Gambling.com Group Ltd (GAMB) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to Gambling.com Group's third-quarter 2025 results call. I am 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.

大家好，歡迎參加 Gambling.com 集團 2025 年第三季業績電話會議。我是投資人關係與資本市場資深副總裁 Peter McGough，與我一同出席的還有 Gambling.com 集團聯合創辦人兼執行長 Charles Gillespie，以及財務長 Elias Mark。

This call is being webcast live through the Investor Relations section of our website at gambling.com/corporate/investors and a downloadable version of the presentation is available there as well. A webcast replay will be available on the website after the conclusion of this call. You may also contact Investor Relations support by e-mailing investors@gdcgroup.com.

本次電話會議將透過我們網站 gambling.com/corporate/investors 的投資者關係版塊進行網路直播，演示文稿的下載版本也可在該版塊取得。本次電話會議結束後，網站將提供網路直播回放。您也可以透過電子郵件 investors@gdcgroup.com 聯絡投資者關係支援部門。

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 affect actual future results, performance and business prospects and opportunities to differ materially from those expressed in or implied by these statements.

我想提醒各位，本次電話會議中包含的信息，包括將要提供的任何財務及相關指導，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，但存在風險和不確定性，可能會影響未來的實際結果、業績和業務前景，並可能與這些聲明中明示或暗示的內容存在重大差異。

Some factors that could cause such differences are discussed in the Risk Factors section of Gambling.com Group's filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements are made, and the company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws.

Gambling.com Group 向美國證券交易委員會提交的文件中「風險因素」部分討論了一些可能導致此類差異的因素。前瞻性陳述僅代表陳述發布之日的情況，除適用證券法要求的情況外，本公司不承擔更新前瞻性陳述以反映實際結果、假設變化或其他影響前瞻性資訊的因素變化的義務。

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.

電話會議期間，也將討論非 IFRS 財務指標。今天早上發布的新聞稿中包含了這些非 IFRS 財務指標的描述，而這些非 IFRS 財務指標與其最直接可比較的 IFRS 指標的調節表則包含在演示文稿和新聞稿的附錄中，這兩份文件都可以在我們網站的「投資者」標籤中找到。

I'll now turn the call over to Charles.

現在我將把電話交給查爾斯。

Thank you, Pete. Good morning, and thank you for joining our third-quarter 2025 conference call.

謝謝你，皮特。早安，感謝各位參加我們2025年第三季電話會議。

We generated record third-quarter revenue and adjusted EBITDA with revenue rising 21% and adjusted EBITDA growing 3% year over year. Our sports data services business grew over 300% year on year in the third quarter. The marketing business was flat year on year as a result -- as revenue was held back by less favorable search rankings as previously discussed, that persisted for the entire third quarter.

我們第三季營收和調整後 EBITDA 均創歷史新高，營收年增 21%，調整後 EBITDA 較去年同期成長 3%。第三季度，我們的體育數據服務業務年增超過300%。因此，行銷業務與去年同期持平——正如之前討論的那樣，由於搜尋排名不佳，收入受到抑制，這種情況持續了整個第三季。

As has been the case since July, Google search algorithms continue to generously favor low-quality spam content in the gaming space, in particular, outside the US. However, since late October, the search marketing dynamics have started to improve for us.

自 7 月以來，Google搜尋演算法一直慷慨地偏袒遊戲領域的低品質垃圾內容，尤其是在美國以外的地區。然而，自 10 月下旬以來，我們的搜尋行銷狀況開始好轉。

Our sports data services business continues to outperform our expectations with another quarter of strong growth driven by enterprise sales. Sustained strong growth in sports data services is increasingly the future of GAMB given our attractive offering and the multibillion-dollar TAM in front of us.

我們的體育數據服務業務持續超越預期，在企業銷售的推動下，又一個季度實現了強勁成長。鑑於我們極具吸引力的產品和服務以及擺在我們面前的數十億美元潛在市場規模，體育數據服務的持續強勁增長正日益成為 GAMB 的未來。

I will, therefore, start today's call by laying out the opportunity that we see within sports data services, our fastest-growing segment. Through a combination of acquisitions and great execution, we have created a fast-growing sports data services business out of nothing, which delights both enterprise and consumer clients and is already responsible for 25% of our 2025 revenue.

因此，我今天將首先闡述​​我們在體育數據服務（我們成長最快的領域）中看到的機會。透過收購和出色的執行，我們從零開始創建了一個快速成長的體育數據服務業務，該業務深受企業和消費者客戶的喜愛，並且已經占我們 2025 年收入的 25%。

The tight product market fit we have given us confidence that there is a straightforward path for sustainable and highly predictable growth for this business. Sports betting operators are increasingly reviewing the cost side of their businesses, particularly in markets which are not growing like they used to.

我們產品與市場的緊密契合，讓我們有信心認為，該業務有一條通往可持續和高度可預測成長的直接道路。體育博彩營運商正日益關注其業務的成本方面，尤其是在那些成長不如以往的市場中。

Our next-generation data platform delivers comprehensive premium data services at a competitive price point, enabling both start-up and scaled operators to take costs out of their businesses while potentially improving their offerings. We expect this business to finish 2025 strong and to continue to grow organically at a healthy pace in 2026 and beyond.

我們的下一代數據平台以極具競爭力的價格提供全面的優質數據服務，使新創公司和規模化運營商都能降低業務成本，同時有可能改進其產品和服務。我們預計該業務將在 2025 年保持強勁成長勢頭，並在 2026 年及以後繼續保持健康的有機成長速度。

The fastest-growing part of our sports data services business is OpticOdds, our enterprise solution for sportsbook operators. OpticOdds' third-quarter revenue doubled year over year, reflecting growth in both customers and revenue per customer. OpticOdds began by providing multi-operator Odds data from around the world to the trading teams and sports betting operators to use as an input to their risk management processes, like a bond trader would use a Bloomberg Terminal to understand the bond market.

我們體育數據服務業務中成長最快的部分是 OpticOdds，這是我們為體育博彩營運商提供的企業級解決方案。OpticOdds 第三季營收年增一倍，反映出客戶數量和每位客戶收入的成長。OpticOdds 最初向交易團隊和體育博彩運營商提供來自世界各地的多運營商賠率數據，作為其風險管理流程的輸入，就像債券交易員使用彭博終端來了解債券市場一樣。

We have expanded the products and now also provide bet settlement services, which is now live with multiple customers. Sportsbook operators can now rely on OpticOdds as an end-to-end solution to power both pricing and bet settlement.

我們擴展了產品範圍，現在也提供投注結算服務，目前已為多家客戶提供服務。體育博彩營運商現在可以依靠 OpticOdds 作為端到端解決方案來支援定價和投注結算。

Included in our bet settlement services is support for the dynamic pricing of same-game parlays, and we are investigating adding on early cash out functionality. OpticOdds has also partnered with specialist Odds providers like Rimble and Pro League Network to plug into our OpenOdds marketplace, where our operator clients can easily subscribe to additional third-party data services and get delivery through the OpticOdds feed, creating additional value for our customers and enhancing our partners' distribution.

我們的投注結算服務包括支援同一場比賽串關的動態定價，我們正在研究增加提前兌現功能。OpticOdds 也與 Rimble 和 Pro League Network 等專業賠率提供者合作，連結我們的 OpenOdds 市場。我們的營運商客戶可以輕鬆訂閱其他第三方數據服務，並透過 OpticOdds 數據來源獲取數據，從而為我們的客戶創造更多價值，並增強我們合作夥伴的分銷能力。

OpticOdds was founded by Americans with an initial focus on American sports. We continue to rapidly expand the Odds data offered on the platform to cater to sports betting operators around the world. And year to date, we have added 10 sports, 350 leagues, and over 1,000 different betting markets to the OpticOdds offering.

OpticOdds 由美國人創立，最初專注於美國體育。我們持續快速擴展平台上提供的賠率數據，以滿足全球體育博彩營運商的需求。今年以來，OpticOdds 產品組合新增了 10 項運動、350 個聯賽和 1000 多個不同的投注市場。

OpticOdds recently announced a deal with Pragmatic Play, a leading international platform provider. OpticOdds will expand Pragmatic Play's offering by enhancing US player prop market coverage. In short, we are offering more Odds data and trading tools to an expanding client base, thanks to enhanced distribution.

OpticOdds 最近宣布與領先的國際平台供應商 Pragmatic Play 達成合作協議。OpticOdds 將透過增強對美國球員道具市場的覆蓋範圍來擴展 Pragmatic Play 的產品。簡而言之，由於分銷管道的加強，我們正在為不斷擴大的客戶群提供更多賠率數據和交易工具。

Another exciting aspect of the OpticOdds business is the clear value we can create for firms trading on prediction markets. This segment of the business is growing rapidly and currently includes a number of Wall Street's most well-known firms as well as the market-making arms of Kalshi and Polymarket themselves. We expect the prediction market ecosystem to become significantly larger given the national addressable market and some advantages over state-regulated sports betting.

OpticOdds 業務的另一個令人興奮的方面是，我們可以為在預測市場進行交易的公司創造明顯的價值。該業務部門發展迅速，目前包括華爾街多家知名公司，以及 Kalshi 和 Polymarket 本身的做市部門。鑑於全國潛在市場規模以及相對於州監管體育博彩的一些優勢，我們預計預測市場生態系統將顯著擴大。

Prediction markets are additive as a new category in the US, not a substitute for sports betting as we know it, which will no doubt still thrive given its simpler and more accessible product. We believe that our OpticOdds solution is uniquely well positioned to assist market makers and therefore, monetize the growth of prediction markets as they expand options for sophisticated consumers who want to create risk exposure with better payouts and fewer gimmicks.

預測市場在美國是一種新增的類別，而不是我們所熟知的體育博彩的替代品，毫無疑問，鑑於其更簡單、更容易獲得的產品，體育博彩仍將蓬勃發展。我們相信，我們的 OpticOdds 解決方案具有獨特的優勢，可以幫助做市商，從而在預測市場不斷擴大選擇範圍的同時，實現預測市場的盈利。這些選擇範圍擴大了，為希望獲得更高回報和更少噱頭的成熟消費者提供了更多風險敞口的機會。

Given the long runway we have for consistent growth in our sports data services business, we believe that this exciting future will be the core of GAMB. Having said that, we expect our sector-leading marketing business to grow in 2026 and beyond, which will throw off more than enough cash for us to continue to invest in our sports data services offering and retain firepower to deploy capital to create shareholder value.

鑑於我們在體育數據服務業務方面擁有長期持續成長的空間，我們相信這一令人興奮的未來將成為 GAMB 的核心。話雖如此，我們預計我們行業領先的營銷業務將在 2026 年及以後繼續增長，這將產生足夠的現金，使我們能夠繼續投資於我們的體育數據服務產品，並保持足夠的實力部署資本以創造股東價值。

I'd like to congratulate everyone working on our marketing business for winning the EGR Affiliate of the Year Award for an unprecedented third time in October. We are simply unequaled in our success in the online gambling affiliate industry. Having operated a search marketing business at the highest levels of success for nearly two decades, we remain confident that the recent underperformance of the marketing business is overwhelmingly driven by short-term temporary search dynamics, which will be addressed.

我要祝賀我們行銷部門的每一位成員，他們在十月史無前例地第三次榮獲 EGR 年度最佳聯盟行銷商獎。我們在線上博彩聯盟行銷行業的成功是無與倫比的。在過去近二十年中，我們一直成功地經營搜尋行銷業務，因此我們仍然相信，最近行銷業務表現不佳主要是由短期臨時搜尋動態造成的，而這些問題將會得到解決。

Following Elias' review of the third-quarter financial details, I will map out how we expect to return to growth in the marketing business.

在 Elias 審查完第三季財務細節後，我將概述我們預計如何在行銷業務中恢復成長。

Thank you, Charles.

謝謝你，查爾斯。

Third-quarter revenue grew 21% year over year to a Q3 record of $39 million. Sports data services revenue quadrupled to $9.2 million in the seasonally slower third quarter. Subscription revenue was 24% of total revenue. Inclusive of revenue share arrangements in our marketing business, recurring revenue was 49% of total third-quarter revenue.

第三季營收年增 21%，達到創第三季紀錄的 3,900 萬美元。體育數據服務收入在通常較為淡季的第三季翻了四倍，達到 920 萬美元。訂閱收入佔總收入的 24%。包括行銷業務的收入分成安排在內，經常性收入佔第三季總收入的 49%。

Our marketing business continues to be impacted by low-quality search results in the gaming space, primarily outside of the US as we have discussed. As a result, marketing revenue was flat and NDCs of 101,000 were down 13% year over year.

正如我們之前討論過的，我們的行銷業務持續受到遊戲領域低品質搜尋結果的影響，尤其是在美國以外的地區。因此，行銷收入持平，NDC 為 101,000，年減 13%。

Gross profit increased 17% to $35.6 million. Cost of sales of $3.4 million compares to cost of sales of $1.7 million in the year-ago period, reflecting costs associated with the acceleration of our traffic sources diversification strategy for the marketing business and cost of sales from the acquired OddsJam and OpticOdds businesses.

毛利成長17%，達到3560萬美元。銷售成本為 340 萬美元，而去年同期銷售成本為 170 萬美元，這反映了與加速行銷業務流量來源多元化策略相關的成本，以及收購 OddsJam 和 OpticOdds 業務的銷售成本。

Gross profit margin was 91.2% compared to 94.7% in the year-ago period. Operating expenses adjusted for fair value movements and acquisition and restructuring-related expenses grew 30% to $25.7 million. This growth is primarily associated with added headcount from this year's acquisitions, higher marketing costs associated with traffic source diversification, and increased share-based payment expense.

毛利率為 91.2%，去年同期為 94.7%。經公允價值變動及收購及重組相關費用調整後的營業費用成長 30%，達到 2,570 萬美元。這一成長主要與今年收購帶來的員工人數增加、流量來源多元化帶來的行銷成本上升以及股權支付支出增加有關。

Headcount outside the acquired businesses is flat year to date. While keeping a very keen eye on cost control by optimizing our operating teams and adopting AI in our work processes, we continue to invest in product development and diversification strategies that we believe will power growth in coming years.

除收購業務外，員工總數今年迄今與去年同期持平。在透過優化營運團隊和在工作流程中採用人工智慧來密切關注成本控制的同時，我們繼續投資於產品開發和多元化策略，我們相信這將推動未來幾年的成長。

Adjusted EBITDA grew 3% to $13 million. Adjusted EBITDA margin of 33% compared to 39% in the year-ago period, reflecting the higher cost of sales and marketing expenses associated with our traffic diversification strategy. Adjusted net income and adjusted net income per share for the third quarter fell 16% from the year-ago period to $9.3 million and $0.26, respectively, primarily because of increased interest expense.

調整後 EBITDA 成長 3% 至 1300 萬美元。經調整的 EBITDA 利潤率為 33%，而去年同期為 39%，這反映了我們流量多元化策略相關的銷售和行銷費用的增加。第三季經調整淨利和經調整每股淨利分別比去年同期下降 16% 至 930 萬美元和 0.26 美元，主要原因是利息支出增加。

Free cash flow was $9.6 million, reflecting strong cash conversion from adjusted EBITDA of 74%. Free cash flow was down from $14.2 million in the year-ago period as a result of timing differences in 2024, where we saw an atypically strong Q3 following an atypically weak Q2.

自由現金流為 960 萬美元，反映出經調整 EBITDA 的強勁現金轉換率達到 74%。由於 2024 年的時間差異，自由現金流較去年同期的 1,420 萬美元有所下降。 2024 年，我們在經歷了異常疲軟的第二季之後，迎來了異常強勁的第三季。

At the end of the quarter, we had total cash of $7.4 million, and we had $70.5 million of undrawn capacity on our credit facility.

截至季末，我們共有現金 740 萬美元，而我們的信貸額度還有 7,050 萬美元的未提領額度。

During the quarter, we acquired Spotlight.Vegas, which included a payment of $8 million before working capital adjustments. We also made interest and term loan repayments of $3.4 million and $5.6 million, respectively, in the quarter, and we've repurchased approximately 562,000 shares for a total consideration of $4.7 million. Year to date, we have acquired 672,000 shares for total consideration of $5.6 million, and we have $14.4 million remaining with our share buyback authorization.

本季度，我們收購了 Spotlight.Vegas，其中包括在營運資本調整前支付的 800 萬美元。本季度，我們還分別支付了 340 萬美元的利息和 560 萬美元的定期貸款償還款，並且我們以 470 萬美元的總對價回購了約 56.2 萬股股票。今年迄今為止，我們已收購了 672,000 股股票，總對價為 560 萬美元，我們的股票回購授權還剩 1440 萬美元。

We continue to generate strong free cash flow, which, together with our healthy balance sheet and undrawn credit facilities, continues to provide us with the flexibility to optimize our capital structure and shareholder value.

我們持續產生強勁的自由現金流，加上我們健康的資產負債表和未提取的信貸額度，使我們能夠靈活地優化資本結構和股東價值。

This morning, we revised our full year guidance to revenue of approximately $165 million and adjusted EBITDA of approximately $58 million. The change in guidance reflects the continued headwind of poor search dynamics, which affected all of Q3 and while recently somewhat recovering, persists in Q4.

今天上午，我們將全年業績預期修正為營收約 1.65 億美元，調整後 EBITDA 約 5,800 萬美元。這次業績指引的改變反映了搜尋動態不佳持續帶來的不利影響，這種情況影響了整個第三季度，雖然最近有所好轉，但在第四季度仍然存在。

During our Q2 call, we expected Google's anti-spam team to make more progress against bad actors than we have seen to date. When Google addresses these quite objectively and frankly, serious quality problems with the search results, we will immediately see meaningful revenue improvement, which flows straight through to adjusted EBITDA.

在第二季財報電話會議上，我們預期Google的反垃圾郵件團隊會在打擊不良行為者方面取得比目前所看到的更大的進展。當Google以客觀、坦率的態度解決搜尋結果中這些嚴重的品質問題時，我們將立即看到收入的顯著增長，這將直接轉化為調整後的 EBITDA。

Our revised guidance also includes approximately $1 million in higher cost of sales than previously anticipated related to the successful acceleration of our traffic diversification strategy. The midpoint of the revised guidance represents 30% year-over-year growth. The midpoint of the revised adjusted EBITDA guidance reflects 19% year-over-year growth. Our guidance assumes an average euro to USD exchange rate of $1.15 for the year.

我們修訂後的業績指引還包括與先前預期相比增加約 100 萬美元的銷售成本，這與我們成功加速推進流量多元化策略有關。修訂後的業績指引中點代表年增 30%。修訂後的調整後 EBITDA 指引的中點反映了年成長 19%。我們的預測是基於全年歐元兌美元平均匯率為 1.15 美元。

I will now turn the call back to Charles for a review of the work we're doing to diversify and expand our marketing business.

現在我將把電話轉回給查爾斯，讓他回顧一下我們為實現行銷業務多元化和擴張所做的工作。

Thank you, Elias. We continue to see tremendous value in our marketing business that far exceeds the value currently being ascribed to it by the public markets. The perception gap is due to the fact that the marketing business has already been transformed from a pure SEO business into a diversified marketing engine, which is less reliant on SEO than ever before. Our push into non-SEO channels has succeeded and is already evident in our year-to-date results.

謝謝你，伊萊亞斯。我們始終認為我們的行銷業務具有巨大的價值，遠遠超過目前公開市場對其賦予的價值。認知差距的產生是因為行銷業務已經從純粹的 SEO 業務轉變為多元化的行銷引擎，對 SEO 的依賴程度比以往任何時候都低。我們進入非 SEO 管道的策略已經取得成功，這一點已從我們今年迄今的業績中得到體現。

In Q4, we expect to generate more revenue from non-SEO channels than SEO for the first time as a public company. And as these non-SEO channels scale further, the economics become increasingly attractive. I think the best is yet to come as our marketing business is uniquely well positioned to drive growth and an exciting new line of business we plan to launch in Q1, which will further diversify our offerings.

預計在第四季度，作為一家上市公司，我們將首次實現非 SEO 管道收入超過 SEO 收入。隨著這些非 SEO 管道的規模進一步擴大，其經濟效益也變得越來越有吸引力。我認為最好的還在後頭，因為我們的行銷業務擁有獨特的優勢來推動成長，而且我們計劃在第一季推出一項令人興奮的新業務，這將進一步豐富我們的產品和服務。

My positive tone today reflects the fact that my senior leaders and I are genuinely excited about both our fast-growing sports data services business and the future of the marketing business. On the marketing side, we are, however, behind where we and our analysts thought we would be this year. And as a result, the share price has come under substantial pressure.

我今天積極樂觀的態度反映了我和我的高層領導對我們快速發展的體育數據服務業務以及行銷業務的未來都感到非常興奮。然而，在行銷方面，我們今年的表現落後於我們和分析師的預期。因此，股價承受了巨大的壓力。

This recent price action seems to suggest that the marketing business is dead or dying, a position which is simply unsupported by the facts as we produced $13 million in adjusted EBITDA and nearly $10 million in free cash flow in the quarter despite having one hand tied behind our back from short-term search dynamics.

最近的價格走勢似乎表明行銷業務已經消亡或正在消亡，但事實並非如此，因為儘管受到短期搜尋動態的掣肘，我們本季仍實現了 1300 萬美元的調整後 EBITDA 和近 1000 萬美元的自由現金流。

Furthermore, our business is now more resilient than ever, thanks to two years of successful execution against our plan to diversify away from SEO. While the full SEO recovery remains in front of us, we are now past the worst of the short-term challenges and off the low point of the last several months. Even though SEO is a smaller part of our future, there is still substantial upside to the current run rate of the SEO side of our marketing business.

此外，由於我們兩年來成功執行了擺脫 SEO 業務多元化的計劃，我們的業務現在比以往任何時候都更具韌性。雖然 SEO 的全面復甦仍遙遙無期，但我們現在已經度過了最艱難的短期挑戰，走出了過去幾個月的低谷。儘管 SEO 在我們未來的發展中所佔比例較小，但我們行銷業務中 SEO 部分的當前運行速度仍有很大的成長空間。

We consider the company's current market valuation simply wrong and have a sizable authorization for share repurchases in effect, which we are using. All in all, our diversification initiatives have already resulted in both a new fast-growing sports data services business and a more resilient marketing business that we expect will grow in 2026 and continue to grow our strong free cash flow for years to come.

我們認為該公司目前的市場估值完全錯誤，我們已經獲得了相當可觀的股票回購授權，我們正在使用該授權。總而言之，我們的多元化舉措已經催生了一項快速增長的體育數據服務業務和一項更具韌性的營銷業務，我們預計該業務將在 2026 年實現增長，並在未來幾年繼續推動我們強勁的自由現金流增長。

Operator, we will open up the floor for questions.

操作員，我們現在開始接受提問。

(Operator Instructions) Ryan Sigdahl, Craig-Hallum Capital Group.

（操作說明）Ryan Sigdahl，Craig-Hallum Capital Group。

I want to stay on Google search, just given the impact to results and kind of the transitory impact of the business right now. I guess, what gives you confidence to step out on a ledge with confidence and say you're positioned to grow that business in 2026?

考慮到搜尋結果的影響以及目前業務的暫時性影響，我希望繼續使用谷歌搜尋。我想，是什麼讓你有信心站在懸崖邊上，自信地說你已經做好準備，在 2026 年發展壯大你的業務？

Specifically, I know you gave some comments, but I guess, secondly, to that or more specifically, has Google changed their algorithm where you've actually seen rankings start to change? Or have you guys refined internally to make things better? But what exactly has happened in recent weeks that gives you that confidence?

具體來說，我知道您已經發表了一些評論，但我想問的是，其次，或者更具體地說，谷歌的演算法是否已經改變，以至於您實際看到排名開始發生變化？或者你們內部是否進行了改進以使其變得更好？但最近幾週究竟發生了什麼事，讓你有這樣的信心？

Hi, Ryan. So towards the end of October, some of these spammy results started to get thinned out, rankings improved. We saw better rankings. We saw better traffic, and we immediately saw more revenue. So Google search is still working exactly in the way it has frankly always worked. I know we talked a lot about AI headwinds on the Q2 call. I think we maybe over -- put a little too much emphasis on that.

嗨，瑞恩。因此到了十月底，一些垃圾搜尋結果開始減少，排名有所提高。我們看到了更好的排名。我們看到了更好的客流量，並且立即看到了更高的收入。所以，谷歌搜尋的運作方式仍然和以往完全一樣。我知道我們在第二季財報電話會議上討論了很多關於人工智慧面臨的阻力。我認為我們可能在這方面有點過頭了。

The reality of the situation right now is that this is absolutely a business-as-usual search situation. It's not anything to do with AI. It's just rankings at the end of the day. And as we've seen rankings come back, it has immediately translated to revenue as we would have expected it to. So that gives us great confidence that, frankly, it is business as usual with Google.

目前實際情況是，這完全是一種照常進行的搜尋情況。這跟人工智慧沒有任何關係。說到底，這只是排名而已。正如我們所看到的，排名回升後，收入也立即轉化為我們預期的收入。因此，這讓我們非常有信心，坦白說，谷歌的一切業務都照常進行。

And we've always managed to get past any sort of ranking challenges in the past, and I don't have any doubt that this time will be different. But it is a little bit -- what is different this time is it's a little bit more dependent on Google than us. We're not -- I'm not responsible for clearing the spam out of the search results. That's obviously the search engine's job.

過去我們總能克服各種排名挑戰，我毫不懷疑這次也會有所不同。但這次有點不一樣——這次的不同之處在於，它對谷歌的依賴程度比對我們更高。我們不負責——我沒有責任清理搜尋結果中的垃圾資訊。這顯然是搜尋引擎的工作。

And we think that there is possibly -- certain Google people have telegraphed that there could be another update coming end of the year in December and a focus of that update could be on dealing with some of these sort of spam results. And therefore, we, in general, expect this to come back around, and we have reason to believe it could meaningfully change in December, if not before December.

我們認為，Google的某些人士已經暗示，今年年底（12 月）可能會有另一次更新，而這次更新的重點可能是處理這類垃圾搜尋結果。因此，我們總體上預計這種情況會再次出現，我們有理由相信，如果不是在 12 月之前，這種情況可能會在 12 月發生重大變化。

This has taken longer than it normally takes. Obviously, that's affected our results and guidance today, but we don't have any reason to believe that anything has fundamentally changed.

這比平常花費的時間還要長。顯然，這影響了我們今天的業績和預期，但我們沒有任何理由相信情況發生了根本性的變化。

Helpful. Thanks, Charles. Data services, big focus, great growth, a lot of opportunity. I appreciate kind of the comments there. On the B2B side, it certainly seems like a lot of momentum in core markets and predictions. I want to actually ask about the B2C side, which historically was the bigger part of that business. But has that continued to grow? Is that an emphasis? And then what are you guys working on specifically on the OddsJam side?

很有幫助。謝謝你，查爾斯。數據服務，重點領域，成長迅速，機會眾多。我很感謝大家的友善評論。在B2B方面，核心市場和預測方面似乎確實勢頭強勁。我其實想問的是 B2C 方面的問題，從歷史上看，B2C 一直是這項業務中更大的部分。但這種成長勢頭是否仍在持續？這是在強調什麼嗎？那麼，你們在 OddsJam 方面具體在做哪些工作呢？

Yes. Revenue year on year in the consumer data services, so that includes B2C RotoWire and B2C OddsJam grew marginally. Pro forma growth on a like-for-like basis year to date is around 10%. The third quarter was affected by the launch of the refreshed RotoWire products, where we are optimizing for improved customer lifetime value at the expense of short-term revenue, which we have historically seen substantial spikes in revenue from that business at the very beginning of football season due to the way that they used to monetize the apps.

是的。消費者數據服務（包括 B2C RotoWire 和 B2C OddsJam）的營收年增，略有成長。以可比口徑計算，今年迄今的考試成長率約為 10%。第三季受到 RotoWire 更新產品推出的影響，我們正在優化以提高客戶終身價值，而犧牲短期收入。根據以往經驗，由於他們過去透過應用程式獲利的方式，我們在足球賽季開始時會看到該業務收入大幅成長。

Now we have subscriber numbers for RotoWire are up 20% -- 21% year on year, and that's on a much better -- much higher estimates of subscriber LTV. So we're well positioned with that business to grow from this point forward.

現在，RotoWire 的訂閱用戶數量比去年同期增長了 20% 至 21%，而且這是基於更高的用戶終身價值 (LTV) 估計值得出的。因此，我們憑藉這項業務，已經做好了從現在開始發展壯大的準備。

And also in October, OddsJam added some new features, which analyze the liquidity across prediction markets and betting exchanges to identify where the sharp money is, and so that their users can kind of position themselves alongside that smart money. And that product has been an immediate hit. It's driving growth in ARPU and new users and is a perfect example of how we keep innovating with that product to drive growth through added features.

此外，OddsJam 在 10 月還增加了一些新功能，這些功能可以分析預測市場和博彩交易所的流動性，以確定哪裡有精明的資金，從而使其用戶能夠與這些精明的資金一起定位。而這款產品一推出就大受歡迎。它推動了 ARPU 和新用戶的成長，完美地詮釋了我們如何不斷創新產品，透過增加功能來推動成長。

I can attest that I've tried your sharp money product, that is fantastic. Good luck, guys.

我可以作證，我試過你們的理財產品，它非常棒。祝你們好運。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

Maybe hanging on Ryan's second question but switching more to the enterprise side of the data services business. Charles, could you just give us a little bit more color on progress to date on OpticOdds commercialization? Sort of what inning are you in of having that new sales team attack sort of some of the opportunity in Europe, bring more customers into trial? What's been the conversion rate on those trials?

或許可以先回答 Ryan 的第二個問題，但更轉向數據服務業務的企業面。Charles，能否再詳細介紹一下OpticOdds商業化目前的進展？你們的新銷售團隊目前處於哪個階段，積極開拓歐洲市場，爭取更多客戶試用？這些試驗的轉換率是多少？

Just any sort of additional metrics or color that can help us think about sort of what point on the J-curve you're at today would be helpful.

任何能幫助我們思考你目前處於 J 型曲線哪個點的額外指標或顏色都會很有幫助。

Yes. I mean, as I said in the prepared remarks, we've got a tight product market fit with the offering we have today with OpticOdds. I think there's a very clear and long runway to grow the business just with that offering.

是的。我的意思是，正如我在準備好的演講稿中所說，我們目前與 OpticOdds 合作推出的產品與市場需求高度契合。我認為光是這項產品，公司就有非常清晰且長遠的業務成長空間。

Now having said that, we've got a great team there. They're very ambitious and very keen to build additional features and expand the capability of the product as we all are. And so I think when you look out over '26, '27, there's a lot of opportunity there beyond just pure data and bet settlement.

話雖如此，我們那裡確實有一個很棒的團隊。他們和我們一樣，雄心勃勃，渴望開發更多功能，擴展產品的性能。所以我覺得，展望 2026 年和 2027 年，除了純粹的數據和投注結算之外，還有很多機會。

There's an entire kind of category of services called managed trading services. Some people call that sportsbook operations, but you've got personalization of content, player profiling, active risk management, bet acceptance. There's a whole kind of suite of problems that need to be solved before you get to being a platform provider. We don't want to do that. That, I think, operators need to do that themselves.

有一類服務叫做託管交易服務。有些人稱之為體育博彩運營，但實際上還包括內容個人化、玩家畫像、主動風險管理和接受投注。在成為平台提供者之前，還有一系列問題需要解決。我們不想那樣做。我認為，營運商需要自己去做這件事。

They need that last step where the UI touches the user. I mean, that's the critical place where an operator differentiates their offering. But everything kind of behind the scenes, especially around risk management, bet acceptance is very interesting to us.

他們需要最後一步，也就是使用者介面與使用者互動的那一步。我的意思是，這是營運商實現產品差異化的關鍵。但幕後的一切，特別是風險管理和投注接受等方面，都讓我們非常感興趣。

And I think it was Bezos that said, your margin is my opportunity. There's quite a lot of margin out there between Sportradar and Genius and others that are doing very well with this category. And I think we've just got the team, the tools, and the platform to be extremely competitive in more than just data and bet settlement. So that's where our heads are at when you look at the next kind of one to two years.

我記得貝佐斯說過，你的利潤就是我的機會。Sportradar 和 Genius 與其他在這個領域表現非常出色的公司之間還有相當大的差距。我認為我們已經擁有了團隊、工具和平台，不僅在數據和投注結算方面，而且在其他方​​面也極具競爭力。所以，這就是我們展望未來一到兩年時的想法。

That's great. And switching gears, Elias, can you just help us think a little bit on -- I know you're not providing formal guidance quite yet, but just on the margin side of things, just how to think about directionality here as we head into 2026, cost of sales starting to tick a little bit higher on some of these adjacencies in the marketing business. I think you touched on it in the prepared remarks that's going to be a bit of an investment mode before you start to realize the benefit of leverage on that.

那太棒了。埃利亞斯，我們換個話題，你能幫我們思考一下嗎——我知道你還沒有給出正式的指導意見，但就利潤率方面而言，隨著我們邁入 2026 年，營銷業務中一些相關領域的銷售成本開始略微上升，我們應該如何看待這裡的方向性問題。我認為你在準備好的演講稿中已經提到過，在你開始意識到槓桿帶來的好處之前，這有點像是一種投資模式。

But just can you give for us a sense of sort of puts and takes in how to think about margins maybe relative to your historical guidance as we start to look to 2026?

但您能否根據您過往的經驗，為我們介紹一下在展望 2026 年時，如何看待利潤率的利弊？

Yes. I think before we look into '26, and you're right, we're not giving formal guidance here, but a few talking points, I think, would be helpful for everyone. But before we get into that, it's important to kind of highlight what Charles said earlier that we think we are through the worst of the SEO challenges and our non-SEO efforts are really bearing fruit faster than planned.

是的。我認為，在我們探討 2026 年之前，你說得對，我們這裡不會給出正式的指導，但一些討論要點，我認為對大家都會有幫助。但在我們深入探討之前，有必要強調一下查爾斯之前所說的，我們認為我們已經度過了 SEO 方面最艱難的挑戰，而且我們的非 SEO 工作也比計劃更快地取得了成效。

So we have a high degree of confidence that we have bottomed out, and we're on the right path here. So this means that we expect to see kind of mid-teens growth in revenue and around 10% adjusted EBITDA growth or even mid-teens growth quarter on quarter from Q3 to Q4.

因此，我們非常有信心已經觸底反彈，並且走在正確的道路上。因此，這意味著我們預計營收將實現 15% 左右的成長，調整後 EBITDA 將實現 10% 左右的成長，甚至從第三季到第四季環比實現 15% 左右的成長。

Our updated guidance implies revenue of $46 million for Q4, which will be by far the biggest quarter in the company history, just to illustrate that we think that although we're not where we thought we would be at the beginning of the year, we're in a healthy place and we have bottomed out.

我們更新後的業績預期意味著第四季度營收將達到 4,600 萬美元，這將是該公司歷史上迄今為止最高的季度業績。這足以說明，雖然我們還沒有達到年初的預期，但我們目前處於健康發展階段，並且已經觸底。

If we turn into 2026, we expect to see overall revenue growth in the low-teens with the sports data services business continue to lead the way. We expect marketing to grow at a rate in the low-teens and for sports data services to grow in the high-teens with B2C in the high-single digits and B2B above 20%.

如果展望 2026 年，我們預計整體營收將實現兩位數左右的成長，其中體育數據服務業務將繼續引領成長。我們預計行銷將以十幾個百分點的速度成長，體育數據服務將以十幾個百分點的速度成長，B2C 將以個位數百分比的速度成長，B2B 將以 20% 以上的速度成長。

And if we look at our marketing business, our non-SEO marketing business continues to scale. The contribution margin becomes more attractive in the non-SEO channels, and that also carries much fewer fixed costs compared to the traditional SEO business.

如果我們看看我們的行銷業務，就會發現我們的非SEO行銷業務仍在不斷擴大。在非 SEO 管道中，利潤貢獻更具吸引力，而且與傳統的 SEO 業務相比，其固定成本也少得多。

All in all, we expect to maintain overall adjusted EBITDA margins in the mid-30s as we see on a run rate basis. So in Q3, our EBITDA margin was 33%. Our Q4 guidance looks towards 33%, 34%. I think that's pretty indicative for our expectations for 2026.

總而言之，我們預計整體調整後 EBITDA 利潤率將維持在 30% 左右，正如我們以正常水準計算的那樣。因此，第三季我們的 EBITDA 利潤率為 33%。我們預計第四季成長率將達到 33% 或 34%。我認為這相當能反映我們對 2026 年的預期。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Some of the other data providers have said they're not ready yet to work with prediction markets. Curious to what extent that impacts your opportunity or strategy today?

其他一些數據提供者表示，他們尚未準備好與預測市場合作。想知道這會在多大程度上影響您當前的機會或策略？

Hi, Barry. It definitely positively impacts us. I mean, you're right. I think some of the big names out there are taking an extremely cautious approach to the category, which means if you're a market maker, you literally can't buy data from certain people at the moment.

嗨，巴里。它肯定會對我們產生正面的影響。我的意思是，你說得對。我認為一些業內大佬對這個領域採取了極其謹慎的態度，這意味著如果你是做市商，你目前根本無法從某些人那裡購買數據。

We've got, as I said on the prepared remarks, quite an interesting business developing there. A lot of the market makers, both on Wall Street, traditional kind of Wall Street market makers, which are active on prediction markets and then the prediction market kind of native prediction learning companies, if you will, are -- they're virtually all clients of the data services business, not necessarily marketing. But that data that we have is exactly what traders are looking for to make markets and reduce risk.

正如我在準備好的演講稿中所說，我們在那裡正在發展一項非常有趣的業務。許多做市商，無論是華爾街的傳統做市商（活躍於預測市場），還是預測市場原生的預測學習公司，他們幾乎都是數據服務業務的客戶，而不一定是行銷業務的客戶。但我們掌握的這些數據，正是交易員們為了做市和降低風險而苦苦尋找的。

Great. And then just as a follow-up question, I wanted to talk more about trends in the affiliate business outside of sort of that transitory Google algo change. The larger US operators have talked about heightened OSB promotions. Is that something you're seeing translate to your wider business? At the same time, I'm curious to get your thoughts on any implications from PENN shutting down ESPN bet.

偉大的。然後，作為後續問題，我想多談談聯盟行銷業務的發展趨勢，而不僅僅是Google演算法的暫時性變化。美國大型業者已經談到加大定向刨花板（OSB）的推廣力道。你覺得這種情況也會反映在你更廣大的業務中嗎？同時，我很想知道您對賓州大學關閉 ESPN 博彩業務的任何影響有何看法。

Yes. So if you look at our -- just to give you a little extra context there, if you look at North America for us, we grew 55% year on year in the third quarter, but that was driven mainly by sports data services. While the marketing business was flat globally, it was down a bit in North America, but that was actually driven by Canada. In the US itself, marketing grew year on year, and that's thanks to a lot of the non-SEO diversification that we've already done in the marketing business.

是的。所以，如果你看一下我們的——為了給你一些額外的背景信息，如果你看一下我們在北美的業務，我們在第三季度同比增長了 55%，但這主要是由體育數據服務推動的。雖然全球行銷業務整體持平，但北美地區的行銷業務略有下滑，而這實際上是由加拿大市場造成的。在美國，行銷業務逐年成長，這要歸功於我們在行銷業務中已經進行的許多非 SEO 多元化發展。

I think operator demand is healthy on the sports betting side. We haven't seen any meaningful change in the way we work with our operators. We do continue to send more players on a revenue share basis, which delays revenue recognition and suppresses like-for-like growth rates. But even with that, the US-specific marketing business definitely grew year on year.

我認為營運商對體育博彩的需求狀況良好。我們與營運商的合作方式並沒有發生任何實質的變化。我們繼續以收入分成的方式輸送更多球員，這會延遲收入確認並抑制同店成長率。但即便如此，美國行銷業務仍實現了逐年成長。

In regard to PENN and ESPN, I mean, I think we were all watching with bated breath about what was going to happen there. We certainly had a few kind of ideas about what ESPN could have done if they were not working with PENN. And one option, of course, is to go deeper with an individual operator like they've done with DraftKings, but it's not going to have a major effect on our business.

至於賓州大學和ESPN，我的意思是，我想我們都屏息凝神地關注著那裡會發生什麼事。我們當然對如果 ESPN 沒有與 PENN 合作，他們可能會採取哪些措施有一些想法。當然，另一種選擇是像他們與 DraftKings 一樣，與某個運營商進行更深入的合作，但這不會對我們的業務產生重大影響。

We work with PENN, of course, but not going to meaningfully move the needle. And of course, we also work with DraftKings.

我們當然會與賓州大學合作，但這不會帶來實質的改變。當然，我們也與 DraftKings 有合作。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Charles, I wanted to go just a little more strategic with respect to the Odds data business and just talk through what the sort of critical success factors are, the barriers, right? I mean, you did mention some others that play in similar spaces that may be larger.

查爾斯，我想就賠率數據業務進行一些更具策略性的探討，並討論關鍵的成功因素和障礙是什麼，對吧？我的意思是，你確實提到過一些在類似場地演出的其他場地，那些場地可能更大。

How important is scale, bundling as part of offerings? What are the things you really need beyond just your obvious innovation capabilities?

規模化、捆綁銷售作為產品組合的一部分有多重要？除了顯而易見的創新能力之外，你真正需要的是什麼？

David, thanks for asking a longer-term question. I think -- as I said, I think we've got a clear path with what we've got, but there are these areas, which I think are easy for us to move into. There's a lot of people out there that provide these managed trading services. It's not just Radar and Genius. There's tons of private companies.

大衛，謝謝你提出這麼長遠的問題。我認為——正如我所說，我認為我們憑藉現有的資源已經找到了一條清晰的道路，但還有一些領域，我認為我們很容易就能進入這些領域。市面上有許多提供這類託管交易服務的公司。不僅僅是 Radar 和 Genius。有很多私營公司。

But a lot of these companies are pretty old. They've been around 20, 25 years. So they don't have state-of-the-art technology. It just wasn't built in the last two or three years using native cloud services, data science, Python, low latency, everything. It's just -- no matter how smart you were 25 years ago, it's very dusty when you bring that forward to today. So that creates real technology debt for some of these larger incumbents.

但這些公司大多歷史悠久。他們已經存在了20到25年。所以他們沒有最先進的技術。它只是在過去兩三年內沒有使用原生雲端服務、資料科學、Python、低延遲等所有技術建構而成。就是──不管你25年前多聰明，到了今天，那些聰明才智都顯得過時了。因此，這會對一些規模較大的現有企業造成真正的技術債。

And we've talked a lot about the ace team we have with OpticOdds and OddsJam. I mean, these guys are hungry and they move very fast. And they start building stuff at the drop of a hat and are extremely effective. So I think we've got the right people and the right platform to meaningfully go after some of these opportunities.

我們已經多次談到我們與 OpticOdds 和 OddsJam 組建的這支王牌團隊。我的意思是，這些人很有幹勁，行動非常迅速。他們隨時可以開始建造東西，而且效率極高。所以我認為我們擁有合適的人才和合適的平台，可以實際抓住這些機會。

And the other kind of big trend in the space is I think there was this big debate a couple of years ago post pass about official data and some of these -- there were lobbyists that try to get it into the statutes that you had to buy official data. And as far as I understand, I don't think that's succeeded anywhere. But if you have the official data today, it's obviously very -- it's great, and it gives you access to other things, which are bundled along with the official data.

而該領域的另一個大趨勢是，我認為幾年前在通行證事件後，曾就官方數據展開過一場激烈的辯論，其中一些遊說者試圖將必須購買官方數據寫入法規。據我所知，我認為這種做法在任何地方都沒有成功過。但如果你今天就能獲得官方數據，那顯然非常​​棒，而且它還能讓你獲得其他一些東西，這些東西都與官方數據捆綁在一起。

But not everybody wants the official data. And this industry, while it's still a growth industry, it's not growing at the kind of furious clip that it was for the first 30 years, which causes a lot of operators to look at the cost side of their business. How can I -- if I'm not going to grow by 25% this year, I'm going to grow by 10%. Well, how can I take 5% in cost out and boost that EPS growth?

但並非所有人都想要官方數據。雖然這個行業仍然是一個成長型產業，但它的成長速度不如前 30 年那麼迅猛，這導致許多經營者開始關注其業務的成本方面。我該如何做到──如果今年我無法成長25%，那我至少要成長10%。那麼，我該如何削減 5% 的成本並提高每股盈餘成長？

And whereas I think everybody just kind of naturally gravitated to the official data for a long period of time, I think there's an increasing willingness from a variety of customers in the space to not start there and actually just look and say, okay, well, what else is out there, what can we do? And of course, that's just one thing that we do, but it is a gateway to get the door open and then sell other things to our operator clients.

雖然我認為大家在很長一段時間內都自然而然地傾向於官方數據，但我認為該領域的各種客戶越來越願意不從官方數據入手，而是真正地去看看，然後說，好吧，還有什麼其他的東西，我們能做些什麼？當然，這只是我們所做的一件事，但它是一個打開大門的途徑，然後我們可以向我們的營運商客戶銷售其他產品。

We have great relationships with them on the data services business. They trust us. They ask us if we can build things for them. There's a lot of back and forth in terms of communications and customer feedback. And I think we have operators' trust to solve more problems for them. So why would we not?

我們在數據服務業務方面與他們保持著良好的合作關係。他們信任我們。他們問我們能不能幫他們建造東西。在溝通和客戶回饋方面，有許多反覆的交流。我認為我們已經贏得了營運商的信任，能夠為他們解決更多問題。那我們為什麼不呢？

Understood. I see clearly the upstart advantage. But the natural follow-up to that, and it's one that we get about this end of the business all the time is if not for the official data and the scale and the length of tenure, would larger operators just be able to -- why can't they do it themselves, right? I mean, that's the question we get all the time. So I'd like to sort of put that one out there, too. Yes.

明白了。我清楚地看到了這家新興企業的優勢。但接下來自然而然就會出現一個問題，我們常常會聽到這樣的問題：如果沒有官方數據、規模和任期，大型業者是否就可以自己做──為什麼他們不能自己做呢？我的意思是，我們經常被問到這個問題。所以我也想把這一點提出來。是的。

If you just think about the OpticOdds market data business, we spend upwards of $1 million a year on compute to process that data. So if any individual operator wants to do it themselves, well, it's going to cost them at least that, plus then obviously building all the software, the team and everything else. Well, it doesn't -- we don't charge that much per client per year. So there's just an obvious advantage to buy it from us instead of trying to do it yourself.

僅就 OpticOdds 市場數據業務而言，我們每年在計算方面花費超過 100 萬美元來處理這些數據。所以，如果任何自僱人士想要自己動手，那麼至少要花這麼多錢，再加上開發所有軟體、組建團隊以及其他一切費用。其實不然——我們每年每個客戶的費用並沒有那麼多。所以，從我們這裡購買比自己動手做顯然更有優勢。

It's a big, complex industry. You can't do everything. David, I think it's very helpful to break the operators down into tiers, okay? Like the Tier 1 guys are always going to kind of try to do everything themselves, absolutely everything themselves. That's their whole stick. If they can't do it all themselves, their equity free kind of doesn't make sense.

這是一個龐大而複雜的產業。你不可能事事都做到。大衛，我覺得把業者分成不同的層級很有幫助，好嗎？就像那些一線選手總是會想辦法自己完成所有事情，絕對的所有事情。這就是他們的全部論點。如果他們不能完全靠自己，那麼他們的無股權融資就有點說不通了。

So we're not going after Tier 1s. I mean, we do work with Tier 1s on data services, but we're not trying to overhaul their businesses. But there's this very long list of Tier 2, Tier 3, Tier 4 operators, which are very happy to give away substantial portions of their business to anyone that can do it better for them.

所以我們不會瞄準一級梯隊。我的意思是，我們確實與一級供應商在數據服務方面有合作，但我們並沒有試圖徹底改變他們的業務。但是，還有一長串的二線、三線、四線運營商，他們非常樂意將相當一部分業務拱手讓給任何能為他們做得更好的人。

You think about the long list of online casino operators in Europe, which offer sports betting. It's not the core product. It's just a kind of -- it's a tab on the website. And they want to set it and [forget it] solution. They don't ever want to think about it. They just want to get a little bit of incremental extra revenue through. And cases like that, they're very happy to work with the most efficient provider that they can find.

想想歐洲提供體育博彩的線上賭場營運商，數量眾多。這不是核心產品。它只是網站上的一個標籤頁。他們想要的是一勞永逸的解決方案。他們根本不想去想這件事。他們只是想從中獲得一些額外的收入。對於這類情況，他們非常樂意與他們能找到的最高效的服務提供者合作。

And when I think about all this stuff, it gives us an opportunity to really invest and win on products. We're a marketing company. So historically, we've won by having great marketing, great distribution. But with our data services business, we can actually win on products. We can kind of go Tesla style and say, okay, we're going to make something that's so good and so obviously better than everything else out there that it sells itself. And I think we have the team to build products like that.

當我思考所有這些事情時，它給了我們一個真正投資產品並取得成功的機會。我們是一家行銷公司。所以從歷史上看，我們之所以能取得成功，是因為我們擁有出色的行銷和強大的分銷管道。但憑藉我們的數據服務業務，我們實際上可以在產品方面取得成功。我們可以效法特斯拉的做法，說，好吧，我們要製造出一種非常出色、明顯優於市面上所有其他產品的東西，讓它能夠自動銷售。我認為我們有能力打造這樣的產品。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Charles, I wanted to ask about the upcoming UK autumn budget and how this could affect the business. You guys are obviously a leader in that market. So from what we've heard, it could hurt some of the smaller players. But anything you can help in terms of how you think this will change the affiliate business in that market and what you've learned in the past when taxes have been adjusted?

查爾斯，我想問即將到來的英國秋季預算案以及這可能會對公司業務產生什麼影響。你們顯然是這個市場的領導者。據我們所知，這可能會對一些規模較小的玩家造成傷害。但您能否就此調整將如何改變該市場的聯盟行銷業務以及您過去在稅務調整方面學到的經驗提供一些幫助？

Morning, Chad. To the extent that the next UK budget does raise gaming duty, it does hold back player lifetime values in the market, and that does ultimately affects what we can charge our clients, but that doesn't happen instantly. The perceptions of the player lifetime value take time to evolve and our commercial agreements take time to evolve.

早上好，查德。如果英國下一份預算案確實提高了博彩稅，那麼它確實會抑制玩家在市場上的終身價值，這最終會影響我們向客戶收取的費用，但這不會立即發生。人們對球員終身價值的認知需要時間才能改變，而我們的商業協議也需要時間才能改變。

But in any event, if they raise gaming duty, it's obviously not helpful. I think our expectations for the UK and Ireland segment next year are very feet on the ground. I think we're actually planning -- when we're looking at our budgeting for next year, we're not expecting it to grow. We're certainly not expecting it to fall apart either, but it's not going to be a growth driver next year for us like it has been in the past.

但無論如何，如果他們提高遊戲稅，顯然是無益的。我認為我們對明年英國和愛爾蘭市場的預期非常務實。我認為我們實際上是在做規劃——當我們審視明年的預算時，我們並不預期它會成長。我們當然也不認為它會崩潰，但它明年不會像過去那樣成為我們的成長動力。

Okay, thank you. And then in terms of maybe a medium or longer-term question in terms of how you're thinking about running the company's leverage. You talked about at the outset that you are active in terms of share repurchases and you're unhappy with the stock price. So that's obviously a use of capital.

好的，謝謝。那麼，從中長期角度來看，您是如何考慮管理公司槓桿的呢？你一開始就提到你會積極回購股票，而且你對股價不滿意。所以這顯然是一種資本運用。

You've made some recent acquisitions in the last couple of quarters. And then more importantly, with OpticOdds and the sports data business, there might be other tuck-in acquisitions. So how are you thinking about running the company's leverage at this point, if maybe this is a time to lever up, create the best product for the future or if you're going to run more conservative with just what you currently have in the tank?

你們最近幾季進行了一些收購。更重要的是，隨著 OpticOdds 和體育數據業務的發展，可能還會出現其他類似的收購。那麼，您目前是如何考慮公司槓桿運作的呢？現在是提高槓桿率，打造面向未來的最佳產品的時候，還是會採取更保守的做法，只利用現有的資源？

Yes. Elias and I are always aiming to maximize shareholder value by continuously optimizing the capital allocation. We continue to see buybacks as a tactical tool to maximize shareholder value, but not as a means to return a specific amount of capital. At the moment, we've got about $89 million in interest-bearing debt outstanding, and we have about $70 million in undrawn credit facilities available to us.

是的。Elias 和我始終致力於透過不斷優化資本配置來最大化股東價值。我們仍然認為股票回購是最大化股東價值的戰術工具，而不是返還特定金額資本的手段。目前，我們有約 8,900 萬美元的未付利息債務，還有約 7,000 萬美元的未提取信貸額度可供使用。

So as we generate cash, debt repayment is one of the options available to us. OddsJam and OpticOdds are doing really well. They are in a good position to capture most, if not all, of the contingent consideration in respect of 2025. That means that we will owe them $40 million in April '26 and $20 million in April '27.

因此，當我們產生現金流時，償還債務是我們可選擇的方案之一。OddsJam 和 OpticOdds 的表現都非常出色。他們處於有利地位，即使無法獲得全部，也能獲得 2025 年的大部分或有對價。這意味著我們將在 2026 年 4 月欠他們 4,000 萬美元，在 2027 年 4 月欠他們 2,000 萬美元。

So we do have those payments coming up. At this stage, I don't think we're looking at levering up beyond our existing credit facility. I think we'd like to see a little more rebound in the marketing business, a little more progress on growth in sports data services.

所以，我們確實有這些款項即將到期。現階段，我認為我們不會考慮在現有信貸額度之外增加槓桿。我認為我們希望看到行銷業務有更大的反彈空間，體育數據服務業務有更大的成長空間。

And then I think we have some confidence to lean in harder in terms of creating shareholder value through buybacks and other things. But we are -- yes, it's an everyday conversation every year and something we think about a lot.

然後我認為我們有信心更努力地透過股票回購和其他方式創造股東價值。但我們的確——是的，這是我們每年都會討論的話題，也是我們經常思考的問題。

Mike Hickey, The Benchmark Company.

Mike Hickey，基準公司。

Just two from us. On the predictions market, obviously, we can't stop talking about it, either can investors, either can operators. It's obviously accelerating here. We've got Flutter last night saying they're going to launch in December. DraftKings probably likely to be the same. And part of that, Charles, is pretty meaningful investments in UI as we heard last night, and of course, Kalshi and Polymarket are there.

我們只有兩份。顯然，在預測市場，我們無法停止談論它，投資者也無法停止談論它，運營商也無法停止談論它。這裡的情況顯然正在加速惡化。昨晚 Flutter 官方宣布他們將於 12 月發布產品。DraftKings的情況可能也是一樣。查爾斯，正如我們昨晚聽到的，其中一部分是對使用者介面（UI）的相當有意義的投資，當然，Kalshi 和 Polymarket 也在其中。

So you've got a pretty vibrant ecosystem. So with that context, how are you thinking about the marketing services opportunity in this category? I know your data peer, Sportradar, is already active. Just curious how you -- if you're active and how you see the opportunity unfolding, especially in '26 for growth?

所以你們這裡擁有一個相當活躍的生態系統。基於以上背景，您如何看待該類別中的行銷服務機會？我知道你們的數據對等方 Sportradar 已經投入使用。我只是好奇你目前是否活躍，以及你如何看待未來的發展機遇，尤其是在2026年的成長機會？

Mike, thanks for the question. I think the sports data services, as we've covered, is where prediction markets are very exciting. When you think about the marketing side of the business, one unique feature of the prediction markets in contrast to sports, traditionally regulated sports betting, is that everybody has to be treated the same. It has to be a totally level playing field.

麥克，謝謝你的提問。我認為，正如我們之前討論過的，體育數據服務領域是預測市場非常令人興奮的地方。從行銷的角度來看，預測市場與傳統受監管的體育博彩相比，一個獨特的特點是，每個人都必須受到相同的對待。必須確保完全公平的競爭環境。

So you can't have personalization. You can't have different bonuses. There's frankly less marketing involved. Now people still need to find these services and sign up, and we can obviously help with that. But I think we're taking a little more of a cautious approach with that, given our partnerships with all of our regulators in the United States. I think broad data services is fairly innocuous. But on the marketing side, I think there's also an opportunity there, but we're very focused on the data services side.

所以你無法進行個人化設定。獎金不能分開計算。坦白說，這其中涉及的行銷工作較少。現在人們仍然需要找到這些服務並註冊，而我們顯然可以在這方面提供幫助。但考慮到我們與美國所有監管機構的合作關係，我認為我們在這方面採取了更謹慎的態度。我認為廣域資料服務相當無害。但就行銷方面而言，我認為也存在機會，但我們目前非常專注於數據服務方面。

Thanks, Charles. On the data services, it sounds like you might be constrained a little bit on M&A, just given your current leverage profile and your stock being down. How are you thinking about investment there? It sounds like you're adding layers, which is exciting. But how do you sort of balance, I guess, internal investment and capital allocation to sort of the organic development of data versus M&A, which I imagine there's probably some nice tuck-in assets out there that could sort of round out your current offering?

謝謝你，查爾斯。就數據服務而言，鑑於您目前的槓桿水平和股價下跌，您在併購方面似乎會受到一些限制。您如何考慮在那裡投資？聽起來你正在添加層次感，這很棒。但是，如何平衡內部投資和資本配置，以實現數據的自然發展，以及併購呢？我想，市場上可能有一些不錯的補充資產，可以完善你目前的產品組合。

Yes, it's a great question. Again, something we are talking about often these days. I think if you come at it from a first principles perspective, you need to figure out what you want to buy. And if it makes true sense for the business, if it literally ticks all the boxes and everybody has very high conviction, then okay, then you need to find a way to pay for it, and hopefully, that will come together.

是的，這是一個很好的問題。這也是我們最近常談論的話題。我認為，如果你從第一原理的角度來看，你需要弄清楚你想買什麼。如果這對企業來說確實有意義，如果它完全符合所有條件，而且每個人都深信不疑，那麼好吧，那麼你需要找到一種支付方式，希望這一切能夠實現。

At the current share price, virtually nothing is accretive. It's certainly a headwind in terms of justifying M&A. But that doesn't mean we're not still thinking about things. But obviously, it's front of mind, and we're going to be as focused on capital efficiency as we've ever been.

以目前的股價來看，幾乎沒有任何利多因素。這無疑對證明併購的合理性構成了不利因素。但這並不代表我們不再思考這些問題了。但很顯然，這是我們最關心的問題，我們將一如既往地關注資本效率。

But there's different ways to skin the cat. Every one of these deals is unique and interesting, and there are ways to go out things which preserve our capital efficiency.

但條條大路通羅馬。每筆交易都獨一無二、趣味盎然，而且總有辦法在維持資本效率的前提下完成這些交易。

With no further questions, I would like to hand the conference back over to management for closing remarks.

沒有其他問題了，我將把會議交還給管理階層，請他們作閉幕致詞。

Thanks for joining us today. We do expect to finish the year strong here in Q4, subject to our updated guidance, and we look forward to updating everybody on that early next year. Thanks for joining. Bye-bye.

感謝您今天收看我們的節目。我們預計第四季將以強勁的勢頭結束今年的業績，具體業績將根據我們更新後的預期而定，我們期待在明年初向大家匯報最新情況。謝謝參與。再見。