Gambling.com Group Ltd (GAMB) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Gambling.com Group second-quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 Gambling.com Group 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. Peter McGough. Please go ahead, Sir.

現在我將會議交給主持人彼得·麥格夫先生。先生，請繼續。

Thank you, Operator. Hello, everyone, and welcome to Gambling.com's second-quarter 2025 results call. I'm Peter McGough, Senior VP of Investor Relations and Capital Markets, and I'm joined by Charles Gillespie, Gambling.com Group's Co-Founder and Chief Executive Officer; and Elias Mark, Chief Financial Officer. 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.

謝謝您，接線生。大家好，歡迎參加 Gambling.com 2025 年第二季業績電話會議。我是投資者關係和資本市場高級副總裁 Peter McGough，與我一起出席的還有 Gambling.com Group 聯合創始人兼首席執行官 Charles Gillespie 和首席財務官 Elias Mark。本次電話會議將透過我們網站 gambling.com/corporate/investors 的投資者關係部分進行網路直播，並且簡報的可下載版本也可在那裡取得。本次電話會議結束後，將在網站上提供網路直播重播。

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

您也可以透過電子郵件 investors@gdcgroup.com 聯絡投資者關係支援。

I would like to remind you that the information contained in this conference call, including any financial and related guidance to be provided, consists of forward-looking statements as defined by securities laws. These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future 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，包括任何財務和相關指導，均屬於證券法定義的前瞻性陳述。這些聲明是基於我們目前掌握的信息，涉及風險和不確定性，可能導致實際未來結果、業績、業務前景和機會與這些聲明中表達或暗示的結果、業績、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。前瞻性陳述僅代表陳述作出之日的觀點，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，除非適用的證券法要求。

During the call, there will also be a discussion of non-IFRS financial measures. A description of these non-IFRS financial measures is included in the press release issued earlier this morning, and 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.

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 (IFRS) 財務指標的描述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 (IFRS) 財務指標與其最直接可比較的國際財務報告準則 (IFRS) 指標的對帳包含在簡報和新聞稿的附錄中，兩者均可在我們網站的「投資者」標籤中找到。

I'll now turn the call over to Charles.

我現在將電話轉給查爾斯。

Thank you, Pete. Good afternoon, and thanks for joining our call today. We generated record second-quarter revenue and adjusted EBITDA, with revenue rising 30% and adjusted EBITDA increasing 22% year-over-year. Our marketing business generated all-time highs for second-quarter revenue, and the growth in our sports data business accelerated to where it's highly visible, and high-margin recurring subscription revenue accounted for 25% of total revenue despite the second quarter being the seasonally slowest quarter.

謝謝你，皮特。下午好，感謝您今天參加我們的電話會議。我們第二季的營收和調整後 EBITDA 創下了歷史新高，其中營收年增 30%，調整後 EBITDA 年成長 22%。我們的行銷業務創造了第二季度收入的歷史新高，體育數據業務的成長加速到了非常明顯的程度，儘管第二季度是季節性最慢的季度，但高利潤的經常性訂閱收入仍佔總收入的 25％。

These results provide clear evidence that even while we continue to deliver high growth quarter after quarter, we are also rapidly diversifying our business to include a broader suite of products, which serve a much larger addressable market.

這些結果清楚地表明，儘管我們每季都持續保持高成長，但我們也在迅速實現業務多元化，包括更廣泛的產品系列，以服務更大的目標市場。

Diversification of traffic sources and revenue models is front of mind for our team. In the past 4 years, as a public company, we have multiplied both our traffic sources and our means to monetize that traffic and our growing audience. The business today is a varied matrix of relationships between traffic sources and businesses with a CRM platform at its center. To achieve this, we have embraced an omnichannel approach to engage high-intent users across the Internet, including with apps, e-mail, social media, YouTube, communities, and paid media.

流量來源和收入模式的多元化是我們團隊最關心的問題。在過去的四年裡，作為一家上市公司，我們不僅增加了流量來源，還增加了將流量和不斷增長的受眾轉化為收入的手段。現今的業務是一個以 CRM 平台為核心的流量來源和企業之間關係的多樣化矩陣。為了實現這一目標，我們採用了全通路方式來吸引網路上的高意向用戶，包括透過應用程式、電子郵件、社群媒體、YouTube、社群和付費媒體。

We've also broadened our ability to monetize our end users and B2B online gambling operator clients with the addition of new business models through the acquisition of RotoWire, OddsJam, and OpticOdds, and we'll continue to do so when we close on Spotlight.Vegas on September 1.

我們也透過收購 RotoWire、OddsJam 和 OpticOdds 增加了新的商業模式，從而拓展了從最終用戶和 B2B 線上賭博營運商客戶中獲利的能力，並且我們將在 9 月 1 日完成 Spotlight.Vegas 交易後繼續這樣做。

Our focus on diversification also includes diversifying our go-to-market approach within our marketing business, as traditional search is becoming less central to our digital marketing strategy. While the development of these other marketing channels, like apps, e-mail, social media, and paid media, is still relatively early, the contributions are growing rapidly to the point that they are now more evident in our results. We are measuring the growth in these non-search channels in terms of orders of magnitude, not incremental percentages. Generally speaking, these channels have shorter investment cycles while still offering attractive ROI.

我們對多元化的關注也包括在行銷業務中實現市場進入方式的多元化，因為傳統搜尋在我們的數位行銷策略中的重要性已不再那麼重要。雖然應用程式、電子郵件、社交媒體和付費媒體等其他行銷管道的發展仍處於相對較早的階段，但它們的貢獻正在迅速增長，以至於在我們的結果中更加明顯。我們以數量級而非增量百分比來衡量這些非搜尋管道的成長。一般來說，這些通路的投資週期較短，同時仍能提供有吸引力的投資報酬率。

Having said all of this, the search marketing channel continues to drive significant revenue and cash flow for both Google and publishers. While we expect the channel's relative proportion to other digital channels to fall, we also expect it to intertwine with next-generation AI tools to remain the primary digital channel for years to come. We are confident that this combined channel will continue to drive strong traffic, revenue, and cash flow for our business over the near and long term.

儘管如此，搜尋行銷管道仍繼續為Google和出版商帶來可觀的收入和現金流。雖然我們預計該通路相對於其他數位管道的相對比例將會下降，但我們也預計它將與下一代人工智慧工具交織在一起，在未來幾年內仍然是主要的數位管道。我們相信，這個合併後的管道將在近期和長期內繼續為我們的業務帶來強勁的流量、收入和現金流。

While AI tools are capable of making recommendations, they base those recommendations off of data from specialist websites such as our own and link back to their sources. AI tools and agents are perfect for outsourcing tasks people want to avoid, such as booking and meeting. But when users evaluate online gambling sites for their next adventure, it is entertainment, not work. For example, users like to demo an online slot machine before depositing and playing for real money. Users also want to retain a sense of agency themselves to control the decisions which have a financial impact on them.

雖然人工智慧工具能夠提出建議，但它們會根據來自我們自己的專業網站的數據提出建議，並連結回其來源。人工智慧工具和代理商非常適合外包人們想要避免的任務，例如預訂和會議。但是，當用戶評估線上賭博網站是否適合他們的下一次冒險時，它是一種娛樂，而不是工作。例如，用戶喜歡在存款和玩真錢遊戲之前先試玩線上老虎機。使用者也希望保留自己的自主意識，以控制對他們有財務影響的決策。

I think it is fair to say that the AI-driven changes to search have had a relatively smaller impact on the online gambling industry than other industries, based on our results and what we are reading elsewhere.

根據我們的研究結果以及我們在其他地方讀到的內容，我認為可以公平地說，人工智慧驅動的搜尋變化對線上賭博行業的影響相對較小。

Our strategy to develop big brands with industry-leading authority like Gambling.com, Bookings.com, and Casinos.com is fundamental to our dominance of traditional search and likewise, ideally positions us to capture and monetize high-intent traffic wherever it is on the Internet, including from next-generation AI tools. As the search experience continues to evolve, we are doing what we have always done, making sure that we optimize our offerings so that they create the most value for consumers looking for information about online gambling and for operators that will always need new players. The skills and processes we have perfected for SEO are exactly what is required to optimize for inclusion in generative AI. Both are fundamentally premised on the same signals of high authority, trust, and expertise, our key differentiating strength.

我們的策略是開發具有業界領先權威的大品牌，如 Gambling.com、Bookings.com 和 Casinos.com，這對於我們在傳統搜尋領域的主導地位至關重要，同樣，也使我們能夠在互聯網的任何地方捕獲和貨幣化高意向流量，包括來自下一代人工智慧工具的流量。隨著搜尋體驗的不斷發展，我們正在做我們一直在做的事情，確保優化我們的服務，以便為尋找線上賭博資訊的消費者和始終需要新玩家的運營商創造最大的價值。我們為 SEO 所完善的技能和流程正是優化納入生成式 AI 所需要的。兩者從根本上都以相同的訊號為前提，即高權威、信任和專業知識，這是我們的主要差異化優勢。

Turning to another key component of our diversification. Growth in our sports data services business accelerated in Q2, with OpticOdds leading the way with 120% year-on-year growth. Given the momentum this business is already achieving to date and our realization that the TAM for this business may be bigger than originally expected due to the wide variety of clients interested in the data, we continue to revise up our long-term growth expectations.

轉向我們多元化的另一個關鍵組成部分。我們的體育數據服務業務在第二季度加速成長，其中 OpticOdds 以 120% 的年增長領先。鑑於該業務迄今為止已經取得的勢頭，以及我們意識到由於對數據感興趣的客戶種類繁多，該業務的 TAM 可能比最初預期的要大，我們繼續上調我們的長期增長預期。

Between OddsJam, OpticOdds, and the refreshed RotoWire, our vision to establish a strong sports data services business within GAMB is now a reality. That was the hard part, and we are continuing to scale this business, delivering substantial high-margin recurring subscription revenue growth. Our success with quickly integrating and scaling OddsJam and OpticOdds, which follows the similar success of our Freebets.com acquisition last year, continues to demonstrate our ability to identify, close, and integrate strategic accretive acquisitions in a capital-efficient manner.

在 OddsJam、OpticOdds 和更新的 RotoWire 之間，我們在 GAMB 內部建立強大的運動數據服務業務的願景現在已成為現實。這是最困難的部分，我們將繼續擴大這項業務，實現可觀的高利潤經常性訂閱收入成長。我們成功地快速整合並擴大了 OddsJam 和 OpticOdds 的規模，這與去年我們收購 Freebets.com 時取得的類似成功相一致，這繼續證明了我們能夠以資本高效的方式識別、完成和整合戰略增值收購。

In each of our prior transactions, including RotoWire and BonusFinder, our team's execution has successfully lowered the initial purchase multiple. We expect the acquisition of Spotlight.Vegas will continue our run of capital-efficient and successful acquisitions.

在我們之前的每筆交易中，包括 RotoWire 和 BonusFinder，我們團隊的執行都成功降低了初始購買倍數。我們預期對 Spotlight.Vegas 的收購將延續我們資本高效且成功的收購。

Spotlight helps consumers access gambling-adjacent entertainment experiences such as live events and local attractions through its online booking platform. Today, the business serves the Las Vegas market with more than 40 clients, including entertainment venues and land-based casinos. Visitors to Las Vegas utilize Spotlight as a one-stop shop for services that include tickets to shows and attractions or for booking a hotel.

Spotlight 透過其線上預訂平台幫助消費者獲得與賭博相關的娛樂體驗，例如現場活動和當地景點。如今，該公司為拉斯維加斯市場提供 40 多個客戶，包括娛樂場所和實體賭場。前往拉斯維加斯的遊客可以使用 Spotlight 進行一站式服務，包括購買演出和景點門票或預訂飯店。

This strategic acquisition expands our client base to now include land-based operators and gives us yet another lever to monetize our audience. Having sold over $30 million worth of tickets in 2024, Spotlight is -- already has attractive scale today. As we begin to work with our team, we are confident that for 2026, our digital marketing expertise will enhance margins and improve cash flow. Looking a little further out, we see opportunities to deploy this booking platform on our owned and operated sites, in particular, on Casinos.com to ultimately expand beyond Las Vegas and serve regional casinos and other attractions and hospitality providers.

此次策略性收購擴大了我們的客戶群，現在包括了陸基營運商，並為我們提供了另一個將觀眾貨幣化的槓桿。Spotlight 在 2024 年售出了價值超過 3,000 萬美元的門票，如今已具有頗具吸引力的規模。當我們開始與團隊合作時，我們相信，到 2026 年，我們的數位行銷專業知識將提高利潤率並改善現金流。放眼更遠的未來，我們看到了在我們擁有和經營的網站上部署這個預訂平台的機會，特別是在 Casinos.com 上，最終擴展到拉斯維加斯以外的地區，並為區域賭場和其他景點和酒店提供商提供服務。

At this exact moment, Las Vegas hotel occupancy is at a low. The people that know the market best have seen many cycles come and go and expect the city to bounce back from this one as it has always done. For us, this makes the current moment an opportunistic time to make a capital-efficient play on the market with a relatively small upfront investment and substantial long-term upside potential.

目前，拉斯維加斯的飯店入住率很低。最了解市場的人已經見證過許多周期的來來去去，並期望這座城市能夠像往常一樣從這個週期中反彈。對我們來說，現在是一個絕佳的機會，可以用相對較小的前期投資和巨大的長期上漲潛力在市場上實現資本高效運作。

With this new platform, the accelerating growth of our sports data services business and our continued industry-leading marketing business, we have transformed the company from an affiliate marketing business into a multi-platform integrated marketing, data and soon-to-be ticketing services business, all while maintaining a strong balance sheet and attractive capital structure through continuously strong cash generation, capital-efficient M&A and well-timed share buybacks.

憑藉這個新平台、我們體育數據服務業務的加速增長以及我們持續的行業領先營銷業務，我們已將公司從聯屬營銷業務轉變為多平台整合營銷、數據和即將成為票務服務的業務，同時通過持續強勁的現金產生、資本高效的併購和適時的股票回購，保持強勁的資產負債表和有吸引力的資本結構。

I'll now turn the call over to Elias to review the second quarter's financial highlights.

現在我將把電話轉給 Elias，讓他回顧第二季的財務亮點。

Thank you, Charles. Second quarter revenue grew 30% year-over-year to a Q2 record of $39.6 million. Our marketing business grew 3% as we delivered more than 108,000 NDCs to our customers, in line with the year-ago period. Our marketing business grew in all of the regions where we operate, except for North America, where we had tough comparables with the year-ago period, including the tailwind from the launch of sports betting in North Carolina. Our sports data services revenue quadrupled to $10 million.

謝謝你，查爾斯。第二季營收年增 30%，達到創紀錄的 3,960 萬美元。我們的行銷業務成長了 3%，向客戶交付了超過 108,000 份 NDC，與去年同期持平。我們的行銷業務在除北美以外的所有經營地區均實現了成長，北美地區的業績與去年同期相比有顯著增長，其中包括北卡羅來納州推出體育博彩帶來的順風。我們的體育數據服務收入成長了四倍，達到 1000 萬美元。

Subscription revenue increased to 25% of total revenue. Inclusive of revenue share arrangements in our marketing business, recurring revenue was 51% of total second-quarter revenue.

訂閱收入增加至總收入的25％。包括我們行銷業務的收入分成安排在內，經常性收入佔第二季總收入的 51%。

Gross profit increased 27% year-over-year to $36.9 million. Cost of sales of $2.7 million compares to cost of sales of $1.4 million in the year-ago period, reflecting costs associated with our successful strategy to diversify traffic sources as well as cost of sales related to the acquired OddsJam and OpticOdds businesses.

毛利年增27%至3,690萬美元。銷售成本為 270 萬美元，而去年同期的銷售成本為 140 萬美元，這反映了我們成功的流量來源多元化策略相關的成本以及與收購的 OddsJam 和 OpticOdds 業務相關的銷售成本。

Gross profit margin was 93.2% compared to 95.3% in the year-ago period. Operating expenses of $51.3 million included $23.8 million of charges related to the Hod Holding acquisition, of which fair value movements related to the outperformance of OddsJam and OpticOdds of $21.2 million, noncash amortization of acquired intangible assets of $2.2 million, and other acquisition-related costs of $0.4 million.

毛利率為93.2%，去年同期為95.3%。5,130 萬美元的營運費用包括與 Hod Holding 收購相關的 2,380 萬美元費用，其中與 OddsJam 和 OpticOdds 的優異表現相關的公允價值變動為 2,120 萬美元，收購無形資產的非現金攤銷為 220 萬美元，以及其他收購相關成本為 40 萬美元。

Adjusted EBITDA increased 22% year over year to a second quarter record of $13.7 million, and adjusted EBITDA margin was 35% compared to 37% in the year-ago period. Adjusted net income for the second quarter rose 37% from the year-ago period to $13.4 million. Adjusted net income continued to be positively affected by translation effects relating to the strengthening of the euro versus the U.S. dollar when translating balance sheet items at quarter end. Adjusted diluted net income per share increased 42% from the year-ago period to $0.37.

調整後的 EBITDA 年成長 22%，達到第二季創紀錄的 1,370 萬美元，調整後的 EBITDA 利潤率為 35%，而去年同期為 37%。第二季調整後淨收入較去年同期成長 37% 至 1,340 萬美元。在季度末折算資產負債表項目時，調整後的淨收入繼續受到歐元兌美元走強的折算效應的正面影響。調整後每股攤薄淨收益較去年同期成長 42% 至 0.37 美元。

Free cash flow grew 36% to $8.2 million, reflecting strong cash conversion and adjusted EBITDA growth, partly offset by tax payments of $5.5 million, of which $3.3 million was related to the Ods Holdings acquisition.

自由現金流成長 36% 至 820 萬美元，反映出強勁的現金轉換和調整後的 EBITDA 成長，但部分被 550 萬美元的稅款所抵消，其中 330 萬美元與 Ods Holdings 收購有關。

As of June 30, we had total cash of $18.7 million and $70.5 million of undrawn capacity on our credit facility. On April 1, we made the final payment of $11.2 million for Freebets.com using cash balances. In total, we have drawn $94.5 million on our $165 million credit facility. Effective April 1, we entered into a swap agreement to effectively convert 75% of US dollar borrowings to euro borrowings, lowering our cost of debt capital by approximately 200 basis points.

截至 6 月 30 日，我們的現金總額為 1,870 萬美元，未提取的信貸額度為 7,050 萬美元。4 月 1 日，我們使用現金餘額向 Freebets.com 支付了 1,120 萬美元的尾款。總體而言，我們已經從 1.65 億美元的信貸額度中提取了 9,450 萬美元。自 4 月 1 日起，我們達成了一項掉期協議，將 75% 的美元借款轉換為歐元借款，從而將我們的債務資本成本降低約 200 個基點。

The swap transaction also aligned our functional currency with our borrowings, eliminating the corresponding ForEx translation effects in our income statement moving forward.

掉期交易也使我們的功能貨幣與借款保持一致，從而消除了我們未來損益表中相應的外匯翻譯影響。

We continue to generate strong free cash flow. Based on the closing price of the shares this afternoon, we expect free cash flow yield to be double digits prior to the effects of any further share repurchases we may make in the second half of the year. Our free cash flow, together with our strong balance sheet and undrawn credit facilities, continues to provide the flexibility to pursue both acquisitions and share buybacks to optimize our capital structure and maximize shareholder value.

我們持續產生強勁的自由現金流。根據今天下午的收盤價，我們預計在下半年進一步回購股票的影響之前，自由現金流收益率將達到兩位數。我們的自由現金流，加上我們強勁的資產負債表和未提取的信貸額度，繼續提供靈活性，以進行收購和股票回購，從而優化我們的資本結構並實現股東價值最大化。

Today, our Board approved a $10 million expansion to a total of $20 million of capacity in our current share repurchase program, none of which has been utilized yet. This afternoon, we adjusted our full-year guidance to reflect a revenue range of $171 million to $175 million and an adjusted EBITDA range of $62 million to $64 million. The increase to the full-year revenue range reflects the expected 4 months of contribution from Spotlight.Vegas and the launch of sports betting in Missouri in December, partly offset by currently weaker search rankings following the most recent Google Core algorithm update. Adapting to Google's algorithm changes is business as usual, and we're on the way to recover lost positions.

今天，我們的董事會批准將目前的股票回購計畫的容量擴大 1,000 萬美元，使總容量達到 2,000 萬美元，但目前尚未動用任何資金。今天下午，我們調整了全年預期，營收範圍為 1.71 億美元至 1.75 億美元，調整後的 EBITDA 範圍為 6,200 萬美元至 6,400 萬美元。全年營收範圍的成長反映了 Spotlight.Vegas 預計的 4 個月貢獻以及 12 月在密蘇裡州推出的體育博彩，但最近的 Google Core 演算法更新導致的搜尋排名較弱部分抵消了這一影響。適應Google演算法的變化是正常的，我們正在努力恢復失去的地位。

The midpoint of the revenue guidance of $173 million represents 36% year-over-year growth. The updated full-year adjusted EBITDA guidance range reflects the higher cost of sales in our marketing business as a result of the higher proportion of non-SEO marketing revenue, strategic investments into the new digital marketing channels and monetization models that Charles highlighted, and no adjusted EBITDA contributions from Spotlight.Vegas for this year.

1.73 億美元的營收預期中位數代表著年增 36%。更新後的全年調整後 EBITDA 指導範圍反映了我們行銷業務的銷售成本上升，這是由於非 SEO 行銷收入佔比上升、對 Charles 強調的新數位行銷管道和貨幣化模式的策略性投資，以及今年 Spotlight.Vegas 沒有調整後的 EBITDA 貢獻。

The midpoint of the adjusted EBITDA guidance reflects 29% year-over-year growth. Our guidance assumes an average euro to USD exchange rate of 1.15 for the year.

調整後的 EBITDA 指引中點反映出年增 29%。我們的指導假設是，今年歐元兌美元的平均匯率為 1.15。

As Charles highlighted, the acquisition of Spotlight.Vegas provides another strategic lever to engage our high-intent audiences in a capital-efficient manner with limited upfront cash outflow and a pay-for-performance structure that will be accretive to our operating results. For 2026, we expect Spotlight.Vegas to generate net revenue of at least $8 million and incremental adjusted EBITDA of at least $1.4 million.

正如查爾斯所強調的，收購 Spotlight.Vegas 提供了另一個戰略槓桿，讓我們能夠以資本高效的方式吸引我們的高意向受眾，同時限制前期現金流出和按績效付費結構，這將增加我們的經營業績。到 2026 年，我們預計 Spotlight.Vegas 的淨收入將至少達到 800 萬美元，增量調整後 EBITDA 至少達到 140 萬美元。

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

接線員，我們現在將把電話轉交給提問者。

(Operator Instructions) Jeff Stantial, Stifel.

（操作員指示） Jeff Stantial，Stifel。

Maybe let's start off, if we can, on the Spotlight.Vegas transaction. Starting off, Eli, can you just provide us with some of the metrics underlying the earn-out compensation? And then more high-level, Charles, I'm curious, just as you underwrote this transaction, sort of how did you come to understand the similarities and the differences in the user journey for live events versus sort of your legacy online gambling-focused sites? And as a corollary to that, what really gave you the confidence that your tech and experience would translate well over the live event space?

如果可以的話，我們可以從 Spotlight.Vegas 交易開始。首先，Eli，您能否為我們提供一些獲利補償的指標？然後從更高層面來說，查爾斯，我很好奇，就像您承保這筆交易一樣，您是如何了解到現場活動的用戶旅程與傳統的以在線賭博為重點的網站之間的相似之處和差異的？那麼，什麼真正讓您有信心您的技術和經驗在現場活動領域中能很好地轉換呢？

Yes. If I cover the first part of that question, as we manage, the intent here is to be very capital efficient and have a limited upfront payment and pay for performance. Essentially, we have an upfront payment of $8 million, which we expect to settle in cash. And then we have a 2-year earn-out component that is capped at an additional $22 million, so $11 million per year based on incremental EBITDA above a certain threshold for each of 2026 and 2027, and the effective multiple on that earn-out is 6x operating profit.

是的。如果我回答這個問題的第一部分，那麼正如我們所管理的，這裡的目的是提高資本效率，並限制預付款和按績效付費。本質上，我們有 800 萬美元的預付款，我們預計將以現金結算。然後，我們有一個為期 2 年的盈利部分，其上限為額外的 2200 萬美元，因此，根據 2026 年和 2027 年超過一定門檻的增量 EBITDA，每年 1100 萬美元，該盈利的有效倍數是營業利潤的 6 倍。

From my perspective, it was a very attractive acquisition. It's a bit -- I don't think any of our competitors were looking at this, right? It does involve a little bit of original thinking. We're looking for ways to monetize this audience we have and deploy the skills we have. And this is a perfect opportunity to do both.

從我的角度來看，這是一次非常有吸引力的收購。這有點——我認為我們的競爭對手都沒有註意到這一點，對吧？它確實涉及一點原創思維。我們正在尋找方法將我們擁有的受眾貨幣化並部署我們擁有的技能。這是一個實現這兩點的絕佳機會。

We have this incredible audience of people that want to gamble, that love gambling, whether it's online or land-based. These people visit Las Vegas. And when you look at the Spotlight business, it's -- there's not a million different ways to do digital marketing within the online gambling industry. We wouldn't have gone all the way to do full-blown ticketing outside of gaming. That's a step too far.

我們擁有大量想要賭博、熱愛賭博的觀眾，無論是線上賭博還是實體賭博。這些人參觀了拉斯維加斯。當你觀察 Spotlight 業務時，你會發現——在線上賭博行業中進行數位行銷的方式並不多。我們不會全力以赴地開展遊戲以外的全面票務業務。這太過分了。

But ticketing within gaming, it's gaming adjacent, there's some synergy there. And when we look at this particular business, it's still a relatively young business. There's a lot of things that our team can go in and do immediately to make a difference. It reminds us a lot of the Freebets.com acquisition. Those assets were not operated as well as they could have been, and it was our team that was able to unlock that value.

但是遊戲中的票務與遊戲相鄰，存在一些協同作用。當我們審視這個特定的業務時，我們會發現它仍然是一個相對年輕的業務。我們的團隊可以立即進行許多工作來發揮作用。這讓我們想起了 Freebets.com 的收購。這些資產的運作並不如預期那麼好，而我們的團隊能夠釋放這些資產的價值。

Last but not least, it's always about people, and they've got a great team over there and a very strong leader, Doug, which we very much look forward to working with. And I think us combining our digital marketing skills with the technology platform that they have already, it exists and they don't have to build it is a very clear way to grow that business and do it under our roof.

最後但同樣重要的一點是，一切總是與人有關，他們擁有一支優秀的團隊和一位非常強大的領導者道格，我們非常期待與他合作。我認為，將我們的數位行銷技能與他們現有的技術平台相結合，這種平台已經存在，他們無需構建，這是發展業務並在我們的框架下開展業務的一種非常明確的方式。

And then maybe shifting gears and turning over to AI. Charles, some helpful commentary at the beginning of the call. I think we're all sort of grappling with figuring out how this looks and evolves and over the long term impacts your business.

然後也許轉變方向並轉向人工智慧。查爾斯，通話開始時有一些很有幫助的評論。我認為我們都在努力弄清楚這種情況會如何發展，以及從長遠來看會對您的業務產生什麼影響。

A bit of a 2-parter question here. First, I'm curious if you've done any work or seen anything in terms of sort of click-through rates for a typical high-intent AI search, and how that frames up against legacy search? And then second, how do you think about the potential for market share consolidation for traffic sourced through AI searches, and sort of how you're positioned to be one of those 1, 2, 3 sites that is ultimately searched or sourced by the main AI engines for a typical gambling search? And that's all for us.

這裡有一個由兩個部分組成的問題。首先，我很好奇您是否做過任何工作或看到任何有關典型的高意圖 AI 搜索的點擊率方面的信息，以及它與傳統搜索相比如何？其次，您如何看待透過人工智慧搜尋獲得的流量對市場份額進行整合的潛力，以及如何將您定位為最終被主要人工智慧引擎搜尋或獲取典型賭博搜尋的 1、2、3 個網站之一？這就是我們要講的全部了。

Look, when Google or any other search engine puts an AI overview at the top of the search engine results page, obviously, fewer clicks make it through to the stuff below that. That shouldn't surprise anyone. In terms of market share, share of voice is probably a better way to put that in terms of these different AI agents, LLMs. If you have a Google search, you've got -- at least you used to have 10 results. Now it can be less.

你看，當Google或任何其他搜尋引擎將 AI 概述放在搜尋引擎結果頁面的頂部時，顯然，更少的點擊量能夠到達其下方的內容。這不應該讓任何人感到驚訝。就市場佔有率而言，對於這些不同的人工智慧代理、LLM 來說，聲音份額可能是更好的表達方式。如果您使用 Google 搜索，您至少會得到 10 個結果。現在可以少一些。

But it was a longer list than what you would get from an AI tool. On an AI tool, you're going to get two or threee unless you specifically ask it for more.

但這個清單比你從人工智慧工具中得到的清單還要長。在 AI 工具上，除非你特別要求更多，否則你只會得到兩個或三個。

So you really have to be positioned to the extent there are positions on these generative AI tools, you need to be positioned kind of one, two. And the only way you're going to get there is to have industry-leading authority, which, of course, is what we've been trying to build for the past 20 years with Gamming.com, (inaudible) .com, Casinos.com. We have invested in big brands to rise above the fray and be the obvious go-to source for information on this industry. And our early indications show that we've got a very high share of voice on these new tools. And of course, it's growing very rapidly for us.

因此，您確實必須根據這些生成式 AI 工具的定位進行定位，您需要定位一、二。而要做到這一點，唯一的途徑就是擁有業界領先的權威，當然，這也是我們過去20年來透過Gamming.com、(聽不清楚) .com和Casinos.com努力打造的。我們投資了大品牌，力求在競爭中脫穎而出，成為業界資訊首選來源。我們的早期跡象表明，我們在這些新工具上擁有很高的發言權。當然，我們的成長非常迅速。

It was -- it didn't exist a few years ago. So the growth rates are basically infinity, but it's going to be a big part of the future of the business.

幾年前它還不存在。因此成長率基本上是無限的，但它將成為業務未來的重要組成部分。

Ryan Sigdahl, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的瑞安‧西格達爾 (Ryan Sigdahl)。

I want to go to the Google algorithm update. When I look at the guidance, it looks like EBITDA cut by $5 million in the back half of the year, despite some good guys layering in there as well with acquisitions in Missouri and FX and so on. So I'm curious when exactly that happened, what you've seen since that? And then if you're willing to quantify the other components and assumptions within guidance of the Missouri launch, how much that's contributing?

我想去查看 Google 演算法更新。當我查看指引時，似乎下半年 EBITDA 減少了 500 萬美元，儘管也有一些優秀公司透過在密蘇裡州和 FX 等地的收購參與其中。所以我很好奇這件事究竟是什麼時候發生的，從那時起你看到了什麼？然後，如果您願意量化密蘇裡發射指引中的其他組成部分和假設，那麼它們的貢獻有多大？

Yes, I'm happy to speak to that and give you some color on guidance for the rest of the year. So the latest Google algorithm update rolled out in the last kind of 30, 45 days within -- squarely within Q3. It is a reminder that this stuff still matters and search rankings are still a fundamental part of digital marketing.

是的，我很高興談論這個問題，並為今年剩餘時間的指導提供一些指導。因此，最新的 Google 演算法更新在過去 30 到 45 天內推出 - 正好在第三季內。這提醒我們，這些東西仍然很重要，搜尋排名仍然是數位行銷的基本組成部分。

In terms of revenue for the second half of the year, our increase of $1 million at the midpoint for revenue guidance entails a small bit of additional revenue from Spotlight.Vegas, but the main drivers of the change in revenue expectations are an upward revision of sports data services revenue and a downward revision of the traditional search revenue due to the search rankings we've discussed. And that's partly offset by an increase in revenue from all the other non-SEO channels.

就下半年的收入而言，我們在收入指導中點增加了 100 萬美元，其中包括來自 Spotlight.Vegas 的少量額外收入，但收入預期變化的主要驅動因素是體育數據服務收入的上調和傳統搜索收入的下調，這是由於我們討論過的搜索排名。而這部分被所有其他非 SEO 管道的收入成長所抵消。

In terms of the adjusted EBITDA, the higher proportion of revenue from non-SEO sources drives higher cost of sales, and we don't expect any meaningful contribution to adjusted EBITDA from Spotlight Las Vegas until next year. And we have also decided to accelerate investments into these non-SEO channels, as well as a very exciting, entirely new project, which is outside of anything we do today, which will drive further diversification and growth in 2026 and beyond. Everybody always loves to kind of opine or get our opinion on whether on pricing and operators, and demand, and everything. And that remains as is, okay?

就調整後的 EBITDA 而言，非 SEO 來源的收入比例較高導致銷售成本較高，我們預計 Spotlight Las Vegas 要到明年才會對調整後的 EBITDA 做出任何有意義的貢獻。我們還決定加快對這些非 SEO 管道的投資，以及一個非常令人興奮的全新項目，該項目超出了我們今天所做的任何事情，它將推動 2026 年及以後的進一步多樣化和增長。每個人都喜歡就定價、營運商、需求等所有問題發表意見或徵求我們的意見。就保持原樣，好嗎？

So when you look at these -- when you look at the margins coming down, it's entirely due to mix shift. I really want to stress that it's not margin compression per se. Our ability to monetize and the demand from the clients hasn't changed in any way. The margin profile of any given channel hasn't changed. It's just that the channel mix is changing.

因此，當您看到這些時——當您看到利潤率下降時，這完全是由於混合轉變造成的。我真的想強調的是，這本身並不是利潤壓縮。我們的獲利能力和客戶的需求沒有任何改變。任何給定管道的利潤狀況都沒有改變。只是渠道組合正在改變。

Then just on Spotlight.Vegas. Can you give -- however you want to quantify it, but anything from the past few years, from a financial standpoint, I guess, was it growing? And was it profitable? And just to put the 2026 estimates a little more context around it?

那就說說 Spotlight.Vegas。無論你想如何量化它，在過去幾年裡，從財務角度來看，它有成長嗎？它有盈利嗎？並且只是為了給 2026 年的估計提供更多的背景資訊嗎？

Yes. If you look at 2024, it was growing nicely. It did over $30 million in platform turnover with -- and it was profitable. It's a lower-margin business at this scale. But as it scales, it quite quickly grows net margin revenues.

是的。如果你展望 2024 年，它將會成長良好。它的平台營業額超過 3000 萬美元——並且實現了盈利。在這個規模下，這是一個利潤較低的業務。但隨著規模的擴大，它的淨利潤收入也迅速成長。

At the moment, and our expectations for 2025 is that it's roughly breakeven, and that has to do with the macro environment in Vegas. We expect together with a little bit of a rebound and seasonal strength, and a little bit more efficient marketing, when we get our hands on that, we're guiding towards EUR 8 million of net revenue and EUR 1.4 million of incremental adjusted EBITDA for 2026.

目前，我們對 2025 年的預期是大致實現收支平衡，這與拉斯維加斯的宏觀環境有關。我們預計，隨著少量的反彈和季節性的強勁增長，以及行銷效率的提高，當我們掌握了這些機會時，我們預計 2026 年的淨收入將達到 800 萬歐元，增量調整後 EBITDA 將達到 140 萬歐元。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

I appreciate the color you just gave on the EBITDA guidance change for '25. But maybe I wanted to dig in, in another way. I know you haven't guided '26 yet, but can you talk about how kind of '26 looks relative to your view 90 days ago, given all the changes we're seeing now? And maybe if you can't talk quantitatively, maybe just qualitatively.

我很欣賞您對 25 年 EBITDA 指導變化的解釋。但也許我想以另一種方式深入挖掘。我知道您還沒有對 26 年做出預測，但是考慮到我們現在看到的所有變化，您能否談談 26 年相對於您 90 天前的看法如何？如果你不能定量地談論，也許只能定性地談論。

Yes. Barry, happy to touch on that. So look, I think we get these search rankings back that brings back up the natural search revenue. But I think overall, we are seeing the effects of AI on search, and our expectations for search revenue going forward are not what they were in the past. Having said that, we are making a lot of progress on scaling up all these other channels, stuff that we kind of purposely didn't do in the past to keep all our focus on SEO.

是的。巴里，很高興能談及這一點。所以，我認為我們恢復了這些搜尋排名，從而帶來了自然搜尋收入。但我認為總體而言，我們看到了人工智慧對搜尋的影響，我們對未來搜尋收入的預期與過去不同。話雖如此，我們在擴大所有其他管道方面取得了很大進展，這些是我們過去故意沒有做的事情，以便將所有註意力集中在 SEO 上。

But now we've got this kind of extra bandwidth if we're not going all in on SEO, we can deploy some of our best people on scaling up apps, e-mail, paid media, et cetera.

但現在我們有了這種額外的頻寬，如果我們不全力投入搜尋引擎優化，我們可以部署一些最優秀的人才來擴大應用程式、電子郵件、付費媒體等。

And as you can see in our results today, it's making a difference, and it helped us hit the numbers for Q2. So when I think about next year, it's just going to be less about search, but these other channels will scale meaningfully. And I think on the revenue, it's a different margin profile. So you have to kind of bear that in mind. SER is always kind of the highest margin, but we'll see healthy revenue growth from those other channels, and it won't flow through quite as well to the bottom line as natural search has done for years, but it will still absolutely be profitable.

正如您在今天的業績報告中所看到的，它正在發揮重要作用，並幫助我們實現了第二季的業績。因此，當我考慮明年時，我將不再過多關注搜索，而是關注其他管道，這將顯著擴大規模。我認為就收入而言，利潤率狀況有所不同。所以你必須記住這一點。SER 始終是利潤率最高的，但我們會看到來自其他管道的健康收入成長，它不會像多年來自然搜尋那樣很好地流入底線，但它仍然絕對有利可圖。

And when you pair it together with all the different ways we have to monetize the audience, we'll be in the best position of anyone to monetize people interested in online gambling.

當你將它與我們將觀眾貨幣化的所有不同方式結合起來時，我們將處於最佳位置，可以將對線上賭博感興趣的人貨幣化。

And then in the past, you talked a bit about prediction markets in terms of opportunities there. Curious if any updated thoughts there in terms of search, but maybe also from the data or other avenues for revenue there.

然後在過去，您談到了預測市場中存在的機會。好奇在搜尋方面是否有任何更新的想法，但也許還有來自數據或其他收入管道的想法。

Yes. So we've been spending a lot of time looking at prediction markets. It's a fascinating category. I really like it. It's not a big driver of our business yet, but I think it very well could be in a couple of years.

是的。因此我們花了很多時間研究預測市場。這是一個令人著迷的類別。我真的很喜歡它。目前它還不是我們業務的主要推動力，但我認為幾年後它很可能會成為我們業務的主要推動力。

I think these lawsuits are going to go to the Supreme Court, and you're going to have another PASA-like decision, which could throw the doors open and really create the next kind of chapter of growth for the whole industry in North America.

我認為這些訴訟將提交給最高法院，並將做出另一個類似 PASA 的裁決，這可能會打開大門，真正為北美整個產業開啟下一個成長篇章。

But I'd like to kind of speak up for the player, okay? So much that's written about this industry is about the regulators, the operators, the businesses, obviously. At the end of the day, somebody needs to advocate for the player. And that -- maybe that role falls to me because I don't think too many people in the U.S. are doing it.

但我想為球員說句話，可以嗎？顯然，關於這個行業的文章很多都是關於監管機構、經營者和企業的。最終，還是需要有人為球員辯護。也許這個角色應該由我來承擔，因為我認為美國沒有太多人做這份工作。

And if you look at the state of sports betting in the United States, [Audio Gap] great. You don't have full access to these products in different states. You've got a ton of states with preposterous tax rates. That gets passed on to the consumer. You've got states with single operator monopolies, like how outrageous is that?

如果你看看美國體育博彩的現狀，[Audio Gap] 很棒。在不同的州，您無法完全存取這些產品。許多州的稅率都高得離譜。這會轉嫁給消費者。有些州存在單一業者壟斷的情況，有多離譜？

That is so anti-consumer. It's kind of shocking that that exists.

這太反消費者了。這種事的存在有點令人震驚。

So when you look at the traditional gaming regulation model, state-based regulators, state-based legislation, I don't want to say anything bad about these people, and I wouldn't. These are very serious hard-working people doing their best to implement the laws that have been created. But at the end of the day, the consumer ain't getting the best deal. And that's why you still see these offshore sites with meaningful market share. And you're starting to see some state AGs actually complain to the DOJ to maybe do something about it, which would be helpful.

因此，當你看看傳統的遊戲監管模式、基於國家的監管機構、基於國家的立法時，我不想說這些人的壞話，而且我不會說。這些人非常認真勤奮，盡最大努力執行已經制定的法律。但最終，消費者並沒有得到最好的優惠。這就是為什麼你仍然會看到這些離岸網站擁有相當大的市場份額。你開始看到一些州檢察長實際上向司法部投訴，希望他們能採取一些措施，這將會有所幫助。

But then enter prediction markets, okay? This is a completely new way to regulate this industry. It's actually quite sophisticated. They borrow a lot of really smart technology from financial markets, which is objectively more sophisticated in certain senses than what a lot of the operators and regulators are using today.

但隨後進入預測市場，好嗎？這是一種全新的產業規範方式。它實際上相當複雜。他們從金融市場借鑒了許多真正聰明的技術，從某種意義上來說，這些技術比當今許多營運商和監管機構所使用的技術更加複雜。

So I think it has a -- if it's given a proper chance, I think it could be radically more consumer-friendly and be a dramatically better product for end users. So I'm really excited about it. And I hope these core decisions break in the right way. And I hope for the American sports better that this -- that the legal ambiguity on this category goes away and it becomes a big new thing because as somebody that grew up in the States, I was frustrated that I couldn't bet on sports like, it's -- a lot of progress has been made, but the U.S. is still pretty clearly behind most other OECD developed countries in terms of the availability and competitiveness of these products.

所以我認為，如果給予它適當的機會，它可能會變得更加消費者友好，並成為最終用戶更好的產品。所以我對此感到非常興奮。我希望這些核心決定能夠以正確的方式實現。我希望美國體育能更好，這個類別的法律模糊性會消失，並成為一件大事，因為作為一個在美國長大的人，我很沮喪，因為我不能對體育博彩，儘管美國已經取得了很大進步，但在這些產品的可用性和競爭力方面，美國仍然明顯落後於大多數其他經合組織發達國家。

So sorry for the rant and very long answer to your simple question, but I think it's a great thing, and it should be given a chance, and we'll be watching them closely and hoping for the best.

很抱歉對你簡單的問題進行瞭如此冗長的回答，但我認為這是一件好事，應該給它一個機會，我們會密切關注並希望得到最好的結果。

Clark Lampen, BTIG.

克拉克·蘭彭（Clark Lampen），BTIG。

Charles, I guess if we go or focus on the sort of marketing piece of your business, if we strip out, I guess, the impact of algo changes, were you seeing any changes in behavior for sort of your core customers, I guess, whether that's incumbents or sort of challengers in the U.S. from a marketing standpoint, any meaningful changes in their sort of mix allocations to the affiliate channel overall? And then earlier, you sort of talked about, I guess, the margin profile of sort of different channels as we're trying to, I guess, sort of think about maybe digest the interplay of search LLMs and sort of attractions, has the view of, I guess, the structural margin opportunity or long-run EBITDA generation changed in any way?

查爾斯，我想如果我們繼續關注您業務的營銷部分，如果我們剔除演算法變化的影響，您是否看到核心客戶的行為發生了任何變化，我想，無論是現有客戶還是美國的挑戰者，從營銷的角度來看，他們對聯盟渠道的整體組合分配有什麼有意義的變化嗎？然後之前，您談到了不同管道的利潤狀況，我們正試圖思考也許消化搜尋 LLM 和吸引力之間的相互作用，結構性利潤機會或長期 EBITDA 生成的觀點是否有任何變化？

Yes. No problem. Clark, to pick up on the second one, like long-term margin profile, I think we've been talking for years about 35% to 40%. And I think with the new guidance, we're at 36% this year. So we're still in that range.

是的。沒問題。克拉克，談談第二個問題，例如長期利潤率，我想我們多年來一直在談論 35% 到 40%。我認為，按照新的指導方針，今年我們的成長率將達到 36%。所以我們仍然處於這個範圍內。

Obviously, we're more towards the bottom of the range, but that remains our outlook. We think we can dramatically grow revenue and have a very meaningful contribution to adjusted EBITDA with these other channels just within the search marketing business -- sorry, the marketing business.

顯然，我們更接近該範圍的底部，但這仍然是我們的前景。我們認為，僅透過搜尋行銷業務（抱歉，是行銷業務）中的其他管道，我們就可以大幅增加收入，並對調整後的 EBITDA 做出非常有意義的貢獻。

But I need to bring you back out of that to the sports data services business and everything else we're doing now, ticketing as of September. That's growing like a weed. It's a phenomenal business, incredible product market fit, super high growth. People love it. They can't get enough of it.

但我需要讓你回到體育數據服務業務以及我們現在正在做的其他一切事情，截至 9 月的票務業務。它就像野草一樣瘋長。這是一項非凡的業務，具有令人難以置信的產品市場契合度和超高的成長速度。人們喜歡它。他們對此樂此不疲。

That is increasingly the future of this business. And you can't -- when we talk about the business overall, you've got to get that part of it, it's airtime as well.

這越來越成為該行業的未來。而且你不能——當我們談論整體業務時，你必須了解其中的那部分，這也是播出時間。

In terms of mix allocation from operators, demand, all that, what has changed in the past kind of year or two is we've seen more and more deals, or shall I say, more and more traffic that we're delivering to our operators go over to them on a revenue share basis. So that's like-for-like North American revenue, and it does affect the comparability of the figures if the previous figures were more CPA driven. We are seeing a return on those investments on the rev share is profitable, but that's the only meaningful change, I would say. And that's not a Q1 to Q2 thing. That's just a kind of past 12 months thing.

就營運商的混合分配、需求等而言，過去一兩年發生的變化是，我們看到越來越多的交易，或者我應該說，我們向營運商提供的流量越來越多地以收入分成的方式轉給他們。這是北美同類收入，如果先前的數據更受 CPA 驅動，那麼它確實會影響數據的可比性。我們看到這些投資在收入份額上的回報是有利可圖的，但我想說，這是唯一有意義的變化。這不是第一季到第二季的事情。這只是過去 12 個月的事。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

This is Aaron on for Chad. Subscriptions are now about 1/4 of the business, as you noted. So you've grown that into a nice chunk of the business. Is there an opportunity to raise pricing? Or how do you think about the next steps to further grow this part of the business?

這是 Aaron 代替 Chad 上場。正如您所說，訂閱現在約佔業務的 1/4。所以你已經把它發展成業務中很大的一部分。是否有機會提高價格？或者您認為下一步該如何進一步發展這部分業務？

Among all the stuff we're doing, I think growth in the Sports Data Services business, in particular, OpticOdds, is the most straightforward. It's a product people love and need. We've got some new salespeople on the ground in new markets. There's a couple of product tweaks that need to be made to make it appeal to a broader to more different types of operators, if you will. But fundamentally, it's the best data that's out there, and it's not too terribly difficult to sell.

在我們所做的所有事情中，我認為體育數據服務業務（尤其是 OpticOdds）的成長是最直接的。這是人們喜愛和需要的產品。我們在新市場中已經有一些新的銷售人員。如果您願意的話，需要對產品進行一些調整，以使其吸引更廣泛、更多不同類型的營運商。但從根本上來說，這是現有的最好的數據，而且銷售起來也不太困難。

So that's the clearest opportunity, I think, at this stage.

所以我認為這是現階段最明顯的機會。

And then with regard to the RotoWire refresh, just interested to hear how that's going. What's changed, and maybe an early read on impact, if you can share that?

關於 RotoWire 的更新，我只是想知道進展如何。有什麼變化嗎？是否可以分享一下其影響的早期解讀？

Yes. So we did the refresh in the middle of summer before NFL started, obviously. It's both a product and brand refresh. The RotoWire numbers are up double digits year-on-year through the first half, but we won't really see the full power of the new products and brand until we get through the start of NFL. So tune in November for the full report on RotoWire.

是的。因此，我們在 NFL 開始前的夏季中旬進行了更新。這既是產品更新，也是品牌更新。今年上半年，RotoWire 的銷量比去年同期增長了兩位數，但直到 NFL 開始之前，我們才能真正看到新產品和品牌的全部威力。因此，請於 11 月關注 RotoWire 的完整報告。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Charles, just digesting the acquisition. Can you talk a bit more about what the drivers or success factors are for that business you're acquiring, aside from integration risk, where I think you've proven yourselves already? What drives that business long-term? And the overlap versus drivers of the core business, where they're different and similar, would help.

查爾斯正在消化這次收購。除了整合風險之外，您能否再多談談您所收購的業務的驅動因素或成功因素是什麼？我認為你們已經證明了自己。是什麼推動該業務的長期發展？核心業務的驅動因素之間的重疊（不同之處和相似之處）將會有所幫助。

Yes. It's what I like to call digital fundamentals. So conversion rates across the board, following that customer journey, optimizing each step of it. And then, of course, marketing efficiency. They do a lot of -- they do a fair amount of paid media already, and they have decent tracking on it.

是的。這就是我所說的數字基礎。因此，全面的轉換率，遵循客戶旅程，優化其每個步驟。然後，當然是行銷效率。他們做了很多——他們已經做了相當多的付費媒體，並且對其進行了相當好的追蹤。

And when we look at the numbers, they're actually pretty good, but it could be a lot better. I think fundamentally, they just have a small team, so they haven't been able to put the pedal to the floor on all the different opportunities that they have. We'll also be able to, of course, bring cash to invest in media as necessary.

當我們看到這些數字時，我們會發現它們實際上已經相當不錯了，但可以更好。我認為從根本上來說，他們的團隊規模很小，因此他們無法充分利用他們所擁有的各種機會。當然，我們也可以根據需要提供現金來投資媒體。

And there's -- as opposed to the affiliate business, where we are not providing the ultimate service, we're handing the user off to another company to do that. We lose control at some point. And it's always been a bit of a frustrating element of that business to us because when we hand the user off, okay, we hope that they do a good job of converting them, but they might not.

與聯盟業務不同，我們不提供最終服務，而是將使用者交給另一家公司來做。我們在某些時候會失控。對我們來說，這一直是該業務中令人沮喪的因素，因為當我們將用戶交給他們時，好吧，我們希望他們能夠很好地完成轉換，但他們可能不會。

With Spotlight, we own the whole thing, A to Z. So it's only our fault if a user doesn't convert. We can't blame it on anyone else. And having full control of that customer journey allows us to lean in a lot harder and deploy our skills across that full customer journey. There's a lot of things we could do to help our operators improve their conversion rates, but it's a delicate conversation to go to them and get them to change their landing page, their products.

有了 Spotlight，我們就擁有了從 A 到 Z 的全部功能。因此，如果用戶沒有轉化，那隻能是我們的錯。我們不能責怪任何人。透過完全控制客戶旅程，我們可以更努力地在整個客戶旅程中運用我們的技能。我們可以做很多事情來幫助我們的營運商提高他們的轉換率，但與他們溝通並讓他們改變他們的登陸頁面和產品是一場微妙的對話。

But when we own the whole thing, it's -- we can just go into it.

但當我們擁有了整個事物時，我們就可以進入它了。

Mike Hickey, The Benchmark Company.

麥克希基（Mike Hickey），The Benchmark Company。

Charles, Elias, Pete, congratulations guys on your Spotlight deal. Just two questions from us. I guess first topic on AI search disruption. Just curious, Charles, how you sort of assess the pace of natural search traffic at decay from these shifts to AI-powered search engines. And if you think you have sort of the runway here to recalibrate your business model to offset that, or if there could be, I guess, a more meaningful disruption to your growth profile in the near term?

查爾斯、埃利亞斯、皮特，祝賀你們達成 Spotlight 交易。我們只想問兩個問題。我想第一個話題是關於人工智慧搜尋中斷。查爾斯，我只是好奇，您如何評估從轉向人工智慧搜尋引擎到自然搜尋流量衰減的速度。您是否認為您有條件重新調整業務模式來抵消這一影響，或者我猜短期內您的成長狀況是否會受到更嚴重的干擾？

And I have a follow-up.

我還有一個後續問題。

Yes. I mean Mike, thanks for the question. If you look at these generative AI experiences, they've been around for two, three years. It's not -- this isn't new. It's been having an effect for some time.

是的。我的意思是麥克，謝謝你的提問。如果你看看這些生成式人工智慧體驗，它們已經存在了兩、三年了。這並不是什麼新鮮事。它的效果已經持續了一段時間。

But we think a lot of that effect is -- we've already seen. People still need Google Search. It's not like it has no utility anymore. Clearly, it's still a useful product, and the AI experiences are using Google Search. What's behind a lot of these AI answers is the Google Search.

但我們認為，很多影響我們已經看到了。人們仍然需要谷歌搜尋。這並不意味著它不再具有實用性。顯然，它仍然是一款有用的產品，而人工智慧體驗正在使用谷歌搜尋。很多這些人工智慧答案的背後是谷歌搜尋。

So we are very realistic about the future of that channel. We've certainly brought in our expectations meaningfully. But I am also rather encouraged by our early results and the work the team has done to ramp up traffic from other channels. So I think we're going to be absolutely fine. There's just a couple of quarters here where we redeploy resources into other channels.

所以我們對該通路的未來非常現實。我們確實有意義地提出了我們的期望。但我對我們的早期成果以及團隊為增加其他通路流量所做的工作也感到相當鼓舞。所以我認為我們絕對會沒事的。我們僅在幾個季度內將資源重新部署到其他管道。

The second question on cost optimization. You've done obviously a number of very successful deals, now Spotlight joining sort of the portfolio. Do you feel like there's opportunities here to realize cost optimization or operational synergies across the group that could maybe help offset some of the incremental cost pressure on profitability that Surgery here in '25 and maybe '26?

第二個問題關於成本優化。您顯然已經完成了許多非常成功的交易，現在 Spotlight 也加入了您的投資組合。您是否覺得這裡有機會實現整個集團的成本優化或營運綜效，這可能有助於抵銷 25 年甚至 26 年手術對獲利能力造成的部分增量成本壓力？

Yes. There's an enormous amount of cost we could take out of this business and make it incredibly profitable, but we don't want to do that because now not the time to do that. We need to invest in these new channels and build out new capabilities. So we're leaning into our team. We're still hiring.

是的。我們可以從這項業務中節省大量成本，並使其獲得巨額利潤，但我們不想這樣做，因為現在不是時候。我們需要投資這些新管道並建立新的能力。因此，我們依靠我們的團隊。我們仍在招募。

Nothing has changed on our end. And we see opportunity, and we think we're very good allocators of capital. So we are in investment mode at this moment.

我們這邊沒有任何改變。我們看到了機遇，我們認為我們是優秀的資本配置者。因此我們目前處於投資模式。

David Bain, Texas Capital Bank.

德克薩斯資本銀行的戴維·貝恩。

Just two questions. One, just looking at past algorithm changes from Google, how long did it take you to rebalance previously? And if this can lead to share shifts, how this algorithm perhaps changes from different ones in the past?

僅兩個問題。首先，只要看一下 Google 過去的演算法變化，您之前花了多長時間進行重新平衡？如果這會導致份額轉移，那麼這種演算法與過去的演算法有何不同？

Yes. Usually, one, two, three months sort of thing, we should have it back. I'd like to say that it's not -- the positions that we don't have in this particular moment in time have been picked up by operators, not affiliates. There's nothing to read into that. That's business as usual with Google search engine volatility.

是的。通常，一、二、三個月後我們就應該可以拿回來了。我想說的是，事實並非如此——我們目前所沒有的職位已經被運營商而不是附屬機構佔據了。這沒什麼好解讀的。谷歌搜尋引擎的波動性是正常的。

That does not mean that they're somehow Google now favors them more than affiliates and on some kind of long-term basis. It's just how it's working at the moment.

但這並不意味著谷歌現在在某種程度上比附屬公司更青睞他們，並且從某種長期角度來看也是如此。這只是它目前的工作方式。

So yes, we haven't lost -- I think on a relative basis to the peers, we continue to dramatically outcompete them, and our share of voice is, I think, way higher than the next -- than the number two player in most of these markets. But a couple of operators have taken a few positions we had in a few key places. And the end of the year, I would think we had it.

所以是的，我們沒有失敗——我認為相對於同行，我們繼續大大超越他們，而且我認為我們的份額遠高於下一個——高於大多數市場中的第二大參與者。但有幾家運營商已經在幾個關鍵位置佔據了我們的一些位置。到今年年底，我想我們就做到了。

And then my follow-up was just on OpticOdds. Are there some kind of KPIs that you believe would be helpful for us to understand that growth a little bit better? I mean, is it number of customers from the individual or operator standpoint, depending on which OpticOdds? Or is it -- has there been menu choice changes, pricing changes? Anything would be helpful.

然後我的後續行動就是關於 OpticOdds。您認為某些 KPI 是否有助於我們更了解這種成長？我的意思是，從個人還是運營商的角度來看，這取決於哪個 OpticOdds？或者是——菜單選擇、定價有變化嗎？任何事情都會有幫助。

Yes. Happy to give you some color there. So on -- it's two different businesses. It's OddsJam and OpticOdds. OddsJam is the consumer-facing business.

是的。很高興能帶給你一些色彩。所以——這是兩種不同的業務。它是 OddsJam 和 OpticOdds。OddsJam 是一家面向消費者的企業。

OpticOdds is the B2B enterprise business. OddsJam clients is roughly flat, but the average revenue per user is up meaningfully as they are upselling. They're selling more to the same user base. And then on the OpticOdds side, they're signing up new clients left and right, and they are also quite meaningfully increasing the average revenue per user or client, shall we say, on that business. So excited.

OpticOdds 是一家 B2B 企業。OddsJam 的客戶數量基本上持平，但由於追加銷售，每位用戶的平均收入大幅上升。他們向同一用戶群銷售了更多產品。而在 OpticOdds 方面，他們正在不斷簽約新客戶，而且他們也相當顯著地增加了該業務的每位用戶或客戶的平均收入。太激動了。

And on that second one, should we sort of think about larger operators with more needs, or the operator base getting larger from just a number standpoint?

對於第二個問題，我們是否應該考慮擁有更多需求的大型營運商，或者僅從數量的角度考慮營運商基礎是否變得更大？

It's a mix. One thing that surprised us about this business is it's not all operators, right? I mean you've got start-ups. You've got professional betters, arbitragers, you've got apps, media companies. There's a lot of people need high-quality odds data.

這是一種混合。這項業務讓我們感到驚訝的一件事是，它並不是所有運營商都這樣做，對嗎？我的意思是你已經有新創公司了。你有專業的投注者、套利者、應用程式、媒體公司。很多人都需要高品質的賠率數據。

It's not just the operators. But even within the gaming ecosystem and service the operators, there's the platforms. We can do platform deals and then distribute it into all the operators that are on any given platform. So there's -- we've signed a number of different interesting deals, and we're -- I think the future is very bright for that. When you include RotoWire, we work with multiple members of the MAG 7.

這不僅僅是營運商的問題。但即使在遊戲生態系統和服務運營商中，也存在平台。我們可以進行平台交易，然後將其分發給任何給定平台上的所有營運商。所以——我們已經簽署了許多不同的有趣的協議，而且——我認為未來非常光明。當您加入 RotoWire 時，我們會與 MAG 7 的多名成員合作。

They come to us for our sports data to power, in part, their various offerings, including AI tools.

他們向我們尋求體育數據，以便為其各種產品（包括人工智慧工具）提供支援。

And this does conclude our question-and-answer session. I would like to turn the floor back over to Charles Gillespie for closing comments.

我們的問答環節到此結束。我想把發言權交還給查爾斯‧吉萊斯皮 (Charles Gillespie)，請他發表最後評論。

Thanks, everybody, for joining. We look forward to updating you on our Q3 results in November.

謝謝大家的參與。我們期待在 11 月向您報告我們的第三季業績。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。