Genius Sports Ltd (GENI) 2023 Q2 法說會逐字稿

Hello, and welcome to the Genius Sports Second Quarter Earnings Results 2023 Call. (Operator Instructions) I will now turn the conference over to the Genius Sports. Please go ahead.

您好，歡迎參加 Genius Sports 2023 年第二季度盈利結果電話會議。 （操作員指示）我現在將會議轉交給天才體育。請繼續。

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 discussion in our filings with the SEC, including our annual report on Form 20-F filed with the SEC on March 30, 2023.

謝謝你，早上好。在開始之前，我們想提醒您，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的風險。我們不承擔更新前瞻性陳述的責任。任何此類聲明均應與我們向 SEC 提交的財報中的警告聲明和風險因素討論結合起來考慮，包括我們於 2023 年 3 月 30 日向 SEC 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 to 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。這些措施不應被孤立地考慮或替代 Genius 所依據的財務結果。美國公認會計準則。我們的收益新聞稿和收益演示文稿中提供了這些非公認會計準則衡量標準與最直接可比的美國公認會計準則衡量標準的調節，這些內容可以在我們的網站 Investors.geniussports.com 上找到。

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

現在，我將把電話轉給我們的首席執行官馬克·洛克 (Mark Locke)。

Good morning, and thank you for joining us today. We're pleased to continue our strong momentum through the first half of the year as we successfully executed on our strategic and financial plan. We began in 2023 by telling you that this will be a key inflection year for our business as we expect to triple our adjusted EBITDA profitability. With the first half of the year now behind us, the $24 million of adjusted EBITDA we delivered year-to-date is more than 4x what we reported in the first half of 2022 and our latest full year guide, which we are again raising today to $52 million is now 27% higher than the $41 million guide to the start of the year.

早上好，感謝您今天加入我們。我們很高興在今年上半年繼續保持強勁的勢頭，成功執行了我們的戰略和財務計劃。我們從 2023 年開始就告訴您，這將是我們業務的關鍵轉折年，因為我們預計調整後 EBITDA 盈利能力將增加兩倍。上半年已經過去，我們今年迄今交付的 2400 萬美元調整後 EBITDA 是我們在 2022 年上半年報告和我們今天再次提高的最新全年指南的 4 倍多至5200 萬美元，比年初的4100 萬美元指導值高出27%。

Financial results from the first half of the year and the expansions of our marquee Football DataCo and NFL partnerships, are a testament to the fact that our strategy is clearly working. Our differentiated technology-driven approach is solidifying our position at the heart of the sports media ecosystem, which is generating meaningful financial results across the entire organization.

今年上半年的財務業績以及我們的大型足球數據公司和 NFL 合作夥伴關係的擴展證明了我們的戰略顯然正在發揮作用。我們差異化的技術驅動方法正在鞏固我們在體育媒體生態系統核心的地位，該生態系統正在為整個組織帶來有意義的財務成果。

As a result of our successful execution, we now have greater long-term visibility in our business and find ourselves further along the path to our long-term adjusted EBITDA margin target in excess of 30% than we were when we started the year. We will discuss all of this in greater detail during today's call.

由於我們成功執行，我們現在在業務中擁有了更大的長期可見性，並且發現我們在實現長期調整後 EBITDA 利潤率目標的道路上取得了比年初超過 30% 的目標。我們將在今天的電話會議中更詳細地討論所有這些問題。

To begin, we increased revenue by 22% year-on-year to $87 million for the second quarter, well ahead of our $80 million target. This led to group adjusted EBITDA nearly doubling in the quarter to $16 million, also beating our guidance of $14 million. This represents an adjusted EBITDA margin of 18%, up from 12% in Q2 2022. As mentioned in my earlier remarks, through the first half of this year, we have already more than quadrupled our adjusted EBITDA compared to the last year demonstrating this rapid acceleration of profitability.

首先，我們第二季度的收入同比增長 22% 至 8,700 萬美元，遠遠超出了 8,000 萬美元的目標。這導致集團調整後的 EBITDA 在本季度幾乎翻了一番，達到 1600 萬美元，也超出了我們 1400 萬美元的指導。這意味著調整後的EBITDA 利潤率為18%，高於2022 年第二季度的12%。正如我之前的評論中提到的，截至今年上半年，我們的調整後EBITDA 與去年相比已經增長了四倍多，這表明我們的快速增長加速盈利能力。

Given the results we've delivered to date and the operational milestones we achieved, we feel confident in raising our full year group revenue and adjusted EBITDA guidance to $410 million and $52 million, respectively, significantly ahead of our initial 2023 guidance. Additionally, we expect to reach an important inflection point as we turn cash flow positive in the second half of this year and plan to continue generating sustainable cash flow through 2024 and beyond.

鑑於我們迄今為止取得的成果和實現的運營里程碑，我們有信心將全年集團收入和調整後的 EBITDA 指導分別提高至 4.1 億美元和 5200 萬美元，大大超出我們最初的 2023 年指導。此外，隨著我​​們在今年下半年將現金流轉為正值，我們預計將達到一個重要的拐點，併計劃在 2024 年及以後繼續產生可持續的現金流。

Among the highlights from the quarter was the extension of our 2 most important league partnerships, Football DataCo and the NFL. Our ability to retain and expand relationships with key lead partners is driven by our technology-led approach, which creates multiple touch points with various stakeholders within sports digital ecosystem. This includes the league itself, teams, broadcasters and sponsors. This is fundamental to our strategy and a key reason why both organizations renewed our partnerships ahead of schedule and without a competitive bidding process. I'll touch on this again shortly.

本季度的亮點之一是延長了我們兩個最重要的聯盟合作夥伴關係：Football DataCo 和 NFL。我們保持和擴大與主要主要合作夥伴關係的能力是由我們以技術為主導的方法驅動的，該方法在體育數字生態系統中與各個利益相關者創建了多個接觸點。這包括聯盟本身、球隊、轉播商和讚助商。這是我們戰略的基礎，也是兩個組織提前更新合作夥伴關係且無需競爭性招標流程的關鍵原因。我很快就會再次談到這一點。

By now, you should understand how our deep technology integrations enable us to secure long-term partnerships with leagues, which ultimately fuels growth across the entire business, not just in the betting but also in the media. One of the long-term growth drivers of our media revenue is the expansion of our customer base. While most of our media customers are still bookmakers today, we are gaining traction with non-vesting consumer brands, representing a sizable long-term opportunity.

現在，您應該了解我們的深度技術集成如何使我們能夠與聯賽建立長期合作夥伴關係，從而最終推動整個業務的增長，不僅在博彩領域，而且在媒體領域。我們媒體收入的長期增長動力之一是客戶群的擴大。雖然我們的大多數媒體客戶今天仍然是博彩公司，但我們正在獲得非歸屬消費品牌的吸引力，這代表著巨大的長期機會。

Through the first half of the year, we have supported successful digital advertising campaigns for several new customers, including Puma, Bayer, Stellantis, Ram, Jeep and Cobra, just to name a few. Our expanding footprint should support long-term growth as we continue penetrating this market. As a result of this strong momentum across the business, we have even greater confidence in our ability to achieve near- and long-term results, particularly as we continue executing ahead of expectations and gave higher visibility by securing long-term rights renewal.

今年上半年，我們為多家新客戶提供了成功的數字廣告活動支持，其中包括 Puma、Bayer、Stellantis、Ram、Jeep 和 Cobra 等。隨著我們繼續滲透這個市場，我們不斷擴大的足跡應該會支持長期增長。由於整個業務的強勁勢頭，我們對實現近期和長期業績的能力更有信心，特別是當我們繼續超前執行並通過確保長期權利更新來提供更高的知名度時。

In other words, we now know the exact amount of fees payable to Football DataCo through 2025 and the NFL through 2028, and we feel confident in our ability to continue growing our profitability through that time frame and beyond.

換句話說，我們現在知道了 2025 年之前向 Football DataCo 和 2028 年之前向 NFL 支付的確切費用，並且我們對在該時間範圍內及之後繼續提高盈利能力的能力充滿信心。

To that end, I'd like to provide a bit more detail on recent rights renewals. Our unique approach to lead partnerships has always been led by our suite of technology solutions. This is a key reason why leagues choose to work with us and stay with us over time. While we'll focus on Football DataCo and NFL renewals today, it is this very same strategy that enables us to win in the new deals with leads of all sizes across the world on a frequent basis. We maintain over 400 league relationships globally, all of which are centered around our technology.

為此，我想提供有關最近權利續訂的更多詳細信息。我們引領合作夥伴關係的獨特方法始終以我們的技術解決方案套件為主導。這是聯盟選擇與我們合作並長期留在我們身邊的一個關鍵原因。雖然我們今天將重點關注 Football DataCo 和 NFL 的續訂，但正是這種相同的策略使我們能夠經常在與世界各地各種規模的潛在客戶的新交易中獲勝。我們在全球維持著 400 多個聯盟關係，所有這些都以我們的技術為中心。

The recent renewals of our 2 most important partners now validate our core strategy and the quality of our technology, particularly as both sets of deals were renewed without any RFP or competitive bidding process, further proving the strength of our relationships. Importantly, they also strengthened our positioning as we negotiate contracts with Sportsbook customers. So we continue to benefit from the tailwinds in the sports betting industry for many years to come.

我們兩個最重要的合作夥伴最近的續約現在驗證了我們的核心戰略和技術質量，特別是因為兩組交易都是在沒有任何RFP 或競爭性招標流程的情況下續約的，進一步證明了我們關係的強度。重要的是，當我們與體育博彩客戶談判合同時，他們還加強了我們的定位。因此，我們在未來許多年將繼續受益於體育博彩行業的順風。

To quickly recap, first, we extended and expanded our partnerships with Football DataCo, which represents all professional U.K. football. This includes the English Premier League, English Football League and Scottish Professional League. Collectively, this amounts to approximately 4,000 events annually, which are among the most best on events in the world. By securing the exclusive rights to these events through 2025, we have not only gained stronger visibility of our cost base, but we will also maintain our competitive position within the network of global sportsbooks who require this data, especially as we negotiate and renew these customer contracts on an ongoing basis.

快速回顧一下，首先，我們延長並擴大了與 Football DataCo 的合作夥伴關係，該公司代表所有英國職業足球。其中包括英超聯賽、英格蘭足球聯賽和蘇格蘭職業聯賽。每年總共約有 4,000 場活動，屬於世界上舉辦次數最多的活動之一。通過在2025 年之前獲得這些賽事的獨家經營權，我們不僅可以更清楚地了解我們的成本基礎，而且我們還將在需要這些數據的全球體育博彩網絡中保持競爭地位，特別是在我們與這些客戶進行談判和續約時持續簽訂合同。

On that basis, we remain confident in our ability to continue growing our profitability through the term of this partnership. It is also important to understand that a second spectrum was a critical component of this deal. Second spectrum has long been the official player tracking technology provider of Football DataCo. Most recently, we also utilized this technology to fully augment broadcasts of Premier League matches towards the end of the last season.

在此基礎上，我們對在合作期間繼續提高盈利能力的能力充滿信心。同樣重要的是要了解第二個頻譜是這筆交易的關鍵組成部分。 Second Spectrum長期以來一直是Football DataCo的官方球員追踪技術提供商。最近，我們還利用這項技術全面增強了上賽季末英超聯賽的轉播。

As part of the latest extension, we have renewed this AI-powered tracking technology partnership with the English Premier League and expanded this for the ESL Championship, the fourth most watched league in Europe, further broadening the distribution of second spectrum. We also renewed and extended our strategic partnership with the NFL. As a reminder, the initial turn of this partnership with a 4-year period and years 5 and 6 renewal by the NFL in 1-year increments.

作為最新擴展的一部分，我們與英超聯賽續簽了這種人工智能驅動的跟踪技術合作夥伴關係，並將其擴展到歐洲第四大收視率最高的聯賽 ESL 錦標賽，進一步擴大了第二頻譜的分佈。我們還續簽並延長了與 NFL 的戰略合作夥伴關係。提醒一下，這種合作夥伴關係的最初期限為 4 年，第 5 年和第 6 年由 NFL 以 1 年為增量續約。

Now just 2 years into our partnership and with 2 full seasons still to go, the NFL has not only renewed years 5 and 6, but also added a 7th, securing our exclusive partnership through the 2028 Super Bowl. Again, this gives us high visibility of our rights fees through 2028, solidifies our commercial position in the sports betting market and reaffirms our view that we can continue to grow our profitability through the life of our NFL partnership, much like we have in our first 2 seasons.

現在，我們的合作夥伴關係剛剛過去2 年，還有2 個完整賽季，NFL 不僅續簽了第5 年和第6 年，還增加了第7 年，確保我們在2028 年超級碗期間的獨家合作夥伴關係。同樣，這使我們能夠在2028 年之前清楚地了解我們的轉播權費用，鞏固我們在體育博彩市場的商業地位，並重申我們的觀點，即我們可以在NFL 合作夥伴關係的整個生命週期中繼續提高盈利能力，就像我們在第一個合作夥伴關係中所做的那樣。 2 季。

The fact that the NFL renewed and extended the deal so early and without any tender process, should validate the strength of the relationship we've built in just 2 years and potentially it has for us, the NFL and it's partners and fans over the next 5 years. Our strategic partnership with the NFL has technology at it's core, meaning it covers a wide range of initiatives beyond sports betting alone.

NFL 如此早地續簽並延長了協議，並且沒有任何招標程序，這一事實應該會驗證我們在短短兩年內建立的關係的強度，並且在未來可能對我們、NFL 及其合作夥伴和球迷產生影響5年。我們與 NFL 的戰略合作夥伴關係以技術為核心，這意味著它涵蓋了除體育博彩之外的廣泛舉措。

Among the many examples you can see on Slide 7, the main components of the deal include exclusive distribution of official live game data and next-gen stats to global media and betting markets, exclusive distribution of our official Watch & Bet low latency feeds to Sportsbooks globally, now including U.S. and Canada. Exclusive distribution in digital advertising inventory and marks and logos to global Sportsbooks, integrity monitoring services and a broad-based technology partnership powering innovative broadcast through second spectrum augmentations and other interactive fan engagement tools, helping to grow the NFL's audience.

在幻燈片7 上可以看到的眾多示例中，該交易的主要組成部分包括向全球媒體和博彩市場獨家分發官方現場比賽數據和下一代統計數據，向體育博彩獨家分發我們的官方Watch & Bet 低延遲源全球範圍內，現在包括美國和加拿大。向全球體育博彩公司獨家分發數字廣告庫存以及標記和徽標、誠信監控服務以及基礎廣泛的技術合作夥伴關係，通過第二頻譜增強和其他互動球迷參與工具推動創新廣播，幫助擴大 NFL 的觀眾。

In just 2 years, we've established a strong foundation for innovation. For example, you have seen the exciting features we've created for NFL broadcast, including Sports Emmy award-winning Amazon Prime and CBS or the free-to-play games we developed for the NFL's international growth initiative as another example. The NFL has now expanded the scope of our partnership to also include long-term domestic watch and bet rights, which represents another area for further innovation. We're excited to leverage our technology on this platform to launch a unique set of products in partnership with the NFL, ultimately benefiting our Sportsbook customers and their end users who can enjoy a one-of-a-kind betting experience.

在短短兩年內，我們已經為創新奠定了堅實的基礎。例如，您已經看到了我們為 NFL 廣播創建的令人興奮的功能，包括榮獲體育艾美獎的 Amazon Prime 和 CBS，或者我們為 NFL 國際增長計劃開發的免費遊戲（另一個例子）。 NFL 現在擴大了我們的合作範圍，還包括長期的國內觀看權和投注權，這是另一個需要進一步創新的領域。我們很高興能夠利用這個平台上的技術與 NFL 合作推出一套獨特的產品，最終使我們的體育博彩客戶及其最終用戶受益，他們可以享受獨一無二的投注體驗。

We are thrilled for the opportunity to continue building this over the next 5 years to power the next generation of fan engagement, and we are excited to share our progress with you along the way. As we introduce new products or technology to amplify the NFL fan experience, you should interpret these as further proof points of our collaborative strategy working as planned.

我們很高興有機會在未來 5 年內繼續構建這一項目，以推動下一代粉絲參與，並且很高興與您分享我們一路走來的進展。當我們推出新產品或技術來增強 NFL 球迷體驗時，您應該將這些解讀為我們的協作策略按計劃發揮作用的進一步證據。

The objective in all of this, not just for the NFL, but for any partner is to deploy tech-enabled solutions to help them enter the digital age of personalized fan engagement, benefiting multiple stakeholders and making us an integral part of the technology infrastructure. Many of these opportunities are driven by second spectrum technology, which remains front and center in many of our commercial conversations. This technology enables us to be an offensive winner with our AI strategy, considering that we have a massive head start in this space. There has been significant investment made in second spectrum over the course of the last decade, all with the intention of meeting the demand of our partners and ushering them into a new era of sports digitalization and personalization.

所有這一切的目標不僅是NFL，而且是任何合作夥伴，都是部署技術支持的解決方案，幫助他們進入個性化球迷參與的數字時代，使多個利益相關者受益，並使我們成為技術基礎設施不可或缺的一部分。其中許多機會都是由第二頻譜技術驅動的，該技術仍然是我們許多商業對話的前沿和中心。考慮到我們在這個領域擁有巨大的領先優勢，這項技術使我們能夠成為人工智能戰略的進攻勝利者。過去十年來，我們對第二頻譜進行了大量投資，所有這些都是為了滿足我們合作夥伴的需求，並引領他們進入體育數字化和個性化的新時代。

As a result, we are best positioned to capture the significant future revenue opportunities that come with it, spanning across broadcast, sponsorship and sports betting. Our technology is already being used in live broadcast today with some of the biggest names in sports. We're beginning to gain traction with consumer brands, creating digital, data-driven content and other fine engagement tools, helping us establish long-term partnerships with these new customers. And of course, we have a rich history with bookmakers and plan to support their future success by developing next generation of betting products to drive in-play handle and improve overall customer experience.

因此，我們最有能力抓住隨之而來的重大未來收入機會，涵蓋廣播、贊助和體育博彩。如今，我們的技術已被用於體育界一些知名人士的現場直播。我們開始吸引消費品牌，創建數字、數據驅動的內容和其他優質的參與工具，幫助我們與這些新客戶建立長期合作夥伴關係。當然，我們與博彩公司有著豐富的合作歷史，併計劃通過開發下一代投注產品來支持他們未來的成功，以提高比賽中的操控性並改善整體客戶體驗。

In addition to the multiple future revenue opportunities in new addressable markets, 1 important byproduct of this technology, which also meaningfully benefits our business is the long-term cost savings. Today, we have a network of 7,000 staff positions collecting data and sports venues around the world.

除了新的潛在市場中的多種未來收入機會之外，該技術的一個重要副產品也對我們的業務帶來了重大好處，那就是長期成本節約。如今，我們擁有一個由 7,000 名員工組成的網絡，負責收集世界各地的數據和體育場館。

Over time, a second spectrum is deployed globally. This data can be collected automatically using low-cost computer vision cameras, which we expect to lead to considerable cost savings in data collection. These computer vision cameras will also capture a higher fidelity of data that cannot be analyzed by humans with the same speed and accuracy. For example, player speeds, relative positioning, shop probabilities and more. This is exciting to leagues because it unlocks new assets for them to monetize, therefore, making Genius a true value-add partner for any league looking to monetize next-gen data. This is 1 of the ways we will continue to protect and reinforce our key league partnerships.

隨著時間的推移，第二個頻譜將在全球範圍內部署。這些數據可以使用低成本計算機視覺相機自動收集，我們預計這將在數據收集方面節省大量成本。這些計算機視覺相機還將捕獲更高保真度的數據，而人類無法以相同的速度和精度進行分析。例如，玩家速度、相對位置、商店概率等等。這對聯盟來說是令人興奮的，因為它為他們解鎖了新的貨幣化資產，因此，使 Genius 成為任何尋求通過下一代數據貨幣化的聯盟真正的增值合作夥伴。這是我們繼續保護和加強我們主要聯盟合作夥伴關係的方式之一。

As you can see, our technology plays a critical role in our growth strategy and second spectrum is a key pillar of our full offering, benefiting various initiatives across the business. This technology is fundamental to maintaining our key partnerships and fueling the convergence of sports, betting, media and broadcast placing Genius at the heart of the ecosystem for many years to come.

正如您所看到的，我們的技術在我們的增長戰略中發揮著關鍵作用，而第二個頻譜是我們全套產品的關鍵支柱，使整個業務的各種舉措受益。這項技術對於維持我們的主要合作夥伴關係以及促進體育、博彩、媒體和廣播的融合至關重要，使 Genius 在未來許多年中處於生態系統的核心。

This should help emphasize the importance of Second Spectrum technology, especially in the context of our recent rights renewals. What gives us confidence in some of these aforementioned opportunities with brand sponsors is the work we have already done with this client base, mainly through our programmatic and creative advertising capabilities. Our unique set of data and ad tech platform enables us to manage cost-effective sports-centric digital advertising campaigns on behalf of our customers.

這應該有助於強調第二頻譜技術的重要性，特別是在我們最近續訂權利的背景下。讓我們對上述與品牌贊助商合作的一些機會充滿信心的是我們已經在這個客戶群中所做的工作，主要是通過我們的程序化和創意廣告能力。我們獨特的數據和廣告技術平台使我們能夠代表客戶管理具有成本效益的以體育為中心的數字廣告活動。

Historically, we've been most successful with bookmakers seeking to acquire customers. However, our capabilities are just as effective for any brand looking to engage a captive sports audience. This represents a sizable opportunity for Genius as these brands have large marketing budgets that are increasingly being allocated to live sports.

從歷史上看，我們在博彩公司尋求客戶方面最為成功。然而，我們的能力對於任何想要吸引體育觀眾的品牌來說都同樣有效。這對 Genius 來說是一個巨大的機會，因為這些品牌擁有大量的營銷預算，並且越來越多地分配給體育賽事直播。

In most cases, these brands are partnering with Genius for the first time, giving us an opportunity to prove our value by delivering quality results. Following the success of these initial campaigns, many customers are now booking their second or third campaign with Genius. We have had a few notable examples this quarter such as RCX Sports. They first partnered with us in Q4 to promote their flag football program as part of their NFL partnership.

在大多數情況下，這些品牌都是第一次與 Genius 合作，讓我們有機會通過提供高質量的結果來證明我們的價值。繼這些最初的活動取得成功後，許多客戶現在正在通過 Genius 預訂第二或第三次活動。本季度我們有一些值得注意的例子，例如 RCX Sports。他們在第四季度首次與我們合作，宣傳他們的腰旗橄欖球項目，作為 NFL 合作夥伴關係的一部分。

Of the buck -- back of that successful campaign, we executed another campaign this quarter to promote their Junior Home Run Derby as part of their MLB partnership. Additionally, the Orange Bowl was another example of a returning media customer following the success of our initial campaign. Last year, we helped drive ticket sales for the Orange Bowl college football game presented by Capital One. This quarter, the Orange Bowl partnered with us again to help sell tickets to their food and wine event in Florida further demonstrating the breadth of content we can create and a wide range of capabilities.

在這次成功的活動之後，我們在本季度執行了另一項活動來宣傳他們的青少年本壘打德比，作為他們與美國職業棒球大聯盟合作夥伴關係的一部分。此外，Orange Bowl 是繼我們最初的營銷活動取得成功之後媒體客戶回歸的另一個例子。去年，我們幫助推動了第一資本舉辦的 Orange Bowl 大學橄欖球比賽的門票銷售。本季度，Orange Bowl 再次與我們合作，幫助銷售他們在佛羅里達州舉行的美食和美酒活動的門票，進一步展示了我們可以創建的內容的廣度和廣泛的能力。

Our retention of these media customers validates the strength of our ad tech platform, and every new customer represents an opportunity to land and expand. For instance, in this quarter alone, we've managed successful campaigns for Puma, Bayer, Jeep, PGA Tour and many others.

我們對這些媒體客戶的保留證明了我們廣告技術平台的實力，每一個新客戶都代表著一個登陸和擴張的機會。例如，僅在本季度，我們就為 Puma、Bayer、Jeep、PGA Tour 等許多公司成功開展了營銷活動。

And on Slide 9, you can get a sense of the types of dynamic content we're creating on their behalf. The success is driven by a unique understanding of the sports target audiences and how these audiences interact with live events, we are able to leverage this data to automatically deliver dynamic content on behalf of our customers that is contextually relevant during key moments of the game. This is an important first step in building long-term relationships with this new set of customers and it sets the foundation to continue working together over time. Importantly, it also helps us establish a strong reputation in the broader digital advertising space with a niche focus in sports.

在幻燈片 9 上，您可以了解我們代表他們創建的動態內容的類型。我們的成功得益於對體育目標受眾以及這些受眾如何與現場活動互動的獨特理解，我們能夠利用這些數據代表我們的客戶自動提供在比賽關鍵時刻與上下文相關的動態內容。這是與這批新客戶建立長期關係的重要第一步，並為今後繼續合作奠定了基礎。重要的是，它還幫助我們在更廣泛的數字廣告領域建立了良好的聲譽，特別關注體育領域。

As we continue to build credibility with this client base, we believe this can support sustainable long-term growth within our media business, not only with our programmatic advertising services, but also with Second Spectrum products and other fan engagement tools we have to offer. Equally, as we manage more projects for an increasing number of league sponsors, it gives us even more touch points in the digital ecosystem and greater stickiness with our key league partners.

隨著我們繼續在這個客戶群中建立信譽，我們相信這可以支持我們媒體業務的可持續長期增長，不僅通過我們的程序化廣告服務，還通過我們提供的 Second Spectrum 產品和其他粉絲參與工具。同樣，隨著我們為越來越多的聯賽贊助商管理更多項目，它為我們提供了數字生態系統中的更多接觸點以及與主要聯賽合作夥伴的更大粘性。

In summary, I'm more excited than ever about the long-term potential for our business. We are uniquely positioned to continue capturing the growth of the global sports betting market. We have greater visibility of our long-term fixed cost base following our recent rights extensions. We are distributing Second Spectrum technology leagues and and broadcasters across the globe to unlock new revenue streams. We are quickly expanding our client base beyond sports betting, now generating revenue from broadcasters and sponsors and improving the operating leverage of the business model in the near term as we rapidly expand our EBITDA margins and inflect on free cash flow this year and beyond. These are just a few of the things that give us confidence in our ability to exceed our long-term EBITDA margin target in excess of 30%.

總之，我對我們業務的長期潛力比以往任何時候都更加興奮。我們處於獨特的地位，可以繼續捕捉全球體育博彩市場的增長。在最近的權利延期之後，我們對長期固定成本基礎有了更大的了解。我們正在全球範圍內分發 Second Spectrum 技術聯盟和廣播公司，以釋放新的收入來源。我們正在迅速擴大我們的客戶群，超越體育博彩，現在從廣播公司和讚助商那裡獲得收入，並在短期內提高商業模式的運營槓桿，因為我們今年及以後迅速擴大了EBITDA 利潤率並影響了自由現金流。這些只是讓我們對超過 30% 的長期 EBITDA 利潤率目標充滿信心的一些因素。

And on that note, I'll now turn the call to Nick to discuss the financial results in more detail.

就此而言，我現在將致電尼克，更詳細地討論財務業績。

Thank you, Mark. We are pleased to report another quarter of outperformance across all areas of the business. We are also seeing further evidence of the operating leverage of our business model. As our year-to-date revenue growth contributed to group adjusted EBITDA at a 67% incremental contribution margin over the first half of the year.

謝謝你，馬克。我們很高興地報告，所有業務領域又一個季度表現出色。我們還看到了我們業務模式運營槓桿的進一步證據。今年上半年我們迄今為止的收入增長為集團調整後的 EBITDA 貢獻率增加了 67%。

Most of the outperformance this quarter within our betting product, which grew 27% year-on-year to $57 million, well ahead of our guidance of $53 million. Our commercial contracts with bookmakers allow us to grow alongside our customers and mutually benefit from the secular tailwinds in the sports betting industry, including GGR growth, increased in-play betting and improving win margins, for instance.

本季度的大部分錶現都來自於我們的博彩產品，該產品同比增長 27% 至 5,700 萬美元，遠高於我們的指導值 5,300 萬美元。我們與博彩公司簽訂的商業合同使我們能夠與客戶一起成長，並從體育博彩行業的長期順風中互惠互利，包括 GGR 增長、賽中投注增加和贏利率提高等。

Our major product also outperformed expectations, increasing by 22% year-on-year to $18 million, beating our guidance of $16 million. You heard Mark touch on our success in winning new customers beyond our traditional sports betting clientele, and this has absolutely supported our growth in the quarter and will continue to do so over the next several years as our customer base expands. Meanwhile, we are also continuing to execute successful major campaigns for our sports betting customers as well, providing them with creative and dynamic methods to acquire and engage customers.

我們的主要產品也超出了預期，同比增長 22% 至 1,800 萬美元，超出了我們 1,600 萬美元的指導。您聽到馬克談到了我們在傳統體育博彩客戶之外贏得新客戶的成功，這絕對支持了我們本季度的增長，並將在未來幾年隨著我們客戶群的擴大而繼續這樣做。與此同時，我們還繼續為我們的體育博彩客戶開展成功的大型活動，為他們提供創造性和動態的方法來獲取和吸引客戶。

Lastly, our sports product reported $12 million in revenue, also slightly ahead of guidance. Collectively, this resulted in $87 million in group revenue, well ahead of our guidance of $80 million and $16 million in group adjusted EBITDA also beating our guidance of $14 million.

最後，我們的體育產品報告收入為 1200 萬美元，也略高於預期。總的來說，這導致集團收入達到 8,700 萬美元，遠遠高於我們 8,000 萬美元的指導，而集團調整後 EBITDA 則達到 1,600 萬美元，也超過了我們 1,400 萬美元的指導。

As we reflect on the first half of the year, it's worth contextualizing our rapid acceleration of EBITDA profitability. As you'll see on the right-hand side of Slide 11, we have more than quadrupled our adjusted EBITDA through the first half of the year. This has been a function of our multifaceted revenue growth, supported by a relatively flat cost base that enables revenue to drop through at a high margin. In fact, through the first half of the year, our cost of revenue is down 8% year-on-year with operating expenses down 34%, driving our gross margins considerably higher.

當我們回顧今年上半年時，有必要考慮一下我們 EBITDA 盈利能力的快速加速。正如您將在幻燈片 11 的右側看到的那樣，今年上半年我們調整後的 EBITDA 增長了四倍多。這是我們多方面收入增長的結果，並得到相對平坦的成本基礎的支持，使收入能夠大幅下降。事實上，今年上半年，我們的收入成本同比下降了 8%，運營費用下降了 34%，使我們的毛利率大幅提高。

Because of this, through the first half of the year, our group adjusted EBITDA margins are approximately 13% compared to just 3% in H1 2022. This steady improvement is evidence of our operating leverage, and we see a clear runway for continued profitable growth and margin expansion ahead. This along with the exciting developments you've heard from Mark gives us confidence in raising our guidance for the year.

因此，今年上半年，我們集團調整後的 EBITDA 利潤率約為 13%，而 2022 年上半年僅為 3%。這種穩步改善證明了我們的運營槓桿，我們看到了持續盈利增長的清晰道路以及未來利潤率的擴張。加上您從馬克那裡聽到的令人興奮的進展，讓我們有信心提高今年的指導。

We are increasing our revenue guidance from $400 million to $410 million. Based on the outperformance to date, and the positive trends we expect will persist through the remainder of the year. Similarly, we are raising our group adjusted EBITDA guidance from $49 million to $52 million as much of this additional revenue should drop through meaningfully to our adjusted EBITDA, and we don't anticipate any incremental changes to our cost base.

我們將收入指導從 4 億美元提高到 4.1 億美元。根據迄今為止的優異表現，我們預計積極的趨勢將持續到今年剩餘時間。同樣，我們將集團調整後的EBITDA 指導從4900 萬美元提高到5200 萬美元，因為這些額外收入的大部分應該會有意義地影響我們調整後的EBITDA，而且我們預計我們的成本基礎不會發生任何增量變化。

This implies 20% revenue growth and adjusted EBITDA margin of 13%, up from our initial guidance of 10% and significantly ahead of our 5% margin last year. We are also maintaining our expectation to begin generating positive free cash flow in the second half of the year. On that note, I mentioned last quarter that we would finish Q2 with approximately $115 million in cash, and we closed the quarter exactly in line with expectations.

這意味著收入增長 20%，調整後 EBITDA 利潤率達到 13%，高於我們最初指導的 10%，並且大大高於去年 5% 的利潤率。我們還維持在下半年開始產生正自由現金流的預期。在這一點上，我在上個季度提到，我們將在第二季度結束時獲得約 1.15 億美元的現金，並且我們結束本季度的情況完全符合預期。

Looking ahead, we expect our cash flow to be broadly breakeven in Q3 before turning cash flow positive in H2 and accelerating in 2024 and beyond. This inflection point is an important milestone for the business as this marks the beginning of sustainable free cash flow generation going forward. Many of the dynamics driving the inflection in H2 will remain in place going forward, and we feel an even greater sense of confidence now that we renewed 2 of our largest rights deals giving us increased visibility for the next several years.

展望未來，我們預計我們的現金流將在第三季度基本實現盈虧平衡，然後在下半年轉為正現金流，並在 2024 年及以後加速。這一拐點對於該業務來說是一個重要的里程碑，因為這標誌著未來可持續的自由現金流生成的開始。推動下半年拐點的許多動力將繼續存在，現在我們續簽了兩項最大的版權交易，這使我們在未來幾年的知名度提高，因此我們感到更加有信心。

As a final maximum housekeeping, we have received a few questions regarding the NFL warrants following the announcement of our renewal and extension. So we want to be as clear as possible since this is a slightly nuanced point. As part of the original deal with the NFL, we issued them 18.5 million warrants, which are now fully vested, making them an 8% equity shareholder on a fully diluted basis. Under the original terms of the deal, we had agreed to issue an additional 2 million warrants for each of the years 5 and 6 upon renewal. Under the new terms of the renewal of years 5 and 6, we've now removed the additional 4 million warrants and replace them with a fixed cash consideration. This incremental cash cost will be spread across the outer years of our deal and recognized as normal course data rights fees within our cost of revenue and our adjusted EBITDA position.

作為最後的最大內務處理，在宣布續籤和延期後，我們收到了一些有關 NFL 認股權證的問題。所以我們希望盡可能清楚，因為這是一個稍微微妙的問題。作為與 NFL 最初協議的一部分，我們向他們發行了 1850 萬份認股權證，這些認股權證現已完全歸屬，使他們成為完全稀釋後 8% 的股東。根據最初的交易條款，我們同意在續約時為第 5 年和第 6 年每年額外發行 200 萬份認股權證。根據第 5 年和第 6 年續約的新條款，我們現已取消了額外的 400 萬份認股權證，並以固定現金對價取而代之。這種增量現金成本將分攤到我們交易的外部年份，並在我們的收入成本和調整後的 EBITDA 頭寸中確認為正常的數據版權費用。

We believe that this is in the interest of our shareholders as it is less dilutive than it would have been otherwise, and we have agreed a predetermined cash amount, which will be included in our rights fees and leaves us confident in our ability to continue growing profitability through the life of the deal. We're pleased with this outcome from a financial and strategic perspective, as the NFL remains 1 of our largest shareholders and we've secured our position on mutually beneficial terms for the next 5 years.

我們相信，這符合我們股東的利益，因為它的稀釋性比其他情況下要小，並且我們已經同意預定的現金金額，該金額將包含在我們的權利費中，並使我們對我們繼續增長的能力充滿信心整個交易期間的盈利能力。從財務和戰略角度來看，我們對這一結果感到滿意，因為 NFL 仍然是我們最大的股東之一，並且我們已經在未來 5 年內以互惠互利的條件鞏固了我們的地位。

Close, each of our financial and strategic updates you've heard today gives us an even greater sense of excitement for the outlook of the business. The runway for profitable growth and cash flow acceleration remains clear as we continue to execute and progress towards our long-term objectives.

最後，您今天聽到的每一項財務和戰略更新都讓我們對業務前景更加興奮。隨著我們繼續執行並朝著我們的長期目標邁進，盈利增長和現金流加速的道路仍然清晰。

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開始問答。

(Operator Instructions) Your first question comes from the line of Jason Bazinet of Citi.

（操作員說明） 您的第一個問題來自花旗銀行的 Jason Bazinet。

I just had 1 quick question on the long-term EBITDA margin targets. I think at your Investor Day, the targets were sort of 32% to 42% was the range. And I think I heard you say high 30s. So I didn't know if that was a change or if I'm sort of making something out of nothing?

我剛剛有一個關於長期 EBITDA 利潤率目標的快速問題。我認為在投資者日，目標範圍在 32% 到 42% 之間。我想我聽到你說30多歲了。所以我不知道這是否是一種改變，或者我是否是在無中生有？

Jason, it's Nick. No, there's no change in our long-term targets. I think we've just said that it would be -- I think, Mark, as we had described it would be more than 30% and that remains our long-term position.

傑森，我是尼克。不，我們的長期目標沒有變化。我想我們剛剛說過，馬克，我想，正如我們所描述的，它將超過 30%，這仍然是我們的長期立場。

Okay. Great. And then regarding sort of free cash generation, is there any sort of long-term way you could sort of frame the size of capitalized software expenses as we all try and model free cash out in '25, '26?

好的。偉大的。然後，關於自由現金的產生，當我們都嘗試在 25 年、26 年建立自由現金模型時，是否有任何長期方法可以確定資本化軟件支出的規模？

Yes. Jason, it's Nick again. I mean, the first thing to say is in terms of free cash flow generation, we're at that inflection point now reiterated on this call just earlier, that H2 we expect it to be cash positive. Capitalized software, I think I've said on previous calls is flat year-on-year. So it's running at around about $10 million a quarter currently. So as a percentage of revenue that's reduced year-on-year, I'm not expecting that to grow in 2024 and 2025 (inaudible) expected to come off a little bit and reduce -- and therefore, you'll get a sense of our operating leverage and revenues continue to grow, you get a sense of the widening gap and cash generation.

是的。傑森，又是尼克。我的意思是，首先要說的是在自由現金流生成方面，我們正處於這個拐點，現在我們在早些時候的電話會議上重申了這一點，我們預計下半年將實現現金正值。我想我在之前的電話會議上說過，資本化軟件同比持平。目前每季度的營業額約為 1000 萬美元。因此，作為同比減少的收入百分比，我預計 2024 年和 2025 年（聽不清）不會增長，預計會略有下降，因此，您會感覺到我們的運營槓桿和收入持續增長，你會感受到差距和現金生成的擴大。

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

您的下一個問題來自 Needham & Company 的伯尼·麥克特南 (Bernie McTernan)。

So assuming it's not coincidence, the prepared remarks had confidence in the long-term margins after striking deals with the NFL and Football DataCo. With the rights inflation just being a key focus for investors, especially over the long term, after going through this round of renewals with your 2 most important partners, can you just talk about your position -- your confidence in your positioning between the leagues and your Sportsbooks and why you think you'll be able to generate greater profitability over time?

因此，假設這不是巧合，準備好的言論對與 NFL 和 Football DataCo 達成交易後的長期利潤充滿信心。由於版權通脹正成為投資者關注的焦點，尤其是從長遠來看，在與您的兩個最重要的合作夥伴經歷了這一輪續約之後，您能否談談您的立場——您對自己在聯盟和聯盟之間的定位的信心？您的體育博彩以及為什麼您認為隨著時間的推移您將能夠產生更大的盈利能力？

Bernie, it's Nick. I'll start and Mark can join in if there's anything else to add. I mean as you know, Bernie, it's impossible to (inaudible) rights by the way we go to market. But I think it's fair to say the operating leverage dynamics that we're seeing right now in 2023 will continue not just for the rest of this year, but well beyond 2024 and beyond that.

伯尼，是尼克。我先開始，如果還有什麼要補充的，馬克也可以加入。我的意思是，正如你所知，伯尼，我們不可能通過進入市場的方式來獲得（聽不清）權利。但我認為可以公平地說，我們現在在 2023 年看到的運營槓桿動態不僅會在今年剩餘時間內持續下去，而且會持續到 2024 年之後甚至更久。

I guess if you look at the last, I guess, last 12 months, which obviously we've had (inaudible) NFL within that, we've grown revenue significantly over the last 12 months. And indeed, I think as EBITDA dropped to account to around 72%, so again, you can see that those operating leverage dynamics that we're having today will continue. I think as far as the NFL concerns, I think I said in the prepared comments that we're delighted with the NFL extension, both from a strategic and financial perspective, and we are very confident in our ability to continue to grow properly through that life of that deal.

我想如果你看看過去，我猜，過去 12 個月，顯然我們有（聽不清）NFL，過去 12 個月我們的收入顯著增長。事實上，我認為隨著 EBITDA 下降至 72% 左右，您可以再次看到我們今天的運營槓桿動態將繼續下去。我認為就NFL 而言，我想我在準備好的評論中說過，從戰略和財務角度來看，我們對NFL 的延期感到高興，並且我們對我們通過這一計劃繼續正常增長的能力非常有信心。那筆交易的生命。

Yes, just to add to that. I mean, I think we've always said the tech wins here and I think this is a really good example of those rights renews as a really good example of that. There was no RFP process. It wasn't a competitive tender, and we had early rights renewals in the scenario where it wasn't actually necessary for them to do that. So we feel that, that's a very strong signal to the market.

是的，只是補充一下。我的意思是，我認為我們總是說技術在這裡獲勝，我認為這是這些權利更新的一個很好的例子。沒有 RFP 流程。這不是競爭性招標，而且我們提前續訂了權利，而他們實際上沒有必要這樣做。所以我們認為，這對市場來說是一個非常強烈的信號。

Separately, price increases, obviously coming through to the bookmakers. That's something we've been pretty clear about in previous calls and obviously, the conversations we'll be having -- we're in the middle of a lot of conversations at the moment, which we're feeling very positive about. Again, that should see strong growth in the margin over time.

另外，價格上漲顯然會影響到博彩公司。這是我們在之前的電話會議中已經非常明確的事情，顯然，我們將進行的對話 - 我們目前正在進行很多對話，我們對此感到非常積極。同樣，隨著時間的推移，利潤率應該會強勁增長。

Great. And maybe just a follow-up to that to bring it back to this quarter, betting technology revenue outperformed expectations and the increase of the guidance. How much of this was attributed to better market growth versus a higher take rate?

偉大的。也許只是將其帶回到本季度的後續行動，押注技術收入超出預期並增加指導。其中有多少歸因於更好的市場增長而不是更高的採用率？

Yes, we -- I mean, the answer is it's to do with both. I mean we don't break it down. We're seeing good market growth. We're also seeing operators operating more profitably doing a better job, and that's coming through clearly. And some of the recent earnings, including DraftKings. So all of that's flowing through. I mean remember, we take a share of the bookmakers profitability on this stuff and their improved performance as well as the increase in market share comes directly to us.

是的，我們——我的意思是，答案是兩者都有關。我的意思是我們不會分解它。我們看到了良好的市場增長。我們還看到運營商的運營利潤更高，工作做得更好，這一點顯而易見。以及最近的一些收益，包括 DraftKings。所以所有這些都在流動。我的意思是記住，我們從博彩公司的盈利中分得一杯羹，他們的業績改善以及市場份額的增加直接歸我們所有。

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

您的下一個問題來自 Craig-Hallum Capital Group 的 Ryan Sigdahl。

I want to ask on the process with Data Football Co and NFL just going through the process, whose idea was it to extend earlier longer? And then I have a quick follow-up on each one.

我想問一下Data Football Co和NFL剛剛經歷這個過程，誰的想法是提前延長時間？然後我會對每一項進行快速跟進。

Ryan, it's Mark. Look, I mean, these are always mutual conversations and they're based around the relationship that we built over time, the technology providing -- sorry, that we're providing to them and sort of their view of the future requirements. In both cases, they are very productive conversations. We've got very strong partnerships. Obviously, the NFL has also seen the addition of the Watch & Bet contract which is exciting. And we're taking that to market with some really exciting new features, which we will be sharing in due course. So this has been a, I guess, part and course of the way that we operate the business, the way that we've presented this to the market over time, and it's really just a result of doing what we said we were going to do.

瑞安，我是馬克。聽著，我的意思是，這些總是相互的對話，它們基於我們隨著時間的推移建立的關係、提供的技術——抱歉，我們向他們提供的技術以及他們對未來需求的看法。在這兩種情況下，他們都是非常富有成效的對話。我們擁有非常牢固的合作夥伴關係。顯然，NFL 還增加了 Watch & Bet 合同，這令人興奮。我們正在將其推向市場，推出一些非常令人興奮的新功能，我們將在適當的時候分享這些功能。因此，我想，這是我們經營業務的方式的一部分和過程，也是我們隨著時間的推移向市場展示這一方式的方式，這實際上只是我們說我們要做的事情的結果。做。

Great. Then just on the EPL, I guess it was a 1-year add-on to that contract. I guess, why not longer on that one? And then secondly, on the NFL, you reiterated your long-term EBITDA margin targets and now presumably that contract is shifting to an all-cash deal, at least for the last 3 years of this one. But is that long-term margin assuming kind of full cash going forward for the NFL?

偉大的。然後就在英超聯賽中，我猜這是一份為期一年的附加合同。我想，為什麼不多說一點呢？其次，關於 NFL，您重申了長期 EBITDA 利潤率目標，現在大概該合同正在轉向全現金交易，至少在本合同的最後 3 年是這樣。但這個長期利潤率是否假設 NFL 未來擁有全額現金？

So on the EPL, I mean, data carrying goes through to 2025. So it wasn't possible to extend longer than that.

所以在 EPL 上，我的意思是，數據傳輸會持續到 2025 年。因此不可能延長比這更長的時間。

Yes. Ryan, it's Nick. I guess it's a little bit of a repetition of what I just want to burn it about in terms of the operating leverage that we're having in the business today. And as you know, the NFL rights have stepped up over the course of already the 2 seasons that we've had. We've got a 72% drop through in the last 12 months. And those dynamics are not going to stop beyond 31st of December 2023 through '24 and all the way out to 2028.

是的。瑞安，我是尼克。我想這有點重複我只是想在我們今天的業務中擁有的運營槓桿方面燒掉它。如您所知，NFL 的版權在我們已經經歷的兩個賽季中已經得到了加強。過去 12 個月內，我們的下降率為 72%。這些動態在 2023 年 12 月 31 日至 24 日期間不會停止，一直到 2028 年。

What I will say on the warrants is that we felt it's the right thing to do twofold. First of all, it means less dilution from a shareholder perspective. And also, it just means that we will live within our means as it were from an EBITDA perspective, and we're still very confident on those long-term margin projections that we've given.

關於認股權證，我要說的是，我們認為雙重行動是正確的。首先，從股東的角度來看，這意味著稀釋程度減少。而且，這只是意味著從 EBITDA 的角度來看，我們將量入為出，而且我們對我們給出的長期利潤率預測仍然非常有信心。

Yes. Sorry, Ryan, it's Mark. Just to clarify, just when I say data carry doesn't go longer than 2025, I should be really clear, the entity of Football DataCo itself doesn't go longer than 2025, hope that helps.

是的。抱歉，瑞安，我是馬克。只是澄清一下，當我說數據攜帶不會超過 2025 年時，我應該非常清楚，Football DataCo 本身的實體不會超過 2025 年，希望有所幫助。

Reasonable to assume some -- in some form fashion, it will, it's just they have to extend the league first. That's it for me.

合理地假設一些——以某種形式，它會的，只是他們必須首先擴大聯賽。對我來說就是這樣。

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 looking -- circling back on the NFL contract. Two things, like can you talk about the opportunity as more of their properties stripped to go to streaming, thinking like YouTube, the ability to work closer with them? And then is there an opportunity to develop special products or special betting products where you can participate in more of the economics?

回顧一下 NFL 合同。有兩件事，比如你能談談隨著他們的更多資產被剝離以轉向流媒體的機會，像 YouTube 一樣思考，與他們更密切合作的能力嗎？那麼是否有機會開發特殊產品或特殊博彩產品，讓您可以參與更多的經濟活動？

Yes. I mean great question. And as usual, you're bang on the money, that -- I mean that's exactly where we're going. And it's really Watch & Bet is the first step along that line, the Watch & Bet contract that we signed with the NFL, which we'll be bringing to market shortly. When that product comes out, you'll see a lot of new features, a lot of actually really quite exciting innovations that we're able to do because of Second Spectrum and the work that we've done there.

是的。我的意思是很好的問題。和往常一樣，你很賺錢，我的意思是，這正是我們要去的地方。 Watch & Bet 確實是我們與 NFL 簽署的 Watch & Bet 合同的第一步，我們將很快將其推向市場。當該產品推出時，您會看到很多新功能，很多實際上非常令人興奮的創新，這些創新是我們能夠做到的，因為 Second Spectrum 以及我們在那裡所做的工作。

So as those products come out to the market, clearly, we're always, as you know, reviewing the way that we charge for this and the take rates that we are charging. So we expect to see that coming through.

因此，當這些產品進入市場時，正如您所知，顯然，我們總是在審查我們的收費方式以及我們收取的費用。所以我們希望看到這一點的實現。

The other aspect is probably worth, if we might not necessarily come straight to people's minds is there's a compounding effect from the Watch & Bet product to our NFL relationship. So what I mean by that is, clearly, Sportsbook operators are now offering advanced streaming on their platform for the NFL, that is compounding that user's interaction with NFL bets on the site, which is also where we're making money. So we're sort of seeing a strong future in certain sports, the compounding effect has an impact on our take rates.

另一個方面可能是值得的，如果我們可能不一定直接進入人們的腦海，那就是 Watch & Bet 產品對我們 NFL 關係產生復合效應。所以我的意思是，顯然，體育博彩運營商現在在他們的 NFL 平台上提供先進的流媒體服務，這使得用戶與網站上 NFL 投注的互動更加複雜，這也是我們賺錢的地方。因此，我們在某些體育運動中看到了光明的未來，複合效應對我們的收視率有影響。

And then just 1 quick follow-up, I guess, for Nick. Just looking at the 4Q growth rate for Bedding tech, implies like somewhat of a deceleration, still high teens growth. But I think if you look at like the U.S. is going to grow probably in the 30s in the fourth quarter, so can you just talk about some of the dynamics around the 4Q growth rate for betting tech and how much is conservatism?

我想，接下來只是對尼克進行一次快速跟進。只要看看床上用品技術第四季度的增長率，就意味著有點減速，但青少年的增長仍然很高。但我認為，如果您認為美國第四季度的增長可能會達到 30 多歲，那麼您能否談談博彩技術第四季度增長率的一些動態以及保守主義程度是多少？

Well, we're conservative anyway, Jed. So I mean we're very confident about our Q4 position. We're confident with the guidance that we've just given. We have strong growth rates both in Q3 and Q4 across, in fact, all 3 segments are running at a decent position, and the great thing is, as we've already talked about that in the prepared remarks, the question is that those dynamics, both in terms of top line revenue growth, but also in terms of operating leverage doesn't stop at 31st of December 2023, but ongoing beyond '24 and further out.

好吧，無論如何我們都是保守的，傑德。所以我的意思是我們對第四季度的位置非常有信心。我們對剛剛給出的指導充滿信心。我們在第三季度和第四季度都有強勁的增長率，事實上，所有三個細分市場都運行在一個不錯的位置，最棒的是，正如我們在準備好的評論中已經討論過的那樣，問題是這些動態，無論是在營收增長方面，還是在運營槓桿方面，都不會止於 2023 年 12 月 31 日，而是會持續到 24 年之後甚至更遠。

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

您的下一個問題來自 BTIG 的 Clark Lampen。

Hopefully, I'm not misreading this with the sort of side-by-side comparison of the facts. But I guess as I sort of juxtapose some of the call commentary around customer wins and recurrence of campaign activity with an adjustment to the back half expectations for the media business. Could you give us a sense of maybe what's going on or what you're sort of experiencing within the ad market or spend from existing customers, spend from new customers? And then, Mark, on capital allocation, you guys have talked a lot on this call so far about improving visibility, improving margins, cash flow trends, what does that really translate to for you guys in terms of sort of flexibility, whether it's exploring opportunities to improve the business from an inorganic standpoint or if you can't, I guess, find those opportunities, would you look at other avenues for distributing some of that excess cash back to shareholders?

希望我沒有通過事實的並排比較而誤讀這一點。但我想，當我將一些圍繞客戶獲勝和活動活動復發的電話評論與對媒體業務後半期期望的調整併列起來時。您能否讓我們了解一下廣告市場中正在發生的事情或您正在經歷的情況，或者現有客戶的支出、新客戶的支出？然後，馬克，關於資本配置，到目前為止，你們在這次電話會議上談論了很多關於提高可見性、提高利潤率、現金流趨勢的內容，這對你們來說在靈活性方面真正意味著什麼，無論是探索從無機的角度來看改善業務的機會，或者我猜如果你找不到這些機會，你會考慮其他途徑將一些多餘的現金分配給股東嗎？

Clark, this is Josh. I'll take the first question on the media piece. So there's a few things going on here. But first of all, there's sort of a seasonality impact that we're seeing on the Sportsbook and sort of casino side of things. In Q2, we saw operators sort of shift budget in line with their ambitions of chasing profitability essentially. So we were seeing some really strong results, in terms of player values, overall conversion rates in the market. So we saw some operators shift budget into Q2 around NBA Playoffs and just pushing casino products more heavily. So that's sort of the reason for the shift there.

克拉克，這是喬什。我將回答有關媒體報導的第一個問題。所以這裡發生了一些事情。但首先，我們在體育博彩和賭場方面看到了季節性影響。在第二季度，我們看到運營商在某種程度上調整了預算，以符合他們本質上追求盈利的雄心。因此，我們在玩家價值和市場整體轉化率方面看到了一些非常強勁的結果。因此，我們看到一些運營商將預算轉移到 NBA 季后賽前後的第二季度，並加大力度推銷賭場產品。這就是發生轉變的原因。

And then also, as we mentioned in the prepared remarks, we also signed a number of new sort of nonbetting sort of traditional brand responses and reactivation of campaigns there. Those are slightly ahead of our expectations with a couple of new wins there that we're really, really happy about that we've mentioned. But overall for the year, it's really just sort of a shift of budget and seasonality. Overall, the media business will end the year 15% up on last year. So we're feeling pretty good about it. And the overall ad market isn't really impacting us on the brand side of things. We're starting from a very low base here. So there's plenty of stuff for us to go after. And all in all, we're feeling good about it.

然後，正如我們在準備好的發言中提到的那樣，我們還簽署了一些新的非博彩類傳統品牌反應並在那裡重新啟動活動。這些略高於我們的預期，其中有幾項新的勝利，我們對此感到非常非常高興。但總體而言，今年，這實際上只是預算和季節性的變化。總體而言，今年年底媒體業務將比去年增長 15%。所以我們對此感覺很好。整個廣告市場並沒有真正影響我們的品牌方面。我們是從一個非常低的基礎開始的。所以我們有很多東西可以追求。總而言之，我們對此感覺良好。

Yes. Just to add to that as well, we're sort of noticing a number of operators we think have a number of financial targets that they're looking to try and achieve before the end of the year. And actually what we expect to happen is that spend generally in the advertising space will increase towards the end of the year, certainly into early next year as well, which will obviously be a net benefit to us.

是的。除此之外，我們注意到一些我們認為有許多財務目標的運營商希望在年底前實現這些目標。實際上，我們預計廣告領域的支出將在年底前普遍增加，當然也會在明年初增加，這顯然會給我們帶來淨收益。

To answer your second question about capital allocation and sort of what we're going to do with the money. Well, I mean, look, I've said for a long time, we've got everything that we need in order to achieve the goals that we've stated and we feel very comfortable with the position we're in and the text that we have. You specifically asked if there are any plans to return to cash to shareholders and the answer to that is no, not at the moment. And so therefore, what will we use money, the cash that we're generating and the cash in the balance sheet for.

回答你關於資本配置以及我們將如何使用這筆錢的第二個問題。嗯，我的意思是，看，我已經說過很長一段時間了，我們已經擁有實現我們所聲明的目標所需的一切，並且我們對我們所處的位置和文本感到非常滿意我們有。您特別詢問是否有計劃向股東返還現金，答案是否定的，目前沒有。因此，我們將如何使用貨幣、我們產生的現金以及資產負債表中的現金。

Well, as I said, we've got all of the tech that we need at the moment. However, we continue to remain opportunistic about what's out in the market. We're in a very strong position from a balance sheet point of view, from a cash generation point of view, from a technology point of view, and there are increasingly opportunities that we're seeing in the market come up, none that we yet decided sensible for us to complete on. But I think the number of opportunities will continue to increase, and I'm feeling very comfortable with the position that we're in, which allows us, should we so wish to get involved in some of those opportunities.

嗯，正如我所說，我們已經擁有目前所需的所有技術。然而，我們仍然對市場上的情況保持機會主義態度。從資產負債表的角度來看，從現金生成的角度來看，從技術的角度來看，我們處於非常有利的地位，而且我們看到市場上出現了越來越多的機會，但我們沒有但我們明智地決定繼續完成。但我認為機會的數量將繼續增加，我對我們所處的位置感到非常滿意，如果我們願意參與其中的一些機會，這將允許我們。

Your next question comes from the line of Jordan Bender of JMP Securities.

您的下一個問題來自 JMP 證券公司的 Jordan Bender。

The 2030 guidance that kind of assumes flow-through of around 55%. So with the 2 contracts now locked up longer term, is there anything saying that you shouldn't be hitting that 50% flow through in the coming years?

2030 年的指導假設流量約為 55%。那麼，現在兩份合同的期限都已鎖定，是否有任何說法表明您在未來幾年不應該達到 50% 的流量？

Yes. Jordan, it's Nick. Yes. No, that's exactly how you think about it. As I said earlier to the previous question, the dynamics that we're seeing in 2023 don't stop on the 31st of December, and the great thing about doing these 2 contracts now and extending them it gives us even greater visibility of what our future finances look like.

是的。喬丹，是尼克。是的。不，這正是你的想法。正如我之前在上一個問題中所說的那樣，我們在2023 年看到的動態不會在12 月31 日停止，現在簽訂這兩份合同並延長它們的偉大之處在於，它使我們能夠更好地了解我們的業務未來的財務狀況是什麼樣的。

Great. And then you didn't give it this quarter, but event center coverage has been coming down in the last 18 months or so. As you're starting to prune some of those events, can you maybe just talk to the positive upside, whether it's the margin, cash flow or however you can kind of quantify scaling back some of these unprofitable events?

偉大的。本季度您沒有提供此信息，但活動中心的覆蓋範圍在過去 18 個月左右的時間裡一直在下降。當你開始削減其中一些事件時，你能否只談談積極的好處，無論是利潤、現金流還是你可以量化減少一些無利可圖事件的方式？

Jordan, it's Nick. Yes, you're right. I think we've come down from the sort of -- I think it's 195,000 to 200,000 (inaudible) we announced this last quarter. And if you think about it the right way, we've just -- we proved some of the events that we believe are not profitable and indeed are substitutional, particularly if you think about the way our non-U.S. contracts work, is that people sort of take packages from us. And therefore, by removing these events, we've not seen any reduction in revenues on that basis. And therefore, what we're saving really is double trading cost because obviously, there is double (inaudible) cost or a double trading cost. So we're seeing a slight margin increase by dropping a small number of that. I don't think we'll drop too many more from where we are today, but it's just sensible pruning of our portfolio.

喬丹，是尼克。你是對的。我認為我們已經從上個季度宣布的 195,000 到 200,000（聽不清）下降了。如果你以正確的方式思考，我們剛剛證明了一些我們認為無利可圖且確實具有替代性的事件，特別是如果你考慮我們的非美國合同的運作方式，那就是人們有點像從我們這裡拿包裹。因此，通過消除這些事件，我們並沒有看到在此基礎上出現任何收入減少。因此，我們節省的實際上是雙倍的交易成本，因為顯然，存在雙倍（聽不清）的成本或雙倍的交易成本。因此，我們看到通過減少一小部分，利潤率略有增加。我認為我們不會比現在的情況減少太多，但這只是對我們投資組合的明智修剪。

Your next question comes from the line of Mike Hickey of Benchmark Company.

您的下一個問題來自 Benchmark 公司的 Mike Hickey。

Congrats on a strong quarter. Just 2 questions are kind of baskets. So forgive me here, guys. But the first question or topic here. Just curious if you could double click on your U.S. business. Obviously, you're seeing pretty strong results from your operator partners in their June quarter. So we're sort of wondering the impact here on the strength of the U.S. business and your partners. In the quarter and through the rest of the year? And then just thinking about -- you're seeing a lot of market share consolidation with the operators. Mark, curious how that impacts your leverage on your take rate and the other pieces of your business moving forward?

祝賀季度表現強勁。只有兩個問題是籃子。所以在這裡請原諒我，伙計們。但這裡的第一個問題或主題。只是好奇您是否可以雙擊您的美國業務。顯然，您會看到運營商合作夥伴在六月季度取得了相當強勁的業績。因此，我們想知道這對美國企業和合作夥伴實力的影響。在本季度和今年剩餘時間內？然後想想——你會看到運營商的大量市場份額整合。馬克，很好奇這對您的轉化率和其他業務的發展有何影響？

Second question on technology. Obviously, congratulations on your renewals. It looks like -- it's a little proof point here, your tech is working. Just curious if you can remind us how your tech is different than your competitors thinking dragon here? And how are you ensuring you can keep this tech REIT. Obviously, there's some investment from your peer set to try to catch up with you guys.

第二個問題，關於技術。顯然，恭喜您續訂。看起來——這是一個小證據，你的技術正在發揮作用。只是好奇您能否提醒我們您的技術與您的競爭對手思維龍有何不同？您如何確保能夠保留這個科技房地產投資信託基金？顯然，你們的同行進行了一些投資，試圖趕上你們。

Mike, it's Mark. Thanks for that. Look, in terms of the U.S., as you have seen from the operators and drafting (inaudible) particularly helpful, getting a lot of detail on it. The U.S. opportunity is strong. It continues to be strong. And obviously, we continue to be extremely well placed, especially with the recent renewal that we've announced and the additional products that we've -- that we hinted out in this call. So I think we're feeling very good about that. Obviously, (inaudible) operator, the better it is for us. So we're very excited to see these operators continue to improve and continue to retain customers and continue to shift customer spend from 1 sport to another sport to another sport.

邁克，是馬克。感謝那。看，就美國而言，正如您從運營商和起草（聽不清）中看到的那樣，特別有幫助，獲得了很多細節。美國的機會很大。它繼續強勁。顯然，我們仍然處於非常有利的地位，特別是我們最近宣布的更新以及我們在這次電話會議中暗示的其他產品。所以我認為我們對此感覺非常好。顯然，（聽不清）運營商對我們來說越好。因此，我們非常高興看到這些運營商不斷改進並繼續留住客戶，並繼續將客戶支出從一項運動轉移到另一項運動。

These are good trends for us. And really, they align very much with the theory that we came to market a while ago, which was around the shift of players from a lot of the pre-match betting to ultimately to in play very much to mimic the trends and what we see in the European market. So I think overall, we're happy with how the U.S. is moving. In terms of sorry, -- so your second question, Mark, is around...

這些對我們來說都是好的趨勢。事實上，它們與我們不久前進入市場的理論非常一致，該理論圍繞著玩家從大量賽前投注轉向最終在比賽中的轉變，以模仿趨勢和我們所看到的情況在歐洲市場。所以我認為總的來說，我們對美國的舉動感到滿意。抱歉，馬克，你的第二個問題是……

Yes. It was the key -- share consolidation, yes.

是的。這是關鍵——股票整合，是的。

Yes. Look, the tech differential. I mean, we've talked about it quite a number of times. We've got some -- obviously, without question the leading and if not the only credible live machine learning, computer vision and AI sports video business in the market. And that's becoming an increasingly powerful tool in our armory, which is allowing us to renew and retain customers as well as it is pretty much involved in every single conversation we've got with any sport league anywhere. So that's a huge differentiation.

是的。看，技術差異。我的意思是，我們已經討論過很多次了。我們擁有一些——顯然，毫無疑問，即使不是市場上唯一可靠的實時機器學習、計算機視覺和人工智能體育視頻業務，也是領先的。這正在成為我們軍械庫中越來越強大的工具，它使我們能夠更新和留住客戶，並且它幾乎參與我們與任何地方的任何體育聯盟的每一次對話。所以這是一個巨大的差異。

And what we're actually seeing now is we're seeing a much more active desire from sports to have AI, CV machine learning solutions. I mean you've seen this in the sort of wider AI space where a lot of companies are now actively looking for solutions, looking for this. And the sports are different. We're seeing this -- and again, it's giving us a real position of strength, a real differentiator. And I said it before, but I'll say it again, that's coming through in hard numbers. Already in our numbers, we have revenues coming in directly from this. We're already getting new contracts because of product that we have live and it's already costed into our future growth. We don't need to spend hundreds of millions to develop this stuff. We've already spent hundreds of millions.

我們現在實際看到的是，體育界對人工智能、計算機視覺機器學習解決方案的渴望更加積極。我的意思是，你已經在更廣泛的人工智能領域看到了這一點，許多公司現在正在積極尋找解決方案，尋找這個。而且運動項目也不同。我們看到了這一點——這再次給我們帶來了真正的優勢地位，真正的差異化優勢。我之前說過，但我會再說一遍，這是通過實際數字來實現的。從我們的數據來看，我們的收入已經直接來自於此。由於我們現有的產品，我們已經獲得了新的合同，並且它已經計入了我們未來的增長成本。我們不需要花費數億來開發這個東西。我們已經花了數億了。

So this is something that gives us a really, really strong competitive position in the market and gives us a lot of confidence going forward. You asked about Dragon. Dragon is going in brilliantly well. We're really, really pleased with how well that's going, the conversations we're having with operators are sort of our sports partners are doing really, really well. And we hope to have some pretty exciting news coming down the line.

因此，這使我們在市場上擁有非常非常強大的競爭地位，並使我們對未來充滿信心。你問的是龍。龍的進展非常順利。我們對事情的進展感到非常非常滿意，我們與運營商的對話表明我們的體育合作夥伴做得非常非常好。我們希望接下來能聽到一些非常令人興奮的消息。

Your next question comes from the line of Robin Farley of UBS.

你的下一個問題來自瑞銀集團的羅賓·法利。

This is (inaudible) for Robin. I have 2 quick ones. Do you have any kind of quantification for in-play betting mix that you could share for this quarter specifically and how you expect that mix to play out in the back half?

這是羅賓的（聽不清）。我有2個快的。您是否對本季度的賽中投注組合有任何量化，以及您預計該組合在後半場的表現如何？

Yes. I mean (inaudible) broken out, but I mean, we saw about 100% growth year-on-year last year to this year. And again, as we've seen DraftKings earnings and a lot of it -- the news that's coming out of the operators, there's definitely a shift to a lot of these new products going forward.

是的。我的意思是（聽不清）突破，但我的意思是，我們從去年到今年看到了約 100% 的同比增長。再說一次，正如我們看到的 DraftKings 的收益和很多 - 來自運營商的消息，未來肯定會有很多新產品的轉變。

Okay. And for this, I actually tried to find this in your slide, but I couldn't apologies if we missed it, but FX has obviously been a tailwind for the quarter in general. Wondering if your revised guidance for the year and the back half includes unchanged FX assumptions? Or is there some upside coming from FX that are changed from the 1.35 in pound USD rate that you had given previously?

好的。為此，我實際上試圖在您的幻燈片中找到這一點，但如果我們錯過了它，我無法道歉，但總體而言，外匯顯然是本季度的順風車。想知道您對今年和下半年的修訂指導是否包括不變的外匯假設？或者您之前給出的 1.35 英鎊兌美元匯率是否有一些變化？

(inaudible) it's Nick. So look, at the moment, our updated guidance is exchange, it's around about 1.25:1. That was obviously (inaudible) to GDP. A couple of things that I think is probably worth just making on that revenue, if you don't mind, is that obviously, the second half of the year is less sensitive to U.S. dollar business given the sort of U.S. seasonality of the business.

（聽不清）是尼克。所以看，目前我們更新的指導是交換，大約是 1.25:1 左右。這對於 GDP 來說顯然是（聽不清）的。如果您不介意的話，我認為可能值得從該收入中獲得的幾件事是，考慮到美國業務的季節性，下半年顯然對美元業務不太敏感。

We're trying to keep that as simple as possible, obviously, and particularly given the (inaudible) of exchange rates as it is. But I guess the important thing to note is that the outcome in both the H1 and indeed the quarter just gone, it is predominantly underlying performance of the business. As you say, there is a small level of tailwinds for foreign exchange and that's been updated in our guidance, but the guidance also has an underlying increase in revenue from the business.

顯然，我們試圖讓這一點盡可能簡單，特別是考慮到（聽不清）匯率的現狀。但我想值得注意的是，上半年乃至剛剛過去的季度的結果，主要是業務的基本業績。正如您所說，外匯有一定程度的推動作用，我們的指導意見對此進行了更新，但該指導意見也帶來了業務收入的潛在增長。

The other point, (inaudible) just worth reminding anybody on the call is the exchange that really only impacts revenues and not EBITDA. And therefore, the lift on EBITDA just to be darn from, I think, original 41 to the 52 now underlying business generation.

另一點（聽不清）值得提醒通話中的任何人，交易所實際上只影響收入，而不影響 EBITDA。因此，我認為 EBITDA 的提升從最初的 41 上升到現在的 52 是基礎業務一代。

And your last question comes from the line of Eric Martinuzzi of Lake Street Capital Markets.

你的最後一個問題來自 Lake Street Capital Markets 的 Eric Martinuzzi。

Yes. Curious to see you mentioned the -- in the betting technology, the increased customer utilization available event content, and growth in the business with existing customers. Is this strictly -- or primarily a Tier 1 observation that you're making here? Or is this across kind of league agnostic?

是的。很高興看到您提到了投注技術、客戶對可用賽事內容利用率的提高以及現有客戶業務的增長。這是嚴格意義上的——還是主要是您在這裡所做的第一級觀察？或者這是否與聯盟無關？

Yes. I mean we -- look, this is really just a part of everyday management of our business. It's making sure that we're tight on what we're offering, where we're spending our shareholders' money and how we're running it. So the way that we think about this is, we think about it across all sports, obviously, we sort of treat Tier 1. There are a lot of Tier 1s, but we treat Tier 1s pretty differently. But we look at every sport. We look at every league. We look at every game, in fact, we cover. We look at our obligations to those leagues that are impacted, it's actually phenomenally complicated calculation, but it's something that we do on an active basis to manage our expenditure and make sure that the way that we are operating the business as efficient as possible.

是的。我的意思是我們——看，這實際上只是我們業務日常管理的一部分。它確保我們嚴格控制所提供的產品、股東資金的用途以及運營方式。所以我們思考這個問題的方式是，我們在所有運動中思考它，顯然，我們對待一級。有很多一級，但我們對待一級的方式非常不同。但我們關注每一項運動。我們關注每個聯賽。我們會關注每場比賽，事實上，我們也會報導。我們審視了我們對那些受到影響的聯賽的義務，這實際上是一個非常複雜的計算，但這是我們積極做的事情，以管理我們的支出並確保我們的業務運營方式盡可能高效。

Okay. And then in the Media Technology segment of the business, you talked about programmatic advertising services there. Are you -- is there a concentration here with particular DSPs or seeing the richness of the targeting here? What's driving that upside?

好的。然後在媒體技術業務領域，您談到了程序化廣告服務。您是否專注於特定的 DSP，或者是否看到了這裡目標的豐富性？是什麼推動了這一上漲？

Eric, this is Josh here. The targeting of the upside is essentially the 3 main USPs that Genius brings to market in the technology group. And firstly, it's our access to unique fan data. Through our deep relationships with the sports leagues, we've got access to first-party fan data that we're able to apply to our campaign.

埃里克，這是喬希。上漲的目標本質上是 Genius 在技術組中推向市場的 3 個主要 USP。首先，這是我們對獨特粉絲數據的訪問。通過我們與體育聯盟的深厚關係，我們可以獲得第一方粉絲數據，並將其應用於我們的活動。

The second part is the fact that we've developed a lot of our own programmatic technology on top of the ecosystem. They're leveraging all the unique data points that Genius has as a business in terms of insight into betting handle, roster information, all this interesting stuff that ultimately can drive fandom. We pull that into our sort of technology from a sort of bid decisioning perspective.

第二部分是我們在生態系統之上開發了很多自己的程序化技術。他們正在利用 Genius 作為一家企業所擁有的所有獨特數據點，包括對投注處理、名單信息以及所有這些最終可以推動粉絲的有趣內容的洞察。我們從投標決策的角度將其納入我們的技術中。

And then lastly, we've been doing this for 15 years at this point, 10, 15 years. So we've got a lot of experience in-house with our team to actually trade this stuff. So it's those 3 things coming together that's driving our success here.

最後，我們已經這樣做了 15 年，10 年、15 年了。因此，我們的團隊在實際交易這些東西方面擁有豐富的內部經驗。因此，正是這三件事共同推動了我們的成功。

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

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。