Flutter Entertainment PLC (FLUT) 2024 Q1 法說會逐字稿

Good morning, and welcome to the Flutter First Quarter 2024 Earnings Call hosted by CEO, Peter Jackson; and CFO, Paul Edgecliffe-Johnson. Please note that this conference is being recorded. (Operator Instructions).

早安，歡迎參加由執行長 Peter Jackson 主持的 Flutter 2024 年第一季財報電話會議；財務長保羅‧埃奇克利夫-約翰遜 (Paul Edgecliffe-Johnson)。請注意，本次會議正在錄製中。 （操作員說明）。

I will now hand over to your host, Paul Tymms, to begin today's conference.

現在我將請主持人保羅·泰姆斯開始今天的會議。

Hi, everyone, and welcome to Flutter's Q1 2024 Results Call. With me this morning are Flutter's CEO, Peter Jackson; and CFO, Paul Edgecliffe-Johnson. After this short intro, Peter will open up with a brief run-through of our good progress during the quarter, and then Paul will take you through the Q1 financials. We will then open up the lines for Q&A.

大家好，歡迎參加 Flutter 2024 年第一季業績電話會議。今天早上和我在一起的有 Flutter 的執行長 Peter Jackson；財務長保羅‧埃奇克利夫-約翰遜 (Paul Edgecliffe-Johnson)。在簡短的介紹之後，彼得將首先簡要介紹我們在本季度取得的良好進展，然後保羅將帶您了解第一季度的財務狀況。然後我們將開放問答線路。

I would also like to remind you that some of the information we are providing today, including our 2024 guidance, constitutes forward-looking statements under U.S. Securities law. The company cautions investors that any forward-looking statement involves risks and uncertainties and is not a guarantee of future performance. There are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are described under forward-looking statements in our earnings press release, our annual form -- our annual report on Form 10-K and our upcoming Form 10-Q to be filed with the SEC. In addition, all forward-looking statements are based on current expectations as of the date of this call, and the company undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.

我還想提醒您，我們今天提供的一些信息，包括我們的 2024 年指引，構成美國證券法規定的前瞻性陳述。該公司提醒投資者，任何前瞻性陳述都涉及風險和不確定性，並非對未來績效的保證。存在或將會存在可能導致實際結果與這些陳述中指出的結果有重大差異的重要因素。這些因素在我們的收益新聞稿、年度表格（我們的 10-K 表格年度報告以及即將向 SEC 提交的 10-Q 表格）中的前瞻性陳述中進行了描述。此外，所有前瞻性陳述均基於截至本次電話會議之日的當前預期，本公司不承擔公開更新或審查任何前瞻性陳述的義務，無論是由於新資訊、未來發展或其他原因，法律要求的除外。

Also, in our remarks or responses to questions, we will discuss non-GAAP financial measures. Reconciliations are included in the results materials we have released today available in the Investors section of our website.

此外，在我們的評論或回答問題時，我們將討論非公認會計準則財務指標。調節表包含在我們今天發布的結果資料中，可在我們網站的投資者部分找到。

And with that, I will hand you over to Peter.

這樣，我就把你交給彼得了。

Thank you, Paul. Before we get into Flutter's excellent performance in the quarter, I first wanted to update you on our U.S. primary listing. As you will have already noted, our proposal to move our primary listing from London to the New York Stock Exchange received overwhelming support at our recent AGM on May 1.

謝謝你，保羅。在我們了解 Flutter 在本季度的出色表現之前，我首先想向您介紹我們在美國主要上市的最新情況。正如您可能已經注意到的，我們將主要上市地點從倫敦證券交易所轉移到紐約證券交易所的提議在我們最近於 5 月 1 日舉行的年度股東大會上得到了壓倒性的支持。

With this approval now in place, we expect the transition to become effective on May 31. This is a key milestone in the natural evolution of Flutter as FanDuel continues to scale rapidly and the U.S. becomes an even greater part of our business. We have now established our operational headquarters in New York, reflecting just how fundamental the U.S. is to our long-term future growth.

現在獲得批准後，我們預計過渡將於 5 月 31 日生效。我們現已在紐約設立了營運總部，這反映出美國對我們未來長期成長的重要性。

Moving now to the performance of the business in Q1 of 2024. I was really pleased with the progress made during the quarter on our strategic objectives. In the U.S., FanDuel is off to a very strong start, consolidating our sports leadership position with a 52% online NGR sportsbook market share. We also achieved a 27% share in iGaming where FanDuel is now the #1 brand.

現在談談 2024 年第一季的業務表現。在美國，FanDuel 取得了一個非常強勁的開局，以 52% 的線上 NGR 體育博彩市場份額鞏固了我們的體育領導地位。我們還在 iGaming 中獲得了 27% 的份額，其中 FanDuel 現在是排名第一的品牌。

This clear leadership position was delivered through both our leading product offering and our relentless focus on disciplined customer acquisition investment, where our superior structural margins and higher retention rates are delivering payback periods at very attractive levels. Our investments in customer acquisition and product innovation means we are embedding future profits into the business as we continue to scale. The effectiveness of this strategy is reflected in our strong execution during the quarter.

這一明確的領導地位是透過我們領先的產品供應和對嚴格的客戶獲取投資的不懈關注而實現的，其中我們卓越的結構利潤和更高的保留率正在以非常有吸引力的水平提供投資回收期。我們在客戶獲取和產品創新方面的投資意味著，隨著我們不斷擴大規模，我們將把未來的利潤融入業務中。這一戰略的有效性體現在我們本季的強勁執行力上。

Total U.S. AMPs were 15% higher than the prior year and included a record 2.6 million customers for Super Bowl in February. This includes a 12% year-on-year increase in newly acquired players in pre-2022 states, demonstrating the very strong demand for our FanDuel offering in states that have already been open for a number of years.

美國總 AMP 比上年增長 15%，其中 2 月超級盃的客戶數量達到創紀錄的 260 萬。其中包括 2022 年之前各州的新增玩家數量同比增長 12%，這表明已經開放多年的州對我們的 FanDuel 產品的需求非常強勁。

We launched our FanDuel sportsbook product in Vermont and North Carolina during the period, with North Carolina quickly becoming one of our most successful state launches with an incredible 1 in 20 adults in North Carolina signing up to be a FanDuel customer in the first 45 days.

在此期間，我們在佛蒙特州和北卡羅來納州推出了FanDuel 體育博彩產品，北卡羅來納州迅速成為我們推出的最成功的州之一，在前45 天內，北卡羅來納州有十分之一的成年人註冊成為FanDuel 客戶。

We continue to offer the best customer proposition in the U.S. market, both in terms of the quality of our product and the value given to customers. Our pricing sophistication means we have the highest structural gross win margin, whilst at the same time, offering the customers the best pricing in the market.

無論是在產品品質或為客戶提供的價值方面，我們都將繼續為美國市場提供最佳的客戶主張。我們的定價複雜性意味著我們擁有最高的結構性毛利潤率，同時為客戶提供市場上最優惠的價格。

Our product offering is continually evolving, and I'm genuinely excited by the pipeline ahead of us. During the quarter, we added a range of new betting markets on MLB ahead of the new season start. And this has led to a 4 percentage point increase in the proportion of handle on MLB same-game parlays during the first 3 weeks of the season.

我們的產品不斷發展，我對眼前的產品線感到由衷的興奮。本季度，我們在新賽季開始之前增加了一系列關於 MLB 的新投注市場。這導致本賽季前 3 週 MLB 同場連贏的投注比例增加了 4 個百分點。

In iGaming, we launched more exclusive content, namely the World of Wonka, a very popular title with retail casino customers, which quickly surpassed expectations becoming the most popular title in our portfolio.

在 iGaming 中，我們推出了更多獨家內容，即 World of Wonka，這是一款非常受零售賭場客戶歡迎的遊戲，它很快就超出了預期，成為我們產品組合中最受歡迎的遊戲。

I'm delighted of the progress we're making in the U.S. with the strength and scale of our business making FanDuel the clear #1 in the market. As we continue to grow, it is very important that we do that in a sustainable way. Our players are the heart of our business, and our focus is on ensuring that they're able to engage and interact with our products in an entertaining and responsible way. Amy, Christian and the team have been spearheading progress in the U.S. on responsible gaming and setting the Gold Standard for the industry.

我對我們在美國的進展感到高興，我們的業務實力和規模使 FanDuel 成為市場上無可爭議的第一名。隨著我們不斷發展，以可持續的方式實現這一目標非常重要。我們的玩家是我們業務的核心，我們的重點是確保他們能夠以有趣和負責任的方式參與和互動我們的產品。艾米、克里斯蒂安和團隊一直在美國帶頭推動負責任的遊戲並為該行業制定黃金標準。

FanDuel was instrumental in the establishment of the Responsible Online Gaming Association, or ROGA, which we believe will help create the framework needed to support consistent responsible gaming practices across the industry. Our experience internationally in this area has taught us the importance of taking a proactive approach, and we believe ROGA will provide the industry with the right platform to help drive this forward.

FanDuel 在負責任線上遊戲協會 (ROGA) 的建立中發揮了重要作用，我們相信這將有助於創建支持整個行業一致的負責任遊戲實踐所需的框架。我們在這一領域的國際經驗告訴我們採取積極主動的方法的重要性，我們相信 ROGA 將為產業提供合適的平台來幫助推動這一發展。

Outside of the U.S., group ex U.S. revenues grew by 8%, driven by UKI and international and the addition of MaxBet to our International division, which offset the expected declines in Australia, where we have flagged softer racing market dynamics previously.

在美國以外的地區，在UKI 和國際業務以及MaxBet 加入我們的國際部門的推動下，除美國以外的集團收入增長了8%，這抵消了澳大利亞的預期下降，我們之前曾指出澳大利亞賽馬市場動態較疲軟。

In the UKI, we continue to deliver strong growth, taking significant market share during March driven by the key Cheltenham Racing Festival, and with our iGaming business in particular seeing a continuation of the excellent momentum we had during 2023.

在 UKI，我們繼續實現強勁成長，在重要的切爾滕納姆賽車節的推動下，3 月佔據了顯著的市場份額，尤其是我們的 iGaming 業務延續了 2023 年的良好勢頭。

We leveraged the power of the Flutter Edge, launching Super Sub on the Paddy Power sportsbook app, a product that was developed in our International division. Super Sub allows a customer to swap a substitute player into a parlay bet, keeping the bet alive. It's proven incredibly popular with more than 80% of our sportsbook customers using the product since launch and has become the best-ever product launch campaign to date for our UKI division.

我們利用 Flutter Edge 的強大功能，在 Paddy Power 體育博彩應用程式上推出了 Super Sub，這是我們國際部門開發的產品。超級替補允許客戶將替補球員替換為連贏投注，從而保持投注有效。事實證明，自推出以來，我們的體育博彩客戶中超過 80% 都在使用該產品，事實證明，它非常受歡迎，並且已成為我們 UKI 部門迄今為止最好的產品發布活動。

In iGaming, we further expanded our content with the launch of over 100 new titles driving a step-up in cross-sell rates.

在 iGaming 領域，我們進一步擴展了內容，推出了 100 多種新遊戲，推動了交叉銷售率的提升。

Moving to international. We are pleased to complete our acquisition of MaxBet in January, and integration has been progressing well. In Italy, Sisal is seeing excellent momentum, delivering market share gains with record AMPS in March, up 22% compared to March 2023. This is all the more impressive given the challenging prior year comps due to the record SuperEnalotto jackpot, which boosted 2023 player engagement to peak levels in Q1. On sportsbook, the new Sisal betting app, which launched in Q3 2023, continue to engage customers and drove staking 24% higher in Italy year-on-year. New iGaming content, including the launch of a free-to-play bonus wheel feature boosted cross-sell rates.

轉向國際。我們很高興在一月份完成了對 MaxBet 的收購，並且整合進展順利。在義大利，劍麻勢頭強勁，市場份額增長，3 月份AMPS 創歷史新高，與2023 年3 月相比增長了22%。 鑑於創紀錄的SuperEnalotto 累積獎金推動了2023 年玩家的發展，考慮到前一年的競爭情況，這一點更令人印象深刻第一季的參與度達到高峰。在體育博彩方面，於 2023 年第三季推出的新 Sisal 投注應用程式繼續吸引客戶，並使義大利的賭注同比增長 24%。新的 iGaming 內容，包括推出免費獎金輪功能，提高了交叉銷售率。

And across our other markets, I've also been really pleased with the growth we've delivered in Georgia and Armenia, Spain as well as in Brazil. In India, we launched Junglee Poker during the period, and we've seen encouraging levels of player engagement since launch.

在我們的其他市場中，我也對我們在格魯吉亞、亞美尼亞、西班牙以及巴西實現的成長感到非常滿意。在此期間，我們在印度推出了 Junglee Poker，自推出以來我們看到了令人鼓舞的玩家參與度。

Overall, the group has produced a strong set of results in Q1. Our U.S. business is a clear #1 in the market, delivering an earnings transformation with strong revenue growth and operating leverage while still enabling us to invest and embed future value in our business. Outside of the U.S., our scaled and diversified portfolio and focus on product innovation continues to underpin growth.

總體而言，該集團在第一季取得了強勁的業績。我們的美國業務顯然在市場上排名第一，透過強勁的營收成長和營運槓桿實現了獲利轉型，同時仍使我們能夠投資並將未來價值融入我們的業務中。在美國以外，我們規模化、多元化的產品組合以及對產品創新的關注持續支撐著成長。

And with that, I'll hand you over to Paul.

這樣，我就把你交給保羅了。

Thanks, Peter, and good morning, everyone. Group delivered another strong set of financial results in the first quarter and remains on track for strong growth in the full year. Our revenues grew by 16% to $3.4 billion and our adjusted EBITDA by 46% to $514 million. We delivered a 310 basis point improvement in our adjusted EBITDA margin, driven by strong operating leverage in our U.S. business despite our continuing strategy of investing into new customer acquisition.

謝謝彼得，大家早安。集團在第一季再次取得強勁的財務業績，並有望在全年實現強勁成長。我們的營收成長了 16%，達到 34 億美元，調整後的 EBITDA 成長了 46%，達到 5.14 億美元。儘管我們持續實施投資於新客戶獲取的策略，但在美國業務強勁的營運槓桿推動下，我們的調整後 EBITDA 利潤率實現了 310 個基點的提高。

On a reported basis, the group had a net loss of $177 million. This was after amortization of acquired intangibles of $172 million and a $184 million charge from marking to market the value of the FOX option. This notional value charge resulted in earnings per share and adjusted earnings per share declines of $0.52 and $0.59, respectively.

據報道，該集團淨虧損為 1.77 億美元。這是在攤銷了 1.72 億美元收購的無形資產以及根據 FOX 選擇權價值按市值計價的 1.84 億美元費用之後得出的結果。這一名目價值費用導致每股收益和調整後每股收益分別下降 0.52 美元和 0.59 美元。

Adjusted free cash flow was $207 million higher than the prior year at $157 million, while our leverage ratio reduced from 3.1x at the full year to 2.8x at the end of March, closer to our 2x to 2.5x target.

調整後的自由現金流比前一年增加 2.07 億美元，達到 1.57 億美元，而我們的槓桿率從全年的 3.1 倍降至 3 月底的 2.8 倍，更接近我們 2 倍至 2.5 倍的目標。

Turning now to each of the divisions. In the U.S., our disciplined investment in customer acquisition and retention drove strong top line growth with revenue up 32% year-on-year. Sportsbook revenue grew 30%, with staking up 24%, including continued growth in staking in pre-2022 states of 19% and an increase in our net revenue margin of 40 basis points to 7.3%.

現在轉向每個部門。在美國，我們在客戶獲取和保留方面的嚴格投資推動了營收的強勁成長，營收年增 32%。體育博彩收入增長了 30%，其中賭注增長了 24%，其中 2022 年之前的賭注持續增長了 19%，淨收入利潤率增加了 40 個基點，達到 7.3%。

Promotional spend levels were in line with last year, while our superior product and pricing accuracy continued to drive structural margin improvements with our expected structural margin in line with what we saw in quarter 4. These gains were partly offset by $76 million of unfavorable sports results in the final 2 weeks of March in the March Madness college basketball tournament.

促銷支出水準與去年一致，而我們卓越的產品和定價準確性繼續推動結構性利潤率改善，我們的預期結構性利潤率與我們在第四季度看到的一致。不利體育賽事結果所抵消三月最後兩週的瘋狂三月大學籃球錦標賽。

Our strong growth in iGaming has continued with revenue up 49% and particularly strong momentum in slots revenue, up 73%.

我們的 iGaming 業務持續強勁成長，營收成長了 49%，老虎機營收成長動能尤其強勁，成長了 73%。

This excellent revenue performance in the U.S. and our scalable cost base drove adjusted EBITDA up $79 million to $26 million. Sales and marketing expenses reduced by 410 basis points as a percentage of revenue despite our investment into 2 new state launches, and contributed to our 680 basis point expansion in adjusted EBITDA margin.

美國出色的營收表現和可擴展的成本基礎推動調整後 EBITDA 成長 7,900 萬美元至 2,600 萬美元。儘管我們投資了兩個新州的推出，但銷售和行銷費用佔收入的百分比下降了 410 個基點，並導致調整後 EBITDA 利潤率擴大了 680 個基點。

Outside of the U.S., AMPs grew by 10% and revenue by 8%, with a particularly strong performance in iGaming where revenues were up 15%. That growth was driven by our UKI and International divisions. While in Australia, we are pleased to see that market levels of activity appear to be stabilizing in line with our expectations when we published our 2024 guidance.

在美國以外，AMP 成長了 10%，營收成長了 8%，其中 iGaming 的表現尤其強勁，營收成長了 15%。這一增長是由我們的 UKI 和國際部門推動的。在澳大利亞，我們很高興看到市場活動水準似乎穩定下來，符合我們發布 2024 年指引時的預期。

UKI delivered another excellent quarter with revenue up 17% or 12% on a constant currency basis. We expanded our sportsbook structural margin by 100 basis points to 12.6%, contributing to revenue growth of 9%, and grew iGaming revenue by 27%. Our scalable cost base translated this 17% revenue growth into 30% adjusted EBITDA growth.

UKI 又一個出色的季度，營收成長了 17%，以固定匯率計算成長了 12%。我們將運動博彩結構利潤率擴大了 100 個基點，達到 12.6%，營收成長了 9%，iGaming 營收成長了 27%。我們可擴展的成本基礎將 17% 的營收成長轉化為 30% 的調整後 EBITDA 成長。

In our International division, we grew AMPs 20%, helped by the earlier start of the Cricket IPL, and revenues by 5%. Sisal, Italy revenue declined 1% with a year-on-year swing in sportsbook results resulting in a 12% growth headwind. Sportsbook revenue therefore declined by 12% despite staking being up 24%, while iGaming revenues grew 7%, including 24% iGaming growth.

在我們的國際部門，由於板球 IPL 的提前啟動，我們的 AMP 增長了 20%，收入增長了 5%。義大利劍麻收入下降 1%，體育博彩業績年增 12% 的成長逆風。因此，儘管賭注增加了 24%，體育博彩收入仍下降了 12%，而 iGaming 收入增長了 7%，其中 iGaming 增長了 24%。

International adjusted EBITDA grew 16%, aided by the closure of FOX Bet and some cost phasing. Revenue in the International division's key consolidate and invest markets grew 8%, all relating to the acquisition of MaxBet. A strong growth in Georgia, Armenia, Spain and Brazil was offset by the Italian sports results headwind and by last year's gaming tax changes in India, which reduced our revenues from that market by 25%.

由於 FOX Bet 的關閉和部分成本分階段的推動，國際調整後 EBITDA 成長了 16%。國際部門主要整合和投資市場的收入成長了 8%，這一切都與收購 MaxBet 有關。喬治亞、亞美尼亞、西班牙和巴西的強勁成長被義大利體育業績的逆風和去年印度博彩稅的變化所抵消，這使我們在該市場的收入減少了 25%。

Turning now to the outlook for the remainder of 2024. We are maintaining our previous guidance despite the unfavorable sports results in the last 2 weeks of March, given the strong momentum we're seeing in the business.

現在轉向 2024 年剩餘時間的展望。

Using the midpoint of our ranges. In the U.S., we continue to expect revenue of $6 billion, which equates to year-on-year growth of 36%, and adjusted EBITDA of $710 million. We said at the end of March that we expected 30% of U.S. EBITDA to be in half 1. And given the impact of unfavorable sports results that we had in the last 2 weeks of March and the strength of our North Carolina launch, you can assume that this becomes a little more back-end weighted into half 2 and quarter 4.

使用我們範圍的中點。在美國，我們繼續預期營收為 60 億美元，相當於年增 36%，調整後 EBITDA 為 7.1 億美元。我們在 3 月底表示，我們預計美國 EBITDA 的 30% 將減半。加權到第2 部分和第4 部分。

Outside the U.S., we continue to expect revenue of $7.85 billion, 6% growth; and adjusted EBITDA of $1.73 billion, 5% growth.

在美國以外，我們繼續預期營收為 78.5 億美元，成長 6%；調整後 EBITDA 為 17.3 億美元，成長 5%。

As always, our guidance is provided on the basis that sports results are in line with our expectations for the remainder of the year and in a consistent regulatory and tax environment.

像往常一樣，我們的指導是基於體育賽事結果符合我們對今年剩餘時間的預期以及一致的監管和稅收環境而提供的。

To wrap up, we are very pleased with the performance of the business in Q1. We are continuing to build a business at scale with leading positions in the key markets around the world, and we look to the future with great confidence.

總而言之，我們對第一季的業務表現非常滿意。我們正在繼續建立規模化業務，在全球主要市場中佔據領先地位，我們對未來充滿信心。

And with that, Peter and I are happy to take your questions. (Operator Instructions) Gavin, please could you now open the line?

彼得和我很樂意回答你們的問題。 （操作員指示）Gavin，現在可以接通線路了嗎？

(Operator Instructions)

（操作員說明）

And your first question comes from the line of Ed Young from Morgan Stanley.

你的第一個問題來自摩根士丹利的艾德楊（Ed Young）。

My first is on your -- on the U.S. division. Could you please help by bridging us from the current 59% cost of sales you delivered in Q1 to the better than 56.5% you'll need to average for the remainder of the year to meet your 56.5% full year guidance?

我的第一個目標是關於美國分部。您能否協助我們將第一季交付的當前 59% 的銷售成本提高到今年剩餘時間所需的平均銷售成本 56.5% 以上，以達到 56.5% 的全年指引？

The second one also in the U.S., the iGaming performance continues to be very strong and obviously you've got very good momentum there. I just wondered if you could perhaps give us some color on what's driving such excellent slot performance. I mean, 73% growth is very high. It'd be interesting to hear a bit more color on that?

第二個也是在美國，iGaming 的表現仍然非常強勁，顯然你在那裡有非常好的勢頭。我只是想知道您是否可以給我們一些關於推動如此出色的老虎機性能的原因的資訊。我的意思是，73% 的成長率非常高。聽到更多的顏色會很有趣嗎？

Or looking at the other way around, is this something that's not as good on the table games side that is either a drag relative to that number or an opportunity going forward? Would be interested to see how you see the iGaming growth going forward.

或者反過來看，這在桌上遊戲方面是否不太好，要么是相對於這個數字的拖累，要么是未來的機會？我很想知道您如何看待 iGaming 的未來成長。

Thanks. Let me just quickly deal with the iGaming one, and then I'll let Paul come in with a slightly more complicated one around sort of cost.

謝謝。讓我快速處理一下 iGaming 的問題，然後我會讓 Paul 提出一個關於成本的稍微複雜的問題。

But I think from an iGaming perspective, we always were sort of confident that 2024 was the year where we try and take market leadership. Think about what we said, Capital Markets Day, it was about fixing broken things, it was reaching product parity and getting ahead. And that's what we've done.

但我認為，從 iGaming 的角度來看，我們始終對 2024 年充滿信心，認為我們會努力佔據市場領導地位。想想我們所說的資本市場日，它是關於修復破損的東西，它是達到產品平價並取得領先。這就是我們所做的。

It's important to recognize that we've got ahead by acquiring a lot of business in the direct to casino space. And if you look at customers' preferences, the direct to casino players are much more interested in slots than they are table games. Table games are typically used by customers, sports customers who are cross-selling. So that's why we see that strong growth in slots. And it's aligned with the strategy we've had to continue to grow the iGaming business whilst ever we meet the great return criteria.

重要的是要認識到，我們透過在直接賭場領域收購大量業務而取得了領先。如果你觀察顧客的偏好，你會發現直接進入賭場的玩家對老虎機遊戲比對賭桌遊戲更感興趣。桌上遊戲通常由交叉銷售的客戶、體育客戶使用。這就是我們看到老虎機強勁成長的原因。這與我們在滿足豐厚回報標準的同時繼續發展 iGaming 業務的策略是一致的。

And in terms of the U.S. division, Ed, the 59% cost of sales that we saw in the first quarter is really in line with what we're expecting. We are investing heavily in that quarter into the North Carolina launch, which, as you know, is a big state. So we have made a significant investment.

就美國部門而言，Ed，我們在第一季看到的 59% 的銷售成本確實符合我們的預期。我們在該季度大力投資北卡羅來納州的推出，正如您所知，北卡羅來納州是一個大州。因此，我們進行了重大投資。

And we've won the state as far as we can see the data. We've signed up 1 in 20 adults, so we're really pleased with the results there. But obviously, it comes at a cost. And with the sports results that we saw around March Madness, that has depressed revenue somewhat. So it will normalize through the year to the 56% we've guided to, which you'll remember is in line with our prior IFRS guidance. So that will just come back and normalize across the year.

從數據來看，我們已經贏得了州的勝利。我們已經註冊了二十分之一的成年人，所以我們對結果非常滿意。但顯然，這是有代價的。從我們在「瘋狂三月」前後看到的體育賽事結果來看，這在一定程度上降低了收入。因此，這一比例將在今年正常化至我們指導的 56%，您會記得這與我們之前的 IFRS 指導一致。因此，這種情況將在今年恢復並正常化。

Okay. If I just could just follow up on the answer because, presumably, your structural hold is going to be lower in future quarters, or it leads in 2 and 3 versus Q1 and Q4. So does that mean your promotions also be lower? I'm not really sure what the difference would be quarter-on-quarter. And I guess putting it the other way, if you're going to be better than 56% for most of this year, does that mean it might be above 56% in future years?

好的。如果我能跟進答案的話，因為，大概，你的結構性持有量在未來幾季會更低，或者它在第 2 和第 3 季領先於第 1 季和第 4 季。那麼這是否意味著你們的促銷活動也會降低？我不太確定季度季後會有什麼差異。我想換句話說，如果今年大部分時間都好於 56%，這是否意味著未來幾年可能會高於 56%？

So if we talk about the structural hold, which we saw in the fourth quarter of last year is at 13.5%, and we've said that it's very similar in first quarter of this year. And given the mix of sports and the strong proportion of parlays, which drives that higher margin.

因此，如果我們談論結構性持有，我們在去年第四季看到的是 13.5%，我們說今年第一季非常相似。考慮到體育賽事的混合性和連贏投注的巨大比例，這推動了更高的利潤。

We have seen the biggest state launch of the year in the first quarter. So there's a big investment there. We've also seen significant losses, which we'll have to see will happen through the course of the year. But that has impacted the percentage there. Otherwise, it would have been in line with what we talked about, the 56%.

我們在第一季看到了今年最大規模的州啟動。所以那裡有很大的投資。我們還看到了重大損失，我們必須看到這種損失將在今年發生。但這影響了那裡的百分比。否則的話，就和我們所說的56%是一致的。

So we will -- you'd expect to see the bookends of Q1 and Q4 where we had the highest structural hold. And where there's most business, that's where you have more promotional intensity because that's where you want to try and win customers. So that's where you'd expect to be investing more. So hopefully that helps, Ed.

因此，您會期望看到第一季和第四季的書擋，我們的結構性持有量最高。哪裡生意最多，哪裡就有更大的促銷力度，因為那裡是您想要嘗試贏得客戶的地方。因此，這就是您期望進行更多投資的地方。希望這會有所幫助，埃德。

Your next question comes from the line of Jordan Bender from Citizens JMP.

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

I want to stick with the iGaming business in the U.S. The data isn't always perfect that we get, but it seems like your generosities were up significantly in the quarter. So with the share gains, is that a combo of -- is it new product and higher promotions? Or I think you mentioned in the prepared remarks you're just seeing better cross-sell with your offerings.

我想繼續發展美國的 iGaming 業務。那麼，隨著份額的成長，這是新產品和更高促銷的組合嗎？或者我認為您在準備好的評論中提到您只是看到您的產品有更好的交叉銷售。

Jordan. I think the key factor for me, and you'll hear us talk a lot about this, is we continue to acquire as much business as we can whilst we meet the return criteria. We aim for less than 2 years, and we've been well within that. And that's as true for iGaming as it is for sports.

約旦。我認為對我來說，關鍵因素是我們在滿足回報標準的同時繼續獲得盡可能多的業務，您會聽到我們對此進行很多討論。我們的目標是不到兩年，而且我們已經很好地實現了這一目標。對於 iGaming 和體育運動都是如此。

I think the -- look, the team are doing a terrific job in executing. And FanDuel is now the #1 player, and iGaming where we've taken significant share. We're doing that with real strength in the direct to casino space. I mentioned earlier the strength we have in slots. It is 70% of the market, it's the fastest-growing part of the market, so. It's a place you want to be strongest. And we've got some exclusive content there.

我認為——看，團隊在執行方面做得非常出色。 FanDuel 現在是排名第一的玩家，而 iGaming 我們也佔據了很大的份額。我們在直接進入賭場領域以真正的實力做到這一點。我之前提到過我們在老虎機方面的實力。它佔據了 70% 的市場，是市場成長最快的部分，所以。這是一個你想要變得最強的地方。我們在那裡有一些獨家內容。

We are very sophisticated with our application of generosity. It's something that we think is a very important component of our approach in all facets of the business, whether it's how we apply our generosity into our sports customers, but also in the iGaming. And we've got some unique mechanisms that we can apply in iGaming.

我們對於慷慨的運用非常老練。我們認為這是我們業務各個方面的方法的一個非常重要的組成部分，無論是我們如何將我們的慷慨施用於我們的運動客戶，也包括在 iGaming 中。我們有一些獨特的機制可以應用於 iGaming。

So we're very pleased with the performance of the business. We've got good product. We've got -- I think the team are doing a great job around sort of marketing and attracting the direct to casino customers. Of course, we're continuing to benefit from the size of our sports betting business as well for cross-sell.

所以我們對業務的表現非常滿意。我們有好的產品。我認為我們的團隊在行銷和吸引直接賭場客戶方面做得很好。當然，我們將繼續受益於體育博彩業務的規模以及交叉銷售。

Go ahead if you have another question, Jordan, please.

如果您還有其他問題，請繼續提問，喬丹。

Yes. Sorry, I just want to -- on the follow-up, I just want to make sure I got the message right. You're unchanged on the guidance for the U.S. business despite that $76 million headwind. Is that primarily just outperformance in North Carolina? Are you seeing anything else coming in better than your expectations?

是的。抱歉，我只是想——在後續行動中，我只是想確保我傳達的訊息是正確的。儘管面臨 7,600 萬美元的不利因素，但您對美國業務的指引並沒有改變。這主要只是北卡羅來納州的表現出色嗎？您是否看到其他事情比您的預期更好？

We've had a -- thanks, Jordan. We've had a very good launch in North Carolina. So we're very pleased with the market share we've gained there. And we were very pleased with the market share we've got across the U.S. as a whole. 52% of the NGR, we think, is a fantastic place to continue to build from. And the business is going well as we look at April numbers. And our outlook for the rest of the year, it's all very positive. And on the basis of that, we have held our guidance. Nothing further really we can say on that, though, Jordan.

我們有一個——謝謝喬丹。我們在北卡羅來納州的推出非常順利。因此，我們對在那裡獲得的市場份額感到非常滿意。我們對整個美國的市場份額感到非常滿意。我們認為，52% 的 NGR 是繼續建造的絕佳場所。從四月的數據來看，業務進展順利。我們對今年剩餘時間的展望非常積極。在此基礎上，我們保持了我們的指導。不過，喬丹，對此我們真的無話可說。

Your next question comes from the line of Monique Pollard from Citi.

您的下一個問題來自花旗銀行的 Monique Pollard。

The first one I just had was whether you could give some color on I guess North Carolina also Ohio, the 2 states that have been the most successful launches. What you've done differently in those states that's allowed you to acquire so many players so rapidly. And whether you find that there's some specific advantage to acquiring these players very early on, so in the first 45 days, versus some time within the first 12 months. That's the first question.

我剛剛遇到的第一個問題是，您是否可以對北卡羅來納州和俄亥俄州這兩個發射最成功的州進行一些說明。你們在這些州所做的不同的事情讓你們能夠如此迅速地獲得如此多的球員。以及您是否發現儘早獲得這些球員（例如在前 45 天內）與前 12 個月內的某個時間相比有一些特定的優勢。這是第一個問題。

And then the second question, more of a technical one for Paul. I'm struggling to get to the net interest guidance, the $370 million for 2024. I guess if I look at the 1Q, we're really at $112 million. And I know you've done the refinancing, but from what I can work out, that saves you about $12 million of interest per annum. So just trying to understand how we get to that $370 million for the year.

然後是第二個問題，對保羅來說更多的是技術問題。我正在努力獲得 2024 年的淨利息指導，即 3.7 億美元。我知道您已經進行了再融資，但據我所知，這每年可以為您節省約 1200 萬美元的利息。因此，我們只是想了解我們是如何實現今年 3.7 億美元的目標的。

Thank you, Monique. So let me talk to you about North Carolina and Ohio, but it's also true for Vermont or any of the other states that we've launched in. And I think with each new state launch that we have, we find that we get even better at refining our playbook in going to market. We do have a big advantage in being able to convert our DFS customers into sports betting customers. That's an important component of what we do. There's also the fact that we have our large established customer base. And so we're able to use mechanisms like refer a friend which become important and allow us to benefit from our scale.

謝謝你，莫妮克。讓我來談談北卡羅來納州和俄亥俄州，但佛蒙特州或我們推出的任何其他州也是如此。 。我們確實有一個很大的優勢，能夠將我們的 DFS 客戶轉化為體育博彩客戶。這是我們工作的重要部分。還有一個事實是我們擁有龐大的既定客戶群。因此，我們能夠使用推薦朋友等機制，這變得非常重要，並使我們能夠從我們的規模中受益。

We have also though switched to national advertising. And so the brand and the product is becoming better known to consumers in states when they launch, and there's a lot of pent-up demand.

不過，我們也轉向了全國性廣告。因此，當品牌和產品推出時，它們就越來越為各州的消費者所熟知，並且存在大量被壓抑的需求。

And answering to your question around, is there an advantage in acquiring the customers early, we believe there is. I mean, we've got the best product in the market. And so the extent to which customers are able to get on to the best product early, they stick with us. And if we look at the way that the cohorts are performed from those customers we acquired back in 2018 or subsequent years, they're stuck with us.

回答你的問題，儘早獲取客戶是否有優勢，我們相信有。我的意思是，我們擁有市場上最好的產品。因此，客戶能夠在多大程度上儘早獲得最好的產品，他們就會堅持使用我們。如果我們看看我們在 2018 年或隨後幾年獲得的客戶群的表現方式，就會發現他們一直在我們身邊。

So I think it's important to get in early. We find that actually the acquisition cost in doing so from the benefits of our scale really help us. And look, having a bigger business allows us to get ultimately more sort of operating leverage and gives us greater scale. So it's all very helpful.

所以我認為儘早進入很重要。我們發現，實際上，我們的規模優勢所帶來的購買成本確實對我們有幫助。看，擁有更大的業務最終使我們能夠獲得更多的營運槓桿，並讓我們擁有更大的規模。所以這一切都非常有幫助。

And in terms of the net interest, Monique. I mean, the two components, obviously, are what we pay on our debt balances and then the interest that we receive on our cash balances which do fluctuate through the year. And it's building in that interest received through the year, which may be where you're not getting the right number because that does obviously fluctuate quite significantly during the course of the year. But very happy to follow up with you on that afterwards because that can be quite a big number. But -- so as I say, happy to follow up afterwards, Monique.

就淨利息而言，莫妮克。我的意思是，顯然，這兩個組成部分是我們為債務餘額支付的費用，然後是我們從現金餘額中收到的利息，這些利息在一年中確實會波動。它是建立在全年收到的利息的基礎上的，這可能是你沒有得到正確數字的地方，因為這一數字在一年中顯然波動很大。但很高興事後與您跟進此事，因為這可能是一個相當大的數字。但是——正如我所說，很高興事後跟進，莫妮克。

Your next question comes from the line of Clark Lampen from BTIG.

您的下一個問題來自 BTIG 的 Clark Lampen。

I have two. Peter, I want to come back to U.S. guidance. I know you've mentioned historically that FanDuel has sometimes left some profitable AMP acquisition opportunities on the table. Does the guidance for '24 OpEx now sort of leave you more flexibility to be aggressive if the market gives you -- if the market remains, I guess, attractive and you can lean into it? And if so, is that benefit sort of contemplated in '24 guide? Or would that show up more in '25?

我有兩個。彼得，我想回到美國的指導。我知道您曾經提到過，FanDuel 有時會留下一些有利可圖的 AMP 收購機會。如果市場給了你——我猜如果市場仍然有吸引力並且你可以依賴它的話，'24 OpEx 的指導現在是否會讓你更加靈活地採取積極進取的態度？如果是這樣，24小時指南中是否考慮到了這種好處？或者這會在 25 年出現更多？

And then Paul, on the capital return philosophy, could you just remind us, as we're getting closer to the leverage targets and sort of generating some excess capacity, how robust is the opportunity set for acquiring the MaxBet, like local heroes, relative to -- I guess in absence of that, would the priority be, I guess, beginning to return capital to shareholders?

然後，保羅，關於資本回報理念，您能否提醒我們，隨著我們越來越接近槓桿目標並產生一些過剩產能，收購 MaxBet 的機會有多大，就像當地的英雄一樣，相對我想如果沒有這一點，優先事項會是開始向股東返還資本嗎？

I think what you have to look at with our business is we've maintained this posture of sort of acquiring as much business as we can whilst we meet the return criteria. And historically, I have stated several times that we would wish we've been able to lean in harder and take more business. Typically, that's because we found that the customers have ended up being more valuable than we had initially anticipated, possibly through higher retention rates, more parlay penetration, more legs on the parlay, better cross-sell into gaming. So all those things have helped benefit the value of the cohorts we've acquired in the past.

我認為對於我們的業務，您必須關注的是，我們一直保持著這種姿態，即在滿足回報標準的同時，盡可能多地收購業務。從歷史上看，我曾多次表示，我們希望能夠更加努力並獲得更多業務。通常，這是因為我們發現客戶最終比我們最初預期的更有價值，可能是透過更高的保留率、更多的連贏滲透、更多的連贏、更好的遊戲交叉銷售。因此，所有這些都有助於提高我們過去獲得的群體的價值。

You would've seen from the data we've published for our first quarter, we are pleased with the posture that we have in the market and the volumes, the customers we're acquiring. I think it's very important that we focus on embedding future growth and value into the business by acquiring as much business as we can. We're not subject to sort of constraints in trying to optimize around a certain EBITDA threshold or anything like that. We're just trying to build as big or most valuable business as we can.

您可以從我們發布的第一季數據中看到，我們對我們在市場上的狀況以及我們正在獲取的數量和客戶感到滿意。我認為，透過收購盡可能多的業務，我們專注於將未來的成長和價值融入業務中，這一點非常重要。在嘗試圍繞某個 EBITDA 閾值或類似的東西進行最佳化時，我們不會受到某種限制。我們只是試圖建立盡可能大或最有價值的業務。

And in terms of the capital return philosophy, Clark. So we've talked about our priorities of the use of capital. First of course being to invest in the business, as Peter has just talked about, because that does give the best returns, the best paybacks.

就資本回報理念而言，克拉克。所以我們已經討論了我們使用資本的優先事項。首先當然是投資業務，正如彼得剛才談到的，因為這確實能帶來最好的回報，最好的回報。

And then acquiring businesses. And you talked about MaxBet, that's been a great acquisition for us. Very pleased with how that's going. Similarly with Sisal, that's going extremely well. If you think a little further back with Tom Bowler, there's lots of these national champions that we really like. And as long as they are strategic, so the market works and the financial economics work, then we are actively looking for businesses like that.

然後收購企業。您談到了 MaxBet，這對我們來說是一次偉大的收購。對事情的進展非常滿意。與劍麻類似，進展非常順利。如果你再想想湯姆·鮑勒（Tom Bowler），我們真的很喜歡很多全國冠軍。只要它們具有策略性，市場就能發揮作用，金融經濟也能發揮作用，那麼我們就會積極尋找這樣的企業。

And then beyond that, within the framework that we've talked around for leverage, which is sort of being at 2 to 2.5x levered, if there's capacity to return cash to shareholders, we absolutely will do that.

除此之外，在我們討論的槓桿框架內，槓桿率為 2 至 2.5 倍，如果有能力向股東返還現金，我們絕對會這樣做。

And as we think about how rapidly the EBITDA will grow in this business over the course of '24 and beyond, there will be capacity to do all those things, invest into the business. to make acquisitions, and to return cash to shareholders. But that's not sort of being prescriptive as to exactly which year we'll do which in, as you can imagine.

當我們思考 24 年及以後該業務的 EBITDA 將如何快速成長時，我們將有能力做所有這些事情，投資於該業務。進行收購並向股東返還現金。但這並沒有規定我們到底在哪一年要做哪件事，正如你所能想像的那樣。

Your next question comes from the line of Ryan Sigdahl from Craig-Hallum Capital Group.

您的下一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

I want to start with, I guess, the U.S. So trying to do the math, I guess, on the last 2 weeks of the quarter, from March 17 through the end of the period. I get something north of $200 million in delta relative to kind of the first 11 weeks of the quarter, that growth rate to the down 51% for the last 2 weeks, $76 million of it is low hold. But I guess curious, what else is going on in there?

我想，我想從美國開始。相對於本季的前 11 週，我得到了超過 2 億美元的增量，過去兩週成長率下降了 51%，其中 7,600 萬美元處於低點。但我想好奇的是，裡面還發生了什麼事？

Secondly, kind of to that, I guess, you reported on March 26, we selectively disclosed kind of performance through the week prior to that, the 17th. I guess, why not include some of this to level-set expectations into your first U.S. quarter here?

其次，我想，你在 3 月 26 日報道過，我們選擇性地披露了在那之前一周（即 17 日）的表現。我想，為什麼不將其中的一些內容納入到您對美國第一季的預期中呢？

And then last one is just kind of the mark-to-market on FOX Bet option. What changed in that calculation relative to the end of 2023 for the revision lower?

最後一個是 FOX Bet 選項中按市值計價的一種。相對於 2023 年底的修訂較低，該計算發生了什麼變化？

I'm happy to say the easy one, Ryan, which is that the value of FanDuel goes up because the business continues to grow. More customers is a bigger business. So the value. Unfortunately, it was sort of slightly counterintuitive that, as the value of FanDuel grows, we have to take more costs on to the value of the FOX option.

Ryan，我很高興地說一個簡單的問題，那就是 FanDuel 的價值隨著業務的持續成長而上升。更多的客戶就是更大的生意。所以價值。不幸的是，隨著 FanDuel 價值的成長，我們必須為 FOX 選擇權的價值承擔更多成本，這有點違反直覺。

And that is likely to be every quarter, but we will call it out so that you can sort of strip it out. Obviously, it's a noncash charge. But as Peter says, that is required under U.S. GAAP.

這可能是每個季度都會發生，但我們會指出來，以便您可以將其刪除。顯然，這是非現金費用。但正如彼得所說，這是美國公認會計準則所要求的。

In terms of your first question around the math on the U.S. Yes, you've got the losses in March Madness. And then, of course, we've got the investment into the North Carolina launch, which is significant. As I said earlier. We won the state there. We took a very high proportion of the business. So we invested heavily. And I think that's the component of the math that you're trying to work through there.

關於你關於美國數學的第一個問題，是的，你在瘋狂三月中遭受了損失。當然，我們也對北卡羅來納州的推出進行了投資，這意義重大。正如我之前所說。我們贏得了那裡的州。我們佔據了很高的業務比例。所以我們投入了大量資金。我認為這就是你要解決的數學問題。

In terms of why we only reported up to a certain date, that's when we had the numbers for. So we reported to the latest dates that we had the reliable trading data to, which was -- so that's the reason.

至於為什麼我們只報告某個特定日期的情況，那就是我們掌握了該日期的數據。因此，我們報告了最新的日期，我們擁有可靠的交易數據，這就是原因。

Your next question comes from line of Joe Stauff from Susquehanna.

您的下一個問題來自薩斯奎哈納的 Joe Stauff。

I realize on the U.S. iCasino, I realize you're in the process of kind of bringing all, if not most of your iCasino tech stack in-house. Just wondering how long that process would take? Is it fair to assume a year or something like that? Trying to get an idea there.

我意識到在美國 iCasino 上，我意識到你們正在將全部（如果不是大部分）iCasino 技術堆疊引入內部。只是想知道這個過程需要多長時間？假設一年或類似的時間是否公平？試圖在那裡得到一個想法。

And then I apologize if you did state this, but just wondering where your North Carolina handle share was in March. Curious.

如果你確實這麼說了，我很抱歉，但只是想知道你的北卡羅來納州三月份的手柄份額在哪裡。好奇的。

Joe, I'm happy to sort of pick those up. The iGaming tech stack, I mean, and this is part of what we talked about at the Capital Markets Day in terms of the three phases of it. It's about fixing things that are broken, reaching parity with the market and getting ahead.

喬，我很高興能撿到這些。我的意思是 iGaming 技術堆疊，這是我們在資本市場日討論的三個階段的一部分。它是關於修復損壞的東西、達到與市場同等的水平並取得領先。

We have broadly done the work now to bring the tech stack in-house. It's -- you can see from the rest of the group, we are the world's largest iGaming operator. So being able to bring those capabilities to the U.S. markets, that actually what will help us maintain our leadership position in the market, and that's something that the team are very much focused on. But that sort of tech migration is broadly done.

我們現在已經大致完成了將技術堆疊引入內部的工作。你可以從集團的其他成員身上看到，我們是世界上最大的 iGaming 營運商。因此，能夠將這些能力引入美國市場，這實際上將有助於我們保持在市場上的領導地位，這也是團隊非常關注的事情。但這種技術遷移已經廣泛完成。

And unfortunately, North Carolina is one of the states where they don't disclose the operators. And so we're not going to share our figures. You might best and try and reverse-engineer it based on the number of customers we told you who signed up with. But we're not disclosing the numbers.

不幸的是，北卡羅來納州是他們不透露營運商的州之一。因此我們不會分享我們的數據。您最好嘗試根據我們告訴您的註冊客戶數量對其進行逆向工程。但我們不會透露具體數字。

Okay. Could I squeeze one more in? I guess with respect to your AMP growth for iCasino in the first quarter, again, FanDuel, it was 34%. Is it fair to say that I guess the bulk of that AMP growth is really from the direct casino customer?

好的。我可以再擠一顆嗎？我猜想，FanDuel，第一季 iCasino 的 AMP 成長率為 34%。我猜 AMP 成長的大部分確實來自賭場的直接客戶，這樣說公平嗎？

Yes.

是的。

Your next question comes from the line of Robert Fishman from Moffettnathanson.

您的下一個問題來自 Moffettnathanson 的 Robert Fishman。

Two questions for you guys. Can you speak to the competitive dynamics in the U.S. today? And would you expect an elevated level of competition to continue? Or do you think that the market is becoming even more rational despite the new competitive launches over the past couple of quarters?

有兩個問題請教大家。您能談談當今美國的競爭動態嗎？您是否期望更高水準的競爭繼續下去？或者，您是否認為儘管過去幾季推出了新的競爭產品，但市場正在變得更加理性？

And then just separately, with the recent FanDuel free ad-supported channel launch on Roku and others, can you just speak to or update us on the company's U.S. media strategy and whether this helps offset national marketing spend? Or how you're approaching the U.S. market from a media side?

另外，隨著最近在Roku 和其他平台上推出FanDuel 免費廣告支援頻道，您能否向我們介紹該公司的美國媒體策略或更新該公司的美國媒體策略，以及這是否有助於抵消全國行銷支出？或者您如何從媒體方面進入美國市場？

Robert, welcome to the call. The competitive dynamics we're seeing in the U.S., I mean, there's never been a time when it has not been very competitive. So the market remains very competitive. But I think the point that you talk to around players being rational is important. We're not seeing people spend in ridiculous amounts of money trying to persuade customers to try out product, which isn't very good. I think the market is competitive, but much more rational.

羅伯特，歡迎您的來電。我的意思是，我們在美國看到的競爭動態從來沒有不是非常激烈的。因此市場競爭仍然非常激烈。但我認為你談論的關於球員理性的觀點很重要。我們沒有看到人們花費大量金錢試圖說服客戶試用產品，這並不是很好。我認為市場是競爭性的，但更理性。

And of course, having the best product in the market stands us in a good stead. And the returns that we're seeing because of the our parlay penetration and all the other benefits that we have in the business, means that we're continuing to acquire customers at very attractive returns.

當然，擁有市場上最好的產品對我們來說是有利的。由於我們的連本帶利滲透率和我們在業務中擁有的所有其他優勢，我們所看到的回報意味著我們將繼續以非常有吸引力的回報來獲取客戶。

The observation that you made about FanDuel TV. And for those people who are not aware of it, this is essentially our offering. We have two channels that are available on cable, but also OTT and on digital platforms. This allows customers -- historically, it's been very much focused around racing. So of course, the Kentucky Derby was a fantastic opportunity for new customers to get into rating. And then they'll see a lot more content available on FanDuel TV.

您對 FanDuel TV 的觀察。對於那些沒有意識到這一點的人來說，這本質上就是我們的產品。我們有兩個有線頻道，還有 OTT 和數位平台。這使得客戶——從歷史上看，它一直非常關注賽車。當然，肯塔基德比賽對於新客戶來說是獲得評級的絕佳機會。然後他們會在 FanDuel TV 上看到更多內容。

But it's an ability for us to stream content and our customers to sort of bet and watch. And it's something that actually predated FanDuel. So TVG and the operation there was something that we've been doing for a long time and had national reach and audience. Racing, interestingly, allows us to go into states often in advance of sports betting because there's a different set of legislative results around horseracing.

但這是我們傳輸內容的能力，也是我們的客戶投注和觀看的能力。它實際上早於 FanDuel 出現。因此，TVG 及其營運是我們長期以來一直在做的事情，並且擁有全國範圍的影響力和觀眾。有趣的是，賽馬可以讓我們經常在體育博彩之前進入各州，因為賽馬有一套不同的立法結果。

Your next question comes from the line of Dan Politzer from Wells Fargo.

您的下一個問題來自富國銀行的 Dan Politzer。

First question, on gross structural hold, I think it was up around 220 basis points in the first quarter, which is a similar year-over-year pace as the fourth quarter. So just trying to get a better sense of how we should think about this over the course of 2024 and if you can kind of keep that pace of gains.

第一個問題，就整體結構性持有而言，我認為第一季成長了約 220 個基點，與第四季的年增速相似。因此，我們只是想更了解 2024 年我們應該如何考慮這個問題，以及是否可以維持這種成長速度。

And then for my second question, on sales -- in terms of the U.S. and the cost buckets. I think your sales and marketing costs were up 16% in the quarter, which is a similar increase in tech and G&A. How should we maybe think about the pacing of these buckets if there's any difference in the growth rates over the course of this year?

然後是我的第二個問題，關於銷售——就美國和成本而言。我認為本季你們的銷售和行銷成本成長了 16%，科技和一般管理費用也有類似的成長。如果今年的成長率有任何差異，我們應該如何考慮這些桶的節奏？

Thanks, Dan. So yes, pleased with the structural hold, which as we said, was very similar in Q1 of this year to what we saw in the fourth quarter of last year. And that's largely driven by mix of product. So when we see more parlays, which do have a higher hold rate, and more parlays with more legs, then we will see a higher hold there.

謝謝，丹。所以，是的，我們對結構性持有感到滿意，正如我們所說，今年第一季的情況與我們去年第四季看到的非常相似。這很大程度上是由產品組合所驅動的。因此，當我們看到更多的連本帶利確實具有更高的保留率，並且更多的連本帶利有更多的腿時，我們就會看到更高的保留率。

And Q1 and Q4 do tend to be higher. So we'll have to see how that progresses through the course of the year. But -- and whether we have the same quarter-on-quarter increases. But certainly, we would expect to see Q1 and Q4 be the high water mark.

Q1 和 Q4 確實往往會更高。因此，我們必須看看這一年的進展如何。但是——以及我們是否有相同的季度環比增長。但當然，我們預計第一季和第四季將達到高水位。

And in terms of investing through the business and quarter-by-quarter. Again, we invest where we think there is the greatest return to be had from that. On a marketing and generosity basis, say Q1, Q4 tend to be higher given the weight of sports there. And in terms of other OpEx, other elements of OpEx, that will be more consistent through the year as you're building our capabilities to support the bigger and bigger business that we're generating.

在透過業務和逐季度進行的投資方面。同樣，我們投資於我們認為能獲得最大回報的領域。在行銷和慷慨的基礎上，考慮到體育運動的重要性，第一季、第四季往往會更高。就其他營運支出、營運支出的其他要素而言，這一年將會更加一致，因為您正在建立我們的能力來支持我們正在產生的越來越大的業務。

Your next question is from line of Paul Ruddy of Davy.

你的下一個問題來自戴維的保羅·魯迪。

Just two quick questions, if that's okay. Just the first is on the U.S. Just really quickly, the H1, H2 EBITDA split, I think you referenced 30-70 before. Does that still stand?

只是兩個簡單的問題，如果可以的話。第一個是在美國。那還成立嗎？

And then the second, maybe just to jump out of the U.S. for a second if that's okay. In Italy, it looks like you're back to taking market share. Could you just give some of the dynamics in the Italian market? What drove that pickup in share? And how is the overall health of the Italian market at the moment?

然後是第二個，如果可以的話，也許只是暫時離開美國。在義大利，看起來你又重新奪回了市場份額。能否介紹一下義大利市場的一些動態？是什麼推動了份額的上升？目前義大利市場的整體健康狀況如何？

So yes, in terms of half 1, half 2 split, we had envisaged 30-70. And given the sports results in Q1 and also the successful launch we've had in North Carolina, we think that, that will be a bit more back-end weighted now. So more weighted into the second half and into the fourth quarter, when we will start to see those returns from North Carolina coming through. So won't differ massively from that 30-70, but it will be a bit more second half-weighted.

所以，是的，就半 1、半 2 分割而言，我們設想的是 30-70。考慮到第一季的體育賽事成績以及我們在北卡羅來納州成功推出的產品，我們認為，現在後端的權重會更大一些。因此，下半年和第四季的比重更大，屆時我們將開始看到北卡羅來納州的回報。因此與 30-70 不會有太大差異，但後半權重會更多。

And in terms of Italy, yes, we are pleased to be taking market share there. It's performing well. April has been a good month.

就義大利而言，是的，我們很高興能在那裡佔據市場份額。它的表現很好。四月是一個美好的月份。

Yes. I mean, I think from my perspective in Italy, as Paul says, we're taking market share. The team is performing very well. A lot of it is driven, as we see in the states and other markets, by getting the core things right. So we've made some significant product improvements. We launched the new sports betting app in Q3 2023, which is helping support the business. They've got some really interesting product features in that market. So there's possibility more to feed into the Flutter Edge over time.

是的。我的意思是，我認為從我在義大利的角度來看，正如保羅所說，我們正在佔領市場份額。球隊表現非常好。正如我們在各州和其他市場看到的那樣，其中很大一部分是透過正確處理核心問題來推動的。因此，我們對產品進行了一些重大改進。我們於 2023 年第三季推出了新的體育博彩應用程序，這有助於支持業務。他們在該市場上有一些非常有趣的產品功能。因此，隨著時間的推移，Flutter Edge 中可能會出現更多內容。

And I think in terms of how the market is evolving, Obviously, there's no advertising and different players are pursuing slightly different approaches to generosity. But I think we've got a very good product. We can drive cross-sell from our lottery operations. It's a great top of the funnel product for us into casino and then into sports, and that's proving very well. As Paul said, we're hitting record levels of market share for online customers in sports and casino.

我認為就市場的發展而言，顯然沒有廣告，不同的參與者追求的慷慨方式略有不同。但我認為我們有一個非常好的產品。我們可以透過彩票業務推動交叉銷售。對我們來說，這是一個很好的漏斗頂部產品，讓我們進入賭場，然後進入體育領域，事實證明這非常好。正如保羅所說，我們在體育和賭場領域的線上客戶市場份額正在達到創紀錄的水平。

Your next question comes from the line of Simon Davies of Deutsche Bank.

你的下一個問題來自德意志銀行的西蒙戴維斯。

A couple from me, please. Can you give us any color on trading in the month of April? And then any surprises, either positive or negative? And in particular, you're seeing signs of re-cycling of all those consumer winnings in the U.S. from late March.

請從我這裡來幾張。您能為我們透露一下四月份的交易狀況嗎？然後有什麼驚喜，無論是正面的還是負面的？特別是，從 3 月下旬開始，您將看到美國消費者所有獎金的回收跡象。

And secondly, in the U.K., we now have a bit of clarity around affordability guidance. Are you comfortable with the outcome there? Do you see any positive or negative ramifications from that in terms of your previous guidance for the U.K. market?

其次，在英國，我們現在對負擔能力指導有了一些清晰的認識。您對那裡的結果感到滿意嗎？就您之前對英國市場的指導而言，您認為這會產生任何正面或負面的影響嗎？

Thanks, Simon. So in terms of current trading, we're not giving any specifics other than to say we are happy with what we're seeing in April, and we remain very confident in our outlook for the year. And without getting into specifics, you would expect there would be some recycling. There always is. So I think that's a rational thing to expect.

謝謝，西蒙。因此，就目前的交易而言，我們沒有給出任何具體細節，只是說我們對四月份的情況感到滿意，我們對今年的前景仍然充滿信心。無需詳細說明，您會期望會有一些回收。總是有的。所以我認為這是一個合理的期望。

And within the U.K., there's no change to the guidance of $25 million to $50 million in total likely in H2 2024. I think we're pleased to see further progress. There's clearly a little bit further to go, but it's good to get a bit more clarity for the market.

在英國，2024 年下半年總額可能達到 2500 萬至 5000 萬美元的指導沒有變化。顯然還有很長的路要走，但讓市場更加清晰是件好事。

Your next question comes from the line of Ben Shelley from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的 Ben Shelley。

Two for me, if I may. One on CACs in the U.S. Could you provide some color on how customer acquisition costs have fared through the quarter in the U.S., please? You still seeing efficiencies here despite the heightened levels of investment? Or is it too soon to tell?

如果可以的話，給我兩個。關於美國的客戶獲取成本 (CAC)。儘管投資水準提高，您仍然看到這裡的效率嗎？還是現在說還太早？

And my next question is on U.S. taxation. So of course, a lot of talk around potential increases in state taxes in the U.S. I would love to get your thoughts on the potential for contagion risk across states and how you think the future looks and how you feel you can offset future state tax increase through other means.

我的下一個問題是關於美國稅收。當然，關於美國州稅可能增加的討論很多。

On the customer acquisition costs, we have obviously quite a lot of customers in the quarter. We've been very pleased with our efficiency of those acquisitions. We have not really seen any change in the long-term trends in terms of the number of months of payback, frankly. So the team continues to execute very well, and it's embedding a lot of future value into the business.

在獲客成本方面，我們本季顯然擁有相當多的客戶。我們對這些收購的效率非常滿意。坦白說，就投資回收月數而言，我們並沒有真正看到長期趨勢有任何變化。因此，團隊繼續表現出色，並將大量未來價值融入業務中。

And in terms of tax, I think what we've seen and what states have seen is that having a healthy gaming environment, where the tax is set at the right level, means that actually the tax take in the state is optimized. So in Illinois, there are conversations with the state governor going on, but there's no new news on that. So if there is, then we'll come back and update. But nothing more on that for now, Ben.

在稅收方面，我認為我們和各州所看到的是，擁有一個健康的博彩環境，將稅收設定在正確的水平，這意味著該州的稅收實際上得到了優化。因此，在伊利諾州，與州長的對話正在進行中，但沒有任何新消息。因此，如果有的話，我們會回來更新。但現在沒有更多的內容了，本。

Your next question comes from Rowland Clark from Barclays.

您的下一個問題來自巴克萊銀行的羅蘭克拉克。

Two questions, please, from me. The first is on moving the operational headquarters to New York. Would you mind just providing a bit of color on exactly what that means? Does that involve more costs or more cost going to the U.S.? And then sort of related question to that what would you do with your registered headquarters?

請我提出兩個問題。第一個是將營運總部遷至紐約。您介意稍微解釋一下這到底是什麼意思嗎？這是否涉及更多費用或前往美國的更多費用？然後是與此相關的問題，您將如何處理您的註冊總部？

And then my second question is on U.S. again. So the sort of AMPs in Q1 grew at 15% year-on-year, and that follows 34% in Q4. It just looks like a bit of a slowdown. And I appreciate the incredibly strong Ohio performance and launched there -- sorry, North Carolina. But you might mention that actually it's Ohio's comp that means that the AMPs slows down a bit in the first quarter. I'm just interested to know really any color as to why that has slowed down from the fourth quarter trends. That would be very helpful.

我的第二個問題又是關於美國的。因此，第一季此類 AMP 年成長 15%，第四季年增 34%。看起來只是有點放緩。我很欣賞俄亥俄州令人難以置信的強勁表現並在那裡啟動——對不起，北卡羅來納州。但您可能會提到，實際上是俄亥俄州的比賽意味著 AMP 在第一季略有放緩。我只是想知道到底有什麼顏色可以解釋為什麼第四季的趨勢會放緩。這將非常有幫助。

I think you probably answered your own second question, but I'll let Paul come in and, if there's anything you want to answer it in a moment.

我想你可能已經回答了你自己的第二個問題，但我會讓保羅進來，如果你有什麼問題想稍後回答。

On the operational HQ, there's going to be no significant change from a cost perspective. We're going to have our board meetings there. I'm obviously spending a lot more time there. I'm there this week. And we'll be having a lot more of the exco there in person. But in practical terms, it's not going to change a lot from a sort of cost perspective.

在營運總部，從成本角度來看不會有重大變化。我們將在那裡召開董事會會議。顯然我在那裡花了更多的時間。這週我在那裡。我們將有更多的執行委員親自出席。但實際上，從成本角度來看，它不會發生太大變化。

And James, yes, I think you sort of did answer your own question. You got Ohio in the comps for a full quarter but only the 3 weeks of North Carolina coming in there. So we are very pleased with the growth we're continuing to see, both in the new states and in existing dates where we are, those pre-2022 states where we're seeing very strong growth in AMPs still. So really pleased with the underlying health of the business.

詹姆斯，是的，我認為你確實回答了你自己的問題。俄亥俄州整個季度都在比賽中，但北卡羅來納州只有三週的時間。因此，我們對繼續看到的成長感到非常滿意，無論是在新州還是現有日期，在 2022 年之前的州，我們看到 AMP 的成長仍然非常強勁。對業務的基本健康狀況非常滿意。

Your next question comes from the line of Andrew Tam from Redburn Atlantic.

您的下一個問題來自 Redburn Atlantic 的 Andrew Tam。

Just touching on the U.S. sales and marketing expenses up 16% year-on-year. Can you provide any color on where you're making those investments? Is the bulk of that largely do with the state launches in Vermont and North Carolina? Or is it across existing states as well?

就拿美國的銷售和行銷費用來說，年增了 16%。您能透露一下您在哪些方面進行了這些投資嗎？其中大部分主要與佛蒙特州和北卡羅來納州的州發射有關嗎？或也適用於現有的州？

And just in terms of the run rate, is that something we could expect throughout the rest of the year? Or can we expect that to dial down in future quarters?

就運行率而言，這是我們在今年剩餘時間可以預期的嗎？或者我們可以預期未來幾季會有所下降嗎？

Look, I'm happy to give you some color on that. I mean, we are spending money where we can, right? So we've shown very strong growth in our existing states. We continue to acquire a lot of customers in the states, the penetration rates continue to grow. And we'll spend money there whilst ever we can meet our return criteria. And that's as true of the sports as it is for gaming.

聽著，我很高興為您提供一些顏色。我的意思是，我們在能花錢的地方花錢，對吧？因此，我們在現有各州表現出了非常強勁的成長。我們繼續在各州獲得大量客戶，滲透率持續成長。只要我們能夠滿足退貨標準，我們就會在那裡花錢。對於體育運動和遊戲都是如此。

And clearly, we do put our shoulder behind the wheel. When we launch in a new state, it's very important to win in the early days, which we try hard to do. And so the shape of it, of an investment, it will not be that dissimilar to what we've seen in the prior year. I mean, there's obviously periods of time where naturally you see a sort of greater interest in new sports. So the prelaunch of the football season and that type of thing where we'll lean in heavier, and that's what ultimately ends up skewing the numbers.

顯然，我們確實把自己的肩膀放在了方向盤後面。當我們在一個新的州啟動時，在早期取得勝利非常重要，我們會努力做到這一點。因此，它的投資形式不會與我們前一年看到的有什麼不同。我的意思是，顯然在某些時候你會自然而然地看到對新運動的更大興趣。因此，足球賽季的啟動前以及我們會加強的事情，這就是最終導致數字偏差的原因。

But it's all sort of very carefully calculated and all factored into our customer acquisition costs and giving us very good returns and driving a lot of embedded value into the business for the future.

但這一切都是經過仔細計算的，並且全部考慮到我們的客戶獲取成本中，為我們帶來了非常好的回報，並為未來的業務帶來了大量的內在價值。

Your next question comes from the line of Joe Thomas from HSBC.

您的下一個問題來自匯豐銀行的喬·托馬斯。

Yes, just firstly, I wanted to ask you about India. You're talking about net revenue down 25% there. Can you just talk through how you're expecting India to pan out how those tax changes have come in? I think you said there's some sequential improvement, but there's also been a benefit of an earlier IPL. So perhaps you could can talk about how you're mitigating that and what the long-term prospects are.

是的，首先，我想問你有關印度的情況。你說的是那裡的淨收入下降了 25%。您能否談談您對印度如何實施這些稅改的期望？我想你說過有一些連續的改進，但早期的 IPL 也有一個好處。因此，也許您可以談談如何減輕這種情況以及長期前景是什麼。

And then elsewhere, just with respect to the -- in the other divisions with respect to the change in structural hold that you're making. It looks like there's been some ups in The U.K. and Australia and down in international perhaps. Perhaps you can just explain that, if I've got it right, even. And how you -- how that's impacting the recycling that you're seeing.

然後在其他地方，就其他部門而言，就您正在做出的結構性改變而言。看起來英國和澳洲的銷量有所上升，而國際市場的銷量可能有所下降。也許你可以解釋一下，如果我沒說錯的話。以及這對你所看到的回收有何影響。

The important factor to remember in India is that we saw a shift in the tax from GGR to deposits. And we mentioned I think last time we talked about this, that we anticipated that we would get the business back to sort of positive growth towards the end of the year. And I think we still stand by that. So the material impact here is the impact on the change in tax rates in India.

在印度需要記住的重要因素是，我們看到稅收從 GGR 轉向存款。我們提到，我想上次我們談到這個問題時，我們預計我們將使業務在年底前恢復到正成長。我認為我們仍然堅持這一點。所以這裡的實質影響是對印度稅率變動的影響。

I mean on an underlying basis, the business is performing very well, and we're very pleased with the changes we've made to our rate to deposit ratio. So I think India is performing well. Of course, we are benefiting somewhat from the earlier IPL, but I think the business is standing in good stead.

我的意思是，從根本上看，該業務表現非常好，我們對利率與存款比率所做的改變感到非常滿意。所以我認為印度表現良好。當然，我們從早期的 IPL 中受益匪淺，但我認為業務狀況良好。

Paul, why don't you answer the part about what we're seeing from a structural hold perspective?

保羅，你為什麼不回答我們從結構性持有角度所看到的部分呢？

Yes. Thanks, Peter. So in terms of the structural hold, we're seeing the benefits of more parlays, and also Bet Builder in the UKI in particular, and greater efficiency in our promotional expense. So that is all continuing to drive up margins. Of course, we're trying to keep that at the right level. I don't want that to go too high, but we're happy where it is for now.

是的。謝謝，彼得。因此，就結構性持有而言，我們看到了更多連贏投注的好處，尤其是 UKI 中的投注產生器，以及我們促銷費用的更高效率。因此，這一切都在繼續推高利潤率。當然，我們正在努力將其保持在正確的水平。我不希望這個數字太高，但我們對目前的情況很滿意。

There are no further questions at this time. So I'd like to hand back to presenters.

目前沒有其他問題。所以我想把時間交還給主持人。

Okay. Well, look, I think we've rattled through lots of questions from you all this morning. Thank you very much for taking the time. For those of you who are in the U.S., thank you for getting up so early to accommodate us. We appreciate it. And if there's anyone who wants to follow up with us, we are all here for you. Thank you.

好的。好吧，聽著，我想我們今天早上已經回答了你們提出的許多問題。非常感謝您抽出時間。對於那些在美國的人，感謝你們這麼早起床來接待我們。我們很感激。如果有人想跟進我們，我們隨時為您服務。謝謝。

Thanks, everyone.

感謝大家。

That does conclude our conference for today. Thank you for participating. You may now all disconnect.

我們今天的會議到此結束。感謝您的參與。你們現在可以斷開連結了。