GAN Ltd (GAN) 2022 Q4 法說會逐字稿

Greetings, and welcome to the GAN Limited's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Robert Shore, VP of Capital Markets and IR. Please proceed, sir.

您好，歡迎來到 GAN Limited 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人，資本市場和 IR 副總裁 Robert Shore。請繼續，先生。

Thank you, and good afternoon, everyone. GAN's Fourth Quarter and Full Year 2022 earnings release was issued today after the market close and is posted on the company's website at gan.com. With me today are Dermot Smurfit, President and CEO; and Brian Chang, Interim Chief Financial Officer.

謝謝，大家下午好。 GAN 的第四季度和 2022 年全年收益發佈於今天收市後發布，並發佈在公司網站 gan.com 上。今天和我在一起的有總裁兼首席執行官 Dermot Smurfit；臨時首席財務官 Brian Chang。

I'd like to remind our audience today that we may make forward-looking statements on the call which are protected under safe harbor afforded by the federal securities laws, and in each case are qualified by the forward-looking disclaimers contained in our earnings release. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed in today's call.

今天我想提醒我們的聽眾，我們可能會就電話會議做出前瞻性陳述，這些陳述受到聯邦證券法提供的安全港保護，並且在每種情況下都符合我們收益發布中包含的前瞻性免責聲明的條件.請參閱我們提交給美國證券交易委員會的文件，了解我們如何計算今天電話會議中討論的任何指標。

With that, I'll turn the call over to our CEO, Dermot Smurfit. Dermot, go ahead, please.

有了這個，我會把電話轉給我們的首席執行官 Dermot Smurfit。德莫特，請繼續。

Thank you, Bobby, and good afternoon, everyone. I look forward to discussing our fourth quarter and full year 2022 financial performance and operating segment results. As major agenda items, we will also discuss the strategic review process we are announcing today. Our recent successful sports betting deployment for wind resorts and our amended Ainsworth exclusive iGaming content distribution partnership that will help reduce our future cash commitments by $15 million.

謝謝你，鮑比，大家下午好。我期待著討論我們第四季度和 2022 年全年的財務業績和運營部門業績。作為主要議程項目，我們還將討論我們今天宣布的戰略審查流程。我們最近成功部署了風力度假村的體育博彩和我們修改後的 Ainsworth 獨家 iGaming 內容分發合作夥伴關係，這將有助於將我們未來的現金承諾減少 1500 萬美元。

Each of these items underscores a refocus of our business towards segments where we can truly win, notably B2B GAN Sports and in the B2C division, Latin American operations and, of course, related items in our earnings release.

這些項目中的每一項都強調了我們的業務重新聚焦於我們可以真正獲勝的領域，特別是 B2B GAN Sports 和 B2C 部門、拉丁美洲業務，當然還有我們收益發布中的相關項目。

Taking a brief look back. Our full year 2022 revenue increased 15% to $142 million versus $124 million in 2021. The growth was driven by both our B2C segment or coolbet.com and our domestic B2B segment. The increased growth in revenue and cost controls led to $6 million of positive adjusted EBITDA as compared to a loss of $3 million in the prior year.

回顧一下。與 2021 年的 1.24 億美元相比，我們 2022 年全年的收入增長了 15%，達到 1.42 億美元。這一增長是由我們的 B2C 部門或 coolbet.com 以及我們的國內 B2B 部門推動的。收入增長和成本控制的增加導致調整後 EBITDA 為 600 萬美元，而上一年為虧損 300 萬美元。

Looking at the fourth quarter, the momentum in our revenue growth continued as we generated $36.9 million of revenue, an increase of 21% from the prior year. The growth was enabled by both our B2B and B2C segments. In the B2C segment, active customers grew nearly 50% to 331,000 in the quarter. This was enabled by a strong World Cup where the team delivered a masterful performance to support our B2B clients and, of course, our B2C end-user customers before and during the event.

展望第四季度，我們的收入增長勢頭仍在繼續，我們創造了 3690 萬美元的收入，比上年增長 21%。我們的 B2B 和 B2C 細分市場實現了增長。在 B2C 領域，本季度活躍客戶增長近 50% 至 331,000。這是由強大的世界杯促成的，團隊在賽事之前和期間提供了出色的表現來支持我們的 B2B 客戶，當然還有我們的 B2C 最終用戶客戶。

During the World Cup event, we saw new depositing customers or NDCs, of approximately 47,000 driven by the Latin American region together with approximately $42 million in sports bets wagered and the final between Argentina and France actually resulted in a record $2 million in sports betting handle for a single event. We are optimistic that the new customers we gained during the tournament and the positive experience we were able to deliver will ensure they remain loyal players even after the World Cup. However, while adjusted EBITDA improved to a loss of $0.4 million versus $6 million in the prior year on cost-saving measures, we didn't deliver positive results, and we must continue to improve our operations and cost containment efforts.

在世界杯賽事期間，我們看到新的存款客戶或 NDC，由拉丁美洲地區推動，約有 47,000 人，體育投注額約為 4,200 萬美元，而阿根廷和法國之間的決賽實際上產生了創紀錄的 200 萬美元體育投注額對於單個事件。我們樂觀地認為，我們在錦標賽期間獲得的新客戶以及我們能夠提供的積極體驗將確保他們即使在世界杯之後仍然是忠實的玩家。然而，雖然通過成本節約措施調整後的 EBITDA 減少了 40 萬美元，而上一年為 600 萬美元，但我們並未取得積極成果，我們必須繼續改進我們的運營和成本控制工作。

In 2023, we're off to an exciting stock on several operational fronts. Firstly, we launched GAN Sports with WynnBET in Massachusetts, in retail in January and earlier this month on mobile on March 10, 2023.

2023 年，我們將在幾個運營方面取得令人興奮的股票。首先，我們與 WynnBET 在馬薩諸塞州推出了 GAN Sports，零售版於 1 月推出，本月初於 2023 年 3 月 10 日在移動版推出。

Secondarily, Coolbet launched in the Mexican regulated market, a country with a large and growing $700 million-plus TAM, where we can leverage our proven success in the LatAm regions. And thirdly, we are making progress on our new Version 2 GameSTACK 2.0 platform, which will result in significant cost savings. We expect to have this up and running by the second half of 2023.

其次，Coolbet 在墨西哥監管市場推出，該國擁有超過 7 億美元的巨大且不斷增長的 TAM，我們可以利用我們在拉美地區取得的成功。第三，我們正在我們新的第 2 版 GameSTACK 2.0 平台上取得進展，這將帶來顯著的成本節約。我們希望在 2023 年下半年之前啟動並運行它。

Now moving to our financial outlook for the year and the first quarter. For the first quarter, we expect revenue to be in the range of $37 million to $39 million. Unfortunately, for the full year 2023, we are unable to provide guidance at this time given the nature of our strategic review process. As a result, the variability of potential outcomes prevents us from providing an outlook within a reasonable range. However, we do expect to be in a good position to provide future guidance for the year upon the resolution of these discussions, hopefully, in the very near future.

現在轉向我們今年和第一季度的財務展望。對於第一季度，我們預計收入將在 3700 萬美元至 3900 萬美元之間。不幸的是，鑑於我們的戰略審查流程的性質，我們目前無法為 2023 年全年提供指導。因此，潛在結果的可變性使我們無法提供合理範圍內的前景。然而，我們確實希望在不久的將來能夠在這些討論的決議後為今年提供未來的指導。

I'll now turn over the call to our interim Chief Financial Officer, Brian Chang, to provide more color on financial and accounting items, and then I'll conclude with additional color on strategy and the strategic review process. Brian?

我現在將把電話轉給我們的臨時首席財務官 Brian Chang，以提供更多關於財務和會計項目的信息，然後我將以更多關於戰略和戰略審查流程的信息作為結尾。布萊恩？

Thank you, Dermot, and good afternoon, everyone. I'll just briefly touch on a few highlights or items worth noting from our fourth quarter results. One, cash increased by $4.1 million to $45.9 million in the quarter driven by strong results and activity generated from the World Cup in our B2C segment; two, G&A expense was consistent compared to prior year, however, reduced as a percentage of revenue by 800 basis points. Three, we recognized an adjusted EBITDA loss of $0.4 million for the quarter. Our adjusted EBITDA was impacted by incremental costs within our product and technology group that did not qualify for capitalized development treatment.

謝謝 Dermot，大家下午好。我將簡要介紹我們第四季度業績中的一些亮點或值得注意的項目。第一，本季度現金增加了 410 萬美元，達到 4590 萬美元，這得益於世界杯在我們的 B2C 部門產生的強勁業績和活動；第二，G&A 費用與上一年相比保持一致，但佔收入的百分比減少了 800 個基點。第三，我們確認本季度調整後的 EBITDA 損失為 40 萬美元。我們調整後的 EBITDA 受到我們產品和技術組內不符合資本化開發處理條件的增量成本的影響。

Four, FX in the quarter did not materially impact us as the majority of our foreign revenues and expenses are lined and constant currency exposure was a wash. Moving on, we recorded $137 million related to noncash impairment charges in the quarter across goodwill, intangible assets and capitalized development costs. The impairment charges were a result of changes to the company's 2023 budget and long-range plan as a result of material reductions in our expected future cash flows from our B2B segment, a strategic decision to not pursue and us further in our exclusive content strategy, and a reassessment of our growth strategy related to the B2C segment.

第四，本季度的外匯並沒有對我們產生重大影響，因為我們的大部分國外收入和支出都是內在的，而且持續的貨幣敞口被洗掉了。繼續前進，我們在本季度記錄了與商譽、無形資產和資本化開發成本的非現金減值費用相關的 1.37 億美元。減值費用是公司 2023 年預算和長期計劃發生變化的結果，原因是我們 B2B 部門的預期未來現金流量大幅減少，這是一項不追求的戰略決策，我們進一步實施獨家內容戰略，重新評估我們與 B2C 部門相關的增長戰略。

The results of the impairment charge cleared the carrying balance of our goodwill to 0, reduced our intangibles by $19 million and reduced our capitalized development costs by $10 million. Lastly, GAN was in compliance with all financial covenants associated with our term loan as of year-end. However, given our cash flow and net losses for the LTM period ended December 31, 2022, and updates to our 2023 budget and long-range plan as noted earlier, there is the potential that the company could violate a financial covenant associated with the term loan in the future and result in a potential acceleration of our credit facility.

減值費用的結果將我們的商譽賬面餘額清算為 0，將我們的無形資產減少了 1,900 萬美元，並將我們的資本化開發成本減少了 1,000 萬美元。最後，截至年底，GAN 遵守了與我們的定期貸款相關的所有財務契約。然而，鑑於我們截至 2022 年 12 月 31 日的 LTM 期間的現金流和淨虧損，以及我們之前提到的 2023 年預算和長期計劃的更新，公司有可能違反與該期限相關的財務契約未來貸款，並可能加速我們的信貸額度。

If our lender were to accelerate the debt, it is possible that we could have an insufficient cash flow to support our operations for a full year following the date of issuance of our consolidated financial statements. We are in continued negotiations with our lender and expect further amendments to the credit facility as needed to maintain compliance with the future financial covenants but we cannot make any assurances regarding the likelihood, certainty or exact timing of further amendments to the credit facility. GAN plans to address its liquidity needs by taking steps to improve its operations and cash position, including identifying access to future capital, continued growth from the company's consolidated operations, cost savings initiatives implemented during the past year, and the strategic review process.

如果我們的貸方加速償還債務，我們可能在合併財務報表發布之日後沒有足夠的現金流來支持我們整整一年的運營。我們正在與我們的貸方繼續談判，並期望根據需要對信貸安排進行進一步修改，以保持對未來財務契約的遵守，但我們無法對進一步修改信貸安排的可能性、確定性或確切時間做出任何保證。 GAN 計劃通過採取措施改善其運營和現金狀況來滿足其流動性需求，包括確定獲得未來資本的渠道、公司綜合運營的持續增長、過去一年實施的成本節約計劃以及戰略審查流程。

I'd encourage investors on the call to refer to our annual 10-K filing for additional details when filed. With that, I'll turn the call back over to Dermot.

我鼓勵電話會議的投資者在提交時參考我們的年度 10-K 文件以獲取更多詳細信息。有了這個，我會把電話轉回德莫特。

Thank you, Brian. Despite many positive achievements last year, our financial performance has not been up to our expectations. This is due to both external factors and admittedly suboptimal execution on our part. In our B2C segment, despite a record performance in the fourth quarter, which featured the Soccer World Cup, our annual growth was impacted by a combination of factors, including a reduction in COVID-related tailwinds, increased competition in certain Latin American markets and regulatory marketing challenges in Europe.

謝謝你，布萊恩。儘管去年取得了許多積極成果，但我們的財務表現並未達到我們的預期。這是由於外部因素和我們公認的次優執行造成的。在我們的 B2C 領域，儘管第四季度以足球世界杯為特色的業績創下歷史新高，但我們的年度增長受到多種因素的影響，包括 COVID 相關順風的減少、某些拉丁美洲市場的競爭加劇以及監管歐洲的營銷挑戰。

In our B2B segment, we met internal revenue guidance expectations but underperformed in segment profitability with continued overconcentration on certain partnerships as newer B2B clients fail to attain meaningful scale. Furthermore, our iGaming content distribution strategy has struggled against competitors' content libraries. Our focus for 2023, therefore, is on these unresolved challenges. The business is now focused on markets where we can truly win those which offer attractive growth profile, scalability and rapid ROIs. These will be the markets that require lower future capital intensity and where we are better positioned to capture market share. Essentially, we are putting more of our wood pile behind fewer fires to ensure success.

在我們的 B2B 部門，我們達到了內部收入指導預期，但由於新的 B2B 客戶未能達到有意義的規模，我們繼續過度集中於某些合作夥伴關係，從而在部門盈利能力方面表現不佳。此外，我們的 iGaming 內容分發策略一直在與競爭對手的內容庫作鬥爭。因此，我們 2023 年的重點是這些未解決的挑戰。該業務現在專注於我們可以真正贏得那些提供有吸引力的增長概況、可擴展性和快速投資回報率的市場。這些將是需要較低未來資本密集度的市場，而我們在這些市場中更有能力佔領市場份額。從本質上講，我們將更多的木柴放在更少的火後以確保成功。

Firstly, in B2C, we aim to be a podium player in the Latin American market and leverage our existing success to new adjacent regulated markets such as Mexico, where we recently launched coolbet.mx. We hope to leverage our existing playbook that has proven successful in other LatAm countries, and we view these markets and adjacent launches and generally having lower start-up costs in terms of marketing spend and labor.

首先，在 B2C 方面，我們的目標是成為拉丁美洲市場的領獎台玩家，並將我們現有的成功利用到新的相鄰受監管市場，例如我們最近在墨西哥推出的 coolbet.mx。我們希望利用我們在其他拉美國家已證明成功的現有劇本，並且我們觀察這些市場和相鄰的發布，並且在營銷支出和勞動力方面通常具有較低的啟動成本。

We follow the same path of being highly localized and pro-consumer by offering the best odds in sports betting. This is reflected in our branding, product offering and market for local sports events. For those markets where we don't see a clear and rapid path to profitability outside of Latin America, we will pull back resources and/or exit those markets. To that end, we have exited the Ontario market described by some industry experts as the most competitive market in the world. The sheer number of entrenched operators in the heightened promotional environment did not present a clear path to profitability or achieving an adequate return on capital relative to existing Latin American market opportunities. These resources, both operational and financial, will be focused towards higher return markets and cash flow generation.

通過提供體育博彩中的最佳賠率，我們遵循高度本地化和親消費者的相同路徑。這反映在我們的品牌、產品供應和當地體育賽事的市場上。對於那些我們在拉丁美洲以外看不到清晰而快速的盈利途徑的市場，我們將撤回資源和/或退出這些市場。為此，我們已經退出了被一些行業專家描述為世界上最具競爭力的市場的安大略市場。相對於現有的拉丁美洲市場機會，在加強的促銷環境中，根深蒂固的運營商的絕對數量並沒有為盈利或實現足夠的資本回報提供明確的途徑。這些運營和財務資源將集中用於更高回報的市場和產生現金流。

Secondly, in the B2B division, our area of focus is now firmly on GAN sports already deployed successfully in multiple states across the U.S. Back in September, we launched retail sports for Island View Casino Resort in Mississippi and very recently launched GAN Sports for WynnBET in Massachusetts Encore Boston Harbor, the first launch in a nationwide deployment for Wynn .

其次，在 B2B 部門，我們的重點領域現在堅定地放在已經在美國多個州成功部署的 GAN 體育上。早在 9 月，我們就在密西西比州推出了 Island View Casino Resort 的零售體育，最近在 WynnBET 推出了 GAN Sports Massachusetts Encore Boston Harbor，Wynn 首次在全國部署。

Next up is our fourth company launch in Nevada with Station Casinos LLC in the second half of 2023, subject to of course to Nevada licensure. While GAN Sports is still in the early innings of early app, we think our existing B2B client roster for GAN Sports truly speaks for itself. There are 32 states in which we can sell our retail sports today coupled to 22 states for our online GAN sports offering.

接下來是我們在 2023 年下半年與 Station Casinos LLC 在內華達州推出的第四家公司，當然要獲得內華達州的許可。雖然 GAN Sports 仍處於早期應用程序的早期階段，但我們認為我們現有的 GAN Sports B2B 客戶名冊確實不言而喻。今天，我們可以在 32 個州銷售我們的零售體育產品，還有 22 個州可以銷售我們的在線 GAN 體育產品。

Thirdly, when it comes to technical efficiency, we are rolling at GameSTACK 2.0, our new B2B technology offering in the U.S. This will bring together the best elements of new and existing tech to drive efficiencies and deliver a superior product to our clients at substantially lower cost again.

第三，在技術效率方面，我們正在推出 GameSTACK 2.0，這是我們在美國推出的全新 B2B 技術產品。這將匯集新技術和現有技術的最佳元素，以提高效率，並以更低的成本為我們的客戶提供優質產品又花錢了

All new GAN clients will be on GameSTACK version 2.0 and importantly, the implementation and eventual sunsetting GameSTACK 1.0 will conservatively result in $10 million in annual cash savings. Moving on, as part of our commitment to improving our return to shareholders, we have launched a formal strategic review process to evaluate options available to us to facilitate that value creation process and hasten our path to better profitability metrics and a more attractive return profile. We hope to complete this process in a timely manner, and we'll certainly provide updates as required.

所有新的 GAN 客戶端都將使用 GameSTACK 2.0 版，重要的是，GameSTACK 1.0 的實施和最終淘汰保守估計每年將節省 1000 萬美元的現金。繼續前進，作為我們改善股東回報承諾的一部分，我們已經啟動了一個正式的戰略審查流程，以評估我們可用的選項，以促進價值創造過程，並加快我們通往更好的盈利指標和更具吸引力的回報狀況的道路。我們希望及時完成這個過程，我們一定會根據需要提供更新。

Let me be extremely clear on a very important point. I and my entire executive group firmly believe that there is tremendous unrealized value in our proprietary technology offerings, our patented IP and a growing profitable B2C business that generated annual revenue of nearly $90 million this past year, which is well north of our current trading market cap. The Board and I feel it's highly prudent at this time to explore all options to realize this value. It's also worth noting, given the range of potential outcomes related to the strategic review, we do not currently have an adequate level of visibility to provide guidance for 2023 within a reasonable range.

讓我非常清楚地說明一個非常重要的點。我和我的整個執行團隊堅信，我們的專有技術產品、我們的專利 IP 和不斷增長的盈利 B2C 業務中存在巨大的未實現價值，該業務在過去一年創造了近 9000 萬美元的年收入，遠高於我們當前的交易市場帽。董事會和我認為此時探索實現這一價值的所有選擇是非常謹慎的。還值得注意的是，考慮到與戰略審查相關的潛在結果的範圍，我們目前沒有足夠的知名度來在合理範圍內為 2023 年提供指導。

That said, we do expect a relatively swift resolution to the strategic review process and hope to be in a position to provide our financial outlook for 2023 at some point in the very near future. At this time, we are unfortunately unable to provide a forward guidance outlook given the nature of our strategic review process. But we are well into discussions with multiple involved parties and simultaneously evaluating numerous options for the go-forward organization of the company.

也就是說，我們確實希望能夠相對迅速地解決戰略審查過程，並希望能夠在不久的將來某個時候提供我們對 2023 年的財務展望。遺憾的是，鑑於我們的戰略審查流程的性質，目前我們無法提供前瞻性指導展望。但我們正在與多方進行討論，並同時評估公司未來組織的眾多選擇。

In addition, the variability of potential outcomes for the process precludes us from confidently outlining our forward outlook until we reach a resolution, which we expect to occur in the very near future. And with that, Latania, we'll be happy to take questions.

此外，該過程的潛在結果的可變性使我們無法自信地概述我們的前瞻性展望，直到我們達成解決方案，我們預計這將在不久的將來發生。有了這個，Latania，我們很樂意回答問題。

(Operator Instructions) Our first question comes from Ryan Sigdahl with Craig-Hallum.

（操作員說明）我們的第一個問題來自 Ryan Sigdahl 和 Craig-Hallum。

Dermot. Curious super RGS. It's been a focus area. You're pulling capital resources away from it. I guess is the plan to continue to support existing relationships and kind of work as is, but just push resources away or is it planning to kind of shutter that business line?

德莫特。好奇的超級 RGS。這是一個重點領域。你正在從它那裡抽走資本資源。我想是計劃繼續支持現有關係和工作類型，但只是推開資源，還是計劃關閉該業務線？

Thanks, Ryan. There's no plan to shut that business line. In fact, the only area which we're reallocating resources is in relation to the exclusive just to content distribution deal that we entered into as Ainsworth, which has been amended to save our company $15 million in cash.

謝謝，瑞安。沒有關閉該業務線的計劃。事實上，我們正在重新分配資源的唯一領域是與我們作為 Ainsworth 簽訂的獨家內容分發協議有關，該協議已經過修改，為我們公司節省了 1500 萬美元的現金。

Helpful. Incredible technologies. I think you had an exclusive with them as well. Any change in that agreement?

有幫助。不可思議的技術。我想你也有他們的獨家報導。該協議有任何變化嗎？

No, no. There was no exclusive agreement with Incredible technologies ultimately consummated, and we continue to distribute those and many others. In fact, we have 36 individual game contact suppliers integrated into our iGaming aggregation platform, which is one of the largest contact portfolios available anywhere in the U.S.

不，不。與最終完成的 Incredible 技術沒有獨家協議，我們將繼續分發這些和許多其他技術。事實上，我們有 36 家獨立的遊戲聯繫人供應商集成到我們的 iGaming 聚合平台中，該平台是美國任何地方可用的最大聯繫人組合之一。

Good. Then maybe just one on the quarter. So excluding the impairment charge, a fairly significant sequential increase in several OpEx lines, product technology, G&A, I guess, what drove that given what's been kind of a focus on cost efficiencies and whatnot for a little while now?

好的。然後也許只有一個季度。因此，不包括減值費用，幾條運營支出線、產品技術、G&A 的相當顯著的連續增長，我想，考慮到對成本效率的關注以及現在一段時間以來的關注，是什麼推動了這一點？

I can speak to the product and technology line specifically, saw an increase because related to the impairment, changes some of our accounting implications. And as discussed on the call, we are unable to capitalize quite as much within the B2B segment specifically.

我可以具體談談產品和技術線，因為與減值相關，所以看到了增長，改變了我們的一些會計影響。正如在電話會議上討論的那樣，我們無法在 B2B 細分市場中充分利用。

Are you able to quantify that?

你能量化嗎？

If I had to guess, it's between $1.5 million and $2 million. In the quarter.

如果非要我猜的話，它在 150 萬到 200 萬美元之間。在這個季度。

Got you. One more housekeeping. What was debt as of 12/31, I don't believe -- it wasn't in the press release. I don't believe I heard you say it. And then if you're willing to comment what cash and debt are at the end of Q1, given that tomorrow, that would also be helpful.

明白了多一個家政服務。截至 12 月 31 日的債務是多少，我不相信——它不在新聞稿中。我不相信我聽到你這麼說了。然後，如果你願意評論第一季度末的現金和債務情況，考慮到明天，那也會有所幫助。

Our principal debt balance is $30 million, and it's the same at both year-end in the quarter.

我們的本金債務餘額為 3000 萬美元，在本季度的兩個年末都相同。

Good. One more for me. You gave a revenue range for Q1. I guess are you willing to give EBITDA range given again the quarter ends tomorrow. And then secondly, I'm thinking pretty simplistically here without having your covenants in front of me, but given the trailing 12 months, it implies lower EBITDA expected in 2023 relative to the $6 million in 2022. Is that, I guess, the right high-level implication?

好的。給我一個。您給出了第一季度的收入範圍。我猜你是否願意在明天季度結束時再次給出 EBITDA 範圍。然後其次，我在這裡想得非常簡單，沒有你的契約在我面前，但考慮到過去的 12 個月，這意味著相對於 2022 年的 600 萬美元，2023 年的預期 EBITDA 較低。我想，這是正確的嗎？高層含義？

Apologies, but we can't comment on the EBITDA at this point in time.

抱歉，我們目前無法對 EBITDA 發表評論。

(Operator Instructions) Our next question comes from Chad Beynon with Macquarie.

（操作員說明）我們的下一個問題來自 Chad Beynon 和 Macquarie。

First one for you guys, understanding that you're not giving annual guidance. Dermot, just wondering if you could kind of reframe out some B2B opportunities. I know over the past several quarters, you've talked about some of the early marriages and partnerships that happened right after past but was repealed. And I think it was your call that some of these could come to an end. We've seen some of that happen. Just wondering if there's some more retail or mobile opportunities now given what you have in the full stack versus what you had before? And then also, I believe there's some new retail markets like Ohio and some others. Just wondering if you could kind of frame out how you're thinking about B2B opportunities in '23?

第一個給你們，明白你們沒有給出年度指導。 Dermot，只是想知道您是否可以重新構建一些 B2B 機會。我知道在過去的幾個季度裡，你談到了一些早婚和伴侶關係，這些婚姻和伴侶關係在過去不久就發生了，但被廢除了。我認為是你的決定，其中一些可能會結束。我們已經看到其中一些發生了。只是想知道現在是否有更多的零售或移動機會，考慮到您在完整堆棧中所擁有的與以前所擁有的相比？然後，我相信還有一些新的零售市場，比如俄亥俄州和其他一些市場。只是想知道您是否可以勾勒出您如何看待 23 年的 B2B 機會？

Yes. No problem, Chad. Thank you. So we see ourselves through the wind nationwide sports betting partnership. Massachusetts at the beginning, we will be in Ohio as well and many other states, 18 in total for Wynn. It's been a highly successful deployment not just at the end of January for retail but it's been extremely well received by residents in Massachusetts. But also in the more recent launch of mobile sports betting for WynnBET on March 10, we are online on time in the first hour of the market's commencement. And I think that is an incredibly important and valuable achievement and contribution to Wynns overall strategy.

是的。沒問題，乍得。謝謝。因此，我們通過全國體育博彩合作夥伴關係來看待自己。一開始是馬薩諸塞州，我們也會在俄亥俄州和許多其他州，Wynn 總共有 18 個州。這是一次非常成功的部署，不僅在 1 月底對零售業而言，而且還受到了馬薩諸塞州居民的極大歡迎。而且在最近於 3 月 10 日為 WynnBET 推出的移動體育博彩中，我們在市場開始的第一個小時就準時在線。我認為這是對 Wynns 整體戰略的一項非常重要和有價值的成就和貢獻。

We do see other replacement opportunities. And in fact, in itself is effectively a replacement opportunity that we captured with GAN Sports product and service solution. The same is true of the Red Rock contract, which will come on stream later on this year, and we're very focused on not just rolling out WynnBET across all these different states throughout the balance of the next few months. But of course, getting the extraordinary existing retail and online sports betting business of Red Rock modernized with the GAN Sports solution in the Silver State of Nevada, subject, of course, to the all-important licensing process. But there are many other replacement opportunities. There are 2 primary competitors for GAN Sports, and we believe our GAN Sports product and services feature set is substantially advanced as compared to those competitors. So we're extremely happy with how GAN Sports is effectively giving us a right to win in the B2B segment because online sports begets opportunities for the PAM as well as our gaming aggregation.

我們確實看到了其他替代機會。事實上，這本身就是我們用 GAN Sports 產品和服務解決方案抓住的有效替代機會。 Red Rock 合同也是如此，該合同將於今年晚些時候投入使用，我們非常專注於在接下來的幾個月中，不僅僅是在所有這些不同的州推出 WynnBET。但是，當然，要在內華達州的銀州使用 GAN Sports 解決方案對 Red Rock 非凡的現有零售和在線體育博彩業務進行現代化改造，當然要遵守最重要的許可流程。但是還有很多其他的替代機會。 GAN Sports 有 2 個主要競爭對手，我們相信我們的 GAN Sports 產品和服務功能集與這些競爭對手相比有很大的進步。因此，我們對 GAN Sports 如何有效地賦予我們在 B2B 領域獲勝的權利感到非常高興，因為在線體育為 PAM 和我們的遊戲聚合帶來了機會。

And then Mexico, I think you said there's some low start-up costs, you're going to approach this as you have in other markets with the localized some approach. Could this be -- I don't know, could this be like a top 3 market by the end of '23, I believe, for Coolbet Finland, some of that is Northern European markets and then obviously, Chile and some other LatAm. Can Mexico kind of move into a podium position in your geographies by the end of '23?

然後是墨西哥，我想你說過有一些低啟動成本，你將像在其他市場一樣使用本地化的一些方法來處理這個問題。這可能是——我不知道，到 23 年底，這是否會像 Coolbet Finland 的前 3 名市場，其中一些是北歐市場，然後顯然是智利和其他一些 LatAm。到 23 年底，墨西哥能否在你們所在的地區登上領獎台？

Yes. We think we got a very real shot at a podium position in Mexico. We've proven we can get on to in Podium in [Peru] , which is a regulated market as I think everybody was rather surprised from regulation happened, which tends to be the way in Latin American markets, but Mexico has the advantage of being an existing regulated market. And the product, the sports led operators have a relatively weak sports betting experience to the consumers.

是的。我們認為我們在墨西哥登上領獎台的機會非常真實。我們已經證明我們可以進入[秘魯]的領獎台，這是一個受監管的市場，因為我認為每個人都對監管的發生感到相當驚訝，這往往是拉丁美洲市場的方式，但墨西哥的優勢是現有的受監管市場。而產品方面，體育主導運營商對消費者的體育博彩體驗相對較弱。

So we think Coolbet has got a very serious advantage. And you just don't see the kind of competitive promotional-oriented mania that we saw in Ontario during the first several months of that market launched where a lot of the U.S. brands were pushing north very, very aggressively combined with the entrenched operators who've been there for many, many years indeed.

所以我們認為 Coolbet 擁有非常重要的優勢。你只是看不到我們在安大略市場推出的頭幾個月看到的那種以促銷為導向的競爭性狂熱，當時許多美國品牌非常、非常積極地與根深蒂固的運營商一起向北推進確實已經在那裡很多很多年了。

So Mexico is a great market, very well suited to the Coolbet product offering relatively small group of people on the ground in Mexico supporting the business, a combination of local traders, local marketers, local customer services agents in around the Mexico City area, and we're very happy to drive the Coolbet team and exciting (inaudible) offering into Mexico, which is, of course, just at our domestic market in the U.S.

因此，墨西哥是一個很好的市場，非常適合 Coolbet 產品，在墨西哥當地提供相對較少的人員支持業務，包括當地貿易商、當地營銷人員、墨西哥城周邊地區的當地客戶服務代理，以及我們很高興將 Coolbet 團隊和令人興奮的（聽不清）產品帶到墨西哥，當然，這只是在我們美國的國內市場。

And then with the net deposit customers, the NDCs that you gained during World Cup, obviously, this is embedded in the Q1 guidance that you issued but what have you generally seen during these customer acquisition period? Like what's the retention rate on these customers? And will that drive additional revenues beyond the first quarter, maybe kind of through '23. Is that what you've seen in some of these previous big soccer tournaments?

然後是淨存款客戶，你在世界杯期間獲得的 NDC，顯然，這嵌入在你發布的第一季度指南中，但你在這些客戶獲取期間一般看到了什麼？比如這些客戶的保留率是多少？這是否會在第一季度之後推動額外收入，可能會持續到 23 年。這是你在之前的一些大型足球錦標賽中看到的嗎？

Yes. Well, there's always effectively the business equivalent of a hangover after a major soccer event like the World Cup, industry kind of expectation would be doing a great job if you see 40% retention quarter-on-quarter, and that's thankfully, we've outperformed that expectation. So we're seeing great and very significant evidence of continued stickiness of the Coolbet sports betting offering and user experience.

是的。好吧，在像世界杯這樣的重大足球賽事之後，總會有有效的業務等同於宿醉，如果你看到 40% 的季度保留率，行業的某種期望會做得很好，謝天謝地，我們已經超出了預期。因此，我們看到了 Coolbet 體育博彩產品和用戶體驗持續粘性的重要證據。

Thank you. At this time, I would like to turn the floor back over to Mr. Dermot Smurfit for closing comments.

謝謝。現在，我想將發言權轉回給 Dermot Smurfit 先生，讓他發表結束評論。

Thank you, everyone, for joining this afternoon's call. While 2022 sold many important achievements our profitability execution did not meet our expectations for the year. We understand that we have plenty of work to do in 2023 to improve our return profile and deliver better returns for our shareholders. We anticipated that the strategic review will facilitate that process, along with our renewed focus on higher ROI opportunities. Thank you, and be safe.

謝謝大家參加今天下午的電話會議。雖然 2022 年取得了許多重要成就，但我們的盈利執行並未達到我們對這一年的預期。我們知道我們在 2023 年有很多工作要做，以改善我們的回報狀況並為我們的股東提供更好的回報。我們預計戰略審查將促進這一進程，同時我們將重新關注更高的投資回報率機會。謝謝你，注意安全。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time, and thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。此時您可以斷開您的線路，感謝您的參與，祝您有美好的一天。