Flutter Entertainment PLC (FLUT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Flutter Entertainment first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Flutter Entertainment 2025 年第一季財報電話會議。（操作員指示）

And I would now like to turn the conference over to Paul Tymms, Group Director of Investor Relations. Paul, you may begin.

現在我想將會議交給投資者關係集團總監 Paul Tymms。保羅，你可以開始了。

Hi, everyone, and welcome to Flutter's Q1 results call. With me today are Flutter's CEO, Peter Jackson; and CFO, Rob Coldrake. After the short intro, Peter will open with a brief summary of our operational progress and then Rob will run through the Q1 financials and our updated guidance for 2025. We will then open the lines for Q&A.

大家好，歡迎參加 Flutter 第一季業績電話會議。今天和我一起的還有 Flutter 的執行長 Peter Jackson；和財務長 Rob Coldrake。在簡短的介紹之後，Peter 將首先簡要介紹我們的營運進展，然後 Rob 將介紹第一季的財務狀況和我們對 2025 年的最新指導。然後我們將開放問答熱線。

Some of the information we are providing today, including our 2025 guidance constitutes forward-looking statements that involve risks, uncertainties and other factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors are detailed in our earnings press release and our SEC filings. In addition, all forward-looking statements are based on current expectations, and we undertake no obligation to update any forward-looking statements, except as required by law.

我們今天提供的一些信息，包括我們的 2025 年指引，構成前瞻性陳述，涉及風險、不確定性和其他因素，可能導致實際結果與這些陳述中所示的結果存在重大差異。這些因素在我們的收益新聞稿和美國證券交易委員會文件中有詳細說明。此外，所有前瞻性陳述均基於當前預期，除非法律要求，否則我們不承擔更新任何前瞻性聲明的義務。

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。對帳結果已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」部分查閱。

And I will now hand you over to Peter.

現在我將你交給彼得。

Thank you, Paul. I continue to be really pleased with how the scaling of our US business is driving a step change in the earnings profile of the group. Our international business is also demonstrating the benefits of scale and diversification with particularly strong performances in SEA and India. These factors combined to drive year-over-year net income and adjusted EBITDA growth of 289% and 20%, respectively in Q1.

謝謝你，保羅。我繼續對我們美國業務的擴張如何推動集團盈利狀況的逐步變化感到非常高興。我們的國際業務也展現出規模化和多樣化的優勢，在東南亞和印度的表現尤其強勁。這些因素共同推動第一季淨收入和調整後 EBITDA 分別年增 289% 和 20%。

Before I turn to the quarter's performance in more detail, I want to touch on some of the themes that have been at the forefront of discussions during the quarter. Firstly, the potential impact of any change to the broader economic outlook on our sector in US in particular. Our business is resilient. During previous periods of consumer pressure in our international markets, we saw no discernible impact on our businesses and we have conviction that online sports betting and iGaming have strong defensive characteristics over the long term.

在更詳細地介紹本季的表現之前，我想談談本季討論的一些主要主題。首先，任何對整體經濟前景的變化都可能對我們在美國的產業產生影響。我們的業務具有彈性。在我們國際市場先前面臨消費壓力的時期，我們的業務並未受到明顯影響，我們堅信，從長遠來看，線上運動博彩和 iGaming 具有強大的防禦特性。

Secondly, sports results. The nature of sports will influence our quarterly results as we have seen in NFL in Q4 and March madness in Q1. But over time, these variations are transient and we do not -- and do not compromise our compelling growth model, a long-term value creation opportunity. In fact, is these ups and downs in sports results that make sports so exciting and drives engagement.

其次，運動表現。體育運動的性質將影響我們的季度業績，正如我們在第四季度的 NFL 和第一季的瘋狂三月所看到的那樣。但隨著時間的推移，這些變化都是暫時的，我們不會——也不會損害我們引人注目的成長模式，也就是長期的價值創造機會。事實上，正是體育運動結果的起伏使得體育運動如此令人興奮並激發人們的參與。

Thirdly, we're really excited about our revolutionary outcome-based pricing technology that will allow us to price and offer an almost infinite number of outcomes across the most relevant and immersive betting markets. Your Way is the first servicing of this pricing capability to customers and the results to date have been encouraging. The opportunities that this unlocks are unique and we believe creates an amazing platform for long-term innovation across both our US and international markets.

第三，我們對革命性的基於結果的定價技術感到非常興奮，該技術使我們能夠在最相關和最具沉浸感的博彩市場中定價並提供幾乎無限數量的結果。Your Way 是首次向客戶提供此定價功能的服務，迄今為止的結果令人鼓舞。我們相信，這將帶來獨一無二的機遇，為我們在美國和國際市場的長期創新創造一個令人驚嘆的平台。

Fourthly, we are also closely monitoring the developments around futures markets, and a potential direct and indirect opportunities for FanDuel to explore. We already operate the world's largest sports betting exchange, the Betfair Exchange and we have vast experience in this space.

第四，我們也密切關注期貨市場的發展，以及 FanDuel 可以探索的潛在直接和間接機會。我們已經經營著世界上最大的體育博彩交易所 Betfair Exchange，並且在該領域擁有豐富的經驗。

And finally, our position as an ad business is clear to see as we completed another major milestone in the expansion of our portfolio in Italy for the acquisition of SNAI and the continuation of our buyback program. With strong organic performance and multiple levers to drive value creation, we remain incredibly confident in our long-term outlook.

最後，我們作為廣告企業的地位顯而易見，因為我們完成了在義大利投資組合擴張的另一個重要里程碑，即收購 SNAI 並繼續我們的回購計畫。憑藉強勁的有機表現和推動價值創造的多種槓桿，我們對我們的長期前景仍然充滿信心。

And turning to performance in the quarter. We're continuing to win in the US, powered by a world-class customer proposition with AMPs growing to more than 4.3 million in the quarter. From a sportsbook perspective, handle growth was in line with expectations and reflected the continued shift from higher revenue margin and lower handle Parlay and same game parlay products. Basketball handle growth was lower than anticipated, offset by growth in other sports. And we believe this handle softness is specific to the basketball market, and we have a number of commercial and product initiatives that will specifically enhanced basketball engagement next season.

並轉向本季的業績。我們在美國繼續取得成功，這得益於世界一流的客戶主張，本季 AMP 數量增長至 430 多萬。從體育博彩的角度來看，投注額增長符合預期，反映了從更高的收入利潤率到更低投注額的 Parlay 和同場比賽 parlay 產品的持續轉變。籃球運動手柄的成長低於預期，但被其他運動的成長所抵消。我們相信這種手柄柔軟度是籃球市場所特有的，我們推出了一系列商業和產品計劃，旨在在下個賽季增強籃球運動的參與度。

As we move into the summer season, handle trends remain in line with expectations with encouraging MLB trends. It's worth remembering that handle growth is just one driver of our long-term revenue growth, alongside product-driven structural gross revenue margin expansion, new customer acquisition, higher retention, gaming cross-sell, wallet share gains and promotional spend efficiencies, which all work to drive the most important output our net revenue growth and all before the benefit of any new state launches.

隨著我們進入夏季，處理趨勢仍然符合預期，並且 MLB 趨勢令人鼓舞。值得記住的是，處理量成長只是我們長期收入成長的一個驅動力，此外還有產品驅動的結構性毛收入利潤率擴張、新客戶獲取、更高的保留率、遊戲交叉銷售、錢包份額增長和促銷支出效率，所有這些都是為了推動最重要的產出——我們的淨收入增長，而所有這些都是在新州推出之前實現的。

Our proprietary pricing capability continues to drive our market-leading sportsbook product and drive our expected structural gross revenue margin progression, reaching 14.1% in the quarter. We had a great Super Bowl, but overall US sports results were nevertheless customer-friendly in the first quarter, driven primarily by an unprecedented number of winning favorites during March Madness.

我們的專有定價能力繼續推動我們市場領先的體育博彩產品，並推動我們預期的結構性毛收入利潤率成長，本季達到 14.1%。我們舉辦了一場精彩的超級盃比賽，但第一季美國體育賽事的整體結果仍然對觀眾有利，這主要得益於瘋狂三月期間奪冠熱門球隊數量空前。

In iGaming, we go from strength to strength with highlights including site-wide jackpots and even more exclusive content. We hit 1 million amps for the first time, demonstrating the strength of the FanDuel iGaming proposition. This performance underpinned our clear leadership position with sports betting and iGaming gross gaming revenue market share of 43% and 27%, respectively; and a 48% net gaming revenues for sports bookshare.

在 iGaming 領域，我們不斷壯大，亮點包括全站累積獎金和更多獨家內容。我們首次達到了 100 萬安培，證明了 FanDuel iGaming 主張的實力。這項業績鞏固了我們明顯的領導地位，體育博彩和 iGaming 博彩總收入市佔率分別為 43% 和 27%； 48% 的淨博彩收入用於體育博彩。

Performance across our International division continues to be positive with year-over-year revenue growth of 3% constant currency. We are benefiting from our scale and geographic and product diversification with good growth in our SEA region in particular. We were delighted to welcome SNAI into the group just last week, significantly adding to our scale in Italy and we expect to rapidly realize both the operational and financial benefits of the combination.

我們的國際部門業績持續保持良好，以固定匯率計算，營收年增 3%。我們受益於規模、地理和產品多樣化，尤其是在東南亞地區實現了良好的成長。就在上週，我們很高興歡迎 SNAI 加入集團，這大大增強了我們在義大利的規模，我們期望迅速實現合併帶來的營運和財務效益。

We recently submitted a tender for the Italian Lotto with a majority position in the consortium of Scientific Games. We believe the merits of this deal are compelling in a market where we've demonstrated our extensive lottery experience due to the success of our SuperEnalotto proposition. Performance within SCA has been very impressive, driven by CECL, which achieved a record high Italian quarterly market share of 15.4%. And we're also seeing very strong growth in Turkey.

我們最近提交了一份義大利樂透的投標，並在 Scientific Games 財團中佔據多數席位。我們相信，這筆交易的價值在市場上具有吸引力，由於我們的 SuperEnalotto 提案的成功，我們已經證明了我們豐富的彩票經驗。在 CECL 的推動下，SCA 的業績非常出色，其義大利季度市佔率創下了 15.4% 的歷史新高。我們也看到土耳其的成長非常強勁。

In the UK, Sportsbook growth moderated from previous quarters. in part due to the very operator funding results in 2024, while iGaming growth remains strong. The migration of our SkyBet customers to our in-house platform is progressing well, with over 25% of customers already migrated and expected completion this quarter. The strength of our Rugby business in India is once again visible now a tax change in Q4 2023 have been lapped, delivering strong year-over-year revenue growth of 45% through continued disciplined customer and product investment.

在英國，體育博彩的成長較前幾季有所放緩。部分原因是由於 2024 年營運商融資結果不佳，而 iGaming 成長仍然強勁。我們的 SkyBet 客戶向我們的內部平台的遷移進展順利，超過 25% 的客戶已經遷移，預計將於本季完成。隨著 2023 年第四季稅收變化的實施，我們在印度的橄欖球業務的實力再次顯現，透過持續嚴格的客戶和產品投資，實現了 45% 的強勁同比收入成長。

Within Australia, we continue to face into the rating industry structural challenges. We've been able to partly offset our adverse racing handle trends by expanding our sports structural gross win margin through ongoing product-led improvements. And we've received regulatory clearance and expect to complete the acquisition of NSX imminently, forming a new Brazil business and putting us in an enhanced competitive position in a fast-growing newly regulated market. Combining a strong local management team, localized proprietary technology and a local Hero brand in vet National alongside our existing BecktoBrazil business and Flutter's capabilities. will position us for success in this very exciting market.

在澳大利亞，我們繼續面臨評級行業的結構性挑戰。透過持續的產品主導改進，我們擴大了體育結構毛利潤率，從而能夠部分抵消不利的賽車手柄趨勢。我們已獲得監管部門的批准，預計很快就會完成對 NSX 的收購，組成新的巴西業務，使我們在快速成長的新監管市場中處於更有利的競爭地位。將強大的本地管理團隊、本地化的專有技術和獸醫國家本地的英雄品牌與我們現有的 BecktoBrazil 業務和 Flutter 的能力結合起來。將使我們在這個令人興奮的市場中取得成功。

Overall, I'm pleased with our first quarter performance and remain extremely confident in the long-term fundamentals of our business. The global regulated market opportunity is significant and growing, and Flutter is uniquely positioned to win. I remain excited by the opportunity for Flutter and I look forward to continuing to execute on our key growth drivers over the remainder of 2025 and beyond.

總體而言，我對我們第一季的業績感到滿意，並對我們業務的長期基本面仍然非常有信心。全球受監管的市場機會龐大且不斷成長，而 Flutter 則擁有獨特的優勢可以贏得勝利。我仍然對 Flutter 的機會感到興奮，並期待在 2025 年剩餘時間及以後繼續執行我們的關鍵成長動力。

I will now hand you over to Rob to take through the financials and our guidance.

現在我將把您交給 Rob，讓他負責財務狀況和我們的指導。

Thanks, Peter, and hello, everyone. It's great to be talking to you today almost a year since becoming Flutter's CFO. And over that time, I've been really pleased with our progress. As Peter highlighted, we have all the key components to ensure long-term value creation, and I'm delighted to share that this quarter, we delivered underlying growth across each component of our compelling financial growth story. .

謝謝，彼得，大家好。擔任 Flutter 財務長已近一年，今天能與您交談真是太好了。在此期間，我對我們的進步感到非常高興。正如彼得所強調的，我們擁有確保長期價值創造的所有關鍵要素，我很高興地告訴大家，本季度，我們在引人注目的財務成長故事的每個要素上都實現了潛在的成長。。

Group revenue increased by 8%, thanks to our scale and diversification. Overall, group net income grew 289% while adjusted EBITDA grew 20%. Both measures benefited from the US-driven earnings transformation Peter described, while net income also reflects the fair value change of the FOX option liability shifting from a loss in the prior year to a gain this year.

由於我們的規模和多樣化，集團收入增長了 8%。整體而言，集團淨收入成長 289%，調整後 EBITDA 成長 20%。這兩項指標均受益於彼得所描述的由美國推動的獲利轉型，而淨收入也反映了 FOX 選擇權負債的公允價值變動，即從去年的虧損轉為今年的收益。

Earnings per share increased to $1.57 from a loss of $1.10 with our adjusted earnings per share up 51%. And importantly, we continue to enjoy the capital optionality to invest organically invest in M&A and return capital to our shareholders.

每股收益從虧損 1.10 美元增至 1.57 美元，調整後每股收益成長 51%。重要的是，我們繼續享有資本選擇性投資，以有機方式投資併購並向股東返還資本。

Turning now to the quarter's financial performance. We are using our new segmentation for the first time, reporting under two segments, US and International, with the corporate overhead report separately. This reflects how our operations are managed, and we believe the simplified structure will help external audiences understand the Flutter growth story more easily. Starting with the US, revenue was 18% higher year-over-year.

現在來談談本季的財務表現。我們首次使用新的細分系統，根據美國和國際兩個細分市場進行報告，並分別進行公司間接費用報告。這反映了我們的營運管理方式，我們相信簡化的結構將幫助外部受眾更容易了解 Flutter 的成長故事。從美國開始，營收年增18%。

This included sportsbook growth of 15% despite the adverse March Madness outcomes and very strong iGaming growth of 32%.

其中包括，儘管瘋狂三月比賽結果不佳，但體育博彩仍增長了 15%，而 iGaming 增長則非常強勁，達到 32%。

Adjusted EBITDA of $161 million was more than 5 times higher the prior year as our business delivered significant operating leverage. Sales and marketing saw 750 bps improved leverage due to a combination of our maturing state profile and the investment in the North Carolina launch last year. The quarter's performance was also impacted by the Illinois tax increase last July, which we have partially mitigated as previously guided.

調整後的 EBITDA 為 1.61 億美元，比前一年高出 5 倍多，因為我們的業務實現了顯著的營運槓桿。由於我們日趨成熟的州形象和去年在北卡羅來納州的投資，銷售和行銷的槓桿率提高了 750 個基點。本季的業績也受到去年 7 月伊利諾伊州增稅的影響，但我們已按照先前的指導部分緩解了這一影響。

In International, revenue of $2 billion and adjusted EBITDA of $518 million for the quarter reflected constant currency growth of 3%, 2%, respectively. The result was driven by strong performance in our SEA and CEE regions combined with an excellent iGaming growth in UKI and in India. Across the segment, sports results were marginally adverse year-over-year comprising favorable results in SEA and UKI and unfavorable results in APAC.

在國際業務方面，本季營收為 20 億美元，調整後 EBITDA 為 5.18 億美元，分別反映了 3% 和 2% 的固定匯率成長。這一業績得益於我們在東南亞和中東歐地區的強勁表現，以及英國和印度 iGaming 的出色成長。在整個細分市場中，體育賽事的業績較去年同期略有下滑，其中東南亞和英國的業績良好，而亞太地區的業績不佳。

Within International's regions, SEA had an excellent quarter with growth of 14%, driven by 25% AMP growth. UKI saw overall growth moderate to 2%. That included strong iGaming growth of 9%, driven by an 11% increase in AMPS. APAC results for the quarter included excellent iGaming growth of 45% in India, offset by LAC impacted sportsbook revenues in Australia. And CEE's strong growth and was driven by performance in Georgia and Serbia.

在國際地區中，東南亞地區本季表現出色，成長 14%，這得益於 AMP 成長 25%。英國整體成長率放緩至 2%。其中包括 iGaming 的強勁成長，成長 9%，這得益於 AMPS 成長 11%。本季亞太地區的業績包括印度的 iGaming 業務取得了 45% 的優異成長，但受到拉丁美洲和加勒比地區對澳洲體育博彩收入的影響。中東歐的強勁成長得益於喬治亞和塞爾維亞的業績。

From a cost perspective, we continue to operate high levels of discipline, giving us the agility to respond to changing trends in our business. The business has many cost levers, and we've previously set out a $300 million cost-saving program, demonstrating our focus on driving operational and cost efficiency, and we are making good progress. The migration of our SkyBet customers to our in-house platform is on track to complete by the end of Q2. And the migration of [Popstar's] Italian customers onto CSAL technology is expected to be completed in Q3.

從成本角度來看，我們繼續嚴格執行高水準的紀律，使我們能夠靈活地應對業務變化的趨勢。該業務有許多成本槓桿，我們之前已經制定了一項 3 億美元的成本節約計劃，表明我們專注於提高營運和成本效率，並且我們正在取得良好進展。我們的 SkyBet 客戶向我們的內部平台的遷移預計將在第二季末完成。預計 [Popstar] 義大利客戶向 CSAL 技術的遷移將於第三季完成。

We are also ensuring we continue to put investment into the right areas. Flutter Edge investment increased by $6 million year-over-year to drive product innovation and optimize the efficiency of the services we provide across the group. From a cash flow perspective, net cash from operating activities reduced by 44% and free cash flow reduced by 52% year-over-year. Performance was impacted by a decrease in player deposit liabilities, which is included in our net cash flow from operating activities.

我們也確保繼續將投資投入到正確的領域。Flutter Edge 的投資年增 600 萬美元，以推動產品創新並優化我們在整個集團提供的服務的效率。從現金流角度，營業活動淨現金年減44%，自由現金流年減52%。業績受到玩家押金負債減少的影響，這筆款項已計入我們的經營活動淨現金流。

The final day of the quarter fell on a weak day this year compared with a weekend last year, resulting in $211 million lower cash balances and customer wallets. While this means that reported cash flow was lower year-over-year, we remain confident in the cash flow trajectory of the business over the long-term horizon as set out at our Investor Day. Available cash remained unchanged quarter-on-quarter at approximately $1.5 billion. The marginal increase in total debt to $6.8 billion against last quarter was a function of euro and sterling strengthening against the dollar.

與去年的周末相比，今年本季的最後一天是業績不佳的一天，導致現金餘額和客戶錢包減少 2.11 億美元。雖然這意味著報告的現金流同比下降，但我們仍然對投資者日所述的長期業務現金流軌跡充滿信心。可用現金環比保持不變，約 15 億美元。與上一季相比，總債務小幅增加至 68 億美元，這是由於歐元和英鎊兌美元走強所致。

Net debt for the quarter was $5.3 billion with our leverage ratio of 2.2 times based on the last 12 months adjusted EBITDA, consistent with the ratio at the end of 2024. We recently announced the acquisition of SNAI was completed used in existing debt facilities at attractive terms. As a result, our leverage will increase in the very short term before rapidly reducing given the clear profitable growth opportunities that exist across the group. And we remain committed to our medium-term leverage ratio target of 2 times to 2.5 times.

本季淨負債為 53 億美元，根據過去 12 個月調整後的 EBITDA，我們的槓桿率為 2.2 倍，與 2024 年底的比率一致。我們最近宣布對 SNAI 的收購已經完成，並以優惠的條件用於現有債務融資。因此，考慮到整個集團存在明顯的獲利成長機會，我們的槓桿率將在短期內上升，然後迅速下降。我們仍致力於實現 2 倍至 2.5 倍的中期槓桿率目標。

The share repurchase program, which started last November, and we expect we'll return up to $5 billion to shareholders over the coming years, continued into 2025, with 891,000 shares repurchased in the quarter for $230 million. We continue to expect to return approximately $1 billion to shareholders via the program during 2025.

股票回購計畫於去年 11 月啟動，我們預計未來幾年將向股東返還高達 50 億美元，該計畫將持續到 2025 年，本季我們將回購 891,000 股，回購金額達 2.3 億美元。我們仍預計在 2025 年透過該計畫向股東返還約 10 億美元。

Moving now to the outlook for 2025. Our existing full year guidance remains unchanged on an underlying basis with the updated view adjusting for M&A, FX and the adverse year-to-date sports results. providing a little more color on each of these in turn. We have included the acquisition of [Snip] from May 1, 2025, with expected revenue of $850 million and adjusted EBITDA of $190 million. NSX is now included from mid-May 2025 with expected revenue of $220 million and an adjusted EBITDA loss of $70 million.

現在我們來展望一下 2025 年。我們現有的全年指引基本上保持不變，更新後的觀點將根據併購、外匯和年初至今不利的體育賽事結果進行調整。依序為每一個提供更多一點的顏色。我們已將 2025 年 5 月 1 日起對 [Snip] 的收購納入其中，預計營收為 8.5 億美元，調整後 EBITDA 為 1.9 億美元。 NSX現在從 2025 年 5 月中旬開始納入，預計營收為 2.2 億美元，調整後的 EBITDA 虧損為 7,000 萬美元。

Foreign currency movements of $360 million of revenue and $80 million adjusted EBITDA, reflecting the strengthening of euro and sterling since our previous guidance. And finally, the transitory impact of unfavorable US sports results for full year-to-date of $280 million of revenue and $180 million adjusted EBITDA.

外幣變動導致收入為 3.6 億美元，調整後 EBITDA 為 8000 萬美元，反映出自我們先前的指引以來歐元和英鎊的走強。最後，美國體育賽事成績不佳對今年迄今的全年收入和調整後息稅折舊攤銷前利潤（EBITDA）分別產生了暫時性影響，分別為 2.8 億美元和 1.8 億美元。

Within our existing US states, we remain on track with the previously guided underlying growth of 22.5% and 5.4 percentage point expansion in adjusted EBITDA. For new states and territory launches, we continue to assume a Q4 launch from Missouri and an early 2026 launch for Alberta, Canada. Group revenue is now expected to be $17.08 billion at the midpoint, with adjusted EBITDA of $3.18 billion for the year, representing 22% and 35% year-over-year growth, respectively, or 14% and 30% before including the benefit SNAI and NSX.

在我們現有的美國各州內，我們仍保持著先前預期的 22.5% 的潛在成長率和 5.4 個百分點的調整後 EBITDA 成長。對於新州和地區的發射，我們繼續假設密蘇裡州將於第四季度發射，加拿大阿爾伯塔省將於 2026 年初發射。目前預計集團營收中位數為 170.8 億美元，全年調整後 EBITDA 為 31.8 億美元，分別年增 22% 和 35%，在計入 SNAI 和 NSX 收益之前，分別成長 14% 和 30%。

Additional detailed information on guidance is available in today's release, including additional income statement and cash flow items, which have been updated to reflect the acquisitions and changes in foreign currency rates previously mentioned.

今天的新聞稿中提供了有關指導的更多詳細信息，包括額外的損益表和現金流量項目，這些信息已更新以反映前面提到的收購和外匯匯率的變化。

With that, Peter and I are happy to take your questions, and I'll hand you back to Krista to manage the call.

有了這些，彼得和我很樂意回答您的問題，我會把電話交給克里斯塔來管理通話。

(Operator Instructions) Ed Young, Morgan Stanley.

（操作員指示） 摩根士丹利的 Ed Young。

I've got two questions, both on the US, and I'll start with the obvious one, perhaps. In your shareholder entity, you spoke about what you think a specific basketball-related factors on handle, could you elaborate a little on what you mean by that? And when you said you've seen Q2 handle in line with your expectations and encouraging MLB trends, can you just confirm that you're indicating, therefore, you've seen a handle of the acceleration in Q2.

我有兩個問題，都是關於美國的，也許我會從最明顯的一個開始。在您的股東實體中，您談到了您認為與籃球相關的特定因素對處理的影響，您能否詳細說明您這樣說的意思？當您說您看到 Q2 的處理符合您的預期並令人鼓舞的 MLB 趨勢時，您能否確認您正在表明，因此，您已經看到了 Q2 加速的處理。

Second, on iGaming, (inaudible) focus on handle, given the various concerns around maturity or economic stress, whatever it might be. But US iGaming is showing clearly very strong growth. Can you discuss where you are in terms of product and execution versus peers? And do you think it's plausible iGaming could display these kind of growth trends of the US.

其次，關於 iGaming，（聽不清楚）重點在於處理，考慮到成熟度或經濟壓力等各種問題，無論它是什麼。但美國 iGaming 顯然表現出非常強勁的成長勢頭。您能否討論一下與同行相比，您在產品和執行方面處於什麼位置？您是否認為 iGaming 有可能展現出美國的這種成長趨勢？

gamely market in general, we're seeing some sort of maturity or macro impact as people relate to handle.

總體而言，在遊戲市場中，我們看到了某種成熟度或宏觀影響，因為人們與手把相關。

Well, good afternoon. Ed, and good evening to you. Thank you for the questions. I'll give some thoughts. I'm sure Rob will want to chime in as well.

嗯，下午好。艾德，晚上好。謝謝您的提問。我會給一些想法。我確信羅布也想加入進來。

I think if you -- if I take your first question about basketball issues and handle, we -- you're right, we mentioned it in the shareholder letter. And look, I think the most important point to make here is that handle in the quarter was in line with our expectations. When you do look at it from a sports perspective, you have to remember there's always going to be some ebbs and flows. And we have seen -- we did see some weakness in basketball, but we saw some very good strength off the back of NFL.

我想如果你——如果我回答你關於籃球問題和處理的第一個問題，我們——你是對的，我們在股東信中提到了這一點。我認為這裡最重要的一點是本季的處理符合我們的預期。當你從體育的角度來看待它時，你必須記住總是會有一些起伏。我們已經看到——我們確實看到了籃球方面的一些弱點，但我們也看到了 NFL 方面的一些非常好的優勢。

And actually, when I look at the MLB performance at the moment, we're very pleased with handle growth there as well. For Q2 handle, don't forget we are -- if you're looking at the comps of last year, we've got the North Carolina that was included in there. And so you will expect it was the sort of underlying handle can be performing well, when you directly comp it, you got to make sure you factor that into the numbers.

實際上，當我看到目前 MLB 的表現時，我們對那裡的處理成長也感到非常滿意。對於第二季度的處理，不要忘記我們是——如果你正在看去年的比較，我們已經將北卡羅來納州納入。因此，您會期望這種底層處理能夠表現良好，當您直接對其進行比較時，您必須確保將其考慮到數字中。

From an iGaming perspective, look, we're really delighted with the way that the team have been delivering for us. I remind you, we talked about how in this year, we plan to get ahead of competitors. And we've clearly delivering that from a product perspective. The on-play jackpot capability that we brought into the business, I think, is resonating well. We're also trialing some of our new reward mechanics as well.

從 iGaming 的角度來看，我們對團隊為我們提供的服務感到非常滿意。我提醒你，我們討論了今年我們計劃如何超越競爭對手。從產品角度來看，我們顯然已經實現了這一點。我認為，我們引入業務中的遊戲累積獎金功能引起了良好的反響。我們也正在試驗一些新的獎勵機制。

So look, there's a strong pipeline of initiatives there. We've got some unique content, which we're deploying as well. So I think we're very pleased with the way that iGaming is performing first in the market.

所以你看，那裡有一系列強而有力的舉措。我們有一些獨特的內容，我們也正在部署這些內容。因此我認為我們對 iGaming 在市場上的領先表現感到非常滿意。

Yes, I think just to build on a couple of points that Peter mentioned on hand basketball in particular, I mean, there was a reason that we called it out because we felt that within the overall basket -- the different sports, the basketball handle was perhaps slightly softer than we'd anticipated. We attribute that to some factors that we've seen in basketball in the quarter, including some less competitive matchups over the course of the regular season that results in larger spreads when it comes to the backing and consequently have a better impact in terms of what we see.

是的，我認為只是為了鞏固彼得特別提到的關於手籃球的幾個觀點，我的意思是，我們之所以這麼說，是因為我們覺得在整體籃筐中——不同的運動，籃球的握持可能比我們預期的要軟一些。我們將其歸因於本季度籃球比賽中看到的一些因素，包括常規賽期間一些競爭力較弱的比賽，這導致支持的差距較大，因此就我們所看到的情況而言，產生了更好的影響。

Some of the top teams have made the playoffs this year, some six sums maps that may build through as well. But given our outsized position as market leader, we think the impact on us may be slightly disproportionate. But that said, we retain the conviction that we've got the best MBA product in the market. We've also got the highest structural margin in the NBA, and we have a clear competitive product advantage, but we'll continue to leverage and maintain.

今年一些頂級球隊已經進入季後賽，一些六強球隊也有可能進入季後賽。但考慮到我們作為市場領導者的巨大地位，我們認為對我們的影響可能略微不成比例。但話雖如此，我們仍然堅信我們擁有市場上最好的 MBA 產品。我們還擁有 NBA 中最高的結構利潤率，並且擁有明顯的競爭產品優勢，但我們將繼續利用並保持這一優勢。

So we feel quite comfortable with that going -- it's also worth mentioning that the playoffs have got off to a good start. And there seems to be really good engagement around the players.

所以我們對此感到非常滿意——值得一提的是，季後賽已經有了一個好的開始。而且看起來球員們的參與度確實很好。

Jordan Bender, Citizens Bank.

喬丹·本德，公民銀行。

I want to start in Italy with SNAI. You've spoken to the longer-term synergies across that business. But if we look more near term. I'm seeing if we can get more color now that it's closed on what that integration process looks like and how fast you can start to see the omnichannel benefits between retail and online?

我想從義大利的 SNAI 開始。您已經談到了該業務的長期協同效應。但如果我們更關注短期。我想看看現在我們是否可以獲得更多詳細信息，因為它已經結束了，關於集成過程是什麼樣的，以及您多快可以開始看到零售和在線之間的全渠道優勢？

And then my second question, it's still early days for your way, but you're the only operator to be offering that product in the US today. So there's (inaudible) that a competitor might be launching a similar product in the near term. Does that at all change the player investment or reinvestment strategy if and when that offering becomes a little bit more competitive?

我的第二個問題是，你們的產品還處於早期階段，但你們是目前美國唯一一家提供該產品的營運商。因此（聽不清楚）競爭對手可能會在短期內推出類似的產品。如果該服務變得更具競爭力，這是否會改變玩家投資或再投資策略？

Jordan, it's Rob here. Let me start with the SNAI question, I'll perhaps hand over to Peter on your way. So with SNAI, we're absolutely delighted to complete the deal. And when we look at this, it's the last available consolidation step of meaningful significance in Europe's largest regulated gaming market. The deal will see us retain the gold medal position in that market.

喬丹，我是羅布。讓我先從 SNAI 問題開始，我可能會在您來的時候將其交給 Peter。因此，我們非常高興能夠與 SNAI 完成這筆交易。當我們看這一點時，這是歐洲最大的受監管博彩市場中具有重要意義的最後一個整合步驟。這筆交易將使我們在該市場保持金牌地位。

And we're really confident about the synergy plan that we've got there. We can put common technology stack in place, we really see ways in which we can optimize the operating model and there's a long term of other synergies, including preferential retail commissions. We think there's a synergy -- base synergy case here of EUR 70 million over three years. On a run rate 12-month basis, we think we'll deliver 10% of that in the first year and roughly 50% by the time we've got for a couple of years.

我們對於我們所製定的協同計劃非常有信心。我們可以實施通用技術堆疊，我們真正看到了優化營運模式的方法，並且還有長期的其他協同效應，包括優惠零售佣金。我們認為存在協同效應——三年內基本協同效應為 7000 萬歐元。以 12 個月的運行率計算，我們認為我們將在第一年實現其中的 10%，並在幾年內實現大約 50% 的目標。

In terms of the integration plan, we've got a great plan and actually key decisions on organization and technology have already been made. I think as Peter and I have said before, we really believe we've got the best team in the business in Italy with Francesco and his team. So they're raring to get started and have got good plans already in place. So we're feeling very enthusiastic about getting SNAI under the Flutter SCA umbrella and see what we can do.

就整合計劃而言，我們已經有一個很好的計劃，並且實際上已經做出了有關組織和技術的關鍵決策。我想，正如彼得和我之前所說的那樣，我們真的相信，弗朗西斯科和他的團隊是我們義大利業內最好的團隊。因此他們已經迫不及待地開始行動，並制定了完善的計劃。因此，我們非常熱衷於將 SNAI 納入 Flutter SCA 體系，看看我們能做些什麼。

And in terms of Your Way, I think it's worth just putting it back into sort of context, and I talked about it a little bit in my remarks, that Your Way is really one of the first sort of manifestations or examples of the new underlying capability that we've built. It's just a rewiring of our approach to pricing. And we're -- I mean, I'm super excited about what we're going to be able to do in the long term with it. So I don't want people to think that this is just about the fun key slides that are available now or some of the sort of cover matchups. There's a lot more that underpins it.

就「你的方式」而言，我認為值得將其放回某種背景中，我在我的評論中稍微談到了這一點，「你的方式」實際上是我們構建的新底層能力的首批表現或例子之一。這只是我們定價方法的重新調整。而且我們——我的意思是，我對我們能夠長期利用它所做的事情感到非常興奮。所以我不想讓人們認為這只是現在可用的有趣的關鍵幻燈片或某種封面搭配。還有更多因素支撐它。

We sold a lot of the (inaudible) We've rearchitected our pricing and risk management capabilities, and we're now exploring what we can do with this from a consumer perspective. We've got some very great stats on the Super Bowl, but it (inaudible) shared before. We've got it enabled for the NBA playoffs, so we'll get further insight from there as well.

我們賣了很多（聽不清楚）我們重新設計了我們的定價和風險管理能力，我們現在正在從消費者的角度探索我們可以用它做些什麼。我們獲得了一些關於超級盃的非常棒的數據，但它（聽不清楚）之前就已經分享過了。我們已經為 NBA 季後賽啟用了此功能，因此我們也將從那裡獲得進一步的見解。

This is a long-term set of initiatives and capabilities we're going to roll out. And I'm very excited to see what we can do with Your Way is effectively one feature that's unlocked. There's going to be eight more things coming out in the periods ahead.

這是我們將要推出的一系列長期措施和能力。我很高興看到我們可以用 Your Way 來實現這一目標，這實際上是一個解鎖的功能。未來還會有八件事陸續出台。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Just circling back on handle in sort of the first half comps. It does seem that there was a lot of industry promotion last year you were comping. And should we expect some of the industry promo to normalize as we get throughout the balance of the year. And then just looking longer term, you look at industry iGaming, I think New Jersey is in its 12th year grew 20% or so in March.

偉大的。只是在上半場的比賽中重新回到控球位置。看起來您去年參加的展會確實有很多行業推廣活動。我們是否應該期待一些行業促銷活動在今年餘下時間裡恢復正常？然後從更長遠的角度來看，看看 iGaming 行業，我認為新澤西州已經進入第 12 個年頭，3 月份增長了 20% 左右。

I mean, is that the right way to look at the long-term growth of the US sports betting and people are probably looking a little too much into these handles is potentially implying like a slowdown in the market?

我的意思是，這是看待美國體育博彩長期成長的正確方式嗎？人們可能過度關注這些交易，這可能意味著市場放緩？

Jed, I'll start by reiterating some of the points I made earlier. I mean, I think handle is one of the factors. But there's (inaudible) more things that come into what is ultimately the most important metric for us, which is what's happening from a net revenue perspective. And that's what we're very much focused on, and there's a large number of drivers that impact that.

傑德，首先我想重申我之前提出的一些觀點。我的意思是，我認為手把是其中一個因素。但還有（聽不清楚）更多因素影響我們最終最重要的指標，也就是從淨收入的角度看的情況。這正是我們非常關注的，並且有大量的驅動因素會影響這一點。

You're right in terms of what's happened from a promo perspective last year. And actually, even this year, I mean, some of the sort of long-tail competitors are doing some interesting things in terms of the promo stance. So people are not always going to be rational, but we've maintained in all the years we've been running the business in a very disciplined stance to this stuff. And we're not going to try to generate handle. It doesn't make any sense to do that.

從去年促銷的角度來看，您說得對。實際上，即使是今年，一些長尾競爭對手在促銷立場方面也做了一些有趣的事情。所以人們並不總是理性的，但我們在經營業務的這些年裡一直保持著非常嚴謹的態度來對待這些事情。我們不會嘗試產生句柄。這樣做沒有任何意義。

Your observations around iGaming, I think are interesting. I remember when we launched into Jersey originally. And here we are those years later and the business is still growing. We've made a dramatic improvement to the sort of the quality of our products, and there's still more to come. And you've seen that -- we're seeing the benefit of that in terms of the growth rates that we're delivering for our business.

我認為您對 iGaming 的觀察很有趣。我記得我們最初進軍澤西島的時候。多年過去了，我們的業務仍在成長。我們的產品品質已經有了顯著的提高，並且未來將有更大的進步。你已經看到了這一點——從我們業務的成長率來看，我們看到了它帶來的好處。

And I think -- we need to remember, we're still in the early days of this industry, right? There's a lot of growth ahead. There's a lot of penetration rates to take the new states are being on board. But we're delivering good growth in the business.

我認為——我們需要記住，我們仍處於這個行業的早期階段，對嗎？未來還有很大的發展空間。許多新州都已加入其中，但滲透率仍處於上升階段。但我們的業務正在實現良好的成長。

Bernie McTernan, Needham & Company.

麥克特南 (Bernie McTernan)，Needham & Company。

Great. Maybe just a follow-up on the handle conversation. Can you just talk about the -- and maybe it was the point of Jed's question as well, but just the balance of handle growth versus promotion and how much you're investing in the customer right now? And maybe if we are in a world where handle growth is decelerating to mid-high single digits going forward, what the offset could be on the promotional side?

偉大的。也許只是對處理對話的後續跟進。您能否談談——也許這也是傑德問題的重點，但只是處理成長與促銷之間的平衡，以及您現在在客戶身上投資了多少？也許如果我們處在一個手把成長速度減慢到中高個位數的世界，那麼促銷方面的抵銷作用會是什麼呢？

Yes. Maybe let me follow up on that first. So I think as PeteR has said, we've always said that we're extremely disciplined when it comes to our approach in terms of customer generosity. I think the other point is we continue to innovate and develop our stance when it comes to customer-specific generosity and we're looking at a bunch of things that should hopefully give us more of an advantage over time. .

是的。也許讓我先跟進一下這一點。所以我認為，正如 PeteR 所說，我們一直說，在對待客戶慷慨方面，我們採取極其自律的態度。我認為另一點是，在針對客戶的慷慨方面，我們不斷創新和發展我們的立場，我們正在研究一系列希望能夠隨著時間的推移為我們帶來更多優勢的事情。。

When you look at the broader market, and this is bringing in some of the kind of Tier 2 and Tier 3 operators, we are seeing some very high levels of generosity in the short term. If you look on a more medium- to long-term horizon, we think some of those levels will be quite unsustainable. So we're following a playbook and an approach that's been very successful for us in the past. As Peter said, in terms of the measures and the metrics that are really important to us over the long run, net revenue is the thing that we really focus on.

當你觀察更廣闊的市場時，你會發現，這正在吸引一些二級和三級營運商，我們在短期內會看到非常高的慷慨程度。如果從中長期來看，我們認為其中一些水平將是相當不可持續的。因此，我們遵循過去非常成功的劇本和方法。正如彼得所說，就長期對我們真正重要的措施和指標而言，淨收入才是我們真正關注的。

Ben Shelley, UBS.

瑞銀的本‧雪萊 (Ben Shelley)。

I just got two. On promotions, you've called out the comp in North Carolina. But on an underlying basis, would it be right to think of promotions as flat?

我剛得到兩個。在促銷方面，您已經對北卡羅來納州的公司進行了批評。但從根本上來說，認為促銷活動是平淡的是否正確？

And then my second question is, unfortunately, also in US handle. Are sports betting AMP's outgrowing handle, i.e., is the slowdown more so over ARPU, if you will, rather than player volumes?

不幸的是，我的第二個問題也是用美國的方式提出的。體育博彩 AMP 的成長速度是否超過了 ARPU，也就是說，這種放緩是否更多地體現在 ARPU 上，而不是玩家數量上？

But maybe let me start on the promotions question about. I think you're right that if you exclude North Carolina from the comps then we are broadly flat. So you're correct if that assumption maybe.

但也許讓我先談談促銷問題。我認為您說得對，如果將北卡羅來納州排除在比較對象之外，那麼我們的表現大致上是持平的。所以，如果這個假設可能正確的話，那麼你是對的。

And then, Ben, your question was around what's happening to the ARPU for the sports betting customers in the quarter year-over-year. I mean, we have seen growth -- yes. We're seeing growth in average player days around 12% over the year. And you can see what's happening to revenues. And so there has been some expansion as a consequence, (inaudible) in line with handle and revenue has been very fast so.

然後，本，你的問題是關於本季度體育博彩客戶的 ARPU 同比變化情況。我的意思是，我們看到了成長——是的。我們發現平均玩家天數年增了 12% 左右。您可以看到收入的變化。因此，結果出現了一些擴張，（聽不清楚）根據處理情況，收入成長非常快。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Peter, I wanted to follow up on some of the comments you made around US iGaming performance. I know you highlighted the benefit that some of the daily Jack pocket -- Jackpot, sorry, I did it again, and rewards features are having on the business. But I wanted to see if you could also talk about the push that you're making with first-party content. And specifically on the back end, if you're successful with both of these, is this going to be a revenue driver? Will it be something that helps you extract some cost savings?

彼得，我想跟進您對美國 iGaming 表現的一些評論。我知道您強調了每日 Jack 口袋（Jackpot，抱歉，我又說了一遍）和獎勵功能對業務帶來的好處。但我想看看您是否也可以談談您在第一方內容方面所做的推動。特別是在後端，如果這兩方面都成功了，這會成為收入驅動力嗎？它能幫助你節省一些成本嗎？

And then bigger picture, this feels like it's sort of part of what we've seen over a multiyear timeframe in the UK. So I'm curious, I guess, if you could just help us maybe contextualize things around what maybe is on the back end of this sort of current push a few years down the road?

從更大的角度來看，這感覺就像是我們在英國多年來所看到的情況的一部分。所以我很好奇，我想，您是否可以幫助我們了解幾年後這種當前推動力的後端情況？

We're really focused in the iGaming business. So it's true here in the US, but if we picked out any of our other markets, it would be equally valid on delivering what our customers want. And if I think about the huff and puff launch, look, it's a very popular slot across casino floors in America. And so bringing first to market for an unlike I see there was important, right? It was a record-breaking launch for us, and it's ranked number one in unique actives for slots across all states in the data.

我們真正專注於 iGaming 業務。在美國確實如此，但如果我們選擇其他任何市場，那麼在滿足客戶需求方面也同樣有效。如果我考慮一下 Huff and Puff 的推出，你看，它是美國賭場中非常受歡迎的老虎機。因此，我認為將新產品率先推向市場非常重要，對嗎？對我們來說，這是一次破紀錄的發布，在數據顯示的所有州的獨立活躍時段中，它排名第一。

These things are really important in terms of driving revenue and frequency and customer engagement. And I think the extent to which we can find ways of bringing that of unique content to the platform it's important. And we know that's true in all of the markets, right, people want to have their favorites, but they also need to give us a fashion, exciting new content available for people as well.

這些對於提高收入、頻率和客戶參與度來說確實非常重要。我認為，我們能夠找到將獨特內容帶到平台的方法的程度非常重要。我們知道在所有市場中都是如此，對吧，人們想要擁有自己喜歡的東西，但他們也需要為我們提供時尚、令人興奮的新內容。

Yes. The work that we've been doing around Jackpots, we've been really pleased with the number of our actives on the platform, and we've hit 1 million-ounce in Q1 for the first time in our game. So we've got a lot of them now. We've been really pleased with the way that Jackpots have worked for us on the platform.

是的。我們圍繞著 Jackpots 所做的工作，我們對平台上的活躍用戶數量感到非常滿意，並且我們在第一季的遊戲銷售首次達到了 100 萬盎司。所以我們現在有很多這樣的人。我們對 Jackpots 在平台上為我們提供的服務感到非常滿意。

We've taken a decision to have higher frequency, lower payers, and we think that's working well. It's delivering what our customers want. So we take a very customer obsessed to approach to delivery. And I think the teams, whether it's here in the US or other markets around the world do a really good job in terms of figuring out what's needed and landing that for our customers.

我們決定提高頻率，降低付款人，我們認為此舉效果良好。它滿足了我們的客戶的需求。因此，我們採取一種非常注重客戶的方式來進行交付。我認為，無論是在美國還是在世界其他市場，我們的團隊在了解客戶需求並滿足客戶需求方面都做得非常好。

Just building on Peter's first point as well, Clark, we do have our own kind of studios in house, which provide a certain proportion of our overall content and games within our iGaming suite. Yes, that's something that we've invested in, we're quite focused on. But given the quite disaggregated nature of content and new games always coming out that will always remain a relatively sort of proportion of -- that's something we've got in our international markets and something that we're hoping to bring to the US in due course, which reduces rev share and has other benefits as well as kind of driving the top line.

克拉克，同樣基於彼得的第一點，我們確實有自己的內部工作室，它們在我們的 iGaming 套件中提供了一定比例的整體內容和遊戲。是的，這是我們投資的領域，我們非常關注。但考慮到內容的分散性以及新遊戲的不斷推出，這些內容將始終保持相對的比例——這是我們在國際市場上所擁有的東西，我們希望在適當的時候將其帶到美國，這將減少收入份額並帶來其他好處，同時也能推動營收成長。

If I may, I know last quarter wasn't the best time to sort of discuss a lot of bid because we are right in the middle of that sort of bidding process. But now that that's behind us, I'm curious if you could potentially give us a sense of the strategic merits, what sort of compelled you to bid for it is the contract sort of high NPV or high IRR on its own or rebidding for this mainly for the cross-sell opportunity? Any color you could provide would be very helpful.

如果可以的話，我知道上個季度並不是討論大量投標的最佳時機，因為我們正處於這種投標過程的中間。但是現在這些都已經過去了，我很好奇您是否可以讓我們了解一下它的戰略價值，是什麼促使您競標，是合約本身的高 NPV 或高 IRR，還是主要為了交叉銷售機會而重新競標？您提供的任何顏色都會非常有幫助。

Yes. So the best way to characterize the lotto opportunity -- it's a really unique and sizable opportunity to cement our leadership position in Italy. And as Pete mentioned in his opening statement, we have made a bid in a consortium with Scientific Games, and we think will bring significant expertise to the consortium and we're expecting to hear the outcome in early Q3. In terms of our strategic rationale, (inaudible) is the largest draw-based concession. It's low risk and it's highly profitable and its own right.

是的。因此，描述樂透機會的最佳方式是——這是一個真正獨特且巨大的機會，可以鞏固我們在義大利的領導地位。正如 Pete 在開場白中提到的那樣，我們已經與 Scientific Games 組成財團參與競標，我們認為這將為財團帶來重要的專業知識，我們預計將在第三季初聽到結果。就我們的策略原理而言，（聽不清楚）是最大的基於抽籤的優惠。它風險低，利潤高，本身就是優勢。

If you look at the digitalization of that product at the moment, it's low single digits versus 30% plus in France and 60% plus in the UK So there's really unexploited growth potential from a digital perspective.

如果你看一下目前該產品的數位化程度，它只是一個低個位數，而法國是 30% 以上，英國是 60% 以上，因此從數位化角度來看，它確實有未開發的成長潛力。

And, yes, our cross-sell is a key component that we will look at as well, and that's an area where we've had success with the [SuperEnalotto] products already in Italy through the consortium, we'll share the capital outlay. And as we've said, the deal would be highly synergistic and the financial returns, we think, would be very compelling if we were to win the bid.

是的，交叉銷售也是我們會關注的關鍵組成部分，而且我們已經透過財團在義大利成功推廣了 [SuperEnalotto] 產品，我們將分擔資本支出。正如我們所說，如果我們贏得競標，我們認為這筆交易將具有高度的協同效應，而且財務回報將非常可觀。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

So the first question is on the prediction markets. hoping, Peter, you could just address all the chatter out there and with the roundtable canceled? What is the next sort of milestone or event that we -- sort of be keen in on the next, I don't know, weeks and months?

所以第一個問題是關於預測市場的。彼得，希望你能解決外面所有的閒聊，並取消圓桌會議？在接下來的幾週和幾個月裡，我們最期待的里程碑或事件是什麼？

And the second question is another question you were asked earlier, just to ask in a different way. This is -- the first quarter was the second quarter of very better favorable results. So there's a lot of betters out there with a lot of cash in their accounts. Is it wrong to look at that as sort of de facto added resiliency in the balance of your guidance and your operational sort of outlook knowing that those folks have flushed accounts.

第二個問題是您之前被問到的另一個問題，只是換個方式問。這是——第一季的業績比第二季好得多。因此，有許多投注者在他們的帳戶中存有大量現金。在知道那些人已經清空帳戶的情況下，將其視為您在指導和營運前景的平衡中事實上增加的彈性，這是錯誤的嗎？

Brandt, let me start with the prediction markets question. It's -- I've said this to people before, but it's worth reminding you, we do operate the world's largest sports betting exchange. So we know this space well. The Betfair Exchange as for many years, given us very good insights in terms of how this stuff can play out. And look, I think it tells us that you've got to be quite thoughtful about how exciting the exchange product can be when you have a fully fledged sports betting product available to you. We can see how important the Parlay mix is to a US audience.

布蘭特，讓我先從預測市場的問題開始。我以前跟別人說過這個，但值得提醒的是，我們確實經營著世界上最大的體育博彩交易所。所以我們對這個領域非常了解。多年來，Betfair Exchange 為我們提供了關於此類事情如何發展的深刻見解。而且，我認為這告訴我們，當你擁有一個成熟的體育博彩產品時，你必須認真考慮交易產品會有多麼令人興奮。我們可以看到 Parlay 組合對於美國觀眾來說有多重要。

And of course, you can't access that in the same way with something like the exchange. So we're very thoughtful about it, and particularly having seen so much success in terms of having the best product in the market. And I think that three existing states where sports betting is allowed. I'm not that confident that this is -- will have a significant impact. But I think there are new markets which could become available to customers in safer sports betting has already allowed.

當然，你不能用同樣的方式透過交易所來存取它。因此，我們對此進行了深思熟慮，特別是在看到在市場上擁有最佳產品方面取得如此大的成功之後。我認為目前有三個州允許體育博彩。我不太確定這是否會產生重大影響。但我認為，已經有新的市場可以提供客戶更安全的體育博彩服務。

The political stuff is something that people talk about one other gamified markets as well. So look, we're interested in the potential opportunity. We have brought some of our team who have experience in building these products and services from the Betfair Exchange business and put them into handle to help us evaluate the opportunity. So look, we're working through it. Clearly, in states that haven't regulated. There's a sort of primary pump type of opportunity that is not that dissimilar to some of the DFS stuff, albeit it's worth remembering that DFS is a really good precursor to Parlay product, whereas the prediction markets are quite limited.

政治話題也是人們在另一個遊戲化市場上討論的話題。所以看，我們對這個潛在的機會很感興趣。我們從 Betfair Exchange 業務中引入了一些具有建立這些產品和服務經驗的團隊成員，並將他們投入其中，以幫助我們評估機會。所以你看，我們正在努力解決這個問題。顯然，在尚未實施監管的州。有一個主要的泵浦類型的機會與一些 DFS 產品並沒有什麼不同，儘管值得記住的是，DFS 是 Parlay 產品的一個非常好的前身，而預測市場卻相當有限。

So look, it's -- we're interested in potential opportunity. There's puts and takes. And we're working our way through it.

所以看，我們對潛在的機會感興趣。有得有失。我們正在努力解決這個問題。

Maybe picking up on your second point, Brandt, in terms of the couple of quarters of favorable results and whether or not that has -- it depends on a number of factors. It depends who the winners are, the mix of those winners, how much they're winning. But ultimately customers having more back in their wallets can't be unhelpful to quarter still to come. So we'll monitor that and see. I think that the point to reiterate here is that we've got absolute conviction in our pricing and our structural margin assumptions and that we're getting that right.

布蘭特，也許我想談談你的第二點，就幾個季度的有利結果而言，以及這是否——這取決於許多因素。這取決於獲勝者是誰、獲勝者的組成以及獲勝的金額。但最終，顧客的錢包裡有更多的錢對於未來一個季度來說肯定是有幫助的。因此我們會進行監控並觀察。我認為這裡要重申的一點是，我們對我們的定價和結構性利潤假設有絕對的信心，而且我們做得是正確的。

It's not the first time in history that we've had period of customer-friendly results. And as Peter mentioned in his introductory comments, that's why we've got a business at the end of the day, people keep coming back because of the unpredictability of sports and has been similar examples in the UKI market, for example, in the past, we experienced two or three successive negative results in Q4. The very positive results in Q4 last year.

這並不是我們歷史上第一次取得客戶友善的成果。正如彼得在他的介紹性評論中提到的那樣，這就是我們最終開展業務的原因，人們因為體育運動的不可預測性而不斷回來，並且在英國市場也有類似的例子，例如，在過去，我們在第四季度經歷了兩三個連續的負面結果。去年第四季的成果非常積極。

And if you look on a net basis over a three-year period, the margin was actually marginally favorable. So -- it's not the first time we've seen this and probably won't be the last time, but we're very confident in our underlying kind of pricing and structural margin.

如果你從三年的淨額來看，利潤率其實是略高的。所以——這不是我們第一次看到這種情況，也可能不是最後一次，但我們對我們的基本定價和結構利潤非常有信心。

Your next question comes from the line of Paul Ruddy with Davy. Paul, your line is open.

您的下一個問題來自戴維的保羅·魯迪 (Paul Ruddy)。保羅，你的線路已開通。

(Operator Instructions)

（操作員指示）

Your next question comes from the line of with Truist Securities.

您的下一個問題來自 Truist Securities。

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

您的下一個問題來自 Susquehanna 的 Joe Stauff。

Okay. Great. Peter, Rob, can you hear me?

好的。偉大的。彼得、羅布，你們聽得到我說話嗎？

We can. Thank goodness. Sorry, I thought --

我們可以。謝天謝地。抱歉，我以為--

One in a row. Okay. I wanted to ask you about for fan in the US, are there any states where you can reasonably assess that you're approaching maturity in terms of customer penetration. And whether that's a comparison with your Australian market or maybe the US market could be higher level penetration.

一排一個。好的。我想問您關於美國粉絲的問題，在哪些州您可以合理地評估您在客戶滲透率方面已經接近成熟。無論與澳洲市場或美國市場相比，滲透率都可能更高。

That was the first question. . I think I'm -- to two questions, but I was just wondering, just a quick one on the exchange. Is it fair to consider, I guess, one of your scenarios that you're considering in terms of Betfair to register Betfair as a national exchange with the CFTC?

這是第一個問題。。我想我有兩個問題，但我只是想知道，只是關於溝通的一個快速問題。我想，就 Betfair 而言，您考慮的其中一個方案是將 Betfair 在美國商品期貨交易委員會 (CFTC) 註冊為國家交易所，這樣公平嗎？

We're not going to take you through all the details of how we're thinking about -- the prediction market, there's a bunch of different ways we can think about it and when we're ready to share that, we'll tell you what we're going to do. From a penetration perspective, we're not seeing any state yet, where we've reached the point where we think it was a takedown. I mean you have to remember every year a new group of people become eligible from an age perspective. And there's -- even without that, we'll continue to see good growth in penetration in the existing states. So there's nothing that we would point to as an area where we've hit saturation or anything like that.

我們不會向您詳細介紹我們對預測市場的思考方式，我們可以透過多種不同的方式來思考它，當我們準備好分享時，我們會告訴您我們將要做什麼。從滲透的角度來看，我們還沒有看到任何狀態，我們已經達到了我們認為這是一次拆除的地步。我的意思是你必須記住，從年齡角度來看，每年都會有一批新的人獲得資格。即使沒有這種情況，我們仍會看到現有州的滲透率持續保持良好成長。因此，我們不會指出某個領域已經達到飽和或類似情況。

On the exchange rate piece, we're (inaudible) share any details, but we've clearly got the in-house expertise with Betfair. And we're looking at the options closely. There's a number of routes to market. We think we get access quite quickly if we needed to.

關於匯率部分，我們（聽不清楚）分享任何細節，但我們顯然擁有 Betfair 的內部專業知識。我們正在仔細研究各種選擇。進入市場的途徑有很多種。我們認為，如果需要的話，我們可以很快獲得存取權限。

Monique Pollard, Citi.

花旗銀行的莫妮克·波拉德。

Can you hear me?

你聽得到我嗎？

We can Monique.

我們可以莫妮克。

All right. A couple for me. The first was just on Brazil. Obviously, growth was quite materially negative this quarter. I know that your existing Brazil business is quite small.

好的。對我來說是一對。第一個是關於巴西的。顯然，本季的成長明顯為負值。我知道您現有的巴西業務規模很小。

And I know there were challenges with registration at the beginning. But just wondered if you've seen an improvement there and sort of what you're thinking about what happened in the first quarter there?

我知道一開始註冊時會遇到一些挑戰。但我只是想知道您是否看到了那裡的改善，以及您對第一季發生的事情有何看法？

And then the second question also US is on the UK Do you think you're losing share in the UK market this quarter with some competitors admittedly from a low base, doing a bit better?

然後第二個問題也是美國對英國的看法，您是否認為本季您在英國市場的份額正在下降，而一些競爭對手雖然基數較低，但表現好一些？

Let me start on Brazil Monique quickly. So we have seen a few challenges with that for Brazil due to the changes in the regulatory environment that's mainly around some friction in the sign-up process for customers. So we've seen that impacting on activation. But we have actually encouraged the themes and then uplifts in ARPU, which is good. That's in the Betfair, this is clearly the NSX business, which we hope will be coming in late this month is performing really well and in line with our expectations.

讓我快速開始介紹巴西莫妮克。因此，我們看到巴西面臨一些挑戰，這是由於監管環境的變化，主要是圍繞客戶註冊過程中的一些摩擦。因此，我們已經看到它對激活產生影響。但我們實際上鼓勵了主題，然後提高了 ARPU，這是一件好事。這是在 Betfair，這顯然是 NSX 業務，我們希望本月底推出的業務能夠表現良好並符合我們的期望。

So it's over 20% up in Q1 on a year-on-year basis despite some of those regulatory kind of friction challenges. So we're really pleased with what we're seeing so far in Brazil.

因此，儘管存在一些監管方面的摩擦挑戰，但第一季的銷售額仍同比增長了 20% 以上。因此，我們對目前在巴西看到的情況感到非常滿意。

In the UK, Monique, I'm pleased with gaming year-over-year. I mean, let's not forget, we've had a couple of very strong years of performance in the UK And I think some of our competitors have got some significantly softer comps than us. So I think you're seeing a little bit of that really come into play. I think -- maybe look at some of the year over two years and metrics like that.

莫妮克，在英國，我對遊戲業務逐年增長感到滿意。我的意思是，我們不要忘記，我們在英國已經有幾年表現非常強勁，而且我認為我們的一些競爭對手的表現比我們差得多。所以我認為你確實看到了其中的一些作用。我認為——也許可以看看兩年來的一些情況和類似的指標。

(Operator Instructions)

（操作員指示）

Robert Fishman, Moffett Nathanson.

羅伯特·菲什曼、莫菲特·納桑森。

One follow-up on the prediction and Sweet sticks products in the US Just curious if you've had to adjust any of your FanDuel pricing to compete? And do you think this is actually an opportunity to push the states for quicker legalization? Or any other thoughts on how legalization can regain momentum?

關於美國預測和 Sweet sticks 產品的後續問題只是好奇您是否必須調整 FanDuel 定價才能參與競爭？您是否認為這實際上是推動各州加速合法化的機會？或者對於合法化如何重新獲得動力您還有什麼其他想法嗎？

Robert, look, on the sort of legalization rollout, when we had our Investor Day, we talked about a couple of percentage points of that population in this year, next year and the following year. And I think we remain comfortable, we're on track with that. So I think we feel reasonably good about that. If there is any benefit that we get from prediction markets encouraging faster rollout, we'll take it, right? We would love to make our product available more broadly to more customers.

羅伯特，你看，關於合法化推廣，當我們舉辦投資者日時，我們討論了今年、明年和後年該人口的幾個百分點。我認為我們仍然感到安心，我們正朝著這個目標前進。所以我認為我們對此感覺相當良好。如果預測市場能夠促進更快的推出，為我們帶來任何好處，我們就會接受，對嗎？我們希望我們的產品能夠被更多的客戶所接受。

. And then, look we offer the best prices for -- in the market. I think it's an important part of our strategy. And we haven't -- I don't think we feel we've seen any impact from the production market. Don't forget the vast majority of people are betting on Parlays, and this is just not something you can get close to experiencing in the state, if you look at the way the pushing markets are set up.

。然後，我們提供市場上最優惠的價格。我認為這是我們策略的重要組成部分。而且我們還沒有——我認為我們沒有看到生產市場受到任何影響。不要忘記，絕大多數人都在進行 Parlays 投注，如果你看一下推動市場的設定方式，你就無法在州內體驗到這種感覺。

Barry Jonas, Truist Securities.

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

Just wanted to follow up on the Italian Lotto commentary. Are there other US or international lotteries that you're thinking about bidding on as well in the years ahead? Or is this really just unique to Italy?

只是想跟進意大利樂透的評論。未來幾年您是否也考慮競標其他美國或國際彩券？還是這真的只是義大利獨有的？

I'm happy to give some thoughts on this, Barry. We've seen a really good example in the Italian market of being able to use our retail locations to cross-sell into online lottery and then actually be able to expand the products available to customers from lottery to gaming and ultimately sports.

我很高興對此發表一些想法，巴里。我們在義大利市場看到了一個很好的例子，即能夠利用我們的零售店交叉銷售線上彩票，然後實際上能夠將客戶可用的產品從彩票擴展到遊戲，最終擴展到體育。

Some of those routes are not available in other markets. If you operate at a lottery in the UK, for example, yes, you can drive cross-sell from retail to online, but you can't then cross-sell into other gaming or sports that product. So the situation in Italy is pretty unique. And also remember, there's no advertising allows this is a great way of acquiring online customers. And I think that's what I got stay focused on the opportunity there.

其中一些航線在其他市場尚未開通。例如，如果您在英國經營彩票，是的，您可以將交叉銷售從零售轉移到線上，但您不能將該產品交叉銷售到其他遊戲或體育領域。所以義大利的情況相當特殊。還要記住，沒有廣告允許，這是獲取線上客戶的好方法。我想這就是我專注於那裡的機會的原因。

John DeCree, CBRE.

世邦魏理仕的 John DeCree。

Maybe one big picture. I'm not sure, Peter, if there's much to add here, but you've mentioned that in your experience in international markets during periods of economic softness that there was really no discernible impact. Wondering if you can elaborate on that or if you have any anecdotes you could share? And I guess I'm most curious about is there any option at -- potential to kind of have any softness as a customer acquisition event for you if people are looking for substitutes versus perhaps going out? So if you could add anything on that, that would be helpful. I appreciate it.

也許是一張大圖。彼得，我不確定這裡是否還有什麼要補充的，但你提到，根據你在經濟疲軟時期在國際市場的經驗，實際上並沒有受到明顯的影響。想知道您是否可以詳細說明這一點或您是否有任何可以分享的軼事？我想我最好奇的是，如果人們正在尋找替代品而不是外出，那麼是否有可能在客戶獲取活動方面採取一些溫和的措施？因此，如果您能對此進行補充，那將會很有幫助。我很感激。

I think there's a couple of cases that we could point to. We have most recently in the UK seeing some challenges from cost of living perspective with energy prices and stuff. And over that period of time, we saw really strong growth in our Tombola business with no impact really just at all about the business grew stronger than it had done historically. And that's that big a product is something that's focused on the lower social demographic segments, which you would ordinarily have anticipated would have been impacted by the sort of inflationary pressures that were in the UK at the time. So that's one example.

我認為我們可以舉出幾個案例。最近，我們在英國看到了能源價格和其他方面從生活成本角度帶來的一些挑戰。在那段時間裡，我們的 Tombola 業務確實實現了強勁成長，並且沒有任何影響，只是比歷史上任何時候都更強勁。這款大型產品主要針對的是社會底層人口群體，你通常會預料到這些群體會受到當時英國通膨壓力的影響。這是一個例子。

But there's plenty of others we could point to around the financial crisis and how that impacted the businesses in the UK, Ireland, Italy, et cetera. It just didn't cause any issues. So I think your point, though, is the right one, which is that consumers can trade down and still enjoy a bet, right? So you could have -- you watch your game in a bar and pay bar prices for your beer where you can buy the beer and have them a home and still watch the game and enjoy a bet. And we bring time life, you put your (inaudible) and you cheer your players on.

但是，我們也可以指出許多其他與金融危機有關的事情，以及這場危機對英國、愛爾蘭、義大利等國企業的影響。它只是沒有引起任何問題。所以我認為你的觀點是正確的，那就是消費者可以降低消費水平，但仍然享受樂趣，對嗎？所以你可以——你在酒吧觀看比賽，支付酒吧的價格買啤酒，你可以買啤酒，把它們帶回家，然後繼續觀看比賽並享受打賭的樂趣。我們為時間帶​​來生機，你把你的（聽不清楚）投入其中，為你的球員加油。

And I think that, that's what we've seen historically, and I think we would expect to see here as well.

我認為，這就是我們在歷史上所看到的，而且我認為我們也希望在這裡看到這一點。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

This is Will on for Ryan. Just a quick one here. You launched FanDuel picks pretty recently. Curious what made the timing right for now? And how do you think about differentiation in that business versus the competition?

這是瑞安 (Ryan) 的威爾 (Will)。這裡只是簡單介紹一下。您最近推出了 FanDuel 精選。好奇現在的時機是否正確？您如何看待該業務與競爭對手的差異化？

Yes. We obviously have to be thoughtful about the regulatory position. And I think from our perspective, we think that the law in many states has now been settled peer-to-peer DFS is legal. And I think that, that gave us the confidence to launch the peer-to-peer pick and perfect style products in a handful of states. I will -- we'll see how it works.

是的。我們顯然必須認真考慮監理立場。我認為從我們的角度來看，許多州的法律現在已經確定點對點 DFS 是合法的。我認為這給了我們在少數州推出點對點挑選和完美風格產品的信心。我會的——我們會看看它是如何運作的。

It is a separate app using the same sort of log-in details, but we'll see what happens. .

它是一個使用相同類型登入詳細資訊的單獨應用程序，但我們會看看會發生什麼。。

Adrien de Saint Hilaire, Bank of America.

阿德里安·德·聖伊萊爾，美國銀行。

So just one for me. You seem to have suffered more than the broader market in the US from unfavorable sports results. I suppose that's probably a function of your mix of Parlay in there. Could that potentially lead to a change in your approach as to how you push Parlay?

所以對我來說只有一個。你們似乎比美國整體市場因體育賽事結果不佳而遭受了更大的損失。我想這可能是你混合使用 Parlay 的功能。這是否可能會導致您改變推廣 Parlay 的方式？

It seems like the other operators are handling the sports results slightly better right now?

看起來其他業者現在處理體育賽事結果的方式稍微好一點？

Adrien, it's Robert. The answer to that is no. As I mentioned earlier, we've got absolute conviction in our pricing and structural margin assumptions, and it's the Parlay and the same game Parlay that helped compound up to why we've got the structural -- best structural margin in the sector. Volatility is something that will come with that. And we accept that we don't try and kind of hedge that volatility because we're true proper sports book.

阿德里安，我是羅伯特。答案是否定的。正如我之前提到的，我們對我們的定價和結構性利潤率假設絕對有信心，而正是 Parlay 和同一款遊戲的 Parlay 幫助我們獲得了該行業中最好的結構性利潤率。波動性是隨之而來的。我們承認我們不會嘗試對沖這種波動，因為我們是真正的體育博彩公司。

And the approach to this, we're not intending to change. It's worked for us so far, and it will continue to work for us in the future. .

我們不打算改變這個做法。到目前為止，它對我們很有效，並且將來也將繼續對我們有效。。

Robin Farley, UBS.

瑞銀的羅賓法利。

I wonder if you could just talk a little bit about the timing more broadly for the rollout of Your Way. You mentioned now live for NBA. Kind of time frame wise, when do you think that will be in all of the major products that you'd like it to be and we can kind of think about seeing that impact?

我想知道您是否可以更廣泛地談談推出 Your Way 的時間表。您提到現在直播 NBA。從時間框架來看，您認為什麼時候它會出現在您希望的所有主要產品中，我們可以考慮看到它的影響嗎？

We're not going to share all of our plans for the rollout of all of this news of pricing capability, Robin. I mean, I talked earlier about the fact that this is a sort of -- Your Way is one component and of course, we will make sure that when we get into the next season, it's more extensive. But it's also just going to be the first of many initiatives that we land. I don't want to -- well, I don't want to sign post everything we have our leads to our capacitors but we've got some exciting cool stuff that we're bringing to market. .

羅賓，我們不會分享所有這些定價能力新聞的所有計劃。我的意思是，我之前談過，這是一種——「你的方式」是其中的一個組成部分，當然，我們會確保當我們進入下一季時，它會更加廣泛。但這只是我們眾多舉措中的第一個。我不想——好吧，我不想公佈我們所有的電容器相關產品，但我們有一些令人興奮的很酷的產品要推向市場。。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

On the back of record Kentucky Derby viewership, I wanted to ask about that partnership, how it's going? And any numbers or statistics you can provide just in terms of cross-sell, given that I believe you're the only operator with a single platform with the horseracing offering.

在肯塔基德比收視率創下紀錄的情況下，我想問這種合作關係進展如何？鑑於我相信您是唯一一家透過單一平台提供賽馬服務的營運商，您能否提供交叉銷售方面的任何數字或統計數據？

Chad. I'm pleased you spotted, we are the only people who offer that to have integrated in ADW for our customers. And I'm very proud of what we do to support the racing industry here in the US It's a legacy of our original acquisition of TVG all those years ago. Despite the weather, we were pleased with the way that the team delivered and performed in the Derby.

查德.我很高興您發現了這一點，我們是唯一一家為客戶提供整合 ADW 服務的公司。我對我們為美國賽車業所做的支持感到非常自豪，這是我們多年前收購 TVG 的遺產。儘管天氣不好，我們對球隊在德比中的表現感到滿意。

We had good market share. I think it's around 24% good growth year-over-year of 8% up in active. Robert will give you more details, but we're not disclosing this as the cross-sell, but I think it's an important component of the overall experience for consumers for FanDuel.

我們擁有良好的市場佔有率。我認為與去年同期相比，活躍用戶成長了 8%，成長率約為 24%。羅伯特將向您提供更多細節，但我們不會將此作為交叉銷售披露，但我認為這是 FanDuel 消費者整體體驗的重要組成部分。

Yeah. And these types of big events are great to bring different types of customers into the ecosystem, but we had almost [three quarters of a] million actives for the Kentucky, Derby, which is an impressive number. And yes, there certainly would have been some cross-sell benefit from that.

是的。這些大型活動非常適合將不同類型的客戶帶入生態系統，但我們在肯塔基州德比舉辦的活動吸引了近 [75 萬] 萬人活躍，這是一個令人印象深刻的數字。是的，這肯定會帶來一些交叉銷售的好處。

And that concludes our question-and-answer session. And I will now turn it back over to Paul for closing comments.

我們的問答環節到此結束。現在我將把時間交還給保羅，請他發表最後評論。

Okay. I'll make the closing comments (inaudible) Thank you very much, everybody, for joining. I know there's a couple of people who we struggled to get on to the line. So we apologize and please call us afterwards, and we'll speak to you.

好的。我將做最後發言（聽不清楚）非常感謝大家的參與。我知道我們很難讓幾個人接上電話。因此，我們深感抱歉，請稍後給我們打電話，我們會與您聯繫。

But thank you all very much for joining much appreciated.

但非常感謝大家的加入。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。