GAN Ltd (GAN) 2023 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to GAN Limited's First Quarter 2023 Earnings Call. (Operator Instructions) I would now like to turn the call over to your host, Robert Shore. Robert, you may begin.

女士們、先生們，大家好。歡迎參加GAN有限公司2023年第一季財報電話會議。 （操作說明）現在我將把電話會議交給主持人羅伯特·肖爾先生。羅伯特，請開始。

Thanks, Morgan, and good afternoon, everyone. GAN's first quarter 2023 earnings release was issued today after the market closed and is posted on the company's website at gan.com.

謝謝摩根，大家下午好。 GAN 2023年第一季財報已於今日股市收盤後發布，並已上傳至公司網站gan.com。

With me today are Dermot Smurfit, President and CEO; and Brian Chang, Interim CFO. I'd like to remind our audience today that we may make forward-looking statements on the call, which are protected under our safe harbor afforded by the Federal Securities laws and in each case are qualified with our forward-looking disclaimers contained in our earnings release.

今天與我一同出席電話會議的有總裁兼執行長 Dermot Smurfit 和臨時財務長布萊恩·張 (Brian Chang)。我想提醒各位，我們可能會在本次電話會議上發表一些前瞻性聲明，這些聲明受聯邦證券法規定的「安全港」條款保護，並且每項聲明均附有我們在盈利報告中發布的免責聲明。

Please refer to our filings with the SEC to understand how we calculate any of these metrics discussed in today's call.

請查閱我們向美國證券交易委員會提交的文件，以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.

那麼，我將把電話轉給我們的執行長德莫特·斯默菲特。德莫特，請開始吧。

Thank you, Bobby, and good afternoon, everyone. I'm happy to update the market today that our iGaming exclusivity in the U.S. for FanDuel Group has now been extended on a rolling basis following the expiration of the initial exclusivity period in the first quarter.

謝謝Bobby，大家下午好。我很高興今天向市場宣布，我們與FanDuel集團在美國的iGaming獨家經銷權已在第一季度首輪獨家經銷期結束後，以滾動方式繼續延長。

We believe this has been an overhang of uncertainty, and I'd like to thank the executives at FanDuel Group continuing to trust GAN with providing FanDuel with our mission-critical B2B solution.

我們認為這造成了持續的不確定性，我要感謝 FanDuel 集團的高層繼續信任 GAN，為 FanDuel 提供我們至關重要的 B2B 解決方案。

I'll also take the brief opportunity to highlight our B2C division's significant value proposition with revenues of nearly $90 million last year and an all-time revenue record in our largest B2C market achieved last month speaking to the underlying growth opportunity ahead of us.

我還要藉此機會簡要介紹一下我們 B2C 部門的巨大價值主張，該部門去年的收入接近 9000 萬美元，上個月在我們最大的 B2C 市場創下了歷史新高，這說明我們面前存在著巨大的增長機會。

The B2C division has also contributed their award-winning, modern international sports technology to our B2B division which, during the first quarter, was deployed at scale in both retail and online channels in Massachusetts for Wynn Resorts Encore Boston Harbor property.

B2C 部門也將其屢獲殊榮的現代國際體育技術貢獻給了我們的 B2B 部門，該技術在第一季已在馬薩諸塞州的零售和線上管道中大規模部署到 Wynn Resorts Encore Boston Harbor 物業。

Wynn just reported a 20% increase in sign-ups to their Wynn Rewards loyalty program year-to-date attributed to their new sports book, and I believe that B2B partnership has an exciting future as we roll out together across the nation.

永利酒店集團剛剛公佈，由於其新推出的體育博彩服務，其 Wynn Rewards 會員忠誠計劃的註冊用戶數量今年迄今為止增長了 20%。我相信，隨著我們在全國範圍內共同推廣，B2B 合作關係將擁有令人興奮的未來。

In the first quarter, therefore, we made solid progress in executing our strategy in such a way that we are confident we will ultimately drive revenue gains and reduce our cost structure. Post quarter end, we disclosed a restructuring of our debt with Sega Sammy Holdings, Inc. that puts us on a significantly stronger financial footing.

因此，在第一季度，我們在執行策略方面取得了穩步進展，我們有信心最終能夠實現營收成長並降低成本結構。季度末，我們揭露了與世嘉颯美控股有限公司的債務重組協議，這將顯著增強我們的財務實力。

Firstly, we materially reduced our annual cash interest cost; and secondly, we eliminated potential covenant issues. Furthermore, we reduced the cost of exclusively licensing Ainsworth's iGaming content by $15 million in exchange for a small equity stake in our company.

首先，我們大幅降低了年度現金利息支出；其次，我們消除了潛在的契約問題。此外，我們透過向Ainsworth公司收購少量股權，將獨家授權其iGaming內容的成本降低了1,500萬美元。

We also elected to exit our B2C division from the highly competitive Ontario, Canada market in order to deploy our marketing capital in faster rate of return markets available to us in Latin America. And as a reminder, our B2B division continues in Ontario, Canada as both the exclusive PAM and iGaming platform provider to FanDuel, which is a strong partnership executing well together since launch just 1 year ago.

我們也決定退出競爭激烈的加拿大安大略省市場，將B2C業務部門撤出，以便將行銷資源投入拉丁美洲等回報率更高的市場。需要說明的是，我們的B2B業務部門仍留在加拿大安大略省，作為FanDuel的獨家PAM和iGaming平台提供商，雙方建立了穩固的合作關係，自一年前成立以來一直運作良好。

These 3 steps already taken in this strategic review process evidence our clear commitment towards realizing shareholder value. Step 1, restructure our debt; step 2, reduced exclusive Ainsworth iGaming content costs; and step 3, exit B2C from Ontario.

此次策略評估過程中已採取的三項措施，充分體現了我們致力於實現股東價值的堅定承諾。第一步，重組債務；第二步，降低Ainsworth iGaming獨家內容成本；第三步，退出安大略省的B2C業務。

Speaking to the first step taken, I could not be happier with the outcome of this strategic debt capital refinancing, which I'm confident will be beneficial to our shareholders, our employees and, of course, our B2B clients. And I'll speak a bit more on the broader strategic review process in my closing remarks.

就第一步而言，我對此次策略性債務資本再融資的結果感到非常滿意，我相信這將有利於我們的股東、員工以及我們的B2B客戶。在總結發言中，我將更詳細地談談更廣泛的策略評估流程。

So getting into the first quarter results. We generated revenue of $35.1 million, which was a decrease of 6% from the prior year quarter. The decline was primarily related to a decrease in our contractual revenue rates with a client in the B2B division, which correspondingly decreased our overall take rate for the B2B division.

接下來我們來看第一季的業績。我們實現了3,510萬美元的營收，比去年同期下降了6%。營收下降的主要原因是B2B部門一位客戶的合約收入率下降，這也降低了我們B2B部門的整體收入率。

With respect to our take rate, we do expect this trend to trend upwards in the coming quarters as we roll out GAN Sports across the United States. Our sports betting technology capability and particularly our retail sports betting technology carries a favorable economic model.

關於我們的佣金率，我們預計隨著GAN Sports在美國的全面推廣，未來幾季這一趨勢將呈上升趨勢。我們的體育博彩技術能力，尤其是我們的零售體育博彩技術，具有良好的經濟效益。

Positively, our contract with the largest B2B customer remains in place until January of 2025, and some of the rate decreases partially offset by their market share gains in domestic iGaming. B2C revenues in the first quarter were consistent year-over-year even when factoring in adverse foreign exchange with modest underlying growth on a local currency basis.

令人欣慰的是，我們與最大的B2B客戶的合約將持續到2025年1月，部分費率下調的影響已被其在國內iGaming市場份額的增長所部分抵消。即使考慮到不利的匯率影響，第一季的B2C營收也與去年同期持平，以當地貨幣計算，其成長較為溫和。

In the wake of the World Cup, nearly 40% of new customers acquired during that soccer tournament were retained on coolbet.com, which recently benefited from major soccer sponsorships in key Latin American markets, which appear to be performing well with an all-time record in revenues and active players last month pointing towards a solid return to growth for our B2C division.

世界盃結束後，coolbet.com 在該足球賽事期間獲得的新客戶中，近 40% 留了下來。 coolbet.com 最近受益於在拉丁美洲主要市場的大型足球贊助，這些市場似乎表現良好，上個月的收入和活躍玩家數量均創歷史新高，這表明我們的 B2C 部門正在穩​​步恢復增長。

The underlying key performance indicators, or KPIs, excluding the take rate, were very strong across both of our operating segments. On the B2B side, we processed $423 million of gross operator revenue through our platform, which was an increase of over 40% from the prior year period. B2C KPIs remain healthy post the soccer World Cup with double-digit or 12% growth in new customers. And importantly, our marketing spend ratio remains well below U.S. peers at just 21%.

剔除轉換率後，我們兩大業務部門的關鍵績效指標（KPI）均表現強勁。 B2B方面，我們透過平台處理了4.23億美元的營運商總收入，較上年同期成長超過40%。 B2C方面，世界盃後新客戶數實現了兩位數成長，增幅達12%，各項KPI仍維持良好動能。更重要的是，我們的行銷支出佔比僅21%，遠低於美國同業。

Notably, this ratio is even lower for Latin American market, which is a key focus of ours to drive profitable growth in geographies where we see better return profiles from customer acquisition marketing. Adjusted EBITDA was modestly positive as cost-saving measures offset the decrease in our revenue.

值得注意的是，拉丁美洲市場的比例甚至更低。拉丁美洲是我們重點關注的市場，旨在推動在這些地區實現獲利成長，因為我們發現，在這些地區，客戶獲取行銷的回報率更高。由於成本節約措施抵消了收入下降的影響，調整後的 EBITDA 略有成長。

The team remains focused on profitability. And as we've mentioned in prior quarters, all our new real money iGaming or sports gambling B2B clients will be launching on the new GameSTACK 2.0 version of our technology platform.

團隊依然專注於獲利。正如我們在前幾個季度提到的，我們所有新的真錢線上遊戲或體育博彩B2B客戶都將在我們技術平台的全新GameSTACK 2.0版本上線。

While our first quarter revenue results are a bit lighter than our expectations, we're making great strides to reallocate resources to our higher-return opportunities, to diversify our revenue base and transition to our new technology platform that will meaningfully accelerate our scalability and improve our cost structure.

雖然我們第一季的收入結果略低於預期，但我們正在大力推進資源重新分配到回報更高的機會，實現收入來源多元化，並過渡到新的技術平台，這將顯著加快我們的規模化發展並改善我們的成本結構。

As we noted last quarter, our focus, simply put, is on B2B GAN Sports and LatAm B2C. On GAN Sports, we've laid the groundwork for what we believe is the #1 sports betting solution in the U.S. market with a marquee client roster to prove it.

正如我們上個季度所提到的，簡而言之，我們的重點是B2B GAN體育和拉丁美洲B2C。在GAN體育方面，我們已經奠定了基礎，我們相信這將是美國市場排名第一的體育博彩解決方案，並且擁有許多知名客戶來證明這一點。

In Massachusetts, our major partnership with Wynn Resorts yielded impressive 60-plus percent share of handle at the retail channel, attracting major VIP sports gamblers with individual retail sports wagers placed in excess of $100,000 on popular local and national sporting events, including the Super Bowl and March Madness.

在麻薩諸塞州，我們與永利度假村的主要合作關係在零售通路獲得了超過 60% 的市場份額，吸引了眾多 VIP 體育博彩玩家，他們在熱門的本地和全國體育賽事（包括超級碗和瘋狂三月）上，個人零售體育投注額超過 10 萬美元。

The historic regular season run by the Bruins resulted in a high level of betting interest, but certainly proved to impact the overall performance margins of the retail book, while the mobile operations delivered very promising results in the first week of operations and are continuing well into the second quarter.

波士頓棕熊隊在常規賽中取得的歷史性佳績引發了投注熱潮，但也確實影響了零售博彩的整體業績利潤率，而移動博彩業務在運營的第一周就取得了非常可喜的成果，並且在第二季度也持續保持良好勢頭。

We look forward to developing this major partnership with Wynn and rolling that nationally, including in Nevada, where we will be both their PAM and their sports tech provider across retail and online channels. GAN is now licensed in 18 U.S. states, and we ultimately expect GAN Sports to be operational in every licensed U.S. jurisdiction. In Nevada, we continue to work through the licensing process.

我們期待與永利酒店集團建立並發展這項重要的合作關係，並將其推廣至全美，包括內華達州。在內華達州，我們將同時擔任其品牌資產管理公司 (PAM) 和體育科技供應商，業務涵蓋零售和線上通路。 GAN 目前已獲得美國 18 個州的許可，我們最終的目標是 GAN Sports 在所有獲得許可的美國司法管轄區開展業務。在內華達州，我們仍在推動許可申請流程。

Moving to Coolbet's growth in Latin America. It's clear that our strong performance during the World Cup has allowed us to grow our presence in these markets. We saw strong KPIs this quarter with new customer growth of over 10%, continued low customer acquisition costs and encouraging but still very early initial metrics out of our recent entry into the Mexican market.

接下來談談Coolbet在拉丁美洲的成長。顯然，我們在世界盃期間的強勁表現使我們能夠擴大在這些市場的份額。本季我們取得了優異的關鍵績效指標，新客戶成長率超過10%，獲客成本持續保持低位，並且我們近期進入墨西哥市場後也取得了令人鼓舞的初步成果，儘管目前仍處於早期階段。

Finally, our largest LatAm market had a record April in net gaming revenue, partly driven by a new soccer team sponsorship, which appears to be delivering ahead of expectations in a toughening competitive climate. We will continue fine-tuning marketing capital spend to the highest return regions throughout Latin America.

最後，我們最大的拉丁美洲市場在4月份實現了創紀錄的淨遊戲收入，部分原因是得益於一項新的足球隊贊助計劃，該計劃在競爭日益激烈的市場環境下似乎取得了超出預期的效果。我們將繼續優化行銷資金投入，並專注於拉丁美洲回報率最高的地區。

To illustrate this point, we clearly exited the B2C market from Ontario, Canada in order to shift marketing capital deployed at a 12-month rate of return to a 6-month or faster rate of return in Latin American markets. Finally, our new platform or GameSTACK 2.0, which combines the best elements of our existing platform and Coolbet's technology, is progressing well.

為了說明這一點，我們明確退出了加拿大安大略省的B2C市場，以便將原本需要12個月才能獲得回報的營銷資金轉移到拉丁美洲市場，從而獲得6個月甚至更快的回報。最後，我們全新的平台GameSTACK 2.0，融合了現有平台和Coolbet技術的最佳元素，目前進展順利。

All of our new real money B2B gambling clients will be launched on GameSTACK 2.0, which will result in greater functionality for the operators and conservatively result in $10 million in annual cash savings.

我們所有新的真實貨幣 B2B 博彩客戶都將在 GameSTACK 2.0 上推出，這將為營運商帶來更強大的功能，保守估計每年可節省 1000 萬美元現金。

I'll now turn the call over 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, over to you.

現在我將把電話交給我們的臨時財務長布萊恩張，讓他更詳細地介紹財務和會計方面的內容，最後我將就策略和策略審查流程做進一步闡述。布萊恩，請你發言。

Thank you, Dermot, and good afternoon, everyone. Before we discuss our quarterly results, I wanted to provide some more details on our amended credit facility as well as the amendment to our Ainsworth agreement, each of which were executed as part of the first phases of our strategic review.

謝謝德莫特，大家下午好。在討論季度業績之前，我想就我們修訂後的信貸安排以及對艾恩斯沃斯協議的修訂提供更多細節，這兩項修訂都是我們戰略評估第一階段的一部分。

We believe these changes were truly a great outcome for GAN and its stakeholders. As a result of the amendment to our credit facility, we were able to secure waivers for all potential events of default and amended certain financial covenants, and we are very pleased to report that we are now fully in compliance with all of our financial covenants. Our new interest rate is fixed at 8% compared to our prior rate that was variable based on SOFR, which was effectively 15.5% in the prior year quarter.

我們相信這些調整對GAN及其利害關係人而言確實是一項重大成果。由於信貸安排的修訂，我們成功獲得了所有潛在違約事件的豁免，並修改了部分財務契約。我們非常高興地宣布，目前我們已完全遵守所有財務契約。新的固定利率為8%，而之前的利率是基於SOFR的浮動利率，去年同期實際利率為15.5%。

In addition to lower fixed interest rate, our interest rate is paid in kind, otherwise known as PIK interest, which allows us to defer any cash interest until the maturity of the loan. While we will still recognize interest expense through our P&L, there will be no cash outflows until maturity. We estimate this will result in $4 million annual savings and cash interest.

除了較低的固定利率外，我們的利息以實物支付（PIK利息），這使得我們可以將現金利息遞延至貸款到期日。雖然我們仍會在損益表中確認利息支出，但在到期日之前不會有任何現金流出。我們預計這將每年節省400萬美元的現金利息支出。

Related to our agreement with Ainsworth, as Dermot noted, we reduced our future cash commitments by $15 million or $5 million on an annual basis in exchange for an equity stake in the company of 1.25 million shares. This will modestly increase our share count from 42.6 million to approximately 43.8 million.

正如德莫特所指出的，根據我們與艾恩斯沃斯公司的協議，我們減少了未來1500萬美元的現金投入，即每年減少500萬美元，以換取該公司125萬股的股權。這將使我們的持股數量略微增加，從4,260萬股增至約4,380萬股。

As a result of this amendment, we recognized a $9.2 million gain in the quarter that is recorded in other income that significantly contributed to the reported net income this quarter of $1.5 million. From a cash perspective, the amendments to our credit facility and Ainsworth agreements will lead to reduced cash outflows of approximately $9 million per year.

由於這項修訂，我們在本季度確認了920萬美元的收益，該收益計入其他收入，對本季度報告的淨利潤150萬美元做出了顯著貢獻。從現金流的角度來看，對我們信貸安排和Ainsworth協議的修訂將使每年的現金流減少約900萬美元。

Moving on to the quarter. B2B revenues were $8.6 million versus $10.7 million in the prior year period. This is primarily attributable to a decrease in our take rate, as described earlier.

接下來是本季業績。 B2B業務收入為860萬美元，去年同期為1,070萬美元。這主要是由於我們之前的佣金率下降所致。

For expenses, our capitalized development run rates have been adjusted, which added approximately $1.5 million of expenses to our P&L, but did not impact free cash flow. We also note that FX in the quarter did not materially impact us, as the majority of our foreign revenues and expenses are aligned and constant currency exposure was a wash on earnings.

在費用方面，我們調整了資本化開發運作率，這使我們的損益表增加了約150萬美元的費用，但並未影響自由現金流。此外，我們注意到本季的匯率波動並未對我們產生重大影響，因為我們大部分的海外收入和支出是一致的，固定匯率風險對收益的影響可以忽略不計。

Lastly, we ended the quarter with $40.8 million in cash, down from $45.9 million as of year-end, driven primarily from changes in working capital. Our cash balance at the end of April approximated our year-end balance.

最後，本季末我們的現金餘額為4,080萬美元，低於年初的4,590萬美元，主要原因是營運資本的變動。 4月底的現金餘額與年末餘額基本持平。

With that, I'll turn the call back over to Dermot.

這樣，我就把電話轉回給德莫特了。

Thank you, Brian. As we mentioned last quarter, we initiated a formal strategic review process that continues to progress at a good pace. Importantly, we've already executed 3 distinct initial steps year-to-date, and I'll provide more color on the 2 most important of those steps.

謝謝布萊恩。正如我們上個季度提到的，我們啟動了一項正式的策略評估流程，目前進展順利。重要的是，今年迄今為止，我們已經完成了三個初步步驟，接下來我將詳細介紹其中最重要的兩個步驟。

The amended Ainsworth exclusive iGaming content distribution partnership reduces our future cash commitments by $15 million, and our successful refinancing transaction provides for much greater financial flexibility and approximately $4 million in reduced annual cash outflows over the next few years.

修訂後的 Ainsworth 獨家 iGaming 內容分發合作關係將使我們未來的現金承諾減少 1500 萬美元，而我們成功的再融資交易將提供更大的財務靈活性，並在未來幾年內減少約 400 萬美元的年度現金支出。

While each of these steps are immensely positive in isolation, the strategic review continues forward, and we will update the market when appropriate. As we go through the process, our collective belief remains unshaken that there is significant unrealized value in our proprietary technology offerings that encompasses omnichannel sports, PAM and leading iGaming aggregation, our patented IP and a growing profitable B2C business.

儘管上述每項舉措單獨來看都意義重大，但戰略評估仍在繼續，我們將在適當的時候向市場更新資訊。在整個評估過程中，我們始終堅信，我們擁有的專有技術產品蘊藏著巨大的未開發價值，這些產品涵蓋全通路運動、PAM 和領先的 iGaming 聚合、我們的專利智慧財產權以及不斷增長的盈利性 B2C 業務。

We are unable to provide forward guidance at this time given the nature of our strategic review process, and as a result, the variability of potential outcomes prevents us from providing an outlook within a reasonable range. Although we expect to be in a position to provide guidance for the year upon the resolution of these discussions, hopefully, in the near future.

鑑於我們策略評估流程的性質，目前我們無法提供前瞻性指引。因此，潛在結果的不確定性使我們無法給出合理的預測範圍。儘管我們預計在相關討論結束後，即在不久的將來，我們將能夠提供全年業績指引。

To wrap up, I'm confident in our go-forward strategy to drive revenue growth with B2B sports and B2C growth in LatAm. We are taking a more simplified and focused approach to how we allocate our capital and resources. We are, in fact, in the very early innings of the rollout of GAN Sports. And at this time next year, of course, subject to regulatory approvals, we expect that GAN Sports will be operational with marquee clients across the biggest U.S. gaming markets.

總而言之，我對我們未來的發展策略充滿信心，該策略旨在透過B2B體育和拉丁美洲的B2C業務成長來推動營收成長。我們正在採取更簡化和專注的方式來分配資本和資源。事實上，GAN Sports的推廣尚處於初期階段。當然，在獲得監管部門批准的前提下，我們預計明年這個時候，GAN Sports將在美國最大的遊戲市場擁有眾多知名客戶並投入營運。

This past quarter, we made strong strides to shore up our balance sheet, providing financial flexibility to profitably grow our business. Finally, we are moving at a good pace on our strategic review process designed to deliver incremental value for shareholders, and we will update the market when appropriate. And with that, we'd be happy to take your questions.

上個季度，我們大力改善了資產負債表，為業務獲利成長提供了財務靈活性。此外，我們正在穩步推進旨在為股東創造更多價值的策略評估流程，並將在適當的時候向市場發布最新進展。最後，我們非常樂意回答各位的問題。

(Operator Instructions) Your first question comes from Ryan Sigdahl of Craig-Hallum Capital Group.

（操作員說明）您的第一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

I want to start, so you guided for Q1 one day before quarter end on March 30, and you missed the low end by $2 million. So I guess curious what happened from then until now?

我想先問一下，你們在3月30日，也就是第一季結束前一天發布了業績指引，結果比預期低了200萬美元。所以我想知道從那時到現在發生了什麼？

Yes. Ryan, look, I'll take that. So we have continuing commercial discussions with some, if not all of our B2B clients on a continuing basis. We had multiple conversations where we were seeking incremental economic value from our B2B clients throughout the duration of the first quarter. And we had some wins, and we had some that continued in negotiation stage through into the second quarter. So you're right to call it out. We didn't get things closed in time.

是的，瑞恩，我明白了。我們一直在與部分（如果不是全部）B2B客戶進行持續的商業洽談。在第一季度，我們多次與B2B客戶溝通，尋求提升他們的經濟價值。我們取得了一些成果，也有一些專案在談判階段持續到了第二季。所以你說得對，我們沒能及時完成所有交易。

So I guess does that imply a retrospective rate renegotiation? I guess I still don't quite follow given the quarter is almost over.

所以，這是否意味著要追溯性地重新協商利率？考慮到季度即將結束，我還是不太明白。

Well, just to give you an illustration, right? We actually signed a -- our definitive material agreement with one of our clients on literally the last day of the quarter, so it's very hard to predict these things. And there's obviously a rush, which our clients sometimes know all about as you approach the end of the quarter. So you have to be quite strategic about the decisions you make and the timing of those decisions.

舉個例子來說吧，我們實際上是在季度末的最後一天和一位客戶簽署了一份最終的實質協議，所以這種事情很難預測。而且很明顯，接近季度末的時候會很忙，我們的客戶有時也深有體會。因此，你必須在決策和決策時機上都採取非常策略性的做法。

Got you. As it relates to that largest B2B customer, what was the new rate? How does that compare to your old rate?

明白了。關於那位最大的B2B客戶，新的費率是多少？與之前的費率相比如何？

I mean, Ryan, we're not disclosing anything to do with our specific individual customer contracts. That's just a byproduct of the strategic review, and I'll just politely decline to answer at this point.

瑞恩，我的意思是，我們不會透露任何與我們具體客戶合約有關的資訊。這只是策略評估的副產品，我現在只能禮貌地拒絕回答這個問題。

I guess it -- okay. It's really hard to forecast this business going forward, given $3 million to $4 million delta in Q1 and not knowing those changes in the contract terms going forward with. By far, your most important, about 1/3 of that B2B business. So any help. I guess, maybe I'll ask one other a different way, do you expect more or less revenue from that customer this year?

我想應該是這樣——好吧。考慮到第一季300萬到400萬美元的差額，以及未來合約條款的變動情況，很難預測這項業務未來的發展。這其中，你們最重要的客戶大約佔B2B業務的三分之一。所以，有什麼建議嗎？我想，或許我可以換個方式問，你們預計今年從這位客戶那裡獲得的收入會增加還是減少？

Again, in the round under the strategic review process, we really can't comment at this point. I mean, we're very happy with the direction of travel with our B2B division in GAN Sports through the balance of this year, and we see significant growth in adoption rates and demand now that we've got GAN Sports fully deployed in the U.S., in Massachusetts, in both online and retail, which is a key inflection point for customers, making commitments to our business. So again, hard to be specific in the questions, and I accept and understand the frustration.

再次強調，在策略評估流程的這個階段，我們目前真的不方便置評。我的意思是，我們對GAN Sports旗下B2B部門今年的發展方向非常滿意，而且隨著GAN Sports在美國馬薩諸塞州線上線下渠道的全面部署，我們看到了用戶採納率和需求的顯著增長。這對於客戶做出與我們業務相關的承諾來說是一個關鍵的轉捩點。所以，再次強調，很難就具體問題給予明確的答复，我也理解大家的沮喪。

Your next question comes from Chad Beynon of Macquarie.

下一個問題來自麥格理集團的查德·貝農。

First on Coolbet. Dermot, I believe you said that revenues were up on a constant currency basis. Can you talk about, a, kind of where the business is in Mexico, the opportunity, if you're still as excited as you were previously in terms of what this could mean for the business?

首先是Coolbet。 Dermot，我記得你說過以固定匯率計算，收入有成長。你能談談公司在墨西哥的業務現狀、發展機遇，以及你是否仍像之前那樣對這項業務的未來發展充滿信心嗎？

And then secondly, can you kind of dive in a little bit further into markets where you're seeing growth, understanding that you exited Ontario. Just trying to get a better sense of what's going on kind of deep in the Coolbet markets.

其次，鑑於您已退出安大略省市場，能否更深入地探討您認為哪些市場正在成長？我只是想更了解Coolbet旗下市場的具體情況。

No problem at all, Chad. Thanks for the question. Yes, the B2C division, as I said on the call, we entered the second quarter with great run rate, great growth, all-time record NGR and activity. Very, very happy with the byproduct results of major soccer club sponsorship activity that started on rollout at the very end of the first quarter and into April. So very positive indications of growth there in Latin America.

沒問題，查德。謝謝你的提問。是的，正如我在電話會議上所說，B2C部門進入第二季時，營運效率和成長動能都非常強勁，淨收入和活躍度都創下了歷史新高。我們對主要足球俱樂部贊助活動的後續成果非常滿意，這些活動從第一季末一直持續到四月。因此，拉丁美洲的成長勢頭非常強勁。

The growth is centered around Latin America. We are still excited about Mexico. It's been perhaps a little bit slower out of the gate than we anticipated at the very beginning of this year, but the early indications are positive. As with all new market entries, you have to be very, very patient and optimize the conversion funnel to new depositing players before you start allocating significant amounts of marketing capital.

成長主要集中在拉丁美洲。我們仍然對墨西哥市場充滿信心。雖然墨西哥市場的發展速度可能比我們年初預期的稍慢一些，但目前的跡像是正面的。與所有新市場進入者一樣，在投入大量行銷資金之前，必須非常有耐心，並優化新玩家的轉換流程。

So we're going to continue to optimize the product, but the product itself, coolbet.com, has been extremely well received in all the Latin American markets that it's rolled out into, and we expect and anticipate the same team will continue to achieve market penetration and market growth rates in the Mexican regulated market, which will align with our previous experiences in that particular region.

因此，我們將繼續優化產品，但產品本身 coolbet.com 在所有已推出的拉丁美洲市場都受到了熱烈歡迎，我們期望並預計同一團隊將繼續在墨西哥監管市場實現市場滲透率和市場增長率，這將與我們在該特定地區的先前經驗相一致。

So very excited about the B2C division and the return to growth prospects after a relatively pedestrian growth performance in 2022, which is behind our expectations. But the indicators in the current quarter, and looking forward through the year, are very positive.

我對B2C業務的復甦以及在經歷了2022年相對平淡的成長表現（低於預期）後重回成長軌道感到非常興奮。但本季以及展望全年的各項指標都非常積極。

Great. And then on GAN Sports, can you help us just kind of think about how long it takes to get a customer up and running, really just kind of adoption rates? The reason why I'm asking it is when would we need to hear about new contract launches to be live ahead of NFL season, which is obviously the biggest contributor for most B2C operators? Is there anything, any big contracts that are coming up, opportunities there? And when would we need to hear something to have contribution for 2023?

好的。關於 GAN Sports，您能否幫我們分析一下客戶上線營運需要多長時間，也就是用戶採納率方面？我這麼問是因為，我們需要何時才能獲知新合約的發布訊息，以便在 NFL 賽季開始前上線？ NFL 賽季顯然是大多數 B2C 營運商最大的收入來源。目前是否有任何大型合約即將推出，或者有哪些機會？我們需要何時才能獲知相關訊息，以便為 2023 年的業績做出貢獻？

Well, for '23, it's really a rollout deployment story for Wynn Resorts nationwide. We have a very large number of markets going live this summer for Wynn Resorts, which is very exciting. We also have the -- and this is very much subject to successful conclusion of the licensing and certification process in Nevada, which is seriously complex as an undertaking, the summer launch for station casinos.

2023年，永利度假村將在全美全面鋪開佈局。今年夏天，我們將在眾多市場推出永利度假村的服務，這令人非常振奮。此外，我們還計劃在夏季推出車站賭場——當然，這很大程度上取決於內華達州許可和認證流程的順利完成，而這本身就是一項極其複雜的工作。

I think that's going to be a massive and highly impactful industry-wide shift in the tectonic plates of vendor infrastructure provision in major gaming markets. So we're super excited to get that out.

我認為這將是對主要遊戲市場供應商基礎設施提供方式的巨大且影響深遠的行業變革。所以我們非常興奮地推出這項技術。

The first early indicator of that was really the very positive reception by our client, Wynn Resorts, and a lot of other people in the industry paying attention to the rollout by GAN of GAN Sports for Wynn Resorts in Massachusetts, not just the very fast rollout of retail, but the day 1 successful launch of online sports for Wynn in Massachusetts on March 10 in the first quarter. So super positive rollout.

第一個早期跡像是我們的客戶永利度假村以及業內許多其他關注GAN在馬薩諸塞州為永利度假村推出GAN Sports的人士給予了非常積極的評價，這不僅體現在零售渠道的快速推廣上，還體現在3月10日第一季永利在馬薩諸塞州成功推出在線體育服務上。所以，推廣效果非常正面。

It was weeks, not months to get the retail operation stood up, which is super exciting. Retail scales and deploys very, very effectively and very well in states where we are licensed. Other states, any new states where licensing cycles are required or technical certification requirements are slightly different, which they tend to be from state to state, can be a multi-month cycle, but we do anticipate significant new B2B clients of GAN Sports as we progress through the balance of '23.

零售業務的搭建只花了幾週時間，而不是幾個月，這令人非常興奮。在我們獲得許可的州，零售業務的擴展和部署都非常有效率。其他州，尤其是那些需要許可證審批週期或技術認證要求略有不同的州（這種情況在各州之間往往存在差異），可能需要幾個月的時間。但我們預計，隨著2023年剩餘時間的推進，GAN Sports將迎來大量新的B2B客戶。

And then one last housekeeping one. Brian, you mentioned that after the Ainsworth conversion, you're at 43.8 million for shares. The diluted number was larger than that in the press release. Can you give us the end of the quarter or current fully diluted number with all the warrants, options?

最後還有一個細節問題。布萊恩，你提到在完成艾恩斯沃斯轉換後，你們的股份數量為4380萬股。新聞稿中公佈的稀釋後數字比這個數字要高。你能提供一下包含所有認股權證和選擇權在內的季度末或目前完全稀釋後的數字嗎？

I believe that we should be around 47 million. We have obviously the effect of options, the Ainsworth and our RSUs that have invested that would make up that delta.

我認為我們應該在4700萬左右。顯然，選擇權、艾恩斯沃斯基金和我們投資的限制性股票單位（RSU）的影響將彌補這一差額。

At this time, there are no further questions. I would now like to turn the call over to Dermot Smurfit for any closing remarks.

目前沒有其他問題了。現在我將把電話交給德莫特‧史默菲特，請他作總結發言。

Thank you, operator, and thank you, of course, to everyone for joining this afternoon's call. From here, we will lean hard into GAN Sports in the U.S. and selected international markets for B2C, where we are best positioned and see clearly attainable path to profitability. I remain excited about the opportunity ahead of us, and I'm confident we have the right team and plan to execute from here. Thank you all.

謝謝接線員，當然也謝謝各位參加今天下午的電話會議。接下來，我們將全力拓展美國和部分國際市場的GAN Sports業務，面向消費者，因為我們在這些市場擁有最佳優勢，並且獲利前景清晰。我對未來的機會充滿信心，也相信我們有合適的團隊和計畫來掌握接下來的機會。謝謝大家。

This concludes today's presentation. Thank you, everyone, for attending.

今天的報告到此結束。謝謝大家的聆聽。