Genius Sports Ltd (GENI) 2023 Q4 法說會逐字稿

Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Genius Sports' fourth-quarter 2023 earnings results conference call. (Operator Instructions)

早安.我叫克里斯塔，今天我將擔任你們的會議接線生。此刻，我歡迎大家參加天才體育2023年第四季財報電話會議。（操作員說明）

Thank you. I would now like to turn the conference over to Genius Sports. You may begin your call.

謝謝。我現在想把會議轉交給天才體育。您可以開始通話了。

Thank you, and good morning.

謝謝你，早安。

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, 2023.

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有重大差異的風險。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 US GAAP. A reconciliation of these non-GAAP measures to the most directly comparable US 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，管理階層也會討論某些我們認為可能有助於評估 Genius 經營績效的非 GAAP 指標。這些措施不應被孤立地考慮，也不應取代 Genius 根據美國公認會計準則編制的財務業績。我們的收益新聞稿和收益簡報中提供了這些非公認會計準則衡量標準與最直接可比較的美國公認會計準則衡量標準的對賬，這些內容可以在我們的網站 Investors.geniussports.com 上找到。

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

現在，我將把電話轉給我們的執行長馬克洛克 (Mark Locke)。

Good morning, and thank you for joining us today as we conclude another year of consistent execution and outperformance.

早安，感謝您今天加入我們，我們結束了另一個持續執行和出色表現的一年。

Over the last few years, we have carried out many strategic and commercial objectives to position our business for structural and sustainable success. The results of these objectives are now clear in our financials as we announced our eighth consecutive quarter ahead of expectations and present a business that is strong, well positioned, and profitable today as it's ever been.

在過去的幾年裡，我們實現了許多策略和商業目標，以使我們的業務取得結構性和永續的成功。這些目標的結果現在在我們的財務中已經很清楚了，我們連續第八個季度超出預期，並展示了我們一如既往的強大、定位良好和盈利的業務。

To recap, we reported Q4 revenue of $127 million, beating our guidance of $126 million and representing 21% growth year on year. This brings our full-year revenue to $413 million, which is $22 million ahead of our guidance at the start of the year and represents a 21% growth compared to full year 2022. Anchored to a cost base that does not grow in line with revenue growth, we converted 52% of every incremental [dollar] to our adjusted EBITDA in 2023, demonstrating a clear operational leverage of our business model.

回顧一下，我們報告第四季營收為 1.27 億美元，超出了我們 1.26 億美元的指導，年增 21%。這使得我們的全年收入達到 4.13 億美元，比我們年初的指引高出 2,200 萬美元，比 2022 年全年增長 21%。基於不隨收入成長而成長的成本基礎，我們在 2023 年將每增量 [美元] 的 52% 轉換為調整後的 EBITDA，這展示了我們業務模式的明確營運槓桿。

Our Q4 adjusted EBITDA of $12 million is also ahead of guidance, and it brings our full year adjusted EBITDA to $53 million, representing nearly 3.5 times growth over 800 basis points of margin expansion compared to 2022.

我們在第四季度調整後的EBITDA 為1200 萬美元，也高於指導值，這使我們全年調整後的EBITDA 達到5300 萬美元，與2022 年相比，利潤率擴張了800 個基點，增長了近3.5 倍。

Importantly, this led to $11 million of positive free cash flow in the second half of 2023, as we have guided to throughout the year. This marks a meaningful inflection point for the business as we expect to maintain positive free cash flow on an annual basis in 2024.

重要的是，正如我們全年的指導那樣，這在 2023 年下半年帶來了 1100 萬美元的正自由現金流。這標誌著該業務的一個有意義的轉折點，因為我們預計 2024 年將保持每年正的自由現金流。

There are several growth drivers that have contributed to our outperformance in 2023, and the same dynamics will continue in 2024. Therefore, we expect to grow our 2024 revenue by at least 16% to $480 million and our adjusted EBITDA by at least 41% to $75 million. We expect these near-term growth dynamics to persist over the long term as well. And with each passing year, we grow more confidence in our long-term strategic and financial goals.

有多個成長動力推動我們在 2023 年取得優異的業績，同樣的動力將在 2024 年持續下去。因此，我們預計 2024 年營收將成長至少 16%，達到 4.8 億美元，調整後 EBITDA 至少成長 41%，達到 7,500 萬美元。我們預計這些近期成長動力也將長期持續。年復一年，我們對長期策略和財務目標越來越有信心。

Our lead partnerships are going from strength to strength as we expand our suite of technology solutions, empowering new forms of fan engagement and monetization. This ultimately gives us confidence in not only retaining but also expanding our technology delivering relationships over time. A few notable examples from this year are the extensions of our NFL and football date co-partnerships.

隨著我們擴展技術解決方案套件，支持新形式的粉絲參與和貨幣化，我們的主要合作夥伴關係不斷增強。這最終讓我們有信心不僅保留而且隨著時間的推移擴大我們的技術交付關係。今年的幾個值得注意的例子是我們延長了 NFL 和橄欖球約會合作夥伴關係。

Most recently, we also announced a 10-year strategic partnership with FIBA, where we plan to deliver our computer vision technology and AI-powered capabilities across the 200-plus national federations worldwide, covering tens of thousands of global basketball events per year.

最近，我們也宣布與國際籃球總會建立為期 10 年的戰略合作夥伴關係，計劃向全球 200 多個國家聯合會提供電腦視覺技術和人工智慧支援的功能，涵蓋每年數萬場全球籃球賽事。

With our scale and best-in-class technology suite, we have a diverse number of channels to monetize our different league relationships. This includes opportunities unlocked with broadcasters, content distributors, sponsors, advertising, and of course, sportsbook customers.

憑藉我們的規模和一流的技術套件，我們擁有多種管道來透過不同的聯盟關係獲利。這包括與廣播公司、內容發行商、贊助商、廣告，當然還有體育博彩客戶解鎖的機會。

For our sportsbook customers, this same technology creates new value-enhancing products to better engage their audiences and drive more betting activity. BetVision is a great example of this, which we will cover shortly.

對於我們的體育博彩客戶來說，同樣的技術創造了新的增值產品，以更好地吸引觀眾並推動更多的投注活動。BetVision 就是一個很好的例子，我們很快就會介紹。

Each of these different touch points solidifies our position at half of the digital sports ecosystem and more importantly, translates to sustainable improvement in the financial metrics that we are most focused on. This includes consistent revenue growth, disciplined cost control, margin expansion, and free cash flow generation. Given the multitude of growth drivers and high visibility of our cost base, we are more confident than ever in achieving our long-term EBITDA margin target in excess of 30%.

這些不同的接觸點中的每一個都鞏固了我們在數位體育生態系統中的一半地位，更重要的是，轉化為我們最關注的財務指標的可持續改進。這包括持續的收入成長、嚴格的成本控制、利潤擴張和自由現金流的產生。鑑於眾多的成長動力和我們成本基礎的高度可見性，我們比以往任何時候都更有信心實現超過 30% 的長期 EBITDA 利潤率目標。

Now let's review how some of these fundamentals performed in the quarter. We'll start with the positive trends we've seen in the US sports betting market through the full NFL regular season. As a reminder, our revenue share agreements with US sportsbook operators enable us to benefit from multiple growth drivers, including broader market expansion, improvements in operating win margins, and higher in-play betting, where we earn three times higher revenue share relative to prematch betting.

現在讓我們回顧一下其中一些基本面在本季的表現。我們將從整個 NFL 常規賽期間在美國體育博彩市場看到的積極趨勢開始。提醒一下，我們與美國體育博彩運營商的收入分成協議使我們能夠從多種增長動力中受益，包括更廣泛的市場擴張、運營利潤率的提高以及更高的賽中投注，相對於賽前，我們的收入份額高出三倍投注。

In our third NFL season, each one of these variables have fueled growth in our overall betting revenue and in the US, where we expect significant growth over time. The diverse multitude of growth drivers helped us exceed expectations in the quarter, which is a proof point of our rock-solid business model, which insulates us from unfavorable sports outcomes that you may have heard about from our customers.

在我們的第三個 NFL 賽季中，這些變數中的每一個都推動了我們整體博彩收入的增長以及美國的增長，我們預計隨著時間的推移，美國的博彩收入將顯著增長。多元化的成長動力幫助我們在本季度超出了預期，這證明了我們堅如磐石的商業模式，使我們免受您可能從我們的客戶那裡聽說過的不利體育結果的影響。

First, we continue to see impressive growth in the total US sports betting GGR, which increased by approximately 50% in 2023. This has come in the form of new state launches as well as continued growth in existing states.

首先，我們繼續看到美國體育博彩總 GGR 的驚人成長，2023 年成長了約 50%。這表現為新州的啟動以及現有州的持續成長。

It is worth calling out Genius is market share agnostic, meaning as long as the market grows, we will grow with it regardless of which operator ultimately wins. For instance, in Florida, where Hard Rock is the only operator at the moment, we realized immediate revenue uplift off the back of their online sports betting relaunch in the quarter.

值得一提的是，Genius 與市場佔有率無關，這意味著只要市場成長，我們就會隨之成長，無論哪家營運商最終獲勝。例如，在佛羅裡達州，Hard Rock 目前是唯一的營運商，我們在本季重新推出線上體育博彩後，立即實現了營收成長。

For the NFL, more specifically, it has been another spectacular year across the board and particularly on the betting front, with in-play handle and GGR increasing by 60% and 140% year on year, respectively.

更具體地說，對於 NFL 來說，今年又是全面而引人注目的一年，尤其是在博彩方面，賽中投注數和 GGR 分別同比增長 60% 和 140%。

What's more encouraging is that we've also seen a meaningful improvement in in-play win margins compared to our first NFL season in 2021. We have always said that in-play betting would naturally increase as the market matures, and we are beginning to see that now. We also believe that this would be a product-led evolution and our introduction of BetVision this season is now a proof point of highly engaging product that activates more in-play betting on NFL games.

更令人鼓舞的是，與 2021 年第一個 NFL 賽季相比，我們還看到比賽中的勝率有了顯著的提高。我們一直說，隨著市場的成熟，賽中投注自然會增加，現在我們開始看到這一點。我們也相信，這將是一次以產品為主導的演變，我們本賽季推出的 BetVision 現在證明了我們的產品具有高度吸引力，可以激發更多 NFL 比賽的現場投注。

Last quarter, when we first launched BetVision, we discussed how this project simplifies and enhances the discoverability of in-play betting. BetVision brings together many of Geinus's best tech assets, live of players and team stats, and the next-gen augmentation, to name a few, to deliver a differentiated in-play betting experience. And we expect that this will be critical to the sportsbook to attract and engage a valuable, sticky customer base.

上個季度，當我們首次推出 BetVision 時，我們討論了該專案如何簡化並增強滾球投注的可發現性。BetVision 匯集了 Geinus 的許多最佳技術資產、球員即時數據和球隊統計數據以及下一代增強功能等，以提供差異化的賽中投注體驗。我們預計這對於體育博彩公司吸引和吸引有價值的、黏性的客戶群至關重要。

We also provided some early data points to demonstrate how it helps sportsbooks increase their in-play betting volume. It was a small sample size then. But now, with the full season behind us, we're happy to say those numbers held up consistently throughout to the end of the season.

我們還提供了一些早期數據點來展示它如何幫助體育博彩公司增加滾球投注量。當時樣本量很小。但現在，隨著整個賽季的結束，我們很高興地說這些數字一直保持到賽季結束。

To summarize, 50% of the total number of bets made by BetVision streamers were in play bets. Of the total betting handle or dollar volume bet from BetVision streamers, 76% was from in-play betting. And when comparing the first half of the season to the second half, we've also seen total betting handle and in-play betting handle tripled over that time.

總而言之，BetVision 主播下注總數的 50% 是即時投注。在 BetVision 主播的總投注額或金額投注中，76% 來自賽中投注。當比較上半季和下半季時，我們還發現總投注額和賽中投注額在此期間增加了兩倍。

We are very happy with the early success of this product and the value we have created for our sportsbook partners and the NFL. However, what excites us most is the innovation road map still ahead and the opportunity to develop new features for the NFL and expand this product to even more sports. We have created a platform that now generates millions of eyeballs, which presents a vast opportunity to monetize in many different ways.

我們對該產品的早期成功以及我們為體育博彩合作夥伴和 NFL 創造的價值感到非常高興。然而，最令我們興奮的是前方的創新路線圖以及為 NFL 開發新功能並將該產品擴展到更多體育項目的機會。我們創建了一個現在吸引了數百萬眼球的平台，它提供了以多種不同方式獲利的巨大機會。

As the world of sports betting, media and broadcast are rapidly converging. We are providing key solutions to keep our partners at the forefront of this trend. We expect to launch even more features to the BetVision product to create a fully personalized and interactive experience, so stay tuned for much more to come.

隨著體育博彩世界的發展，媒體和廣播正在迅速融合。我們正在提供關鍵解決方案，使我們的合作夥伴始終走在這一趨勢的最前沿。我們希望為 BetVision 產品推出更多功能，打造完全個人化的互動體驗，敬請期待更多精彩內容。

BetVision is just one of the many initiatives that we have delivered on to empower our sportsbook customers to succeed. As such, we view ourselves as a true value-add partner to sportsbooks, providing more tools to help them win and grow their businesses. Consequently, our business model positions us to grow alongside our customers and the output of this has been steady net revenue retention over the last few years.

BetVision 只是我們為幫助體育博彩客戶取得成功而實施的眾多舉措之一。因此，我們將自己視為體育博彩真正的增值合作夥伴，提供更多工具來幫助他們贏得和發展業務。因此，我們的業務模式使我們能夠與客戶一起成長，並且其產出在過去幾年中保持穩定的淨收入保留。

On slide 8, you'll find updated net revenue retention metrics, which highlights a successful track record of increasing customer value over time. It's important to remember that there are multiple inputs contributing to growth within each customer. For example, when we have revenue share agreements, predominantly in high-growth markets like the US, the values have naturally increased based on a handful of factors include a large in TAM, high in-play betting, and improving win margins.

在投影片 8 上，您會發現更新的淨收入保留指標，其中突出顯示了隨著時間的推移不斷增加客戶價值的成功記錄。重要的是要記住，每個客戶的成長都有多種投入。例如，當我們簽訂收入分成協議時（主要是在美國等高成長市場），價值自然會基於一些因素而增加，包括大量 TAM、高在場投注和提高贏率。

However, growth has also come in the form of new product offerings like BetVision or digital advertising services, for example, or simply just offering a wide range of content from our rights portfolio.

然而，成長也以新產品的形式出現，例如 BetVision 或數位廣告服務，或只是提供我們版權組合中的廣泛內容。

We aim to provide differentiated tools and content to help our sportsbook partners grow over time. Our commercial arrangements then enable us to share in that growth. We have a long history of partnering with hundreds of sportsbooks in this fashion, and we expect to continued success over time.

我們的目標是提供差異化的工具和內容，幫助我們的體育博彩合作夥伴不斷成長。我們的商業安排使我們能夠分享這種成長。我們以這種方式與數百家體育博彩公司合作有著悠久的歷史，並且我們期望隨著時間的推移能夠繼續取得成功。

In the context of our frequent ongoing contract renewals and new negotiations, you should view these as opportunities for us to provide new value-added products and services to help sportsbook enhance their offering to customers. This is exactly how we have achieved our strong net revenue retention historically and how we expect to sustain that success going forward.

在我們頻繁續約合約和進行新談判的背景下，您應該將這些視為我們提供新的增值產品和服務的機會，以幫助體育博彩增強為客戶提供的服務。這正是我們歷史上實現強勁淨收入保留的方式，也是我們期望在未來保持這一成功的方式。

Importantly, many of these growth drivers, as I mentioned, have resulted in immediate revenue benefit with little or no incremental cost, which is exactly how we've been able to improve our profitability and cash flow profile in 2023.

重要的是，正如我所提到的，許多成長動力在幾乎沒有或沒有增量成本的情況下帶來了立竿見影的收入收益，這正是我們能夠在2023 年提高盈利能力和現金流狀況的方式。

Equally, these same dynamics that supported our financial success in 2023 will continue to drive profitability growth in 2024, particularly as we continue developing innovative products and have many opportunities to bring into market.

同樣，支持我們 2023 年財務成功的這些動力將繼續推動 2024 年盈利能力的增長，特別是當我們繼續開發創新產品並有許多機會將其推向市場時。

With that, I'll now pass the call to Nick to discuss the financial results and initial 2024 guidance in more detail.

現在，我將致電尼克，更詳細地討論財務業績和 2024 年初步指導。

Thank you, Mark. You've already heard the headlines to Mark, but it's worth reiterating the consistency of the results throughout the year.

謝謝你，馬克。您已經聽過馬克的頭條新聞，但值得重申全年結果的一致性。

Each quarter this year, we have exceeded expectations and raised our full-year outlook. For Q4, we reported $127 million of revenue, which was above our initial guidance of $124 million and our updated guidance of $126 million.

今年每個季度，我們都超出了預期，並上調了全年預期。第四季度，我們報告了 1.27 億美元的收入，高於我們最初的 1.24 億美元指引和 1.26 億美元的最新指引。

This was also true at an adjusted EBITDA basis as well as we realized high incremental flow-through from our revenue growth. We reported nearly 4.5 times growth in adjusted EBITDA, $12 million in Q4, also beating our guidance of $11 million. Throughout the year, we've also heard us reiterate our expectation for positive free cash flow in H2 of 2023, and we're happy to report that we have achieved this very important milestone after generating $11 million of cash in H2.

在調整後的 EBITDA 基礎上也是如此，我們從收入成長中實現了高增量流動。我們報告第四季度調整後 EBITDA 成長了近 4.5 倍，達到 1200 萬美元，也超出了我們 1100 萬美元的指導。在這一年中，我們也重申了對 2023 年下半年實現正自由現金流的預期，我們很高興地報告，在下半年產生 1100 萬美元現金後，我們已經實現了這一非常重要的里程碑。

In addition to the revenue and EBITDA growth, it's also worth drawing your attention to the consistent margin expansion throughout the year. Not only have we exceeded our revenue and EBITDA targets through the year, but we've also expanded our adjusted EBITDA margins by at least 600 basis points in each quarter as illustrated on slide 11.

除了營收和 EBITDA 成長之外，全年利潤率的持續成長也值得您關注。我們不僅超越了全年的營收和 EBITDA 目標，而且每季調整後的 EBITDA 利潤率也提高了至少 600 個基點，如幻燈片 11 所示。

This is true on a gross margin basis as well. In each quarter, our gross margins have materially improved year on year. For the full year 2023, our gross margins increased by nearly 1,600 basis points. This is driven by a stable and highly visible cost structure that can support significantly higher revenues. We have long discussed the operating leverage of the business, which has now been demonstrated across the full year 2023.

從毛利率來看也是如此。每個季度，我們的毛利率都比去年同期大幅提高。2023 年全年，我們的毛利率增加了近 1,600 個基點。這是由穩定且高度可見的成本結構所推動的，該結構可以支持顯著增加的收入。我們長期以來一直在討論該業務的營運槓桿，現已在 2023 年全年證明。

2023 marks an important inflection point for the financial model. And fundamentally, these dynamics will not change in 2024. So we expect to continue this momentum. For 2024, we expect to generate good revenue of $480 million, representing 16% growth as we expect to benefit from the same building blocks that supported revenue in 2023. For instance, we expect continued growth in the TAM with new jurisdictions such as Florida, North Carolina, and potentially Brazil, representing entirely new revenue opportunities in 2024.

2023年是金融模式的重要轉捩點。從根本上說，這些動態在 2024 年不會改變。因此，我們預計將繼續保持這種勢頭。2024 年，我們預計將產生 4.8 億美元的良好收入，成長 16%，因為我們預計將受益於支援 2023 年收入的相同建置模組。例如，我們預計 TAM 在佛羅裡達州、北卡羅來納州以及可能的巴西等新司法管轄區中將持續成長，這代表著 2024 年全新的收入機會。

Additionally, as you've heard Mark discuss, we continue to see encouraging growth in in-play betting, which can potentially be accelerated by new implied products like BetVision as an example. With a long track record of using contract renewals as opportunities to provide more value to our customers based on their needs. Whether in the form of additional content, expanded services, new products, increased advertising spend, and more, we're excited about what this can mean for the growth of Genius as well as our customers.

此外，正如您聽到 Mark 討論的那樣，我們繼續看到滾球投注的令人鼓舞的增長，這可能會透過 BetVision 等新的隱含產品來加速。長期以來，我們一直利用合約續約作為機會，根據客戶的需求為他們提供更多價值。無論是額外的內容、擴展的服務、新產品、增加的廣告支出等等，我們都對這對 Genius 以及我們的客戶的成長意味著什麼感到興奮。

And of course, we're always winning new customers. These can be sportsbooks who require our official data, advertisers who buy our major and fan engagement products, or broadcasters buying our augmentation solutions.

當然，我們總是在贏得新客戶。這些可能是需要我們官方數據的體育博彩公司、購買我們的主要和粉絲參與產品的廣告商、或購買我們的增強解決方案的廣播公司。

Again, each of these building blocks come with little or no incremental cost. So we expect much of this revenue growth to contribute to our group adjusted EBITDA. For 2024, we expect group adjusted EBITDA of $75 million, representing 41% growth and a 16% margin.

同樣，這些構建塊中的每一個都幾乎沒有或沒有增量成本。因此，我們預期營收成長的大部分將有助於我們集團調整後的 EBITDA。2024 年，我們預期集團調整後 EBITDA 為 7,500 萬美元，成長 41%，利潤率 16%。

That said, I want to be absolutely clear about the pacing of our EBITDA profitability over the course of the year as there's a bit of seasonality worth noting. As we've discussed in the past, our rights fees are fixed with predictable increases in each year. And the magnitude of those increases are slightly higher in '24 compared to 2023.

也就是說，我想絕對清楚我們全年 EBITDA 盈利能力的節奏，因為有一些季節性值得注意。正如我們過去所討論的，我們的版權費是固定的，每年都會有可預測的增長。與 2023 年相比，24 年的成長幅度略高。

Additionally, as part of our expanded NFL partnership, there were marginally higher rights fees associated with the domestic live video streams we use to power our BetVision product. To be clear, BetVision has been accretive in the business across the full NFL season, predominantly driven by our Q4 results as we recognized three full months of NFL. However, given the fact that there are simply fewer NFL gains in Q1 compared to Q4, the incremental flow-through to EBITDA won't be as meaningful as it was in Q4.

此外，作為我們擴大 NFL 合作夥伴關係的一部分，我們用於支持 BetVision 產品的國內直播視訊串流相關的版權費用略高。需要明確的是，BetVision 在整個 NFL 賽季中的業務一直在增長，這主要是受到我們第四季度業績的推動，因為我們承認 NFL 已經滿三個月了。然而，考慮到第一季 NFL 的收益比第四季度要少，因此 EBITDA 的增量流入不會像第四季度那樣有意義。

As a result, we expect Q1 group revenue of approximately $117 million and EBITDA of $6 million. As you can see on slide 14, we expect year-on-year EBITDA growth and margin expansion to accelerate in each quarter for the remainder of the year as many of those key tailwinds and growth drivers I mentioned are recognized in the second half. Therefore, we are highly confident in achieving our full-year targets.

因此，我們預計第一季集團營收約為 1.17 億美元，EBITDA 為 600 萬美元。正如您在幻燈片 14 中看到的那樣，我們預計今年剩餘時間內每個季度的 EBITDA 同比增長和利潤率擴張都會加速，因為我提到的許多關鍵推動因素和增長動力將在下半年得到認可。因此，我們對實現全年目標充滿信心。

And finally, we expect our EBITDA to convert to free cash flow across the full year 2024. To be clear, there may be some fluctuations in net working capital and other [wall-off] cash outlays in the first half. And as a result, we expect our Q1 closing cash balance to be approximately $100 million. Like 2023, we anticipate positive cash flow again in the second half of 2024, which should result in a net positive cash position for the entirety of 2024.

最後，我們預計 EBITDA 將在 2024 年全年轉化為自由現金流。需要明確的是，上半年淨營運資本和其他[隔離]現金支出可能會出現一些波動。因此，我們預計第一季期末現金餘額約為 1 億美元。與 2023 年一樣，我們預計 2024 年下半年將再次出現正現金流，這將導致 2024 年全年現金淨額為正。

Lastly, I've spent a bit of time discussing the stability of our cost base. And since it is highly predictable in any given year, it is worth taking a moment to review the approximate shape of our cash operating expenses for 2024.

最後，我花了一些時間討論我們成本基礎的穩定性。由於在任何特定年份都是高度可預測的，因此值得花點時間回顧我們 2024 年現金營運支出的大致情況。

As a reminder, our cost base is relatively fixed, and we don't expect to materially increase in order to achieve higher revenues or adjusted EBITDA this year. For example, all else being equal, our rights fees and related direct costs are unlikely to deviate from our estimates, whether we're selling to 100 sportsbooks or 1,000 sportsbooks.

提醒一下，我們的成本基礎相對固定，我們預計今年不會大幅增加以實現更高的收入或調整後的 EBITDA。例如，在其他條件相同的情況下，無論我們向 100 家體育博彩公司還是 1,000 家體育博彩公司出售產品，我們的版權費和相關直接成本都不太可能偏離我們的估計。

Equally, all other total operating expenses beneath cost of revenue are presented on a non-GAAP basis on slide 19, have remained relatively steady over the last year, even as we've significantly increased revenue in that time. We expect this will be the case in 2024 as well.

同樣，收入成本下的所有其他總營運費用均按非公認會計原則（non-GAAP）列示在幻燈片 19 上，儘管我們當時的收入大幅增加，但去年仍保持相對穩定。我們預計 2024 年也會出現這種情況。

To conclude, we feel a great sense of excitement entering 2024 with multiple ways to win. We've established a highly defensible competitive position through deployment of cutting-edge technology. We've strengthened our partnerships with leads and federations across the globe. We've launched exciting new products to empower our partners to better engage their customers.

總而言之，進入 2024 年，我們感到非常興奮，有多種獲勝方式。我們透過部署尖端技術建立了高度穩固的競爭地位。我們加強了與全球領導者和聯合會的合作夥伴關係。我們推出了令人興奮的新產品，使我們的合作夥伴能夠更好地吸引客戶。

And as a result, our business is poised to benefit from multiple growth drivers, which we expect will drive continued revenue growth, margin expansion and cash flow generation in 2024.

因此，我們的業務將受益於多種成長動力，我們預計這將在 2024 年推動收入持續成長、利潤率擴張和現金流產生。

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

至此，我們現在結束準備好的發言並開始問答。

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

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

Hey, good morning, guys. I want to start with BetVision. So I appreciate the metrics on slide 7. Curious what you can say on plans to launch a similar product across other sports and how difficult from a technological standpoint that is and efficiently you can do that? And then what is the biggest challenge you're getting from the non-four kind of original sportsbooks you have on that platform? Why can't you get others faster?

嘿，早上好，夥計們。我想從 BetVision 開始。所以我很欣賞幻燈片 7 上的指標。好奇您對在其他運動項目中推出類似產品的計劃有何看法，以及從技術角度來看，您能做到這一點有多困難？那麼，您從該平台上的非四種原創體育博彩中遇到的最大挑戰是什麼？為什麼你不能更快幫助別人？

Hey, Ryan. It's Mark. Yes, I mean, obviously, the plan was always to build a scalable platform. That was the focus of what we did when we started this and rolling out other sports is a clear focus for us. Technically, the integration and the development of that fairly straightforward, and we would expect to see a number of those sports rolling out over the next 12 months.

嘿，瑞安。是馬克。是的，我的意思是，顯然，計劃始終是建立一個可擴展的平台。這是我們開始這項運動時所做的重點，推出其他運動也是我們的一個明確重點。從技術上講，其整合和開發相當簡單，我們預計將在未來 12 個月內看到許多此類運動項目的推出。

In terms of the additional sportsbooks, I think one of the sort of challenges they have is the speed of integration. And I think there's a bit of a backlog in some of the integration pipeline. So what we've been doing is working with the sportsbook to prove the concept. I think we can undoubtedly done that. It's very clear, strong product and there's a lot of proof out there of that. So this is the case of working with our partners to manage their integration pipeline and get these sportsbooks live with the new products.

就額外的體育博彩而言，我認為他們面臨的挑戰之一是整合的速度。我認為某些整合管道中存在一些積壓。所以我們一直在與體育博彩公司合作來證明這個概念。我認為我們毫無疑問可以做到這一點。這是非常清晰、強大的產品，並且有許多證據證明這一點。因此，這就是與我們的合作夥伴合作管理他們的整合管道並使這些體育博彩與新產品一起使用的情況。

That's great. Thanks, Mark. Nick, one for you. When I look at the quarterly guidance cadence for this year, Q4 is going to be the highest and highest ever quarter, up triple digits. So there's this ongoing concern with some that the NFL contract is uneconomical and will never be profitable for you guys. I guess that seems to contradict that given Q4 is the NFL. So I guess, can you talk through the puts and takes, talk through the NFL, and just maybe respond to that risk? Thanks.

那太棒了。謝謝，馬克。尼克，給你一個。當我查看今年的季度指導節奏時，第四季將是有史以來最高的季度，成長三位數。因此，有些人一直擔心 NFL 合約不經濟，而且永遠不會為你們帶來利潤。我想這似乎與第四季度是 NFL 的情況相矛盾。所以我想，你能談談看跌期權，談談 NFL，並也許對這種風險做出回應嗎？謝謝。

Hey, Ryan. And I guess I'll just point everyone to the performance over the last three years since we won the NFL really, Ryan, if you go back in 2021. I think we were EBITDA loss-making at that point. 2022, we delivered a margin of 5%. This year, I think we're knocking 13% EBITDA margin in 2023. And I think we're now guiding to about a 16% margin in 2024.

嘿，瑞安。我想，如果你回到 2021 年，我只想向大家介紹一下自從我們真正贏得 NFL 以來過去三年的表現，Ryan。我認為當時我們的 EBITDA 處於虧損狀態。 2022 年，我們的利潤率為 5%。今年，我認為 2023 年我們的 EBITDA 利潤率將達到 13%。我認為我們現在的目標是 2024 年利潤率約為 16%。

And you're right, you can see that margin expansion, not just in the quarter we just reported, but the quarter we're forecasting for Q4. So I guess, Ryan, to counter that argument, I'll just point out to what we've already delivered and what we're guiding to, and we intended to deliver in 2024.

你是對的，你可以看到利潤率的擴張，不僅在我們剛剛報告的季度，而且在我們預測的第四季度。所以，Ryan，我想為了反駁這個論點，我只想指出我們已經交付的內容以及我們正在指導的內容，以及我們打算在 2024 年交付的內容。

Beautiful. Maybe just a quick follow-up. Is that a full cash contract assumed in Q4? Thanks. Good luck, guys.

美麗的。也許只是快速跟進。這是第四季假設的全額現金合約嗎？謝謝。祝大家好運。

Yeah, Ryan. That's exactly right. As you know, there were warrants in the out years in the original contracts. And as part of our contract extension that we did mid-year '23, we exchanged that for full cash. So that's all packed into those numbers.

是的，瑞安。完全正確。如您所知，原始合約中包含了過去幾年的認股權證。作為我們 23 年年中續約合約的一部分，我們將其兌換為全額現金。所以這一切都包含在這些數字中。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Great. Thanks for taking the questions. To start, maybe just to follow up on BetVision. It was a minority of betting operators had access to BetVision during the '23 NFL season. What do you think the revenue uplift to be given all the nice detail you provided on slide 7, if BetVision was rolled out to all US sportsbook operators for next NFL season?

偉大的。感謝您提出問題。首先，也許只是為了跟進 BetVision。在 23 年 NFL 賽季期間，只有少數博彩業者能夠訪問 BetVision。如果在下個 NFL 賽季向所有美國體育博彩運營商推出 BetVision，您認為考慮到您在幻燈片 7 中提供的所有詳細信息，收入會增加多少？

Yeah. I mean I think maybe a minority in terms of numbers, but probably not in terms of market share. We've had some good success with the rollout, including FanDuel. I think when we think about BetVision, it's really about the way that the revenues and the profit from that compound.

是的。我的意思是，我認為就數量而言可能是少數，但就市場份額而言可能不是。我們的推出取得了一些成功，包括 FanDuel。我認為，當我們考慮 BetVision 時，我們真正關心的是收入和利潤的複合方式。

And so obviously, we're taking shares. As you know well, we're taking pretty much share. We're taking live share at roughly three times the amount. And the fact that BetVision is really focusing people on a lot of the in-play, it's a lot of the live betting really helps that three times multiple that we're getting on the in-play come through on top of the fact that the in-play is growing rapidly.

很明顯，我們正在持有股票。如您所知，我們佔據了相當多的份額。我們的即時分享量大約是原來的三倍。事實上，BetVision 確實讓人們關注許多正在進行的比賽，大量的現場投注確實有助於我們在比賽中獲得三倍的收益，而且事實是，比賽中的人數正在迅速增長。

Got it. Thanks, Mark. And then media technology revenue has been swinging around a lot as we're fine tuning our models for '24. Should we be thinking about this more as like a 10% grow or 20% grow? Or just kind of any puts and takes you think we should be contemplating as we think about '24.

知道了。謝謝，馬克。然後，隨著我們針對 24 世紀的模型進行微調，媒體技術收入一直在大幅波動。我們是否應該將其視為成長 10% 或 20%？或者只是您認為我們在考慮“24”時應該考慮的任何看跌期權和看跌期權。

Hi, Bernie. It's Nick. Look, you know that media can be just a question of timing of spend. We saw that in Q4, where some of the sportsbooks save some of their spend over the Christmas NFL games and we spent it in the playoff games instead in Q1. As you know, with the quarterly cadence, that can have a couple of million dollars swing one way or the other.

嗨，伯尼。是尼克。你看，你知道媒體可能只是一個花時間的問題。我們在第四季度看到了這一點，一些體育博彩公司在聖誕節 NFL 比賽中節省了一些支出，而我們在第一季將其花在了季後賽上。如您所知，按照季度節奏，這可能會產生數百萬美元的波動。

I think the way we're forecasting '24 at the moment, as you know, we're not giving specific guidance, but we're thinking about around about sort of 15% growth year on year for 2024. And I would suggest we're being conservative in that area. But as we stand here today, there's still lots of things to happen in '24 to make that the case.

我認為我們目前預測 24 世紀的方式，如你所知，我們沒有給出具體的指導，但我們正在考慮 2024 年同比增長 15% 左右。我建議我們在這方面保持保守。但當我們今天站在這裡時，24 年仍然有很多事情需要發生才能實現這一點。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey, great. Thanks for taking my questions. Just two, if I may. Going to the slide, it looks like the data rate costs, I think, are like $195 million. It looks like they're growing, I don't know, maybe -- I don't know all have it, but maybe like 30%, so slightly faster than revenue. Can you talk about what's going on?

嘿，太棒了。感謝您回答我的問題。如果可以的話，就兩個。從投影片來看，我認為數據速率成本約為 1.95 億美元。看起來他們正在成長，我不知道，也許——我不知道所有人都有，但也許大約 30%，比收入略快。能談談發生了什麼事嗎？

And then a bigger question for you, Mark. We're seeing a lot of technology innovation around streaming, particularly with like the Apple headset, YouTube TV. Where does Genius and your technology fit and what's going on in the streaming landscape? Thanks.

然後還有一個更大的問題要問你，馬克。我們看到了許多圍繞串流媒體的技術創新，特別是 Apple 耳機、YouTube TV 等。Genius 和您的技術適合哪裡？串流媒體領域正在發生什麼？謝謝。

Thanks, Jed, I'll take the first one and I'll pass it back to Mark to take the second part. So look, I mean I guess the first thing to say, we're delighted with the drop-through that we've experienced in 2023. I think it's running around about 53%. And you can see on a cash basis, we've talked -- you've heard us talk about operating leverage a lot. And you can see that that's really, really motoring over the course of the last 36 months.

謝謝，傑德，我將接受第一部分，然後將其傳回馬克以接受第二部分。所以，我的意思是，我想首先要說的是，我們對 2023 年經歷的下降感到高興。我認為它的運行率約為 53%。你可以看到，在現金基礎上，我們已經談論過——你已經聽我們談論過很多關於經營槓桿的問題。您可以看到，在過去 36 個月裡，這確實非常令人興奮。

When you look at '23 to '24, and I'll park right for a second, but I'll come back to that. You can see that the cost base remains pretty flat year on year. I think it's something like $208 million to $210 million. So again, that operating leverage is coming through the business clearly. And to be clear, Jed, that's something that should continue to be the case beyond 2024 as well.

當你看到'23到'24時，我會向右停車一秒鐘，但我會回到那個。您可以看到成本基礎年比保持相當平穩。我認為大約是 2.08 億至 2.1 億美元。再說一遍，營運槓桿正在透過業務清晰地體現出來。Jed 需要明確的是，這種情況在 2024 年後也應該繼續存在。

Now specifically on right, let's remember, I guess, first of all, right to fixed and we have great visibility. But I guess in etail, they're not linear. There is a -- they're sometimes lumpy over right cycle. And you're right, there's a slightly higher step-up in rights from '23 to '24 than there was in '22 to '23. Hence, why we're estimating a drop-through in our guidance around about 33%.

現在特別是在右邊，我想，讓我們記住，首先，右邊是固定的，我們有很好的可見性。但我想在細節上，它們不是線性的。有一個——它們有時會在正確的周期中出現不穩定。你是對的，從 23 世紀到 24 世紀，權利的提升比 22 世紀到 23 年間稍高。因此，我們預計指導值會下降 33% 左右。

But to be clear, Jed, that's still delivering an EBITDA margin expansion in '24 to around about 16%. They will be lumpy. I think a sustainable position probably beyond 2025, it's probably somewhere between the drop-throughs of '23 and where we're estimating for '24. And that EBITDA margin expansion, we'll expect to see it continue beyond '24.

但要明確的是，傑德，這仍然使 24 年的 EBITDA 利潤率擴大至 16% 左右。它們會結塊。我認為可持續的位置可能會持續到 2025 年之後，它可能介於 23 年的下降和我們估計的 24 年之間。我們預計 EBITDA 利潤率的擴張將持續到 2024 年後。

Jade, it's Mark. In terms of your second question, I mean, look, this is super exciting on some of these developments that are coming through. And clearly, the future is where we've really been investing, investing sort of ahead of the curve over the years and a lot of the work that we've done with second spectrum positions us really, really well.

傑德，我是馬克。就你的第二個問題而言，我的意思是，看，這對正在發生的一些進展來說是非常令人興奮的。顯然，未來是我們真正投資的地方，多年來我們的投資有點領先，我們在第二頻譜所做的大量工作使我們處於非常非常好的位置。

This is part of a wider digitization of the sports ecosystem, which, again, is exactly where we pay. It brings in our media business very strongly and gives us really further output for sports and another way for the fan to engage.

這是體育生態系統更廣泛的數位化的一部分，這也正是我們付費的地方。它為我們的媒體業務帶來了非常強勁的影響，為我們提供了更多的體育輸出，以及球迷參與的另一種方式。

Some stuff that you should probably be thinking about. The content rights are still a big part of what's required to get this stuff. So there's still a fair bit of work to be done on in terms of the way that I think Apple are going to be displaying sports. And I caution you a little bit on getting too excited about sort of revenue flow-through at this stage.

您可能應該考慮一些事情。內容版權仍然是獲得這些東西所需的一個重要組成部分。因此，我認為蘋果展示體育賽事的方式還有很多工作要做。我要提醒你一點，不要對現階段的收入流動過於興奮。

This is really about positioning ourselves well, having a partnership with people like Apple, what we're doing with the Apple Sports app as well, where we're providing them with a lot of the data. I think it puts us in a strong position for when this stuff becomes more mainstream, when the data rights market, and the sort of distribution of this becomes a bit more widely featured.

這實際上是為了為自己做好定位，與蘋果這樣的公司建立合作夥伴關係，我們也在蘋果體育應用程式上做些什麼，我們為他們提供了大量的數據。我認為，當這些東西變得更加主流、數據版權市場及其分佈變得更加廣泛時，這使我們處於有利地位。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good morning, everyone. I want to follow up on Jed's question. So the incremental margins dropping from 53% into the mid-30s for '24. Is that all related to the rights increase? Or is there any more investment in the business that you guys are kind of stepping back, investing in the business outside of those rights costs in '24?

大家，早安。我想跟進傑德的問題。因此，24 年增量利潤率從 53% 下降到 30 多歲。這一切都與權利的增加有關嗎？或者說你們在24年的版權成本之外是否還有更多的投資，你們正在退縮？

No. I mean, it's -- I think we gave a slide specifically in the deck on a cash basis, look at the cost base. And if you look at that year on year, you can see, I think if you include everything outside of rights, I think our cost base goes from $208 million to $210 million year on year. And indeed, it's broadly in line with the -- if you want to look -- go back to 2022 as well.

不。我的意思是，我認為我們專門在現金基礎上放了一張幻燈片，看看成本基礎。如果你逐年查看，你會發現，如果你把權利以外的所有內容都包括在內，我認為我們的成本基礎將從 2.08 億美元年增至 2.1 億美元。事實上，如果你想看的話，這也與 2022 年的情況大致相符。

So you've got very little incremental cost in the business, driving those additional revenues. As I say, the rights position is driving that. We're going from, I think, [$154 million to $190 million odd] that we've guided to. And that's just as to say to function really at the right time linear. There are lumpy years. It was a less bigger jump from '22 to '23. It's a slightly bigger jump to '23 to '24. And we'll be short to guide when we get beyond 2024 and in years that right slightly more, slightly less than the mean.

因此，您的業務增量成本非常小，從而推動了這些額外收入。正如我所說，權利立場正在推動這一點。我認為，我們將從我們指導的[1.54 億美元到1.9 億美元]開始。這就是說，在正確的時間真正線性地發揮作用。有坎坷的歲月。從 22 年到 23 年的跳躍幅度較小。從 23 年到 24 年的跳躍幅度稍大。當我們超過 2024 年以及稍微高於或低於平均值的年份時，我們將缺乏指導。

Understood. And then in-play, on your slide, it says in-play represented over 20% of your GGR, which tying that back to the outlook or the guidance that you gave at your Investor Day back in '22 would represent a significant improvement over those projected levels. I know there's no crystal ball, but is it fair to assume that the shift to in-play is accelerating faster just driven by the product rollout? And I guess the second part of that question, Mark, you kind of alluded to it in the prepared remarks. Does that help with the ongoing price negotiations?

明白了。然後在你的幻燈片上，它說，在遊戲中佔你 GGR 的 20% 以上，這與你在 22 年投資者日上給出的前景或指導聯繫起來，這將代表一個顯著的進步那些預計的水平。我知道沒有水晶球，但是可以公平地假設，僅在產品推出的推動下，向現場遊戲的轉變就會加速嗎？我想這個問題的第二部分，馬克，你在準備好的評論中提到了這一點。這對正在進行的價格談判有幫助嗎？

Sure. I mean, look, I think I'm cautiously optimistic about this, and we are seeing good growth. And then again, if you look at the sort of BetVision numbers and the proportion of in-play betting, it's really being product driven. And I think that's a really good thing for us and puts us in a really, really strong place.

當然。我的意思是，我認為我對此持謹慎樂觀的態度，我們看到了良好的成長。話又說回來，如果你看看 BetVision 的數字和滾球投注的比例，你會發現它確實是產品驅動的。我認為這對我們來說是一件非常好的事情，讓我們處於一個非常非常強大的位置。

I think the other thing that's worth just having in your mind when you're considering these things is the improvement in margin as well. You -- obviously, one of the things we've always been very focused on and very excited about with in play is the fact that you generate materially better margin when you should do anyway. And we're seeing that come through as well.

我認為，當你考慮這些事情時，另一個值得你牢記的事情就是利潤率的提升。顯然，我們在遊戲中一直非常關注和非常興奮的事情之一是，當你無論如何都應該這樣做時，你會產生更好的利潤。我們也看到了這一點。

So again, I talk a lot about this compounding effect of the shift to in-play, the increase in margin. And again, the addition of new product like BetVision or really sort of pushing things in our favor.

再次，我談論了很多關於轉向滾球中的複合效應，即保證金的增加。再說一次，像 BetVision 這樣的新產品的加入確實對我們有利。

In terms of contract renegotiations, look, we as a business have built this over being good partners to our sports, our sportsbooks. And it's something we take very seriously. And when we think about our contract renegotiations, obviously, we want everybody to be successful. And therefore, the way we help our bookmaker partners be successful new product launches such as BetVision, such as Edge, which is increasing margins, even though that product is very young.

在合約重新談判方面，你看，我們作為一家企業，已經將這一點建立在成為我們的體育運動、我們的體育博彩的良好合作夥伴之上。我們非常重視這一點。當我們考慮合約重新談判時，顯然，我們希望每個人都能成功。因此，我們幫助博彩公司合作夥伴成功推出新產品（例如 BetVision）的方式，例如 Edge，儘管該產品還很年輕，但它正在增加利潤。

And it puts us in a place to be deeper integrated with our bookmakers. And generally, to do a better job and hopefully share from the upside in the industry. So I think, yes, all of these things support the business and the investment strategy we've had over the time. And we feel as I said cautiously optimistic.

它使我們能夠與博彩公司進行更深入的整合。總的來說，是為了做得更好，並希望分享產業的優勢。所以我認為，是的，所有這些都支持我們長期以來的業務和投資策略。正如我所說，我們感到謹慎樂觀。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Morning, Mark, Nick, team. Thanks for taking my question. For '24, I wanted to ask about the guide, particularly the sports betting guide. I think, Nick, you said for '23 North American GGR rose 50% for the market. You obviously benefited from that given the NFL contract. I think for '24, we're all expecting North American GGR to be up well into the teens or the 20s. But how are you thinking about that non-NFL piece of the betting market? Can that continue to grow, let's call it, high singles, low doubles outside of the US? Thanks.

早安，馬克、尼克，團隊。感謝您提出我的問題。對於 '24，我想詢問有關指南的信息，特別是體育博彩指南。尼克，我想你說過 23 年北美市場的 GGR 成長了 50%。考慮到 NFL 合同，你顯然從中受益。我認為 24 年，我們都預計北美 GGR 將上升到十幾歲或二十多歲。但您如何看待非 NFL 的博彩市場呢？在美國以外的地區，單打高、雙打低的情況還能持續成長嗎？謝謝。

Chad, it's Nick. Yeah, Europe showed some really strong growth, as you can see in our numbers this year. And we've commented quite a lot of it, I think, in our three earnings call, Q4 as well. Slowed down a little bit in Q4, in Europe because it was comping against a much bigger Q4 in 2022. I mean the way we're looking at it is broadly, I'd say that we're expecting our US business to probably grow at around about 20% year on year and our European business to be growing at around about 15%. So still very healthy growth coming from Europe.

查德，是尼克。是的，歐洲顯示出一些非常強勁的成長，正如你在我們今年的數據中看到的那樣。我認為，在我們的第三次財報電話會議（即第四季度）中，我們也對此進行了許多評論。歐洲第四季的成長速度略有放緩，因為它是在與 2022 年規模大得多的第四季度進行比較。我的意思是，我們的看待方式是廣泛的，我想說的是，我們預計我們的美國業務可能會同比增長 20% 左右，而我們的歐洲業務可能會增長 15% 左右。因此，來自歐洲的成長仍然非常健康。

And I think the sort of macro -- sorry to jump in, one of the macros in Europe is quite interesting at the moment. I mean, there's even though the growth is sort of, I guess, less aggressive than in the States, you're still seeing positive signs. I mean, Belgium coming online and legalizing betting for people over 21 is a good sign. And I think that there's still a lot of potential left in the market.

我認為這種宏觀——抱歉介入，目前歐洲的一個宏觀非常有趣。我的意思是，儘管我認為成長速度不如美國那麼積極，但你仍然看到了積極的跡象。我的意思是，比利時上線並使 21 歲以上的人博彩合法化是一個好兆頭。我認為市場仍然有很大的潛力。

Great. Thank you. And then as you look at additional technology kind of tuck-ins or bolt-ons, what are you seeing in the public-private valuation spread? Are there still opportunities to kind of add on to second spectrum, BetVision, et cetera? Just kind of overall in the market, what you're seeing.

偉大的。謝謝。然後，當您查看附加技術或附加技術時，您在公私估值差中看到了什麼？是否還有機會加入第二個光譜、BetVision 等？您所看到的只是市場的整體情況。

Yeah, it's a great question, actually. Look, as the business has moved to sort of cash flow positive, and we continue to execute, obviously, our mind is much focused on potential growth through acquisition. One of the challenges we have is -- to be honest, is we sort of have a ton of technology. I mean, we've got -- when with second spectrum and some of the other acquisitions as well as our own internal development, we've got an awful lot of stuff that we need. So we're not seeing any sort of screening gaps in our technology stack.

是的，實際上這是一個很好的問題。看，隨著業務已經轉向正現金流，並且我們繼續執行，顯然，我們的注意力主要集中在透過收購實現的潛在成長上。我們面臨的挑戰之一是——說實話，我們擁有大量的技術。我的意思是，當我們進行第二頻譜和其他一些收購以及我們自己的內部開發時，我們已經擁有了很多我們需要的東西。因此，我們的技術堆疊中沒有看到任何形式的篩選差距。

So when we look at the M&A market, it's got to be quite compelling on a few fronts. It's got to be compelling on the basis that the technology is really required, and we can deploy it well and generate real profitability from it. We've got to have a bit of a focus on the level of distraction and stuff.

因此，當我們審視併購市場時，它在幾個方面都非常引人注目。它必須具有吸引力，因為該技術是真正需要的，我們可以很好地部署它並從中產生真正的利潤。我們必須稍微注意幹擾和其他事情的程度。

And so -- and ultimately, the price that this technology -- some of these technology companies are going forward. And we're seeing -- we feel very strong. We feel like we're in a really good place, and we're seeing, I think, other parts of the market. I think a bit of opportunity, maybe there's a bit -- a few areas that are struggling. But unless the price of these is really compelling combined with the technology that they're offering, these are harder deals to justify.

因此，最終，這些科技公司中的一些公司正在推進這項技術的價格。我們看到——我們感覺非常堅強。我們覺得我們處於一個非常好的位置，而且我認為我們正在看到市場的其他部分。我認為有一些機會，也許有一些領域正在苦苦掙扎。但除非這些產品的價格與他們提供的技術相結合確實具有吸引力，否則這些交易很難證明其合理性。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great, thank you. So your in-play is growing at a very high rate. And your NFL GGR, I'm sure, is to -- I think we only see the total GGR growth for you. I'm just wondering if you could break out the in-play as a percent of total NFL GGR. I see that it's over 20%. I was thinking about this period versus last year to see that change in kind of share of GGR that's coming from imply? Thanks.

太好了謝謝。所以你的參與人數正在以非常高的速度成長。我確信，您的 NFL GGR 是——我認為我們只看到您的總 GGR 增長。我只是想知道您是否可以將比賽中的比賽數據作為 NFL GGR 總額的百分比進行統計。我看已經超過20%了我正在思考這段時期與去年相比，GGR 份額的變化是否來自暗示？謝謝。

Hey, Robin, it's Nick. Yes, the proportion is around about 20% of NFL bets were in place. Yes, the GGR up for the year on in-play, I think, was up 140%. And the margins as well, I think we called out in the prepared remarks, win margins were up in '23 compared to 2022 as well.

嘿，羅賓，我是尼克。是的，這個比例約為 NFL 投注的 20% 左右。是的，我認為今年比賽中的 GGR 成長了 140%。我想我們在準備好的發言中指出，與 2022 年相比，23 年的利潤率也有所提高。

Did the share of NFL GGR coming from in-play grow year over year? Is it pretty much in line with growth of GGR overall for the NFL?

來自比賽中的 NFL GGR 份額是否逐年增長？這與 NFL 整體 GGR 的成長非常一致嗎？

Yeah. I think the in-play GGR outgrew the other betting on GGR and NFL. And therefore, inevitably, the mix will have shifted towards in-play position.

是的。我認為比賽中的 GGR 超過了 GGR 和 NFL 的其他投注。因此，不可避免地，組合將轉向遊戲中的位置。

Thanks. Okay. And then if you could just clarify how much FX movement since Q3 added to your Q4 revenue. Thanks.

謝謝。好的。然後，您能否澄清自第三季以來的外匯變動為您的第四季收入增加了多少。謝謝。

Actually, foreign exchange was a slight headwind, not a tailwind in Q4. i think we guided in Q3 were $1.25. And I think the average rate for 20 -- for Q4 was around $1.24, [$1.245]. So round about [$300,000 to $400,000] headwind, not a tailwind for Q4.

事實上，外匯在第四季是一個輕微的逆風，而不是順風。我認為我們在第三季的指導價為 1.25 美元。我認為第四季 20 人的平均費率約為 1.24 美元，[1.245 美元]。因此，第四季的逆風約為 [30 萬美元至 40 萬美元]，而不是順風。

Eric Martinuzzi, Lake Street Capital Markets.

馬丁努齊 (Eric Martinuzzi)，湖街資本市場。

Yeah, I wanted to talk about some of the emerging opportunities. What's your take as far as election year 2024 with any new states that you could potentially kind of green light to sports betting?

是的，我想談談一些新出現的機會。就 2024 年選舉年而言，您對任何可能為體育博彩開綠燈的新州有何看法？

Hi, Eric. Look, we take a market view in terms of new states coming on board, and we take an average of that. And therefore, we're not particularly the holding on requiring one particular state. As we sit in North Carolina opens up, I think it's next week, I think. So that's obviously baked into our numbers. Florida, we continue to be cautious with, but that's baked into 2024, if that continues.

嗨，艾瑞克。聽著，我們對新加入的州採取了市場觀點，並取了平均值。因此，我們並不特別堅持要求特定的狀態。當我們坐在北卡羅來納州開放時，我想是下週。所以這顯然已納入我們的數據中。佛羅裡達州，我們繼續保持謹慎態度，但如果這種情況持續下去，這種情況會持續到 2024 年。

And also, to be clear, we're also looking at tons on a global basis. And Brazil is something I think we name checked in the prepared remarks, and that's a really interesting opportunity. Again, we're being very cautious given the fact it's Brazil, and that's not always the most straightforward place to do business. But we're expecting at the moment, betting to be live from broadly around the sort of September time onwards.

而且，需要明確的是，我們也在全球範圍內關注大量的情況。我認為我們在準備好的演講中提到了巴西，這是一個非常有趣的機會。再說一次，我們非常謹慎，因為這是巴西，而且那裡並不總是最直接的做生意的地方。但我們目前預計，預計將在 9 月左右開始上線。

And that -- what's the size of that opportunity in the Brazilian market? Just maybe in comparison to the US market for a sense of scale.

巴西市場的機會有多大？也許只是為了與美國市場進行比較以獲得規模感。

Yes. I mean the great thing about Brazil -- I mean I'll give you the exact numbers. We think it's going to be around about a $2 billion opportunity in 2024. So when you look for it to Genius, it's not significantly material for us given the fact that they would only be probably included our numbers in -- really in anything meaningful in Q4.

是的。我指的是巴西的偉大之處——我的意思是我會給你確切的數字。我們認為到 2024 年，這將帶來約 20 億美元的機會。因此，當你向 Genius 尋找它時，這對我們來說並不重要，因為它們可能只會包含在我們的數字中——實際上是在第四季度的任何有意義的事情中。

But it's also worth just remembering Brazil is a really interesting opportunity for us because it really plays into our natural business model in terms of having additional revenues without any really significant additional costs that go with it, given the fact that the events that we have are also relevant for the sportsbooks bets in Brazil.

但同樣值得記住的是，巴西對我們來說是一個非常有趣的機會，因為它確實符合我們的自然商業模式，可以獲得額外的收入，而無需任何真正重大的額外成本，因為我們舉辦的活動是也與巴西的體育博彩投注相關。

The likelihood is that a lot of the customers that we get in Brazil, the sportsbooks will be already customers that we have on a global basis. So it's a classic example of that operating leverage that we talked about earlier in the call.

很可能我們在巴西獲得的許多體育博彩客戶已經是我們在全球擁有的客戶。這是我們之前在電話會議中討論過的營運槓桿的典型例子。

The other thing is obviously worth calling out as well is the NFL are pretty focused on Brazil as a September NFL game, and I think they're all in on that. So I think there's quite a big focus on that market, and we're quite cautiously excited about it.

另一件顯然也值得一提的事情是，NFL 非常關注巴西 9 月的 NFL 比賽，我認為他們都在關注這一點。所以我認為這個市場受到了極大的關注，我們對此感到非常謹慎的興奮。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

And Mark, Nick, Brian, and Charles, congrats on '23, guys. Just on the BetVision product, just looking at the US market, obviously, share is kind of consolidated across two primary operators here. And it seems like from an innovation standpoint on product in play is getting a lot of heat and of course, that vision fits perfectly there. So just curious, as you sort of think about scaling the product, if you thought about selling it exclusive versus selling it across multiple operators?

馬克、尼克、布萊恩和查爾斯，恭喜你們 23 歲了，夥伴們。就 BetVision 產品而言，只要看看美國市場，顯然，這裡的兩個主要營運商的份額都得到了鞏固。從創新的角度來看，正在使用的產品似乎受到了極大的關注，當然，這種願景非常適合那裡。所以只是好奇，當你考慮擴展產品時，你是否考慮過獨家銷售它而不是跨多個運營商銷售它？

And then the second question is a follow-up on the M&A. I think the question was directed more towards potential add-ons on tech. But obviously, I think there's at least one asset that's openly for sale that would be more of an addition to your core business and somewhat transformative. So just curious your appetite for a deal like that versus just sort of tech add-ons.

第二個問題是併購的後續情況。我認為這個問題更多是針對潛在的技術附加組件。但顯然，我認為至少有一項資產是公開出售的，它更多是對您的核心業務的補充，並且具有一定的變革性。因此，只是好奇您對此類交易的興趣與單純的技術附加產品的興趣。

Mike, so on the sort of exclusive, nonexclusive, I mean our model is to work with our partners. We've got to remember that one of our core focus is to distribute sports products as widely as we possibly can. We're looking to get bad engagement, and we're looking to really sort of drive the growth of the sports. So from an exclusive nonexclusive point of view, that's not something we really consider we're not going to be doing that.

麥克，關於排他性、非排他性，我的意思是我們的模式是與我們的合作夥伴合作。我們必須記住，我們的核心重點之一是盡可能廣泛地分銷體育產品。我們希望獲得良好的參與度，並且我們希望真正推動體育運動的發展。因此，從排他性非排他性的角度來看，我們並不真正認為我們不會這樣做。

From sort of an M&A opportunity, look, as I think I said, the tech is something that we feel pretty comfortable we're in a good place on. And we'll obviously look at opportunities as and when they come up. But we're pretty price-sensitive. We're pretty price sensitive when we come to buying rights. We're pretty price sensitive when we come to buying other companies.

從某種併購機會來看，正如我所想的那樣，我們對科技感到非常滿意，我們處於有利地位。當機會出現時，我們顯然會關注它們。但我們對價格非常敏感。當我們購買版權時，我們對價格非常敏感。當我們購買其他公司時，我們對價格非常敏感。

So if it makes sense, if we can make those sort of acquisitions, whether it's rights or whether it's companies in a profitable way, we'll do that. But they've really got to make sense on that sort of basis.

因此，如果有意義的話，如果我們能夠進行此類收購，無論是權利還是以盈利方式收購公司，我們都會這樣做。但他們確實必須在這種基礎上有意義。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Thanks for taking my question and congrats on the quarter. Just curious, as you're thinking about 2024, looking at 2023, we've seen win rates do very well, particularly for the NFL. But I guess what is factored in your guidance in terms of win rates for this year? Do you guys just assume that they may remain constant? Or do we see some marginal uplift given the in-play increasing percentage of total handle? Thank you.

感謝您提出我的問題並祝賀本季。只是好奇，當你考慮 2024 年、展望 2023 年時，我們發現勝率表現非常好，尤其是 NFL。但我猜你今年的勝率指導中考慮了什麼因素？你們只是假設它們可能保持不變嗎？或者考慮到比賽中總控球率的增加，我們是否會看到一些邊際提升？謝謝。

Yeah. I would just say it's worth just remembering that US is around about 30% of our revenues, and therefore, specific win rates on particular months or either up or down, although they do have an impact on not always material impact to Genius' position. But on the specific question, we've forecasted and built in a win rate that's pretty consistent from '24 to '23.

是的。我想說的是，值得記住的是，美國市場約占我們收入的30% 左右，因此，特定月份的特定勝率或上升或下降，儘管它們確實對Genius 的地位產生影響，但並不總是產生實質影響。但就具體問題而言，我們預測並建立了從 24 年到 23 年相當穩定的勝率。

Yes. I mean it's actually quite interesting. If you think about the win rates, I mean, one of the things we've been quite focused on as a business and one of the things that I guess we think a lot about is making sure that we have predictability and stability, though in our numbers. So almost regardless regardless of the win rates.

是的。我的意思是這實際上很有趣。如果你考慮贏率，我的意思是，作為一家企業，我們一直非常關注的事情之一，我想我們經常考慮的事情之一就是確保我們具有可預測性和穩定性，儘管在我們的數字。所以幾乎不管勝率如何。

And the Super Bowl is a good example of that. It was -- I think industry-wide, I guess, it was a little bit challenging. But as you can see from our numbers, it's come through very strongly for us. It hasn't really negatively affected us. And I think that shows the underlying business model that we've got and the way that we make money and the way that we partner with our clients in a really good light.

超級盃就是一個很好的例子。我認為整個行業都有點具有挑戰性。但正如你從我們的數據中看到的那樣，這對我們來說是非常強烈的。它並沒有真正對我們產生負面影響。我認為這展示了我們所擁有的基本商業模式、我們賺錢的方式以及我們與客戶合作的方式。

We have no more further questions in our queue at this time. And with that, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.

目前我們的隊列中沒有更多問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。