Genius Sports Ltd (GENI) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Genius Sports Second-Quarter 2024 Earnings Results Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and answer-session. (Operator Instructions)

謝謝你的支持。我叫莉茲，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Genius Sports 2024 年第二季獲利結果電話會議。所有線路均已靜音，以防止任何背景噪音。發言人發言後，將進行問答環節。（操作員說明）

Thank you. I would now like to turn the call over to Genius Sports. Please go ahead.

謝謝。我現在想把電話轉給天才體育。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.

謝謝你，早安。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。

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 15, 2024.

任何此類聲明應與我們的收益發布中的警告聲明以及我們向 SEC 提交的文件中的風險因素討論結合起來考慮，包括我們於 2024 年 3 月 15 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。這些非 GAAP 衡量標準與最直接可比較的美國 GAAP 衡量標準的調整可在我們的收益新聞稿和收益演示中找到，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. We are pleased to continue our momentum through the first half of the year, and we remain optimistic for the second half of the year as we expect to step up our growth in group revenue and adjusted EBITDA and cash flow. On today's call I'd like to clearly cover a few topics which have been top of mind, including data rights, our unique technology scale and our strong commercial position in the US.

早安，感謝您今天加入我們。我們很高興能夠在上半年繼續保持這一勢頭，並且對下半年保持樂觀態度，因為我們預計集團收入以及調整後的 EBITDA 和現金流將加快成長。在今天的電話會議上，我想明確討論一些人們最關心的話題，包括數據權、我們獨特的技術規模以及我們在美國強大的商業地位。

First, I'd like to quickly highlight our results from the quarter with group revenue of $95 million, exceeding expectations and adjusted EBITDA of $21 million, representing a 33% year-on-year growth and nearly 400 basis points of margin expansion to 22% for the quarter, which is in line with our guidance. The momentum behind the business has never been stronger.

首先，我想快速強調我們本季的業績，集團營收為 9,500 萬美元，超出預期，調整後 EBITDA 為 2,100 萬美元，年成長 33%，利潤率擴大近 400 個基點至 22本季的百分比，這符合我們的指導。業務背後的動力從未如此強勁。

And our growth has been driven by our expanding technology footprint and our ability to sell value-enhancing products, services and content across the entire sports ecosystem. This also gives us the confidence to raise our group revenue and adjusted EBITDA guidance to $510 million, $85 million, respectively.

我們不斷擴大的技術足跡以及在整個體育生態系統中銷售增值產品、服務和內容的能力推動了我們的成長。這也讓我們有信心將集團營收和調整後 EBITDA 指引分別提高至 5.1 億美元和 8,500 萬美元。

Next, we have officially extended our exclusive data partnership with Football DataCo, the rights holder of UK football, including the English Premier League, which is one of the most special sports in the world. We've now secured these data rights exclusively for the next five years through 2029, on commercial terms that are well within our range of expectations. This cost visibility, combined with our strengthened positions in the sports betting supply chain now gives us even greater confidence in our near and medium term outlook.

接下來，我們正式延長了與英國足球權利持有者Football DataCo的獨家數據合作關係，其中包括英超聯賽，這是世界上最特殊的運動之一。現在，我們已經按照完全在我們預期範圍之內的商業條款，獨家獲得了截至 2029 年的未來五年內的這些數據權利。這種成本可見性，加上我們在體育博彩供應鏈中地位的增強，現在讓我們對近期和中期前景更有信心。

It's also important to highlight that our Football DataCo extension perfectly demonstrates the success of our commercial strategy, which is led by our unique technology offering. Our next-gen data, which can only be captured using our AI technology, provides the foundation for an unmatched level of game analysis, immersive experiences and infinite ways to reach and engage sports fans.

同樣重要的是要強調，我們的 Football DataCo 擴展完美地展示了我們商業策略的成功，該策略由我們獨特的技術產品主導。我們的下一代數據只能使用我們的人工智慧技術捕獲，為無與倫比的比賽分析水平、身臨其境的體驗以及接觸和吸引體育迷的無限方式提供了基礎。

UK football leagues rely on this technology to power several initiatives, spanning betting, officiating [broadcast], fan engagement and more. As the most recent examples of this, we can today confirm that we have been selected by the English Premier League to deploy our semi-automated offsite tracking technology in a landmark partnership designed to enhance the match experience of players, officials and fans.

英國足球聯賽依靠這項技術來推動多項舉措，包括投注、裁判[廣播]、球迷參與等。作為最新的例子，我們今天可以確認，我們已被英超聯賽選中，在一項具有里程碑意義的合作夥伴關係中部署我們的半自動場外追蹤技術，旨在增強球員、官員和球迷的比賽體驗。

This off-site technology is only available through Genius's complete unique computer vision and AI capabilities, which will be showcased in much greater detail as we get closer to the season. We have also launched the first-ever EFL fantasy football game, giving the English Football League, another tool to engage fans and gain further insights on its digital audience. Within one day, our EFL fantasy app became the number one downloaded sports app in the UK iOS App Store and number two for all the three apps.

這種場外技術只能透過 Genius 完整獨特的電腦視覺和人工智慧功能來實現，隨著賽季臨近，這些功能將得到更詳細的展示。我們還推出了有史以來第一款 EFL 夢幻足球遊戲，為英格蘭足球聯賽提供了另一個吸引球迷並進一步了解其數位受眾的工具。一天之內，我們的 EFL Fantasy 應用程式就成為英國 iOS App Store 中下載量第一的體育應用程序，並且在所有三個應用程式中排名第二。

These technology lead initiatives further embed Genius Sports across the digital ecosystem of UK football. Importantly, this also unlocks new revenue streams. Beyond sports betting alone, we will give specific 2025 guidance in due course. But as a base case, we want to be clear that this extended partnership now positions our business for continued margin expansion and cash flow growth on an annual basis through at least the end of the decade.

這些技術領先舉措進一步將 Genius Sports 嵌入英國足球的數位生態系統中。重要的是，這也釋放了新的收入來源。除了體育博彩之外，我們還將在適當的時候給出具體的 2025 年指導。但作為基本情況，我們希望明確的是，這種擴展的合作夥伴關係現在使我們的業務至少在本世紀末能夠實現每年持續的利潤擴張和現金流成長。

As it relates to data rights moving forward, it is also worth noting that we are operating in an increasingly geopolitically competitive environment. As we sit here today, all the major global data rights fit with only the two largest players for the balance of the decade. This was not the case a few years ago where a more fragmented market led to greater competition with both rights holders as well as sportsbook.

由於它關係到數據權利的發展，因此值得注意的是，我們正在一個地緣政治競爭日益激烈的環境中運作。當我們今天坐在這裡時，所有主要的全球數據權利都只屬於這十年剩下的兩個最大的參與者。幾年前的情況並非如此，當時更加分散的市場導致版權所有者和體育博彩之間的競爭更加激烈。

We expect reduced competitive tension moving forward, which should support a more stable and predictable operating landscape. That said, technology is still a key reason why leagues and federations choose to work with Genius Sports. And this is how we successfully retained major rights agreements at improved prices over time.

我們預計未來競爭緊張局勢將有所緩解，這將支持更穩定和可預測的營運格局。儘管如此，技術仍然是聯盟和聯合會選擇與 Genius Sports 合作的關鍵原因。這就是我們如何隨著時間的推移以不斷提高的價格成功地保留主要版權協議。

As the world of sports and fan engagement quickly shifts to the digital realm, we are empowering leagues to stay ahead of the technology curve. Our computer vision and AI technology, for example, enables new types of data which have never ever been collected, analyzed and distributed at the speed and scale of which we are capable of today.

隨著體育和球迷參與的世界迅速轉向數位領域，我們正在幫助聯盟保持技術領先。例如，我們的電腦視覺和人工智慧技術使新型數據成為可能，而這些數據以前從未以我們今天的速度和規模進行收集、分析和分發。

This next gen data has many use cases which are already being applied in the market. We are revolutionizing fan experiences, activating sponsorship opportunities, augmenting live broadcast, creating new advertising inventory, innovating sports betting interfaces, unlocking new performance insights and so much more.

下一代數據有許多已經在市場上應用的用例。我們正在徹底改變球迷體驗、激活贊助機會、增強直播、創建新的廣告庫存、創新體育博彩介面、解鎖新的表現洞察等等。

This is exactly why leagues and federations choose to extend and often expand their partnerships with Genius Sports. We've proven this strategy with the two most important data rights in the world, the NFL and now with Football DataCo.

這正是聯盟和聯合會選擇延長並經常擴大與 Genius Sports 合作夥伴關係的原因。我們已經透過世界上兩個最重要的數據權利 NFL 和現在的 Football DataCo 證明了這個策略。

Additionally, Genius Sports has become the trusted technology partner for top tier organizations such as FIBA, the WNBA, and most recently UEFA, which will see our computer vision and AI technology installed in over 140 European football venues, creating the technical infrastructure not just for UEFA, but for other European football clubs who also use these venues.

此外，Genius Sports 已成為FIBA、WNBA 以及最近的UEFA 等頂級組織值得信賴的技術合作夥伴，我們的電腦視覺和人工智慧技術將安裝在140 多個歐洲足球場館中，打造的技術基礎設施不僅為歐足聯，但也適用於其他也使用這些場地的歐洲足球俱樂部。

With this, we are now turning a significant corner on the distribution of our technology, which categorically proves the wide scale adoption from the most well-respected leagues and federations in the world. These deep technology integrations underpin the entire business model and set the foundation for continued monetization across the betting and media products I mentioned a moment ago.

憑藉這一點，我們現在在我們的技術分發方面迎來了一個重要的轉折點，這明確地證明了世界上最受尊敬的聯盟和聯合會的廣泛採用。這些深度的技術整合支撐了整個業務模式，並為我剛才提到的博彩和媒體產品的持續盈利奠定了基礎。

This brings me to the next topic, which is our US Sports book partnerships. We understand investors have been focused on these contract renewals, so I would like to share my thoughts on this call.

這讓我想到了下一個主題，即我們的美國體育圖書合作。我們了解投資人一直在關注這些合約續約，所以我想分享我對這次電話會議的想法。

I will not get into specific details of individual contracts, some of which are signed, some of which are ongoing as expected, and a few that may be signed a few days into the NFL season, as is typical. But let me remind you that we have a monumental commercial position in the US Sports betting ecosystem, given the importance of our data to US Sports books.

我不會透露個人合約的具體細節，其中一些合約已經簽署，一些合約正在按預期進行，還有一些合約可能會在 NFL 賽季開始幾天后簽署，這是典型的情況。但請容許我提醒您，鑑於我們的數據對美國體育博彩的重要性，我們在美國體育博彩生態系統中擁有重要的商業地位。

We have developed a strong suite of products to amplify the value of our data for the NFL, English Premier League and the other events that we offer annually. Our ability to cross sell additional content and services, increase our utilization and gradually grow our share of wallet overtime is exactly how we have sustained 20% plus revenue growth over the last years, which we expect will continue for the foreseeable future.

我們開發了一套強大的產品來放大我們每年提供的 NFL、英超聯賽和其他賽事數據的價值。我們交叉銷售額外內容和服務、提高利用率並逐漸增加錢包份額的能力正是我們在過去幾年中保持 20% 以上收入增長的原因，我們預計在可預見的未來將繼續這種增長。

So despite the increased investor focus on this topic, we will categorize this as business as usual, and we are happy with how these negotiations are progressing and so far nothing has surprised us.

因此，儘管投資者越來越關注這個話題，但我們仍將其視為一切照舊，我們對這些談判的進展感到滿意，到目前為止，沒有什麼讓我們感到驚訝的。

As always, our goal is to support the continued growth and success of our sports book partners, and we are now providing more tools to help them acquire customers, engage them on the platform for longer and offer more innovative products than ever before.

一如既往，我們的目標是支持體育博彩合作夥伴的持續成長和成功，我們現在提供更多工具來幫助他們獲取客戶、讓他們在平台上停留更長時間並提供比以往更多的創新產品。

We are fully committed to their success and our revenue model is structured in a way that supports growth, at least in-line with USGGR and our sports book partners, if not modestly outpacing that growth rate.

我們完全致力於他們的成功，我們的收入模式以支持增長的方式構建，至少與 USGGR 和我們的體育博彩合作夥伴保持一致，即使不是適度超過該增長率。

So we have many reasons to feel confident about this process, not least of which is that we are completely aligned with the NFL who own 8% of our business and who support us in the wide range of data-driven and tech enabled products that we are offering. We suggest you keep this framework in mind as we progress through the renewal process with US sports books.

因此，我們有很多理由對這個過程充滿信心，尤其是我們與 NFL 完全一致，他們擁有我們 8% 的業務，並且在我們所開發的各種數據驅動和技術支援的產品中為我們提供支援。正在提供。我們建議您在我們推進美國體育圖書續約流程時牢記這一框架。

With that in mind, we feel confident in the outlook for the remainder of this year as the business is well positioned to continue benefiting from multiple structural growth drivers. Our increased 2024 revenue and adjusted EBITDA guidance of $510 million and $85 million respectively represents an annual revenue growth rate of 23% up from 21% last year and 400 basis points of margin expansion, bringing us a meaningful step closer to our long-term margin target in excess of 30%. Additionally, we reiterate our expectation to be cash flow positive for the full-year 2024.

考慮到這一點，我們對今年剩餘時間的前景充滿信心，因為該業務處於有利地位，可以繼續受益於多種結構性成長動力。我們的2024 年營收成長和調整後EBITDA 指引分別為5.1 億美元和8,500 萬美元，這意味著年收入成長率從去年的21% 上升到23%，利潤率擴大了400 個基點，使我們向長期利潤率邁出了有意義的一步目標超過30%。此外，我們重申 2024 年全年現金流為正的預期。

Before turning the call to Nick, I want to reiterate that we now have much greater visibility and confidence in our ability to continue expanding margins and generating significant free cash flow per share in the years ahead.

在打電話給尼克之前，我想重申，我們現在對未來幾年繼續擴大利潤率和產生大量每股自由現金流的能力有了更大的了解和信心。

We have solidified our most important rights deals through the end of the decades, strengthens our position in the sports betting supply chain and continue to lay the foundation for future technology driven products across the full sports ecosystem, thus reinforcing our long-term competitive advantages. We are excited to continue this strong business momentum, which will support our financial flexibility for many years to come.

幾十年來，我們已經鞏固了我們最重要的版權交易，加強了我們在體育博彩供應鏈中的地位，並繼續為整個體育生態系統中未來技術驅動的產品奠定基礎，從而增強了我們的長期競爭優勢。我們很高興能夠繼續保持這種強勁的業務勢頭，這將支持我們未來許多年的財務靈活性。

I will now turn the call to Nick to discuss our quarterly results and guidance in more detail.

我現在將致電尼克，更詳細地討論我們的季度業績和指導。

Thank you, Mark. As a reminder, Q2 is our most predictable quarter in the fiscal year, given the quieter sporting calendar in the summer months, we earn a bit less from our US revenue share contracts on the betting products and we manage lower overall media spend since this is also somewhat dependent on live sports content.

謝謝你，馬克。提醒一下，第二季度是我們本財年中最可預測的季度，鑑於夏季的體育賽事較為平靜，我們從博彩產品的美國收入分成合約中獲得的收入有所減少，並且我們管理的總體媒體支出較低，因為這是某種程度上也依賴體育直播內容。

Therefore, most revenue in the quarter is derived from fixed fee contracts outside of the US where we have much higher predictability. So our results were largely in-line with our expectations for the quarter.

因此，本季的大部分收入來自美國以外的固定費用合同，我們在這些地區的可預測性要高得多。因此，我們的業績基本上符合我們對本季的預期。

With that in mind, our group revenue growth was primarily driven by our betting revenue, which represented 70% of our total revenue in the quarter and increased 18% year on year. Media revenue was largely unchanged year on year given the quieter sporting calendar and low overall marketing spend relative to other quarters throughout the year.

考慮到這一點，我們集團收入的成長主要是由博彩收入推動的，該收入佔本季總收入的 70%，年增 18%。由於體育賽事較為平靜，且整體行銷支出相對於全年其他季度較低，因此媒體收入比去年同期基本沒有變化。

Sports revenues was slightly lower year-on-year and as we have mentioned in prior quarter, we view sports technology as an enabler for the rest of the business rather than a revenue driver on its own. Our suite of sports technology solutions helps us deepen our league partnerships, planning several tech enabled initiatives, which we then monetize as betting's and media products.

體育收入比去年同期略有下降，正如我們在上一季提到的，我們將體育技術視為其他業務的推動者，而不是其本身的收入驅動力。我們的體育技術解決方案套件幫助我們深化聯盟合作夥伴關係，規劃多項技術支援計劃，然後將其作為博彩和媒體產品貨幣化。

Moving on to our profitability, we delivered a 22% adjusted EBITDA margin in Q2, which represents our highest quarterly margin in four years. This was due to disciplined cost control and operating expenses, inclusive of cost of revenue that were held relatively in-line compared to our revenue growth. This also demonstrates the consistent margin expansion in our business model, as we have grown our margins from 9% in Q2, 2021 to 12% in 2022, to 18% in 2023, and now 22% in 2024.

說到獲利能力，第二季調整後的 EBITDA 利潤率為 22%，這是我們四年來最高的季度利潤率。這是由於嚴格的成本控制和營運費用，包括與我們的收入成長相比相對穩定的收入成本。這也證明了我們業務模式的利潤率持續擴張，我們的利潤率從2021 年第二季度的9% 增長到2022 年的12%，到2023 年增長到18%，現在到2024 年增長到22% 。

Turning to guidance, hopefully you now have a better appreciation for the underlying strength in the business and the confidence we have for the remainder of the year. In fact, we believe the second half of 2024 is a strong demonstration of our profitability growth, and operating leverage. This is because H2 and Q4 specifically represents the peak sporting calendar.

談到指導，希望您現在對業務的潛在實力以及我們對今年剩餘時間的信心有了更好的認識。事實上，我們相信 2024 年下半年是我們獲利能力成長和營運槓桿的有力證明。這是因為 H2 和 Q4 特別代表了巔峰體育日曆。

What this means is we realize the revenue benefit from a full sporting calendar inclusive of NFL, UK Soccer and many others. We also incur before annual increase in right fees, which are recognized during the seasons and contractually increased by a predetermined amount in each year. As you can see, we have constantly demonstrated the operating leverage of the business model in Q3, in Q4 for each of the last two years, and expect to continue this trajectory in 2024 as well.

這意味著我們認識到從包括 NFL、英國足球和許多其他賽事在內的完整體育賽事中獲得的收入收益。我們還在每年增加的權利費之前產生費用，這些費用在季節期間確認，並根據合約每年增加預定金額。正如您所看到的，我們在過去兩年的第三季和第四季不斷展示了該業務模式的營運槓桿，並預計在 2024 年也將繼續這一軌跡。

Look no further than our H2 guidance, which implies revenue growth of 29% compared to H2 of 2023, and our adjusted EBITDA nearly doubling over that same period. Importantly, we also expect meaningful cash flow in the second half of this year.

看看我們的下半年指引即可，這意味著與 2023 年下半年相比營收成長 29%，而我們調整後的 EBITDA 同期幾乎翻倍。重要的是，我們也預計今年下半年將出現有意義的現金流。

Particularly in Q4, we expect to grow revenue by over 30% year-on-year and our adjusted EBITDA by 2.5 times resulting in nearly 900 bps of margin expansion. On an annual basis, we expect this to culminate in our fourth consecutive year exceeding 20% revenue growth. Based on the fundamental business momentum and overall industry growth, we expect to sustain this pace for the foreseeable future.

特別是在第四季度，我們預計營收將年增超過 30%，調整後 EBITDA 成長 2.5 倍，從而導致利潤率擴張近 900 個基點。按年計算，我們預計收入成長將連續第四年超過 20%。基於基本業務動能和整體產業成長，我們預計在可預見的未來將保持這一速度。

To conclude, Q2 marks another quarter of consistent execution, both strategically and financially. We have secured our most important rights agreements for a long period of time, expanded our technology footprint and bolstered our product offering across the ecosystem of sports betting, media and broadcast.

總而言之，第二季度標誌著戰略和財務上又一個持續執行的季度。長期以來，我們已經獲得了最重要的版權協議，擴大了我們的技術足跡，並增強了我們在體育博彩、媒體和廣播生態系統中的產品供應。

We remain confident and excited for the remainder of the year. As we expect to benefit from multiple growth drivers, particularly in the US and moving forward, our business is now better positioned than ever for continued revenue growth, margin expansion and cash flow generation.

對於今年剩餘時間，我們仍然充滿信心和興奮。由於我們預計將受益於多種成長動力，特別是在美國，並繼續向前發展，我們的業務現在比以往任何時候都處於更好的位置，可以實現持續的收入成長、利潤率擴張和現金流生成。

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

現在，我們將結束準備好的演講並開始問答。

Ryan Sigdahl, Craig-Hallum Capital Group.

瑞安‧西格達爾 (Ryan Sigdahl)，克雷格-哈勒姆資本集團。

Hey good day guys. Want to start on the guidance question. I know you are not talking specifically on customer renewals, but directionally from an overall basis, it implies given the acceleration revenue growth in Q4 that pricing seems to be improving with those renewals or conversations. I guess, are you willing to comment on that?

嘿，美好的一天，夥計們。想從指導問題開始。我知道您並不是專門談論客戶續訂，而是從整體方向來看，這意味著考慮到第四季度營收的加速成長，定價似乎隨著這些續訂或對話而改善。我想，你願意對此發表評論嗎？

And then secondly with BetVision, you had four customers last year, Draftking said they are going to add Bet and Watch for the upcoming NFL season. I guess given the customer set it are you willing to comment or talk about that relationship directly with BetVision and maybe anybody else?

其次，BetVision 去年有四位客戶，Draftking 表示他們將為即將到來的 NFL 賽季添加 Bet and Watch 功能。我想考慮到客戶群，您是否願意直接與 BetVision 或其他任何人發表評論或談論這種關係？

Hey Ryan this is Mark. Certain customer renewals, I mean, bluntly, everything is going in exactly as we expected. There is just no surprises here. We are progressing some are signed, some are in progress. As we have always said, some will probably be signed a little bit into the new NFL season. But we are not surprised at anything that is going on.

嘿瑞安，這是馬克。某些客戶續訂，我的意思是，坦白說，一切都按照我們的預期進行。這裡沒有什麼驚喜。我們正在取得進展，有些已經簽署，有些正在進行中。正如我們一直所說的，有些人可能會在新的 NFL 賽季中簽約。但我們對正在發生的任何事情並不感到驚訝。

On BetVision, look, the product last year, as we said at the time was our kind of 1.0 product. It was a trial. We have been doing a lot of work on it and there is a lot of improvements. We are rolling it out to a new set of customers over the next period. And there is also a lot of new exciting features. So tune in when you see it live on the site.

在 BetVision 上，看，去年的產品，正如我們當時所說，是我們的 1.0 產品。這是一場審判。我們在這方面做了很多工作，也有很多改進。我們將在下一個時期向一批新客戶推出它。而且還有很多令人興奮的新功能。因此，當您在網站上看到它時，請收聽。

And for my follow-up question, just curious if you can talk about Trend Genius and your partnership with X and how that maybe is starting, I know it is early, but with the Olympics and kind of where you see that product potentially going?

對於我的後續問題，我只是好奇您是否可以談談Trend Genius 以及您與X 的合作關係以及這可能是如何開始的，我知道現在還為時過早，但是隨著奧運會以及您認為該產品的潛在發展方向？

Look, I mean this is really just another way to monetize the data and another way to monetizing our platform. It also, frankly, opens up new opportunities to us for non-betting clients, which has been a big focus. You have heard me talk about it before. So it is really just the start of a rollout of new customer work.

看，我的意思是，這實際上只是數據貨幣化的另一種方式，也是我們平台貨幣化的另一種方式。坦白說，這也為我們為非博彩客戶帶來了新的機會，這一直是我們關注的焦點。你以前聽過我談論過它。因此，這實際上只是推出新客戶工作的開始。

I mean, it is quite interesting that over the last I guess couple years, you guys have heard us and me especially, talk about a lot of things investment in technology, investment in new products. And really what we are doing now is a result of our focus on execution for the last couple of years is rolling them out. You are seeing it here with the Ad tech side.

我的意思是，很有趣的是，在過去的幾年裡，你們聽到了我們，尤其是我，談論了很多技術投資、新產品投資的事情。事實上，我們現在正在做的事情是我們過去幾年專注於執行的結果，正在推出它們。您可以在這裡看到廣告技術方面的情況。

You are seeing it with the soap release, which I'm sure we will get a question on a minute. You are saying, in the betting front, you know, we have increased our betting tech revenue as a result of the launch of Edge.

你會在肥皂劇中看到它，我相信我們很快就會收到一個問題。您是說，在博彩方面，您知道，由於 Edge 的推出，我們增加了博彩技術收入。

So, you know, really a lot of the investments we have been making in technology and a lot of the rollout are now coming to fruition, which is, you know, really sort of driving the business and again, proving our investment and our thesis that we have so long talked about.

所以，你知道，我們在技術方面所做的很多投資和很多部署現在正在取得成果，你知道，這確實在推動業務發展，並再次證明了我們的投資和論文我們已經談論了很長時間了。

Thanks, Mark. Nice job, guys.

謝謝，馬克。幹得好，夥計們。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Great. Thanks for taking the questions. Both Mark and Nick you guys both made comments just in terms of the outlook for revenue growth and maintaining these strong rates, you know, that is, if you are able to maintain 20% revenue growth even just next year, that is above our expectations. So could you maybe talk about what the major drivers are, whether it is the expected US renewals, whether, what you guys are seeing internationally, just to help us wrap our heads around, if this business can really sustain 20% plus growth.

偉大的。感謝您提出問題。馬克和尼克你們都只是就收入成長的前景和保持這些強勁的成長率發表了評論，你知道，也就是說，如果你能夠在明年保持 20% 的收入成長，那就超出了我們的預期。那麼，您能否談談主要驅動因素是什麼，是否是預期的美國續約，是否是您在國際上看到的情況，只是為了幫助我們理清思路，這項業務是否真的能夠維持20%以上的增長。

Yes. Good to hear from you. Look, we are really pleased with how things are going and we are obviously, as you can probably tell, super optimistic about the future. Really where it is coming from is everywhere, you know, all of the investments. I just sort of talked about, you know, it is starting to come through.

是的。很高興收到你的來信。看，我們對事情的進展感到非常滿意，而且正如你可能會說的那樣，我們顯然對未來非常樂觀。事實上，它的來源無所不在，你知道，所有的投資。我只是談到，你知道，它已經開始實現。

Obviously, you know, our renegotiations are going well, we are, you know, we are just, you know, really nicely positioned and, you know, as I said, the focus that we have had over the last couple of years on execution is really looking to drive both revenue and margin growth over the coming period. So we are feeling good.

顯然，你知道，我們的重新談判進展順利，我們，你知道，我們只是，你知道，定位非常好，而且，你知道，正如我所說，我們在過去幾年中一直專注於執行確實希望在未來一段時間內推動營收和利潤成長。所以我們感覺很好。

Understood. And may be at the risk of opening Pandora's Box again, but with the two largest deals now in place, any kind of parameters that you guys could provide in terms of what you expect rights costs to grow at through '28?

明白了。可能有再次打開潘朵拉魔盒的風險，但隨著兩筆最大的交易已經到位，你們可以提供任何關於你們預計到 28 年版權成本增長的參數嗎？

Yes, it is a really good question. I mean, look, I'm going to slightly dull and just repeat what I have said probably dozens of times before on these calls is that, we have really got everything we need, you know, on the right side, we have got the -- you know, probably the two most important global rights locked up now for a really long period.

是的，這是一個非常好的問題。我的意思是，聽著，我會有點沉悶，只是重複我之前在這些電話會議上說過的幾十次的話，我們真的已經得到了我們需要的一切，你知道，在右側，我們已經得到了——你知道，可能兩個最重要的全球權利現在被鎖定了很長一段時間。

And we have got another set of strategic rights that we feel very, very strong about, including things like fever on a very long term basis as well. So from the right space, as I look at it, we are not really compelled to do anything, in terms of, you know, new right deals or adding. So as far as I'm concerned, our main focus is on, sorry, driving cash flow, driving margin, and really focusing on doing deals that make sense for the shareholders.

我們還有另一套我們感覺非常非常強烈的戰略權利，包括像長期發燒這樣的事情。因此，從正確的角度來看，正如我所看到的，我們實際上並沒有被迫做任何事情，你知道，新的正確交易或增加。因此，就我而言，抱歉，我們的主要關注點是推動現金流、提高利潤率，以及真正專注於進行對股東有意義的交易。

And what that really means is that means doing deals that make sense and makes sense means that they are profitable, they are accreted and they really drive margin. So we are very, we are in a very fortunate position now where we can be very, very picky, and really be laser focused on shareholder value.

這真正的含義是，進行有意義的交易意味著它們是有利可圖的，它們是增值的，並且它們真正提高了利潤率。所以我們現在處於一個非常幸運的位置，我們可以非常非常挑剔，並且真正專注於股東價值。

Great. Thank you.

偉大的。謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great, thank you. Two questions. One is I saw in the filing this morning you have changed your functional currency. I'm just wondering how did that change the revenue and EBITDA guidance this morning. The impact from the changing in your functional currency? And then my other question, just wanted to dig a little bit into EBITDA, just looking at your net loss widened by 10 million year-over-year, but your adjusted EBITDA went up by six million. And so looking at kind of what was added back, your stock base comp line was up significantly year-over-year, and I think about 10 million more stock-based comping added back than what you had kind of suggested would be the, the quarterly cadence.

太好了，謝謝。兩個問題。一是我在今天早上的文件中看到您已經更改了您的功能貨幣。我只是想知道這對今天早上的收入和 EBITDA 指導有何變化。功能貨幣變化的影響？然後我的另一個問題，只是想深入了解一下 EBITDA，看看你的淨虧損同比擴大了 1000 萬，但調整後的 EBITDA 卻增加了 600 萬。因此，看看添加回來的內容，你的股票基礎補償線同比顯著上升，我認為添加回來的股票基礎補償比你建議的多了 1000 萬，每季度的節奏。

So just since some of your vendor expenses you pay with equity, giving equity in shares to vendors or equity instruments, I guess as your footnote says, can you just clarify how much of that stock-based comp add back is employee stock-based comp versus, using it to pay vendors? Just to kind of think about why that line may have come in so much higher. Thanks.

因此，由於您用股權支付的一些供應商費用，向供應商或股權工具提供股票股權，我想正如您的腳註所說，您能否澄清一下基於股票的補償有多少是員工基於股票的補償還是用它來支付供應商費用？只是想一下為什麼這條線可能會高很多。謝謝。

Hey Rob, it is Nick. I will kind of take this in reverse orders. I mean, first of all, there is no stock-based comp preventers at all, that is zero in that number. You are right. The numbers is higher in Q2 this year than it was last year, and that is really substantially a timing issue. We have issued the [LTD] (Ph) management program in 2024. We actually issued that in Q2 this year. We issued it in April, but when you compare to 2023, we actually issued it in Q4.

嘿，羅布，我是尼克。我會以相反的順序來處理這個問題。我的意思是，首先，根本不存在基於股票的競爭預防者，這個數字為零。你是對的。今年第二季的數字高於去年，這實際上是一個時間問題。我們已經發布了2024年的[LTD]（博士）管理計畫。我們實際上是在今年第二季發布的。我們是在 4 月發布的，但與 2023 年相比，我們實際上是在第四季度發布的。

So you sort of said it is not quite comparing like would like, so what this means is that a lot of that Q2 increment is actually reversed in Q4, for example, forecasting Q4 this year stock-based comp to be around about an $8 million charge, where last year it was a $16 million charge. So you can see that reversing out.

所以你說這並不完全像你想要的那樣進行比較，所以這意味著第二季度的大部分增量實際上在第四季度發生了逆轉，例如，預測今年第四季度的股票補償約為800 萬美元費用，去年費用為 1,600 萬美元。所以你可以看到情況發生了逆轉。

On the functional currency, so I will restrain from getting two accounting technical, but first of all it has no impact on EBITDA or revenues at all in the numbers. All it really is, as we become a more of a dollar denominated business with our switch to US revenues continue to increase as do our cost base continues to increase in US dollars.

關於功能貨幣，所以我會避免採用兩種會計技術，但首先它對 EBITDA 或收入在數字上沒有任何影響。事實上，隨著我們轉向美國的收入不斷增加，我們的美元成本基礎不斷增加，我們越來越成為一家以美元計價的企業。

It just means of how we actually build up our numbers. But the answer itself when you get there is the same whether you do it as a functional currency for stealing or dollars. There is no difference at all to both actuals or indeed to our ongoing guide.

它只是意味著我們如何實際建立我們的數字。但無論你將其作為盜竊的功能貨幣還是美元，當你到達那裡時，答案本身都是相同的。實際情況或我們正在進行的指南根本沒有任何區別。

It is Mark it just to just before anyone runs away with our US base increasing comment, what we have actually been doing is actively moving a lot of our staff base from the European side across to the US which is one of the reasons you are seeing that switch.

就在有人對我們的美國基地增加評論之前，請注意，我們實際上一直在做的就是積極地將我們的許多員工基地從歐洲一側轉移到美國，這就是您看到的原因之一那個開關。

Okay, thanks. And so just, in your schedule of aback you refer to equity classified awards to suppliers. Is that a dollar amount? You can clarify that is, when I called it stock based comp to vendors. Just to clarify, to use your language, the equity classified awards to suppliers, is that a dollar amount? You can clarify. Thanks.

好的，謝謝。因此，在您的備份表中，您提到了對供應商的股權分類獎勵。這是美元金額嗎？您可以澄清一下，當我將其稱為基於供應商的庫存補償時。澄清一下，用你的語言來說，對供應商的股權分類獎勵是美元金額嗎？你可以澄清一下。謝謝。

Hey, Robin, I'm just checking which you are talking about which line in there, Robin?

嘿，羅賓，我只是在檢查你在談論其中的哪一行，羅賓？

It is the footnote where you it is the dollar amount of stock-based comp that we were talking about increasing year-over-year. It includes in, in your filing it says that what you add back as stock-based comp includes some equity classified awards to suppliers. So just wondering how much is of it is that versus employee stock-based awards?

在腳註中，我們談論的是逐年增長的基於股票的補償金額。它包括，在您的文件中，您添加的基於股票的補償包括對供應商的一些股權分類獎勵。那麼只是想知道與員工股票獎勵相比，其中有多少？

Yes, understood. That is referring to the prior year, not to the current year. So that is the last part of the NFL warrants that were pushed through in 2023. So the whole award for 2024 is all in relation to employee based.

是的，明白了。這是指上一年，而不是本年度。這是 2023 年 NFL 認股權證的最後一部分。因此，2024 年的整個獎項都與員工有關。

Great, Thank you.

太好了，謝謝。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good morning everyone. Thanks for taking my question. Mark, you reiterated your 30% EBITDA margin target as attainable or even beyond that. But I'm just trying to - I'm piecing some of the comments together that you made. Is it fair to assume that you have everything within the business today that you need and that you just need to grow in-line with US GGR to get to your 30% EBITDA margin target?

大家早安。感謝您提出我的問題。馬克，您重申 30% 的 EBITDA 利潤率目標是可以實現甚至超越的。但我只是想 - 我正在將您提出的一些評論拼湊在一起。假設您目前擁有業務所需的一切，並且只需按照美國 GGR 的成長即可實現 30% 的 EBITDA 利潤率目標，這樣公平嗎？

Yes, good question. Look, we growing in-line with GGR is obviously one of the reasons that the business has incredibly good visibility going forward. But it is not only that. As I sort of kind of refer back to my slide because at the beginning of this call where I was talking about new product delivery and the finishing of a lot of the version ones of those products and getting that distribution, which is what we are doing at the moment. Things like, so out the X deal, in-play, all of those things are driving that growth. So, it is not just one thing, which is GGR, it is sort of the wider business and again, we are feeling good about it.

是的，好問題。看，我們與 GGR 保持一致的成長顯然是該業務未來擁有令人難以置信的良好可見性的原因之一。但不僅如此。我有點想回顧一下我的幻燈片，因為在這次電話會議開始時，我談論了新產品的交付以及這些產品的許多版本的完成以及分發，這就是我們正在做的事情眼下。例如，X 交易、正在進行中的交易，所有這些都在推動這種成長。因此，GGR 不僅僅是一件事，它是更廣泛的業務，我們對此感覺良好。

And then I know the second quarter for the US is seasonally the slowest period, but from a year-over-year perspective that was down I guess high single digits. Can you just kind of walk us through what happened or what is going on in the US during the second quarter?

然後我知道美國第二季是季節性最慢的時期，但從年比角度來看，我猜下降了高個位數。您能否向我們介紹一下第二季度美國發生了什麼或正在發生什麼？

Hey Jordan it is Nick. You are right. I think it was $1 million. I think in total year on year. I mean, that is really in relation to the media programmatic spend. And as that relates to things like new states opening up and pace of spent and sports books actually betting, I think year on year slightly up when you look at the US But you are right to call out that Q2 is the quietest quarter for us, both in terms of media and betting in the US and then you can see by our guide that accelerates in Q3 and Q4.

嘿喬丹，我是尼克。你是對的。我認為是 100 萬美元。我認為全年總計。我的意思是，這確實與媒體程序化支出有關。由於這與新州開放、支出速度和體育博彩實際投注等因素有關，我認為當你看看美國時，同比略有上升，但你指出第二季度對我們來說是最安靜的季度是正確的，無論是在美國的媒體還是博彩方面，您都可以透過我們的指南看到第三季和第四季的加速成長。

Great, thank you.

太好了，謝謝。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Hey guys great. Thanks for taking my question. Just going and looking at the increase in 4Q, can you kind of give us a little more color how much is that is being driven by pricing versus more maybe live betting engagement or benefiting from Florida being live? Can you just talk about what is going on there?

嘿夥計們，太棒了。感謝您提出我的問題。看看第四季度的成長情況，您能否告訴我們，這在多大程度上是由定價驅動的，而不是更多的現場投注參與度或受益於佛羅裡達州的現場直播？能簡單談談那裡發生了什麼事嗎？

Yes, hey Jed it is Nick. I mean, first of all the two four isn't just in relation to betting. I mean, the ones you just referred to betting, which by the way are all helpful, but it is also major increases. It is actually also sports tech.

是的，嘿傑德，這是尼克。我的意思是，首先，二四不僅與投注有關。我的意思是，你剛才提到的投注，順便說一下，這些都是有幫助的，但也是重大的成長。它其實也是運動科技。

We have announced, you can see in the last few weeks a couple of sports tech deals that will feed into that growth. So you have heard me Jed talk before about all the different levers of growth and the thousands we have. And frankly, it is all of those adding in.

我們已經宣布，您可以在過去幾週內看到幾筆體育科技交易，這些交易將促進這種成長。所以你之前聽過我傑德談論過所有不同的成長槓桿以及我們擁有的數千個成長槓桿。坦白說，這是所有添加的內容。

So you name check Florida, TAM, pricing, in place sports betting all of that plays into it as well as the, say, media and sports. So it is not one particular, it is for all the reasons why we are able to maintain this growth it all contributing.

所以你可以查一下佛羅裡達州、TAM、定價、現場體育博彩，所有這些以及媒體和體育都參與其中。所以這不是一個特殊的問題，而是我們能夠維持這種成長的所有原因。

And then just on BetVision, I mean, this is going to be the second full-year. Can you just talk on some of the products you think we should be expecting that some of your sports providers might introduce that could create an uptick in live betting?

然後就 BetVision 而言，我的意思是，這將是第二個全年。您能否談談您認為我們應該期待您的一些體育提供者可能推出的一些產品，這些產品可能會增加現場投注？

I mean look, we are rolling out. As I said earlier, lots of new features on this including a lot more personalization. Obviously, we have got a lot of the ad tech technology across the business, which really helps to drive that side of it as well. So there is quite a lot of focus on making sure that the product is being driven as efficiently on a customer basis.

我的意思是看，我們正在推出。正如我之前所說，這方面有許多新功能，包括更多的個人化。顯然，我們在整個業務中擁有許多廣告技術，這也確實有助於推動這一方面的發展。因此，我們非常關注確保產品在客戶的基礎上高效地驅動。

And what I mean by, I mean, on a user by user basis, possible. The necessity to really make it immersive and really sort of keep customers engaged is something that we have been focusing very heavily on. That is about obviously, you know, the addition of new sports and new products.

我的意思是，在每個用戶的基礎上，這是可能的。我們一直非常關注真正使其身臨其境並真正保持客戶參與的必要性。你知道，這顯然是關於增加新運動和新產品。

There is a lot going on in the business and really, I mean, it doesn't take a rocket scientist to kind of follow the announcements that we have made, on some of our rights deals around basketball, things like the NCAA, and as well as, UK football to work out what products we are just be rolling out on BET vision and, they are all key to the bookies and as I said, it is about getting it right and we are feeling like we are, we have got a really good launch for that now.

這個行業發生了很多事情，實際上，我的意思是，不需要火箭科學家就能遵循我們已經發布的關於籃球的一些權利交易的公告，例如 NCAA 等。推出哪些產品，它們對博彩公司來說都是關鍵，正如我所說，這是為了正確行事，我們感覺我們已經做到了現在這是一個非常好的啟動。

Thank you.

謝謝。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

Hey, Mark, Nick, Charles Brandon. Good morning, guys. Nice quarter. Just two topics for me, I guess first on capital allocation, obviously some pretty volatile markets here, Mark and no doubt you are confident here in your growth opportunity and driving cash flow. How are you thinking about maybe a buyback here given sort of the environment that we are in and have a follow up?

嘿，馬克，尼克，查爾斯·布蘭登。早安，夥計們。不錯的季度。對我來說只有兩個主題，我想首先是資本配置，顯然這裡有一些相當不穩定的市場，馬克，毫無疑問，您對自己的成長機會和推動現金流充滿信心。考慮到我們所處的環境並採取後續行動，您如何考慮在這裡回購？

Yes, I mean, yeah, it is not, I don't think markets are a lot of fun for anyone, so, I kind of feel for you, on the share buyback, I mean really the, you know, we, you know, we, I think we have got a cleaner opportunity to consider this now that Apax have sold their entire stake.

是的，我的意思是，是的，事實並非如此，我不認為市場對任何人來說都很有趣，所以，我對你有某種感覺，在股票回購方面，我的意思是，你知道，我們，你我知道，我們，我認為既然 Apax 已經出售了他們的全部股份，我們就有了一個更乾淨的機會來考慮這個問題。

I mean, that is actually a point I really wanted to make, that there were some questions that we have heard about whether Apax have really sold out or not. And the answer is yes, they have sold their entire stake. So I think from a capital base position, we are in a really strong position and it definitely opens up the door for a cleaner transaction should we choose to do so.

我的意思是，這實際上是我真正想表達的一點，我們聽到了一些關於 Apax 是否真的售空的問題。答案是肯定的，他們已經賣掉了全部股份。因此，我認為從資本基礎來看，我們處於非常有利的地位，如果我們選擇這樣做，它肯定會為更乾淨的交易打開大門。

Nice. Thanks Nick. I guess next topic on your media ad business. You know, US operators are sort of pointing out a pretty big reduction in CAC and correspondingly, most of them it looks like have also really increased their UA spend. Just curious how you see that dynamic impacting your media segment. And I guess if you, feel you are still as competitive on CAC as you used to be in sort of that ROI that you are baking in for operators. Thanks guys.

好的。謝謝尼克。我想下一個主題是您的媒體廣告業務。你知道，美國業者指出 CAC 大幅減少，相應地，他們中的大多數似乎也確實增加了 UA 支出。只是好奇您如何看待這種動態影響您的媒體細分市場。我想如果您覺得您在 CAC 方面仍然像以前一樣具有競爭力，那麼您正在為營運商爭取投資回報率。謝謝你們。

Yes, we are pretty relaxed about it. We have got, you know, our ad product remember is about more than just customer acquisition. Once, you know, one of the, I think things people don't talk about often is once you have got the customers, you have got to keep them.

是的，我們對此很放鬆。您知道，我們的廣告產品不僅涉及客戶獲取。一旦你知道，我認為人們不經常談​​論的事情之一是，一旦你獲得了客戶，你就必須留住他們。

And the way that you keep them is you keep them with product and with good retention and making sure you are advertising to those customers. And actually, fundamentally that is where a lot of this technology originally came from in the European markets. You know, we were really about retention and making sure that people were, you know, were engaging and using their customers better.

留住他們的方法是將他們與產品一起留住，並保持良好的保留率，並確保你向這些客戶做廣告。事實上，從根本上來說，這就是許多這項技術最初來自歐洲市場的地方。你知道，我們真正關注的是留住客戶，並確保人們能更好地參與和利用他們的客戶。

So we are pretty relaxed, the product sets works both ways. And again, we expect to see you know, strong rollout of that product across our customer base on top of a lot of the additional functionality that we have introduced.

所以我們很放鬆，產品組是雙向的。再次，我們希望看到您知道，除了我們推出的許多附加功能之外，該產品在我們的客戶群中得到大力推廣。

Nice. Thanks guys. Good luck.

好的。謝謝你們。祝你好運。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Morning, thanks for taking my question. Mark, wanted to ask about the NFL just expanding. It seems like every year internationally, I know this year there is more games in Brazil and Germany and London. So what does this mean for your business, I guess firstly, as viewers in these markets continue to just appreciate the NFL and then I guess secondly in markets where gambling could be legal, like Brazil, what does this do to kind of set you up for future success? Thanks.

早安，感謝您提出我的問題。馬克，想問 NFL 剛剛擴張的情況。似乎每年在國際比賽中，我知道今年巴西、德國和倫敦會有更多比賽。那麼這對您的業務意味著什麼，我想首先，因為這些市場的觀眾繼續欣賞 NFL，然後我想其次，在巴西等賭博合法的市場，這對您有什麼幫助為了未來的成功？謝謝。

Yes. So the first thing I was going to say is Brazil, is obviously very exciting from a betting opportunity. We have been incredibly well positioned there and have been for a long time. I think, if you recall on, I think my call two quarters ago, there was a lot of buzz about Brazil, and I said, I wouldn't hold your breath.

是的。所以我首先要說的是巴西，顯然這是一個非常令人興奮的投注機會。我們在這方面一直處於非常有利的位置，並且已經保持了很長一段時間。我想，如果你還記得的話，我想我兩個季度前的電話，有很多關於巴西的討論，我說，我不會屏住呼吸。

I think it would probably be towards the end of the year. And I think, that is proving to be the case. So we do expect Brazil to be a very good and interesting market for us. And the NFL being present there is obviously enormously beneficial.

我認為這可能是在今年年底。我認為，事實證明確實如此。因此，我們確實希望巴西對我們來說是一個非常好的、有趣的市場。NFL 的存在顯然是非常有益的。

And yes, from a European point of view, the NFL's doing a great job, great guns, I mean, the games in Germany, the games in London are absolutely packed. There is a lot of buzz around about it. And we are very heavily involved in the technology to help them facilitate that expansion.

是的，從歐洲的角度來看，美國國家美式足球聯盟（NFL）做得很好，槍械很棒，我的意思是，在德國、倫敦的比賽絕對是擠滿了人。關於它有很多議論。我們大力參與技術開發，幫助他們促進擴張。

It is a really big focus of the commissioner and many of the senior team. And therefore, it is very big focus for us. So, we are excited about the opportunities there and it is a really good base to be starting from.

這是專員和許多高級團隊真正關注的重點。因此，這是我們非常關注的焦點。因此，我們對那裡的機會感到興奮，這是一個非常好的起點。

Then with Apax exiting their position, does this change, I guess, anything strategically, anything kind of how you look at the equity? I know you are always looking at small M&A deals, but does anything change kind of within the organization, how you are thinking about the business over the next several years? Thanks.

然後，隨著 Apax 退出他們的職位，我想這會改變你對股權的看法嗎？我知道您一直在關注小型併購交易，但是組織內部是否有任何變化，您對未來幾年的業務有何看法？謝謝。

No, look, Apax, were a great partner and certainly when it came to the execution of the business, they were incredibly supportive of everything that we wanted to do. And so, it doesn't really impact our strategy in any way, shape, or form.

不，你看，Apax 是一個很棒的合作夥伴，當然，在業務執行方面，他們非常支持我們想做的一切。因此，它不會以任何方式、形式或形式真正影響我們的策略。

We are just carrying on doing, just doing what we were doing before. I think from a position I think it materially improves the technical base of the stock. And I think that is a really good position for us to be in, especially with people looking to take longer positions. And certainly, the APAC sell down was very oversubscribed and I think that is a really positive thing.

我們只是繼續做，只是做我們以前在做的事情。我認為從立場上看，這極大地改善了股票的技術基礎。我認為這對我們來說是一個非常好的位置，特別是對於那些希望擔任更長職位的人來說。當然，亞太地區的拋售非常超額認購，我認為這是一件非常正面的事情。

On top of that, the capital base that we have combined with that sort of I guess removal of that somewhat glass ceiling I think was there because of the Apax hold, gives us a lot of flexibility to really make decisions.

最重要的是，我們的資本基礎加上我認為消除了由於 Apax 持有而存在的玻璃天花板，為我們真正做出決策提供了巨大的靈活性。

As I previous mentioned about things like shared buybacks, but also interesting M&A as of when, but again, just to reiterate, we don't need to buy anything. We are in a really good position and we feel really good about the business.

正如我之前提到的共享回購等事情，還有有趣的併購，但再次重申，我們不需要購買任何東西。我們處於非常有利的位置，我們對業務感覺非常好。

Appreciate it. Best of luck. Thanks.

欣賞它。祝你好運。謝謝。

Eric Martinuzzi, Lake Street Capital Markets.

馬丁努齊 (Eric Martinuzzi)，湖街資本市場。

Yes, I had a question regarding the upside on the revenue and it carry through down to the adjusted EBITDA, I would have expected it is a relatively small beat versus what you were expecting on the top-line, but I didn't see the flow through. Is there anything to point to in your expense structure in Q2 that was unanticipated?

是的，我有一個關於收入上升的問題，它會影響到調整後的 EBITDA，我本來預計這與您對營收的預期相比是一個相對較小的增長，但我沒有看到流過。第二季的費用結構中有什麼是意料之外的嗎？

Yes, hi Eric, it is Nick. Nothing unexpected, I think we beat by one in terms of and guidance and that we were directly in-line in an EBITDA so, nothing unexpected. And indeed, if you look at the flow through, over the guide for Q3 and Q4, they both look pretty strong. I think I'm right thinking that Q3 is about 40% drop through in Q4, say 41% drop through in the guide, which we said at the start of the year is kind of where we would want to be on a sustainable basis.

是的，嗨艾瑞克，我是尼克。沒什麼意外的，我認為我們在指導方面領先一步，而且我們直接符合 EBITDA，所以，沒什麼意外的。事實上，如果你看看第三季和第四季的指南的流程，它們看起來都相當強勁。我認為我的想法是正確的，第三季比第四季下降了40% 左右，指南中說下降了41%，我們在今年年初說過，這是我們希望在可持續的基礎上實現的目標。

And then as far as the - congratulations on the UEFA player tracking agreement there. How does that translate into revenue for the business, is there going to be a cost offset by the stadiums or by UEFA? Is there just -- how does that monetize, I guess is my question?

然後就 - 恭喜歐足總達成球員追蹤協議。這如何轉化為業務收入？我想我的問題是──如何獲利？

Yes, we will gain revenues initially as part of this specific deal from UEFA. And you will see that there is a smaller level of CapEx that has gone through the numbers in Q2 which is essentially putting those cameras in those grounds.

是的，作為歐足總這項具體交易的一部分，我們最初將獲得收入。您會看到第二季度的數字有較小水平的資本支出，這實際上是將這些攝影機放在這些場地上。

The reality is it is a very exciting and strategic deal for us, not because of those revenues from UEFA, which is great in terms of player tracking, but actually, it is the ability then to have all of those cameras across multiple countries, multiple stadiums.

現實情況是，這對我們來說是一項非常令人興奮的策略性交易，不是因為歐足總的收入，這在球員追蹤方面非常有用，但實際上，這是一種能夠在多個國家、多個國家擁有所有這些攝影機的能力。

And therefore, as the various multiple user revenue opportunities that brings us, whether that is from media or whether that is broadcast or whether that is from the clubs or the teams or the leagues or an association level, it is a very important strategic deal.

因此，作為為我們帶來的各種多用戶收入機會，無論是來自媒體還是轉播，無論是來自俱樂部、球隊、聯賽還是協會層面，這是一筆非常重要的策略交易。

It is what Mark said earlier. We have been talking about Dragon Technology and putting Dragon Technology into major sports Stadia and League and Federation for 18-months. This is just a great demonstration of executing on that strategy.

這是馬克之前說的。我們一直在談論龍科技，並將龍科技投入各大體育體育場和聯賽和聯合會中，已經有18個月了。這只是執行該策略的一個很好的展示。

Got it. Thank you.

知道了。謝謝。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Thanks, morning, everybody. I have to Mark, I wanted to follow up, I guess on, you know, as we think about sort of the 20% medium term top-line kegger for the business and renewals contributing to that. Have you seen so far through the negotiation, but yet to date that your clients are your partners I guess, are willing to pay you are looking to pay you differently, meaning and commitments have been higher as opposed to your partners meeting or exceeding your minimum threshold solely off of a share of GGR?

謝謝大家早安。我必須馬克，我想跟進，我猜，你知道，因為我們正在考慮 20% 的中期頂線業務和續約對此做出的貢獻。到目前為止，您是否已經透過談判看到了，但到目前為止，您的客戶是您的合作夥伴，我想，願意支付您希望以不同的方式向您支付費用，意義和承諾比您的合作夥伴滿足或超過您的最低要求更高門檻僅取決於 GGR 的份額嗎？

And then, Nick, I guess secondarily, as we think about I guess, what that sort of 20% plus top line figure translates to from a free cash basis, is there a behavior that we should think about or just 20% translate to something higher on a free cash basis because of working cap and other dynamics? Thank you.

然後，尼克，我想其次，正如我們所思考的，我想，那種20% 以上的頂線數字在自由現金基礎上轉化為什麼，是否有一種我們應該考慮的行為，或者只是20% 轉化為某種東西由於工作上限和其他動態，自由現金基礎上更高？謝謝。

I don't have massive amount extra to say about the kind of sports break renewals. The book make -- we have got must have products must have relationships and I think the book makers need to continue providing it.

關於體育比賽的續約，我沒有太多多餘的話要說。書籍製作——我們必須有產品，必須有關係，我認為書籍製作者需要繼續提供它。

So it is our job to work as good partners with those clients to make sure that we are doing the right deals and we have got the interest of both them and the shareholders a genius at the heart of what we are doing.

因此，我們的工作就是與這些客戶成為良好的合作夥伴，以確保我們進行正確的交易，並確保他們和股東的利益，他們是我們所做工作的核心。

And Clark, on your second one, I mean, first of all, as our cost base is pretty predictable and certainly hugely visible, particularly now having done the UK soccer deals we would anticipated all the way out to the end of the decade.

克拉克，關於你的第二個問題，我的意思是，首先，因為我們的成本基礎是相當可預測的，而且肯定是非常明顯的，特別是現在已經完成了我們預計一直到本世紀末的英國足球交易。

And naturally, as our EBITDA margin continues to improve, and you have seen that again in this announcement with the guidance for 2024. Cash flows naturally follow. I mean, if you look at the operating cash flow of the business in the first six months of this year, it is actually flat this year compared to, I think a $23 million loss of operating cash flow in the first half of 2023.

當然，隨著我們的 EBITDA 利潤率不斷提高，您在本公告和 2024 年指導中再次看到了這一點。現金流自然隨之而來。我的意思是，如果你看看今年前六個月的業務營運現金流，與 2023 年上半年營運現金流損失 2,300 萬美元相比，今年實際上持平。

So you are seeing that that cash improvement is real, and we have reiterated being cash positive in 2024 again today. So therefore, I would anticipate that the revenue increases would naturally throw flow through to a free cash flow basis.

所以你看到現金改善是真的，我們今天再次重申 2024 年現金為正。因此，我預期收入的增加自然會將流量納入自由現金流的基礎上。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys, this is Thomson. Thanks for taking my question. I guess just one from me. Considering the macro pressures inflation and even a potential recession with the current jobs numbers, do you anticipate any impact on betting activity coming into the EPL and NFL seasons?

大家好，我是湯姆森。感謝您提出我的問題。我想只有我一個。考慮到宏觀壓力通膨，甚至當前就業數據可能出現的經濟衰退，您預計英超聯賽和美國國家橄欖球聯盟賽季的博彩活動會受到什麼影響嗎？

I mean, look, we sort of, we have been through these cycle before and, often it is sort of kind of cyclical, but -- it's, we are pretty conservative with the way that we forecast on.

我的意思是，看，我們之前已經經歷過這些週期，而且通常是一種週期性，但是，我們對預測的方式相當保守。

And we are not expecting anything, you know, particularly unusual to be honest with you. The overall TAMs growing, the macros are growing states that have been are coming online in a better way. And by that I mean not only there is in new states, it is the improvement in the quality of the products within the states that have gone online.

老實說，我們並沒有期待任何特別不尋常的事情。整體 TAM 正在成長，巨集正在以更好的方式上線。我的意思是，不僅是在新的州，而且是在已經上線的州內產品品質的提高。

So, all of the tailwinds for the industry are really strong hold, should improve overtime, as the products improve, as the quality of the trading improves, as the product of the data improves, as the quality of the advertising improves.

因此，該行業的所有推動因素都非常強大，隨著產品的改進、交易品質的提高、數據產品的改進、廣告品質的提高，應該會隨著時間的推移而改善。

And you should and you should see book makers operating in a more efficient, more rational market in the same way that frankly we are as, you know, as our industry becomes much more geopolitical.

你應該而且你應該看到博彩公司在一個更有效率、更理性的市場中運作，坦白說，我們的運作方式與我們相同，你知道，隨著我們的行業變得更加地緣政治化。

Awesome. Thanks.

驚人的。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。