have for the platform, which actually is a benefit to every developer on the platform who's building new content and exploring new genres. It's very much a strategy that I think we've seen with whether it's Epic at a much larger scale running Fortnite or it's Valve with Steam, their platform running Dota 2 and Counter Strike. I think this is a common thing in the gaming industry in terms of gaming platforms and something that we think makes a lot of sense for the future of the business.

我們的思考方式是：如果系統上有某個類別，以及像接龍（Solitaire）這樣的內容，未來相對不需要太多開發，那麼收購一位開發商或其遊戲、或在該類別自行打造遊戲，能為平台帶來穩定性，並提供一致且可持續的內容供給。這其實也會讓平台上每一位正在打造新內容、探索新類型的開發者受益。這非常像我們在遊戲產業中看到的策略：不論是規模更大的 Epic 透過《Fortnite》來運營其平台，或是 Valve 透過 Steam 平台運營《Dota 2》和《Counter-Strike》。我認為這在遊戲產業的遊戲平台中相當常見，而我們也認為這對公司未來的業務非常合理。

And everyone, at this time, there are no further questions. This does conclude our conference for today. We would like to thank you all for your participation. You may now disconnect.

各位，目前沒有其他問題了。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。