Gambling.com Group Ltd (GAMB) 2024 Q2 法說會逐字稿

Hello, everyone, and welcome to Gambling.com Group's Secīond 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 年第二季業績電話會議。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 emailing 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人員

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 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。

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. 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.

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。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 and 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 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發布的新聞稿中，以及這些非國際財務報告準則財務指標與其最直接可比較的調節表IFRS 措施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。

Good morning, and thank you for joining us. Strong NDC growth led to record Q2 revenue and adjusted EBITDA, our year-over-year revenue growth of 18% to $30.5 million and adjusted EBITDA growth of 19% to $11.2 million. Highlight the benefit of our international diversification. We generated very strong organic growth across Europe, including the UK and our business in North America was resilient in the face of exceptional performance in the comparable period.

早安，感謝您加入我們。NDC 的強勁成長導致第二季營收和調整後 EBITDA 創紀錄，我們的營收年增 18% 至 3,050 萬美元，調整後 EBITDA 成長 19% 至 1,120 萬美元。強調我們國際多元化的好處。我們在包括英國在內的整個歐洲實現了非常強勁的有機成長，而我們在北美的業務儘管在同期表現出色，但仍具有彈性。

Stepping back from our phenomenal quarterly results and looking at the bigger picture, our performance in Q2 underscores three key factors that reflect a strong position. Gaming.com group occupies and the online gambling ecosystem, a position we are very confident we will continue to build upon. First, our team is exceptional at addressing in real-time any changes in the operating environment to optimize our performance.

回顧我們驚人的季度業績並著眼於更大的前景，我們在第二季度的表現強調了反映強勢地位的三個關鍵因素。Gaming.com 集團佔據了線上賭博生態系統的地位，我們非常有信心將繼續鞏固這一地位。首先，我們的團隊非常善於即時應對營運環境的任何變化，以優化我們的績效。

As we discussed on our Q1 call in early May, Google started to de-prioritize content from most media partnerships. This had an immediate impact on contributions from our media partnerships, which led to the conservative guidance revision we provided on our Q1 call. The difference in our Q2 performance compared to the expectations we provided on May 16, is primarily due to the fact that our team was able to respond immediately to the changes and recalibrate our portfolio of owned and operated sites faster than had been initially expected to date the effects of the Google policy shift have also been less pronounced than originally expected.

正如我們在 5 月初的第一季電話會議中討論的那樣，谷歌開始取消大多數媒體合作夥伴內容的優先事項。這對我們的媒體合作夥伴的貢獻產生了直接影響，導致我們在第一季電話會議中提供了保守的指導修訂。與我們 5 月 16 日提供的預期相比，我們第二季度的表現存在差異，主要是因為我們的團隊能夠立即響應變化，並比最初預期更快地重新調整我們擁有和運營的網站組合。政策轉變的影響也沒有最初預期那麼明顯。

The second bigger-picture factors to highlight is the critical value we continue to create for our B2C online gambling operator clients for nearly 30 years. Performance Marketing has proven to be one of, if not the biggest source of new players for growing operators. We estimate that about 40% of the IT gaming and 30% of the sports betting customers and operators as databases in established markets were delivered by the performance marketing channel.

第二個需要強調的宏觀因素是我們近 30 年來持續為 B2C 線上賭博營運商客戶創造的關鍵價值。事實證明，對於成長中的經營者來說，效果行銷即使不是最大的新參與者來源，也是其中之一。我們估計，成熟市場中約 40% 的 IT 遊戲和 30% 的體育博彩客戶和運營商資料庫是透過績效行銷管道提供的。

While these percentages are lower so far in North America, we expect that they will continue to trend toward the established markets as levels as players continue to mature. And certainly, as I say, gaming expansion eventually takes hold. Most importantly, as demonstrated by our Q2 results, we believe we are consistently growing our industry share on a global basis, and we are better positioned than ever before with the right assets, technology and teams to further this growth.

儘管迄今為止北美的這些百分比較低，但我們預計，隨著參與者的不斷成熟，它們將繼續向成熟市場的水平發展。當然，正如我所說，遊戲擴張最終會佔據主導地位。最重要的是，正如我們第二季度的業績所證明的那樣，我們相信我們在全球範圍內的行業份額不斷增長，並且我們比以往任何時候都處於更有利的地位，擁有合適的資產、技術和團隊來進一步推動這項成長。

And the third factor I want to remind everyone of this morning is the relentless digitization of the gambling and advertising world while in certain established markets online gambling revenue, doors, land-based gaming revenue, many of the world's largest economies are still at the beginning of their relationship with this industry and digital advertising continues to grow in importance and influence as it offers marketers the highest level of visibility and certainty for the return on their investments with our portfolio of platinum brands such as gaming.com, Booking.com and casinos.com.

今天早上我想提醒大家的第三個因素是賭博和廣告世界的不斷數位化，而在某些成熟市場的線上賭博收入、門類、實體遊戲收入中，許多世界上最大的經濟體仍處於起步階段他們與該行業和數位廣告的關係的重要性和影響力持續增長，因為它為行銷人員提供了最高水平的可見性和確定性，讓他們透過我們的白金品牌組合（例如games.com、Booking.com和賭場）獲得投資回報.com。

We are in this sweet spot of this conversions, controlling the valuable high intent audience determined to be customers to become customers at our clients' websites. These factors, combined with our strong first half performance now give us confidence to raise our revenue and adjusted EBITDA guidance for this year. The midpoints of our new guidance now reflect year-over-year revenue growth of 15% and adjusted EBITDA growth of 24%.

我們正處於這種轉換的最佳位置，控制那些決定成為客戶的有價值的高意圖受眾成為我們客戶網站上的客戶。這些因素，加上我們上半年的強勁表現，讓我們有信心提高今年的營收和調整後的 EBITDA 指引。我們新指引的中點現在反映了 15% 的年收入成長和 24% 的調整後 EBITDA 成長。

This confidence in the business is the reason we have repurchased over 6% of our outstanding shares to date. So we also remain as active as ever in evaluating M&A opportunities and will not hesitate to pursue the right targets our balance sheet and free cash flow generation enable us to both repurchase shares and fund acquisitions. And finally, we remain confident we are on a clear path towards generating $100 million in adjusted EBITDA given our exemplary execution, high cash flow generation, organic market share gains and disciplined M&A growth focus.

這種對業務的信心是我們迄今為止回購超過 6% 已發行股票的原因。因此，我們也一如既往地積極評估併購機會，並會毫不猶豫地追求正確的目標，我們的資產負債表和自由現金流生成使我們能夠回購股票和基金收購。最後，我們仍然相信，鑑於我們的模範執行、高現金流、有機市場份額增長以及嚴格的併購增長重點，我們正走在實現 1 億美元調整後 EBITDA 的明確道路上。

Now let me I'll turn the call over to Elias for a review of the second quarter financial highlights and details on our revised full year outlook.

現在，我將把電話轉給埃利亞斯，請他回顧第二季度的財務亮點以及我們修訂後的全年展望的詳細資訊。

Thank you, Charles. Revenue of $30.5 million was a second quarter record as we delivered more than [108,000] NDCs to customers, up 19% compared to the year ago period. The 18% year-over-year revenue increase primarily reflects strong growth in high gaming revenue across Europe. Revenue in the UK and Ireland rose 18% year. Other Europe was up 111% and rest of the World revenue grew 70% following strong performance by garmin.com and our other owned and operated assets and the initial contributions from the acquired three Banks.com and related assets.

謝謝你，查爾斯。我們向客戶交付了超過 [108,000] 個 NDC，收入達到 3,050 萬美元，創第二季度記錄，比去年同期增長 19%。營收年增 18% 主要反映了整個歐洲遊戲收入的強勁成長。英國和愛爾蘭的營收年增 18%。由於 Garmin.com 和我們擁有和經營的其他資產的強勁表現以及收購的三個 Banks.com 和相關資產的初步貢獻，歐洲其他地區的收入增長了 111%，世界其他地區的收入增長了 70%。

Revenue in North America was stable year on year when factoring out the atypically strong OSP performance we saw in Q2 last year, which we discussed at times inclusive of that performance, North American revenue was down 8% year-over-year. Gross profit increased 16% or $4 million year-over-year to $29.1 million. Cost of sales grew 60% year-over-year to $1.4 million. That was down 36% from the first quarter.

考慮到我們在去年第二季度看到的異常強勁的 OSP 表現（我們有時會討論該表現），北美地區的收入同比穩定，北美地區的收入同比下降了 8%。毛利年增 16%，即 400 萬美元，達到 2,910 萬美元。銷售成本年增 60% 至 140 萬美元。較第一季下降 36%。

Our cost of sales, which are directly related to our media partnership revenues, were higher in the second quarter than we anticipated at the time of our Q1 call as a higher level of this business was sustained through the quarter than expected. At the time, gross margins increased to 95% from 92% in the first quarter. Total operating expenses declined 15% to $20.8 million, reflecting the elimination of fair value movement in contingent consideration and a modest decrease in G&A, partially offset by increases in sales and marketing and technology expenses.

我們的銷售成本與我們的媒體合作夥伴收入直接相關，第二季的銷售成本高於我們在第一季電話會議時的預期，因為該業務在整個季度的持續水平高於預期。當時，毛利率從第一季的92%增加到95%。總營運費用下降 15%，至 2,080 萬美元，反映出或有對價公允價值變動的消除以及一般管理費用的小幅下降，但部分被銷售和營銷以及技術費用的增加所抵消。

Adjusted EBITDA increased 19% year-over-year to second quarter record $11.2 million compared to $9.4 million in the year-ago quarter. The Q2 adjusted EBITDA margin of 37% was up from 36% in the year-ago quarter. Adjusted net income for the second quarter of 2024 rose 13% to $7.4 million from $6.5 million in the year-ago period, while adjusted diluted net income per share of $0.2 increased 18% from 17 per share in the second quarter of 2023.

第二季調整後 EBITDA 年成長 19%，達到創紀錄的 1,120 萬美元，而去年同期為 940 萬美元。第二季調整後 EBITDA 利潤率為 37%，高於去年同期的 36%。2024 年第二季調整後淨利從去年同期的650 萬美元成長13% 至740 萬美元，而調整後攤薄每股淨利為0.2 美元，從2023 年第二季的每股17 美元成長18% 。

Operating cash flow of $0.2 million includes $7.2 million of the final bonus finder.com payment. Excluding this payment, operating cash flow would have been $7.4 million. Free cash flow was $6 million in the second quarter compared to $8.7 million in the year ago quarter, reflecting working capital movements and increased capital expenditure related to our new offices in the US during the second quarter, we repurchased approximately 834,000 shares at an average price of $8.17 per share.

20 萬美元的營運現金流包括 finder.com 最終獎金中的 720 萬美元。除去這筆付款，營運現金流將為 740 萬美元。第二季自由現金流為600 萬美元，而去年同期為870 萬美元，反映了第二季營運資金變動和與我們在美國新辦事處相關的資本支出增加，我們以平均價格回購了約834,000股股票每股 8.17 美元。

To date, we have repurchased approximately 2.3 million shares at an average price of $8.76, representing more than 6% of the total outstanding shares. Earlier this week, we completed repurchases for the entirety of the previous $20 million share buyback authorization. Yesterday, the Board approved an additional $10 million authorization to continue start with touch as of June 30, we had total cash of $7.5 million, $17.8 million quarter on quarter decrease, reflecting cash utilized for share repurchases.

迄今為止，我們已以平均價格 8.76 美元回購了約 230 萬股股票，佔已發行股票總數的 6% 以上。本週早些時候，我們完成了先前 2000 萬美元股票回購授權的全部回購。昨天，董事會批准了額外的 1000 萬美元授權，以繼續啟動 Touch，截至 6 月 30 日，我們的現金總額為 750 萬美元，環比減少 1780 萬美元，反映出用於股票回購的現金。

The final cash payment of $13.6 million for bonus finder.com and the initial $20 million cash consideration paid for the acquisition of free bets.com and related assets. As of June 30, we had drawn a total of $18 million on our $50 million credit facility. This morning, we raised our guidance for 2024 revenue to now be between $123 million to$127 million with a midpoint representing 15% year-over-year growth. The midpoint of our new higher adjusted EBITDA range of $44 million to $47 million represents 24% year-over-year growth.

最終現金支付 1360 萬美元用於紅利 finder.com，初始現金對價 2000 萬美元用於收購 free bets.com 及相關資產。截至 6 月 30 日，我們已從 5,000 萬美元的信貸額度中提取了總計 1,800 萬美元的資金。今天上午，我們將 2024 年營收指引上調至 1.23 億美元至 1.27 億美元之間，中點代表年增 15%。我們新的更高調整後 EBITDA 範圍的中點為 4,400 萬美元至 4,700 萬美元，年增 24%。

Looking at some of the factors that comprise our outlook for the year, we continue to see strong demand for consumer signups for new player accounts and operator demand for performance marketing services. As Charles highlighted, we expect to manage our portfolio of websites to grow revenues in 2024 despite the impact well, the Google policy change on our media partnership for the full year 2024 period.

考慮到構成我們今年展望的一些因素，我們繼續看到消費者註冊新玩家帳戶的需求以及營運商對績效行銷服務的強勁需求。正如 Charles 所強調的那樣，儘管 Google 對我們 2024 年全年媒體合作夥伴關係的政策變化產生了良好影響，但我們預計將管理我們的網站組合，以在 2024 年實現收入成長。

Our guidance does not include contributions from any new acquisitions. The guidance also assumes no additional U.S. state launches beyond the recent launch in North Carolina, we now expect full year cost of sales of $6.5 million, of which $3.7 million was incurred in the first half of the year. Finally, our guidance assumes an average euro to USD exchange rate of [1.09] throughout 2024.

我們的指導不包括任何新收購的貢獻。該指南還假設除了最近在北卡羅來納州推出之外，美國各州不會再推出其他產品，我們現在預計全年銷售成本為 650 萬美元，其中 370 萬美元發生在今年上半年。最後，我們的指導假設 2024 年歐元兌美元平均匯率為 [1.09]。

Operator, we are now happy to open up the line for questions.

接線員，我們現在很高興開通提問熱線。

(Operator Instructions)

（操作員說明）

Jeff financial, Stifel.

傑夫金融，斯蒂菲爾。

Hey, thanks. Good morning, Charles, Elias. Thanks for taking our questions.

嘿，謝謝。早上好，查爾斯，埃利亞斯。感謝您回答我們的問題。

Hey, Jeff.

嘿，傑夫。

Maybe starting out on the current customer acquisition environment that you're seeing in North America. More specifically, we've heard from several operators this earnings season that the volume of users being acquired is surprising them to the upside, while cost per user acquired continues to decline more specifically for the scaled players. I guess, on that first dynamic, are you also seeing an uptick in new organic searches on your site recognizes that noisy physical changes in a fragmented affiliate landscape.

也許可以從您在北美看到的當前客戶獲取環境開始。更具體地說，我們從本財報季的幾家運營商處獲悉，獲得的用戶數量令他們感到驚訝，而每名用戶的獲得成本則繼續下降，尤其是對於規模化的玩家而言。我想，在第一個動態中，您是否也看到您網站上的新有機搜尋量有所上升，並認識到支離破碎的聯屬網絡環境中嘈雜的物理變化。

I'm just curious if you're able to discern all the incremental user cohort as well. And then on the second on the declining tap, are you seeing any big shift away from affiliate channels or pricing pressure? Or is it reasonable to conclude that this comment really more refers to economies of scale on the brand awareness side of operator marketing budgets? Thanks.

我只是好奇您是否也能夠識別所有增量用戶群體。然後，在下降的第二個水龍頭上，您是否看到聯盟管道或定價壓力有任何重大轉變？或者是否可以合理地得出這樣的結論：該評論實際上更多地指的是運營商營銷預算的品牌知名度方面的規模經濟？謝謝。

From our perspective, the operators don't erratic, they don't meaningfully change their approach to affiliates quarter-to-quarter or year-to-year. And the thing that really drives our business is really supply, how many people are searching for what we're offering and those trends are always up and to the right. The number of people searching for the high intent keywords in the United States continues to grow and we continue to capture a greater share of it.

從我們的角度來看，營運商並沒有反覆無常，他們並沒有逐季度或逐年有意義地改變其對待附屬公司的方法。真正推動我們業務發展的是供應，有多少人正在尋找我們提供的產品，而這些趨勢總是向上且向右的。在美國搜尋高意圖關鍵字的人數持續成長，我們繼續佔據更大的份額。

Yes, operators have different moods, and one quarter may be slightly more aggressive than other quarters, but by and large, what's dictating the number of the amount of revenue we're able to generate with the client is the supply of people that we can send to them. It makes sense that their CAC is coming down because from our perspective and consistent with the public comments that they have made, they have turned off a lot of things that were not working. A lot of the TV, radio, outdoor stuff that you can't track, no attribution that's come way down, whereas there's been no meaningful change with the way they deal with affiliates. That's -- they know that works because they can track it. They have the attribution, it's black and white. So there's absolutely no reason that they would back off on that.

是的，營運商有不同的情緒，一個季度可能比其他季度稍微激進一些，但總的來說，決定我們能夠與客戶產生收入的因素是我們能夠提供的人員數量發送給他們。他們的 CAC 下降是有道理的，因為從我們的角度來看，並且與他們發表的公眾評論一致，他們已經關閉了很多不起作用的東西。很多電視、廣播、戶外的東西你無法追踪，沒有明顯的歸因，而他們與附屬公司打交道的方式卻沒有任何有意義的改變。那是——他們知道這是有效的，因為他們可以跟踪它。他們有歸屬，是黑白分明的。所以他們絕對沒有理由在這一點上退縮。

So I think the reason the CAC has come down is because they have become more efficient overall, and as they have become more efficient, a greater proportion of their spend has come to companies like us.

所以我認為 CAC 下降的原因是因為他們總體上變得更有效率，而且隨著他們變得更有效率，他們的支出中更大比例流向了像我們這樣的公司。

That's great. Thank you for that, Charles. And then for my follow up, Theo, turning to the comments made on on your media partnerships raised a full year cost of sales guidance. And I think you have both for you, Charles and Ali has commented on this a bit, but I loved it dig in a little bit further. So contribution from media partnerships. Is it surprising a bit to the upside? Do you think this is more of a timing phenomenon just in terms of it's taking time for Google to sort of manually push back on on some of these media partners involvement and affiliate offers? Or do you think this is kind of more durable with with more of these and more of these media partners likely to stick around even after these changes roll through and let me know if that makes. Thanks.

那太棒了。謝謝你，查爾斯。然後，西奧，我的後續行動，轉向對您的媒體合作夥伴關係的評論，提出了全年銷售成本指引。我認為你們兩者都有，查爾斯和阿里對此發表了一些評論，但我喜歡進一步深入探討。因此，來自媒體合作夥伴的貢獻。是不是有點令人驚訝？您是否認為這更像是一種時機現象，因為Google需要時間來手動推遲其中一些媒體合作夥伴的參與和聯盟行銷優惠？或者您認為這種情況更持久，即使在這些變化發生後，更多這樣的媒體合作夥伴也可能會留下來，讓我知道這是否有效。謝謝。

That's a great question and we've been asking ourselves the same question. I think at this point, we have a fair amount of clarity on the situation, although I wouldn't say that it's black and white and we understand exactly where the lines are with Google. When we updated guidance in May, we took a conservative view as we had made clear at the time, given the changes were quite fresh and we had limited visibility. And now that we have more visibility, the Q2 contribution was higher than our guidance suggested at the time.

這是一個很好的問題，我們一直在問自己同樣的問題。我認為在這一點上，我們對情況已經相當清楚，儘管我不會說這是黑白分明的，而且我們確切地了解谷歌的界限在哪裡。當我們在 5 月更新指導意見時，我們採取了保守的觀點，正如我們當時明確表示的那樣，因為變化相當新鮮，而且我們的可見性有限。現在我們有了更多的知名度，第二季的貢獻高於我們當時建議的指導。

Moving forward, we now expect cost of sales related to media partnerships to be approximately $6.5 million for the full year 2024 versus the previous guidance of $4.7 million and in H1, we already had $3.7 million in cost of sales. So from our perspective, there absolutely remains a bright future for these media partnerships, if they're the right partnerships, there's certainly been a the wheat has been separated from the chaff big time. We don't do very many of these, but when we do them, we do them with very substantial publishers and that has absolutely inured to our benefit as these partnerships have evolved.

展望未來，我們現在預計 2024 年全年與媒體合作夥伴相關的銷售成本約為 650 萬美元，而先前的指引為 470 萬美元，上半年我們的銷售成本已經達到 370 萬美元。因此，從我們的角度來看，這些媒體合作夥伴絕對有一個光明的未來，如果他們是正確的合作夥伴，那麼肯定會經歷一個去殼的大時代。我們不會做很多這樣的事情，但當我們這樣做時，我們會與非常大的出版商一起做，隨著這些合作夥伴關係的發展，這絕對對我們有利。

But they are going to be less prominent than they have been in the past. We continue to be focused on being great partners to our media partners and are increasingly looking at all the different ways we can leverage our capabilities to help them beyond just organic SEO. There's a lot of different things that we can do for them, and obviously now is the right time to fully take advantage of that.

但他們將不再像過去那樣引人注目。我們繼續致力於成為媒體合作夥伴的優秀合作夥伴，並越來越多地尋找各種不同的方式來利用我們的能力來幫助他們，而不僅僅是有機搜尋引擎優化。我們可以為他們做很多不同的事情，顯然現在是充分利用這些的最佳時機。

And as you can see from our Q2 results and our raised guidance, our owned and operated sites performed strongly during the quarter and were ahead of our expectations. The diminished visibility of media partnerships and search engines directly translates to improved visibility of our owned and operated sites where our margins are substantially better.

正如您從我們第二季度的業績和我們提高的指導中看到的那樣，我們擁有和經營的網站在本季度表現強勁，超出了我們的預期。媒體合作夥伴和搜尋引擎可見度的下降直接轉化為我們擁有和經營的網站的可見度的提高，我們的利潤率大幅提高。

That's great. Thanks for that color, Charles, and congrats on the strong quarter.

那太棒了。查爾斯，謝謝你的顏色，並祝賀季度的強勁表現。

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

Hey, guys, good morning. As we think about newer U.S. states versus more mature, is there a sizable difference in NDC growth? I mean, I guess we hear concerns around slower state legalizations and I just want to better understand that. Thanks.

嘿，夥計們，早安。當我們考慮美國較新的州與較成熟的州時，NDC 的成長是否有很大差異？我的意思是，我想我們聽到了對各州合法化速度較慢的擔憂，我只是想更好地理解這一點。謝謝。

Yes. I think one point that we've been really keen to make to everybody that will listen is that there's a very long, healthy growth opportunity after these new states finish launching. In the first three months, you get a lot of interest, a lot of demand comes to market, there's a lot of activity, and then it kind of bottoms out. But after three months, it just keeps growing every year indefinitely. And that's where we're seeing growth in North America.

是的。我認為我們一直非常熱衷於向每個願意傾聽的人傳達的一點是，在這些新州完成啟動後，將存在一個非常長期、健康的成長機會。在前三個月，你會得到很多興趣，市場上有很多需求，有很多活動，然後就會觸底。但三個月後，它每年都會無限期地成長。這就是我們在北美看到成長的地方。

We it gives us a lot of confidence to expect growth in certain parts of our portfolio this year and growth overall in North America next year. But I think it's underappreciated how much some of these kind of the early cohort of regulated states are continuing to grow. You look at New Jersey, New Jersey is still growing. I mean, it's there's a lot of growth outside of these new state launches. So of course, we're really looking forward to the next new state launch. But even in the absence of one of them, we fully expect the business to be growing over the medium and long-term.

我們對今年投資組合的某些部分的成長以及明年北美的整體成長充滿信心。但我認為，人們低估了早期受監管國家中的一些國家正在持續成長的程度。你看看新澤西州，新澤西州仍在成長。我的意思是，除了這些新州的推出之外，還有很多成長。當然，我們非常期待下一個新狀態的發布。但即使沒有其中之一，我們也完全預期該業務將在中長期內成長。

That's great. Thank you for addressing that. And just as a follow-up. Curious if you could talk a little bit more about the M&A pipeline. Any noticeable changes is since Q1 earnings and any areas you maybe are a little more focused on today than others?

那太棒了。感謝您解決這個問題。並且只是作為後續行動。很好奇您能否多談談併購通路。自第一季收益以來有任何明顯的變化嗎？

Yes, we continue to have a lot of great conversations, but we remain as famously picky as we've ever been. We look forward to announcing something when the time is right, but we with our great organic growth, we don't feel like we're under any pressure to do something. We've already done a fantastic deal this year with the free bets.com acquisition, which is trending ahead of expectations.

是的，我們繼續進行很多精彩的對話，但我們仍然一如既往地挑剔。我們期待在適當的時候宣布一些事情，但隨著我們巨大的有機增長，我們並不覺得自己有任何做某事的壓力。今年我們已經透過收購 free bets.com 完成了一筆出色的交易，其趨勢超出了預期。

As we've already mentioned, we are spending a lot of time evaluating opportunities which are tangential or adjacent to the real money online gambling affiliate business that we know and love. There's a broad universe of opportunities for us to sell more things to our existing clients or leverage our existing skills in complementary businesses with similar margins and cash flow characteristics in the gaming space. So we'll we'll be delighted when we announce something, but can't say any more than that at the moment.

正如我們已經提到的，我們花了大量時間來評估與我們所了解和喜愛的真錢在線賭博聯盟業務無關或相鄰的機會。我們有廣泛的機會向現有客戶出售更多產品，或利用我們在遊戲領域具有相似利潤和現金流特徵的互補業務中的現有技能。因此，當我們宣布某件事時，我們會很高興，但目前不能透露更多。

Fair enough. Congrats on a great quarter. Thanks.

很公平。恭喜您度過了一個出色的季度。謝謝。

Thanks, Barry.

謝謝，巴里。

Chad Beynon, Macquarie Asset Management.

貝農 (Chad Beynon)，麥格理資產管理公司。

Hey, good morning. This is Aaron on for Chad, thanks for taking our question. Just kind of going back to Google for a second. There was a recent court ruling that Google has been running an illegal monopoly on search. Can you just share any thoughts on how that might impact your business?

嘿，早安。我是亞倫（Aaron）代表乍得發言，感謝您提出我們的問題。讓我們回到谷歌。最近法院裁決谷歌在搜尋領域非法壟斷。您能否分享一下這可能對您的業務有何影響的想法？

Hey Aaron, yes, good question. If you go back to the Microsoft antitrust case, it took better part of a decade before they made any real headway in enforcing the antitrust desires of the government. So I don't think we absolutely nothing is going to happen imminently. It might be five years; it might be 10-years before anything happens. And as and when it does happen, then sure, you can speculate about what the changes will actually mean, but 5 and 10 years is a long time in technology, I think. By the time they got to the end of the road with Microsoft, the browser was less important than it was at the beginning of the process, and the whole exercise seemed like a waste of time.

嘿亞倫，是的，好問題。如果你回顧微軟反壟斷案，你會發現他們花了十年的時間才在執行政府的反壟斷願望方面取得真正的進展。所以我認為我們絕對不會立即發生任何事情。可能是五年；可能要過10年才會發生任何事。當它確實發生時，當然，你可以推測這些變化實際上意味著什麼，但我認為 5 年和 10 年對技術來說是很長的一段時間。當他們與微軟合作結束時，瀏覽器的重要性已經不如流程開始時那麼重要，整個過程似乎在浪費時間。

So I think what would be more relevant to us would be the pace at which consumer search patterns are changing. And frankly, to-date, we haven't seen any change as a result of generative AI and various kind of AI enabled search engines. The volume of search that still comes off of Google is, I mean it's higher than ever and the traffics still there, nothing's changed. Its and that's obviously gives us a lot of confidence.

因此，我認為與我們更相關的是消費者搜尋模式變化的速度。坦白說，迄今為止，我們還沒有看到生成式人工智慧和各種支援人工智慧的搜尋引擎帶來的任何變化。我的意思是，谷歌的搜尋量仍然比以往任何時候都高，而且流量仍然存在，沒有任何變化。這顯然給了我們很大的信心。

More than a year into the new kind of era of generative AI, that traditional search is simply it's just two different products, its two different things, its two different use cases, and people are clearly continuing to use Google in the way they have for a long time. So if they actually spun off Android or actually managed to break it up, I think it'd be a long time from now. And I don't frankly see the search business being terribly impacted, but ask me again in five years.

進入生成式人工智慧的新時代已經一年多了，傳統搜尋只是兩種不同的產品，兩種不同的東西，兩種不同的用例，人們顯然仍在繼續以他們以前的方式使用谷歌。一段時間。因此，如果他們真的剝離 Android 或真正設法將其拆分，我認為現在還需要很長時間。坦白說，我並不認為搜尋業務受到嚴重影響，但五年後再問我。

Got it. Appreciate that. And then with regard to free bets, I believe we're still in the integration window you talked about last quarter. But can you update us on how the integration is going and whether your expectations for its contribution in 2024 has changed at all? Thank you.

知道了。很欣賞這一點。然後關於免費投注，我相信我們仍處於您上季度談到的整合窗口。但您能否向我們介紹一下整合的最新進展情況以及您對 2024 年貢獻的預期是否有任何變化？謝謝。

Sure. We are a human few months in at this point, and we have been consistently trending ahead of expectations in terms of revenue produced by the acquired assets. The acquisition included a substantial base of NDCs previously referred on a revenue share basis. And this is where we have seen actuals exceed our expectations. Some sorry, we've already successfully migrated certain aspects of the acquired portfolio to our technology stack, including our ad tech, and we will continue our integration work across the entirety of the portfolio for another few quarters, but we expect to see benefits from this in Q4 as we drive increases in the number of NDCs produced by these assets. And we now expect that the assets will exit 2024 on a materially higher run rate than what was implied by our initial guidance when we announced the acquisition.

當然。幾個月後，我們就成為了一個人，就所收購資產產生的收入而言，我們的趨勢一直超乎預期。此次收購包括先前以收入分成為基礎的大量 NDC。這就是我們看到實際情況超出我們預期的地方。抱歉，我們已經成功地將收購的產品組合的某些方面遷移到我們的技術堆疊中，包括我們的廣告技術，我們將在接下來的幾個季度繼續對整個產品組合進行整合工作，但我們預計會看到以下好處：隨著我們推動這些資產產生的 NDC 數量的增加，第四季就會出現這種情況。我們現在預計，這些資產將於 2024 年退出，運行速度將大大高於我們宣布收購時的初步指導所暗示的水平。

Understood. That all sounds great. Appreciate all the color. Thanks, guys.

明白了。這一切聽起來都很棒。欣賞所有的顏色。謝謝，夥計們。

Clark lampen, BTIG.

克拉克·蘭彭，BTIG。

Good morning, everybody. Thanks for taking the questions. Charles, I wanted to see if maybe we could just drill down a little bit more on expectations over the balance of the year for growth, I guess in two ways, I guess one, sports betting versus iGaming, but then North America versus Europe. Should we expect, I guess, most of what we've seen in 2Q and the first half of the year to sort of continue over the balance? And I wanted to, I guess, kind of also follow-up on your point around exit rates of growth for the year.

大家早安。感謝您提出問題。查爾斯，我想看看我們是否可以進一步深入了解今年剩餘時間的成長預期，我想有兩種方式，我想一是體育博彩與 iGaming，然後是北美與歐洲。我想，我們是否應該預期第二季和上半年所看到的大部分情況會繼續保持平衡？我想，我也想跟進您關於今年退出成長率的觀點。

If we're thinking about the performance business in general, sort of being back on track right now, Freebets, I guess, really hitting its stride, I guess, towards the end of the year. What does this, I guess, kind of suggest right now about the medium-term organic growth profile of this business overall? And then, maybe for Elias, I guess as part of that, what is, I guess that medium-term growth rate translate to now, from a cash flow standpoint, we have a pretty good sense of the outflows that are ahead. If we're thinking about inflows and I guess, cash flow conversion off of this business, maybe give us a sense of, in addition to the top-line outlook, what it translates to the bottom line. Thank you.

如果我們總體上考慮表演業務，那麼我想，Freebets 現在正在重回正軌，我想，在年底時，我想真正會取得進展。我想，這對目前該業務整體的中期有機成長狀況有何暗示？然後，也許對埃利亞斯來說，我想作為其中的一部分，我想中期成長率轉化為現在，從現金流的角度來看，我們對未來的資金外流有很好的認識。如果我們考慮資金流入，我想，該業務的現金流轉換，除了頂線前景之外，也許還可以讓我們了解它轉化為底線的含義。謝謝。

Hey, Clark. In terms of North American growth, to be clear, there's parts of our North American portfolio, which have grown year-on-year in 2024 and will continue to grow in the second half of the year. That said, our media partnership business was a substantial proportion of our H2 2023 revenue in North America and that will be substantially smaller this year. So on balance, we do not expect to grow overall in 2024 in North America. However, we are confident that we will continue to take meaningful market share in North America.

嘿，克拉克。就北美成長而言，需要明確的是，我們北美投資組合的某些部分在 2024 年同比增長，並將在下半年繼續增長。也就是說，我們的媒體合作業務占我們 2023 年下半年北美收入的很大一部分，而今年這一比例將大大減少。因此，總的來說，我們預計 2024 年北美地區的整體成長不會出現。然而，我們有信心我們將繼續在北美佔據重要的市場份額。

Looking forward, we expect North America to grow modestly in 2025, from same state sales alone. And when we get expanded regulation, of course, especially in iGaming, growth will reaccelerate and with more new state launches and or a wave of new operators entering the market. But never forget that this is a global business and we have 18 years of history operating outside of North America. And we grew the UK and Ireland by 11.5% and other Europe by 75% in the first half of the year.

展望未來，我們預計 2025 年北美僅從同一州的銷售額來看將出現溫和成長。當然，當我們擴大監管範圍時，特別是在 iGaming 領域，隨著更多新州的推出和/或一波新營運商進入市場，成長將重新加速。但永遠不要忘記，這是一家全球性企業，我們在北美以外地區擁有 18 年的經營歷史。今年上半年，英國和愛爾蘭成長了 11.5%，歐洲其他地區成長了 75%。

On exit rates, we haven't provided any specific guidance for 2025 yet, of course, but we do think it'll be double-digit -- low-double-digits organic growth in North America, even without any new state openings. And specifically in the context of the Freebets acquisition, when we tabled our initial guidance for that acquisition, we said $10 million in revenue and $5 million in adjusted EBITDA for the last three quarters of 2024.

當然，在退出率方面，我們還沒有提供 2025 年的任何具體指導，但我們確實認為，即使沒有任何新的州開放，北美的退出率也將是兩位數的低兩位數有機增長。特別是在 Freebets 收購的背景下，當我們提出對該收購的初步指導時，我們表示 2024 年最後三個季度的收入為 1000 萬美元，調整後 EBITDA 為 500 萬美元。

Of course, the first quarter of the year tends to be one of the best quarters of the year. So if you're looking at that on an annualized rate, you have to put a little extra weight on the Q1. And now we're saying for 2025, we will exit 2024 with those assets on a substantially higher run rate. So that will set us up for growth both in predominantly in other Europe, in the UK and Ireland next year.

當然，今年第一季往往是一年中最好的季度之一。因此，如果您以年化利率來看待這一點，則必須對第一季給予額外的重視。現在我們說，到 2025 年，我們將在 2024 年退出時，這些資產的運作率將大幅提高。因此，這將為我們明年主要在其他歐洲、英國和愛爾蘭的成長奠定基礎。

I could just add, Clark, to the second part of your question on our expectations for the second half of the year. And as you said, the expectation is that the UK and Ireland, other Europe and rest of the world will continue to be the growth drivers in the second half, as we've seen in the first half of 2024.

克拉克，我可以補充你問題的第二部分，也就是我們對下半年的期望。正如您所說，正如我們在 2024 年上半年所看到的那樣，預計英國和愛爾蘭、其他歐洲以及世界其他地區將繼續成為下半年的成長動力。

If you look at margins with the current proportion of our media partnership revenue, our H1 margins are indicative of run rate and correlates with the mid-point of our full year guidance. So our guidance, including $6.5 million in cost of sales for 2024 is expected to produce gross margins in the mid-90s. And the mid-point of our adjusted EBITDA margin for the full year is 36%, which is consistent with the first half of the year.

如果您按照我們媒體合作夥伴收入的當前比例來查看利潤率，我們的上半年利潤率代表了運行率，並與我們全年指導的中點相關。因此，我們的指導（包括 2024 年 650 萬美元的銷售成本）預計將產生 90 年代中期的毛利率。我們全年調整後的 EBITDA 利潤率中點為 36%，與上半年一致。

Thanks very much.

非常感謝。

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, Charles, Elias. I guess want to start with other Europe, some really nice strength and acceleration there I guess, anything to call out specifically? And then maybe more broadly speaking, the benefit you guys saw from the euros 2024?

嘿，查爾斯，埃利亞斯。我想從其他歐洲開始，我想那裡有一些非常好的力量和加速度，有什麼特別要注意的嗎？也許更廣泛地說，你們從 2024 年歐元中看到了哪些好處？

Just to start with Euros 2024, because that's an easy one. Our sports betting business is predominantly in the U.S. We have a iGaming first strategy around the world. We try not to we don't go into markets, which don't have iGaming. The only real exception to that is the US because of the huge long-term iGaming opportunity. And entering now with sports betting is the obvious way to preposition for that bright future.

就從 2024 年歐洲盃開始吧，因為那很簡單。我們的運動博彩業務主要在美國。我們盡量不進入沒有 iGaming 的市場。唯一真正的例外是美國，因為它擁有巨大的長期 iGaming 機會。現在進入體育博彩是為光明的未來做好準備的明顯方式。

But in terms of other Europe, Freebets saw some positive on the margins exceeded expectations, and definitely caught a bit of a tailwind with the euros. But in other Europe, we've got new licenses in Greece and Romania. So we're now licensed in both jurisdictions and live in both markets, and we expect those to be growth drivers over the medium-term. So we can kind of maintain some of these elevated growth rates moving forward. But the Freebets acquisition is a mix. It was both the contribution from the Freebets acquisition and organic growth in our own operated assets.

但就歐洲其他地區而言，Freebets 看到了一些超出預期的積極因素，並且肯定受到了歐元的推動。但在歐洲其他地區，我們在希臘和羅馬尼亞獲得了新的許可證。因此，我們現在在兩個司法管轄區都獲得了許可，並在兩個市場中開展業務，我們預計這些將成為中期的成長動力。因此，我們可以繼續保持一些較高的成長率。但對 Freebets 的收購是一個混合體。這既是 Freebets 收購的貢獻，也是我們自營資產有機成長的貢獻。

And just for my follow-up question, you specifically Rush Street or BET rivers and also refining their affiliate strategy. They're cutting off certain low ROI affiliates effective September first or leaning in with others in gaming specific states, I guess two parts to the question here. One, did you get the gambling.com sites, get that termination letter? And then secondly, how do you think your properties have been performing from a customer ROI standpoint versus years past and also versus competitors as operators kind of refine their strategies here?

對於我的後續問題，您特別關注 Rush Street 或 BET 河流，並完善了他們的聯盟策略。他們將從 9 月 1 日起切斷某些低投資回報率的附屬機構，或者在遊戲特定州與其他機構合作，我想這裡的問題有兩個部分。第一，您是否找到了gaming.com 網站，收到終止信了嗎？其次，您認為從客戶投資回報率的角度來看，與過去幾年相比，以及隨著營運商在此完善其策略，與競爭對手相比，您的物業表現如何？

Yes. I think from a customer ROI standpoint, we have we have always not only real gaming first, but we're also highest player value. First, we know the keywords and search firms, which are correlated with the highest player base. And we have and those are the most competitive ones. Those are the hardest ones to get, but we have always gone for those first and our clients understand that, and they understand that we are one of if not the best ROI affiliate to work with. It's hard to get kind of hard data out of them that, that evidence is that because they would naturally lose some leverage and pricing power with us. But it's a comment we have repeatedly heard from them.

是的。我認為從客戶投資報酬率的角度來看，我們不僅始終將真正的遊戲放在第一位，而且我們也是最高的玩家價值。首先，我們知道與最高玩家群相關的關鍵字和搜尋公司。我們有，而且這些都是最具競爭力的。這些是最難獲得的，但我們總是先選擇這些，我們的客戶明白這一點，他們也明白我們即使不是最好的投資報酬率合作夥伴之一。很難從他們那裡得到硬數據，因為他們自然會失去我們的一些影響力和定價權。但這是我們多次從他們那裡聽到的評論。

In terms of RSI, they we work with RSI and over 250 other operators, we get a lot of respect for the team at RSI, but simply put, they are not they are a small client. We continue to promote and work with them in various states, but their particular pullback in certain areas will not have any effect on us and we raised guidance this morning.

就 RSI 而言，我們與 RSI 和超過 250 個其他運營商合作，我們對 RSI 團隊非常尊重，但簡單地說，他們不是小客戶。我們繼續在各州推廣他們並與他們合作，但他們在某些領域的特殊回調不會對我們產生任​​何影響，我們今天早上提出了指導意見。

Great. Thanks, Charles Good luck.

偉大的。謝謝，查爾斯祝你好運。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, good morning, everyone. Thanks for taking my question. I think, we've talked about North America a decent amount, but to the degree that you can qualitatively, can you just talk about this long-term $100 million and just help us maybe unpack it a little bit? And how much of that becomes North America whenever it is that we so to get there, I assume that's a much faster growing aspect of all this, unless I'm mistaken.

嗨，大家早安。感謝您提出我的問題。我想，我們已經對北美進行了相當多的討論，但是在你可以定性的程度上，你能談談這個長期的 1 億美元，並幫助我們稍微解開它嗎？每當我們到達那裡時，其中有多少成為北美，我認為這是所有這一切中增長更快的方面，除非我弄錯了。

Yes, look, we as we said, we're very confident on reaching $100 million in adjusted EBITDA in the next couple of years. We're not going to put a specific time line on it until we have more clarity on additional new state launches in the US and also more clarity from an M&A perspective, obviously, M&A will will play some part in that and North America will clearly play a role, substantial part of that.

是的，正如我們所說，我們非常有信心在未來幾年內實現 1 億美元的調整後 EBITDA。在我們更清楚地了解美國其他新州的推出以及從併購的角度來看更清晰之前，我們不會設定具體的時間表，顯然，併購將在其中發揮一定作用，而北美顯然將發揮作用發揮作用，其中很大一部分。

We get a lot of questions on Latin America, for example. And if you look at Latin America in the context of us reaching $100 million in adjusted EBITDA. I don't need Latin America to get to $100 million in adjusted EBITDA, but there's a lot of opportunity in Latin America, obviously Brazil is and on everyone's time these days, Brazil, when Brazil fully regulated, if you will start paying taxes, the people with businesses in Brazil are going to be dealing with very different customer lifetime values.

例如，我們收到了很多關於拉丁美洲的問題。如果你看看拉丁美洲，我們的調整後 EBITDA 已達到 1 億美元。我不需要拉丁美洲調整後的 EBITDA 達到 1 億美元，但拉丁美洲有很多機會，顯然巴西是，現在每個人都有機會，巴西，當巴西受到全面監管時，如果你開始納稅，在巴西做生意的人將面臨截然不同的客戶終身價值。

And we that doesn't affect us because we're not we're not big in Brazil today, but it's Latin America and Brazil are, of course, interesting opportunities, stuff that we're looking at and thinking about, but just in the context of the overall global opportunity for this business, and I would expect us to be able to get to the $100 million predominantly on the back of the markets we're already in plus new state launches and some M&A. We wouldn't need to make some giant push into some regions that were not already Accipiter.

這不會影響我們，因為我們今天在巴西並不大，但拉丁美洲和巴西當然是有趣的機會，是我們正在關注和思考的東西，但只是在這項業務的整體全球機會的背景下，我預計我們能夠達到1 億美元，主要依靠我們已經進入的市場以及新州的推出和一些併購。我們不需要大力推進一些尚未成為 Accipiter 的地區。

Perfect. And I think you, Charles, maybe you said up my follow-up question pretty nicely, which is intuition suggests that should U.S. states raise tax rates that changes the value value proposition for operators and works to your benefit. Is that a fair assumption for us?

完美的。我認為你，查爾斯，也許你很好地回答了我的後續問題，直覺表明，美國各州應該提高稅率，這會改變運營商的價值主張，並對你有利。這對我們來說是一個公平的假設嗎？

Yes and no. I mean, if the taxes go up, the player LTVs come down, and that affects everyone in the whole ecosystem, including the players. This DraftKings surcharge thing everybody's been talking about for the last couple of days, and obviously they've walked it back. But I thought it was really interesting and I thought it was really a smart thing to do. You could debate about how they implement it, but the reality is these costs are real, and whatever manner the operators come up with, they're going to pass it along to the players. Maybe not the whole thing, maybe it's just part of it. But this idea of putting it into some sort of separate bucket is actually an act of transparency that brings more attention to this issue. And more attention should be brought to this issue because at a certain level, the tax rates are unhelpful.

是和不是。我的意思是，如果稅收上升，玩家生命週期價值就會下降，這會影響整個生態系統中的每個人，包括玩家。過去幾天每個人都在談論DraftKings的附加費，顯然他們已經收回了它。但我認為這真的很有趣，而且我認為這確實是一件明智的事情。你可以爭論他們如何實施它，但現實是這些成本是真實的，無論運營商想出什麼方式，他們都會將其轉嫁給玩家。也許不是全部，也許只是其中的一部分。但將其放入某種單獨的桶中的想法實際上是一種透明的行為，可以讓更多人關注這個問題。這個問題應該引起更多關注，因為在某個水平上，稅率是沒有幫助的。

It inhibits market growth. It doesn't allow the operators to compete effectively against the black market. It actually lowers the amount of tax that these states will be able to collect. So I think it's an I applaud DraftKings' efforts to highlight the issue. And but if it affects everybody, our ability to sell our traffic is based on the value of that traffic, and if the taxes are higher, it's not helpful.

它抑制了市場成長。它不允許營運商與黑市進行有效競爭。它實際上降低了這些州能夠徵收的稅額。所以我認為我對 DraftKings 強調這個問題的努力表示讚賞。但如果它影響到每個人，我們銷售流量的能力就取決於該流量的價值，如果稅收更高，那就沒有幫助。

Longer discussion than we have time for. Thank you very much.

討論的時間比我們的時間還要長。非常感謝。

Thanks, David.

謝謝，大衛。

Thank you. Ladies and gentlemen, that was the last question for the question and answer session. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。女士們、先生們，這是問答環節的最後一個問題。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。