Genius Sports Ltd (GENI) 2023 Q1 法說會逐字稿

Hello. My name is Jean-Louis. Welcome to the Genius Sports First Quarter Earnings Results 2023. (Operator Instructions) I will now turn the conference over to Brandon Bukstel, Investor Relations. Go ahead.

你好。我叫讓-路易斯。歡迎來到 Genius Sports 2023 年第一季度收益結果。（操作員說明）我現在將會議轉交給投資者關係部的 Brandon Bukstel。前進。

Thank you, and good morning. Before we begin, we'd like to remind you that certain statements made during this call may constitute forward-looking statements that are subject to risks that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility for updating forward-looking statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our annual report on Form 20-F filed with the SEC on March 30 of this year.

謝謝，早上好。在我們開始之前，我們想提醒您，在本次電話會議中所做的某些陳述可能構成前瞻性陳述，這些陳述存在風險，可能導致我們的實際結果與我們的歷史結果或我們的預測存在重大差異。我們不承擔更新前瞻性陳述的責任。任何此類聲明都應與我們在收益發布中的警示聲明和我們向美國證券交易委員會提交的文件中的風險因素討論一起考慮，包括我們於今年 3 月 30 日向美國證券交易委員會提交的 20-F 表格年度報告。

During the call, management will also discuss certain non-GAAP measures that we believe may be useful in evaluating Genius' operating performance. These measures should not be considered in isolation or as a substitute for Genius' financial results prepared in accordance with U.S. GAAP. A reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures is available in our earnings press release and earnings presentation, which can be found on our website at investors.geniussports.com.

在電話會議期間，管理層還將討論某些我們認為可能有助於評估 Genius 經營業績的非 GAAP 指標。這些措施不應孤立地考慮或替代 Genius 根據美國公認會計原則編制的財務業績。這些非 GAAP 措施與最直接可比的美國 GAAP 措施的對賬可在我們的收益新聞稿和收益報告中找到，可在我們的網站 investors.geniussports.com 上找到。

With that, I'll now turn the call over to our CEO, Mark Locke.

有了這個，我現在將把電話轉給我們的首席執行官馬克洛克。

Good morning, and thank you for joining us today. We're happy to begin 2023 on a positive note, continuing our momentum from the past year. We noted last quarter how 2023 will mark a key turning point for the business as we triple our EBITDA profitability and generate positive free cash flow in H2. Our first quarter results prove that we are already well ahead of our expectations, giving me even greater confidence in the year ahead. We hold ourselves to a high standard of accountability to our shareholders and in once again delivering results ahead of expectations for Q1 2023.

早上好，感謝您今天加入我們。我們很高興以積極的基調開始 2023 年，延續去年的勢頭。我們在上個季度注意到 2023 年將如何標誌著業務的關鍵轉折點，因為我們將 EBITDA 盈利能力提高了兩倍，並在下半年產生了正的自由現金流。我們第一季度的業績證明我們已經遠遠超出預期，讓我對來年更有信心。我們堅持對股東負責的高標準，並再次在 2023 年第一季度交付超出預期的業績。

We feel confident enough to increase our full year guidance to $400 million of revenue and $49 million of adjusted EBITDA, significantly ahead of where we guided at the start of the year. We will come back to the multiple ways Genius wins. But for now, the operating leverage of our business model is now demonstrably coming through and the strategic position we find ourselves in remains as strong as ever.

我們有足夠的信心將我們的全年指引增加到 4 億美元的收入和 4900 萬美元的調整後 EBITDA，大大超過我們年初的指引。我們將回到 Genius 獲勝的多種方式。但就目前而言，我們商業模式的經營槓桿正在明顯顯現，我們發現自己所處的戰略地位一如既往地強大。

To recap the quarter, on a constant currency basis, we grew our revenue by 19% to $97 million, well ahead of our target of $92 million. More importantly, this year-on-year revenue growth also dropped through to the group adjusted EBITDA at a near 100% margin, further demonstrating the operating leverage of the business model. We delivered $8 million in group adjusted EBITDA, exceeding our $3 million target and representing an $11 million increase from Q1 of last year and growth of nearly 400%.

回顧本季度，在固定匯率的基礎上，我們的收入增長了 19% 至 9700 萬美元，遠遠超過了我們 9200 萬美元的目標。更重要的是，這一同比收入增長也下降至接近 100% 的集團調整後 EBITDA 利潤率，進一步證明了該商業模式的經營槓桿。我們交付了 800 萬美元的集團調整後 EBITDA，超過了我們 300 萬美元的目標，比去年第一季度增加了 1100 萬美元，增長率接近 400%。

The profitability improvement this year is a function of the multiple growth drivers that come with minimal cost. As a reminder, some of these growth drivers include: increased handle or total volume of bets placed; growth of in-play betting, higher operator win margins, successful contract renewals and cross-sell with existing sportsbook customers, and new customer wins.

今年盈利能力的提高是成本最低的多重增長動力的結果。提醒一下，其中一些增長驅動因素包括：增加處理或下注總量；滾球投注的增長、更高的運營商獲勝利潤率、成功的合同續籤和與現有體育博彩客戶的交叉銷售，以及新客戶獲勝。

So these growth drivers have worked in our favor and fueled revenue growth, while our cost base has remained relatively fixed and should not need to increase. We are encouraged by these positive trends across the globe as well as in the U.S., where we continue to see solid improvement in rationalization in the online sports betting market. Our sports books are becoming more profitable. This will benefit Genius and the entire ecosystem.

因此，這些增長動力對我們有利並推動了收入增長，而我們的成本基礎保持相對固定，不需要增加。我們對全球和美國的這些積極趨勢感到鼓舞，我們繼續看到在線體育博彩市場合理化的穩步改善。我們的體育書籍越來越有利可圖。這將有利於 Genius 和整個生態系統。

I mentioned last quarter that our strategic technological and financial position is the best it has ever been during my time at Genius. Our results in the quarter give me even greater confidence in the business. And as mentioned, we are raising our revenue guidance from $391 million to $400 million and our group adjusted EBITDA from $41 million to $49 million, implying a group adjusted EBITDA margin of 12%, up from our prior guidance of 10% and more than double our '22 margin of 5%.

我在上個季度提到，我們的戰略技術和財務狀況是我在 Genius 期間最好的。我們本季度的業績讓我對業務更有信心。如前所述，我們將收入指引從 3.91 億美元提高到 4 億美元，我們的集團將 EBITDA 從 4100 萬美元調整為 4900 萬美元，這意味著集團調整後的 EBITDA 利潤率為 12%，高於我們之前的 10% 指導，是兩倍多我們的 22 年利潤率為 5%。

In summary, we are excited about our trajectory towards our long-term objective of 30% plus EBITDA margins as we persistently execute on our plan ahead of expectations.

總而言之，我們對我們實現 30% 以上 EBITDA 利潤率的長期目標的軌跡感到興奮，因為我們堅持超預期地執行我們的計劃。

Moving along, you may remember a version of Slide 6 from the prior earnings presentation, and it is worth revisiting this list, considering these are the exact growth drivers that led to our outperformance this quarter. I hope it is absolutely clear that Genius has multiple ways to win, and we incur no direct cost increases as we pull these growth levers. This is how we achieved EBITDA margin accretion alongside accelerated growth.

繼續前進，您可能還記得之前收益演示中的幻燈片 6 版本，值得重新審視這份清單，考慮到這些正是導致我們本季度表現出色的確切增長動力。我希望 Genius 有多種取勝之道，這一點絕對清楚，而且我們在拉動這些增長槓桿時不會招致直接成本增加。這就是我們如何在加速增長的同時實現 EBITDA 利潤率增長。

Let me provide just a few examples of how this benefited us in the quarter, starting with handle. Q1 saw the successful launches of regulated online sports setting in Ohio and Massachusetts. Our revenue share agreements with the U.S. sportsbook operators meant that we received immediate revenue uplift at no additional cost. Our expenses related to rights fees, people and operational overhead that would have remained the same, regardless of whether these 2 states had launched.

讓我舉幾個例子，說明這在本季度如何使我們受益，首先是 handle。第一季度在俄亥俄州和馬薩諸塞州成功推出了受監管的在線體育賽事。我們與美國體育博彩運營商的收入分成協議意味著我們無需額外費用即可立即獲得收入提升。我們與版權費、人員和運營管理費用相關的費用將保持不變，無論這兩個州是否啟動。

In addition to the overall handle growth, we've also tracked how much of it is driven by in-play betting. Our revenue share agreements with the U.S. sportsbook operators earn us a 3x higher take rate on in-play versus pre-match. Again, all on the same cost base, making this a significant profit driver for Genius. Using the NFL season as a proxy, we saw in-play betting handle increased by approximately 40% in our second full season, outpacing the rate of the broader market. Taking this a step further, sportsbooks have also improved their win margins on in-play bet, which increases the actual revenue earned from these bets. This is called gross gaming revenue, or GGR. In our second full NFL season, we saw in-play GGR grow by over 100% year-on-year.

除了整體處理量增長外，我們還跟踪了其中有多少是由滾球投注推動的。我們與美國體育博彩運營商達成的收入分成協議使我們在比賽中獲得比賽前高 3 倍的收入。同樣，所有這些都基於相同的成本基礎，這使它成為 Genius 的重要利潤驅動因素。使用 NFL 賽季作為代理，我們看到在我們的第二個完整賽季中，滾球投注增加了大約 40%，超過了大盤的增長速度。更進一步，體育博彩公司還提高了滾球投注的贏率，從而增加了從這些投注中獲得的實際收入。這稱為博彩總收入或 GGR。在我們的第二個完整 NFL 賽季中，我們看到在場 GGR 同比增長超過 100%。

The next growth driver is operator win margin. Essentially, this is the metric that measures how much of the handle is being converted to revenue from the operators and hence, for Genius. You'll have heard operators talk frequently about a significant improvement in win margins, largely driven by the success of parlays and same game parlays. Genius also shares in this in addition to the in-play revenue.

下一個增長動力是運營商贏利。從本質上講，這是衡量有多少手柄被轉換為來自運營商的收入的指標，因此，對於 Genius 來說。您會聽到運營商經常談論獲勝利潤率的顯著提高，這在很大程度上是由過關和相同遊戲過關的成功推動的。除了在場收入外，Genius 也分享了這一點。

Lastly, Genius has had a successful track record of increasing its take rate in contract renegotiations and renewals. This represents much of the year-on-year growth of our betting revenue. Remember, real-time official data is a crucial input that powers the entire sports betting industry and something that bookmakers simply cannot operate without.

最後，Genius 在提高合同重新談判和續簽率方面有著成功的記錄。這代表了我們博彩收入的大部分同比增長。請記住，實時官方數據是推動整個體育博彩行業的重要輸入，也是博彩公司離不開的東西。

And while sports betting has existed for decades in mature market, the product of official data is relatively new, and we have a long runway to continue increasing our pricing power. We expect this to be a substantial source of growth over the next 12 to 18 months and for many years ahead.

雖然體育博彩在成熟市場已經存在了幾十年，但官方數據產品相對較新，我們還有很長的路要繼續提高我們的定價能力。我們預計這將成為未來 12 至 18 個月以及未來許多年的重要增長來源。

Our business was founded on the principle of building technology-driven partnerships with leagues to: one, obtain a high-quality portfolio of official data rights; and two, position the business to capture additional revenue opportunities afforded to us through differentiated technology and relationships. This has been the bedrock of our business for the past 20 years. Today, sports leagues, teams, broadcasters, sponsors and bookmakers like many companies around the world all face the challenge of leveraging the rapid advancements in AI technologies to accelerate their businesses. We have proven without a shadow of a doubt that Genius is the clear generative AI technology leader in our industry and perfectly positioned to help our partners be at the forefront of innovation within the sports media ecosystem.

我們的業務建立在與聯盟建立技術驅動的合作夥伴關係的原則之上：第一，獲得高質量的官方數據權組合；第二，將業務定位為通過差異化技術和關係抓住為我們提供的額外收入機會。在過去的 20 年裡，這一直是我們業務的基石。如今，體育聯盟、球隊、廣播公司、贊助商和博彩公司與世界各地的許多公司一樣，都面臨著利用人工智能技術的快速發展來加速業務發展的挑戰。我們已經毫無疑問地證明，Genius 是我們行業中明確的生成 AI 技術領導者，並且完全有能力幫助我們的合作夥伴在體育媒體生態系統中處於創新的前沿。

Our Second Spectrum demo, which we held last month, detailed the decade plus of technological development and investment that is already behind us and fully costed as part of our current plan. None of our competitors are anywhere close to where we are on this and this will lend itself to a significant competitive moat in the years ahead. It's why the biggest names in sports like the NFL, NBA, English Premier League, ESPN, Amazon, CBS and others are already beginning to adopt our generative AI technology to transport their offerings as they enter the digital age.

我們上個月舉行的 Second Spectrum 演示詳細介紹了我們已經過去十年的技術開發和投資，並作為我們當前計劃的一部分進行了全面成本計算。我們的競爭對手都沒有接近我們在這方面的水平，這將在未來幾年形成一條重要的競爭護城河。這就是為什麼 NFL、NBA、英超聯賽、ESPN、亞馬遜、CBS 等體育界的大腕已經開始採用我們的生成 AI 技術來傳輸他們進入數字時代的產品。

This is what makes us a sticky long-term partner to leagues, which helps us to secure our ownership of data rights and reinforce our commercial position with the sportsbooks. It is why we will maintain our position as a technological leader helping our partners across leagues, teams, sportsbooks, broadcasters, brands and sponsors.

這就是使我們成為聯盟長期合作夥伴的原因，這有助於我們確保數據權的所有權，並通過體育博彩加強我們的商業地位。這就是為什麼我們將保持我們作為技術領導者的地位，幫助我們的聯盟、團隊、體育博彩、廣播公司、品牌和讚助商的合作夥伴。

At this stage of our journey, we are operating a business model with a large global scale, accelerating profitability and a clear path to free cash flow, all while building a platform around Second Spectrum to capture the next layer of long-term growth.

在我們旅程的這個階段，我們正在運營一個具有全球規模的商業模式，加速盈利能力和清晰的自由現金流路徑，同時圍繞 Second Spectrum 構建平台以捕捉下一層的長期增長。

While others in our space may see this changing technological landscape as a challenge, it represents an incredible opportunity for us and one on which we are already actively capitalizing. We are continuing to improve the scale of this opportunity at a rapid rate, and our focus remains on continuing to win contracts that will drive broad-based adoption of our generative AI technologies.

雖然我們這個領域的其他人可能將這種不斷變化的技術格局視為挑戰，但它對我們來說是一個難以置信的機會，而且我們已經在積極利用這個機會。我們正在繼續快速擴大這一機會的規模，我們的重點仍然是繼續贏得合同，這些合同將推動我們的生成人工智能技術得到廣泛採用。

To conclude, as you continue to watch us deliver on our financial targets, like you have for the past 5 quarters, and see increased adoption of our technology, you should recognize this as a clear signpost that we are proceeding exactly to plan on our near-term and long-time growth and profitability targets.

總而言之，當您繼續關注我們實現財務目標時，就像您在過去 5 個季度所做的那樣，並看到越來越多地採用我們的技術，您應該認識到這是一個明確的路標，表明我們正在著手製定我們近期的計劃-長期和長期的增長和盈利目標。

And on that note, I'll now hand the call to Nick to discuss our financials in more detail.

在這一點上，我現在將電話轉給尼克，更詳細地討論我們的財務狀況。

Thank you, Mark. As mentioned at the start, we have consistently delivered on our strategic and financial plan. And this marks the fifth consecutive quarter of meeting or beating expectations. Our strong execution in Q1 led to another period of outperformance relative to our guidance. The largest outperformance was in our betting product, where we grew revenue by 30% year-on-year to $65 million, exceeding our guidance of $61 million. On a constant currency basis, this represents even greater growth of 39%. Given this is high-margin revenue for us, it contributed meaningfully to our group adjusted EBITDA in the quarter.

謝謝你，馬克。正如一開始提到的，我們一直在執行我們的戰略和財務計劃。這標誌著連續第五個季度達到或超過預期。我們在第一季度的強勁執行導致了另一段相對於我們指導的表現出色的時期。最大的表現是我們的博彩產品，我們的收入同比增長 30% 至 6500 萬美元，超過了我們 6100 萬美元的指導。在固定匯率的基礎上，這代表了 39% 的更高增長。鑑於這對我們來說是高利潤收入，它對本季度我們集團調整後的 EBITDA 做出了有意義的貢獻。

Our Media revenue was also ahead of expectations, having generated $22 million of revenue versus our guidance of $20 million. As we pointed out previously, the advertising landscape has changed since Q1 of last year, amidst an evolving macroeconomic backdrop. This is particularly true for sports betting customers who have monitored their overall promotional spend more closely. Q1 of last year with a period of heightened promotional intensity for sportsbooks. This was also characterized by a handful of one-off marketing events, such as the launch of online sports betting in New York, for instance, which was unique to Q1 2022. Nevertheless, our guidance implies media revenue growth in excess of 10% this year, and we're pleased to be tracking ahead of that forecast.

我們的媒體收入也超出了預期，產生了 2200 萬美元的收入，而我們的預期為 2000 萬美元。正如我們之前指出的那樣，在不斷變化的宏觀經濟背景下，廣告格局自去年第一季度以來發生了變化。對於更密切地監控整體促銷支出的體育博彩客戶來說尤其如此。去年第一季度，體育博彩促銷力度加大。這也以一些一次性營銷活動為特徵，例如在紐約推出在線體育博彩，這是 2022 年第一季度獨有的。儘管如此，我們的指導意見暗示今年媒體收入增長超過 10%年，我們很高興能夠提前跟踪該預測。

Lastly, our sports tech revenue was in line with our expectations, earning $11 million in revenue. This equates to total group revenue of $97 million for the quarter, well ahead of our guidance of $92 million and representing 19% year-on-year constant currency growth.

最後，我們的體育科技收入符合我們的預期，收入為 1100 萬美元。這相當於本季度集團總收入為 9,700 萬美元，遠高於我們 9,200 萬美元的指導值，同比增長 19%。

Importantly, this $5 million revenue outperformance contributed to group adjusted EBITDA and nearly 100% margin. As a result, we reported group adjusted EBITDA of $8 million versus our guidance of $3 million, representing an $11 million increase from Q1 of last year. The results from the quarter are evidence of the operating leverage and the scale that exists in our business model. We have achieved sizable revenue growth without the need to materially increase our operating expenses.

重要的是，這 500 萬美元的收入表現有助於集團調整後的 EBITDA 和近 100% 的利潤率。因此，我們報告的集團調整後 EBITDA 為 800 萬美元，而我們的指導值為 300 萬美元，比去年第一季度增加了 1100 萬美元。本季度的結果證明了我們業務模型中存在的運營槓桿和規模。我們在無需大幅增加運營費用的情況下實現了可觀的收入增長。

Going forward, the business can support substantially higher revenue with the fixed cost base we have today. Based on everything you've heard today, you can likely feel the sense of excitement in the business, and therefore, we are raising our 2023 guidance accordingly. We are increasing our revenue guidance from $391 million to $400 million based on our outperformance in Q1 and the positive trends we expect will persist through the remainder of the year. Similarly, we are raising our group adjusted EBITDA guidance from $41 million to $49 million. As much of this additional revenue should drop through to our adjusted EBITDA and we do not anticipate any incremental changes to our cost base.

展望未來，我們今天擁有的固定成本基礎可以支持大幅增加的收入。根據您今天聽到的一切，您可能會感到業務興奮，因此，我們相應地提高了 2023 年的指導。基於我們在第一季度的出色表現，我們將收入指引從 3.91 億美元上調至 4 億美元，並且我們預計積極趨勢將持續到今年剩餘時間。同樣，我們將集團調整後的 EBITDA 指引從 4100 萬美元提高到 4900 萬美元。由於這些額外收入中的大部分應該下降到我們調整後的 EBITDA 中，我們預計我們的成本基礎不會有任何增量變化。

Just to be clear, unless communicated otherwise, our guidance will typically assume an exchange ratio that is consistent from the time of our first issuing guidance, which, in this case, was 1.2 GBP to U.S. dollar. We understand that foreign exchange rates will fluctuate throughout the year. However, as it relates to our public guidance, we do not intend to predict these fluctuations. In other words, we are focused on guiding the market on a like-to-like basis. Therefore, unless these short-term movements are truly material in nature, much like we experienced last year, we will continue to guide based on a consistent currency.

需要明確的是，除非另有說明，否則我們的指導通常會假設匯率與我們首次發布指導時一致，在這種情況下，匯率為 1.2 英鎊兌美元。我們了解外匯匯率全年都會波動。但是，由於它涉及我們的公共指導，我們不打算預測這些波動。換句話說，我們專注於在同類基礎上引導市場。因此，除非這些短期波動在本質上確實是重大的，就像我們去年經歷的那樣，否則我們將繼續基於一致的貨幣進行指導。

Looking beyond EBITDA and into our cash position, we finished the quarter with $131 million in cash, which is slightly ahead of our guided figure of $130 million. As a reminder, our first quarter cash flow typically includes seasonal working capital outflow and an annual cash payment related to our CFL investment.

超越 EBITDA 並進入我們的現金狀況，我們以 1.31 億美元的現金結束了本季度，略高於我們 1.3 億美元的指導數字。提醒一下，我們第一季度的現金流量通常包括季節性營運資金流出和與我們的 CFL 投資相關的年度現金支付。

Looking ahead to Q2, we expect our closing cash balance to be approximately $115 million, which should represent our cash low point for the year. From there, we expect Q3 will be roughly cash flow breakeven before flipping positive in Q4. Overall, we expect to generate positive free cash flow in the second half of this year as guided last quarter. Again, our Q1 outperformance and increased guidance demonstrate the profitability potential of the business model. And in 2023, is the year in which this begins to accelerate in the form of rapid margin expansion. We're excited about the progress we've made this quarter and for the strong momentum we have through the remainder of the year.

展望第二季度，我們預計我們的期末現金餘額約為 1.15 億美元，這應該是我們今年的現金低點。從那時起，我們預計第三季度的現金流量將大致達到盈虧平衡，然後在第四季度轉正。總體而言，我們預計今年下半年將按照上一季度的指導產生正的自由現金流。同樣，我們第一季度的出色表現和更高的指引證明了該商業模式的盈利潛力。而在 2023 年，這將以利潤率快速擴張的形式開始加速。我們對本季度取得的進展以及今年剩餘時間的強勁勢頭感到興奮。

With that, we will conclude our prepared remarks and open the line to Q&A.

至此，我們將結束準備好的發言並打開問答環節。

(Operator Instructions) Your first question comes from the line of Jordan Bender of JMP Securities.

（操作員說明）您的第一個問題來自 JMP 證券公司的 Jordan Bender。

As we look out to the 2023 updated guidance, can you just kind of remind us how you're thinking about some of the shifting factors impacting guidance that you kind of walk through on Page 6 of the slide, playing and hold throughout the year?

當我們關注 2023 年更新指南時，您能否提醒我們您是如何考慮影響指南的一些轉變因素的，這些因素是您在幻燈片第 6 頁上走過的，全年都在玩和堅持？

Jordan, it's Nick. Yes, I guess the headline answer to that is we're thinking about it for the rest of the year, how we've seen it really in Q1. And just to remind everybody what we've done is we've seen a really strong NFL season through Q4 and Q1 this year. There's a lot of tailwinds in our favor. And you've heard that from the sportsbook operators over the course of the last 1.5 week through their own earnings season. Just to give you an idea of what that growth looks like for NFL.

喬丹，是尼克。是的，我想這個問題的主要答案是我們在今年餘下的時間裡考慮它，我們在第一季度是如何真正看到它的。只是為了提醒大家我們所做的是，我們在今年第四季度和第一季度看到了一個非常強大的 NFL 賽季。有很多對我們有利的順風。在過去 1.5 週的財報季中，您已經從體育博彩運營商那裡聽說了這一點。只是為了讓您了解 NFL 的增長情況。

What we've seen is the in-play has been growing the fastest of all the different betting metrics. We've got total NHL handle has been up 21% season on season and actually in-play is up 40% from that basis. When you look at it on a GGR basis, I think Mark touched on this in the prepared remarks, total NFL GGR was up 86%, and yet total in-play GGR was at 100%. So they are the sort of key tailwinds that we're forecasting through to the end of the season, but we're not -- in order to hit our numbers in our revised guidance, we're not looking at any material changes in those underlying metrics.

我們所看到的是，滾球是所有不同投注指標中增長最快的。我們已經知道 NHL 的總處理量一個賽季一個賽季增加了 21%，實際上在比賽中比那個基礎增加了 40%。當你在 GGR 的基礎上看它時，我認為馬克在準備好的評論中提到了這一點，NFL 總 GGR 增長了 86%，但總的在場 GGR 為 100%。因此，它們是我們預測到本賽季末的關鍵順風，但我們不是——為了在我們修訂後的指導中達到我們的數字，我們沒有考慮這些方面的任何實質性變化基礎指標。

Great. And then for my follow-up, I want to talk about the U.S. business. I guess were you guys EBITDA positive in the first quarter there? And then maybe how we should think about that kind of trend being throughout the year as well.

偉大的。然後對於我的後續行動，我想談談美國業務。我猜你們第一季度的 EBITDA 是正數嗎？然後也許我們應該如何考慮全年的這種趨勢。

Yes. I mean we don't give a geographical split on partly because it's very difficult because a lot of our contracts, obviously, a lot of our rights are entirely multinational. I mean what we said at the year-end, and I think it still is true today is that the losses that we found in the U.S. have certainly got less and will continue to reduce through 2023.

是的。我的意思是我們不進行地域劃分，部分原因是這非常困難，因為我們的很多合同，顯然，我們的很多權利完全是跨國的。我的意思是我們在年底所說的話，我認為今天仍然是真的，我們在美國發現的損失肯定已經減少，並將在 2023 年繼續減少。

We weren't EBITDA positive. I think that's a fair comment. And I think I said at the year-end, we'll be looking at around about a single-digit EBITDA loss in the U.S. for 2023, which is considerably better than it was in 2022, and I expect that to continue to progress to a breakeven and positive position for 2024.

我們的 EBITDA 並不樂觀。我認為這是一個公平的評論。我想我在年底說過，我們將看到 2023 年美國的 EBITDA 損失大約是個位數，這比 2022 年要好得多，我預計這種情況會繼續發展到2024 年的盈虧平衡和積極立場。

Your next question comes from the line of Jed Kelly of Oppenheimer.

你的下一個問題來自奧本海默的傑德凱利。

Just 2, if I may. You've had a lot of nice announcements with the Second Spectrum. And you had a very nice tech demo back in March on the technology. So can you just remind us how or where we'll see that start to sort of help some of the other revenue line items and how that will impact the financials? And then just looking out over the next 12 months, are there any contracts up for bid or up for renewal that we should be aware of?

如果可以的話，只有 2 個。 Second Spectrum 發布了很多不錯的公告。早在 3 月份，您就該技術進行了非常好的技術演示。那麼，您能否提醒我們，我們將如何或在何處看到它開始對其他一些收入項目有所幫助，以及這將如何影響財務狀況？然後看看接下來的 12 個月，是否有任何我們應該注意的待投標或續簽合同？

Jed, it's Mark. Yes, it's a good question on Second Spectrum. So I mean, just to recap, what we've spent our time doing the Second Spectrum is really focusing on an investment phase. So I mean Second Spectrum had 10-plus years of investment. And one of the important things that we think is worth focusing on is that Second Spectrum is fully costed or fully budgeted in the numbers that we put out, both now and our guidance. And I think that's a really important differentiating factor for Genius.

傑德，是馬克。是的，這是關於 Second Spectrum 的一個好問題。所以我的意思是，回顧一下，我們花時間做 Second Spectrum 的真正重點是投資階段。所以我的意思是 Second Spectrum 有 10 多年的投資。我們認為值得關注的重要事情之一是，Second Spectrum 在我們現在和我們的指導中提出的數字中完全計算了成本或完全預算。我認為這對 Genius 來說是一個非常重要的差異化因素。

The way that Second Spectrum impacts us is very similar to the way that we've used technology in the rest of our business. We've got a long history of building and delivering technology for sports and using that to acquire rights and drive revenues in all aspects of our business.

Second Spectrum 對我們的影響方式與我們在其他業務中使用技術的方式非常相似。我們在構建和交付體育技術方面有著悠久的歷史，並利用這些技術在我們業務的各個方面獲得權利和增加收入。

So what you're seeing now and again, already dropping through and what you'll be seeing significantly more over the coming period is a revenue increases in all aspects of our business as a result of Second Spectrum. So new rights deals or potential renewals of rights deals that we may have where a lot of those are driven by our Second Spectrum relationship as well now, the relationships we've got with the sportsbooks. We announced something with bet365 a while ago, that will start to drop through over time. And again, the way that we engage with the leagues in all sorts of different areas.

因此，您現在一次又一次地看到，已經下降，並且在未來一段時間內您將看到更多的是 Second Spectrum 帶來的我們業務各個方面的收入增長。因此，我們可能擁有的新的權利交易或潛在的權利交易續約，其中很多都是由我們的 Second Spectrum 關係驅動的，現在我們與體育博彩公司建立的關係。我們不久前宣布了 bet365 的一些內容，隨著時間的推移會開始下降。再一次，我們在各種不同領域與聯盟接觸的方式。

And I guess the final area is the sort of broadcast in the media side. We -- I've made it pretty clear that my focus for Second Spectrum, one of the focus is to Second Spectrum is to distribute our technology into many broadcasts as possible. I think we've done a good job of that. So far, we've got Amazon and CBS, and we're doing stuff in the U.K. with Premier League. And all of that is coming through really nicely in our business and gives us an enormous revenue potential from that side as well.

我想最後一個領域是媒體方面的廣播。我們 - 我已經非常清楚地表明我對 Second Spectrum 的關注點之一是 Second Spectrum 的重點是將我們的技術分發到盡可能多的廣播中。我認為我們在這方面做得很好。到目前為止，我們有亞馬遜和 CBS，我們正在英國與英超聯賽合作。所有這一切都在我們的業務中取得了很好的進展，也為我們帶來了巨大的收入潛力。

So I think we're feeling pretty good about where we are on a commercial basis, and we're feeling pretty good about the lead that we have in this space and the investments that we've already made.

所以我認為我們對我們在商業基礎上的位置感覺非常好，我們對我們在這個領域的領先地位以及我們已經進行的投資感覺非常好。

So your second question? Sorry, Jed, I think your second question was around rights renewals. Yes, there's a few rights renewal conversations. I mean the main one is the data co-rights renewal conversation. That's up shortly. So again, referring slightly back to the answer I've just given you. We've got a very strong relationship with lots of different rights holders. We're using Second Spectrum to really drive a lot of their strategy and their growth. And I think we're feeling pretty good about where we're sitting in the position we have with any of the major rights renewals that we've got on the horizon.

那麼你的第二個問題？抱歉，傑德，我想你的第二個問題是關於權利續約的。是的，有一些權利更新對話。我的意思是主要的是數據共同權利更新對話。很快就到了。再一次，稍微回顧一下我剛剛給你的答案。我們與許多不同的權利持有人建立了非常牢固的關係。我們正在使用 Second Spectrum 來真正推動他們的許多戰略和增長。而且我認為我們對我們所處的位置感覺非常好，因為我們即將進行任何重大權利續約。

Your next question comes from the line of Bernie McTernan of Needham and Company.

你的下一個問題來自 Needham and Company 的 Bernie McTernan。

Great. Would love to just get some thoughts on with the recent investor presentation on Second Spectrum. Has it advanced any conversations with stakeholders in the industry for bringing this technology to market and maybe a follow-up to that. In the letter, it talks about 1Q benefiting from higher take rates in part driven by contract renegotiations. Was Second Spectrum a catalyst to revisit those contracts? And if not, what drove kind of like the early renegotiation of those contracts?

偉大的。希望對最近關於 Second Spectrum 的投資者介紹有一些想法。它是否推進了與行業利益相關者的任何對話，以將這項技術推向市場，並可能採取後續行動。在這封信中，它談到了第一季度受益於較高的採用率，部分原因是合同重新談判。 Second Spectrum 是重新審視這些合同的催化劑嗎？如果不是，是什麼推動了這些合同的早期重新談判？

Yes. I mean I'll sort of take those questions back front, if you like. I mean, the renegotiations of the contracts are sort of part of normal course of business. So we're constantly renegotiating our contracts and the way that, that operates in the business has been pretty consistent for years. So that's really what we're doing. Obviously, when we've got new technologies such as Second Spectrum, and it really does have that sort of differentiating factor in that advantage, then it becomes a big part of those course of business conversations. So it gives us a significant opportunity to expand those relationships and really work more closely with our clients.

是的。我的意思是，如果你願意，我會把這些問題放在前面。我的意思是，重新談判合同是正常業務過程的一部分。因此，我們不斷地重新談判我們的合同，以及多年來在業務中運作的方式一直非常一致。這就是我們正在做的事情。顯然，當我們擁有諸如 Second Spectrum 之類的新技術時，它確實具有那種優勢的差異化因素，那麼它就會成為這些業務對話過程中的重要組成部分。因此，它為我們提供了一個重要的機會來擴大這些關係，並真正與我們的客戶更緊密地合作。

On the sort of previous question, the way that we're thinking about some of the sports. So the way we're thinking about sort of Second Spectrum with the rights negotiation, I mean, I basically touched on that on the last answer as well. All of the conversations that we're having with our rights holders, all of the conversations that we have with our partners include I think without exception, uses of Second Spectrum and rollout of that technology. It's become a really core part of the business.

關於之前的問題，我們考慮某些運動的方式。因此，我們通過權利談判來考慮某種 Second Spectrum 的方式，我的意思是，我基本上也在最後一個答案中提到了這一點。我們與權利持有人進行的所有對話，我們與合作夥伴進行的所有對話，我認為無一例外地包括 Second Spectrum 的使用和該技術的推出。它已經成為業務的真正核心部分。

Obviously, one of the things that's so strong about the position is that it's real, that it exists that it's already out there in the market that it's driving technology and driving a lot of those relationships. So yes, it's become an integral part of our strategy, and it's become an integral part of our strategy that's really working and really delivering revenues at the moment.

顯然，這個職位如此強大的一件事是它是真實的，它已經存在於市場上，它正在推動技術並推動許多這些關係。所以，是的，它已經成為我們戰略不可或缺的一部分，而且它已經成為我們戰略不可或缺的一部分，目前確實有效並真正帶來了收入。

Bernie, it's Nick. Just following on as well, Mark's answer in relation to the renegotiation of the contract. It's worth just remembering that 30% of our revenues are from the U.S. A lot of those renegotiations in Q1 are actually the non-U.S. contracts, as you know, the U.S. contracts run broadly to mid-2024. It's also not just renegotiation, it's the sort of classic land-and-expand position that we have with our global sportsbooks, where it's about adding additional services. And that's exactly where Second Spectrum comes into play with a new additional product and the new additional technology that they're as interested in any sports leagues and federations.

伯尼，是尼克。緊接著，馬克關於合同重新談判的回答。值得記住的是，我們 30% 的收入來自美國。第一季度的許多重新談判實際上是非美國合同，如你所知，美國合同廣泛運行到 2024 年年中。這也不僅僅是重新談判，這是我們在全球體育博彩中所擁有的那種經典的土地和擴張立場，它是關於增加額外服務的。而這正是 Second Spectrum 發揮作用的地方，它推出了新的附加產品和新的附加技術，他們對任何體育聯盟和聯合會都感興趣。

Your next question comes from the line of Clark Lampen of BTIG.

你的下一個問題來自 BTIG 的 Clark Lampen。

I had a question on the programmatic ad business, maybe for Mark or if he's on the line, Josh, I was hoping you guys could update us on what you're seeing with customer growth and demand trends, I guess, between the respective sports betting and non-sports betting markets? And maybe also some context on how you -- what you're seeing right now in the broader ad market? How that's trending? Do you feel like it's sort of weakened or improved relative to when you set guidance earlier in the year?

我有一個關於程序化廣告業務的問題，也許是馬克，或者如果他在線，喬希，我希望你們能向我們介紹你們在客戶增長和需求趨勢方面所看到的最新情況，我想，在各自的運動之間博彩和非體育博彩市場？也許還有一些關於你如何 - 你現在在更廣泛的廣告市場上看到的內容？這趨勢如何？與今年早些時候制定指導時相比，您是否覺得它有所減弱或改善？

Clark, it's Josh. In terms of our overall programmatic business, we continue to be really happy with its progress. To date, the majority of the revenue still are aligned on the sportsbook side of things, but we continue to win new business with the non-betting advertisers, and we're really, really happy with how that's progressing. I mean, as a reminder, that's coming from a very low base. I mean, 18 months ago, that was a very, very new area for us, and we're happy with the number of new brands that we brought on over the course of the last 18 months, and that continues to go from strength to strength. Obviously, it's early days. It's the start with these advertisers.

克拉克，是喬希。就我們的整體程序化業務而言，我們仍然對其進展感到非常滿意。迄今為止，大部分收入仍然集中在體育博彩方面，但我們繼續贏得非博彩廣告商的新業務，我們對進展情況非常非常滿意。我的意思是，作為提醒，這是來自一個非常低的基數。我的意思是，18 個月前，這對我們來說是一個非常非常新的領域，我們對過去 18 個月中引入的新品牌數量感到滿意，而且這個品牌還在不斷壯大力量。顯然，現在還為時過早。這是這些廣告商的開始。

So much like the sports betting business, we have a land-and-expand strategy here and we're feeling really good about it.

就像體育博彩業務一樣，我們在這裡有一個土地和擴張的戰略，我們對此感覺非常好。

In terms of the overall ad market, I think some of those initial jitters are starting to ease a little bit. And we're seeing new cash budgets come in from various brands. So we're certainly happy about it. We don't see the market stopping us from progressing.

就整個廣告市場而言，我認為一些最初的緊張情緒開始有所緩解。我們看到新的現金預算來自各個品牌。所以我們當然很高興。我們沒有看到市場阻止我們前進。

Yes. Clark, it's Nick. Just to add to that as well, just on the back what Josh just said, is it because of that is why we've upped our guidance, for example, in Q3 on media by a couple of million dollars because we're starting to have some pretty interesting and favorable conversations in relation to -- particularly around the start of the U.S. sports season at that time, where I think that when we set that guidance initially, we'll be relatively conservative because of the visibility we have in that space.

是的。克拉克，是尼克。還要補充一下，就在喬什剛才說的後面，是不是因為這就是為什麼我們提高了我們的指導，例如，在第三季度媒體上增加了幾百萬美元，因為我們開始有一些非常有趣和有利的對話 - 特別是在當時美國體育賽季開始時，我認為當我們最初設定該指導時，我們會相對保守，因為我們在這方面的知名度空間。

Media, if you still look at our media numbers year-on-year, then implies a growth rate of 11%, which we're pretty happy with, particularly given what Josh just said about the overall market position.

媒體，如果你仍然按年查看我們的媒體數據，那麼意味著 11% 的增長率，我們對此非常滿意，特別是考慮到 Josh 剛才所說的整體市場地位。

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

（操作員說明）你的下一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

You mentioned price increases that you took on several of the global sportsbook contract renewals. Curious if there was any churn in those customers as part of that negotiation?

你提到了你在幾個全球體育博彩合同續簽中的價格上漲。想知道作為談判的一部分，這些客戶是否有任何流失？

Yes. Ryan, no churn. As you know, one of the fundamentals about Genius is given the number of sports and given our long tail and given the marketing products we have is that if you run a legalized sportsbook globally, you have to work with Genius. And what Jack and the commercial team have done over the last 12 months and continue to do is make sure that we continue to drive value from the services we provide. This is not just about taking price, although pricing improvement, as Mark talked about in the prepared remarks, it's going to be certainly a large lever of our growth going forward, but this is also about land-and expand and expanding our services not just on the 5 or 6 key U.S. sportsbooks, but obviously on a global basis.

是的。瑞安，沒有流失。如您所知，關於 Genius 的基本原則之一是考慮到體育項目的數量、我們的長尾巴以及我們擁有的營銷產品，如果您在全球範圍內經營一家合法的體育博彩公司，則必須與 Genius 合作。傑克和商業團隊在過去 12 個月裡所做的並將繼續做的是確保我們繼續從我們提供的服務中推動價值。這不僅僅是關於定價，儘管正如馬克在準備好的發言中所說的那樣，定價的改善肯定會成為我們未來增長的一個重要槓桿，但這也與土地有關——不僅是擴大和擴大我們的服務在 5 或 6 個主要的美國體育博彩上，但顯然是在全球範圍內。

And then for a follow-up, so you raised your EBITDA guidance for the year. Good to see that. The cash low point is now a bit lower than what you were previously expecting last quarter. I guess what are the puts and takes kind of on the cash reconciliation versus the EBITDA guidance?

然後進行跟進，所以你提高了今年的 EBITDA 指導。很高興看到這一點。現金低點現在比您之前在上個季度預期的要低一些。我想現金對賬與 EBITDA 指南相比有哪些看跌期權和看跌期權？

Yes. Ryan, yes, we didn't actually give a previous cash flow point number. So it's actually pretty much in line with what we have previously said. So they're around about $115 million. And then we are affirming what we said last quarter and indeed, I think probably the quarter before that, is that we'll be positive in cash in H2 and then expecting to be positive cash in 2024 as a year.

是的。瑞安，是的，我們實際上並沒有給出以前的現金流量點數。所以它實際上與我們之前所說的非常一致。所以他們大約是1.15億美元。然後我們確認我們上個季度所說的話，實際上，我認為可能是在那之前的一個季度，我們將在下半年獲得正現金，然後預計 2024 年將成為正現金。

Your next question comes from the line of Michael Hickey of Benchmark.

您的下一個問題來自 Benchmark 的 Michael Hickey。

Congrats on a strong quarter and your updated guidance here. Nick, I had trouble getting online here, but did you talk about 4Q? It looks like you raised every quarter above 4Q, if I saw that right, just curious why you didn't bump up 4Q?

祝賀一個強勁的季度和您在這裡更新的指導。尼克，我在這裡上網有問題，但你談過 4Q 嗎？看起來你每個季度都提高了 4Q 以上，如果我沒看錯的話，只是好奇你為什麼沒有提高 4Q？

Yes. Mike, you're right. So we've raised Q2 by a couple of million dollars. We obviously have much -- better visibility of quarter 2 and some of the tailwinds that we're seeing, particularly in the betting sector in Q1, we're seeing play out again in quarter 2. I think just in one of the previous answers talked about our increasing confidence around media spend at the start of the sports season in Q3. Q4, it's purely just visibility right now, Mike. We're only just one quarter in and we're pretty confident of those numbers. We're delighted to raise our guidance to [$149 million] and we'll continue to monitor. We'll come back once our Q2 performance is in the bag to discuss what the rest of the year looks like.

是的。邁克，你是對的。所以我們已經將第二季度提高了幾百萬美元。我們顯然對第 2 季度和我們看到的一些順風有了更好的了解，特別是在第 1 季度的博彩行業，我們將在第 2 季度再次發揮作用。我認為只是在之前的一個答案中談到我們在第三季度體育賽季開始時對媒體支出的信心增強。第 4 季度，邁克，現在純粹只是可見性。我們只有四分之一，我們對這些數字非常有信心。我們很高興將我們的指導提高到 [1.49 億美元]，我們將繼續監控。我們將在第二季度的表現確定下來後回來討論今年剩餘時間的情況。

Okay. Cool. And then also, I mean, 100% contribution margin for the quarter exceptional. You raised your EBITDA guide for the year, so sort of contribution margin maybe 56% for the year. Can you just talk about sort of your success here in controlling expenses like you have and how you think about sort of the progression from 1Q into the remaining quarters here in terms of your expense control?

好的。涼爽的。然後，我的意思是，本季度的邊際貢獻率為 100%。你提高了當年的 EBITDA 指南，所以今年的邊際貢獻可能是 56%。您能否在這裡談談您在控制費用方面取得的成功，以及您如何看待從 1Q 到剩餘季度的費用控制方面的進展？

Yes. I mean, Mike, you and everybody else has heard us talk quite a lot in the past around our operating leverage in the business and the levers that we have at our disposal to increase revenues come with a 0 increase in cost base. And we've always said that, that requires a certain level of scale, and we're at that tipping point now, which is why we are going to go from a $15 million EBITDA position to a $49 million EBITDA position in 2023. And those conditions we should see continue to exist from 2024 and beyond.

是的。我的意思是，邁克，你和其他所有人過去都聽過我們談論過很多關於我們在業務中的運營槓桿以及我們可以使用的增加收入的槓桿，成本基礎為 0。我們一直說，這需要一定程度的規模，而我們現在正處於那個臨界點，這就是為什麼我們要在 2023 年從 1500 萬美元的 EBITDA 頭寸增加到 4900 萬美元的 EBITDA 頭寸。我們應該看到這些條件從 2024 年及以後繼續存在。

If you look at Q1 year-on-year position, and you look at our cash operating expenses are actually, in total, it's $24 million this quarter versus $27 million in the previous quarter last year. So the business is very focused on driving profitability and driving cash profitability as well, and we're really beginning to see that happen in this quarter and expecting that to continue through for the rest of the year.

如果你看一下第一季度的同比情況，看看我們的現金運營支出實際上總共是 2400 萬美元，而去年上一季度為 2700 萬美元。因此，該業務非常專注於推動盈利能力和現金盈利能力，我們真的開始在本季度看到這種情況發生，並預計今年剩餘時間會持續下去。

Thank you. There are no further questions at this time. This concludes today's conference call. You may now disconnect.

謝謝。目前沒有其他問題。今天的電話會議到此結束。您現在可以斷開連接。