Gambling.com Group Ltd (GAMB) 2024 Q4 法說會逐字稿

Greetings. Welcome to Gambling.com Group fourth 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Peter McGough, Senior Vice President of Investor Relations and Capital Markets. Thank you. You may begin.

問候。歡迎參加 Gambling.com Group 2024 年第四次收益電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係和資本市場高級副總裁 Peter McGough。謝謝。你可以開始了。

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

謝謝。大家好，歡迎參加 Gambling.com 2024 年第四季業績電話會議。我是投資者關係和資本市場高級副總裁 Peter McGough，與我一起參加會議的還有 Gambling.com 集團聯合創始人兼首席執行官 Charles Gillespie；以及首席財務官 Elias Mark。

The 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 also be available on the website after the conclusion of this call.

本次電話會議將透過我們網站的投資者關係部分（地址為 gambling.com/corporate/investors）進行網路直播，您也可以在那裡下載簡報。本次電話會議結束後，網站上也將提供網路直播重播。

You may also contact Investor Relations support by e-mailing investors@gdcgroup.com. 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.

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。我想提醒您，本次電話會議中包含的信息，包括任何財務和相關指導，均包含證券法定義的前瞻性陳述。

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.

這些聲明基於我們目前掌握的信息，包含風險和不確定性，可能導致實際未來結果、業績和業務前景和機會與這些聲明中表達或暗示的結果、業績和前景和機會存在重大差異。

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 集團向美國證券交易委員會提交的文件的風險因素部分討論了可能導致這種差異的一些重要因素。前瞻性陳述僅代表陳述發布之日的觀點，除適用證券法要求的範圍外，本公司不承擔更新前瞻性陳述以反映實際結果、假設的變化或影響前瞻性資訊的其他因素的變化的義務。

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

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已包含在今天早上發布的新聞稿中，而這些非國際財務報告準則財務指標與最直接可比較的國際財務報告準則指標的對帳則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。我現在將電話轉給查爾斯。

Good morning, and thank you for joining us today. Gambling.com Group had a tremendous fourth quarter with revenue of $35.3 million, adjusted EBITDA of $14.7 million and free cash flow of $13.2 million, finishing 2024 in style with record quarterly and full year financial performance.

早安，感謝您今天加入我們。Gambling.com Group 第四季表現優異，營收為 3,530 萬美元，調整後 EBITDA 為 1,470 萬美元，自由現金流為 1,320 萬美元，以創紀錄的季度和全年財務業績為 2024 年畫下圓滿句號。

Full-year 2024 revenue and adjusted EBITDA rose 17% and 33%, respectively, driven by global iGaming growth and the highly accretive acquisition of Freebets.com. This outperformance reflects our relentless focus on execution and our diversified market exposure with a prioritization of iGaming revenue. As strong as our execution was last year, we expect to accelerate our growth in 2025.

受全球 iGaming 成長和高增值收購 Freebets.com 的推動，2024 年全年營收和調整後 EBITDA 分別成長 17% 和 33%。這一優異表現反映了我們對執行的不懈關注和多元化的市場佈局，並優先考慮 iGaming 收入。由於去年我們的執行力強勁，我們預計 2025 年的成長將會加速。

With our biggest and most talented team ever, a greater ability to drive high-intent traffic to our online gambling operator clients, higher global penetration and an expanded product portfolio that now includes odds data solutions for consumers and our operator clients, we are positioned for full year revenue growth of 35% and adjusted EBITDA growth of 40%, as indicated by the midpoints of our initial guidance for the year.

我們擁有史上最大規模和最有才華的團隊，為線上賭博運營商客戶吸引高意向流量的能力更強，全球滲透率更高，產品組合也更加豐富，目前包括面向消費者和運營商客戶的賠率數據解決方案，因此，我們預計全年收入將增長 35%，調整後 EBITDA 增長 40%，這與我們預計全年收入的初步預期中值一致。

As we hit our targets for the year, our performance will demonstrate that we continue to close in on our goal of generating $100 million in annual adjusted EBITDA, a goal I introduced in May last year when we only had $37 million in adjusted EBITDA during the preceding 12 months. As we work toward our goal of $100 million in adjusted EBITDA, the midpoint of this year's guidance of $68 million implies that we will be more than halfway there already in 2025.

隨著我們實現今年的目標，我們的表現將表明我們繼續接近實現年度調整後 EBITDA 1 億美元的目標，這是我在去年 5 月提出的目標，而前 12 個月我們的調整後 EBITDA 僅為 3700 萬美元。當我們努力實現 1 億美元調整後 EBITDA 的目標時，今年 6,800 萬美元的中位數意味著到 2025 年我們將已經完成目標的一半以上。

Our most exciting growth driver for this year will come from our expanded product offering following the January acquisition of OddsJam and Optidds. This acquisition expanded our footprint in the online gambling ecosystem, providing another strong growth catalyst while increasing the overall proportion of our consumer and enterprise recurring subscription revenue.

我們今年最令人興奮的成長動力將來自於一月份收購 OddsJam 和 Optidds 之後擴大的產品供應。此次收購擴大了我們在線上賭博生態系統中的影響力，提供了另一個強勁的成長催化劑，同時增加了我們消費者和企業經常性訂閱收入的整體比例。

Like Freebest.com, this acquisition demonstrates once again that we can put forth a clear framework and vision for M&A and then precisely deliver within those parameters. These acquisitions have created immediate value for our shareholders while strategically positioning us for the long term.

與 Freebest.com 一樣，此次收購再次證明，我們可以提出清晰的併購框架和願景，然後在這些參數範圍內精準實現目標。這些收購為我們的股東創造了直接價值，同時也為我們帶來了長期的策略定位。

Over the first nearly 80 days of owning our new Odds businesses, we have been very pleased with the integration and are very excited by the expertise and capabilities of our 40 new colleagues. We remain confident in our ability to grow incremental adjusted EBITDA from these businesses by at least 20% this year. And we are excited about the growth trajectory of the business' current products and services and the long-term future prospects of new businesses we can launch with this one-of-a-kind and highly valuable platform.

在擁有新的 Odds 業務後的前近 80 天裡，我們對整合感到非常滿意，並對我們 40 位新同事的專業知識和能力感到非常興奮。我們仍有信心，今年這些業務的增量調整後 EBITDA 能夠成長至少 20%。我們對該業務當前產品和服務的成長軌跡以及我們可以利用這個獨一無二且極具價值的平台開展的新業務的長期未來前景感到非常興奮。

On the consumer product side, OddsJam's current subscriber base is highly profitable and we are confident we can grow this base while maintaining margins. We are also very optimistic about the opportunity to leverage our 500-plus operator relationships to grow OpticOdds as nascent enterprise subscription revenue.

在消費性產品方面，OddsJam 目前的用戶群利潤豐厚，我們有信心在維持利潤率的同時擴大這個用戶群。我們也非常看好利用我們與 500 多家營運商的關係來將 OpticOdds 發展為新興企業訂閱收入的機會。

While OddsJam is the larger business today and continues to grow, we believe the growth opportunity for OpticOdds is substantially larger still. OpticOdds is starting from a smaller base and has a very attractive business profile, which involves long-term high-value contracts as a result of playing a key role in solving a critical risk management problem for operators globally.

儘管 OddsJam 如今規模較大且仍在持續成長，但我們相信 OpticOdds 的成長機會仍然大得多。OpticOdds 的起步規模較小，但業務概況非常吸引人，涉及長期高價值合同，因為其在解決全球運營商的關鍵風險管理問題方面發揮了關鍵作用。

Together, with the RotoWire subscription business, we are pacing for recurring subscription revenue to account for more than 20% of total group revenue this year. While the whole GAMB team is very excited about our shiny new toys with OddsJam and OpticOdds, it should not overshadow the continued strength of our core affiliate business, which just had its better best quarter in our 19-year history.

加上 RotoWire 訂閱業務，我們預計經常性訂閱收入將佔今年集團總收入的 20% 以上。雖然整個 GAMB 團隊都對我們推出的 OddsJam 和 OpticOdds 等閃亮新玩具感到非常興奮，但這不應掩蓋我們核心聯盟業務的持續強勁表現，該業務剛剛經歷了我們 19 年曆史上最好的一個季度。

iGaming revenue grew in 2024 across all of our operating regions and will continue to do so this year, driven by continued strong organic growth as well as a full-year benefit from our acquisition of Freebets.com. That tactical acquisition further strengthened our UK and Ireland market performance, while also providing a strong tailwind for our activities across other European markets. In North America, we continue to grow our market share and benefit from improving iGaming pricing trends.

2024 年，我們所有營運地區的 iGaming 收入均實現成長，並且今年仍將繼續保持這種成長勢頭，這得益於持續強勁的有機增長以及收購 Freebets.com 帶來的全年收益。這項戰術收購進一步增強了我們在英國和愛爾蘭市場的表現，同時也為我們在其他歐洲市場的活動提供了強勁的推動力。在北美，我們的市佔率持續擴大，並受益於 iGaming 定價趨勢的改善。

Throughout 2025, we are confident that our ability to monetize the full benefits of our showcase brands, such as gambling.com and the growing performance of casinos.com, along with the optimization we've achieved now for Freebets.com will continue to further differentiate us from our competitors and drive record iGaming performance this year.

在整個 2025 年，我們相信，我們能夠充分利用我們的展示品牌（例如 gambling.com 和 casinos.com 不斷增長的業績）的優勢，再加上我們現在對 Freebets.com 實現的優化，這將繼續使我們與競爭對手進一步區分開來，並推動今年 iGaming 的業績創下新高。

Longer term, we expect additional states to approve iGaming as they seek to address budget issues and give players what they want. Given our unmatched industry experience and footprint, the expansion of iGaming in the US would result in significant top-line and cash flow growth. Another growth driver this year will be organic growth from sports betting.

從長遠來看，我們預計會有更多州批准 iGaming，因為它們試圖解決預算問題並滿足玩家的需求。鑑於我們無與倫比的行業經驗和影響力，iGaming 在美國擴張將帶來顯著的營業額和現金流成長。今年的另一個成長動力將是體育博彩的有機成長。

Last year had challenging sports betting comparable due to the lower state launch activity in the US and the blowout performance of ESPN bet in Q4 '23. We expect to return to growth in our North American sports business this year, and that's before the anticipated launch of sports betting in Missouri toward the end of this year, and which per our policy will not be included in our guidance until the launch date is confirmed.

由於美國各州的博彩活動較少，以及 ESPN 博彩在 23 年第四季的出色表現，去年的體育博彩面臨相當的挑戰。我們預計今年我們的北美體育業務將恢復成長，這是在今年年底密蘇裡州預計推出體育博彩之前，根據我們的政策，在確定發布日期之前，它不會包含在我們的指導中。

Following our record 2024 performance with these growth drivers and our team's ability to consistently execute. Our confidence in our near and long-term outlook has never been higher, and that starts with this year as we are on track to generate another year of record revenue, adjusted EBITDA and free cash flow on our past $100 million in annual adjusted EBITDA.

憑藉這些成長動力以及我們團隊持續執行的能力，我們在 2024 年取得了創紀錄的表現。我們對近期和長期前景的信心從未如此高漲，從今年開始，我們預計在過去 1 億美元的年度調整後 EBITDA 基礎上再創創紀錄的收入、調整後 EBITDA 和自由現金流。

Now, let me turn the call over to Elias for a review of the fourth quarter and full-year financial highlights and details on our 2025 outlook.

現在，讓我將電話轉給 Elias，讓他回顧一下第四季度和全年的財務亮點以及我們 2025 年展望的詳細資訊。

Thank you, Charles. Record Q4 revenues of $35.3 million was ahead of expectations and we delivered over 145,000 NDCs to our customers. This 9% year-over-year revenue increase was driven by growth in casino revenue across all regions, which more than offset the decline in North American sports revenue.

謝謝你，查爾斯。第四季的營收達到創紀錄的 3,530 萬美元，超出預期，我們向客戶交付了超過 145,000 份 NDC。與去年同期相比，收入成長 9% 是由於所有地區的賭場收入成長，這超過了北美體育收入的下降。

The 9% NDC decline reflects the previously discussed impact from no new state launch activity compared to the launch of sports betting in Kentucky and ESPN Bets' 17 stake launch in Q4 of 2023 as well as significantly lower media partnership activity in the quarter.

9% 的 NDC 下降反映了先前討論過的如下影響：與肯塔基州推出的體育博彩和 ESPN Bets 在 2023 年第四季度推出的 17 支股票相比，沒有新的州推出活動，並且本季度媒體合作活動顯著減少。

Revenue in the UK and Ireland, other Europe and rest of the world continued to see very strong growth, driven by our core brands and our acquisition in April of Freebets.com and related assets. Gross profit increased 21% year-over-year to $33.1 million. Cost of sales was $2.2 million, down 57% year-over-year as a result of the lower media partnership revenue.

在我們的核心品牌和四月對 Freebets.com 及其相關資產的收購的推動下，英國、愛爾蘭、歐洲其他地區以及世界其他地區的收入繼續呈現強勁增長。毛利年增21%至3,310萬美元。銷售成本為 220 萬美元，由於媒體合作收入減少，年減 57%。

Gross margin increased from 84% in built in last year's fourth quarter to 94% in Q4 2024. Total operating expenses increased 21% to $23.3 million, reflecting increased headcounts and increased amortization expenses related to the Freebets.com acquisition. Operating expenses were slightly above our expectations in the fourth quarter due to higher bonus accruals linked to outperformance.

毛利率從去年第四季的 84% 上升至 2024 年第四季的 94%。總營運費用增加 21% 至 2,330 萬美元，反映了員工人數增加以及與收購 Freebets.com 相關的攤銷費用增加。由於與優異業績相關的獎金提列增加，第四季度的營業費用略高於我們的預期。

Adjusted EBITDA increased 39% year-over-year to another all-time record of $14.7 million compared to $10.6 million a year ago. Fourth quarter adjusted EBITDA margin was 42%, up from 32% in the year-ago period. Adjusted net income for the fourth quarter of 2024 rose 41% to $12.2 million, while adjusted diluted net income per share increased 59% to $0.35 from $0.22 per share in the fourth quarter of 2023.

調整後 EBITDA 年成長 39%，達到 1,470 萬美元，再創歷史新高，去年同期為 1,060 萬美元。第四季調整後 EBITDA 利潤率為 42%，高於去年同期的 32%。2024 年第四季調整後淨收入成長 41% 至 1,220 萬美元，而調整後每股攤薄淨收入從 2023 年第四季的每股 0.22 美元成長 59% 至 0.35 美元。

During the quarter, we revised the way we define adjusted net income to more closely align with adjustments we make to adjusted EBITDA to improve the like-for-like comparability between periods. Free cash flow was also fourth quarter record $13.2 million compared to $6.5 million in the fourth quarter of last year as a result of the growth in adjusted EBITDA.

在本季度，我們修改了調整後淨收入的定義方式，使其與調整後 EBITDA 所做的調整更加一致，從而提高期間間的同類可比性。由於調整後 EBITDA 的成長，第四季自由現金流也達到創紀錄的 1,320 萬美元，而去年同期為 650 萬美元。

For the full-year 2024, revenue increased 17% to a record $127.2 million as we delivered more than 476,000 NDCs, an increase of 9% over 2023. The revenue increase reflects year-over-year growth of 25% in The UK and Ireland, 104% for other Europe and 81% for the rest of the world, which more than offset the 9% decline in North American revenue resulting from less launch activity and lower media partnership revenue. Strong growth in casino across all our geographical regions more than offset the decline in North American stores.

2024 年全年，我們交付了超過 476,000 份 NDC，比 2023 年增長 9%，收入增長 17%，達到創紀錄的 1.272 億美元。營收成長反映了英國和愛爾蘭地區年增25%、歐洲其他地區成長104%以及世界其他地區成長81%的因素，足以抵銷北美地區因發行活動減少和媒體合作收入下降導致的收入下降9%的跌幅。我們所有地區賭場業務的強勁成長足以抵消北美門市業務的下滑。

In 2025, we expect revenue to grow in all geographical regions where we operate, including a return to year-over-year growth in North America. Full-year adjusted EBITDA increased 33% year over year to a record $48.7 million. Full-year adjusted EBITDA margin was 38%, up from 34% in 2023. Free cash flow for 2024 was $41.6 million compared to $23 million in 2023 as a result of the growth in adjusted EBITDA. 85% of our full-year adjusted EBITDA was converted to free cash flow.

到 2025 年，我們預計所有經營地區的收入都將實現成長，其中北美地區將恢復年成長。全年調整後 EBITDA 年成長 33%，達到創紀錄的 4,870 萬美元。全年調整後的 EBITDA 利潤率為 38%，高於 2023 年的 34%。由於調整後的 EBITDA 成長，2024 年的自由現金流為 4,160 萬美元，而 2023 年為 2,300 萬美元。我們全年調整後的 EBITDA 中有 85% 轉化為自由現金流。

During 2024, we repurchased approximately 3 million shares at an average price of just about just about $9.06. In aggregate, we have repurchased 3.3 million shares representing almost 9% of the total outstanding shares at an average price of $9.12.

2024 年，我們以平均約 9.06 美元的價格回購了約 300 萬股。總體而言，我們以平均 9.12 美元的價格回購了 330 萬股，佔總流通股數的近 9%。

As of December 31, we had total cash of $13.7 million, and we had $23 million drawn on our credit facility. On January 1, we made a payment of $70 million in cash and $10 million in stock, or approximately 708,000 shares for the Odds Holdings acquisition. As a result, we have now drawn down a total of $87 million on our credit facility, and we have approximately $36 million fully diluted shares outstanding.

截至 12 月 31 日，我們的現金總額為 1,370 萬美元，且我們的信貸額度已提取 2,300 萬美元。1 月 1 日，我們為收購 Odds Holdings 支付了 7,000 萬美元現金和 1,000 萬美元股票（約 708,000 股）。因此，我們現在已從信貸額度中提取了總計 8,700 萬美元，並且我們擁有約 3,600 萬美元的完全稀釋流通股。

At the end of February, we expanded our credit facility from $100 million to $165 million and also extended the maturity date with a new syndicate of six lenders. This gives us increased flexibility and headroom to continue to pursue both strategic acquisitions when the right opportunities arise, and to optimize our capital structure in our pursuit of maximizing shareholder value.

二月底，我們將信貸額度從 1 億美元擴大到 1.65 億美元，同時透過由六家貸款機構組成的新財團延長了貸款到期日。這為我們提供了更大的靈活性和空間，以便在合適的機會出現時繼續進行策略性收購，並優化我們的資本結構以追求股東價值最大化。

Our revenue guidance for 2025 is $170 million to $174 million with a midpoint representing 35% year-over-year growth. The midpoint of our adjusted EBITDA range of $67 million to $69 million represents 40% year-over-year growth. The midpoints of our ranges comply an adjusted EBITDA margin of 39.5%.

我們對 2025 年的營收預期為 1.7 億美元至 1.74 億美元，中間值代表年增 35%。我們的調整後 EBITDA 範圍的中間值為 6,700 萬美元至 6,900 萬美元，年增 40%。我們範圍的中點符合 39.5% 的調整後 EBITDA 利潤率。

As Charles and I have both highlighted for 2025, we expect the resumption of growth in North America. Further global market share gains over 20% of revenue to come from subscriptions and strong momentum as we exit 2025.

正如查爾斯和我都強調的，我們預計2025年北美將恢復成長。到 2025 年，全球市佔率將進一步增加 20% 以上，這得益於訂閱量和強勁的發展勢頭。

Finally, our guidance does not include contributions from any new acquisitions or any new market launches, but we do expect Missouri to launch sports betting in its second half of this year, as per our policy, we will not include it in guidance until the launch date is confirmed. We expect full-year incremental adjusted EBITDA of about $14.5 million from Odds Holdings, and our guidance assumes an average year to is the exchange rate of 1.07 for year.

最後，我們的指引不包括任何新收購或任何新市場發布的貢獻，但我們確實預計密蘇裡州將在今年下半年推出體育博彩，根據我們的政策，我們不會在發布日期確認之前將其納入指引。我們預計 Odds Holdings 全年增量調整後 EBITDA 約為 1,450 萬美元，我們的指引假設年平均匯率為 1.07。

Operator, we can now turn the call over for questions.

接線員，我們現在可以將電話轉交給提問者。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Ryan Sigdahl, Craig Callum Capital Group.

克雷格卡勒姆資本集團 (Craig Callum Capital Group) 的瑞安西格達爾 (Ryan Sigdahl)。

Good day, Charles, Ellias, Pete. I hate to beat a dead horse here every quarter, but it's a recurring theme that I do want to start with as you guys continue to put up really, really exceptional results across the Board, outperform a lot of opportunities, et cetera, and then we listen to your peers and everyone else and the house are on fire and et cetera. What are you hearing from your customers?

查爾斯、埃利亞斯、皮特，大家好。我不想每個季度都在這裡重複老生常談，但這是一個反覆出現的主題，我確實想從這個主題開始，因為你們繼續在各個方面取得非常非常出色的成績，抓住了很多機會，等等，然後我們聽取了你們的同行和其他人的意見，然後房子就著火了，等等。您從客戶那裡聽到了什麼？

I know iGaming is better than sports. From a customer acquisition standpoint, high-intent users remain the focus, but I guess, are you hearing anything different in your negotiations, in your commercial contracts, in your price discussions, et cetera? Just to try and reset kind of how you guys are doing relative to the industry?

我知道網路遊戲比體育運動好。從客戶獲取的角度來看，高意向用戶仍然是重點，但我想，您在談判、商業合約、價格討論等方面聽到了什麼不同的消息嗎？只是想嘗試重新認識你們在業界的表現嗎？

Hey Ryan, I think that's a dead horse we're happy to keep on beating. Look with these businesses, it's really about supplies of traffic. That's kind of the big, driver of these businesses and selling the traffic, you can be some companies are better at selling it than others, for sure.

嘿，瑞安，我認為那是一匹死馬，我們很樂意繼續鞭策。看看這些業務，其實都是關於流量供應的。這就是這些企業發展和銷售流量的最大驅動力，可以肯定的是，有些公司比其他公司更擅長銷售流量。

But by and large the operators are going to buy the traffic and pay a reasonable price if you have this traffic in the first place. But it's, so when I think about the competitors and the difference in 2024 entering 2024, we tried to telegraph very clearly in advance that it was going to be a challenging year for sports betting in North America, given the launch-driven performance in 2023.

但總的來說，如果您擁有這些流量，營運商將會購買這些流量並支付合理的價格。但當我考慮競爭對手以及 2024 年與 2024 年之間的差異時，我們試圖提前非常清楚地表明，鑑於 2023 年推出後的表現，對於北美的體育博彩來說，這將是充滿挑戰的一年。

I think the competitors just didn't necessarily fully appreciate that as much as we did. And because we saw that coming, it gave us conviction to focus elsewhere during the year and that opened the door for us and maybe other competitors weren't thinking along these lines that it opened the door for us to do the Freebets.com deal, which of course has been hugely accretive for shareholders and a big success. With that deal where we bolstered our already industry market position in the UK for a casino, added on meaningful European sports betting revenue and supercharged our casino business in the rest of Europe.

我認為競爭對手不一定像我們一樣充分認識到這一點。正因為預見了這一點，我們才有信心在今年將重點放在其他方面，這為我們打開了大門，也許其他競爭對手並沒有這樣想過，但這卻為我們與 Freebets.com 達成交易打開了大門，這當然為股東帶來了巨大的增值，是一個巨大的成功。透過這筆交易，我們鞏固了我們在英國賭場產業的市場地位，增加了有意義的歐洲體育博彩收入，並增強了我們在歐洲其他地區的賭場業務。

The other headwinds for the industry have been -- there's been a couple of kind of basket case markets recently. The one that certainly comes to mind first is Brazil. A lot of affiliates have built or have built, very successful lucrative businesses in Brazil, but it was all pre-regulation.

該行業面臨的其他不利因素是——最近出現了幾種不景氣的市場。首先想到的肯定是巴西。許多附屬公司在巴西已經建立或已經建立了非常成功的利潤豐厚的業務，但這一切都是在監管之前。

When the market actually regulates the rules change. People start paying taxes, it's Brazil, so there's quite a few taxes. It's not a gaming duty but they want you to run into a Brazilian entity or pay withholding tax, so the taxes add up quickly.

當市場真正規範時，規則就會改變。人們開始納稅，這是巴西，所以有相當多的稅。這不是博彩稅，但他們希望你找到巴西實體或繳納預扣稅，所以稅款很快就會累積起來。

And we run this business for free cash flow generation. We focus and we talk a lot about adjusted EBITDA, but our ability to convert adjusted EBITDA to free cash flow is incredible. And Brazil just never had the market dynamics that we thought were particularly attractive and we are very pleased with our deliberate wait-and-see approach to Brazil.

我們經營這項業務是為了產生自由現金流。我們關注並談論了很多調整後的 EBITDA，但我們將調整後的 EBITDA 轉換為自由現金流的能力是令人難以置信的。而巴西從來沒有出現過我們認為特別有吸引力的市場活力，我們對自己對巴西採取的慎重觀望態度感到非常滿意。

I think Brazil will be fine in time but, if you had a big Brazil business, you've now got some really hard comps that you need to work through. And in the long run, it'll all be absolutely fine, but it's certainly a short medium-term headwind for some affiliates.

我認為巴西隨著時間的推移會好起來，但是，如果你在巴西有一家大公司，那麼你現在就會面臨一些非常艱難的競爭，需要努力克服。從長遠來看，一切都會好起來，但對於一些附屬公司來說，這無疑是一個短期中期的逆風。

Very helpful, thanks, Charles. For my follow-up question, just you mentioned OpticOdds, the B2B opportunity within, Odds Holdings in the prepared remarks. But curious what you're hearing from a feedback from your sportsbook customers and then kind of specifically US versus international there and where you're maybe gaining a little more traction.

非常有幫助，謝謝，查爾斯。對於我的後續問題，您剛剛在準備好的演講中提到了 OpticOdds，以及 Odds Holdings 內部的 B2B 機會。但我很好奇您從體育博彩客戶的反饋中聽到了什麼，特別是美國和國際的反饋，以及您可能在哪些方面獲得了更多的關注。

Sure, so on the OpticOdds side, the founders of the business, the team they're based in the States right. So, they initially sold it to US operators and focused on US sports. And the kind of big thesis here is okay, we can we got this long list of international operators that we can sell this to let's take this thing into Europe and further afield. Kind of joking with them that there's more operators within a block of our office in Malta, and there probably is in all the United States.

當然，就 OpticOdds 而言，該公司的創始人和團隊都在美國。因此，他們最初將其出售給美國運營商並專注於美國體育運動。這裡的重大論點是，我們可以得到一份長長的國際營運商名單，我們可以把這個東西賣給他們，讓我們把這個東西帶到歐洲和更遠的地方。我跟他們開玩笑說，在我們馬耳他辦公室附近的一個街區內，就有更多的操作員，而且可能在整個美國都有。

We're well on the way, but it's only been 80 days, 90 days since we closed the deal. But the top brass at OpticOdds or on the ground in Malta right now working out of our flagship office there and running through our list of clients.

我們進展順利，但距離完成交易才過了 80 天、90 天。但是 OpticOdds 或馬耳他當地的高層管理人員目前正在我們位於那裡的旗艦辦公室工作並查看我們的客戶名單。

So, it's not going to all happen overnight, but we are -- as we had said, extremely positive about the combination of our international operator relationships in their product, which solves such an obvious and clear problem for operators.

所以，這不會在一夜之間發生，但正如我們所說的那樣，我們對我們的國際運營商關係與其產品的結合非常樂觀，這為運營商解決瞭如此明顯和明確的問題。

On the OpticOdds side, the use case is really risk management. If you're going to go trade bonds on Wall Street, you're going to have a Bloomberg terminal and you're not going to trade bonds unless you understand where the market's at.

在 OpticOdds 方面，用例實際上是風險管理。如果您要在華爾街交易債券，您必須擁有一個彭博終端，但除非您了解市場狀況，否則您是不會交易債券的。

Otherwise, you're going to get taken to the cleaners. And it's no different for sports betting companies. If they are going to offer a market in any given thing. They need to know where the peers are at and to just do basic risk management and that's what they get with this OpticOdds product.

否則，你就會被徹底打敗。對於體育博彩公司來說也不例外。如果他們要為任何特定產品提供市場。他們需要了解同行的情況並進行基本的風險管理，這就是他們使用 OpticOdds 產品所能實現的。

Excellent. Thanks guys, good luck.

出色的。謝謝大家，祝你好運。

Jeff Stantow, Stifel.

傑夫·斯坦托（Jeff Stantow），Stifel。

Hey, Good morning, Charles. Thanks for taking my question. Maybe starting out on guidance. Can you just help us think about some of the nuances to growth by region that see into that consolidated number? I think you called out a reversion back to growth in North America, but if you kind of strip out OddsJam, I would assume that market shows the lowest growth, but just anything on sort of the relative growth by region that's embedded in the guidance.

嘿，早上好，查爾斯。感謝您回答我的問題。也許從指導開始。您能否幫助我們思考一下該合併數字中各地區成長的一些細微差別？我認為您提到了北美恢復增長，但如果您剔除 OddsJam，我會認為該市場顯示出最低的增長，但任何有關各地區的相對增長都是指導中所包含的。

And then from a quarterly cadence perspective, how should we think about seasonality this year? Given the M&A, given the increasing US weighting and some of the residual state expansion comps that you called out earlier in the prepared remarks. Thanks.

然後從季度節奏的角度來看，我們應該如何考慮今年的季節性？考慮到併購、考慮到美國權重的增加以及您之前在準備好的評論中提到的一些剩餘國家擴張。謝謝。

Hey, Jeff. So, following the acquisition of OddsJam and OpticOdds, the product mix for 2025 is going to look a bit different, and that obviously has a lot to do with growth. So, we expect to have over 20% of our revenue to come from consumer and enterprise subscriptions including RotoWire. And that will of course drive growth primarily in North America.

嘿，傑夫。因此，在收購 OddsJam 和 OpticOdds 之後，2025 年的產品組合將會有所不同，這顯然與成長有很大關係。因此，我們預計超過 20% 的收入來自包括 RotoWire 在內的消費者和企業訂閱。這當然會主要推動北美的成長。

In terms of the rest of the business, the marketing business, we will build upon a very successful 2024 in our international markets and globally within iGaming, as we expect to see that international growth continue, and we expect to see a return to growth in North American sports betting, North American sports betting affiliate plus all the odds businesses, plus growth with RotoWire.

就其餘業務、行銷業務而言，我們將在 2024 年在國際市場和全球 iGaming 領域取得巨大成功的基礎上再接再厲，因為我們預計國際增長將繼續，我們預計北美體育博彩、北美體育博彩附屬公司以及所有賠率業務都將恢復增長，RotoWire 也將實現增長。

We expect that North America will be the fastest growing region overall this year, but one thing to kind of bear in mind when you look at the full-year guidance and try to understand how the growth dynamics are playing out, is that an important driver of the business this year will be a change in traffic source mix.

我們預計北美將成為今年成長最快的地區，但當你查看全年指引並試圖了解成長動態如何發揮作用時，需要記住的一件事是，今年業務的一個重要驅動力將是流量來源組合的變化。

Because we're going to have substantially lower amounts of traffic from media partnerships, that is a headwind to overall revenue growth. But it results in a much higher gross margin flowing through to adjusted EBITDA and ultimately free cash flow. So, it puts us in a substantially healthier position overall.

因為我們來自媒體合作夥伴的流量將大幅減少，這對整體收入成長來說是一個阻力。但這會導致更高的毛利率流入調整後的 EBITDA 並最終導致自由現金流。因此，總體而言，它使我們處於更健康的狀態。

We expect the marketing business to be fueled by more traffic and more MBCs. And our model assumptions for this year is assume essentially flat pricing dynamics. So as usual, the growth is driven by more traffic more NDCs.

我們預計更多的流量和更多的MBC將推動行銷業務的發展。我們對今年的模型假設是價格動態基本持平。因此，與往常一樣，成長是由更多的流量和更多的 NDC 推動的。

That's great, thanks for that, Charles. And then for my follow-up turning over to capital allocation. I'm curious just how you're thinking about the relative return on repurchases at these levels given the stock has round-tripped a bit here over the past month or so after the OddsJam acquisition relative to starting to pay down something like you said $87 million on the revolver. Just anything on sort of how you're weighing capital allocation and the return on repurchases at current levels would be great. Thanks.

太好了，謝謝你，查爾斯。然後我將接著討論資本配置問題。我很好奇，鑑於在 OddsJam 收購之後的過去一個月左右，相對於開始償還您所說的 8700 萬美元循環貸款，該股出現了一些回彈。您如何看待在這些水平上回購的相對回報。關於如何權衡資本配置和當前水準的回購回報的任何資訊都很好。謝謝。

Yeah, so those of you out there that have read every line of our SEC filings might have noticed that in the credit facility agreement, it does or it did prohibit us from doing buybacks during 2025. We signed that credit facility agreement and then the market's kind of immediately dislocated.

是的，那些讀過我們向美國證券交易委員會提交的每一行文件的人可能已經注意到，在信貸安排協議中，它確實禁止我們在 2025 年進行回購。我們簽署了那份信貸安排協議，然後市場就立刻陷入混亂。

So, we're happy to get that signed and closed. But we've gone back to the lending syndicate with a request to waive that provision so that we can be in the market this year with buybacks if we want to and we have received consent for that.

因此，我們很高興能夠簽署並完成該協議。但我們已經向貸款銀團提出放棄這項規定的請求，以便我們今年可以進入市場進行回購（如果我們願意的話），而且我們已經獲得了同意。

So, we have an existing $10 million buyback authorization already in place from the Board, and we will continue to be smart and tactical about it. It's not a means to return capital to shareholders, but when we think that the stock is completely mispriced and not showing signs of improving, we will be happy to intervene.

因此，我們已經獲得董事會授予的 1000 萬美元回購授權，我們將繼續採取明智和策略性的方式處理此事。這不是向股東返還資本的手段，但當我們認為股票完全定價錯誤且沒有顯示出改善的跡象時，我們會很樂意進行幹預。

That's great. Thanks very much.

那太棒了。非常感謝。

Barry Jonas, Truist Securities.

巴里喬納斯（Barry Jonas），Truist Securities。

Hi, This is Jeremy on for Barry. Thanks for taking my question. Any updated thoughts in terms of sweepstakes as a potential opportunity and care to comment if you see predictive market as an opportunity as well?

大家好，我是 Barry 的 Jeremy。感謝您回答我的問題。您對抽獎作為潛在機會有什麼最新的想法嗎？如果您也認為預測市場是一種機會，請發表評論？

Yeah, sweeps is a funny one. It's not exactly the most mainstream product, but it's a product which consumers really want. And it's a product which, at least in some states, seems to have a fairly, clear legal standing.

是的，掃蕩很有趣。它不是最主流的產品，但卻是消費者真正想要的產品。並且該產品至少在某些州似乎具有相當明確的法律地位。

So, those the operators of sweeps, casinos are very aggressive. They're very happy to buy traffic and they there's a lot of them. So, it does drive up the pricing somewhat, but we continue to take a very kind of cautious approach to the entire category.

所以，那些彩券、賭場的經營者都非常正面。他們非常樂意購買流量，而且他們的流量數量很多。因此，它確實在一定程度上推高了價格，但我們對整個類別繼續採取非常謹慎的態度。

It's interesting, it's -- it is growing but we tend to focus on regulated markets and doing everything by the book. So, we look forward to more clarity in how those products are regarded. In terms of prediction markets this is an even newer kind of segment and it's super exciting right? I mean this is a clear strong positive for us, I think for multiple reasons.

有趣的是，它正在成長，但我們傾向於關注受監管的市場並按規矩辦事。因此，我們期待更清楚地了解這些產品的看法。就預測市場而言，這是一個更新的領域，而且非常令人興奮，對吧？我的意思是，這對我們來說顯然是一個非常積極的方面，我認為原因有很多。

The CFTC regulation with the prediction market is not clear but it is, again a product which people want and it's basically a new competition for state gaming regulators. There hasn't been any sort of federal framework for any gaming-related products, but this kind of is it.

CFTC 對預測市場的監管尚不明確，但它又是人們想要的產品，而且它基本上是國家博彩監管機構的新競爭對手。目前還沒有任何針對遊戲相關產品的聯邦框架，但是這種就是了。

And to the extent that this regulation gets clarified in a way that this can grow quickly. I think it certainly will. And there's a lot of interesting companies, big-name companies with big balance sheets that are looking to enter this or already have. And we are talking to all of them. It's an obvious way for us to expand the TAM and grow the business. So, we look forward to seeing how that develops this year.

隨著這項法規的明確，這一領域可以快速發展。我認為一定會的。有許多有趣的公司、擁有龐大資產負債表的大公司正在考慮進入這個市場或已經進入了這個市場。我們正在和他們所有人交談。這是我們擴大 TAM 和發展業務的顯而易見的方法。因此，我們期待看到今年的發展。

Great. And then as a follow-up, with multiple states considering higher taxes, what could the potential impact be to gambling.com? And can you share if you've seen any impact from Illinois thus far? Thanks.

偉大的。然後作為後續問題，由於多個州考慮提高稅收，這會對 gambling.com 產生什麼潛在影響？您能否分享一下迄今為止是否看到伊利諾伊州的影響？謝謝。

Yeah. If they raise taxes, it affects everybody in the ecosystem because it cater value comes down. Some of the states have tiered those taxes. So, it only tend most affects the Tier 1 operators and effect the Tier 2 and three operators less. Our best clients are the Tier 2 and Tier 3 operators. So there hasn't been any tangible impact from Illinois, and we'll continue to advocate for sensible taxes.

是的。如果他們提高稅收，這將影響生態系統中的每個人，因為它會導致價值下降。一些州已經對這些稅收實施分級徵收。因此，它往往只會對一級運營商產生最大影響，而對二級和三級運營商的影響較小。我們最好的客戶是二級和三級營運商。因此，伊利諾伊州沒有產生任何實際影響，我們將繼續倡導合理的稅收。

Thank you.

謝謝。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Thanks. Good morning, guys. I have two, please. First question, I wanted to follow up on the question that Jeff posed around growth trends. I don't know if this is for Charles or Elias, maybe if you, I guess, both want to weigh in here.

謝謝。大家早安。請給我兩個。第一個問題，我想跟進傑夫提出的有關成長趨勢的問題。我不知道這是否適合查爾斯或伊萊亞斯，我想，也許你們都想在這裡發表意見。

If we were to sort of look at it even a little bit more simplistically, we've got a lot to sift through this year in terms of M&A state launches and media partnerships. If you distill it down even a little bit more, what do you think your underlying sort of organic growth rates are going to be in '25 and maybe in '26, if you want to touch on it, enterprise-level or geographically?

如果我們更簡單地看待這個問題，那麼今年我們在併購國家啟動和媒體合作方面有很多事情需要篩選。如果您再進一步細分，您認為 2025 年以及 2026 年的基本有機成長率將是多少（如果您想談及這一點，是按企業級還是按地理區域來看的話）？

And then the second question is somewhat related to organic growth. I'm curious if we end up in a situation in the US where the macro environment starts to degrade a little bit. I'm curious, Charles, when you think about the 20 years that you've been 20 years or so, I guess, that you've been building this business, what have you seen historically in tougher environments in terms of your customer behavior, their player spending and the way that, that impacts your business?

第二個問題與有機成長有些相關。我很好奇，我們是否會陷入美國宏觀環境開始惡化的情況。查爾斯，我很好奇，當您回想一下您建立這項業務的這 20 年左右的時間時，從歷史上看，在更艱難的環境中，您的客戶行為、玩家支出以及這些對您的業務有何影響？

Does it tend to be more durable and then elastic? Or do you see periods of significant gyration any commentary you could offer there, I think, would be helpful. Thank you, guys.

它是否更耐用且更有彈性？還是您看到了顯著波動的時期？我認為，您提供的任何評論都會有所幫助。謝謝你們。

I'll tackle the first one, and then Elias can talk about organic growth. With the economy in this growth industry, it's never really had much correlation at all, to be honest. One, it's a high-growth industry, so the industry is just kind of growing through all the economic cycles it's ever seen.

我將先解決第一個問題，然後 Elias 可以談談有機成長。說實話，對於這個成長型產業的經濟來說，它從來沒有太大的關聯。首先，這是一個高成長產業，因此該產業在經歷的所有經濟週期中都保持成長。

But practically speaking, it's not a major purchase, right? If you're going to buy it far not interest rates really matter, and you either buy the for or you don't. But if you send $100 a month beyond sports and things get a bit tight. Okay, we spend $80 a one-time score.

但實際上，這並不是什麼大買賣，對吧？如果你打算購買，那麼利率並不重要，你要嘛買，要嘛不買。但如果你每月除了體育之外還寄送 100 美元，情況就會變得有點緊張。好的，我們花費80美元獲得一次性分數。

But you still bet on sports. You still can participate in the activity, you just dial it back a bit. So historically, the industry has been incredibly resilient in the face of any sort of economic distress, and I can't imagine it will be any different this time.

但你仍然在進行體育博彩。您仍然可以參加該活動，只是要稍微減少一點。因此，從歷史上看，面對任何類型的經濟困境，該行業都具有極強的韌性，我想這次也不例外。

Yeah. If we move over to the organic growth profile, if you look at our guidance in aggregate, we're guiding towards 35% top line growth, obviously, a lot of proportion of that will come from. We've said that we expect about $14.5 million of incremental EBITDA from that acquisition. I think we told the Street at the time of our acquisition that we have -- we expect contribution margins in around the 50% mark on that.

是的。如果我們轉向有機成長概況，如果你看一下我們的整體指導，我們預計營收成長率將達到 35％，顯然，其中很大一部分將來自於此。我們曾表示，預計此次收購將帶來約 1,450 萬美元的增量 EBITDA。我想我們在收購時就告訴華爾街，我們預計貢獻利潤率將在 50% 左右。

So, that you can then disaggregate that about $29 million, $30 million of that revenue would come from the old soldering businesses. The remainder growth will come from our marketing business, and that would indicate organic growth in the low teens. That consists of pretty strong growth or very strong growth from our owned and operated websites, partly offset by a decline in our -- in traffic from lower-margin media partnerships.

因此，你可以分解出其中約 2900 萬美元、3000 萬美元的收入來自舊焊接業務。剩餘的成長將來自我們的行銷業務，這將預示著有機成長率將達到百分之十幾。這包括我們自有和經營的網站的相當強勁或非常強勁的成長，但部分抵消了來自利潤率較低的媒體合作夥伴的流量下降。

Thank you very much.

非常感謝。

Chad Beynon, Macquarie.

麥格理的查德貝農 (Chad Beynon)。

Hi, good morning, Charles and Elias, nice quarter and happy March Madness. Wanted to start with just AI as a broader theme. I guess as a pro and a con, can you kind of talk about internally what you guys are doing with AI to improve your performance marketing, offering to help create a bigger mode, bigger business?

嗨，早上好，查爾斯和伊萊亞斯，祝您季度愉快，瘋狂三月快樂。想要以 AI 作為更廣泛的主題開始。我想，身為贊成者和反對者，你能否在內部談談你們如何利用人工智慧來改善你們的績效行銷，如何幫助創造更大的模式、更大的業務？

And then from a competition standpoint, are you see have you seen anything in the past couple of months, whether it's a competition or, maybe something that we talked about earlier in '24 with some of the Google changes, maybe some other items that could that could pose as a threat? Thanks.

然後從競爭的角度來看，您是否看到過去幾個月中發生了什麼，無論是競爭，還是我們在 24 年早些時候談到的一些谷歌變化，也許是其他一些可能構成威脅的事情？謝謝。

Hi, Chad. Sincere apologies for scheduling the earnings call right now with the first batch of games. We'll, try to schedule it a little better next year and good luck with all your best. In terms of artificial intelligence internally, it has been a boon across the organization, and it is our theme for 2025.

你好，查德。對於現在就安排首批遊戲進行收益電話會議，我們深表歉意。我們會嘗試在明年更好地安排它，並祝你一切順利。就內部人工智慧而言，它為整個組織帶來了福音，這也是我們 2025 年的主題。

We've got a two-day AI-only hackathon coming up, and, the best ideas coming, that are going to be investigated on that are really amazing. My background as a as a technologist, and that's been instrumental here is, I've set the culture of the company to be, an early adopter of these new tools.

我們即將舉辦一場為期兩天的人工智慧黑客馬拉松，屆時將提出最棒的想法，對這些想法進行探究，這些想法真的非常棒。我的背景是一名技術專家，而這在這裡起到了重要作用，我將公司的文化設定為這些新工具的早期採用者。

It's benefiting us in a ton of different ways, not just the obvious areas like technology architecture and software development. And it really touches the whole business, from content to, I mean, even finance and HR see gains with this.

它以許多不同的方式使我們受益，而不僅僅是技術架構和軟體開發等顯而易見的領域。它確實影響整個業務，從內容到財務和人力資源都能從中獲益。

And it's, fundamentally, it's a sense it, it's increased our capacity and our throughput on everything, which has given us a license to be more ambitious across the organization in terms of the number of new projects, new products, that we want to develop.

從根本上來說，它提高了我們在所有方面的產能和產量，這讓我們有理由在整個組織內更有野心地開發新專案、新產品的數量。

If you think about artificial intelligence from an external perspective, as you can see from our numbers, our core marketing business, which is powered by natural search traffic, continues to grow and just had a record quarter.

如果從外部角度考慮人工智慧，那麼從我們的數據中就可以看出，我們的核心行銷業務（由自然搜尋流量驅動）持續成長，並且剛剛創下了一個創紀錄的季度。

Furthermore, if you look at Google's revenue and the number of search queries that are still going to Google, also never higher. So, it's a pretty clear sign that this, the next wave of engagement on these AI-powered experiences is fundamentally incremental to search and not a replacement. But at the same time, I'm sure everybody has examples of how they've moved some use cases away from Google to these AI and, AI tools and LLS.

此外，如果你看看谷歌的收入和仍然流向谷歌的搜尋查詢數量，你會發現這一數字也從未更高。所以，這是一個相當明顯的跡象，表明下一波人工智慧體驗的參與從根本上來說對搜尋來說是漸進式的，而不是替代式的。但同時，我相信每個人都有將一些用例從谷歌轉移到這些人工智慧、人工智慧工具和 LLS 的例子。

But from our perspective, the high intent search traffic, the most valuable commercial search traffic has kind of been the least affected by these AI-powered experiences. And we're not getting traffic from these AI-powered experiences. We get referrals from all of them.

但從我們的角度來看，高意圖搜尋流量、最有價值的商業搜尋流量受到這些人工智慧體驗的影響最小。我們並沒有從這些人工智慧體驗中獲得流量。我們從他們所有人那裡得到了推薦。

It's small, but it's growing rapidly. The chart is beautiful. And the users of these AI experiences are highly qualified. They're presold. They've done a lot of work. They've taken the time to engage in LLM to talk about something, complex.

它雖然很小，但成長迅速。圖表很漂亮。而這些AI體驗的使用者都是高素質的。它們已經預售了。他們已經做了很多工作。他們花時間參與 LLM 來討論一些複雜的事情。

So, by the time they get to our site, they're ready to go. And what we're seeing, again, small numbers, but what we're seeing is that these people are even more valuable than the high intense service traffic coming off of Google.

因此，當他們到達我們的網站時，他們已經準備出發了。我們再次看到，雖然數字很小，但我們看到的是，這些人比來自Google的高強度服務流量更有價值。

When you get -- when we get traffic from an LLM, it's usually it's a citation, right? So, put some information that we published into the answer, then they say us, but they only ever cite one or two sites. It's not like Google, where there's 10. So that really plays to our advantage as the owners of the biggest brands in the space.

當你獲得——當我們從 LLM 獲得流量時，它通常是一個引用，對嗎？因此，將我們發布的一些資訊放入答案中，然後他們說我們，但他們只引用一兩個網站。它不像谷歌，那裡有 10 個。因此，作為該領域最大品牌的所有者，這確實對我們有利。

And I think it's going to be really hard for the small affiliates and the kind of long-tail affiliates. There's not going to be whereas you could maybe make a little bit of money and position eight or nine on Google, like that's already hard now, and I think that's getting harder.

我認為這對於小型附屬公司和長尾附屬公司來說將會非常困難。然而，你也許可以賺一點錢，在谷歌上排名八、九位，但這現在已經很難了，而且我認為這會變得越來越難。

So, it gives us a lot of confidence that we'll be positioned as a winner in this new future of incremental AI use by consumers online.

因此，我們非常有信心，在未來消費者越來越多地使用人工智慧的線上新時代，我們將成為贏家。

Great. And then just a quick clarification. I know sports is a smaller percentage of your overall business. But in Q4, in the items, they that you talked about in terms of why the revenues were down year over year. You didn't mention anything around hold.

偉大的。然後只是快速澄清一下。我知道體育賽事在你們整體業務中所佔的比例較小。但是在第四季度中，您談到了收入同比下降的原因。您沒有提到任何有關持有的事情。

So just wanted to kind of circle back on how hold affects your business. It doesn't sound like you're going to see swings either way. I guess in the fourth quarter, it was a slight negative for some of your partners, but it's certainly something that they're focusing on and in '25 to increase hold. So, can you just remind us how that kind of feeds into some of the rev share deals and if that impacted Q4 and then more importantly, in '25, if that could help the sports line? Thank you.

所以，我只是想回顧一下暫停對您的業務有何影響。聽起來你無論如何都不會看到波動。我想，在第四季度，這對你們的一些合作夥伴來說是有點負面的，但這肯定是他們關注的重點，並在25年增加持有量。那麼，您能否提醒我們這些如何影響到一些收入分成交易，以及這是否會影響第四季度，更重要的是，在25年，這是否有助於體育業務？謝謝。

So those whole percentages naturally, they only affect revenue share revenue and we -- our proportion of revenue share revenue has been going up. It went up meaningfully when we did the Revascor acquisition, with the amount of revenue share revenue we have in sports betting.

因此，這些整體百分比自然只會影響收入分成，而我們的收入分成比例一直在上升。當我們收購 Revascor 時，隨著我們在體育博彩中獲得的收入份額增加，這一數字大幅上升。

A lot of its casino, right? And so, the amount we have in sports betting is not huge, and it's not -- it's spread out between Europe and the US. So, if you have kind of negative operator hold dynamics in one, you usually don't have it on like a global basis. You might have it in Europe or the US, but typically doesn't happen in both at the same time.

這裡有很多賭場，對吧？所以，我們在體育博彩中的金額並不大，而且分佈在歐洲和美國之間。因此，如果您在其中具有某種負算子保持動力學，通常不會將其視為全域變數。您可能在歐洲或美國遇到這種情況，但通常不會同時在兩個國家發生。

Thank you very much, guys.

非常感謝大家。

Michael Hickey, Benchmark Company.

麥可希基 (Michael Hickey)，Benchmark Company。

Hey Charles, Elias. Congrats guys on '24. Nice to see the strong '25 guide and great to hear you can buy back stock here. I guess, Charles, on your Odds Holdings, congratulations. I don't think we've talked wise on it. Just curious how the integration is proceeding for you guys.

嘿，查爾斯，伊萊亞斯。恭喜大家 24 歲了。很高興看到強勁的 '25 指南，也很高興聽到您可以在這裡回購股票。我想，查爾斯，恭喜你擁有 Odds Holdings。我認為我們對此的討論還不夠明智。只是好奇你們的整合進展如何。

Obviously, I think the team there is strong and sort of the synergies, I guess, that you see. And specifically, if you can share some of your ideas on how you plan to monetize the ADS data engine would be great. And I have a follow-up question.

顯然，我認為那裡的團隊很強大，而且我想，你們看到了，那裡有某種協同效應。具體來說，如果您能分享一些關於如何將 ADS 數據引擎貨幣化的想法，那就太好了。我還有一個後續問題。

Mike, welcome to your first game earnings call. So, as I said, we're only about 90 days in at this point. It's still early days, but they have an incredible team and a fantastic platform. We've integrated their odds data into a number of our existing sport set of products across our own and operated websites. We've got widgets opt driven content all over the place, right? And now that we own the company that has the single best data in the world, obviously, we're going to use that to power those internal tools.

麥克，歡迎參加你的第一次遊戲收益電話會議。所以，正如我所說，目前我們只過了大約 90 天。現在還為時過早，但他們擁有一支出色的團隊和一個絕佳的平台。我們已經將他們的賠率數據整合到我們自己和經營的網站上的許多現有體育產品中。我們到處都有由小部件選擇驅動的內容，對嗎？現在我們擁有世界上最好的數據，顯然，我們將利用這些數據來支持這些內部工具。

So that's obviously been very, very positive. It's also helped us accelerate the development of some new features and tools for our owned and operated websites, stuff like same game parlay content, which we were doing for holdings, but with their knowledge, data, everything else that they're bringing in, we can certainly do that faster Yes. So, these are growth businesses and you, of course, expect to see the number of clients and then our subscribers grow on a year-to-year basis, and that's obviously what's happening.

這顯然是非常非常積極的。它還幫助我們加速為我們擁有和經營的網站開發一些新功能和工具，例如我們為控股公司所做的相同遊戲聯播內容，但憑藉他們的知識、數據和他們帶來的其他一切，我們當然可以更快地做到這一點。是的。所以，這些都是成長型企業，當然，你期望看到客戶數量和訂閱者數量逐年成長，而這顯然也是正在發生的事情。

But what has been interesting that we've seen just here in the very beginning is that the average revenue per user on both the B2C ASGN business and the average revenue per client on the optical B2B side is also up year on year.

但有趣的是，我們一開始就看到，B2C ASGN 業務的每位用戶平均收入和光學 B2B 業務的每位客戶平均收入也在逐年成長。

Nice. Sounds good. I guess, on Missouri not in your guidance, so you're sort of baking in upside there, which is nice. Can you help sort of much as you can help us sort of size that opportunity there? If not, I understand, but it would be great to sort of better understand the growth that you think could come from Missouri, given, obviously, we don't know when it's exactly going to go live, but I think we're getting a better idea.

好的。聽起來不錯。我想，密蘇裡州不在你的指導範圍內，所以你在那裡處於有利地位，這很好。您能否為我們提供有關該機會的協助？如果沒有，我理解，但如果能更好地了解您認為可能來自密蘇裡州的增長情況，那就太好了，因為顯然我們不知道它什麼時候會上線，但我認為我們會有更好的想法。

And then as you sort of think you probably get this question all the time, but you think medium term in the US in iGaming regulation, it just seems like we came into this year with a lot of hope and confidence that we've had a tailwind here on legalization, and it seems like it's sort of just been grinding away here. I don't know if we're in a better place or worse at this point, but sort of your issue enthusiasm, and we start to look at '26 and beyond in terms of iGaming legalization in the US. And if you think there's some big unlocks for you. are sort of believable, I guess, in the medium term. Thanks guys.

然後正如您所想，您可能一直都會遇到這個問題，但您認為在美國中期 iGaming 監管方面，我們似乎對今年抱有很大的希望和信心，認為我們在合法化方面順風順水，而且似乎它一直在穩步推進。我不知道我們現在的情況是變好了還是變壞了，但就你的問題熱情而言，我們開始著眼於 26 年及以後美國 iGaming 合法化的情況。如果您認為其中有一些重大的驚喜等著您。我想，從中期來看，是可以相信的。謝謝大家。

Yes, the activity thus far this year has been mix. I think we will get a handful of things still the session -- the legislative sessions are not over and there's still some big opportunities out there in play. I think there's a again build filed in the last 24 hours.

是的，今年到目前為止的活動很複雜。我認為我們在本屆會議上仍會得到一些成果——立法會議尚未結束，仍然存在一些重大機會。我認為在過去 24 小時內有一個再次構建的提交。

So, we remain optimistic that we'll get something this year. In terms of Missouri, we reading the tea leaves, I think they'll probably get it live by football season. That's certainly the hope and that obviously makes a difference for everyone, including the tax revenue that they're going to get. So, fingers crossed for that. And as we said 10 times today, it will only go into guidance once we have clarity on that date.

因此，我們仍然樂觀地認為今年我們會取得一些成果。就密蘇裡州而言，我們正在觀察形勢，我認為他們可能會在足球賽季前得到結果。這當然是希望，而且顯然對每個人都有影響，包括他們將獲得的稅收收入。因此，我們為此祈禱吧。正如我們今天說過 10 次的那樣，只有明確了該日期，它才會成為指導意見。

All right guys, thank you. Good luck.

好的，夥計們，謝謝你們。祝你好運。

(Operator Instructions) David Katz, Jefferies. Please proceed.

（操作員指示）David Katz，傑富瑞（Jefferies）。請繼續。

Hi, Good morning, everybody. Thanks for taking my question. I wanted to go back to a couple of things that you talked about earlier, Charles. One is the prediction markets. I wanted to -- you were pretty definitive about it, and I wanted to ask if you sort of view that as incremental to the TAM, cannibalizing to the TAM. You seem to have sort of a, I guess, a firming view on those. And I'm curious how you sort of see them in the landscape of your current set of operator clients.

大家早安。感謝您回答我的問題。查爾斯，我想回顧一下你之前談到的幾件事。一是預測市場。我想 - 您對此非常明確，我想問您是否認為這對 TAM 是一個增量，對 TAM 是一個蠶食。我想，您似乎對這些有某種堅定的看法。我很好奇您是如何在當前的運營商客戶群中看待它們的。

Hey, David, Yes, I think it's net incremental to the TAM, right? I mean it could cut into the traditional local state-based regulated sports betting operations, but I think it will be bigger than it will grow the market more than it will impact them. Obviously, different -- completely different taxation profile.

嘿，大衛，是的，我認為這是 TAM 的淨增量，對嗎？我的意思是，它可能會侵蝕傳統的地方州監管的體育博彩業務，但我認為它對市場的成長大於對市場的影響。顯然，稅收狀況完全不同。

So, when you think about money at the end of the day, more of it could flow through these CFTC markets versus very highly regulated, very heavily taxed state gaming revenue. And I think the big operators in the United States to understand that, right? Why would they -- why would they not put it through that channel if they could then in legal, right?

因此，當你考慮最終的資金時，你會發現更多的資金可以流經這些 CFTC 市場，而不是流向監管非常嚴格、稅率很高的州博彩收入。我認為美國的大型業者都了解這一點，對嗎？如果他們可以合法地進行的話，為什麼他們不通過那個管道呢？對吧？

So, I think this is going to be a fascinating space to watch. I think competition from a regulatory perspective is good. And I'm positive about it, but it's -- we're at the beginning of this whole thing.

所以我認為這將是一個值得關注的迷人領域。我認為從監管角度來看的競爭是好的。我對此持正面態度，但—我們才剛開始這一切。

Understood. And then second, just taking a lot of your commentary about AI. The number of the operators obviously spend time talking about responsible gaming and AI as a tool in that regard. Is there potentially a role for you to play in aiding operators from that perspective as well.

明白了。其次，我對人工智慧發表了許多評論。許多業者顯然花時間討論負責任的遊戲和人工智慧作為這方面的工具。從這個角度來看，您是否也可以為營運商提供協助？

Great question. Most of -- we don't tend to get obviously, we don't have as much player data as the operators do, right? They're not our customers. And in many cases, we're just sending traffic in, and we don't know anything about that traffic.

好問題。大多數——我們顯然不會獲得像運營商那樣多的玩家數據，對嗎？他們不是我們的客戶。在很多情況下，我們只是發送流量，而我們對該流量一無所知。

So, we're not as well positioned to identify problem gambling as the operators, but we are certainly here to help if they think there's any data points in our ecosystem that could be added into their machine-learning models and recognize those patterns of problem gambling behavior and intervene more quickly with those players.

因此，我們在識別問題賭博方面不如運營商那麼有能力，但如果他們認為我們的生態系統中有任何數據點可以添加到他們的機器學習模型中並識別問題賭博行為模式並更快地干預這些玩家，我們肯定會提供幫助。

Okay. Thanks, congrats on your quarter.

好的。謝謝，恭喜你取得這個季度的佳績。

There are no further questions at this time. I would like to turn the call back over to management for closing comments.

目前沒有其他問題。我想將電話轉回給管理階層，請他們發表最後評論。

Thanks everybody for joining us today. Please enjoy March Madness, and we'll catch up with you in May.

感謝大家今天的參加。請享受瘋狂三月，我們將在五月與您相見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。