Gambling.com Group Ltd (GAMB) 2023 Q3 法說會逐字稿

Greetings. Welcome to the Gambling.com Group third-quarter 2023 earnings conference call. (Operator Instructions)

問候。歡迎參加 Gambling.com 集團 2023 年第三季財報電話會議。 （操作員說明）

Please note this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Peter McGough. You may begin.

現在我將會議交給主持人彼得·麥高夫。你可以開始了。

Hello, everyone, and welcome to Gambling.com Group's third-quarter 2023 earnings results call. I am Peter McGough, the Vice President of Investor Relations. I'm joined by Charles Gillespie, Chief Executive Officer and Co-Founder, and Elias Mark, Chief Financial Officer.

大家好，歡迎參加 Gambling.com 集團 2023 年第三季財報電話會議。我是彼得‧麥高夫，投資人關係副總裁。執行長兼聯合創始人查爾斯·吉萊斯皮 (Charles Gillespie) 和財務長埃利亞斯·馬克 (Elias Mark) 也加入了我的行列。

This call is being webcast live through the Investor Relations section of our website at gambling.com/corporate/investors and a downloadable version of the presentation is available there as well. A webcast replay will be available on the website after the conclusion of this call. You may also contact Investor Relations support by e-mailing investors@gdcgroup.com.

本次電話會議透過我們網站的投資者關係部分進行網路直播，網址為gaming.com/corporate/investors，並且還提供了簡報的可下載版本。本次電話會議結束後，將在網站上提供網路廣播重播。您也可以透過發送電子郵件至 Investors@gdcgroup.com 聯繫投資者關係支援。

I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consist of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements.

我想提醒您，本次電話會議中包含的信息，包括將提供的任何財務和相關指導，均包含證券法定義的前瞻性陳述。這些陳述基於我們目前掌握的信息，涉及風險和不確定性，可能導致未來實際結果、業績、業務前景和機會與這些陳述中明示或暗示的內容存在重大差異。

Some important factors that could cause such differences are discussed in the Risk Factors section of the Gambling.com Group's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. Please also see our references to forward-looking statements and the related presentation and press release.

Gambling.com 集團向美國證券交易委員會提交的文件中的「風險因素」部分討論了可能導致此類差異的一些重要因素。前瞻性陳述僅代表截至陳述作出之日的情況，本公司不承擔更新前瞻性陳述以反映實際結果、假設變化或影響前瞻性資訊的其他因素變化的義務，除非在必要的範圍內根據適用的證券法。另請參閱我們對前瞻性陳述以及相關演示和新聞稿的引用。

During the call, there will also be a discussion of non-IFRS financial measures. A description of these non-IFRS financial measures is included in the press release issued earlier today. And reconciliations of these non-IFRS financial measures to their most directly comparable IFRS measures are included in the appendix to the presentation and the press release, both of which are available in the Investors tab of our website.

在電話會議期間，也將討論非國際財務報告準則的財務指標。今天稍早發布的新聞稿中包含了這些非國際財務報告準則財務措施的描述。這些非國際財務報告準則財務指標與其最直接可比較的國際財務報告準則指標的調節表包含在簡報和新聞稿的附錄中，兩者都可以在我們網站的「投資者」標籤中找到。

I'll now turn the call over to Charles.

我現在將電話轉給查爾斯。

Thank you, Peter, and welcome, everyone. This afternoon, we reported solid third-quarter results, driven by another quarter of strong organic growth in North America. Even with Q3 being a seasonally slow quarter, new depositing customers increased 26% year over year to more than 86,000, which contributed to 19% growth in revenue to $23.5 million, a third-quarter record.

謝謝你，彼得，歡迎大家。今天下午，在北美又一個季度強勁有機成長的推動下，我們報告了穩健的第三季業績。儘管第三季是季節性淡季，但新存款客戶仍年增 26%，達到超過 86,000 名，帶動收入成長 19%，達到 2,350 萬美元，創第三季紀錄。

Revenue growth was driven by North America and came despite only having three days of revenue from Kentucky's launch of sports betting compared to a full month of revenue from Kansas' sports betting debut in 2020. Third-quarter adjusted EBITDA was $6.1 million and free cash flow was $1.6 million.

儘管肯塔基州推出體育博彩只帶來了三天的收入，但與堪薩斯州2020 年推出體育博彩一整月的收入相比，收入增長是由北美推動的。第三季度調整後EBITDA 為610 萬美元，自由現金流為610 萬美元是160萬美元。

September was the coming out party for our strategic media partnerships. Both Gannett and McClatchy performed ahead of our already high expectations. We have purposely focused on fewer, bigger partners that can give us access at scale to each markets premium digital media properties. This relatively new, high performance model will help drive continued market share gains that will enhance top-line and overall cash flow growth.

九月是我們戰略媒體合作夥伴關係的亮相派對。甘尼特和麥克拉奇的表現都超出了我們本已很高的期望。我們有目的地專注於更少、更大的合作夥伴，這些合作夥伴可以讓我們大規模地進入每個市場的優質數位媒體資產。這種相對較新的高性能模型將有助於推動市場份額的持續成長，從而提高營收和整體現金流的成長。

The third quarter's performance demonstrates our ability to drive growth in existing regulated markets without the significant benefit of a new market launch. While we did have a tremendously strong start in Kentucky, it is a small state. And as just mentioned, only three days of activity fell in the third quarter given the late September launch.

第三季的業績表明，我們有能力推動現有受監管市場的成長，而無需新市場推出帶來重大好處。雖然我們在肯塔基州確實有一個非常強勁的開局，但它是一個小州。正如剛才提到的，鑑於 9 月底的發布，第三季的活動僅下降了三天。

Turning to our near-term growth opportunities, the trend from our great launch in Kentucky on September 28 has continued into the fourth quarter. We still expect North Carolina to launch in the first half of 2024. And we will include the state in our guidance only when there is firm visibility on a launch date, so likely when we report our first fourth-quarter results in March.

談到我們的近期成長機會，自 9 月 28 日在肯塔基州推出以來的趨勢一直持續到第四季度。我們仍然預計北卡羅來納州將在2024 年上半年推出。只有在發布日期明確的情況下，我們才會將該州納入我們的指導中，這很可能是在我們3 月報告第一個第四季度業績時。

As our Q3 results indicate, we continue to achieve strong organic growth in North America. Our performance reflects strength in both sports betting and iCasino. Although iCasino remains a much smaller percentage of our North American business compared to our business outside of North America.

正如我們第三季的業績所表明的那樣，我們在北美繼續實現強勁的有機成長。我們的業績反映了體育博彩和 iCasino 的實力。儘管與我們在北美以外的業務相比，iCasino 在我們北美業務中所佔的比例仍然要小得多。

Our new category-defining brand, Casinos.com, was launched during the quarter. While it is still early in its evolution, our vision for Casinos.com as a premier brand for everything casino related is taking hold. And we continue to expect a meaningful ramp in contributions from Casinos.com beginning late next year.

我們的新類別定義品牌 Casinos.com 在本季推出。儘管還處於發展的早期階段，但我們將 Casinos.com 打造成為與賭場相關的一切領域的一流品牌的願景正在紮根。我們繼續預計從明年底開始，Casinos.com 的貢獻將大幅增加。

In our view, we have developed the best technology platform to monetize online gambling traffic. Every day, we are making improvements to further optimize our search performance while leveraging data, science, and AI to perfect our algorithms used to monetize the high-intent traffic we capture. Our ongoing return-focused investments in our technology and our capabilities continue to help expand our competitive advantage and ensure we continue to deliver industry-leading organic growth.

我們認為，我們已經開發了最好的技術平台來將線上賭博流量貨幣化。我們每天都在不斷改進，以進一步優化我們的搜尋性能，同時利用數據、科學和人工智慧來完善我們的演算法，以將我們捕獲的高意圖流量貨幣化。我們對技術和能力的持續投資以回報為中心，繼續幫助擴大我們的競爭優勢，並確保我們繼續實現行業領先的有機成長。

We're confident in our ability to continue to gain share in our existing regulated markets. And our organic growth will be evident again in the fourth quarter as we remain on track to deliver on our full-year expectations.

我們對繼續在現有受監管市場中獲得份額的能力充滿信心。隨著我們繼續實現全年預期，我們的有機成長將在第四季度再次顯現。

It is important to note that we are still very much in the early stages of what is a long-term growth trajectory for the industry and for Gambling.com Group. So even as we deliver consistent impressive near term year-over-year growth against more challenging comps for our existing markets, we are confident that we have the right strategies and operating model in place to extend our revenue growth, strong margins, and free cash flow conversion for many years, which will help continue to drive great returns for our shareholders.

值得注意的是，我們仍處於產業和 Gambling.com 集團長期成長軌蹟的早期階段。因此，儘管我們在現有市場更具挑戰性的競爭中實現了持續令人印象深刻的短期同比增長，但我們相信我們擁有正確的策略和營運模式來擴大我們的收入成長、強勁的利潤率和自由現金多年的流量轉換，將有助於繼續為我們的股東帶來豐厚的回報。

With that, I will hand the call over to our CFO, Elias Mark, for a more detailed review of the third-quarter results and our guidance.

接下來，我將把電話轉交給我們的財務長埃利亞斯·馬克，以便對第三季業績和我們的指導進行更詳細的審查。

Thank you, Charles, and welcome, everyone. As Charles mentioned, we generated another quarter of strong financial results. Revenue increased 19% to $23.5 million compared to the prior year, ahead of expectations. In constant currency revenue grew 11%. North American revenue rose 42% to $12.9 million, reflecting growth from our owned websites and a terrific contribution from our US media partnerships as they scale.

謝謝你，查爾斯，歡迎大家。正如查爾斯所提到的，我們又一個季度取得了強勁的財務業績。營收較前一年增長 19%，達到 2,350 萬美元，超出預期。以固定匯率計算，營收成長了 11%。北美營收成長 42%，達到 1,290 萬美元，這反映出我們自有網站的成長以及我們美國媒體合作夥伴關係規模的巨大貢獻。

After seven quarters of growth of an average of 28% in the UK and Ireland, we entered a period of more challenging year-over-year comparison. The revenue from the UK and Ireland of $6.9 million was similar to the year-ago period. Revenue from other Europe declined by $465,000 or 17% because of compliance-driven product changes implemented for the German markets. Elsewhere in Europe and in the rest of the world, we continue to see strong growth.

在英國和愛爾蘭連續七個季度實現平均 28% 的成長之後，我們進入了一個同比更具挑戰性的時期。來自英國和愛爾蘭的收入為 690 萬美元，與去年同期持平。由於德國市場實施了合規驅動的產品變更，來自歐洲其他地區的收入下降了 465,000 美元，即 17%。在歐洲其他地區和世界其他地區，我們繼續看到強勁的成長。

New depositing customers grew 26% year over year to more than 86,000. As a result of the strength in our media partnership business, cost of sales during the third quarter amounted to $2.1 million compared to $600,000. Total operating expenses in the third quarter grew 9% or 2% in constant currency to $16.6 million, excluding the fair value adjustments from the third quarter of 2022.

新存款客戶年增 26%，達到超過 86,000 名。由於我們媒體合作業務的強勁表現，第三季的銷售成本從 60 萬美元增加到 210 萬美元。第三季的總營運費用成長 9%，以固定匯率計算成長 2%，達到 1,660 萬美元，不包括 2022 年第三季的公允價值調整。

There was no fair value adjustments operating expenses in Q3 2023 due to the early termination of the earn-out related to the BonusFinder acquisition. But we substantially moderated the pace of hiring. The operating expense increase was primarily driven by higher headcount.

由於 BonusFinder 收購相關的獲利提前終止，2023 年第三季沒有公允價值調整營運費用。但我們大幅放緩了招募速度。營業費用增加主要是因為員工人數增加所致。

Amortization expense decreased from $1.7 million to $432,000 as short-lived assets from the RotoWire and BonusFinder acquisitions are now fully amortized. For the full year, we expect to incur amortization expense of approximately $1.8 million.

攤銷費用從 170 萬美元減少到 432,000 美元，因為收購 RotoWire 和 BonusFinder 的短期資產現在已全部攤提。我們預計全年攤銷費用約為 180 萬美元。

Net income totaled $5 million or $0.13 per diluted share. Adjusted for the unwinding of deferred consideration, adjusted net income in the quarter was $5.4 million and adjusted earnings per share was $0.14 per diluted share.

淨利潤總計 500 萬美元，或攤薄後每股收益 0.13 美元。根據遞延對價的解除進行調整後，本季調整後淨利為 540 萬美元，調整後每股攤薄收益為 0.14 美元。

Adjusted EBITDA was $6.1 million in line with expectations. It includes the impact of $612,000 in allowance for bad debt as compared to an average of [$241,000] of the previous four quarters. Adjusted EBITDA margin was 26% in the third quarter, reflecting the higher revenue contribution from our media partnerships, which drove higher cost of sales as compared to our own sites.

調整後 EBITDA 為 610 萬美元，符合預期。其中包括 612,000 美元壞帳準備金的影響，而前四個季度的平均值為 [241,000 美元]。第三季調整後的 EBITDA 利潤率為 26%，反映出我們的媒體合作夥伴關係帶來了更高的收入貢獻，與我們自己的網站相比，這推動了更高的銷售成本。

Our media partnership revenues continue to scale in the fourth quarter. Exclusive of $2.9 million related to deferred payments for the acquisition of BonusFinder, cash generated from operations in Q3 2023 was $2.2 million. Cash receipts from the three weakest revenue months of the year, June, July, and August, fall into the third quarter, resulting in seasonally weaker operating cash flow.

我們的媒體合作收入在第四季持續擴大。不包括與收購 BonusFinder 相關的延期付款相關的 290 萬美元，2023 年第三季營運產生的現金為 220 萬美元。一年中收入最弱的三個月份（六月、七月和八月）的現金收入進入第三季度，導致營運現金流季節性疲軟。

We expect strong cash flow from operations in the fourth quarter. Free cash flow was $1.6 million. We remain able to entirely fund our organic growth initiatives from operating cash flow while continuing to generate positive free cash flow.

我們預計第四季度的營運現金流將強勁。自由現金流為 160 萬美元。我們仍然能夠完全透過經營現金流為我們的有機成長計畫提供資金，同時繼續產生正的自由現金流。

Our cash balances as of September 30, 2023, was $26.9 million, a $4.1 million quarterly sequential decline, primarily reflecting the $5.4 million total payments for the acquisition of BonusFinder. Our very strong balance sheet with significant cash balances and no interest-bearing debt continues to provide us with the financial flexibility to pursue value-enhancing transactions.

截至 2023 年 9 月 30 日，我們的現金餘額為 2,690 萬美元，比季度連續下降 410 萬美元，主要反映了收購 BonusFinder 的總付款額為 540 萬美元。我們非常強大的資產負債表，擁有大量現金餘額，並且沒有帶息債務，繼續為我們提供追求增值交易的財務靈活性。

Turning to our outlook, we expect to see typical positive seasonality in the fourth quarter as activity picks up during the autumn sports season on both sides of the Atlantic. Our third-quarter results reinforce the fact that demand for performance marketing services for the online gaming industry remains very strong and our unique offerings will become more valuable to operators as they reach profitability.

談到我們的前景，隨著大西洋兩岸秋季運動季節活動的增加，我們預計第四季將出現典型的積極季節性。我們第三季的業績證實了這樣一個事實：線上遊戲產業對績效行銷服務的需求仍然非常強勁，隨著營運商實現盈利，我們獨特的產品將變得更有價值。

We continue to monitor consumer behavior closely. And as of now, consumers appear to be pursuing entertainment from online gambling. As we entered the fourth quarter, we were monetizing NDCs in the US with revenue-share arrangements more frequently than before, meaning that revenue from these NDCs will be recognized over a longer period of time.

我們將繼續密切監控消費者的行為。截至目前，消費者似乎正在從線上賭博中尋求娛樂。進入第四季度後，我們比以前更頻繁地透過收入分成安排將美國的 NDC 貨幣化，這意味著這些 NDC 的收入將在更長的時間內得到確認。

As a reminder, we remain agnostic on the inherent attractiveness of the revenue-share commercial model versus the CPA model. We rely on our internal data science to identify the monetization options, which maximize revenues in each circumstance.

提醒一下，我們仍然不知道收入分成商業模式與註冊會計師模式相比的內在吸引力。我們依靠內部數據科學來確定貨幣化選項，從而在每種情況下最大化收入。

Our 2023 guidance continues to assume no benefit from additional market launches or acquisitions over the balance of the year and now assumes a euro to USD exchange rate of 1.07 for the fourth quarter. Given these factors and our Q3 performance, we are reiterating our 2023 full-year revenue guidance of $100 million to $104 million, even as we now expect a higher proportion of our NDCs to monetize on revenue share that was forecasted when we raised our guidance in August.

我們的 2023 年指引繼續假設今年餘下時間額外的市場啟動或收購不會帶來任何好處，現在假設第四季度歐元兌美元匯率為 1.07。考慮到這些因素和我們第三季的業績，我們重申2023 年全年營收指引為1 億至1.04 億美元，儘管我們現在預計更高比例的NDC 將透過我們在2019 年提高指引時預測的收入份額來貨幣化。八月。

Likewise, we're also reiterating our 2023 full-year adjusted EBITDA guidance of $36 million to $40 million, even though the strength in our media partnership business drives higher costs.

同樣，我們也重申 2023 年全年調整後 EBITDA 指引為 3,600 萬至 4,000 萬美元，儘管我們媒體合作業務的實力推動了更高的成本。

With that, I'll turn the call back to Charles.

說完，我會把電話轉回查爾斯。

Thank you, Elias. Before opening up the call for your questions, I'd like to quickly review several of our other growth drivers. While North America is already our largest market, 43 states have yet to legislate iCasino in 20 states have yet to approve online sports betting, which implies a long runway of growth for Gambling.com just in the US.

謝謝你，埃利亞斯。在開始詢問您的問題之前，我想快速回顧一下我們的其他幾個成長動力。雖然北美已經是我們最大的市場，但仍有 43 個州尚未對 iCasino 進行立法，其中 20 個州尚未批准線上運動博彩，這意味著 Gambling.com 僅在美國就有很長的發展道路。

Our home state of North Carolina is expected to launch online sports betting in the first half of 2024 and the 2024 legislative season will kick off in January. We are expecting to see a push for sports betting in Minnesota, Mississippi, and Missouri and for iGaming in New York, Illinois, Indiana. And we expect a ballot initiative in Maryland in 2024.

我們的家鄉北卡羅來納州預計將在 2024 年上半年推出線上體育博彩，2024 年立法季將於 1 月拉開序幕。我們預計明尼蘇達州、密西西比州和密蘇裡州的體育博彩以及紐約州、伊利諾伊州和印第安納州的 iGaming 將得到推動。我們預計馬裡蘭州將於 2024 年發起投票活動。

As we've highlighted today, our third-quarter results provide confirmation of the benefits of our media partnership strategy. We believe are focused on securing fewer agreements with the most prominent news media players such as Gannett, McClatchy, and the UK's Independent, and then forging deeper relationships with them will optimize the benefits to our business and our partners' businesses and ensure the sustainability of these lucrative partnerships.

正如我們今天所強調的那樣，我們的第三季業績證實了我們媒體合作策略的好處。我們相信，我們的重點是與Gannett、McClatchy 和英國《獨立報》等最著名的新聞媒體公司簽訂較少的協議，然後與他們建立更深入的關係，這將優化我們的業務和合作夥伴業務的利益，並確保可持續發展。這些利潤豐厚的合作夥伴關係。

While we are always busy evaluating M&A opportunities, the quality of the companies in our pipeline is better and the tone from sellers is more positive than at any time since we closed the acquisitions of RotoWire and BonusFinder in Q1 of 2022. Our balance sheet remains very strong, providing the flexibility and liquidity to pursue acquisitions of various sizes. As we have proven with RotoWire and BonusFinder acquisitions, we have the discipline to act on transactions that are accretive to our results.

雖然我們一直忙於評估併購機會，但自從我們在2022 年第一季完成對RotoWire 和BonusFinder 的收購以來，我們管道中公司的品質更好，賣家的語氣也比任何時候都更積極。我們的資產負債表仍然非常好強大，提供靈活性和流動性來進行各種規模的收購。正如我們透過收購 RotoWire 和 BonusFinder 所證明的那樣，我們有紀律，對能夠增加我們業績的交易採取行動。

Can we maintain the same discipline as we evaluate potential additional acquisitions? Given our strong balance sheet and the cash flow we generate, we are confident that if we were to pursue a larger transaction that we would have access to capital at an attractive cost. We are still in the early stages of executing our near and long-term growth opportunities to generate consistent top-line adjusted EBITDA and free cash flow growth.

在評估潛在的額外收購時，我們能否保持相同的紀律？鑑於我們強大的資產負債表和產生的現金流，我們相信，如果我們要進行更大的交易，我們將以有吸引力的成本獲得資本。我們仍處於執行近期和長期成長機會的早期階段，以產生一致的調整後 EBITDA 和自由現金流成長。

Thanks again to our brilliant team for their exemplary efforts in executing and delivering on a solid third quarter and for their efforts to position Gambling.com as the leading performance marketing company for the online gambling industry.

再次感謝我們出色的團隊在執行和交付穩健的第三季度方面付出的模範努力，以及他們為將 Gambling.com 定位為在線賭博行業領先的績效營銷公司所做的努力。

With that, we'd be happy to open up the line for questions. Operator?

這樣，我們很樂意開通提問專線。操作員？

(Operator Instructions)

（操作員說明）

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey, guys. Maybe you could start by giving a little bit more color on the Kentucky launch and how trends are looking into Q4. It sounds like Kentucky was really helped by your media partnerships. And I guess I'm wondering to what extent that playbook is scalable into other new launches starting with North Carolina. Thanks.

大家好。也許您可以首先對肯塔基州的發布以及趨勢如何看待第四季度進行更多介紹。聽起來肯塔基州確實得到了你們的媒體合作夥伴的幫助。我想我想知道劇本在多大程度上可以擴展到從北卡羅來納州開始的其他新產品。謝謝。

Hey, Barry. So Kentucky was very strong. Our playbook for these new state launches has been really refined, and we seem to be winning these new state launches with some real consistency now. It's hard to say what the exact market share was. But what I can say is that several of our partners told us we were their largest affiliate in Kentucky by some measure.

嘿，巴里。所以肯塔基州非常強大。我們針對這些新狀態發布的劇本已經非常完善，而且我們現在似乎以某種真正的一致性贏得了這些新狀態的發布。很難說確切的市場份額是多少。但我可以說的是，我們的幾個合作夥伴告訴我們，從某種程度上來說，我們是他們在肯塔基州最大的分支機構。

We've got all of our owned assets. So Gambling.com, Bookies.com, BetKentucky.com, RotoWire.com. Those all did well. But with the media partnerships, we also had Kentucky.com, which is an asset from McClatchy and then USATODAY.com. So we really had all angles covered in Kentucky and the media partnerships contributed and they will also contribute in North Carolina.

我們擁有我們所有的資產。所以 Gambling.com、Bookies.com、BetKentucky.com、RotoWire.com。這些都做得很好。但透過媒體合作，我們也擁有 Kentucky.com，它是 McClatchy 和 USATODAY.com 的資產。因此，我們確實在肯塔基州涵蓋了各個角度，媒體合作夥伴也做出了貢獻，他們也將在北卡羅來納州做出貢獻。

With McClatchy, we've got Charlotte Observer and we've got the News & Observer. So we've got the two main newspapers in North Carolina is well covered with that media partnership.

有了麥克拉奇，我們就有了《夏洛特觀察家》和《新聞與觀察家》。因此，北卡羅來納州的兩家主要報紙都充分報導了這種媒體合作關係。

That's really great. And then just as a follow-up, I wanted to maybe ask for a little more color on the comments about higher mix of rev share that you guys cited in the opening remarks. Really curious what's driving that. The operators we cover seems to be more focused on profitability. So I'm curious if you're seeing pressure there, or either lower CPAs or else that shift to a rev share.

那真是太棒了。然後，作為後續行動，我可能想要求對你們在開場白中引用的有關更高的轉速份額的評論提供更多的資訊。真的很好奇是什麼推動了這一點。我們報道的業者似乎更注重獲利能力。所以我很好奇你是否看到了壓力，或者每次轉換費用降低，或者轉向收益份額。

Yeah. It's on a case-by-case basis. Even with one client, we'll have a variety of different deals for different types of traffic. Yes, there isn't some sort of a wholesale shift towards revenue share. What we're trying to communicate here is that it's incrementally more than it was previously. And that has a small effect on the overall business. But there certainly isn't any major change in the way that we're invoicing our clients in the US.

是的。這是根據具體情況而定的。即使只有一個客戶，我們也會針對不同類型的流量提供多種不同的優惠。是的，並沒有出現某種向收入分成的大規模轉變。我們在這裡試圖傳達的是，它比以前逐漸增加。這對整體業務影響很小。但我們向美國客戶開立發票的方式肯定沒有任何重大變化。

Great. Thanks so much.

偉大的。非常感謝。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, good afternoon, everyone. Thanks for taking my question. What I would love and just a little kind of longer-term, maybe qualitative perspective on that guidance necessarily on how EBITDA margins evolve. Let's say, one to three years out, given that you're obviously adding new resources and deploying new resources and margins tend to move around. But is there some notional range we can keep our eye on the horizon for something like that?

嗨，大家下午好。感謝您提出我的問題。我想要的是關於 EBITDA 利潤率如何演變的指導的一點長期的、也許是定性的觀點。假設一到三年後，考慮到您顯然正在添加新資源並部署新資源，並且利潤往往會改變。但是，我們是否可以在某個概念範圍內關注類似的事情？

Yes. I think we've said that in the short and midterm, we intend to operate this business within the 35% to 40% range. And what would come in any quarter within or in a year within that range depends on the proportion of our revenue to come through the media partnership channel. That proportion has increased as expected in the second half of the year.

是的。我想我們已經說過，在短期和中期，我們打算在35%到40%的範圍內經營這項業務。在該範圍內的任何季度或一年內的情況取決於我們透過媒體合作管道獲得的收入比例。下半年這一比例如預期有所增加。

But the strength in our media partnership business has exceeded our expectations, which means that revenues a little bit higher than previously expected. But margins a little bit lower. So in the next quarter and for the full year of '24, we now expect the margin number to be closer to the 35% to 40%.

但我們媒體合作業務的實力超出了我們的預期，這意味著收入略高於先前的預期。但利潤率有點低。因此，在下個季度和 24 年全年，我們現在預計利潤率將接近 35% 至 40%。

Further out than that, it will depend a little bit on how much of our revenue comes from media partnerships, whether we extend the media partnership business beyond the US and UK. But that 35% to 40% is the mark we're working towards.

除此之外，這將在一定程度上取決於我們有多少收入來自媒體合作夥伴關係，以及我們是否將媒體合作夥伴業務擴展到美國和英國以外的地區。但 35% 到 40% 是我們正在努力實現的目標。

Understood and appreciate it. Charles, as my follow-up. I know you touched on potentially new states, et cetera. But can we maybe step up to 30,000 feet and sort of look at the US TAM. It's obviously prevalent given one of the operators talked about some updated views this week for that end.

理解並欣賞它。查爾斯，作為我的跟進者。我知道你談到了潛在的新狀態等等。但我們能否登上 30,000 英尺的高度，看看 US TAM。鑑於其中一位運營商本週為此發表了一些最新觀點，這顯然很普遍。

Do you just concur that the TAM continues to grow in the United States? And what are your sort of thoughts or perspective about where it goes? Or are we just talking about penetration approaching that?

您是否同意 TAM 在美國持續成長？您對它的走向有何想法或看法？或者我們只是在談論接近這個水平的滲透率？

This is the point we tried to make on all these calls is that we're still super early in all of this. If you look at New Jersey, which has had iGaming for 10 years, it's still growing and it's growing meaningfully. If you just look at the whole US market year on year, it's grown. I think the GGR number for the first nine months is 70%-odd.

我們在所有這些呼籲中試圖表達的一點是，我們在這一切方面仍處於非常早期的階段。如果你看看新澤西州，它已經擁有 iGaming 10 年了，它仍在成長，而且成長有意義。如果你逐年觀察整個美國市場，你會發現它在成長。我認為前 9 個月的 GGR 數字是 70% 左右。

ESPN, that launched yesterday. I mean, this idea that this is somehow peaked or all the players have been acquired is just categorically untrue. We know -- we've been to the future. We've harped into DeLorean and we know what the future of online gambling in America looks like. It looks like the UK, and that's the market we have the longest operating history in.

ESPN，昨天推出。我的意思是，這種認為這已經達到頂峰或所有球員都被收購的想法絕對是不真實的。我們知道——我們已經走向了未來。我們已經深入了解了德洛寧，我們知道美國線上賭博的未來是什麼樣子。看起來像英國，那是我們經營史上最長的市場。

And we very much still expect the US to go in that direction. There's a couple of differences for the US. There's not as many licenses, the bigger national market, state-by-state, yes, it's not exactly the same. But the fundamental drivers of this industry are not any different. And we remain maximally bullish about the future of online gambling in the United States.

我們仍然非常期望美國朝這個方向發展。美國有一些差異。沒有那麼多的許可證，更大的全國市場，各州，是的，並不完全相同。但這個產業的根本驅動力並沒有什麼不同。我們仍然對美國線上賭博的未來充滿樂觀。

I'll take that. Thank you.

我會接受的。謝謝。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾，斯蒂菲爾。

Hey, great. Good afternoon. Charles, Elias, thanks for taking our questions. Starting off your performance in UK and Ireland during the quarter. Charles, you talk to a bit of a deceleration after, I think, seven consecutive healthy quarters.

嘿，太棒了。午安.查爾斯、埃利亞斯，感謝您提出我們的問題。開始本季在英國和愛爾蘭的表現。查爾斯，我認為，在連續七個健康季度之後，你談到了一些減速。

You know, it seems to me, as you mentioned, it's mostly just a function of tough comps. But just to be crystal clear, is there anything else worth commenting on driving this deceleration, whether that's impact from some of the regulatory headwinds your customers have called out: mean reversion in market share trend. Anything else or just purely tough comps? Heading off there would be appreciated.

你知道，在我看來，正如你所提到的，這主要只是艱難的比賽的一個功能。但需要澄清的是，是否還有其他值得評論的因素來推動這種減速，無論這是否是您的客戶所呼籲的一些監管阻力的影響：市場份額趨勢的均值回歸。還有什麼或只是純粹的艱難比賽嗎？前往那裡將不勝感激。

Yeah. Specific to our business and some of our individual products, our search performance in the last couple of months has been merely great, but not phenomenal or excellent as it had been. There's been a kind of continuous stream of Google updates which has put a little bit of volatility into the search engine results pages.

是的。具體到我們的業務和一些單獨的產品，我們在過去幾個月的搜尋表現只是很好，但不像以前那樣驚人或出色。谷歌不斷進行更新，這給搜尋引擎結果頁面帶來了一些波動。

Happy to report, however, that the last check in we had just today with the search teams is that we're back to kind of peak performance and expect to be in a good place for Q4. So if you look at our Q3 UK and Ireland performance, it was -- I know there's been some signals from some of the other operators that market has been a bit weak in terms of like sports betting results.

然而，很高興地向大家報告，今天我們與搜尋團隊進行的最後一次檢查是，我們已經恢復到了巔峰表現，並預計在第四季度處於有利位置。因此，如果你看看我們第三季度英國和愛爾蘭的表現，我知道其他一些運營商發出了一些信號，表明市場在體育博彩結果等方面有點疲軟。

But as a reminder, our business in the UK and Ireland is predominantly driven by Casino, and it was a very marginal underperformance for a couple of months, which held it back, which we think is behind us.

但提醒一下，我們在英國和愛爾蘭的業務主要是由賭場驅動的，幾個月來表現非常差，這阻礙了我們的業務，我們認為這種情況已經過去了。

Okay. That's great. Thanks, Charles. And then for my follow-up, I wanted to drill into one of the comments you made towards the end of the prepared remarks. I think you mentioned having access to capital should you opt to pursue a larger transaction.

好的。那太棒了。謝謝，查爾斯。然後，對於我的後續行動，我想深入探討您在準備好的演講結束時發表的評論之一。我想你提到如果你選擇進行更大的交易，你可以獲得資金。

Can you frame out for us what that landscape looks like? It seems to me there are few acquisitions within your core business model potentially out there that would necessitate a capital raise. But just curious if you could just expand upon that landscape, that opportunity, what you see as the addressable set that could require incremental capital? Thanks.

你能為我們勾勒出那片風景是什麼樣子嗎？在我看來，在你的核心業務模式中，幾乎沒有任何收購可能需要籌集資金。但只是好奇你是否可以擴展那個景觀、那個機會，你認為可能需要增量資本的可尋址集合是什麼？謝謝。

Yeah. I obviously can't talk about any specific M&A situation. But the message Elias and I want to get out to everybody is that we remain very busy evaluating these opportunities. Just because we haven't announced anything in two years doesn't mean we're not tirelessly working in the background on some fairly interesting stuff.

是的。我顯然不能談論任何具體的併購情況。但埃利亞斯和我想向所有人傳達的訊息是，我們仍然非常忙於評估這些機會。僅僅因為我們在兩年內沒有宣布任何事情，並不意味著我們沒有在後台不知疲倦地開發一些相當有趣的東西。

And that we're not afraid of pursuing a transaction that would require a little bit of additional capital or maybe a medium amount of additional capital, kind of all things around the table and those conversations are going. We're having more interesting conversations than we were six months ago, and we remain very busy with all that.

我們不害怕進行需要一點額外資本或中等數量額外資本的交易，所有事情都在談判桌上，這些對話正在進行中。與六個月前相比，我們進行了更多有趣的對話，我們仍然非常忙碌。

Okay, that's helpful. Thanks, Charles. Great progress.

好的，這很有幫助。謝謝，查爾斯。巨大的進步。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks a lot. Good evening. Charles, I just want to make sure I heard some of the comments in response to the last question sort of properly. It sounds like I guess some of the deceleration was more transient than anything. And I think the way you framed it was great, but maybe not phenomenal performance as a result of adjusting to algo changes. Was that sort of the primary factor I heard right in sort of the downtick in performance and that it's going to -- maybe we should expect it to rebound in 4Q and going forward?

多謝。晚安.查爾斯，我只是想確保我正確地聽到了對最後一個問題的一些評論。聽起來我猜有些減速比任何東西都更短暫。我認為你建造它的方式很棒，但由於調整演算法變化而可能沒有顯著的性能。這是我聽到的導致業績下滑的主要因素嗎？也許我們應該預期它會在第四季及未來反彈？

That's right, Clark. Even if you -- even as the search performance moves back up into the phenomenal category, the comps are nevertheless more and more difficult as of course we've grown substantially in the UK and Ireland over the past seven quarters. So that effect is still there.

沒錯，克拉克。即使你——即使搜尋表現重新回到驚人的類別，競爭仍然越來越困難，因為當然我們在過去七個季度在英國和愛爾蘭大幅增長。所以說這個效果還是有的。

But we do -- you're right. The slight underperformance we view as transitory, not anything to do with the market at large. And we are positive -- we have a positive perspective moving forward.

但我們確實——你是對的。我們認為表現略有不佳是暫時的，與整個市場無關。我們很積極——我們對前進有正面的看法。

Okay. That's helpful. If we were to think maybe I guess about the sort of market at-large in the US, have you guys seen any sort of bifurcation in either a trend or performance if we were to think about it sort of broken down between, say, casino versus sports or between -- maybe a different way of looking at it, the two sort of big operators versus the rest of the market. Is either sort of vertical or cohort of customers exhibiting greater strength or outperforming the other in terms of acquisition behavior at the moment?

好的。這很有幫助。如果我們考慮美國的整體市場類型，如果我們考慮一下賭場之間的細分，你們是否看到了趨勢或表現方面的任何形式的分歧與體育或兩者之間——也許是一種不同的看待方式，兩種大型業者與市場的其他公司。目前，某一類垂直客戶或某一類客戶在獲取行為方面是否表現出更強的實力或優於其他客戶？

I don't think there's any kind of broad trends across those segments to be picked up on. But what we have seen with this business over many years is if you bucket the operators off into kind of Tier 1, Tier 2, Tier 3, we've kind of FanDuel, DraftKings in the US in Tier 1; Caesars, MGM, Tier 2; Tier 3, everybody else, it's the Tier 2 and Tier 3 guys that want to be Tier 1 and Tier 2 that are our best customers.

我認為這些細分市場中沒有任何值得關注的廣泛趨勢。但我們多年來在這項業務中看到的是，如果你將運營商劃分為第 1 層、第 2 層、第 3 層，我們在美國有 FanDuel、DraftKings 等屬於第 1 層；凱撒、米高梅、2 級；第三層，其他所有人，想要成為第一層和第二層的第二層和第三層的人是我們最好的客戶。

By definition, they're fighting to take market share. And they want to move up the ladder. So they need as much help as they can get and they know performance marketing is a sure thing in terms of moving up that ladder.

根據定義，他們正在爭奪市場份額。他們想要往上爬。因此，他們需要盡可能多的幫助，並且他們知道效果行銷對於提升階梯來說是肯定的事情。

Thanks very much.

非常感謝。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Evening. Thanks for taking my question. I just wanted to drill back into the media partnership success that you outlined for the third quarter, and more importantly, for fourth quarter and beyond. Is this just kind of a factor of higher conversion rates or anything else? And can you just talk about how this product can kind of evolve given that it's pretty early and maybe the seasonality of it, if a lot of it comes at the very beginning of the NFL season or if it can continue as you continue to publish content? Thanks.

晚上。感謝您提出我的問題。我只是想回顧一下您概述的第三季度，更重要的是第四季度及以後的媒體合作成功情況。這只是提高轉換率的一個因素還是其他因素？你能談談這個產品如何發展嗎？考慮到它還很早，也許還有它的季節性，如果很多產品是在 NFL 賽季開始時出現的，或者如果你繼續發佈內容，它是否可以繼續下去？謝謝。

Hey, Chad. The media partnerships will vary according to the seasons. The beginning of NFL, the engine is firing on all cylinders there. We're going to do well; they're going to do very well.

嘿，查德。媒體合作夥伴關係將根據季節而變化。 NFL 剛開始時，引擎就全速運轉。我們會做得很好；他們會做得很好。

Deeper into the kind of slow months of the summer, we won't be -- knowing the industry will be doing as well, and they will be doing less well as well. So in terms of proportion, the proportion coming from media partnerships will peak in kind of -- you know, because of the US sports calendar kind of Q3, Q4, Q1, and the bottom will most likely be in Q2.

進入夏季的緩慢幾個月後，我們不會——知道該行業也會表現良好，而且他們的表現也會較差。因此，就比例而言，來自媒體合作夥伴的比例將在某種程度上達到頂峰——你知道，因為美國體育日曆的第三季度、第四季度、第一季度，底部很可能會在第二季度。

But as I described it at the beginning of the prepared remarks, this is kind of the coming out party for these media partnerships. You know, this is the first NFL launch we've had with Gannett. They have some of the most authoritative and powerful assets in the US digital media landscape. So we obviously made our estimates for all of this.

但正如我在準備好的演講開頭所描述的那樣，這是這些媒體合作夥伴的出櫃派對。你知道，這是我們與 Gannett 合作的第一次 NFL 發布會。他們擁有美國數位媒體領域一些最權威、最強大的資產。所以我們顯然對這一切做出了估計。

And as we do, we're somewhat conservative and it has some come together better than we expected. So clearly, this model has got a ways to go. And I think it will be some time before we're exploring the limits of what's possible with these media partnerships. It's still pretty early with this stuff.

正如我們所做的那樣，我們有些保守，而且有些結果比我們預期的要好。顯然，這種模式還有很長的路要走。我認為我們還需要一段時間才能探索這些媒體合作關係的限制。這些東西現在還為時過早。

Okay. Thanks, Charles. And then segue, in terms of exploring, as you think about Latin American opportunities, I know there's a handful of markets that have come up and expectations have been reduced, but still should be a very large market over the next five, 10, 15 years. And anything interesting down there? Anything kind of worth talking about? Is that a market that could be a meaningful contributor? Or is the focus still just kind of North America for the next 5 to 10 years? Thanks.

好的。謝謝，查爾斯。然後，就探索而言，當你想到拉丁美洲的機會時，我知道有一些市場已經出現，預期已經降低，但在未來 5 年、10 年、15 年仍然應該是一個非常大的市場年。那下面有什麼有趣的事嗎？有什麼值得談論的嗎？這是一個可以做出有意義貢獻的市場嗎？或者未來 5 到 10 年的重點仍然只是北美？謝謝。

The focus at the moment is certainly North America and a handful of European markets. Over the next five to 10 years, anything's possible. We're not anti-Latin America at all. We think it will be a phenomenal growth driver of this business in time.

目前的焦點肯定是北美和少數歐洲市場。未來五到十年，一切都有可能。我們根本不反對拉丁美洲。我們認為，隨著時間的推移，這將成為該業務的顯著成長動力。

But we also think that there's no meaningful first mover advantage. We think about the UK market and how we entered the UK in 2009, 2010 with 0% market share. And we think about the business we have today, which is probably the leading business in certain respects.

但我們也認為不存在有意義的先發優勢。我們思考英國市場，以及我們如何在 2009 年、2010 年以 0% 的市佔率進入英國。我們思考我們今天擁有的業務，它在某些方面可能是領先的業務。

Latin America would be much more similar to the UK than it would be to the US. When you think about these kind of gray markets going fully regulated, it's all the same operators. And in many cases, the player accounts carryover. And there isn't this kind of big bang effect when the state launches.

拉丁美洲與英國的相似度遠高於與美國的相似度。當你想到這些灰色市場將受到全面監管時，你會發現都是同樣的運營商。而且在很多情況下，玩家帳戶會結轉。當國家啟動時，並不存在這種大爆炸效應。

Whereas in the US, when you have a new state, it's all new operators, all new player accounts. It's gone from totally black to totally white. And you have this kind of big bang moment. And that's a key part of our US strategy. There is a first mover advantage for these US states, but we -- that's a US-specific phenomenon. And as a result, we are taking a little bit of a wait-and-see approach on Latin America.

而在美國，當你有一個新的州時，所有的都是新的運營商，所有的新玩家帳號。已經從全黑變成全白了。你就有了這種大爆炸的時刻。這是我們美國戰略的關鍵部分。美國這些州有先發優勢，但我們──這是美國特有的現象。因此，我們對拉丁美洲採取了一些觀望態度。

To the extent that gets serious and we see some big numbers coming out of Latin America, we can easily move our premier assets like Gambling.com and Casinos.com into those markets. But today, we've got an incredible amount of opportunity just here in the United States and still in Europe. So there's no strategic push at this moment into Latin America.

當情況變得嚴重時，我們看到拉丁美洲出現了一些大數據，我們可以輕鬆地將 Gambling.com 和 Casinos.com 等主要資產轉移到這些市場。但今天，我們在美國和歐洲都有大量的機會。因此，目前還沒有對拉丁美洲的戰略推進。

Great. Thanks very much, guys. Nice quarter.

偉大的。非常感謝，夥計們。不錯的季度。

Ryan Sigdahl, Craig-Hallum Capital Group.

瑞安‧西格達爾 (Ryan Sigdahl)，克雷格-哈勒姆資本集團。

Hi, good afternoon, Charles and Elias. I want to start with ESPN, but I know it just launched yesterday. But it is prominently displayed on your site, which seems to say, I guess, that they're a paying customer. But can you confirm that? And then aggressive UA spend from them should be a nice positive for you guys, correct?

嗨，下午好，查爾斯和埃利亞斯。我想從 ESPN 開始，但我知道它昨天剛剛推出。但它顯著地顯示在您的網站上，我猜這似乎表明他們是付費客戶。但你能證實這一點嗎？然後他們積極的用戶獲取支出對你們來說應該是一個很好的正面因素，對嗎？

Thanks, Ryan. I was worried we were going to get through this whole call without anyone asking anything about ESPN. But yes, they are live launched yesterday. They are working with affiliates, but they're only working with a handful of affiliates. We are one of them.

謝謝，瑞安。我擔心我們會在沒有人詢問任何有關 ESPN 的情況下完成整個通話。但是，是的，它們是昨天上線的。他們正在與附屬公司合作，但他們只與少數附屬公司合作。我們就是其中之一。

I got some numbers this morning on the performance yesterday and it was extremely strong. It was a very impressive day one. Now it's just one day. So we're not reading too much into that. But we are very pleased with the first 24 hours.

今天早上我得到了一些有關昨天表現的數據，結果非常強勁。這是令人印象深刻的第一天。現在只是一天的時間。所以我們不會對此進行太多解讀。但我們對最初的 24 小時感到非常滿意。

Great. Then just on guidance, FX, the assumption you guys are using modestly worse than I guess USD strengthened. It's bad for USD reporting. That, combined with a little more rev share here in the US, I guess it implies the underlying fundamentals of the business are outperforming to offset those impacts, or I guess should we assume this shifts towards the lower end of the guidance range?

偉大的。然後就指導而言，外匯，你們使用的假設比我猜的美元走強要差一些。這對美元報告不利。再加上美國的轉速份額增加，我想這意味著該業務的基本面表現出色，可以抵消這些影響，或者我想我們是否應該假設這種情況向指導範圍的下限轉變？

In terms of top line, like you said, the higher proportion of rev share has a slight dampening effect on revenue, but the underlying business is performing very strong. And in particular, our media partnership business is stronger than expected.

就營收而言，正如您所說，較高的收益份額對收入有輕微的抑製作用，但基礎業務表現非常強勁。特別是，我們的媒體合作業務比預期更強勁。

And so you should have read in. If anything about the bottom of range from that, we're performing strongly. FX is also a little bit of a headwind. But again, we see a lot of strength, particularly in the media partnership business.

所以你應該讀過。如果有關於範圍底部的任何信息，我們的表現強勁。外匯也有一點阻力。但我們再次看到了很大的優勢，特別是在媒體合作業務方面。

Very good. Okay.

非常好。好的。

And we have reached the end of the question-and-answer session, and I'll now turn the call back over to Charles Gillespie for closing remarks.

我們的問答環節已經結束，現在我將把電話轉回給查爾斯·吉萊斯皮 (Charles Gillespie)，讓其致閉幕詞。

Thank you again to everyone for joining us today. We appreciate your support and interest in Gambling.com. We look forward to updating everyone again when we report our full-year 2023 results in March.

再次感謝大家今天加入我們。我們感謝您對 Gambling.com 的支持和興趣。我們期待在 3 月報告 2023 年全年業績時再次向大家通報最新情況。

And this concludes today's conference, and you may disconnect your line at this time. Thank you for your participation.

今天的會議到此結束，此時您可以掛斷電話了。感謝您的參與。

Thank you.

謝謝。