Gambling.com Group Ltd (GAMB) 2024 Q3 法說會逐字稿

(technical difficulty) Continued international expansion in both our existing and new markets and ultimately targeted M&A that broadens our footprint in the online gambling ecosystem. I'm confident that with the right accretive M&A transactions, we may even be able to achieve the target earlier than our own initial expectations. Our confidence in our near- and long-term outlook is highlighted by the brisk pace of share repurchases activity we've undertaken over the last two years. As we were purchased over 8% of our outstanding shares during that time.

（技術難度）繼續在現有市場和新市場進行國際擴張，並最終進行有針對性的併購，擴大我們在線上賭博生態系統中的足跡。我相信，透過正確的增值併購交易，我們甚至可以比我們最初的預期更早實現目標。過去兩年我們進行的股票回購活動的快速步伐凸顯了我們對近期和長期前景的信心。因為我們在那段時間購買了超過 8% 的流通股。

Reflecting our strong year to day performance we raised guidance with the midpoint of our updated range indicating revenue growth of 16% and adjusted to growth of 29%. Our balance sheet and cash flow position us to continue repurchasing shares and pursuing a creative M&A. Now let me turn the call over to Ellis for a review of the third quarter financial highlights and details on our revised full year outlook.

為了反映我們強勁的逐年業績，我們上調了更新區間中點的指引，顯示營收成長 16%，並調整為成長 29%。我們的資產負債表和現金流使我們能夠繼續回購股票並進行創造性的併購。現在讓我把電話轉給艾利斯，請他回顧第三季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 $32.1 million was a third quarter record as we delivered over 116,000 pass NDC's to customers, up 35% year over year. The 37%-year revenue increase was driven by growth in iGaming across all regions. Revenue in the UK and Ireland rose 43% of Europe was up 192% and the rest of the world increased 99% driven by our core brands and benefits from our acquisition in April of Freebets.com and related assets.

謝謝 Charles，我們向客戶交付了超過 116,000 個通行證 NDC，收入 3,210 萬美元創下了第三季的記錄，年增 35%。營收年增 37% 是由所有地區 iGaming 的成長推動的。在我們的核心品牌以及我們 4 月收購 Freebets.com 及相關資產帶來的收益的推動下，英國和愛爾蘭的收入增長了 43%，歐洲增長了 192%，世界其他地區增長了 99%。

North America continued to show resiliency as PAN was flat against challenging comparables gross profit increased 43% year over year or just over $9 million up to $30.4 million cost of sales was $1.7 million down 21% year over year. As a result of lower partnership revenue, that was slightly ahead of our expectations for the quarter.

北美地區繼續表現出韌性，因為 PAN 與具有挑戰性的可比公司持平，毛利同比增長 43%，略高於 900 萬美元，達到 3,040 萬美元；銷售成本為 170 萬美元，同比下降 21%。由於合作夥伴收入較低，該季度略高於我們的預期。

Gross margin increased to 95% from 91% in last year's third quarter. Total operating expenses increased 25% to $20.8 million reflecting increased head count across sales, technology and DNA and increased amortization expenses related to the Freebets.com acquisition. Operating expenses were slightly below our expectations for the quarter as some planned hires were moved into the fourth quarter. Adjusted EBITDA increased 108% year over year to an all-time record of $12.6 million compared to $6.1 million a year ago.

毛利率從去年第三季的91%增加至95%。總營運費用增加了 25%，達到 2,080 萬美元，反映出銷售、技術和 DNA 方面人員數量的增加以及與 Freebets.com 收購相關的攤銷費用的增加。由於一些計劃的招聘被移至第四季度，營運費用略低於我們對本季的預期。調整後 EBITDA 年成長 108%，達到 1,260 萬美元的歷史最高紀錄，而一年前為 610 萬美元。

Third quarter adjusted margin was 39% up from 26% a year ago. Adjusted net income for the quarter of 2024 rose 65% to $8.9 million from $5.4 million in the year ago period, while adjusted diluted net income per share increased 79% to $0.25 from $0.14 per share in the third quarter of 2023.

第三季調整後利潤率為 39%，高於去年同期的 26%。2024 年季度調整後淨利潤從去年同期的 540 萬美元增長 65% 至 890 萬美元，而調整後攤薄每股淨利潤從 2023 年第三季度的每股 0.14 美元增長 79% 至 0.25 美元。

Free cash flow was also a quarterly record $14.2 million compared to $1.6 million in the third quarter of last year. As a result of the 108% growth in adjusted EBITDA and significant positive working capital movements due to timing differences.

自由現金流也創下季度記錄 1,420 萬美元，而去年第三季為 160 萬美元。由於調整後的 EBITDA 成長了 108%，並且由於時間差異而產生了顯著的積極的營運資本變動。

During the third quarter, we purchased $1.3 million shares at an average price of [935] per share. And subsequent to the quarter, we purchased a further 486,000 shares at an average price of [980] per share. Since the implementation of our share repurchase program in November 2022, we have repurchased $3.3 million shares at an average price of just about $9 representing more than 8% of the total outstanding shares.

第三季度，我們以每股 [935] 的平均價格購買了 130 萬美元的股票。在本季之後，我們以每股 [980] 的平均價格進一步購買了 486,000 股。自 2022 年 11 月實施股票回購計畫以來，我們已以約 9 美元的平均價格回購了 330 萬美元的股票，佔已發行股票總數的 8% 以上。

Today, our board authorized an additional $10 million for future share repurchase activities. As of September 30, we had total cash of $15.7 million a $8.2 million quarter on quarter increase. On October 01, we made a second payment of $10 million to excel media for the acquisition of Freebets.com. As a result, we have now drawn down a total of $25 million on our $50 million credit facility.

今天，我們的董事會額外授權 1000 萬美元用於未來的股票回購活動。截至 9 月 30 日，我們的現金總額為 1,570 萬美元，比上一季增加 820 萬美元。10 月 1 日，我們向 excel media 支付了第二筆 1000 萬美元的款項，用於收購 Freebets.com。因此，我們現在已從 5000 萬美元的信貸額度中提取了總計 2500 萬美元的資金。

This morning, we raised our guidance for 2024 revenue to $125 million to $127 million with a midpoint representing 16%-year growth. The midpoint of our new higher adjusted EBITDA range of $46.5 million to $48.5 million represents 29% year over year growth. While we expect year over year revenue growth and very strong adjusted to our growth overall in Q4.

今天上午，我們將 2024 年營收指引上調至 1.25 億至 1.27 億美元，中點代表年增率 16%。我們新的更高調整後 EBITDA 範圍的中點為 4,650 萬美元至 4,850 萬美元，年增 29%。雖然我們預計營收年增，並且根據我們第四季的整體成長進行了非常強勁的調整。

We have discussed previously that we have another two quarters of challenge comps in North America specifically ahead of us. Last year's fourth quarter included a substantial contribution from media partnerships that really accelerated in the period and there was the major launch of ESPN in 17 states in Q4 of last year.

我們之前已經討論過，我們在北美還有另外兩季的挑戰比賽。去年第四季度，媒體合作夥伴關係做出了重大貢獻，這段期間的發展確實加速了，去年第四季 ESPN 在 17 個州進行了重大推出。

In addition, Kentucky launched sports betting in late September 2023. For a full year comparison you also need to consider that three new states launched in 2023 and this year it has only been North Carolina. Taking all of those factors into consideration we expect full year North America revenue will be down compared to 2023 that will outperform our internal model after the Google policy changes in May.

此外，肯塔基州於 2023 年 9 月下旬推出了體育博彩。對於全年比較，您還需要考慮 2023 年推出的三個新州，而今年只有北卡羅來納州。考慮到所有這些因素，我們預計北美全年收入將比 2023 年有所下降，在 5 月谷歌政策改變後，這將優於我們的內部模型。

As Charles highlighted heading into 2025 we expect the resumption of North American market growth, further market share gains and stronger momentum as we exit 2025. Finally, our fourth quarter guidance does not include contributions from any new acquisitions or any new market launches. We now expect full year cost of sales of $7.5 million of which $5.4 million was incurred in the first nine months of the year.

正如 Charles 所強調的那樣，進入 2025 年，我們預計北美市場將恢復成長，市場份額將進一步增加，2025 年結束時勢頭將更強勁。最後，我們第四季的指導不包括任何新收購或任何新市場推出的貢獻。我們現在預計全年銷售成本為 750 萬美元，其中 540 萬美元發生在今年前 9 個月。

And our guidance assumes an average EUR to USD exchange rate of 1.065 for the fourth quarter of 2024.

我們的指引假設 2024 年第四季歐元兌美元平均匯率為 1.065。

Well, now time to call over for questions, operator.

好吧，現在是時候打電話詢問問題了，接線員。

Thank you. (Operator Instructions.)

謝謝。（操作員說明。）

The first question is from Ryan Sigdahl from Craig Hallum Capital Group. Please go ahead.

第一個問題來自 Craig Hallum Capital Group 的 Ryan Sigdahl。請繼續。

Charles, Elias, a good day, and very impressive results. I want to start with the strong iGaming growth in the UK and Europe, you mentioned some of the organic initiatives, new countries. How much of that is the organic business versus Freebets? And then on the Freebets integration, curious what you guys are seeing because I believe it was basically a no growth business when you bought it. Just how you feel about that integration and, and the path forward there, then I have a follow up.

查爾斯、埃利亞斯，美好的一天，取得了令人印象深刻的成果。我想從英國和歐洲線上博彩的強勁成長開始，您提到了一些有機舉措和新國家。與 Freebets 相比，其中有機業務佔多少？然後是 Freebets 集成，我很好奇你們看到了什麼，因為我相信當你們購買它時，它基本上是一項沒有成長的業務。我會跟進您對這種整合的感受以及未來的發展方向。

Thanks, Ryan. UK and Ireland was very strong, about half of the growth there was organic. So in the quarter, we had about 40% odd in growth in that market and roughly half was organic. The Freebets acquisition has been fantastic. We pushed our team to get it fully integrated in six months and they did it.

謝謝，瑞安。英國和愛爾蘭的成長非常強勁，大約一半的成長是有機成長。因此，在本季度，我們在該市場的成長約為 40%，其中約一半是有機成長。Freebets 的收購非常棒。我們敦促我們的團隊在六個月內將其完全集成，他們做到了。

So it's done, and it's now, running on the our technical platforms and it's got our ad tech and all our people all over it. That acquisition in particular, we have there's just kind of two sides to it. There's the legacy revenue share from all the players that have been referred for the better part of 20 years at XLMedia.

所以它已經完成了，現在正在我們的技術平台上運行，並且有我們的廣告技術和我們所有的人員參與其中。特別是那次收購，我們有兩個面向。這是 XLMedia 20 年來大部分時間裡被推薦的所有玩家的遺留收入分成。

And then there's the actual new players, the NDC's that these assets produce on a month-to-month basis, the legacy ratio is very healthy. The new NDC is the one we got the business where below their potential. And now that it's on our stack of tools, those KPI's have quite substantially increased, but it's from a low base. So it's not going to have an enormous immediate impact, but it's very much headed in the right direction and it's very encouraging for what we can achieve with this acquisition or any other acquisition where the or the sellers just aren't utilizing all the traits in the book to run these businesses as best as they can be operating.

然後是實際的新參與者，這些資產每月產生的 NDC，遺留比率非常健康。新的 NDC 是我們獲得低於其潛力的業務的一個。現在它出現在我們的工具堆疊中，這些 KPI 已大幅增加，但基數較低。因此，它不會立即產生巨大的影響，但它正在朝著正確的方向前進，對於我們透過這次收購或任何其他收購所取得的成果來說，這是非常令人鼓舞的，因為在這些收購中，賣方或賣方沒有利用這本書旨在幫助您盡可能地經營這些企業。

Thanks Charles. For my follow up I normally wouldn't want to deviate with the conversation away from your own strong execution results here, but there's a lot of noise in the market. A couple of your peers are having significant challenges and workforce reductions, etc. Are you able to, we've done our own compare and contrast between you guys and them which shows favorably for you across all of those. But are you able to give some thoughts, I guess on the differences between your business and the peers, specifically Betco and Catena? I think that would be helpful for the market here.

謝謝查爾斯。對於我的後續行動，我通常不想讓對話偏離您自己的強勁執行結果，但市場上有很多噪音。您的一些同行正面臨重大挑戰和裁員等。但您能否談談您的企業與同行（特別是 Betco 和 Catena）之間的差異？我認為這對這裡的市場會有幫助。

Yeah, to be clear we raised guidance this morning and there are other affiliate companies out there which are also performing well. There are no sector specific headwinds. The online gambling affiliate business globally is alive and well. But that said certain players who have had high concentration on either specific product market, cohorts or specific traffic channels which have been disrupted have had some recent challenges.

是的，需要明確的是，我們今天早上提出了指導意見，還有其他附屬公司也表現良好。不存在特定行業的阻力。全球線上賭博聯盟業務蓬勃發展。但這表示，某些高度專注於特定產品市場、群體或已被擾亂的特定流量管道的參與者最近遇到了一些挑戰。

There has been absolutely no disruption to the tried-and-true organic search strategy that we know and operate so well. And while there have been some headwinds in the North American sports market, these were fully expected by us. And our investments over the past two years were made to ensure that we have growth drivers in iGaming and outside of North America in 2024.

我們熟知並運作良好的、久經考驗的有機搜尋策略絕對沒有受到任何干擾。儘管北美體育市場出現了一些阻力，但這些都是我們完全預料到的。我們過去兩年的投資是為了確保 2024 年我們在 iGaming 和北美以外地區擁有成長動力。

But, I think the biggest difference between us and some of the peers is we are an organic growth strategy. We achieve our current scale with very substantially fewer acquisitions compared to our competition who have operated something closer to a roll-up strategy. We have a strong heart and soul of this business built up around our core technology platforms and brands and any M&A we do is bolted onto that core ensuring that it has vision and a firm hand going forward.

但是，我認為我們與一些同行之間最大的區別是我們是有機成長策略。與我們的競爭對手相比，我們實現目前規模的收購數量要少得多，而競爭對手的經營方式更接近於匯總策略。我們對這項業務擁有強大的核心和靈魂，圍繞我們的核心技術平台和品牌而建，我們所做的任何併購都牢牢紮根於該核心，確保其擁有遠見和堅定的前進方向。

Thanks Charles. Well done.

謝謝查爾斯。幹得好。

The next question is from Barry Jonas, from Truist Securities. Please go ahead.

下一個問題來自 Truist 證券公司的 Barry Jonas。請繼續。

Hey guys, curious in the context of some of the noise in the marketplace, how you would characterize the M&A pipeline for you guys today, maybe contrasting between both domestic and international.

嘿夥計們，在市場上一些噪音的背景下，你們好奇你們如何描述今天的併購管道，也許可以對比國內和國際。

We are as busy as we've ever been on the M&A front. Lots of interesting stuff out there. There's kind of fewer people buying these affiliate assets than there's been in a long time. So I think it's a little bit of a buyer's market. We've tried to make the point throughout this year that we're looking at more than just affiliate stuff.

我們在併購方面一如既往地忙碌。那裡有很多有趣的東西。與長期以來相比，購買這些附屬資產的人有所減少。所以我認為這有點像買方市場。今年我們一直在努力表明，我們關注的不僅僅是附屬產品。

Another Freebets.com would be great, but, the affiliate business is in a really fantastic place. We're starting to think a little more broadly about what else we could sell to our B2C users on our websites or our B2B customers. And when you widen out the aperture in terms of what we might consider, there's a whole, a much larger scope of things that could make sense for us.

另一個 Freebets.com 會很棒，但是，聯盟行銷業務處於一個非常美妙的位置。我們開始更廣泛地思考我們還可以向網站上的 B2C 用戶或 B2B 客戶銷售什麼。當你擴大我們可能考慮的範圍時，就會發現整個範圍更大的事情對我們來說是有意義的。

Great. And then just as a follow up, we've been hearing a lot recently about both swepstakes as well as predictive markets. Not sure to what extent you work with either but wanted to get your thoughts on both of them from an affiliate perspective.

偉大的。作為後續行動，我們最近聽到了很多關於抽獎和預測市場的消息。不確定您與其中任何一個的合作程度如何，但想從聯盟的角度了解您對他們兩個的想法。

Yeah, I think the engagement and popularity of these sweeps casino products really highlights the enormous consumer demand for casino style games in the United States. And with a bit of luck, it'll be a catalyst to spur additional states to legislate iGaming. As with everything we're very picky but we do work with certain sweep systems where they can satisfy our KYC and legal requirements, and we only do it in markets where it is allowed.

是的，我認為這些橫掃賭場產品的參與度和受歡迎程度確實凸顯了美國消費者對賭場風格遊戲的巨大需求。如果幸運的話，它將成為刺激更多州對網路博彩進行立法的催化劑。就像所有事情一樣，我們非常挑剔，但我們確實與某些掃描系統合作，它們可以滿足我們的 KYC 和法律要求，而且我們只在允許的市場中這樣做。

Great. And any thoughts on those predictive of markets that were just a focus with the election?

偉大的。對於那些只是選舉焦點的市場預測有什麼想法嗎？

Yeah, I think they have a bright future. It's not something we're not working with any of them directly at the moment. But I've certainly been dining the drum internally about developing those relationships and I think we will.

是的，我認為他們有一個光明的未來。目前我們並非沒有直接與他們合作。但我確實一直在內部鼓吹發展這些關係，我想我們會的。

Great. Thank you so much, guys. Congrats on a nice quarter.

偉大的。非常感謝你們，夥伴們。恭喜您度過了一個美好的季度。

The next question is from David Katz, from Jeffries'. Please go ahead.

下一個問題來自傑弗里斯的大衛·卡茨。請繼續。

Hi, morning. Congrats everyone. Thanks for taking my question. Look I do think it's appropriate. I know we've discussed this offline, but to just revisit your business algo in the context a rapidly growing us sports market albeit and perhaps a slower growing iGaming market. Talk us how your business can grow and whether it continues to outgrow what we're seeing in North America and exactly how that works. I think it would help. Thanks.

嗨，早安。恭喜大家。感謝您提出我的問題。看看我覺得還蠻適合的我知道我們已經在線下討論過這個問題，但只是在快速成長的美國運動市場（儘管可能是成長較慢的 iGaming 市場）的背景下重新審視您的業務演算法。請告訴我們您的業務如何發展，其發展是否會繼續超越我們在北美所看到的水平，以及具體是如何運作的。我認為這會有幫助。謝謝。

Hey, David. Well, iGaming in North America is doing just fine and we've had some real we've had some extremely healthy market share games in our North American iGaming business this year. Sports is does have some headwinds. It is down year on year but there's still growth inside North America for us.

嘿，大衛。嗯，北美的 iGaming 表現得很好，今年我們在北美 iGaming 業務中擁有一些真正的市場份額非常健康的遊戲。體育運動確實存在一些阻力。雖然年比有所下降，但我們在北美地區仍有成長。

We've got one more challenging comp in Q1 of next year in North America and then we expect to see the business in North America return to growth for the rest of the year, double digit growth. And that's before any new state launches or additional gaming products added to existing states. So, you to really kind of drill into the product to understand that the drivers on the North American market.

我們明年第一季在北美將面臨更具挑戰性的競爭，然後我們預計北美業務將在今年剩餘時間內恢復成長，以實現兩位數成長。這是在任何新州推出或向現有州添加其他遊戲產品之前。因此，您需要真正深入研究產品，以了解北美市場的驅動因素。

Understood and if we could just briefly just touch on Brazil since it's been such a topical market and across the market. What is your sort of entry thoughts and strategy around that? And I do think it's worth double clicking here too. Thanks.

理解，我們是否可以簡單地談談巴西，因為它是一個非常熱門的市場，而且遍及整個市場。您對此的進入想法和策略是什麼？我確實認為這裡也值得雙擊。謝謝。

Yeah, it certainly has been there's been no shortage of headlines about Brazil. It's not a market where we do very much at the moment. We have a Brazilian version of Gaming.com. It's more of a kind of probe into the market just to see kind of what comes back and collect a bit of data and see what kind of engagement we get. But it's not a meaningful part of our business at all.

是的，關於巴西的頭條新聞確實不乏其人。目前這不是一個我們做很多事情的市場。我們有巴西版本的 Gaming.com。這更像是一種對市場的調查，只是為了看看會發生什麼，收集一些數據，看看我們得到了什麼樣的參與。但這根本不是我們業務的一個有意義的部分。

There has been a lot of focus on the regulation in Brazil and it's important to understand how much these markets change when they regulate. Before regulation, nobody's paying tax. So it's an incredible money-making opportunity. There's also no formal regulation. Then all of a sudden, there is tax and there's quite a few taxes in Brazil. And the player values come down and regulators obviously impose reasonable policies on the market, and everything starts to change. And it's a disruptive time if you have a large existing business in the market before it regulates in contrast to the US where there is no business before it regulates because it's a clear black and white situation.

巴西的監管受到了很多關注，了解這些市場在監管時會發生多大的變化非常重要。在監管之前，沒有人納稅。所以這是一個難以置信的賺錢機會。也沒有正式的規定。然後突然間就有了稅收，而且巴西的稅收相當多。玩家價值下降，監管機構顯然對市場施加了合理的政策，一切都開始改變。如果在監管之前市場上已有大量業務，那麼這將是一個顛覆性的時期，而美國在監管之前沒有任何業務，因為這是一個明顯的非黑即白的情況。

Virtually, all of these international markets, it's a shade of gray to white, not black to white. So from our perspective, it's still really interesting, but we did a few things down there, but we don't have high conviction at the moment to move and we need to see where everything settles. There's a headline just this morning about determining attorney general in Brazil attacking the regulation.

事實上，所有這些國際市場都是從灰色到白色，而不是從黑到白。因此，從我們的角度來看，這仍然非常有趣，但我們在那裡做了一些事情，但我們目前沒有堅定的信念採取行動，我們需要看看一切都解決了。今天早上有一個頭條新聞稱巴西總檢察長正在攻擊該規定。

So as and when there is actual true full launch regulation in Brazil, I think that'll give us the confidence to assess how aggressive we want to be. But at this point, we're on the sidelines watching closely.

因此，當巴西真正實行全面的啟動監管時，我認為這將使我們有信心評估我們想要的動機。但目前，我們正在旁觀，密切注意。

Perfect, well done. Thank you very much.

完美，幹得好。非常感謝。

The next question is from Chad Bon from Macquarie. Please go ahead.

下一個問題來自麥格理的 Chad Bon。請繼續。

Hey, good morning. This is Aaron on for Chad. Thanks for taking our question and next execution this quarter. So, as you noted, Missouri recently voted to legalize sports betting. Can you just talk about your expectations for that state in the context of what should be a favorable tax rate and also how you're thinking about any new state regulation in 2025? Thanks.

嘿，早安。這是亞倫代表查德發言。感謝您提出我們的問題以及本季的下一次執行。因此，正如您所指出的，密蘇裡州最近投票將體育博彩合法化。您能否談談您對該州的期望，以及您如何考慮 2025 年任何新的州法規？謝謝。

Sure. So Missouri's less than 2% of the US population. It's not going to be a massive new state launch but it, it'll obviously be helpful. It is a very attractive sports betting regime multiple operators, reasonable taxes. So that's helpful. We have media partnership assets in Missouri, which will be very relevant and useful here. So all in all, no doubt it'll be another successful new state launch for us.

當然。所以密蘇裡州的人口不到美國人口的 2%。這不會是一個大規模的新狀態發布，但它顯然會有所幫助。這是一個非常有吸引力的體育博彩制度，多個運營商，合理的稅收。所以這很有幫助。我們在密蘇裡州擁有媒體合作夥伴資產，這裡非常相關且有用。總而言之，毫無疑問，這將是我們又一次成功的新狀態發布。

Beyond Missouri we've got our eyes on Minnesota. It looks like momentum is building. We might finally have a piece proposal from the tribes to get on board for the legislation and get something done, which would be great. In terms of sports betting Texas is a big one next year. There's all sorts of people speculating on what's going to happen.

除了密蘇裡州，我們也關註明尼蘇達州。看起來勢頭正在增強。我們最終可能會收到部落的一份提案，參與立法並完成一些工作，這會很棒。就體育博彩而言，德克薩斯州明年將是一個盛事。各種各樣的人都在猜測會發生什麼。

The lieutenant governor has been a big blocker on this and it sounds like he may need to join the Trump administration. But then the next question is who's going to replace him? Is it someone who's actually more favorable or is it someone that's going to block in the same way that he did? Anything could happen there, but that's obviously going to be a big focus for the whole industry.

這位副州長一直是這件事的大力阻撓者，聽起來他可能需要加入川普政府。但接下來的問題是誰將取代他？是一個實際上更有利的人還是一個會像他一樣進行阻止的人？任何事情都可能發生，但這顯然將成為整個行業的一大焦點。

Apart from that New York iGaming definitely has a chance. There was some momentum in 2024 about this and I think 2025 very well could be the year for New York iGaming, but it's New York. It comes with that high watering tax, which for sports betting is debilitating. But for iGaming is very frustrating, but less debilitating. And there might be an okay market in New York where I get even with a very high tax rate.

除此之外，紐約 iGaming 絕對有機會。2024 年這方面出現了一些勢頭，我認為 2025 年很可能是紐約 iGaming 的一年，但這是紐約。它伴隨著高額的澆水稅，這對於體育博彩來說是令人衰弱的。但對於 iGaming 來說非常令人沮喪，但不那麼令人衰弱。紐約可能有一個不錯的市場，即使稅率很高，我也能賺錢。

Great. Thanks. Appreciate the color on that. As a quick follow up can you just discuss some performance trends in some of your newer markets like Greece and Romania and also any market launches outside of the US that we should be mindful of coming up ex Brazil.

偉大的。謝謝。欣賞它的顏色。作為快速跟進，您能否討論希臘和羅馬尼亞等一些新市場的一些業績趨勢，以及我們應該注意的美國以外市場的推出（巴西除外）。

Sure. Yes. In Europe, we've had some nice growth in Italy, the Netherlands, all the German speaking areas. Greece and Romania are still quite new for us, but those have a very clear path to grow. In the Americans, we're starting to think about things like Colombia, Peru. We have (inaudible) Mexico, a website for Mexico and that's headed in the right direction. So, yes, we will be entering more and more markets in 2025 markets we haven't been in previously and we'll be hitting our stride in markets that we entered this year.

當然。是的。在歐洲，我們在義大利、荷蘭和所有德語區都取得了不錯的成長。希臘和羅馬尼亞對我們來說還很陌生，但它們有非常明確的發展道路。在美國，我們開始考慮像哥倫比亞、秘魯這樣的國家。我們有（聽不清楚）墨西哥，一個墨西哥網站，它正朝著正確的方向發展。所以，是的，我們將在 2025 年進入越來越多的市場，這是我們以前從未涉足過的，而且我們將在今年進入的市場中取得更大的進展。

Okay, great. Thanks Charles. Nice quarter.

好的，太好了。謝謝查爾斯。不錯的季度。

The next question is from Jeff Stantial from Stifel. Please go ahead.

下一個問題來自 Stifel 的 Jeff Stantial。請繼續。

Good morning. This is Aidan (inaudible) on for Jeff. Thanks for taking our question. Can you just update us on how you're seeing Google enforcement on tighter media partner restriction trends? Sort of looking at the cost of sales guide was raised about 41 million. So, was that more a function of uncertainty and guidance back at Q2? Or are you seeing changes in overall enforcement by Google? Thanks.

早安.這是傑夫的艾丹（聽不清楚）。感謝您提出我們的問題。您能否向我們介紹一下您對 Google 執行更嚴格的媒體合作夥伴限制趨勢的看法？從銷售指導的成本來看，籌集了約4100萬。那麼，這更多的是第二季的不確定性和指導的結果嗎？或者您看到 Google 整體執法方面發生了變化？謝謝。

Yeah, I think the dust is settled on the Google policy change from May. We took a quite a conservative view at that time, lower guidance and it hasn't been as bad as fear. With all with everything in the world of organic search it ebbs and flows. It's not, every week rankings are a little bit different, sometimes a lot different.

是的，我認為谷歌五月的政策變化已經塵埃落定。當時我們採取了相當保守的觀點，降低了指引，但情況並不像恐懼那麼糟。有機搜尋世界中的一切事物都有起有落。事實並非如此，每週的排名都有點不同，有時甚至相差甚遠。

These assets still have good value and we've seen some and with the media partnership assets here in November. So, it remains an important part of the business but it's not going to be when you look back to Q4 last year when it was absolutely flying as a proportion of our overall revenue, it certainly peaked and we're not expecting to see anything like that again.

這些資產仍然具有良好的價值，我們在 11 月就已經看到了一些資產和媒體合作資產。因此，它仍然是業務的重要組成部分，但當你回顧去年第四季度時，它就不再是我們整體收入的一部分，當時它在我們總收入中所佔的比例絕對飛速增長，它肯定達到了頂峰，我們預計不會看到類似的情況再說一次。

Great. Thank you. And we've seen some recent traction for a casino legislation in France. So, could you provide some thoughts on the potential opportunity there?

偉大的。謝謝。我們最近看到法國賭場立法的一些吸引力。那麼，您能否就那裡的潛在機會提供一些想法？

Yeah. I live in Monaco. So, I'm sitting here kind of watching the whole thing unfold. Unfortunately, the Rummy, Casinos didn't like what they saw, thought it was a threat to their business, and made a big stink about it, and that's not happening this year. So, unfortunately, it's on ice. but I think France is one of, if not the only EU country that doesn't have regulated our game. I think maybe there's two, look at and then.

是的。我住在摩納哥。所以，我坐在這裡看著整件事的發展。不幸的是，拉米紙牌賭場不喜歡他們所看到的，認為這對他們的業務構成威脅，並對此大肆宣傳，但今年這種情況並沒有發生。所以，不幸的是，它被冰凍了。但我認為法國即使不是唯一一個沒有監管我們遊戲的歐盟國家也是其中之一。我想也許有兩個，看看然後。

But, it'll come next year. I don't know. But it's a good example to bring up here. We haven't as I laid out in my prepared remarks, we do not target markets, which are sports betting only. France is sports betting only. We have, we don't target France. We've never done anything in France.

但是，明年就會到來。我不知道。但這是一個很好的例子。正如我在準備好的演講中所闡述的那樣，我們不瞄準市場，而這些市場只是體育博彩。法國僅提供體育博彩。我們有，我們不是針對法國。我們從來沒有在法國做過任何事。

If they had iGaming it gets super interesting. And all of a sudden the unit economics are very attractive and there's a lot of money to be made and we'll be in there on day one. And of course, the exception to that is the US Sports betting. But that's a strategic investment in the future of iGaming in the United States. So, we haven't lost any money in France, which has become a key thing.

如果他們有 iGaming，那就會變得非常有趣。突然之間，單位經濟效益變得非常有吸引力，並且有很多錢可以賺，我們將在第一天就進入那裡。當然，美國體育博彩是個例外。但這是對美國 iGaming 未來的策略投資。所以，我們在法國沒有損失任何錢，這已經成為一個關鍵的事情。

Great. Thank you for the color.

偉大的。謝謝你的顏色。

This concludes the question-and-answer session. I would like to turn the floor back over to Charles Gillespie for closing comments.

問答環節到此結束。我想請查爾斯·吉萊斯皮 (Charles Gillespie) 發表結束評論。

Thanks everybody for joining us. We look forward to updating you on our full year results in March.

感謝大家加入我們。我們期待在三月向您通報我們全年業績的最新情況。

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。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available

此文字記錄中標記為（技術難度）的部分錶示存在音訊問題。如果可以重播，將提供缺失的文本