Gambling.com Group Ltd (GAMB) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Gambling.com Group's first quarter 2024 earnings conference call.

您好，歡迎參加 Gambling.com 集團 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Peter McGough, Senior Vice President of Investor Relations and Capital Markets. Thank you, sir. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係和資本市場高級副總裁 Peter McGough。謝謝你，先生。你可以開始了。

Hello, everyone, and welcome to the Gambling.com Group's first quarter 2024 results call. I am Peter McGough, Senior VP of Investor Relations and Capital Markets. I'm joined by Charles Gillespie, Gambling.com Group's Co-Founder and Chief Executive Officer; and Elias Mark, Chief Financial Officer.

大家好，歡迎參加 Gambling.com 集團 2024 年第一季業績電話會議。我是投資者關係與資本市場資深副總裁 Peter McGough。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 involve risks and uncertainties that could cause actual future events, 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掌握的信息，涉及風險和不確定性，可能導致實際的未來事件、業績和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。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.

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，除非適用證券法的要求。

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 the 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.

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。這些非國際財務報告準則財務指標的描述包含在今天早上早些時候發布的新聞稿中，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。

I'll now turn the call over to Charles.

我現在將電話轉給查爾斯。

Good morning, and thank you for joining us. We are off to a great start in 2024 with year-on-year growth across every region. But before we get into the results, I'd like to begin by thanking Mark Blandford for over 15 years of distinguished service on our Board of Directors. With Mark's support, we have grown this business from a small start-up in 2008 to one of the leading companies in our space. Mark's mentorship and insight over the years has played an instrumental role in the development of the company, and I have no doubt he will remain just as strong of a supporter in his retirement.

早安，感謝您加入我們。2024 年，我們迎來了一個良好的開端，每個地區都實現了同比增長。但在我們討論結果之前，我首先要感謝 Mark Blandford 在我們董事會超過 15 年的傑出服務。在 Mark 的支持下，我們已將這項業務從 2008 年的一家小型新創公司發展成為該領域的領先公司之一。馬克多年來的指導和洞察力對公司的發展發揮了重要作用，我毫不懷疑他在退休後仍將是公司的堅定支持者。

Now on to the results. Robust revenue performance around the world led us to record Q1 revenue and very strong adjusted EBITDA and free cash flow metrics, which exceeded consensus estimates across the board. While we have been phenomenally successful in North America in recent years, these results are a reminder that we operate a global high-growth business with multiple profit centers around the world.

現在來看結果。全球強勁的營收表現使我們第一季營收創下歷史新高，調整後的 EBITDA 和自由現金流指標也非常強勁，全面超越了共識預期。雖然我們近年來在北美取得了驚人的成功，但這些結果提醒我們，我們經營的是一家全球性的高成長業務，在世界各地擁有多個利潤中心。

We have built and continue to expand a business that is positioned to consistently monetize many global growth opportunities that exist today in the online gambling industry. A strong foundation centered on a branded, highly effective global website portfolio, including the recent addition of FreeBets.com, along with our best-in-class technology stack, sets the company up for long-term growth.

我們已經建立並繼續擴大業務，旨在持續利用當今線上博彩行業存在的許多全球成長機會。以品牌、高效的全球網站組合為中心的堅實基礎，包括最近添加的 FreeBets.com，以及我們一流的技術堆疊，為公司的長期成長奠定了基礎。

And as new international markets continue to be regulated, new states approve online sports betting and iGaming becomes a bigger part of the online betting ecosystem in the US, our growth opportunities will only continue to expand, just as they have done for the past 18 years.

隨著新的國際市場繼續受到監管、新的州批准線上體育博彩以及 iGaming 成為美國線上博彩生態系統的重要組成部分，我們的成長機會只會繼續擴大，就像過去 18 年所做的那樣。

At the same time, we will further extend our successful track record of execution to capitalize on the secular growth opportunities and continue to do so in a highly capital efficient manner, ultimately driving substantial increases to cash flow.

同時，我們將進一步擴大我們的成功執行記錄，以利用長期成長機會，並繼續以高度資本效率的方式這樣做，最終推動現金流的大幅增加。

Last year, we exceeded $100 million in revenue for the first time. While we have seen many milestones on our journey, this was the most tangible evidence yet of our growing scale. When I look forward, it is clear what the next major milestone will be, $100 million in adjusted EBITDA. This is the logical next step for the company to drive towards as we continue to execute on all of the organic growth opportunities we have and layer on additional accretive acquisitions which will expand our footprint within the online gambling ecosystem.

去年，我們的營收首次突破 1 億美元。雖然我們在旅程中看到了許多里程碑，但這是迄今為止我們規模不斷擴大的最實際證據。展望未來，我很清楚下一個重要里程碑是什麼，調整後 EBITDA 為 1 億美元。這是公司下一步的邏輯目標，因為我們將繼續利用我們擁有的所有有機成長機會，並進行額外的增值收購，從而擴大我們在線上博彩生態系統中的足跡。

Being at the center of two very important long-term trends will help us hit this next milestone. Gambling is digitizing. The revenue of online gambling has exceeded the revenue of land-based gambling in many markets throughout the world, where it has been regulated for some time. In certain cases, online gambling is over 90% of the total gambling market.

處於兩個非常重要的長期趨勢的中心將幫助我們實現下一個里程碑。賭博正在數位化。在全球許多市場上，線上賭博的收入已經超過了實體賭博的收入，而這些市場已經對線上賭博進行了一段時間的監管。在某些情況下，線上賭博佔整個賭博市場的 90% 以上。

This trend for iGaming still has a very long way to go in the US, the world's largest casino market, where the percentage in 2023 was only 10%. The second key long-term trend is the ongoing digital revolution in advertising, whereas marketers were previously blind, now they can see, due to the clean and clear attribution available from all digital channels. Gambling.com Group sits at the intersection of both of these clear, long-term trends with our technology platform and portfolio of assets. But at the center of that portfolio is a core of indomitable brands like Gambling.com RotoWire.com and Bookies.com, unique assets which will forever be at the heart of online gambling.

在全球最大的賭場市場美國，iGaming 的趨勢還有很長的路要走，2023 年這一比例僅為 10%。第二個關鍵的長期趨勢是廣告領域正在進行的數位革命，而行銷人員以前是盲目的，現在他們可以看到，因為所有數位管道都提供清晰明了的歸因。Gambling.com 集團憑藉我們的技術平台和資產組合，處於這兩個明確的長期趨勢的交匯點。但該產品組合的核心是 Gambling.com、RotoWire.com 和 Bookies.com 等頑強品牌的核心，這些獨特的資產將永遠成為線上賭博的核心。

All of us at Gambling.com Group are excited to be on this journey and eager to capitalize on these opportunities. There have been some significant shifts in the digital landscape over the past 10 days, which are having an effect on every corner of the Internet. Over the past several years, large websites with strong reputations, like newspapers, have increasingly pivoted to performance marketing to drive revenue from commercial content, like coupon codes, credit card offers and sports betting.

Gambling.com 集團的所有人都對踏上這趟旅程感到興奮，並渴望利用這些機會。過去 10 天，數位格局發生了一些重大變化，這些變化正在影響網路的每個角落。在過去的幾年裡，報紙等享有盛譽的大型網站越來越多地轉向績效行銷，以提高優惠券代碼、信用卡優惠和體育博彩等商業內容的收入。

Given their strong reputations and attention to content quality, they have succeeded in ranking competitively in Google's results for these commercial terms and created new lines of revenue for themselves. This has been a boom for these legacy media organizations, which have been searching for ways to improve their digital monetization. In many cases, these websites have partnered with industry specialists in each vertical to improve the quality of the content and maximize the business potential of these efforts. This is exactly what we have done with McClatchy, The Independent, and Gannett.

鑑於他們的良好聲譽和對內容品質的重視，他們成功地在谷歌的這些商業條款結果中獲得了有競爭力的排名，並為自己創造了新的收入來源。對於這些傳統媒體組織來說，這是一個繁榮，它們一直在尋找提高數位貨幣化的方法。在許多情況下，這些網站與各個垂直領域的行業專家合作，以提高內容品質並最大限度地發揮這些努力的商業潛力。這正是我們對麥克拉奇、《獨立報》和甘尼特所做的事。

As with everything online, there are also examples of abuse. The most egregious abuses of a site's reputation occur when hackers gain unauthorized access to a website and put up individual pages targeting commercial content that are poor quality and stick out like a sore thumb. There are also many shades of gray between this sort of obvious abuse and the relevant and accurate commercial content that powers many of these legacy media organizations.

與網路上的一切一樣，也存在濫用的例子。當駭客未經授權訪問網站並建立針對品質低劣且引人注目的商業內容的單獨頁面時，就會發生對網站聲譽的最嚴重的濫用。這種明顯的濫用行為與為許多傳統媒體組織提供動力的相關且準確的商業內容之間也存在許多灰色地帶。

Google has been working to reduce the prevalence of these instances of severe abuse. For many months, Google's human reviewers have been internally flagging content, which they perceives to be violating their policies, what they refer to as site reputation abuse.

Google 一直在努力減少這些嚴重濫用行為的發生率。幾個月來，Google的人工審核員一直在內部標記他們認為違反其政策的內容，他們稱之為網站聲譽濫用。

On May 5, Google activated the new policy publicly informing Webmasters that certain content may violate the policy and demoting such content in Google's search results. The amounts of content that has fallen within the parameter of Google's new policy is greater than anyone would have expected, whether that content was created by the legacy media organization entirely on their own or with the help of a specialist partner. This is not a typical update to Google's algorithms, but rather a global policy shift, which affects all industries, not just online gambling.

5月5日，Google啟動了新政策，公開通知網站管理員某些內容可能違反該政策，並在Google的搜尋結果中降級此類內容。谷歌新政策範圍內的內容數量超出了任何人的預期，無論這些內容是由傳統媒體組織完全自行創建還是在專業合作夥伴的幫助下創建的。這不是Google演算法的典型更新，而是全球政策的轉變，它影響到所有行業，而不僅僅是線上賭博。

Google has effectively moved the goalpost on what they deem to be acceptable locations for particular types of commercial content. Virtually all media partnerships, including the ones in the online gambling industry and our own, have been affected. We remain committed to our media partners as they organize to make a concerted effort to push back on what they perceive to be an overly broad implementation of this new policy. After all, newspapers were making money off of coupons long before the Internet ever existed.

谷歌實際上已經將目標轉移到了他們認為可接受的特定類型商業內容的位置。幾乎所有媒體合作夥伴關係，包括線上賭博行業和我們自己的媒體合作夥伴關係，都受到了影響。我們仍然致力於支持我們的媒體合作夥伴，因為他們組織起來，共同努力，抵制他們認為過於廣泛的新政策的實施。畢竟，早在網路出現之前，報紙就已經透過優惠券賺錢了。

For the avoidance of doubt, our owned and operated sites are unaffected and will benefit from less competition in the search engine results pages from legacy media websites. We do expect to receive more traffic directly to our own specialist brands like Gambling.com, RotoWire.com and Bookies.com, and we can already see signs of this shift.

為避免疑義，我們擁有和經營的網站不受影響，並將受益於傳統媒體網站搜尋引擎結果頁面競爭的減少。我們確實希望直接獲得更多流量到我們自己的專業品牌，如 Gambling.com、RotoWire.com 和 Bookies.com，而且我們已經看到了這種轉變的跡象。

With a higher proportion of traffic flowing directly to our owned and operated assets and lower feeds to payout to our media partners, net effect on EBITDA of these changes will be limited. Revenue, however, will be directly affected. The strength of our owned and operated assets and the resiliency of our business enable us to continue to expect healthy year-on-year growth in adjusted EBITDA despite this major and unexpected shift in the digital media landscape.

由於直接流向我們擁有和經營的資產的流量比例較高，而支付給我們的媒體合作夥伴的流量較低，這些變化對 EBITDA 的淨影響將有限。然而，收入將直接受到影響。儘管數位媒體格局發生了重大且意想不到的變化，我們擁有和經營的資產的實力以及業務的彈性使我們能夠繼續預期調整後的 EBITDA 將實現健康的同比增長。

We are updating our revenue guidance today to $118 million to $122 million and updating our adjusted EBITDA guidance to $40 million to $44 million. The midpoint of our adjusted EBITDA guidance still represents year-on-year growth of 14%.

我們今天將營收指引更新為 1.18 億美元至 1.22 億美元，並將調整後的 EBITDA 指引更新為 4,000 萬美元至 4,400 萬美元。我們調整後的 EBITDA 指導中位數仍代表 14% 的年成長。

I will add that given the better long-term competitive positioning of our owned and operated websites, we remain comfortable with the current consensus estimate for 2025 adjusted EBITDA. This would represent approximately 25% year-over-year growth and put us more than halfway toward our goal of reaching $100 million in adjusted EBITDA. Now let me turn the call over to Elias for review of the first quarter financial highlights.

我要補充的是，鑑於我們擁有和經營的網站具有更好的長期競爭地位，我們仍然對目前 2025 年調整後 EBITDA 的一致估計感到滿意。這意味著同比增長約 25%，使我們實現調整後 EBITDA 達到 1 億美元的目標已完成一半以上。現在讓我把電話轉給埃利亞斯，請他回顧第一季的財務亮點。

Thank you, Charles. Revenue of $29.2 million was a first quarter record as we delivered more than 107,000 NDCs in Q1, up 22% compared to the year ago period. The 9% year-over-year revenue increase reflects growth in each of our global regions in which we operate.

謝謝你，查爾斯。我們第一季交付了超過 107,000 個 NDC，營收 2,920 萬美元，創第一季記錄，比去年同期成長 22%。9% 的年收入成長反映了我們營運所在的全球每個地區的成長。

North American revenue, our largest market, was up 5% year-over-year. U.K. and Ireland rose 5%. Other Europe grew 39%, and Rest of the World grew 29%. North American revenue benefited from a few weeks of operations in North Carolina following the market launch in March, but this is compared against Ohio and Massachusetts, both launching in Q1 of 2023.

我們最大的市場北美收入年增 5%。英國和愛爾蘭上漲 5%。歐洲其他地區成長了 39%，世界其他地區成長了 29%。北美收入受益於 3 月推出市場後在北卡羅來納州幾週的運營，但這是與俄亥俄州和馬薩諸塞州相比，這兩個州均於 2023 年第一季推出。

We closed our acquisition of FreeBets.com and related assets on April 1, so we did not record contributions from these assets in Q1. Gross profit increased 5% or $1.3 million year-over-year to $27 million. Total sales grew year-over-year to $2.2 million as a result of our successful ramp of Gannett and Independent media partnerships. On a sequential basis, however, cost of sales decreased substantially as a portion of revenues from media partnerships declined from an exceptionally high Q4.

我們於 4 月 1 日完成了對 FreeBets.com 及相關資產的收購，因此我們沒有在第一季記錄這些資產的貢獻。毛利年增 5%，即 130 萬美元，達到 2,700 萬美元。由於我們成功擴大了 Gannett 和獨立媒體合作夥伴關係，總銷售額年增至 220 萬美元。然而，從環比來看，銷售成本大幅下降，因為來自媒體合作夥伴的部分收入較第四季的異常高水準有所下降。

Total operating expenses of $19.1 million in the first quarter of 2024 increased 9% compared to the year ago period or 7% in constant currency. We expect to generate operating efficiencies the full year as revenue is still expected to grow faster than total expenses. Our workforce is rightsized today, and our internal focus is very much on ROI-focused allocation of both capital and [indiscernible] resources.

2024 年第一季的總營運費用為 1,910 萬美元，比去年同期成長 9%，以固定匯率計算成長 7%。由於收入成長預計仍快於總支出成長，我們預計全年營運效率將提高。今天，我們的員工隊伍規模得到了合理調整，我們的內部重點主要放在以投資回報率為中心的資本和[音頻不清晰]資源的分配上。

Adjusted EBITDA for the first quarter of 2024 was $10.2 million, compared to $10.7 million in the year ago quarter. Q1 adjusted EBITDA margin of 35% rose 300 basis points on a quarterly sequential basis, consistent with the midpoint of our full year guidance of 35%.

2024 年第一季調整後 EBITDA 為 1,020 萬美元，而去年同期為 1,070 萬美元。第一季調整後 EBITDA 利潤率為 35%，較上季上升 300 個基點，與我們全年指引 35% 的中位數一致。

Adjusted net income and adjusted net income per diluted share for the first quarter of 2024 were flat at $7.5 million and $0.20, respectively, compared to the year ago period. Free cash flow increased 32% in the quarter to $8.2 million, as we converted 28% of revenue and 81% of adjusted EBITDA to free cash flow.

與去年同期相比，2024 年第一季調整後淨利和調整後每股攤薄淨利潤分別持平於 750 萬美元和 0.20 美元。本季自由現金流成長 32%，達到 820 萬美元，因為我們將 28% 的營收和 81% 的調整後 EBITDA 轉換為自由現金流。

During the first quarter, we continued to repurchase shares buying approximately 329,000 ordinary shares at an average price of $9.10 for total consideration of approximately $3 million.

第一季度，我們繼續回購股票，以平均價格 9.10 美元購買了約 329,000 股普通股，總代價約為 300 萬美元。

At the end of Q1, we had approximately $3.9 million left on our existing share buyback authorization. In May, the Board approved an expansion of the share buyback program by authorizing an additional $10 million. Cash as of March 31, totaled $25.3 million, flat quarter-on-quarter, reflecting very strong operating cash flow offset by share repurchases and the final deferred consideration payment for the acquisition of RotoWire for $5 million.

截至第一季末，我們現有的股票回購授權還剩約 390 萬美元。5 月，董事會批准擴大股票回購計劃，額外授權 1,000 萬美元。截至 3 月 31 日，現金總額為 2,530 萬美元，環比持平，反映出非常強勁的營運現金流被股票回購和以 500 萬美元收購 RotoWire 的最終遞延對價所抵銷。

At the beginning of Q2, we paid the first installment of $20 million for the acquisition of FreeBets.com and related assets, financed by cash on hand and a $16 million drawdown from our $50 million credit facility. At the end of April, we made a final deferred consideration payment for the acquisition of BonusFinder of $13.4 million using cash on hand.

在第二季初，我們支付了第一期 2000 萬美元用於收購 FreeBets.com 及相關資產，資金來源為手頭現金以及從我們的 5000 萬美元信貸額度中提取的 1600 萬美元。4 月底，我們使用手頭現金支付了 1,340 萬美元收購 BonusFinder 的最終遞延對價。

Despite now expecting substantially less revenue from our media partnerships and expecting no further state launches outside of North Carolina in 2024 compared to three launches in 2023, we are well on our way to deliver overall revenue growth and strong growth in adjusted EBITDA for 2024. Our updated guidance is for revenue in the range of $118 million to $122 million and adjusted EBITDA in the range of $40 million to $44 million.

儘管目前預計我們的媒體合作夥伴關係帶來的收入將大幅減少，並且與2023 年的三項發布相比，預計2024 年不會在北卡羅來納州以外的州進一步發布，但我們正在順利實現2024 年整體營收成長和調整後EBITDA 的強勁成長。我們更新後的指導收入範圍為 1.18 億美元至 1.22 億美元，調整後的 EBITDA 範圍為 4,000 萬美元至 4,400 萬美元。

Our previous guidance contemplated cost of sales of $10 million in 2024. The vast majority of cost of sales represents fees paid to media partners. We now expect cost of sales to be approximately $4.8 million for the full year, of which $2.2 million was incurred in Q1. The guidance does not include any contribution from additional acquisitions other than the already closed acquisition of FreeBets.com and related assets, and assumes an average euro to USD exchange rate of $1.09 throughout 2024.

我們先前的指導預計 2024 年的銷售成本為 1000 萬美元。絕大多數銷售成本是支付給媒體合作夥伴的費用。我們現在預計全年銷售成本約為 480 萬美元，其中 220 萬美元發生在第一季。該指引不包括已完成的 FreeBets.com 及相關資產收購之外的額外收購的任何貢獻，並假設 2024 年全年歐元兌美元平均匯率為 1.09 美元。

As Charles highlighted before, our expectations for 2025 adjusted EBITDA have not changed. With that, I will hand back to Charles.

正如 Charles 之前所強調的那樣，我們對 2025 年調整後 EBITDA 的預期沒有改變。說到這裡，我將把事情交還給查爾斯。

Thank you, Elias. We are pleased to be off to a strong start of the year, which sets up the company to deliver growth year-on-year in 2024.

謝謝你，埃利亞斯。我們很高興今年有一個強勁的開局，這使公司能夠在 2024 年實現同比增長。

Despite the headwind we face near term to our media partnership revenue, I expect the company to continue to take market share in North America and elsewhere. I'd like to thank our sensational team for delivering a great Q1, and for positioning the company for continued growth in 2024. Operator, we are happy to open up the line for questions.

儘管我們近期在媒體合作收入方面面臨阻力，但我預期該公司將繼續佔據北美和其他地區的市場份額。我要感謝我們出色的團隊交付了出色的第一季業績，並為公司在 2024 年的持續成長做好了準備。接線員，我們很高興開通提問熱線。

(Operator Instructions)

（操作員說明）

David Bain, B. Riley Securities.

大衛‧貝恩 (David Bain)，B. 萊利證券 (Riley Securities)。

Great. Charles and Elias, just for clarity, I think you were pretty clear. But Google's new treatment of legacy media does not impact how you view 2025 from the lens of consensus estimates. Did I understand that correctly?

偉大的。查爾斯和埃利亞斯，為了清楚起見，我認為你們說得很清楚了。但谷歌對傳統媒體的新處理方式並不會影響你從共識估計的角度看待 2025 年的方式。我理解正確嗎？

Yes. From the lens of consensus EBITDA, revenue would be -- we're not going to drive as much revenue without media partnerships, but the profitability of the business ex media partnerships is even better. So we're very comfortable where the street is at in terms of EBITDA for 2025.

是的。從共識 EBITDA 的角度來看，如果沒有媒體合作夥伴關係，我們將不會獲得那麼多收入，但除媒體合作夥伴關係之外的業務盈利能力會更好。因此，我們對 2025 年 EBITDA 的現狀感到非常滿意。

Perfect. And Charles, I'd love to follow up on the $100 million EBITDA milestone target. If you could help us a little bit more with the pathway of how to get there, the primary catalysts or assumptions you're using, underlying TAM growth, new acquisitions percentage, anything specific and big picture thoughts on timing, that would be awesome.

完美的。Charles，我很樂意繼續實現 1 億美元 EBITDA 里程碑目標。如果您能幫助我們更了解如何實現這一目標、您正在使用的主要催化劑或假設、潛在的 TAM 成長、新收購百分比、任何有關時機的具體和整體想法，那就太棒了。

You got it. Well, with $42 million in EBITDA expected for full year 2024 according to the midpoint of our updated guidance, we would only need to continue to grow organically at a low-ish CAGR in the mid-teens for a few years and add on a bit of extra scale through additional M&A to get there in the midterm.

你說對了。好吧，根據我們更新指導的中點，預計 2024 年全年 EBITDA 為 4200 萬美元，我們只需要在幾年內以十幾歲左右的低複合年增長率繼續有機增長，並再加上一點通過額外的併購擴大規模，以在中期實現這一目標。

We have widened the aperture in terms of what we are considering from an M&A perspective and are no longer only looking at SEO-driven gambling affiliate businesses. There's a wide universe of technology for companies in the online gambling ecosystem, companies which are serving our same clients and end users that fit into our culture of driving high growth with high margins.

我們擴大了從併購角度考慮的範圍，不再只專注於搜尋引擎優化驅動的賭博聯營業務。線上賭博生態系統中的公司擁有廣泛的技術，這些公司為我們的相同客戶和最終用戶提供服務，符合我們以高利潤推動高成長的文化。

For example, we are considering businesses which drive traffic and value for our B2B online gambling operator clients with channels other than SEO. And we are increasingly considering businesses which have highly predictable subscription revenue like the RotoWire acquisition, where we have grown revenue by over 50% since buying the company.

例如，我們正在考慮透過 SEO 以外的管道為 B2B 線上賭博營運商客戶帶來流量和價值的業務。我們越來越多地考慮訂閱收入高度可預測的業務，例如收購 RotoWire，自收購該公司以來，我們的收入成長了 50% 以上。

Jeff Stantial, Stifel

傑夫·斯坦蒂爾、斯蒂菲爾

Maybe starting off on the Google update and the related impacts to your guidance. I guess -- I mean I think we're only about a week in of results here. But Charles, just curious if you're seeing evidence thus far of traffic shifting into your 100% margin owned affiliate sites and sort of away from the media partnerships.

也許可以從 Google 更新以及對您的指導的相關影響開始。我想——我的意思是我認為我們只有大約一周的時間才能得到結果。但 Charles，我只是好奇，到目前為止，您是否看到有證據表明流量正在轉移到您 100% 利潤擁有的聯盟網站，並遠離媒體合作夥伴。

And as a follow-up to that, if you just contrast the guidance revisions to Elias, the comments you made on cost of sales guidance. It seems to me there isn't much of an impact or much of a benefit baked into 2024 guidance for potential uplift to your own sites as traffic redirect. So can you just expand on that as well, if I'm reading that correctly?

作為後續行動，如果您將指導修訂與 Elias 進行對比，即您對銷售成本指導的評論。在我看來，2024 年指南中並沒有對透過流量重定向來潛在提升您自己的網站產生太大的影響或好處。那麼，如果我沒讀錯的話，你也可以擴充一下嗎？

Thanks, Jeff. The first part of the question was have we seen an impact, a positive impact on our owned and operated assets, and we have. That change started immediately. We have seen an increase in share of voice and an improved search visibility across multiple of our key assets.

謝謝，傑夫。問題的第一部分是我們是否看到了影響，對我們擁有和經營的資產的積極影響，我們已經看到了。這種變化立即開始。我們發現我們的多個關鍵資產的語音份額增加，搜尋可見性也有所提高。

The way you should think about this is we run a precision machine. And when something changes like this, we need to recalibrate that machine. And that takes a little bit of time. But once we do that, we will start to get better clarity into exactly where and how much of a tailwind this is.

你應該這樣想：我們運作的是一台精密機器。當發生這樣的變化時，我們需要重新校準機器。這需要一點時間。但一旦我們這樣做了，我們就會開始更清楚地了解這種順風的具體位置和程度。

It is absolutely a tailwind. It's a very positive, long-term development. But of course, we have optimized ourselves to help our media partners. That has been the strategy that has been most effective for ourselves and many of the other large performance marketing companies in the industry.

這絕對是順風車。這是一個非常積極的、長期的發展。當然，我們已經優化了自己來幫助我們的媒體合作夥伴。對於我們自己以及業內許多其他大型績效行銷公司來說，這是最有效的策略。

But we're confident based on the data that we have seen that we will be able to achieve our updated guidance, which still has year-on-year adjusted EBITDA growth of 14% at the new midpoint.

但根據我們所看到的數據，我們有信心能夠實現更新後的指引，在新的中點下，調整後的 EBITDA 同比增長仍為 14%。

That's perfect. And then maybe zooming out a little bit, but staying on the same topic. I guess, how does this change affects your views of media partnerships and your strategy there, if at all? And if it does, can you just remind us sort of contract length time with the various partners?

那很完美。然後可能會稍微縮小一點，但仍停留在同一個主題上。我想，這種變化如何影響您對媒體合作夥伴關係的看法以及您在那裡的策略（如果有的話）？如果確實如此，您能否提醒我們與各個合作夥伴的合約期限？

Yes. So these media partnerships, they're not going to zero. They're not going away. We remain committed to all of our partners, and media partnerships have been a net positive that has driven incremental EBITDA for us. And that's how we optimize this business.

是的。因此，這些媒體合作夥伴關係不會為零。他們不會消失。我們仍然致力於所有合作夥伴，媒體合作夥伴關係帶來了淨正面影響，推動了我們的 EBITDA 增量。這就是我們優化這項業務的方式。

We're trying to drive incremental EBITDA. But they will be diminished. It's not going to be anywhere near as big of a portion of our business or I think -- and I think what -- the changes you'll see with us is going to be the same across the board for all manner of companies, which have cut deals in the same way that we have. But it's not going away.

我們正在努力提高 EBITDA。但它們將會減少。它不會占我們業務的很大一部分，或者我認為——我認為是什麼——你將在我們這裡看到的變化對於所有類型的公司來說都是一樣的，這以與我們相同的方式達成交易。但它不會消失。

We have chosen to be very picky on who we partner with, and we've made real commitment to the people we partnered with, and we intend to support them and help them navigate these changes and still maximize the business opportunity between the two companies.

我們對合作夥伴非常挑剔，我們對合作夥伴做出了真正的承諾，我們打算支持他們並幫助他們應對這些變化，同時仍然最大限度地擴大兩家公司之間的業務機會。

We have, generally speaking, tried to sign up focus on long-term deals. But we have cut deals, which we're happy with. And we don't, at this time, have any concerns about these partnerships going forward and how profitable that will be and whether it makes sense for us.

總的來說，我們嘗試著重點關注長期交易。但我們已經達成了協議，我們對此感到滿意。目前，我們對這些合作關係的未來、獲利能力以及對我們是否有意義沒有任何擔憂。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

This is Ramin Sobhany on for Barry. You mentioned in your opening remarks that your media partners may have some kind of avenues to push back against some of the Google methodology changes. Can you talk about some details on what that might look like?

我由拉明·索巴尼 (Ramin Sobhany) 替巴里 (Barry) 發言。您在開場白中提到，您的媒體合作夥伴可能有某種途徑來抵制Google方法論的某些變化。您能談談它可能會是什麼樣子的一些細節嗎？

Yes. I don't want to speak for our media partners because, of course, their own businesses. But it's -- these changes are a bigger headwind for our partners than they are for us. So it's entirely logical that they're going to do whatever they can to try to bring these -- update this policy, change the implementation of the policy, speak to Google, call anyone they can to try to better understand what the intent is and whether they can convince them that they've gone too far.

是的。我不想代表我們的媒體合作夥伴發言，因為當然是他們自己的生意。但這些變化對我們的合作夥伴來說比對我們來說是更大的阻力。因此，他們將盡一切努力來實現這些目標，這是完全合乎邏輯的——更新這項政策，改變政策的實施，與谷歌交談，給任何人打電話，試圖更好地理解其意圖是什麼，以及是否能讓他們相信自己已經走得太遠了。

Google is the Supreme Court of the Internet, and there's -- it's very -- you can't appeal. So we think these changes are largely here to stay, but there may be -- they may walk back some of this at the margins. But I think, generally speaking, the overall opportunity for our partners in the media partnership world is simply going to be less than it was before.

谷歌是網路的最高法院，你不能上訴。因此，我們認為這些變化在很大程度上會持續下去，但也可能會在邊緣出現一些變化。但我認為，總的來說，我們的合作夥伴在媒體合作領域的整體機會將比以前少。

Got it. Makes sense. And then just shifting over to FreeBets a little bit. Now that you've had some time under the hood, can you talk about how the integration is proceeding and maybe any incremental synergy opportunities you've identified following the acquisition?

知道了。說得通。然後稍微轉向 FreeBets。現在您已經了解了一些時間，您能談談整合的進展以及您在收購後發現的任何增量協同機會嗎？

Sure. Everything thus far has gone to plan. We closed as expected on April 1, and we have had control of the assets for over a month at this stage. We are focused on integrating these new assets into our technology systems and operating processes. We have on-boarded a number of new staff members and are likewise integrating them into our culture and teams.

當然。到目前為止，一切都按計劃進行。我們按照預期於 4 月 1 日關閉，現階段我們已經控制資產一個多月了。我們致力於將這些新資產整合到我們的技術系統和營運流程中。我們已經招募了一些新員工，並同樣將他們融入我們的文化和團隊。

It remains super early for this new chapter for these assets, but we have more confidence than we have ever had that we will be able to realize substantially improved operating performance for these websites in the medium and long term.

這些資產的新篇章還為時過早，但我們比以往任何時候都更有信心，我們將能夠在中長期內大幅提高這些網站的營運績效。

Just to add a bit of color on the deal itself. With no additional new state launches expected in the US until sometime in 2025, growth in the region will naturally moderate. Therefore, we made the strategic decision last year to prioritize growth this year in the portfolio of assets outside the US And these assets, they monetize some of the most evergreen and consistent online gambling markets in the world. So we are confident that this deal has dramatically improved our competitive positioning and given us better market share in some of the world's most desirable online gambling markets.

只是為了讓交易本身增添一點色彩。由於預計美國在 2025 年之前不會推出更多新州，因此該地區的成長自然會放緩。因此，我們去年做出了戰略決策，今年優先考慮美國以外資產組合的成長，而這些資產將世界上一些最常青和穩定的線上賭博市場貨幣化。因此，我們相信，這筆交易極大地提高了我們的競爭地位，並使我們在一些世界上最令人嚮往的線上博彩市場中獲得了更好的市場份額。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Just doubling back on some of the earlier commentary about your owned sites. There's been a couple of questions about it. Are you able to sort of quantify or put some brackets around or some boundaries qualitatively or quantitatively sort of what that traffic improvement is so far and what it might become? And then I have a follow-up.

只需回顧一下之前有關您擁有的網站的一些評論即可。對此有幾個問題。您是否能夠對迄今為止的流量改善情況以及可能的情況進行量化或定性或定量地設置一些括號或一些邊界？然後我有一個後續行動。

It's -- we operate a portfolio. So every site is different. Some sites have seen more increases in share of voice and positioning than others. RotoWire is looking quite good. Gambling.com is looking good. But we're at the beginning of the part of the year, which is the seasonally slowest part of the year for us.

這是－我們經營一個投資組合。所以每個網站都是不同的。有些網站的聲音和定位份額比其他網站有更多的成長。RotoWire 看起來相當不錯。Gambling.com 看起來不錯。但我們現在正處於年初，這對我們來說是一年中季節性最慢的時期。

So as you look at the KPIs coming in, traffic, referrals, et cetera, it's trending in the direction that you would expect. And it all gives us a nice, warm, fuzzy feeling, but it's not -- given the time of year and the overall levels of seasonality, it's difficult to draw precise conclusions about what that means exactly for the rest of the year.

因此，當您查看傳入的 KPI、流量、推薦等時，您會發現它的趨勢正朝著您期望的方向發展。這一切都給我們一種美好、溫暖、模糊的感覺，但事實並非如此——考慮到一年中的這個時間和季節性的總體水平，很難就這對一年中剩餘時間意味著什麼得出準確的結論。

Therefore, we have taken a conservative view on our guidance for the rest of the year, and we'll be in a position to, of course, update that and hopefully improve it as we gain more clarity about the magnitude of the new tailwind that we have, which is not trivial.

因此，我們對今年剩餘時間的指導意見持保守態度，當然，隨著我們更清楚地了解新的推動力的大小，我們將能夠更新並希望改進它。

Okay. That will do for now. With respect, Charles, to the earlier commentary about sort of refocusing some of your M&A lenses, can you -- and I ask this all the time, can you help us sort of put some boundaries around size, type and just help us understand what that new field of play really is? And size obviously being really important.

好的。現在就這樣了。查爾斯，對於之前關於重新調整一些併購鏡頭的評論，我謹表示敬意，我一直在問這個問題，你能否幫助我們在規模、類型上設置一些界限，並幫助我們了解什麼？真的是什麼？尺寸顯然非常重要。

Yes. I think you can safely assume that anything we do will be in the online gambling industry. Of course, the online gambling affiliates out there are always an option. But increasingly, our heads are in a different place. We want to build a business which has highly predictable revenue. And therefore, prioritizing M&A from the perspective of businesses which have highly predictable revenue is a priority. But we're not going to go do something completely left field, of course.

是的。我認為您可以放心地假設我們所做的任何事情都將涉及線上賭博行業。當然，在線賭博附屬公司總是有一個選擇。但我們的頭腦逐漸轉向不同的地方。我們希望建立一個收入高度可預測的業務。因此，從收入高度可預測的企業角度優先考慮併購是當務之急。但當然，我們不會去做一些完全脫離領域的事情。

So anything we would do would have some sort of connection into gambling affiliates, some sort of synergy, some sort of adjacency and ability to perhaps bolt on our model to other assets or at least share expertise, content quality, knowledge, data, et cetera, in a way where there's some legitimate one plus one is more than two situation.

因此，我們所做的任何事情都將與賭博附屬公司建立某種聯繫，某種協同作用，某種鄰接關係以及將我們的模型與其他資產連接起來的能力，或者至少共享專業知識、內容品質、知識、數據等，在某種程度上存在一些合法的一加一大於二的情況。

In terms of size, we've always said kind of bigger is better. It's the same amount of work to do a $20 million deal as it is to do a $100 million deal, so $100 million companies tend to have better management, deeper bench of talent, more sophisticated financial process, better organized, cleaner forecasting. So why not just do the $100 million deal.

就尺寸而言，我們總是說越大越好。一筆2000 萬美元的交易與一筆1 億美元的交易所需的工作量是相同的，因此1 億美元的公司往往擁有更好的管理、更深入的人才儲備、更複雜的財務流程、更好的組織、更清晰的預測。那為什麼不直接做這筆 1 億美元的交易呢？

We're not at all interested in issuing any shares at the current level, as I'm sure you can appreciate. But nevertheless, we are keen on growing this business through M&A. And look, we have our new $50 million debt facility with Wells Fargo. Wells has been great partners. And it's -- it would be possible to range additional debt beyond that $50 million with Wells if we had a clear use of proceeds.

我們對以目前的水平發行任何股票根本不感興趣，我相信您會理解的。但儘管如此，我們熱衷於透過併購來發展這項業務。看，我們與富國銀行簽訂了新的 5,000 萬美元債務融資。威爾斯一直是很好的合作夥伴。如果我們對收益有明確的用途，那麼富國銀行的額外債務就有可能超出 5,000 萬美元。

Chad Beynon, Macquarie.

查德貝農，麥格理。

With the updated revenue guidance of 10% year-over-year growth, can you help us think about the geographical breakdown of that 10%? I know historically, obviously, North America has been expected to grow significantly higher than the U.K. and [ Ireland ]. But post these Google changes, do you have an updated view on what the regions could look like?

更新後的收入指引為 10% 年成長，您能否幫助我們考慮這 10% 的地理分佈？我知道，從歷史上看，北美的成長顯然明顯高於英國和[愛爾蘭]。但發布這些谷歌更改後，您對這些區域的外觀有更新的看法嗎？

In the first quarter, we grew in all geographies. Revenue from Other Europe accounted for 13% of revenue and grew 39%. Rest of the World was 5% of revenue and grew 29%. We expect Other Europe and the Rest of the World will continue to demonstrate strong growth this year.

第一季度，我們在所有地區都實現了成長。來自其他歐洲的收入佔總收入的 13%，成長了 39%。世界其他地區佔收入的 5%，成長了 29%。我們預計歐洲其他地區和世界其他地區今年將繼續表現出強勁成長。

And for North America and the U.K. and Ireland, we expect the impact on media partnership revenue as a result of these Google changes to dampen 2024 growth. Our guidance assumes that North Carolina will still be the only state in 2024 compared to three state launches in 2023.

對於北美、英國和愛爾蘭，我們預期 Google 的這些變化對媒體合作夥伴收入的影響將抑制 2024 年的成長。我們的指導假設北卡羅來納州到 2024 年仍將是唯一的州，而 2023 年將有三個州推出。

So if you look at it on a kind of like-for-like basis, there's still quite substantial growth in North America. But in aggregate, growth rates are going to come down as a result of the change in revenue from media partnerships.

因此，如果您以類似的方式看待它，您會發現北美仍然有相當可觀的成長。但總的來說，由於媒體合作夥伴收入的變化，成長率將會下降。

Okay. Makes sense. And then, Charles, you've noted that you're agnostic between CPA and rev share. With some of the US shift or the market share shifts moving up to the top 2, is there any view in terms of what the other tiers of operators, how they would like to work with you guys, CPA, rev share? If there's any change in terms of how we're thinking about that for '24, '25 or just generally speaking in your conversations with them?

好的。說得通。然後，查爾斯，您已經注意到您對每次轉換費用和收益份額之間不可知。隨著美國的一些轉移或市場份額轉移到前兩名，其他級別的運營商有什麼看法嗎？24、25 年或只是在您與他們的對話中一般而言，我們的想法是否有任何變化？

Yes, yes. Look, my perspective on the operators in the US, with fewer state launches, operators have more bandwidth than they did previously. And therefore, they're drilling into their businesses more deeply than they did before. This means that they're reviewing marketing performance more scientifically. And we expect that, that will continue to show that the affiliate channel delivers some of the most consistent and straightforward ROI in the industry.

是的是的。聽著，我對美國運營商的看法是，隨著國家發布的數量減少，運營商擁有比以前更多的頻寬。因此，他們比以前更深入地鑽研自己的業務。這意味著他們正在更科學地審查行銷績效。我們預計，這將繼續表明聯盟行銷管道提供了業內最一致和最直接的投資回報率。

I'd expect operators to continue to spend and invest in the way they are now until we see more iGaming states come online, which will increase player LTVs and catalyze more aggressive spending across all channels. A lot of the US operators, especially on the bigger ends, they still have hundreds of millions in sponsorship commitments that they signed up for at the beginning of the sports betting boom. And these are only rolling off gradually.

我預計營運商將繼續以目前的方式進行支出和投資，直到我們看到更多的 iGaming 狀態上線，這將增加玩家的生命週期價值並促進所有管道更積極的支出。許多美國營運商，尤其是規模較大的營運商，仍然擁有在體育博彩熱潮初期簽署的數億美元贊助承諾。而這些只是逐漸減少。

And I expect that as those roll off, substantial budget will be freed up, and that will come our way. So a lot of these sponsorships, not all of them, but a lot of them are low or no ROI endeavors. And I think that the experimentation phase is over. Operators understand where they're seeing returns. Generally speaking, it's not on the sponsorships and they will -- there's hundreds of millions that's going to free up. And I think that that's going to ultimately result in a much more aggressive posture from some of the operators in time.

我預計，隨著這些項目的實施，大量預算將被釋放，這將成為我們的目標。因此，這些贊助中有很多，不是全部，但其中很多都是低投資回報率或沒有投資回報率的努力。我認為實驗階段已經結束。運營商了解他們在哪裡看到回報。一般來說，這不是靠贊助，他們會的——有數億人將被釋放。我認為，這最終將導致一些營運商及時採取更加激進的姿態。

On the demand side, more and more people are coming into the industry for the first time and the TAM, therefore, continues to grow without any material changes to the operator mix.

在需求方面，越來越多的人首次進入該行業，因此，TAM 繼續成長，而營運商結構沒有任何重大變化。

(Operator Instructions)

（操作員說明）

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾，克雷格·哈勒姆。

Curious just kind of on the media properties staying there, but curious what percentage of leads on those media properties were direct to the website thinking of the millions of loyal viewers that they have for other content and then cross-promoting them versus going to Google and basically leveraging that domain to get to the affiliate pages on, say, USA Today?

只是對留在那裡的媒體資產感到好奇，但好奇這些媒體資產上有多少比例的線索直接進入網站，考慮到他們擁有其他內容的數百萬忠實觀眾，然後交叉推廣它們，而不是去谷歌和基本上是利用網域存取《今日美國》等網站的附屬頁面？

Yes, it's a good question. We use the phrase high intent a lot, and that's a key phrase because it really tells you everything you need to know. If somebody goes to Google and searches for something, it's high intent. They really want it. Not only do they want it, but they want it right now. And the fact that they want it right now is kind of the important part.

是的，這是一個好問題。我們經常使用“高度意圖”這個短語，這是一個關鍵短語，因為它確實告訴了您需要知道的一切。如果有人去谷歌搜尋某些東西，那就是高度意圖。他們真的想要它。他們不僅想要它，而且現在就想要它。他們現在想要它這一事實是重要的部分。

A lot of these people that have come through our media partners and signed up for online gambling sites, these are people that would have used these sites in the normal course of business. But in a particular customer journey, where they are converting into a new depositing customer, they are very, very highly likely to have come through a search engine. So these media partnerships will no doubt shift away from that level of search focus and focus on high intent. There are, of course, other ways for us to help our partners monetize their existing audiences, which are incredibly sizable.

許多人透過我們的媒體合作夥伴註冊了線上賭博網站，這些人會在正常業務過程中使用這些網站。但在特定的客戶旅程中，當他們轉變為新的存款客戶時，他們非常非常有可能是透過搜尋引擎來的。因此，這些媒體合作夥伴無疑將從搜尋焦點轉向高度意圖。當然，我們還有其他方法可以幫助我們的合作夥伴透過其數量驚人的現有受眾獲利。

And moving forward, I think we'll be looking from both sides to help them in all the ways we possibly can. But the big driver of this whole thing has been search and high intent.

展望未來，我認為我們將從雙方角度出發，以一切可能的方式幫助他們。但這整件事的主要驅動力是搜尋和高度的意圖。

Good. Then just on guidance, using your cost of sales assumptions that you gave previous quarter and now it implies all of the revenue or almost all of it, guidance revisions from the media properties. I guess, is that correct?

好的。然後，僅根據指導，使用您上一季給出的銷售成本假設，現在它意味著所有或幾乎所有收入，來自媒體資產的指導修訂。我想，這是正確的嗎？

And then to confirm, I guess, that implies that you aren't assuming any incremental benefit to your own domains even though you've started to see kind of early signs of that?

然後確認一下，我想，這意味著即使您已經開始看到這種早期跡象，您也不會假設您自己的領域會獲得任何增量利益？

Yes, Ryan, it's a thorough assumption. We don't take away all of our media partnership revenue for the remainder of the year, but a very big proportion. And as Charles said before, we are conservative in our assumptions for the underlying growth in our owned and operated sites. We see some early signs of it. We expect that to happen in the midterm, but we need to kind of recalibrate the portfolio, and it takes a little bit of time.

是的，瑞安，這是一個徹底的假設。我們不會取消今年剩餘時間的所有媒體合作收入，但比例非常大。正如查爾斯之前所說，我們對我們擁有和經營的網站的潛在成長的假設持保守態度。我們看到了一些早期跡象。我們預計這會在中期發生，但我們需要重新調整投資組合，這需要一點時間。

So we don't expect in our guidance a significant effect in 2024, but we are increasingly confident about strong underlying growth for 2025.

因此，我們預計 2024 年不會產生重大影響，但我們對 2025 年強勁的潛在成長越來越有信心。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

I've got 2. I wanted to start with the earlier comments around consensus EBITDA. You mentioned you're comfortable with this sort of mid-50s mark for '25. If we're thinking about, I guess, bridging from the midpoint that we're seeing this year around $42 million to that $55 million next year, however, you guys are comfortable at this stage, understanding you're not giving formal guidance. Help us understand, I guess, that bridge sort of implied EBITDA growth of around 31% versus top line trends that are currently running in sort of the 10% ballpark.

我有2個。我想從之前關於 EBITDA 共識的評論開始。你提到你對 25 世紀 50 年代中期的標誌感到滿意。我想，如果我們考慮從今年的 4200 萬美元左右過渡到明年的 5500 萬美元，那麼你們在這個階段感到很舒服，因為你們知道你們沒有提供正式的指導。我想，這有助於我們理解 31% 左右的隱含 EBITDA 成長與目前 10% 左右的營收趨勢之間的橋樑。

And then question two, Charles, just on the performance marketing backdrop. You mentioned channel ROI is still healthy. You're taking share. Competitors are also experiencing challenges. Why widen, I guess, the aperture right now, as you said, and start committing capital elsewhere rather than maybe drilling down organically on the core if the sort of thesis is unchanged. Has the view, I guess, around the sort of medium-term opportunity there changed in any way?

然後是第二個問題，查爾斯，關於效果行銷的背景。您提到通路投資報酬率仍然很高。你正在分享份額。競爭對手也面臨挑戰。我想，正如你所說，為什麼現在要擴大孔徑，並開始在其他地方投入資金，而不是在論文類型不變的情況下有機地深入核心。我想，人們對中期機會的看法是否發生了任何變化？

Clark, just to pick up the second one. Because we have such profitability and high cash flow, we can do both, okay? We can prioritize -- we are adequately investing into our own assets, and we expect those to drive growth going forward as they always have. And we have the balance sheet to pursue M&A as well.

克拉克，只是去接第二個。因為我們有這麼高的獲利能力和高現金流，所以我們可以兩者兼得，好嗎？我們可以優先考慮——我們正在對自己的資產進行充分投資，我們期望這些資產能一如既往地推動成長。我們也有資產負債表來進行併購。

But there is an increased focus on revenue, which is more predictable. And if we go out and do another acquisition of a performance marketing company, we don't really address that. In terms of growth next year, we -- Gambling.com is doing very, very well around the world. In the past, it was just the U.K. website. And then it was a U.K. and US website. And we keep bringing it into new jurisdictions. We just launched a Greek version of Gambling.com, I think, this week, and we have a new -- Greece is one of two markets in Europe where you actually need a license as an affiliate. So we have a Greek license now. We're live with Gambling.com, and we expect to take market share there. I mean, we're starting from zero, and we're bringing in a killer asset. So it's things like that.

但人們越來越關注收入，這是更可預測的。如果我們再次收購一家績效行銷公司，我們並沒有真正解決這個問題。就明年的成長而言，我們 Gambling.com 在全球的表現非常非常好。過去，這只是英國網站。然後是英國和美國的網站。我們不斷將其引入新的司法管轄區。我想，我們本週剛剛推出了Gambling.com 的希臘版本，而且我們有一個新版本——希臘是歐洲的兩個市場之一，在這兩個市場中，作為附屬機構，您實際上需要獲得許可證。所以我們現在有了希臘許可證。我們與 Gambling.com 合作，並期望在那裡佔據市場份額。我的意思是，我們從零開始，我們正在引進殺手級資產。事情就是這樣。

The FreeBets.com acquisition we see, as we have said, really quite a lot of unlocked potential, but we've got to re-platform it first. We need six months to move it on to our tech stack, to integrate it fully into our deals and our process and everything else. So you don't really see that upside until that's done, and that will be done Q4, end of Q3, Q4. So we'll start to really feel the benefits of that a little bit this year, but mainly next year.

正如我們所說，收購 FreeBets.com 確實釋放了相當大的潛力，但我們必須先重新建構它的平台。我們需要六個月的時間將其轉移到我們的技術堆疊中，將其完全整合到我們的交易、流程和其他一切中。因此，在完成之前你不會真正看到這種好處，而這將在第四季、第三季末、第四季完成。因此，我們今年將開始真正感受到這一點的好處，但主要是明年。

Another example here is Romania. It doesn't sound like a massive growth opportunity, but it's a consistent and good European regulated sports betting in [indiscernible] markets. And Romania is the other European jurisdiction that requires a license. And we've applied, and we're apparently hours away from getting our Romanian license, and we'll go live with Gambling.com in Romania as well.

另一個例子是羅馬尼亞。這聽起來不像是一個巨大的成長機會，但它是[難以辨別的]市場中一致且良好的歐洲監管體育博彩。羅馬尼亞是另一個需要許可證的歐洲司法管轄區。我們已經申請了，顯然距離獲得羅馬尼亞許可證還有幾個小時，我們也將在羅馬尼亞上線 Gambling.com。

So our assumptions at this point are not for massive US market expansion in 2025. We think there will be some new state launches probably towards the back half of 2025. But as you know, we don't put new state launches in our guidance. So the growth bridge to get from where we are to that 2025 adjusted EBITDA figure is really organic growth from our core assets.

因此，我們目前的假設不是 2025 年美國市場大規模擴張。我們認為 2025 年下半年可能會推出一些新的州政府。但如您所知，我們不會將新州的發布納入我們的指導中。因此，從我們目前的狀況到 2025 年調整後 EBITDA 數字的成長橋樑實際上是我們核心資產的有機成長。

I can add a little bit. So I think if you look at the midpoint in our updated '24 guidance, that implies growth of, I think, 14% year-over-year. And the midpoint, if I'm not wrong, of 2025 Street consensus is (inaudible), so that will represent a 26% growth from '24 to '25.

我可以補充一點。因此，我認為，如果您查看我們更新的 24 年指導中的中點，我認為這意味著同比增長 14%。如果我沒記錯的話，2025 年華爾街共識的中點是（聽不清楚），因此這將代表從 24 年到 25 年成長 26%。

Not all of that growth is going to be reflected in growth of revenue. We -- as I alluded to in the call, we do see strong operating efficiencies in our OpEx and the revenue growth is going to come from our owned and operated websites, which have 100% gross margin. And when you add operating leverage from operating expenses, not going to grow that substantially between '24 and '25. That's how you bridge that gap.

並非所有成長都會反映在收入成長中。正如我在電話中提到的，我們確實看到營運支出具有強勁的營運效率，收入成長將來自我們擁有和經營的網站，這些網站的毛利率為 100%。當您從營運支出中添加營運槓桿時，在 24 年至 25 年間不會大幅成長。這就是彌合這一差距的方法。

There are no further questions at this time. I would now like to turn the floor back over to Charles to speak for closing comments.

目前沒有其他問題。我現在想把發言權交還給查爾斯來發表總結評論。

Thanks, everybody, for joining us again today. We are off to a great start this year, and I'm sure that 2024 and beyond are going to be another year of fantastic growth for the group. Thanks for your interest, and catch you for the Q2 results. Bye-bye.

謝謝大家今天再次加入我們。今年我們有了一個良好的開端，我相信 2024 年及以後將是該集團實現驚人增長的另一年。感謝您的關注，敬請關注第二季的結果。再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。