Gambling.com Group Ltd (GAMB) 2023 Q4 法說會逐字稿

Good morning, and hello, everyone, and welcome to Gambling.com Group's fourth-quarter and full-year 2023 results call. I am Peter McGough, Senior VP of Investor Relations. I am joined by Charles Gillespie, Gambling.com Group's Co-Founder and Chief Executive Officer; and Elias Mark, Chief Financial Officer.

早安，大家好，歡迎參加 Gambling.com 集團 2023 年第四季和全年業績電話會議。我是投資人關係資深副總裁彼得‧麥高夫。Gambling.com 集團聯合創始人兼執行長 Charles Gillespie 也加入了我的行列。埃利亞斯·馬克，財務長。

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.

本次電話會議正在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 consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involved 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. Some important factors that could cause such differences are discussed in the Risk Factors section of Gambling.com Group's filings with the Securities and Exchange Commission.

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可獲得的信息，涉及可能導致未來實際結果、業績和業務前景以及機會與這些陳述中明示或暗示的內容存在重大差異的風險和不確定性。Gambling.com Group 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。

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. 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 this morning. And reconciliations of these non-IFRS financial measures to their most directly comparable IFRS measures are included in the appendix to the presentation and press release, both of which are available in the Investors tab of our website.

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，除非有必要。根據適用的證券法。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。今天早上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，兩者均可在我們網站的「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, Pete. This time a year ago, I said that we had started 2023 with great momentum, and that I was confident we would be able to continue on our growth trajectory.

謝謝你，皮特。一年前的這個時候，我曾說過，我們以強勁的勢頭開啟了 2023 年，我相信我們能夠繼續保持成長軌跡。

As you can see from the results we reported this morning, our momentum from early 2023 continued at full speed into the end of the year. We reported a record fourth-quarter and record full-year 2023 results. While full-year revenue rose 42% year on year, revenue in Q4 grew 52% year on year. We increased full-year adjusted EBITDA by 53%. And we generated 71% more free cash flow than in 2022, all while continuing to invest in the business to drive growth in 2024 and beyond.

從我們今天早上報告的結果可以看出，我們從 2023 年初開始的勢頭一直全速持續到年底。我們公佈了創紀錄的第四季業績和創紀錄的 2023 年全年業績。雖然全年營收年增42%，但第四季營收年增52%。我們全年調整後 EBITDA 成長了 53%。我們的自由現金流比 2022 年增加了 71%，同時繼續投資業務以推動 2024 年及以後的成長。

Gambling.com Group is a founder-led business with a high-performance culture that operates according to clearly defined values. While our financial performance has been impressive and industry leading for years, it is our culture of execution which should excite our investors most. When we put our collective shoulder into something, we win. And there are a vast number of opportunities in our industry.

Gambling.com 集團是一家由創辦人領導的企業，擁有按照明確定義的價值觀運作的高績效文化。雖然我們的財務表現多年來一直令人印象深刻並處於行業領先地位，但最令投資者興奮的是我們的執行文化。當我們集體投入某件事時，我們就贏了。我們的行業有大量的機會。

We have built one of the largest performance marketing businesses in North America over the past four years, having taken revenue from $7 million in 2021 to over $60 million in 2023. While our two acquisitions in early 2022 help grow our presence in North America, the vast majority of our revenue in the region is produced by assets we have developed ourselves. Fundamentally, we built it in a capital-efficient way instead of buying our way into the market.

過去四年，我們建立了北美最大的效果行銷業務之一，收入從 2021 年的 700 萬美元增至 2023 年的 6,000 萬美元以上。雖然我們在 2022 年初的兩次收購有助於擴大我們在北美的業務，但我們在該地區的絕大多數收入都是由我們自己開發的資產產生的。從根本上說，我們以資本效率高的方式建造了它，而不是透過購買進入市場。

In North America revenue topped $20 million for the first time in Q4. Ohio, Massachusetts, and Kentucky launched in 2023, and we have previously discussed at length how these new state launches drive revenue growth. Excluding these three launches, our North American business grew more than 30% in 2023. I'm going to say that again to make sure nobody missed it. Our North American growth in 2023 was over 30%, even when you exclude the contribution from all of the year's new state launches.

北美第四季營收首次突破 2000 萬美元。俄亥俄州、麻薩諸塞州和肯塔基州於 2023 年推出，我們之前詳細討論過這些新州的推出如何推動營收成長。排除這三項發布，我們的北美業務在 2023 年成長了 30% 以上。我要再說一遍，以確保沒有人錯過它。即使排除今年所有新州發布的貢獻，我們在 2023 年的北美成長將超過 30%。

This growth is consistent with our previous comments about how online gamblers become more sophisticated as markets bed in after regulation is introduced. And is also consistent with our experience in all of the markets where we have a longer operating history.

這種成長與我們先前的評論一致，即隨著監管出台後市場的穩定，線上賭徒如何變得更加成熟。這也與我們在所有擁有較長經營歷史的市場中的經驗一致。

Total revenue growth in North America in 2023 was driven by three things: The three new state launches; by consumers opening more accounts per individual; and our accelerating media partnership initiatives which ramped faster than initially expected, demonstrating the efficacy of our performance marketing platform to drive new revenue for the owners of leading legacy media brands.

2023 年北美總收入成長由三件事驅動：三個新州的推出；消費者每人開立更多帳戶；我們加速媒體合作計畫的進展速度比最初預期的要快，這證明了我們的效果行銷平台在為領先的傳統媒體品牌所有者帶來新收入方面的功效。

We expect continued growth from North American region in 2024, driven by increases in market share and the addition of online sports betting in our home state of North Carolina, where we are off to a strong start following the markets launch on March 11. We expect NC will be one of the strongest sports betting markets in North America.

我們預計，在我們家鄉北卡羅來納州市場份額增加和線上體育博彩增加的推動下，北美地區將在 2024 年持續增長，自 3 月 11 日市場啟動以來，我們在北卡羅來納州取得了良好的開局。我們預計北卡羅來納州將成為北美最強大的體育博彩市場之一。

Our Co-Founder and COO, Kevin McCrystle and I started the business while at University in Chapel Hill. For us, the North Carolina launch is just the latest highlight of a journey around the world that started in North Carolina and has now brought us all the way back home.

我們的共同創辦人兼營運長 Kevin McCrystle 和我在教堂山大學就讀期間開始了這家公司。對我們來說，北卡羅來納州的發射只是我們從北卡羅來納州開始的環球之旅的最新亮點，現在已經帶我們一路回家了。

We are very well positioned with our portfolio of assets, especially with BetCarolina.com, to lead in driving new customers to online sportsbook operators across the state. Our new state launch playbook is well honed at this stage. And while NC holds a special place in our hearts, it is very much business as usual.

我們的資產組合（尤其是 BetCarolina.com）處於非常有利的地位，能夠引領全州線上運動博彩業者吸引新客戶。我們新的狀態發布劇本在這個階段已經得到了很好的磨練。雖然北卡羅來納州在我們心中佔有特殊的地位，但一切照舊。

Our growth in North America will be complemented by continued growth in our international markets, while revenues from the UK and Ireland were down modestly in Q4 compared to the year ago period. For the full year, these revenues rose 11%, which outpaced the overall market growth. Even considering the challenging comps we have for the first half of this year, we expect to achieve double-digit revenue growth in the UK and Ireland this year, once again outpacing the expected overall market growth. We also expect to achieve strong growth elsewhere in Europe and international markets where we have tactically invested in localized products for our leading brands for years.

我們在北美的成長將得到國際市場持續成長的補充，而第四季來自英國和愛爾蘭的營收與去年同期相比略有下降。全年這些收入成長了 11%，超過了整體市場成長。即使考慮到今年上半年我們面臨的挑戰，我們預計今年英國和愛爾蘭將實現兩位數的收入成長，再次超越預期的整體市場成長。我們也期望在歐洲其他地區和國際市場實現強勁成長，多年來我們在這些市場上為我們的領先品牌策略性地投資了在地化產品。

We have been building great consumer-facing products for over a decade. But behind all of the pretty websites is a purpose-built platform, where our team translates their culture of execution into real world processes which does give us a superior capacity to deliver with enhanced efficiency, speed, and quality.

十多年來，我們一直在打造面向消費者的優質產品。但所有漂亮網站的背後都是一個專門建造的平台，我們的團隊將他們的執行文化轉化為現實世界的流程，這確實使我們具有卓越的能力，以更高的效率、速度和品質交付。

I am delighted to announce the addition of some new assets into our portfolio today. We have signed a definitive agreement to acquire complementary assets in a highly accretive transaction, which gives us additional scale. With the addition of Freebets.com and its related European casino assets, we expect to be able to drive additional growth in the UK and Ireland and substantial growth in the rest of Europe. We look forward to welcoming our new team members who will join us in early April when the transaction closes.

我很高興今天宣佈在我們的投資組合中添加了一些新資產。我們已經簽署了一項最終協議，透過一項高度增值的交易收購補充資產，這使我們擴大了規模。隨著 Freebets.com 及其相關歐洲賭場資產的加入，我們預計將能夠推動英國和愛爾蘭的進一步成長以及歐洲其他地區的大幅成長。我們期待歡迎新的團隊成員，他們將在 4 月初交易完成時加入我們。

We expect the acquisition to be highly accretive to our adjusted EBITDA and free cash flow immediately upon closing. We are confident that over time, we will scale the revenue and cash flow-generating capabilities of the acquired assets as we put our operating excellence and technology platform to work just as we have done with our earlier acquisitions of BonusFinder and RotoWire.

我們預計此次收購將在交易完成後立即大幅增加我們調整後的 EBITDA 和自由現金流。我們相信，隨著時間的推移，我們將擴大所收購資產的收入和現金流產生能力，因為我們將卓越的營運和技術平台發揮作用，就像我們之前收購 BonusFinder 和 RotoWire 所做的那樣。

We are excited to hit the ground running on day one following the close at the beginning of April. And we are very confident that this investment will deliver a strong return on investment and create substantial shareholder value. This latest transaction is a perfect example of how we can use acquisitions to further leverage our performance marketing platform.

我們很高興能夠在四月初收盤後的第一天開始運作。我們非常有信心這項投資將帶來豐厚的投資回報並創造可觀的股東價值。這項最新交易是我們如何利用收購進一步利用我們的績效行銷平台的完美範例。

We also continue to evaluate other potential acquisitions for complementary return-focused opportunities that would allow us to bring additional value to both our B2B and B2C customers as well as to our shareholders. On the B2B side, this includes businesses that create marketing and advertising value for our online gambling operator clients in addition to performance marketing. And we see strong opportunities in B2C as consumers are more willing than ever to pay for premium content as evidenced by the accelerating growth of our RotoWire B2C subscription products as a result of recent product launches.

我們也將繼續評估其他潛在收購，尋找互補的、注重回報的機會，這些機會將使我們能夠為 B2B 和 B2C 客戶以及我們的股東帶來額外價值。在 B2B 方面，這包括除了績效行銷之外還為我們的線上賭博營運商客戶創造行銷和廣告價值的業務。我們在 B2C 領域看到了巨大的機遇，因為消費者比以往任何時候都更願意為優質內容付費，最近推出的產品導致 RotoWire B2C 訂閱產品的加速成長就證明了這一點。

Our expertise and excellence in performance marketing is the engine that has propelled us past $100 million in revenue. And we remain laser focused on continuing to fuel that growth engine while simultaneously evaluating opportunities to layer on new channels of accretive growth. We will continue to prudently and efficiently allocate capital to new growth opportunities in newly regulated markets like in Latin America, and two existing regulated markets where there is a clear case for attractive returns on invested capital.

我們在效果行銷方面的專業知識和卓越表現是推動我們營收突破 1 億美元的引擎。我們仍然專注於繼續推動成長引擎，同時評估新的增值成長管道的機會。我們將繼續審慎、有效率地將資本分配給拉丁美洲等新監理市場的新成長機會，以及兩個顯然有可觀投資回報的現有監管市場。

Our portfolio of big B2C gambling brands stands alone at the top of the industry, and we will continue to invest in all of them. Gambling.com, Casinos.com, Bookies.com, RotoWire.com, BonusFinder.com, and now, Freebets.com, to take full advantage of all of the opportunities available to them in this high-growth global industry.

我們的大型 B2C 博彩品牌組合在業界獨樹一幟，我們將繼續對所有這些品牌進行投資。Gambling.com、Casinos.com、Bookies.com、RotoWire.com、BonusFinder.com 以及現在的 Freebets.com，充分利用這個高速成長的全球產業中所提供的所有機會。

Our 2023 results speak for themselves, and I want to thank our entire team for another year of superb execution. The competitive spirit and grit of our team is really unique in our field. Despite our increasing size, I remain confident in our ability to continue to deliver the high-performance growth we are known for.

我們 2023 年的業績不言而喻，我要感謝我們整個團隊又一年的出色執行力。我們團隊的競爭精神和勇氣在我們的領域確實是獨一無二的。儘管我們的規模不斷擴大，但我仍然對我們繼續實現眾所周知的高性能成長的能力充滿信心。

I will now turn it over to Elias to discuss the financial figures in depth.

我現在將把它交給埃利亞斯來深入討論財務數據。

Thank you, Charles. As discussed, we saw a very strong finish to the year with all-time quarterly record revenue and record Q4 adjusted EBITDA. Full-year 2023 results were ahead of street consensus for both revenue and adjusted EBITDA, and significantly ahead of our initial guidance of $95 million and $34 million respectively at the midpoint.

謝謝你，查爾斯。正如所討論的，我們看到了今年非常強勁的業績，季度收入創歷史新高，第四季度調整後 EBITDA 創歷史新高。2023 年全年業績在收入和調整後 EBITDA 方面都領先於市場共識，並且大大高於我們最初的指導值中位數分別為 9,500 萬美元和 3,400 萬美元。

Q4 revenue of $32.5 million increased 52% compared to the prior year or 45% in constant currency. North America led the way with revenue growth of 103% to $20.3 million, driven largely by continued strong growth from our media partnership initiatives. Revenue benefited from the launch of sports betting in Kentucky in late September and the entry of ESPN back into the market in November.

第四季營收為 3,250 萬美元，較上年成長 52%，以固定匯率計算成長 45%。北美地區的營收成長 103%，達到 2,030 萬美元，一馬當先，這主要得益於我們媒體合作計畫的持續強勁成長。收入受益於 9 月底在肯塔基州推出體育博彩以及 ESPN 於 11 月重新進入市場。

New depositing customers in the quarter grew 95% compared to prior year to more than 159,000. NDC growth was faster than revenue growth as sports betting made up the highest percentage of our quarterly NDCs yet. Q4 cost of sales were $5.1 million, which as we have previously discussed, reflects the significant ramp in our media partnership revenue.

本季新增存款客戶較去年同期成長 95%，達到 159,000 餘名。NDC 成長快於營收成長，因為體育博彩在我們季度 NDC 中所佔比例最高。第四季的銷售成本為 510 萬美元，正如我們之前所討論的，這反映了我們媒體合作夥伴收入的大幅成長。

Total operating expenses were $19.3 million, down $1.8 million from the year-ago period. Fourth-quarter 2022 operating expense included $4.3 million of fair value movements on contingent consideration. Adjusted for this fair value movements, operating expenses grew 15% year over year, or 10% in constant currency even as revenue rose 52%, reflecting the operating leverage from our platform of technologies and brands.

總營運費用為 1,930 萬美元，比去年同期減少 180 萬美元。2022 年第四季營運費用包括因或有對價而產生的 430 萬美元公允價值變動。根據公允價值變動進行調整後，營運費用年增 15%，以固定匯率計算成長 10%，儘管收入成長了 52%，這反映了我們技術和品牌平台的營運槓桿。

Net income in the quarter adjusted for unwinding of deferred consideration was $6.8 million or $0.18 per diluted share compared to adjusted net income of $600,000 or $0.02 per diluted share in the prior year. Adjusted EBITDA rose 54% to $10.6 million compared to $6.9 million in the prior year. Adjusted EBITDA margin in the quarter was 32%.

因遞延對價的解除而調整後的本季淨利潤為 680 萬美元，即稀釋後每股 0.18 美元，而上一年調整後淨利潤為 600,000 美元，即稀釋後每股 0.02 美元。調整後 EBITDA 成長 54%，達到 1,060 萬美元，而前一年為 690 萬美元。本季調整後 EBITDA 利潤率為 32%。

We continued to invest in our portfolio in the fourth quarter with the purchase of some casino domains and websites for $6.4 million, which will enable us to accelerate growth for Casinos.com in our other Europe segment. We also tactically deployed cash to repurchase shares that we are confident represent excellent value to our shareholders.

我們在第四季度繼續投資於我們的投資組合，以 640 萬美元購買了一些賭場網域和網站，這將使我們能夠加速 Casinos.com 在歐洲其他部門的成長。我們也策略性地部署現金來回購股票，我們相信這些股票對我們的股東來說具有卓越的價值。

During the fourth quarter, we repurchased approximately 206,000 ordinary shares at an average price of $9.70 for total consideration of approximately $2 million. Cash as of December 31, totaled $25.4 million, a $1.5 million quarter-on-quarter decrease as strong operating cash flow of $6.9 million was offset by the capital expenditures and share buybacks in the fourth quarter.

第四季度，我們以平均價格 9.70 美元回購了約 206,000 股普通股，總代價約為 200 萬美元。截至 12 月 31 日，現金總額為 2,540 萬美元，季減 150 萬美元，原因是 690 萬美元的強勁營運現金流被第四季的資本支出和股票回購所抵銷。

Turning to the financial results for the full year, revenue grew 42% or 38% in constant currency to $108.7 million. Adjusted net income was $26.3 million, and adjusted earnings per diluted share was $0.68 compared to $0.37 in 2022. Adjusted EBITDA increased by 53% to $36.7 million, reflecting an adjusted EBITDA margin of 34%. Free cash flow grew 71% to $16.2 million. 2023 free cash flow includes $9.2 million in CapEx compared to $9.3 million 2022.

談到全年財務業績，營收成長了 42%，以固定匯率計算成長了 38%，達到 1.087 億美元。調整後淨利為 2,630 萬美元，調整後稀釋每股收益為 0.68 美元，而 2022 年為 0.37 美元。調整後 EBITDA 成長 53%，達到 3,670 萬美元，調整後 EBITDA 利潤率為 34%。自由現金流成長 71% 至 1,620 萬美元。 2023 年自由現金流包括 920 萬美元的資本支出，而 2022 年為 930 萬美元。

We keep prudently investing in our products and technologies with a firm focus on return of investments, although we have significantly eased the pace of our hiring. We remain able to entirely fund our organic growth initiatives solely from operating cash flow while also continuing to generate significant positive free cash flow. This flexibility enables us to be opportunistic and pursue acquisitions and share buybacks to enhance shareholder value.

儘管我們大幅放慢了招募速度，但我們仍然謹慎地投資我們的產品和技術，堅定地專注於投資回報。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，同時也繼續產生大量的正自由現金流。這種靈活性使我們能夠抓住機會，進行收購和股票回購，以提高股東價值。

Our recently announced $50 million credit facility with Wells Fargo gives us additional liquidity and financial flexibility. We continue to see strong consumer demand to sign up for new player accounts and operator demand for performance marketing services. We expect to drive organic growth across all our geographical segments in 2024, including in North America, despite starting with a higher base of revenue than ever, and with only one new state launch versus three in 2023. This will be complemented by incremental contribution from the acquisition of Freebets.com and related assets announced today and expected to close in the beginning of April.

我們最近宣布與富國銀行合作提供 5000 萬美元的信貸額度，為我們提供了額外的流動性和財務靈活性。我們繼續看到消費者對註冊新玩家帳戶的強勁需求以及營運商對效果行銷服務的需求。我們預計到 2024 年將推動包括北美在內的所有地區的有機成長，儘管一開始的收入基礎比以往任何時候都高，而且只有一個新州推出，而 2023 年將推出三個州。今天宣布的收購 Freebets.com 及相關資產的增量貢獻將對此予以補充，預計將於 4 月初完成。

This morning, we introduced our 2024 guidance for revenue in the range of $129 million to $133 million with the midpoint representing growth of 21% over 2023. And adjusted EBITDA of between $44 million and $48 million with the midpoint representing growth of 25% over 2023. The guidance assumes an average euro to USD exchange rate of 1.09 throughout 2024. It also assumes no additional US state launches beyond the recent launch in North Carolina.

今天早上，我們介紹了 2024 年收入指引，預計在 1.29 億美元至 1.33 億美元之間，中位數較 2023 年增長 21%。調整後的 EBITDA 介於 4,400 萬美元至 4,800 萬美元之間，中位數較 2023 年增長 25%。該指引假設 2024 年歐元兌美元平均匯率為 1.09。它還假設除了最近在北卡羅來納州的發射之外，美國不會再有其他州的發射。

We expect cost of sales related to our media partnerships to be approximately $10 million, with the distribution falling primarily in the first, third, and fourth quarter in alignment with sports seasonality. The guidance includes expected revenue from the acquisition of Freebets.com and related assets of approximately $10 million, and incremental adjusted EBITDA of approximately $5 million for the nine-months period from April to December. Our guidance does not include contributions from any other acquisitions.

我們預計與我們的媒體合作夥伴關係相關的銷售成本約為 1000 萬美元，分配主要在第一、第三和第四季隨體育季節性而下降。該指引包括預計收購 Freebets.com 及相關資產帶來的收入約為 1,000 萬美元，以及 4 月至 12 月 9 個月期間增量調整後的 EBITDA 約為 500 萬美元。我們的指導不包括任何其他收購的貢獻。

With that, I will turn back to Charles.

說到這裡，我將回到查爾斯。

Thank you, Elias. We are delighted to announce all the positive news today, including our record fourth-quarter and full-year results, a highly accretive acquisition, and guidance for the full year which will -- which continues our high-growth trajectory. We are tracking toward a strong Q1 that will show year-on-year growth and set us up to deliver on our full-year guidance, all while taking incremental market share from our peers.

謝謝你，埃利亞斯。我們很高興今天宣布所有積極消息，包括創紀錄的第四季度和全年業績、一項高度增值的收購，以及全年的指導，這將繼續我們的高成長軌跡。我們正在朝著強勁的第一季邁進，這將顯示出同比增長，並使我們能夠實現全年指導，同時從同行那裡獲得增量市場份額。

Operator, please open up the line for questions.

接線員，請開通提問線。

(Operator Instructions) Jeff Stantial, Stifel.

（操作員說明）Jeff Stantial，Stifel。

Hey. Good morning, Charles, Elias. Thanks for taking our questions. Maybe starting off here on the Freebets acquisition. Seems like a logical fit your historical strategy here with M&A. But Charles, could you just expand a bit more on where you see the asset as being perhaps under monetized previously? Or in other words, where there's the most opportunity to plug it into your systems and yield it up?

嘿。早上好，查爾斯，埃利亞斯。感謝您回答我們的問題。或許可以從收購 Freebets 開始。併購似乎符合您的歷史策略。但是查爾斯，您能否進一步闡述您認為該資產之前可能貨幣化不足的地方？或者換句話說，哪裡最有機會將其插入您的系統並釋放它？

As a follow up, to the extent you could give us a sense for where do you think that $5 million of incremental nine-month adjusted EBITDA could ultimately go longer term? That would help as well. Thanks.

作為後續行動，您能否讓我們了解您認為 500 萬美元的 9 個月調整後 EBITDA 增量最終會走向長期？這也會有幫助。謝謝。

Sure. Hey, Jeff. The -- there's a lot of potential. It's all the things, right? So it's slightly better deals. It's better conversion rates. It's more traffic. It’s higher quality traffic. It's faster websites. It's incremental improvements across every single point in the conversion funnel, and that's what we are great at.

當然。嘿，傑夫。- 有很大的潛力。這就是所有的事情，對吧？所以優惠稍微好一點。轉換率更好。流量比較多了這是更高品質的流量。這是更快的網站。它是轉換管道中每個點的漸進式改進，而這正是我們所擅長的。

So very confident that we can narrow the focus on those assets and drive growth. And as you have correctly surmised, we do expect 2025 contribution from these assets to be quite substantially better than what we have indicated for the first nine months of the acquisition.

我們非常有信心能夠縮小對這些資產的關注範圍並推動成長。正如您所猜測的那樣，我們確實預計 2025 年這些資產的貢獻將大大好於我們在收購的前 9 個月中所表明的水平。

Great. That's really helpful. Thank you, Charles. And then, turning to full year ‘24 guidance, the midpoint implies about 35% adjusted EBITDA margins. Elias, I think last quarter, if I recall, you talked to us, a structural 35% to 40% margin profile for the business fluctuating by quarter.

偉大的。這真的很有幫助。謝謝你，查爾斯。然後，轉向全年 24 小時指引，中點意味著調整後 EBITDA 利潤率約為 35%。Elias，我想上個季度，如果我沒記錯的話，您與我們交談過，業務的結構性利潤率為 35% 至 40%，按季度波動。

Is the decision to guide to the low end of this range mostly just conservatism? Are you seeing more mix shift to media partnerships than perhaps you previously anticipated? Just how should we think about some of the puts and takes here for that margin guidance relative to the prior 35% to 40% long-term range? Thanks.

引導至該區間低端的決定是否大多只是保守主義？您是否看到比您之前預期的更多的混合轉向媒體合作夥伴關係？相對於之前 35% 至 40% 的長期範圍，我們應該如何考慮這裡的一些看跌期權和賣出期權？謝謝。

Yeah. The 35% to 40%, you can think of that as more of a long-term goal. 2024 is very near term. And the guidance, as you well know, assumes no further M&A, no additional US state launches. We could easily be in a situation before the end of the year where we see one or more of those opportunities come into focus. And then, naturally, we would probably see that ticking up.

是的。35% 到 40%，你可以將其視為一個長期目標。 2024 年已經很近了。如您所知，該指導意見假設沒有進一步的併購，也沒有美國各州的額外啟動。在今年年底之前，我們很可能會遇到這樣一種情況：我們會看到其中一個或多個機會成為焦點。然後，很自然地，我們可能會看到這種情況增加。

Perfect. Very helpful. Thanks. I'll pass it on.

完美的。很有幫助。謝謝。我會把它傳遞下去。

Ryan Sigdahl, Craig-Hallum Capital Group.

瑞安‧西格達爾 (Ryan Sigdahl)，克雷格-哈勒姆資本集團。

Hey. Good morning, guys. I want to start in North America or the US. Some of your competitors I guess have noted lower CPA rates, more competition. To that tune, we've seen losing traffic, losing authority for those same domains. So I guess the exact opposite seems to be happening for Gambling.com. So I guess how important when you think about CPA negotiations with your customers and sportsbooks and operators is authority and traffic and that share gains you guys are seeing?

嘿。早上好傢伙。我想從北美或美國開始。我猜你的一些競爭對手已經注意到每次轉換費用較低，競爭更加激烈。就這種情況而言，我們已經看到了流量的流失，以及這些領域的權威的流失。所以我猜 Gambling.com 的情況似乎恰恰相反。所以我想當你考慮與你的客戶、體育博彩和運營商進行 CPA 談判時，權威和流量以及你們所看到的分享收益有多重要？

Yeah. Hey, Ryan. Look, I think it's important to compare like for like here. There is -- we sell a lot of different types of traffic and different markets, different cohorts. Some of it goes into a special situations bucket. So if you look at the launch of ESPN BET, enormous consumer demand for that, and quite different to what we have seen with new state launches.

是的。嘿，瑞安。聽著，我認為在這裡進行同類比較很重要。我們出售許多不同類型的流量、不同的市場、不同的群體。其中一些屬於特殊情況。因此，如果你看看 ESPN BET 的推出，你會發現消費者對此有巨大的需求，這與我們在新州推出時看到的情況截然不同。

In new state launch, you got a bunch of different operators all launching in the same state at the same time. ESPN BET was the opposite, it was one operator launching in multiple states at the same time. So from our perspective and theirs, it's not as -- it's not quite as competitive of a situation as a new state launch and there's huge amount of consumer demand.

在新狀態啟動時，一堆不同的操作員同時在同一狀態下啟動。ESPN BET 則相反，它是一家運營商同時在多個州推出的服務。因此，從我們和他們的角度來看，這並不像新州推出那樣競爭激烈，而且消費者需求巨大。

So we were able to drive fairly spectacular numbers of NDCs with ESPN BET in Q4. And naturally, it's only fair and reasonable that they would not pay the same full-market rate, if you will, for a competitive situation with lots of operators contesting the same players. A lot of those players we're looking for ESPN BET specifically.

因此，我們在第四季度透過 ESPN BET 推動了相當數量的 NDC。當然，如果你願意的話，他們不會支付相同的全市場費率，這是公平合理的，因為有許多運營商與相同的參與者競爭。我們正在專門尋找 ESPN BET 中的許多球員。

You can also talk about the Super Bowl here. The Super Bowl is similar to what we see in the UK with the Grand National horse race. Some of these -- a lot of these people that sign up for sports looks around the Super Bowl or around the Grand National horse racing. They bet -- they sign up and they bet once a year. So it's just not the most valuable cohorts.

您還可以在這裡談論超級碗。超級盃類似於我們在英國看到的全國賽馬比賽。其中一些——許多報名參加體育賽事的人都在關注超級盃或全國賽馬比賽。他們下注——他們註冊並每年下註一次。所以這並不是最有價值的群體。

And we effectively operate with a dynamic pricing model. So we're not going to try to sell traffic to our clients. It’s for prices that’s located against the value. And we are constantly having these discussions with them. And when you have these special situations, yeah, the CPR rates can be different. But I wouldn't confuse that with any change in overall pricing power for across the whole market, across situations where it's more competitive and the player value is known to be high. And that bread-and-butter situation for us, the CPA rates haven't meaningfully changed.

我們採用動態定價模型進行有效營運。因此，我們不會嘗試向客戶出售流量。它的價格是根據價值來決定的。我們不斷與他們進行這些討論。是的，當你遇到這些特殊情況時，心肺復甦率可能會有所不同。但我不會將其與整個市場整體定價能力的任何變化混淆，在競爭更激烈且已知玩家價值較高的情況下。對我們來說，註冊會計師費率並沒有發生有意義的變化。

Very helpful. For my follow up, you mentioned you expect double-digit revenue growth in the UK and Ireland this year. Is that organic or is that inclusive of the Freebets acquisition?

很有幫助。在我的後續行動中，您提到今年英國和愛爾蘭的收入預計將達到兩位數成長。這是有機的還是包含在 Freebets 收購中？

That would include a small contribution from the recent acquisitions.

這將包括最近收購的一小部分貢獻。

Got you. Thanks, guys. Good luck.

明白你了。多謝你們。祝你好運。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey, guys. I wanted to start with a revenue share. In the past, I think you may alluded to maybe the percentage in the US possibly increasing over time. Any new thoughts there? Any new discussions with operators in North America? Thank you.

大家好。我想從收入分成開始。過去，我想您可能會提到美國的這一比例可能會隨著時間的推移而增加。有什麼新的想法嗎？與北美業者有新的討論嗎？謝謝。

Hey, Barry. So when we spoke about this previously, we merely wanted to indicate the direction of travel, not that there was a significant shift afoot. I think from some of those comments might have been over interpreted. If you look at our portion of rev share in North America, it’s virtually unchanged. I mean, the change is very small when you look quarter to quarter last year.

嘿，巴里。因此，當我們之前談到這一點時，我們只是想指出前進的方向，而不是說正在發生重大轉變。我認為其中一些評論可能被過度解讀了。如果你看看我們在北美的收益份額，你會發現它幾乎沒有變化。我的意思是，當你觀察去年每季的情況時，變化非常小。

And when you look in Q4 specifically, we had such a special situation with ESPN BET really driving growth on a CPA basis, that the portion of revenue share actually fell substantially. But that's not indicative of the future run rate, that was specific to Q4. So it's just not a meaningful change.

當你具體看第四季度時，我們遇到了這樣一個特殊的情況，ESPN BET 確實推動了每次轉換費用的成長，營收份額的部分實際上大幅下降。但這並不代表未來的運行率，這是特定於第四季的。所以這並不是一個有意義的改變。

Perfect. That's helpful. Thanks for that. And then, just as a follow up, I think fantasy is a part of the business that's talked about less, but curious if you could talk about how meaningful it is for you guys? And are there risks with increasing scrutiny in some states towards fantasy? Thanks.

完美的。這很有幫助。感謝那。然後，作為後續行動，我認為奇幻是業務中談論較少的一部分，但很好奇您能否談談它對您來說有多有意義？一些州對幻想加強審查是否有風險？謝謝。

Yeah. There's lots of different types of fantasy. RotoWire has a season-long fantasy products. I imagine you're talking about these player-prop type fantasy sites. It's extremely small portion of our business. It's not a meaningful driver of revenue. It is an interesting area.

是的。幻想有很多種。RotoWire 擁有長達一季的奇幻產品。我想您正在談論這些玩家道具類型的幻想網站。這只是我們業務的一小部分。這並不是一個有意義的收入驅動因素。這是一個有趣的領域。

And some of the recent product launches on RotoWire have been designed to cater to that audience. And those products, as we mentioned on the call, are growing very healthily. So it's an area of opportunity for us where we could do more in the future, but it's not a meaningful driver of revenue today.

RotoWire 最近推出的一些產品就是為了迎合這些受眾而設計的。正如我們在電話會議中提到的，這些產品正在非常健康地成長。因此，這對我們來說是一個機會領域，我們可以在未來做得更多，但目前它並不是一個有意義的收入驅動因素。

Great. Thanks so much.

偉大的。非常感謝。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Hi, this is Sam on for Chad. Thank you for taking our questions. I just wanted to ask about Brazil. What are your plans for that market? Is that a market you want to lean into pretty heavy once it's regulated? Any color on strategy and expectations would be great.

大家好，我是查德的山姆。感謝您接受我們的提問。我只是想問一下巴西的情況。您對該市場有何規劃？一旦這個市場受到監管，您是否會想大力投入？策略和期望上的任何顏色都會很棒。

Yes. It's a very exciting market. We're delighted that the regulation is now more or less finalized, and that they did online casino in addition to sports betting. We have a Brazilian version of Gambling.com. We will no doubt do something with Casinos.com as well in time.

是的。這是一個非常令人興奮的市場。我們很高興該法規現已或多或少最終確定，除了體育博彩之外，他們還開展線上賭場業務。我們有巴西版的 Gambling.com。毫無疑問，我們也會及時與 Casinos.com 合作。

We are not going all in on the first round like some of our peers are. We consider Brazil very similar to the average non-US market, if you will, where the first mover advantage is not particularly significant. So we'd like to see a few things settle in terms of how the market develops before we push it harder. But it certainly has the potential to be another growth driver for the business.

我們不會像一些同行那樣在第一輪就全力以赴。如果你願意的話，我們認為巴西與一般的非美國市場非常相似，先發優勢並不是特別顯著。因此，在我們加強推動市場發展之前，我們希望看到市場發展的一些事情得到解決。但它肯定有潛力成為該業務的另一個成長動力。

On an M&A front, we would consider opportunities in Brazil. But again, we have an organic strategy for Brazil with our existing branded assets. So there's no pressure for us to do a deal in Brazil. It's -- but we're here to be opportunistic if the right thing pops up.

在併購方面，我們會考慮巴西的機會。但同樣，我們利用現有的品牌資產為巴西製定了有機策略。所以我們沒有壓力在巴西達成協議。是的，但如果出現正確的事情，我們會抓住機會。

Awesome. Thanks. And then, as a follow up, maybe back in the US, what are you guys hearing in terms of gaming legislation? There’s lots of talk around Maryland, New York, or Alberta. Just any color on the impact to your business in the coming years?

驚人的。謝謝。然後，作為後續行動，也許回到美國，你們在遊戲立法上聽到了什麼？馬裡蘭州、紐約州或艾伯塔省有很多討論。未來幾年對您的業務有何影響？

Yeah. I mean, any -- the addition of any iGaming state will be massive for us. If you look at the handful of iGaming states which are live now, they produce, broadly speaking, about the same amount of revenue as all the sports betting states.

是的。我的意思是，任何 - 任何 iGaming 狀態的增加對我們來說都是巨大的。如果你看看現在存在的少數幾個線上博彩州，從廣義上講，它們產生的收入與所有體育博彩州的收入大致相同。

I think the presidential election this year is a little bit of a headwind for iGaming. iGaming, obviously is a more challenging political sail than sports betting. So I think a lot of these iGaming initiatives will start to fly in 2025.

我認為今年的總統選舉對 iGaming 來說有點不利。網路博彩顯然是比體育博彩更具挑戰性的政治航行。因此，我認為許多 iGaming 措施將在 2025 年開始實施。

And on the sports betting side this year, Georgia and Missouri are the two that we have our eye on. They -- things could come together and it is possible that you have an additional state launch this year, although we're certainly not planning on that at this stage.

在今年的體育博彩方面，喬治亞州和密蘇裡州是我們關注的兩個州。他們——事情可能會結合在一起，今年可能會有額外的州發射，儘管我們現階段肯定沒有計劃這樣做。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks very much. I wanted to, Charles, I guess maybe backtrack to your comment during the prepared remarks around 30% growth in North America. Could you give us a sense, I guess, if it's possible of maybe, inclusive of North Carolina, inclusive of ongoing increases in penetration, where do you think that rate lands in 2024?

非常感謝。我想，查爾斯，我想也許可以回到你在準備好的演講中關於北美增長 30% 的評論。我想，如果可能的話，包括北卡羅來納州，包括滲透率的持續增長，您認為 2024 年該比率會達到什麼水平？

Well, that 30% figure, that was -- it was calculated in a very simple way where we just excluded all the new state revenue from 2023 in the calculation. You can do a more intricate analysis of the same state sales and more like-for-like analysis and the figure is substantially higher than 30%.

嗯，這個 30% 的數字是用一種非常簡單的方式計算的，我們只是在計算中排除了 2023 年所有新的國家收入。您可以對同一州的銷售額進行更複雜的分析以及更類似的分析，該數字遠高於 30%。

If you look at North America as a whole this year with only one new state launch comparison to three new state launches last year, growth will obviously moderate for the entire sector, but we still expect to see growth in North America. And if you were to take out the effect of North Carolina, it's just one state, so it's not going to make a massive difference overall in the full-year North American results.

如果你把北美作為一個整體來看，今年只有一個新州推出，而去年有三個新州推出，整個產業的成長顯然會放緩，但我們仍然預期北美會出現成長。如果剔除北卡羅來納州的影響，它只是一個州，因此不會對北美全年業績產生巨大影響。

Okay. That's helpful. And maybe, I guess, just a derivative question as we think about, I guess, the mix of revenue for 2024 in total. Should we think about more of the business continuing to be -- this media partnerships business that you guys have been building has been growing very nicely as you guys noted in the release. Is that expected to continue? Or did we see an inflection point maybe in 4Q and that rate of revenues?

好的。這很有幫助。我想，也許這只是我們思考 2024 年總收入組合時的一個衍生問題。我們是否應該考慮繼續開展更多業務——正如你們在新聞稿中指出的那樣，你們一直在建立的媒體合作夥伴業務成長得非常好。預計這種情況會持續下去嗎？或者我們在第四季度看到了拐點以及收入率？

I guess if you guys would be willing to quantify it, it would be helpful. I guess in absence of the filing, does that persist throughout 24? Thank you, guys.

我想如果你們願意量化它，那將會很有幫助。我想如果沒有備案，這種情況會持續整個 24 小時嗎？感謝你們。

Yes. Due to the quite quick launch of ESPN BET, a lot of that value was captured by our media partners. So the media partnership proportion in Q4 would be meaningfully higher than where we would expect to see it on a normal run rate basis. So that's -- I wouldn't look to Q4 to inform you for a full-year 2024. It will be a good hit list, but I think we're estimating about 15% of revenue in 2024 to come from media partnerships.

是的。由於 ESPN BET 的推出相當快，我們的媒體合作夥伴獲得了許多價值。因此，第四季度的媒體合作夥伴比例將明顯高於我們在正常運作率基礎上的預期。所以，我不會透過第四季來通知您 2024 年全年的情況。這將是一個不錯的熱門清單，但我認為我們估計 2024 年約 15% 的收入將來自媒體合作夥伴關係。

Thank you again.

再次感謝你。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議轉回管理階層進行閉幕致詞。

Thanks, everybody, for joining us today. It's been a pleasure to share all this positive news with you, and we look forward to catching up in May when we will share our Q1 results.

謝謝大家今天加入我們。很高興與您分享所有這些積極消息，我們期待在五月分享我們第一季的業績。