Genius Sports Ltd (GENI) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Genius Sports third-quarter 2024 earnings results conference call. (Operator Instructions)

謝謝你的支持。我叫珍妮，今天我將擔任你們的會議操作員。此刻，我歡迎大家參加天才體育2024年第三季財報電話會議。（操作員說明）

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

謝謝。我現在想把會議轉交給天才體育。你可以開始了。

Thank you and good morning. Before we begin, we'd like to remind you that certain statements made during this call may constitute forward-looking statements that are subject to risks that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility for updating forward-looking statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our annual report on Form 20-F filed with the SEC on March 15, 2024.

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。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 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's operating performance. These measures should not be considered in isolation or as a substitute for Genius's 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，管理層還將討論某些我們認為可能有助於評估 Genius 營運表現的非 GAAP 指標。這些措施不應被孤立地考慮或作為 Genius 根據美國公認會計準則編制的財務業績的替代品。這些非 GAAP 指標與最直接可比較的美國 GAAP 指標的調整可在我們的收益新聞稿和收益演示中找到，這些指標可在我們的網站 Investors.geniussports.com 上找到。

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

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 very pleased to report another quarter of financial results, once again, exceeding our expectations and highlighting the strength and predictability of our business model and our consistent execution state to date. To begin, we delivered group revenue of $120 million, representing an 18% year on year (technical difficulty) This revenue growth contributed to our group adjusted EBITDA at a 43% incremental margin as a result of our largely fixed cost base and disciplined control of operating expenses.

早安，感謝您今天加入我們。我們非常高興地報告又一個季度的財務業績，再次超出了我們的預期，並突顯了我們業務模式的實力和可預測性以及我們迄今為止一致的執行狀態。首先，我們的集團營收為1.2 億美元，年增18%（技術難度）。 。

This translated to group adjusted EBITDA of $26 million in the quarter, representing 45% growth year on year and 400 basis points of margin expansion to 21%. Our consistent group adjusted EBITDA margin expansion over the last few years should demonstrate the operating leverage of our business model. This is also evident in our year-on-year gross margin expansion this quarter of nearly 950 basis points to 33% which is our highest quarterly gross margin since our public listing.

這意味著本季集團調整後 EBITDA 為 2,600 萬美元，年增 45%，利潤率擴大 400 個基點至 21%。過去幾年，我們集團調整後的 EBITDA 利潤率持續擴張，應能證明我們業務模式的營運槓桿。這一點也反映在我們本季的毛利率年增近 950 個基點至 33%，這是我們公開上市以來的最高季度毛利率。

Given the momentum in our business and our successful commercial execution to date, we believe we are well positioned to benefit from multiple growth drivers during the peak sporting calendar in Q4. As such, we are raising our 2024 guidance and expect to finish the year with $511 million in group revenue, up 24% year on year and $86 million in group adjusted EBITDA, up 61%, both significantly above our initial guidance of $480 million and $75 million dollars respectively.

鑑於我們業務的勢頭和迄今為止成功的商業執行，我們相信我們處於有利地位，可以在第四季度的體育高峰期受益於多種成長動力。因此，我們提高了2024 年的指引，預計到今年年底，集團營收將達到5.11 億美元，年增24%，集團調整後EBITDA 為8,600 萬美元，成長61%，均顯著高於我們最初的4.8億美元指引和分別為7500萬美元。

Importantly, this also assumes no change to our Q4 guidance. This is despite the unfavorable game outcomes impacting the bookmakers in October. This further demonstrates the resilience and differentiation of our business model and means that we can confidently reaffirm our Q4 guidance of nearly 40% revenue growth and 900 basis points of adjusted EBITDA margin expansion.

重要的是，這也假設我們的第四季指引沒有改變。儘管十月份不利的比賽結果影響了博彩公司，但情況仍然如此。這進一步證明了我們業務模式的彈性和差異化，意味著我們可以自信地重申第四季度營收成長近 40% 和調整後 EBITDA 利潤率擴張 900 個基點的指導。

Looking beyond 2024, our commercial execution this year now sets a solid foundation for profitable growth in 2025 and beyond. We have extended our largest rights deals through the end of the decade, giving us certainty of our fixed costs for the foreseeable future. This, combined with our sportsbook renewals, now reinforces our medium-term expectations for sustained annual revenue growth of 20% and continued progress towards our adjusted EBITDA margin target of at least 30%.

展望 2024 年後，我們今年的商業執行為 2025 年及以後的獲利成長奠定了堅實的基礎。我們已將最大的版權交易延長至本世紀末，這使我們在可預見的未來的固定成本具有確定性。再加上我們的運動博彩續訂，現在強化了我們對年收入持續成長 20% 的中期預期，並繼續朝著至少 30% 的調整後 EBITDA 利潤率目標邁進。

Nick will cover the financial results in more detail shortly. In the meantime, I would like to touch on three key topics from this quarter.

尼克將很快詳細介紹財務業績。同時，我想談談本季的三個關鍵主題。

First, as an update on our sportsbook renewals, we have agreed new commercial terms with every major US sportsbook customer along with many major sportsbooks outside of the US as well, who collectively represent most of our group revenue today and an important contributor to overall growth. Central to this was the distribution of our BetVision product and enhanced data feeds along with the cross sell of our advertising platform, both of which led to greater pricing up there. Through the start of this season, BetVision has proven to be a tremendous engagement and in-play betting tool for sportsbooks. And I'm excited to share a brief update shortly.

首先，作為我們體育博彩續訂的最新消息，我們已與每位美國主要體育博彩客戶以及美國以外的許多主要體育博彩客戶達成了新的商業條款，這些客戶共同代表了我們今天集團收入的大部分，也是整體成長的重要貢獻者。其中的核心是我們的 BetVision 產品的分銷和增強的資料來源以及我們廣告平台的交叉銷售，這兩者都導致了更高的定價。在本賽季開始時，BetVision 已被證明是體育博彩的一個巨大的參與度和賽中投注工具。我很高興很快能分享一個簡短的更新。

The second point I'd like to touch on is how these successful renewals positioned us to benefit from the positive trends in the US sports betting market through the start of the NFL season, including strong market growth and in-play betting mix. Third, I'd like to highlight the many ways we are leveraging our unique technology to monetize our rich data across the entire sports ecosystem. One area that's particularly exciting is the launch of our new fan activation platform called FANHub.

我想談的第二點是，這些成功的續約如何使我們能夠從 NFL 賽季開始時美國體育博彩市場的積極趨勢中受益，包括強勁的市場增長和賽中投注組合。第三，我想強調我們利用我們獨特的技術將整個體育生態系統中的豐富數據貨幣化的多種方式。特別令人興奮的一個領域是我們新的粉絲激活平台 FANHub 的推出。

Now let's review these topics starting with an update on sports betting. As we discussed last quarter, we have a strong and improving commercial position in the global sports betting ecosystem, which enabled us to agree new commercial terms with major sportsbooks over the summer and early autumn. Our strengthened suite of products amplifies the value of our data for the NFL, English Premier League, and hundreds of thousands of other events that we offer annually and enable us to grow alongside our partners.

現在讓我們從體育博彩的最新動態開始回顧這些主題。正如我們上季度所討論的，我們在全球體育博彩生態系統中擁有強大且不斷改善的商業地位，這使我們能夠在夏季和初秋與主要體育博彩商達成新的商業條款。我們強化的產品套件擴大了我們每年提供的 NFL、英超聯賽以及數十萬個其他賽事數據的價值，使我們能夠與合作夥伴一起成長。

While every deal is different and I will not go into specific details, I can announce that we achieved the universal pricing uplift across all sportsbook renewals that we had previously committed to while still maintaining upside in the form of market growth and in-play growth specifically. Additionally, our improved suite of media products, including our newly announced FANHub platform was a core component of certain deals, allowing our customers to benefit from our increased scale and product offering. As for contract duration, we will have a variety of term lengths with US customers, meaning our contract renegotiations going forward will be staggered and characterized as business as usual, much like our contracts globally, which should lead to sustained growth rates over time.

雖然每筆交易都是不同的，我不會透露具體細節，但我可以宣布，我們實現了我們之前承諾的所有體育博彩續訂的普遍定價提升，同時仍然以市場增長和滾球增長的形式保持上行空間。此外，我們改進的媒體產品套件，包括我們新發布的 FANHub 平台，是某些交易的核心組成部分，使我們的客戶能夠從我們擴大的規模和產品供應中受益。至於合約期限，我們將與美國客戶有不同的期限，這意味著我們未來的合約重新談判將是錯開的，並且像往常一樣，就像我們在全球的合約一樣，這應該會隨著時間的推移帶來持續的成長率。

In sum, our sportsbook renewals are overwhelmingly positive, and we have delivered on every major objective we set out to achieve at the start of the year. This is exactly why I can confidently reaffirm our outlook for Q4, which is poised for multifaceted growth, despite the negative game outcomes to start the quarter. This brings me to early trends from the NFL season.

總而言之，我們的體育博彩更新非常積極，並且我們已經實現了年初設定的每一個主要目標。這正是為什麼我可以自信地重申我們對第四季度的展望，儘管本季伊始的比賽結果不佳，但第四季仍將實現多方面的成長。這讓我想到了 NFL 賽季的早期趨勢。

First, we are encouraged by the strong start to the season which continues to reach record highs in viewership, wagering, and overall engagement by nearly every measurable metric. For the third quarter, the broader us sports betting industry increased by approximately 30% on a handle basis and 40% on a gross gaining revenue basis. So we remain confident in the strength of our overall market. NFL wagering growth was largely in line with the broader market.

首先，我們對本賽季的強勁開局感到鼓舞，幾乎所有可衡量指標的收視率、投注率和整體參與度都創下歷史新高。第三季度，美國體育博彩行業的總投注額增長了約 30%，總收入增長了 40%。因此，我們對整體市場的實力仍然充滿信心。NFL 投注增長與大盤基本一致。

We have also seen a greater focus on in-play betting which has been proven in the data points from the third quarter. Through the first four weeks of the NFL season captured in the quarter, we observed a nearly 80% increase in in-play GGR and a nearly 50% increase in in-play handle. In-play wagering now represents 30% of total NFL handle, up from roughly 25% in the prior season, representing a meaningful step in the right direction which we always expected and communicated as a key growth driver for our medium- and long-term projections.

我們也看到人們更加關注賽中投注，這在第三季的數據點中得到了證明。透過本季 NFL 賽季的前 4 週，我們觀察到比賽中 GGR 增加了近 80%，比賽中處理量增加了近 50%。比賽中投注現在佔NFL 總投注額的30%，高於上一季的約25%，這是朝著正確方向邁出的有意義的一步，我們一直期望這一方向，並將其作為我們中長期成長的關鍵成長動力預測。

Major driving force behind this trend is an improving breadth of product. In-play is becoming a crucial component of bookmakers' product offering as a tool to keep customers engaged and complement their successful parley products with additional high-frequency and high-margin bet types.

這一趨勢背後的主要推動力是產品範圍的不斷擴大。滾球盤正在成為博彩公司產品的重要組成部分，作為一種保持客戶參與度的工具，並透過額外的高頻和高利潤投注類型補充其成功的談判產品。

One of the key additions to a bookmaker's tool kit this NFL season is BetVision, which as a result of our successful renegotiations, is available on the leading sports betting apps including FanDuel, DraftKings, Caesars, bet365, and many others.

BetVision 是本 NFL 賽季博彩公司工具包中的重要新增內容之一，經過我們成功的重新談判，它可在 FanDuel、DraftKings、Caesars、bet365 等領先的體育博彩應用程式上使用。

This brings me to my next topic. You may recall, we first introduced BetVision last NFL season, which attracted millions of unique eyeballs and increased the mix of in-play wagering. For those less familiar, BetVision is a platform that amongst other things includes low-latency streams of NFL games, which can be accessed directly on your sportsbook app. The stream itself integrates many of Genius's best technology and data assets into a single platform including team and player statistics, betting markets, and a data-driven graphical augmentation layer, enabling a full-scale watch-and-bet experience all in one platform.

這引出了我的下一個主題。您可能還記得，我們​​在上個 NFL 賽季首次推出 BetVision，它吸引了數以百萬計的獨特眼球，並增加了比賽中投注的組合。對於不太熟悉的人來說，BetVision 是一個平台，其中包括低延遲的 NFL 比賽串流，可以直接在體育博彩應用程式上存取。該串流本身將 Genius 的許多最佳技術和數據資產整合到一個平台中，包括球隊和球員統計數據、投注市場和數據驅動的圖形增強層，從而在一個平台上實現全面的觀看和投注體驗。

Since launching last year, we have developed new features and functionality, making this platform even more intelligent, interactive and immersive. For instance, users can now enjoy an augmented version of the live stream with real-time graphical overlays of next-gen stats and other insights as part of the viewing experience. The experience is also becoming more personalized as we plan to launch a bet tracker allowing users to monitor the progress of their bets directly within the video player. Additionally, we are utilizing our predictive technology to recommend contextually relevant bets based on the live action of the game.

自去年推出以來，我們開發了新的功能和功能，使這個平台更加智慧、互動和身臨其境。例如，用戶現在可以享受增強版的直播，其中包含下一代統計數據的即時圖形疊加和其他見解，作為觀看體驗的一部分。由於我們計劃推出投注追蹤器，讓用戶可以直接在影片播放器中監控投注進度，因此體驗也變得更加個人化。此外，我們還利用預測技術根據遊戲的即時情況推薦與情境相關的投注。

Another feature we're excited to launch is a touchscreen capability, allowing the user to touch a player directly in the video frame to access individual player markets. Many of these features will be widely introduced over the course of the season with the goal of further engaging and monetizing NFL fans.

我們很高興推出的另一個功能是觸控螢幕功能，讓用戶可以直接觸摸視訊畫面中的玩家來存取各個玩家市場。其中許多功能將在整個賽季中廣泛推出，目的是進一步吸引 NFL 球迷並從中獲利。

In the meantime, we are proving the value of this product through results. First, we have expanded the distribution to nearly every major US sportsbook. As a result, there has been a significant increase in total viewership with unique weekly streamers increasing by 12 times since the initial launch last season. Even within the current NFL season, the number of unique weekly streamers has doubled since week one, and we continue to reach record highs in viewership in recent weeks.

同時，我們正在透過結果證明這個產品的價值。首先，我們已將發行範圍擴大到幾乎所有美國主要運動博彩公司。結果，自上一季首次推出以來，總收視率顯著增加，每週獨特的主播數量增加了 12 倍。即使在目前的 NFL 賽季中，自第一周以來，每週獨立主播的數量也增加了一倍，並且最近幾週的收視率繼續創下歷史新高。

Although it's still early in the season, the wagering data from BetVision's viewers in Q3 has also been encouraging. In-play betting represents 59% of the total handle through the BetVision platform, which is consistent with last season and compares favorably to the 30% mix across all NFL wagering.

儘管現在還處於賽季初期，但 BetVision 觀眾在第三季的投注數據也令人鼓舞。賽中投注佔 BetVision 平台總投注額的 59%，這與上賽季一致，並且與所有 NFL 投注中 30% 的比例相比毫不遜色。

We're very pleased with the near-term success of BetVision, but we are most excited by the long-term opportunity that's still in front of us. Especially as we continue to deliver additional enhancements and expand the product into new sports and new regions across the globe. This platform which is completely unique to Genius Sports is redefining the NFL betting experience and gradually becoming ubiquitous as it changes customer behavior and expectations.

我們對 BetVision 的近期成功感到非常高興，但最讓我們興奮的是我們面前仍然存在長期機會。特別是當我們繼續提供額外的增強功能並將產品擴展到全球的新運動和新地區時。這個完全是 Genius Sports 獨有的平台正在重新定義 NFL 投注體驗，並隨著客戶行為和期望的改變而逐漸變得無處不在。

This ultimately sets a new standard of sports betting product which strengthens our relationship with the NFL or any other league seeking a similar solution, whilst also contributing further value to our sportsbook partners. We have invested in this technology over the last few years, and BetVision is one of many outputs that are now paying off. However, our product offerings span well beyond sports betting alone, which brings me to my third topic of how we're expanding our services across the entire sports ecosystem.

這最終設定了體育博彩產品的新標準，加強了我們與 NFL 或任何其他尋求類似解決方案的聯盟的關係，同時也為我們的體育博彩合作夥伴貢獻了更多價值。過去幾年我們對這項技術進行了投資，BetVision 是目前正在獲得回報的眾多成果之一。然而，我們的產品範圍遠遠超出了體育博彩本身，這讓我想到了第三個主題，即我們如何在整個體育生態系統中擴展我們的服務。

As you know, Genius Sports has a rich source of valuable, exclusive data. We also possess unique technology to enrich this data even further, activating a wide range of products well beyond the scope of sports betting alone. For instance, this quarter, we announced an agreement with ESPN, allowing the network to access our real time and player statistics to help transform their data-driven storytelling for live broadcasts of NCAA, NBA, and WNBA.

如您所知，Genius Sports 擁有豐富的有價值的獨家數據來源。我們還擁有獨特的技術來進一步豐富這些數據，激活遠遠超出體育博彩範圍的廣泛產品。例如，本季度，我們宣布與 ESPN 達成協議，允許該網絡訪問我們的即時數據和球員統計數據，以幫助他們轉變 NCAA、NBA 和 WNBA 直播中數據驅動的故事講述方式。

Sticking with the WNBA, you may remember we announced a player tracking partnership earlier this year. This agreement includes powerful insights platform where teams can access rich data to support analytical coaching decisions. Unsurprisingly, the two teams competing in the WNBA finals last month were among the most active users of this platform, proving this to be a valuable tool for teams to fundamentally improve the quality of sport.

繼續關注 WNBA，您可能還記得我們在今年早些時候宣布了球員追蹤合作夥伴關係。該協議包括強大的洞察平台，團隊可以存取豐富的數據來支援分析指導決策。不出所料，上個月參加 WNBA 總決賽的兩支球隊都是該平台最活躍的用戶，證明這是球隊從根本上提高體育品質的寶貴工具。

One more example I'll leave you with is our recent partnership with the LA Rams. Fans in SoFi Stadium will get to experience data-driven highlights on the big screen with augmentations displaying interesting and insightful next-gen stats. Not only does this provide fans with a unique way to experience team highlights, but it also unlocks dynamic advertising inventory for the Rams' long-time sponsor, Verizon. This empowers Verizon to seamlessly integrate their brand during key moments within the highlight in front of a highly engaged audience and thus, strengthening their brand affinity with the Rams fans.

我要給大家舉的另一個例子是我們最近與洛杉磯公羊隊的合作關係。SoFi 體育場的球迷將在大螢幕上體驗數據驅動的亮點，並透過增強功能顯示有趣且富有洞察力的下一代統計數據。這不僅為球迷提供了體驗球隊亮點的獨特方式，而且還為公羊隊的長期贊助商 Verizon 解鎖了動態廣告庫存。這使得 Verizon 能夠在關鍵時刻在高度參與的觀眾面前無縫整合其品牌，從而增強其與公羊隊球迷的品牌親和力。

As we expand our technology distribution and launch new products, we are continuing to unlock diversified revenue streams across the world of sports. One area that's particularly exciting to us is sports-specific digital advertising. The partnership with the LA Rams and Verizon is a perfect example of how we're enabling brands to reach engaged sports fans in a cost-effective and impactful way. But this is only scratching the surface.

隨著我們擴大技術分佈並推出新產品，我們將繼續在體育界釋放多元化的收入來源。讓我們特別興奮的一個領域是針對體育運動的數位廣告。與洛杉磯公羊隊和 Verizon 的合作是我們如何幫助品牌以經濟高效且有影響力的方式吸引忠實體育迷的完美範例。但這只是表面現象。

This leads me to our most recent launch and the one I'm most excited about: FANHub. FANHub is a full-scale fan-activation platform, helping brands connect with sports audiences. To put it simply, FANHub is not just a single product but a completely verticalized, sport-focused platform, helping advertisers to reach the right fans with the right message at the right time across multiple social and programmatic channels including display, video, connected TV, and more.

這讓我看到了我們最近發布的、也是我最興奮的一個：FANHub。FANHub 是一個全方位的粉絲啟動平台，幫助品牌與體育觀眾建立聯繫。簡而言之，FANHub 不僅僅是一個單一產品，而是一個完全垂直化、以體育為中心的平台，幫助廣告商在正確的時間通過多個社交和程序化渠道（包括展示、視頻、聯網電視）向正確的粉絲傳達正確的訊息，等等。

The reason we're so excited about this launch is because it will enable us to partner with a wide range of advertisers seeking to reach sports fans. Any brand who wants to be associated with sports will benefit from FANHub.

我們對此次發布感到如此興奮的原因是，它將使我們能夠與許多尋求接觸體育迷的廣告商合作。任何想要與運動相關的品牌都會從 FANHub 中受益。

Given the breadth and depth of the data we have exclusive access to, Genius Sports understands the behavior of sports fans better than anyone in the ad-tech market. We believe this data combined with the FANHub platform makes us uniquely positioned to help brands manage and measure high-impact, cost-effective campaigns.

鑑於我們獨家獲得的數據的廣度和深度，Genius Sports 比廣告科技市場上的任何人都更了解運動迷的行為。我們相信，這些數據與 FANHub 平台相結合使我們處於獨特的地位，可以幫助品牌管理和衡量高影響力、具有成本效益的行銷活動。

As we enter the new year, we expect to unlock new high-margin revenue in a large and growing addressable market of digital advertising, and we believe that we will have significant advantage in the sports vertical. Strategically, this also represents another example of how we're leveraging technology to further monetize our existing data set and ultimately achieve greater scale.

隨著進入新的一年，我們預計將在龐大且不斷增長的數位廣告潛在市場中釋放新的高利潤收入，並且我們相信我們將在體育垂直領域擁有顯著的優勢。從策略上講，這也代表了我們如何利用技術進一步將現有資料集貨幣化並最終實現更大規模的另一個例子。

To close, we are very excited about the momentum in our business and believe we are reaching a critical inflection point both strategically and financially. And with that, I will now turn the call to Nick to discuss the financials in more detail.

最後，我們對我們業務的發展勢頭感到非常興奮，並相信我們在策略和財務上都達到了一個關鍵的轉折點。接下來，我將致電尼克，更詳細地討論財務狀況。

Thank you, Mark. We are pleased to have delivered another quarter of results ahead of expectations, characterized by continued growth and operating leverage to date. Much of the revenue outperformance in the quarter was driven by our betting product which increased by 30% year over year and demonstrates the underlying strength in the core betting business.

謝謝你，馬克。我們很高興又一個季度的業績超出預期，其特點是迄今為止的持續成長和營運槓桿。本季的營收表現在很大程度上是由我們的博彩產品推動的，該產品同比增長 30%，展現了核心博彩業務的潛在實力。

By now, you should appreciate the positive trends we've seen specifically in our US betting business to start the NFL season, which grew by 60% compared to Q3 of last year, far outpacing the growth of the broader US sports betting industry. This is a function of many growth drivers that exists in the model, including market-wide GGR growth, increased in-play betting, improving in-play win margins, and of course, greater value from sportsbook renewals. Each of these played a factor this quarter not just in the US, but also across the globe.

到目前為止，您應該了解我們在NFL 賽季開始時的美國博彩業務中所看到的積極趨勢，與去年第三季度相比增長了60%，遠遠超過了更廣泛的美國體育博彩行業的增長速度。這是模型中存在的許多成長驅動因素的作用，包括整個市場的 GGR 成長、賽中投注的增加、賽中贏率的提高，當然還有體育博彩續約帶來的更大價值。這些因素都在本季度發揮了重要作用，不僅在美國，而且在全球範圍內。

In the third quarter, approximately 70% of our revenues is generated outside of the US. So despite today's focus on the US and NFL season, our core business outside of the US continues to demonstrate strong profitable growth.

第三季度，我們約有 70% 的營收來自美國境外。因此，儘管今天的焦點是美國和 NFL 賽季，但我們在美國以外的核心業務繼續表現出強勁的獲利成長。

Of note, our European revenue achieved year-on-year revenue growth of 22% in the quarter, following the successful renegotiation of renewed commercial terms with non-US sportsbooks, which contributed meaningfully to our betting revenue growth and our group-level performance in the quarter. These renewals also set the foundation for the next phase of growth for the remainder of 2024 and beyond.

值得注意的是，在與非美國體育博彩公司成功重新談判續簽商業條款後，我們的歐洲收入在本季度實現了22% 的同比收入增長，這對我們的博彩收入增長和集團層面的業績做出了重大貢獻。這些更新也為 2024 年剩餘時間及以後的下一階段成長奠定了基礎。

Importantly, these growth drivers come with no incremental fixed costs, allowing much of this additional revenue to flow through to group adjusted EBITDA. This is evident in our consistent margin expansion over the last few years as you can see on the slide. And we expect to continue expanding our adjusted EBITDA margins towards our long-term target of at least 30%.

重要的是，這些成長動力不會增加固定成本，使大部分額外收入能夠流入集團調整後的 EBITDA。正如您在幻燈片中看到的那樣，過去幾年我們持續的利潤率擴張反映了這一點。我們預計將繼續擴大調整後的 EBITDA 利潤率，實現至少 30% 的長期目標。

Based on our observations through the start of the NFL season, and of course, our sportsbook renewals across the globe, we are confident in our outlook through the end of the year despite US wind margins coming under pressure to begin the fourth quarter.

根據我們對 NFL 賽季開始的觀察，當然還有我們在全球範圍內體育博彩的更新，我們對今年年底的前景充滿信心，儘管美國風電利潤率在第四季度開始面臨壓力。

Given the multiple growth drivers across the business, we remain confident in our Q4 guidance of 38% revenue growth over 2.5 times growth of adjusted EBITDA, 900 basis points of margin expansion and significant cash flow, bringing us to a positive position for the full year. These growth drivers combined with the high predictability of our business model and largely fixed cost base underpins our competence in the guidance.

考慮到整個業務的多重成長動力，我們對第四季度營收成長38%（調整後EBITDA 成長超過2.5 倍）、利潤率擴張900 個基點和大量現金流的指導仍然充滿信心，使我們全年處於積極的位置。這些成長動力與我們業務模式的高度可預測性和基本固定的成本基礎相結合，支撐了我們在指南中的能力。

In fact, our predictability and multitude of revenue growth drivers are exactly the reasons we've consistently delivered or exceeded our guidance over the last several quarters, and we aim to continue on this path moving forward. We are also reimbursing our expectation to generate positive cash flow for the 2024 calendar year.

事實上，我們的可預測性和眾多的收入成長驅動因素正是我們在過去幾個季度持續交付或超過我們的指導的原因，我們的目標是繼續沿著這條道路前進。我們也實現了 2024 年產生正現金流的預期。

Quickly on the topic of cash, I'd like to address the decrease in cash compared to the last quarter. As you know, throughout the third quarter, we renegotiated commercial terms with our sportsbook customers, many of which were finalized close to the September 30, marking the quarter-end. Given the timing of these agreements, the cash inflow we would typically expect in Q3 is now expected in Q4. Consequently, this is purely a function of cash timing rather than anything fundamental.

關於現金的話題，我想談談與上季相比現金的減少。如您所知，在整個第三季度，我們與體育博彩客戶重新談判了商業條款，其中許多條款在接近 9 月 30 日（即季度末）時最終確定。考慮到這些協議的時間安排，我們通常預期的第三季的現金流入現在預計將出現在第四季度。因此，這純粹是現金時機的函數，而不是任何基本因素。

As a final matter of housekeeping relating to foreign exchange, it is also worth noting that we achieved our Q3 revenue and adjusted EBITDA targets even at the FX rate at the time we last updated our guidance, meaning currency had an immaterial impact on group revenue and adjusted EBITDA in the quarter.

作為與外匯相關的最後一個事項，也值得注意的是，即使按照我們上次更新指引時的匯率，我們也實現了第三季的收入並調整了EBITDA 目標，這意味著貨幣對集團收入沒有重大影響，並且本季調整後的 EBITDA。

As we approach the end of the year, it is a good time for us to reflect on how the full 2024 year is shaping up. Assuming our current guidance, we expect 2024 to be characterized by accelerating revenue growth of 24%, adjusted EBITDA growth of 61%, 391 basis points of margin expansion, and an inflection to positive cash flow. As such, 2024 should mark our fourth consecutive year of 20%-plus revenue growth.

接近年底，是我們反思 2024 年全年走勢的好時機。假設我們目前的指導，我們預期 2024 年的特點是營收加速成長 24%，調整後 EBITDA 成長 61%，利潤率擴張 391 個基點，以及正現金流的拐點。因此，2024 年應該是我們連續第四年收入成長超過 20%。

As we look ahead to 2025 and beyond, we remain confident in our ability to sustain this pace of growth whilst continuing to expand our margins and increase our annual cash flow for the foreseeable future. In fact, the extension of our largest rights deals on a fixed cost basis, along with improved commercial terms with sportsbooks, now reinforces our confidence and visibility for the next several years.

展望 2025 年及以後，我們仍然對維持這種成長速度的能力充滿信心，同時在可預見的未來繼續擴大利潤率並增加年度現金流。事實上，我們最大的轉播權交易以固定成本為基礎的擴展，以及與體育博彩的商業條款的改善，現在增強了我們對未來幾年的信心和知名度。

To conclude, this quarter represents another successful period of strategic execution as we continue expanding our technology footprint and bolstering our product offering across the ecosystem of sports, betting, media, and broadcast. We are reaching a critical inflection point financially, strategically, and operationally. And we are excited to continue our execution through year-end and carry our momentum into the new year and beyond.

總而言之，本季代表了策略執行的另一個成功時期，我們繼續擴大我們的技術足跡並加強我們在體育、博彩、媒體和廣播生態系統中的產品供應。我們正在面臨財務、策略和營運方面的關鍵轉折點。我們很高興能在年底繼續執行，並將我們的勢頭帶入新的一年及以後。

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

但現在，我們將結束準備好的演講並開啟問答環節。

Thank you. The floor is now open for questions. (Operator Instructions)

謝謝。現在可以提問。（操作員說明）

Ben Miller, Goldman Sachs.

本·米勒，高盛。

Great. Thanks so much for taking the questions. Just on the sportsbook renegotiations first, how should we think about the magnitude of change in blended commission rates relative to today and the timing of this flowing through the model?

偉大的。非常感謝您提出問題。首先就體育博彩重新談判而言，我們應該如何考慮混合佣金率相對於今天的變化幅度以及這種變化在模型中流動的時間？

And then, Mark, just on the media segment, you guys have made a number of recent product announcements around that. So when we think about the building blocks for 2025, just talk about how you -- how these product announcements feed into how you're thinking about the qualitative drivers from here within that segment around number of advertisers, share of budget pricing, all those things would be helpful. Thank you.

然後，馬克，就在媒體領域，你們最近發布了一些圍繞此的產品公告。因此，當我們考慮 2025 年的構建模組時，只需談談您如何——這些產品公告如何影響您如何思考該細分市場中圍繞廣告商數量、預算定價份額等所有這些因素的定性驅動因素事情會有幫助的。謝謝。

Hey, Ben. It's Nick. I'll take the first part, and I'll let Mark take the second part. On that first part, what I can say really, Ben, is that we've taken price on every deal both in pre-match and in in-play, and I can say that a material amount is what we've taken. Now -- but I'm not going to give any specific details of that because every contract looks very different.

嘿，本。是尼克。我將承擔第一部分，我將讓馬克承擔第二部分。關於第一部分，本，我真正可以說的是，我們在賽前和比賽中對每筆交易都進行了定價，我可以說我們已經採取了實質性的金額。現在——但我不會提供任何具體細節，因為每份合約看起來都非常不同。

But what I can say is that you're already seeing the results of those new deals in our numbers. We talked today about US sports betting being up 60% year on year in Q3. And also, you can see that by us reiterating our Q4 guidance with revenue acceleration up to 37%.

但我可以說的是，您已經在我們的數據中看到了這些新交易的結果。我們今天討論了第三季美國體育博彩年增 60%。此外，您還可以看到，我們重申了第四季度的指導，收入成長高達 37%。

And on the second thing -- Hi, Ben. It's Mark. On the second question, yeah, we've done a lot of work recently. We've been (technical difficulty) for the last few years, and as you rightly say, there's a lot of product launches that have come down the line, specifically on the media, the self-serve platforms providing a massive opportunity for us and really we're sort of starting to position ourselves in the world of being The Trade Desk for sports -- that's probably the easiest way to think about it.

關於第二件事－嗨，本。是馬克。關於第二個問題，是的，我們最近做了很多工作。過去幾年我們一直（技術困難），正如你所說，有很多產品發布，特別是在媒體上，自助服務平台為我們提供了巨大的機會，事實上，我們開始將自己定位為體育貿易台— —這可能是最簡單的思考方式。

We've got a lot of unique data, and obviously, we understand sports fans, but also we have a huge amount of sports data, and that's going to give us a real advantage in being able to drive some of the efficiencies of those products. So the coming period of time with our sportsbook renewals, I think the vast majority, if not all of those deals include -- in fact, I think all of those deals include the requirement for -- I'm getting nods around the table -- requirement the use of the marketing products.

我們擁有大量獨特的數據，顯然，我們了解體育迷，而且我們也擁有大量的體育數據，這將為我們帶來真正的優勢，並能夠提高這些產品的部分效率。因此，在接下來的一段時間內，我們的體育博彩續約，我認為絕大多數（如果不是全部）這些交易都包括——事實上，我認為所有這些交易都包括——我得到了各方的認可—— - 要求使用行銷產品。

So we've got a really good launch pad for growth for not only the existing product set in media but also the new products that's coming -- that have come down the line and are still to come down the line. So we're feeling really good about it.

因此，我們擁有一個非常好的成長平台，不僅可以為媒體中現有的產品集提供成長動力，還可以為即將推出的新產品提供成長動力——這些新產品已經推出，並將繼續推出。所以我們對此感覺非常好。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Great. Thanks for taking the questions. Maybe just to start, I'd love if you could just size the impact of the negative sports results on October on Q4. And then for Europe, growing 22% -- I believe it grew 10% last quarter, so great to see that kind of acceleration. And since these deals are, I believe, largely fixed, is that the right way of thinking about 4Q in 2025, this kind of 20%-plus growth?

偉大的。感謝您提出問題。也許只是為了開始，我希望您能評估 10 月第四季的負面運動結果的影響。然後歐洲成長了 22%——我相信上個季度成長了 10%，很高興看到這種加速。我認為，由於這些交易基本上是固定的，那麼這是思考 2025 年第四季這種 20% 以上成長的正確方式嗎？

And then lastly, just on the US sports renewals, would love just to get a flavor in terms of what you guys were pushing for. And that would be most important in terms of the -- just the construct of those agreements, whether it's -- last time there was a big minimum advertising commitment; there was different take rates for pre-match versus live betting. Just like any flavor you can give us in terms of -- if there's any new revenue construction that we should be thinking about going forward here.

最後，關於美國運動賽事的續訂，我很想了解你們所推動的內容。就這些協議的結構而言，這將是最重要的，無論是否是，上次有一個很大的最低廣告承諾；賽前投注與現場投注的投注率不同。就像您可以給我們的任何風味一樣 - 如果有任何新的收入建設我們應該考慮在這裡繼續推進。

Thanks, Bernie. There's a lot there. I'm actually going to take it in the reverse order. Look, the sportsbook renewals have been really key for us. I made a commitment to the market a while ago that we would try and revalue data in the market. We said for a while, we think it's undervalued. And so a big part of these renewals has been trying to rebalance some of that and really get data to a level that's more commensurate with the value that it offers to the sportsbooks. And I think overall, we've been very successful doing that, and we're extremely pleased with where we've come out on that.

謝謝，伯尼。那裡有很多東西。實際上我會以相反的順序來處理。看，體育博彩續訂對我們來說非常關鍵。我不久前向市場做出了承諾，我們將嘗試重新評估市場上的數據。我們說過一段時間，我們認為它被低估了。因此，這些更新的很大一部分一直在嘗試重新平衡其中的一些內容，並真正將數據提升到與其為體育博彩提供的價值更相稱的水平。我認為總的來說，我們在這方面做得非常成功，我們對我們在這方面所取得的成果感到非常滿意。

The deal constructs have been quite specific. We've been very focused on exactly what the deals look like on an individual bookmaker-by-bookmaker basis. We've been very careful to make sure that we're working with our partners and with our clients to make sure that we're delivering products that are adding value and are really making a difference. And the construct really involved the requirement for a roll-out of BetVision across the term, which is something that we've universally succeeded with. So that is part of all of the deal.

交易結構非常具體。我們一直非常關注各個博彩公司的具體交易情況。我們一直非常謹慎地確保我們與合作夥伴和客戶合作，以確保我們提供的產品能夠增加價值並真正發揮作用。這個結構確實涉及在整個學期推出 BetVision 的要求，這是我們普遍成功的。這是整個交易的一部分。

And again, that was a commitment that I made to the market previously about having ubiquity of product across the industry. So we're very happy with that. And then obviously, the other part of it is on the media space, which I've just touched upon. So the rollout of our new media products, the existing products that we've got and additional value there.

再說一遍，這是我之前向市場做出的承諾，讓產品在整個產業中無所不在。所以我們對此非常滿意。顯然，它的另一部分是在媒體領域，我剛剛談到了這一點。因此，我們推出了新媒體產品、現有產品以及附加價值。

So to summarize we've been very focused on BetVision. We've been very focused on the media, and we've been very focused on the increase in value. The other thing that's probably worth highlighting, I said it in my pre-prepared remarks, was we've listened to the market and we've got a very -- a much more balanced mixture in terms of term lengths. So the renegotiation periods in future no longer have the cliff effect, and we're in a much more rounded basis. I think I'll let Nick pick up on the other two points.

總而言之，我們非常關注 BetVision。我們非常關注媒體，也非常關注價值的增加。我在預先準備的演講中說過，另一件事可能值得強調，那就是我們聽取了市場的意見，並且在期限長度方面我們有了一個非常平衡的組合。因此，未來的重新談判期不再具有懸崖效應，我們的基礎更加全面。我想我會讓尼克談談另外兩點。

Hey, Bernie. So Q4, you've heard me say this before, Bernie, and I think Mark used the phrase (technical difficulty) before which I think is absolutely right I think in terms of what our Q4 position is. But the great thing about this company is it's the number of growth levers that we have. And yes, US sportsbooks results is clearly a headwind for us, but it's certainly not a material headwind given the other tailwinds that work in our favor, whether that's in-play next, whether that's media, whether that's price, whether that's product. And therefore, although there's obviously been a lot of noise in the market around October results for sportsbooks, we're very competent at reiterating our Q4 position, which is 37% revenue growth year on year.

嘿，伯尼。所以第四季度，伯尼，你以前聽過我說過這個，我認為馬克之前使用過這個短語（技術難度），我認為就我們第四季度的位置而言，我認為這是絕對正確的。但這家公司的偉大之處在於我們擁有大量的成長槓桿。是的，美國體育博彩的結果顯然對我們來說是一個逆風，但考慮到其他對我們有利的順風，它肯定不是一個實質性的逆風，無論是接下來的比賽，無論是媒體，無論是價格，還是產品。因此，儘管體育博彩 10 月業績前後市場顯然有很多噪音，但我們非常有能力重申我們第四季的立場，即營收年增 37%。

That kind of plays slightly, I think, into your other question, which was on the European position. There's still 70% of our revenues in the quarter to coming from Europe. Q4 will be a little bit more US-slanted given just the seasonality of the sport.

我認為，這對你的另一個問題（關於歐洲立場）略有影響。本季我們仍有 70% 的營收來自歐洲。考慮到這項運動的季節性，第四季將更加偏向美國。

But yeah, we're delighted with a 20% growth in the European market year on year. And one of the things that perhaps got lost in some of the noise around some of the US sportsbooks and some of the renegotiations we've been doing with the European sportsbooks on the back of renewing our UK soccer deal out until 2029. And therefore, you're beginning to see that as well as the new products that will also continue to drive an upsell into the European market. I've always said continue to expect double-digit growth from the European sportsbook going forward.

但是，我們很高興歐洲市場年增 20%。其中一件事可能被一些美國體育博彩公司的噪音以及我們在將英國足球協議續簽至 2029 年後與歐洲體育博彩公司進行的一些重新談判中所忽視。因此，您開始看到這一點以及新產品也將繼續推動歐洲市場的追加銷售。我一直說繼續期待歐洲體育博彩未來能實現兩位數的成長。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Great. Thanks. Thanks for taking my questions. Just two, if I may. Just on the Q4 guide, is that thing going to be -- is that reacceleration going to be driven more by media or sports betting results?

偉大的。謝謝。感謝您回答我的問題。如果可以的話，就兩個。就第四季度指南而言，情況會是——媒體或體育博彩結果會更多地推動重新加速嗎？

And then just following up on the media and trying to think about next year, as you transition more into self-service, do we see a one-time de-sell in revenue because it's recognized on net, but the gross profit actually goes up because the margins are higher? Thank you.

然後追蹤媒體並嘗試思考明年，當您更多地轉向自助服務時，我們是否會看到收入一次性出售，因為它是在淨額上確認的，但毛利潤實際上上升了因為利潤更高？謝謝。

Yeah. I think we might do the same and take them in reverse order again if that's all right. On the media, the self-serve, these are additional revenue pools that we're going after. So to remind you all, the existing revenue stack that we've got through the programmatic is the managed services. So we expect that to continue, although longer term, that revenue will probably end up getting somewhat replaced.

是的。我想如果可以的話，我們可以做同樣的事情，並再次以相反的順序處理。在媒體、自助服務方面，這些都是我們正在追求的額外收入來源。因此，提醒大家，我們透過程式化獲得的現有收入堆疊是託管服務。因此，我們預計這種情況會持續下去，儘管從長遠來看，收入可能最終會被部分取代。

But a lot of the self-serve is really new revenue that's going to be coming as a result of new products, new brand positioning, working with the agencies, as well as obviously with the sportsbooks. So we don't see initially one cannibalizing the other, even though longer term, we think that the managed services will fade out.

但許多自助服務確實是新的收入，這些收入將透過新產品、新品牌定位、與代理商合作以及顯然與體育博彩公司的合作而產生。因此，我們一開始並沒有看到一種服務會蠶食另一種服務，儘管從長遠來看，我們認為託管服務將會逐漸消失。

Hey, Jed. It's Nick. Just on your first question, which I think was in relation to Q4 growth and where that will be coming from, the answer is, Jed, it actually comes from both we anticipate in Q4. Clearly, we're set up well from a sportsbook perspective, based on the deals that we have agreed with the sportsbooks that Mark already talked about. So that positions us well together with a good tailwind in terms of GGR and TAM growth, but we are also expecting media growth in Q4 as well and actually also anticipating some sports-tech growth as well given the good deals that we've announced over the last four or five months, things like the US deal and the UK soccer deal.

嘿，傑德。是尼克。關於你的第一個問題，我認為這與第四季度的成長及其來自何處有關，答案是，傑德，它實際上來自我們對第四季的預期。顯然，根據馬克已經談到的我們與體育博彩公司達成的協議，從體育博彩的角度來看，我們已經準備好了。因此，這使我們在 GGR 和 TAM 成長方面處於有利位置，但我們也預計第四季度媒體成長，並考慮到我們已經宣布的良好交易，實際上也預計一些體育科技的成長。 ，諸如美國交易和英國足球交易之類的事情。

Could you provide a full-year free cash flow range number?

您能否提供全年自由現金流範圍數字？

Hey, Jed. What I've done is I've just reiterated really in the prepared remarks, and I'll do it again here in terms of 2024 that we anticipate to be positive cash flow in the year. That's a very important moment for Genius Sports. As you know, we're expecting that dynamic to continue now on an ongoing basis, which is particularly important, given the strength of our balance sheet.

嘿，傑德。我所做的是，我剛剛在準備好的發言中重申了這一點，我將在 2024 年再次重申，我們預計今年將實現正現金流。對於 Genius Sports 來說，這是一個非常重要的時刻。如您所知，我們預計這種動態將持續下去，考慮到我們資產負債表的實力，這一點尤其重要。

I'm not giving a specific guide because as you know, cash receipts and cash payments can have an impact as you get towards the year-end. But we're fully confident of getting that positive cash position and then letting the operating leverage in the business model work its magic in 2025 and beyond.

我不會提供具體的指南，因為如您所知，現金收入和現金支付可能會在接近年底時產生影響。但我們完全有信心獲得正面的現金狀況，然後讓商業模式中的營運槓桿在 2025 年及以後發揮其魔力。

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, guys. Congrats on all the business success and renewals here. Want to start with FANHub, you mentioned expanded beyond the traditional sportsbooks for who this appeals to and where you can add value. But can you talk through that pipeline and how much you've seen versus maybe expect and where that can go from across more consumer and outside of the sportsbooks specifically?

嘿，夥計們。祝賀這裡所有的業務成功和續約。想要從 FANHub 開始，您提到超越了傳統的體育博彩，這對誰有吸引力以及您可以在哪裡增加價值。但您能否談談這個管道以及您所看到的情況與預期的情況，以及這些情況可以從更多消費者和體育博彩之外具體帶來哪些影響？

Yeah, sure. As I said previously, probably the easiest way to sort of think about the FANHub product is really The Trade Desk for sports. You've got to understand when you're looking at this market what our USP is. Why are we able -- why do we have a right to compete in this market? What's our differentiator? And I think if you focus in on that, that's the key thing.

是的，當然。正如我之前所說，考慮 FANHub 產品的最簡單方法可能是體育貿易櫃檯。當您關注這個市場時，您必須了解我們的 USP 是什麼。為什麼我們能夠──為什麼我們有權利在這個市場上競爭？我們的差異化因素是什麼？我認為如果你專注於此，那就是關鍵。

The differentiator that we have is that we understand sports, and we understand the moments in sport. We have a huge amount of data as you guys know. So therefore, we're able to trigger interesting adverts. That's an important event during a game, which goes to renewals, and it goes to reactions and how well it's received.

我們的與眾不同之處在於我們了解運動，我們了解運動中的時刻。正如你們所知，我們擁有大量數據。因此，我們能夠觸發有趣的廣告。這是遊戲中的重要事件，關係到續約、反應和迴響。

The other thing that we have is we have a huge amount of information on sports players. So we understand sports fans; we understand how they are going to work and what makes them tick. So the combination of that allows us to approach anyone really who wants to be present in the sports space.

我們擁有的另一件事是我們擁有大量關於運動員的資訊。所以我們了解運動迷；我們了解它們將如何運作以及它們的運作原理。因此，這一切的結合使我們能夠接觸到任何真正想參與體育領域的人。

So if you're a brand and you want to target a sports audience, if you're people like, Coca-Cola, Gatorade, if you're an agency that's got client that wants to do it on a national basis or indeed a local basis around some of the team stuff, you're able to come, and we're able to access those players for you. So it's really about utilizing the USPs that we have in the business, unique data sets, unique understanding, in order to target sports fans.

因此，如果你是一個品牌，你想瞄準體育受眾，如果你是可口可樂、佳得樂這樣的人，如果你是一家代理機構，其客戶想要在全國範圍內做到這一點，或者確實是一個圍繞著一些球隊的本地基礎，你可以來，我們可以為你接觸到這些球員。因此，這實際上是利用我們在業務中擁有的 USP、獨特的數據集、獨特的理解來瞄準體育迷。

Then just bigger picture on the cost side. You have really strong momentum on the commercialization revenue side. But on the cost side, how do you feel about the structure, resources, people, everything to support this multi-leg and all these growth initiatives you have as you look into '25 and beyond?

然後是成本方面的更大的圖景。你們在商業化收入方面的勢頭非常強勁。但在成本方面，您對 25 世紀及以後支持這一多邊活動的結構、資源、人員以及所有這些增長計劃有何看法？

Yeah. Hey, Ryan, let me talk and then I'll -- Mark, please come over the top if there's any more directional comment. Yeah, as you know, Ryan, the key to this business is the operating leverage that it drives. All the tailwinds that we've talked about, whether that's in-play sports betting, whether that's growth of TAM, whether that's price of that additional product, most of that flows through at a pretty high margin. You've seen that this quarter. I think you've got a drop through in the quarter at around about 44% drop through. And I think the implicit guide for Q4 core is also in the 40s. So we're feeling pretty good about the operating leverage.

是的。嘿，瑞安，讓我談談，然後我——馬克，如果有任何更多的定向評論，請過來。是的，如你所知，瑞安，這項業務的關鍵是它所驅動的營運槓桿。我們討論過的所有有利因素，無論是賽中體育博彩，還是 TAM 的成長，無論是附加產品的價格，其中大部分都以相當高的利潤流動。本季您已經看到了這一點。我認為本季的下降率約為 44%。我認為 Q4 核心的隱含指南也在 40 年代。因此，我們對營運槓桿感覺非常好。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

So you guys obviously made a big commitment to the NFL a few years back. I would just be curious, is there anything that's going better than expected and anything that's going worse than expected as it relates to NFL revenues and betting behavior?

所以幾年前你們顯然對 NFL 做出了重大承諾。我只是好奇，與 NFL 收入和博彩行為相關的情況是否有比預期更好或比預期更差的情況？

Yeah, with specifics to the NFL -- is that the question, Jason?

是的，關於 NFL 的具體情況——這就是問題所在嗎，傑森？

Yeah.

是的。

Look, the relationship with the NFL is very strong as we renewed our agreement early with them previously, and we've got a long runway. We're working with them across multiple product sets. And clearly, they're a major shareholder in the business.

看，我們與 NFL 的關係非常牢固，因為我們之前很早就與他們續簽了協議，而且我們還有很長的路要走。我們正在與他們合作開發多個產品系列。顯然，他們是該公司的主要股東。

And they're very active as well. They're very active in working with them. We have a very good relationship all the way through the organization, and they're a fantastic partner. We've got a lot of access to very rich data. That data is driving some of the product innovation. Obviously, you've seen BetVision, which is one of the biggest innovations that's been seen in the market for a very long time, and that's been spearheaded by the NFL content and that low-latency feed.

而且他們也非常活躍。他們非常積極地與他們合作。我們在整個組織中一直保持著非常良好的關係，他們是一位出色的合作夥伴。我們可以大量存取非常豐富的數據。這些數據正在推動一些產品創新。顯然，您已經看到了 BetVision，這是長期以來市場上出現的最大創新之一，並由 NFL 內容和低延遲來源帶領。

So the relationship with the NFL is very strong. We're a super supportive shareholder. And we feel like we -- and I think they would say the same at delivering really good results based on a strong partnership.

所以與NFL的關係非常密切。我們是超級支持的股東。我們覺得我們——而且我認為他們也會說同樣的話，在基於強有力的合作關係的基礎上提供真正好的結果。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Hi, this is Sam on for Chad. Thanks for taking our questions. Wanted to touch on the 30% EBITDA margin target. Any color on what needs to happen to get there? Is it dependent on new state launches or more in-play? Anything you could add there? Thanks.

大家好，我是查德的山姆。感謝您回答我們的問題。想談談 30% 的 EBITDA 利潤率目標。有什麼顏色可以說明到達那裡需要發生什麼嗎？它取決於新的狀態發布還是更多的正在進行中的狀態？您可以在那裡添加什麼嗎？謝謝。

Thanks, Sam. It's Nick. There's nothing specific. In truth, Sam, I think it's just more of the same, I guess, what I'd say. One of the great advantages of being -- might see is the predictability and visibility that we get. Ryan just asked a question in terms of our cost base, and you've seen that our cost base hasn't really moved at all really over the course of the last 36 months. And obviously, rights are fixed and, therefore, I know the exact dollar that -- the right cost that I'm paying, for example, to the NFL or for example to UK soccer really until the end of the decade.

謝謝，山姆。是尼克。沒有什麼具體的。事實上，薩姆，我想這與我所說的差不多。存在的最大優勢之一是我們獲得的可預測性和可見性。Ryan 剛剛問了一個關於我們的成本基礎的問題，您已經看到我們的成本基礎在過去 36 個月裡根本沒有真正改變。顯然，權利是固定的，因此，我知道確切的美元——直到本世紀末我為 NFL 或英國足球支付的正確成本。

And therefore, that gives us significant visibility. And you've seen that move -- you've seen that play out over the last probably 12 to 16 quarters, really, Sam, as the EBITDA margin continues to move. I think we are right now in terms of guide is around about 16%,16.5%, 17% EBITDA margin of around about a 12% margin last year. And therefore, you're seeing healthy margin accretion, and we're expecting that to continue over the medium term towards that 30%.

因此，這為我們提供了顯著的可見性。你已經看到了這種變化——實際上，Sam，你已經在過去的 12 到 16 個季度中看到了這種變化，因為 EBITDA 利潤率持續變化。我認為我們現在的指導水準約為 16%、16.5%、17% EBITDA 利潤率，而去年的利潤率約為 12%。因此，您會看到利潤率健康成長，我們預計這種情況在中期內將持續達到 30%。

The other things to kind of bear in mind as well is -- and this was touched upon in one of the previous questions is we've launched a lot of products recently. We invested aggressively over the last few years in a number of different areas. Obviously, we've got the self-serve FANHub platform. We've got Edge, which is our risk product.

另一件需要記住的事情是——在前面的問題之一中提到了這一點，我們最近推出了許多產品。過去幾年，我們在許多不同領域進行了積極投資。顯然，我們擁有自助式 FANHub 平台。我們有 Edge，這是我們的風險產品。

We've obviously done a lot of stuff in Dragon and the rollout Dragon, which is going really, really well on quite a wide global basis. We're into UK football in a very big way. We're into basketball leagues. We're into UEFA. We're doing an awful lot of rollouts there.

顯然，我們在《龍》和《龍》的推出中做了很多工作，它在全球範圍內進展得非常非常好。我們非常熱衷於英國足球。我們熱衷於籃球聯賽。我們進入歐足總。我們正在那裡進行大量的推廣。

And a lot of those products stacks are still really yet to deliver material revenues. A lot of the growth you're seeing in the business and you have seen in the business historically is off of existing product sets. Again, there's been a lot of self-serve focus on this call. There's pretty much no revenue there -- or very little revenue so far from that. And yet we're still managing to expand our margin and create that growth.

其中許多產品堆疊實際上還沒有帶來實質收入。您在業務中看到的以及您在歷史上看到的許多成長都來自於現有的產品集。同樣，這次電話會議也有很多自助服務的焦點。那裡幾乎沒有收入——或者說到目前為止收入很少。然而，我們仍在設法擴大利潤並創造成長。

Nick always talks about growth levers and to put a bit of meat on the bones of what that really is, it's really about a lot of these product sets, and it's bringing these product sets to life that are going to give us a lot of opportunity for some of that revenue growth.

尼克總是談論成長槓桿，並在其真正含義上添加一些內容，這實際上與許多此類產品集有關，並且它將這些產品集帶入生活，這將為我們帶來許多機會部分收入成長。

The other thing again -- and sorry, that's quite a long answer, but I think it's quite useful to give a bit of color on some of this stuff -- is we're pulling together a lot of disparate products. We very much built the business by rolling out individual products on an individual basis. And I've always been a fan of never wanting to do a big bang, sit in a room, develop a product, roll it out, and hope it works. We've always been about incremental growth in each of the product areas.

另一件事——抱歉，這是一個很長的答案，但我認為為其中一些東西提供一些顏色是非常有用的——我們正在將許多不同的產品組合在一起。我們在很大程度上是透過推出單獨的產品來建立業務的。我一直都不想搞大爆炸，坐在一個房間裡，開發一個產品，推出它，然後希望它能起作用。我們始終致力於每個產品領域的增量成長。

But what we've never really been in a position to do because we've never had the products finished, is pull them all together and generate leverage from one product to another, and that's really what's coming through now. With the rollout of Dragon, the rollout of FANHub, some of the Edge, BetVision, all of these products that are going out into the market, what we're now starting to be able to do is get this sort of compounding effect from these multiple products to really drive some of the growth between them. And that's something that we're really excited about.

但我們從來沒有真正能夠做的事情，因為我們從來沒有完成過產品，而是將它們全部整合在一起，並從一種產品到另一種產品產生影響力，而這正是現在正在經歷的事情。隨著 Dragon 的推出、FANHub、Edge、BetVision 的推出，所有這些產品都進入市場，我們現在開始能夠從這些產品中獲得這種複合效應多種產品才能真正推動它們之間的成長。這是我們真正感到興奮的事情。

So we look at this 30% EBITDA margin target. And again, we feel very confident just from the visibility. Again, Nick said this a second ago from the visibility he's got, it's something that's very tangible, and it's a very clear path to it. But on top of that, there's a huge amount of opportunity in this business. It's why I remain so excited about where we are and what we can do in terms of being able to pull all this stuff together and really deliver sort of exceptional value to our shareholders.

因此，我們關注 30% 的 EBITDA 利潤率目標。再一次，我們僅從可見度就感到非常有信心。尼克再次從他所獲得的知名度中說過這一點，這是非常有形的東西，而且是一條非常清晰的路徑。但最重要的是，這個行業還有巨大的機會。這就是為什麼我對我們的現狀以及我們能夠做些什麼，將所有這些東西整合在一起並真正為我們的股東帶來某種非凡的價值感到如此興奮。

Awesome. Thanks for that color. And then just as a follow-up, is it possible to get the in-play NFL hold rate so far this year, and just the upside that you guys can get simply from the sportsbooks improving the in-play hold and how you see the timeline of that evolving?

驚人的。謝謝那個顏色。然後作為後續行動，是否有可能獲得今年迄今為止的 NFL 比賽中的保留率，以及你們可以從體育博彩中獲得的好處，提高比賽中的保留率以及您如何看待比賽中的保留率。表？

We're not going to give the whole grades, but I will give you the fact that it's improving. But I think the more interesting thing to focus on and the thing that we're taking -- again, going back to my previous answer and Nick's previous answer about growth is where in-play is.

我們不會給出全部成績，但我會告訴你它正在進步的事實。但我認為更有趣的事情是我們要關注的，也是我們正在採取的事情——再次回到我之前的答案和尼克之前關於成長的答案，那就是比賽中的內容。

When we went out to market a few years ago, we were -- it's a bit north of 20%. We're now -- last year, I think we were 25%. We're now 30% of markets in-play. Obviously, everybody knows, and everyone understands that in-play is a much higher margin business. There's a much bigger focus from the bookmakers on in-play. And you guys, I'm sure are hearing a lot more about in-play, and that's coming.

幾年前，當我們進入市場時，我們的比例略高於 20%。去年，我認為我們現在是 25%。我們現在佔據了 30% 的市場份額。顯然，每個人都知道，每個人都明白滾球是一項利潤率更高的業務。博彩公司更加關注賽中比賽。我相信你們會聽到更多關於比賽中的內容，而這種情況即將到來。

Now in-play is driven by BetVision. BetVision is driving a lot of this interest in live betting. And again, if you look at the latest BetVision targets, I said them in my prepared remarks, but I'll pull them out again now, I think it's 59% of all in-play betting handle is in-play through BetVision.

現在比賽由 BetVision 驅動。BetVision 大大激發了人們對現場投注的興趣。再說一次，如果你看看最新的BetVision 目標，我在準備好的發言中說過這些，但現在我會再次把它們拿出來，我認為所有滾球投注中的59% 都是透過BetVision 進行滾球投注的。

So there's definitely an appetite for the market to grow. And I think as BetVision becomes more ubiquitous, as the product set grow, I think you see an increase in in-play's share going from the 30% it is now, again, heading towards where it is in Europe, which is growing around 70%, which again increases the margin that the sportsbooks makes. It obviously increases our share, increases our take of hold, and really gives us a huge opportunity for growth. So that's really where I'd be focused if I was looking at this business from an external point of view.

因此，市場肯定有成長的需求。我認為，隨著BetVision 變得越來越普遍，隨著產品集的增長，我認為您會看到滾球比賽中的份額從現在的30% 再次上升到歐洲的水平，歐洲的份額正在增長約70% %，這再次增加了體育博彩公司的利潤。它顯然增加了我們的份額，增加了我們的控制力，並真正為我們提供了巨大的成長機會。因此，如果我從外部角度看待這項業務，這確實是我關注的重點。

Awesome. Thanks. Congrats on the quarter.

驚人的。謝謝。恭喜本季。

Eric Martinuzzi, Lake Street Capital Markets.

馬丁努齊 (Eric Martinuzzi)，湖街資本市場。

Yeah. The terms getting staggered on the sportsbook renewals, just curious as to how you achieved that. Was this more of a Genius-led discussion as to where you wanted some of the larger sportsbooks to be as far as maybe a shorter term for them and smaller sportsbooks, maybe you want longer or vice versa? Take me through the logic.

是的。體育博彩續訂的條款變得交錯，只是好奇你是如何實現這一目標的。這是否更像是一場由天才主導的討論，即您希望一些較大的體育博彩公司的期限盡可能較短，而較小的體育博彩公司的期限可能更長，反之亦然？帶我理清邏輯。

Sure. The short answer to your question is, yes, it's Genius-led. Obviously, we talk to our customers, and we will discuss both of our desires, but ultimately, our goal was to stagger our contract terms. To give you some idea, we signed, I think in the last three months, we signed over 500 new contracts. Some of them are small, and some of them are sort of marketing-related, but there's an awful lot of business that's been done and a lot of new deals that have been that have been signed.

當然。對你的問題的簡短回答是，是的，它是由天才主導的。顯然，我們與客戶交談，我們將討論我們的兩個願望，但最終，我們的目標是錯開我們的合約條款。給你一些想法，我們簽署了，我想在過去三個月裡，我們簽署了 500 多份新合約。其中一些規模很小，有些與行銷相關，但已經完成了大量業務，並且簽署了許多新交易。

So we're in a very busy period for the business, and it's been very successful. But our goal here was to de-risk the business in terms of the contract renewals. We understood from our shareholders that that was something that they were focused on. So we've listened and again, we have staggered contract terms, which put us in a strong place for the next few years of growth.

所以我們正處於業務非常繁忙的時期，而且非常成功。但我們的目標是降低合約續約方面的業務風險。我們從股東那裡了解到，這是他們所關注的。因此，我們聽取了意見，並再次製定了交錯的合約條款，這使我們在未來幾年的成長中處於有利地位。

All right. But take me back to the larger, more meaningful sportsbooks, were you -- was the goal to get them on a longer-term commitment and, therefore, potentially giving away margin or is it the other way around?

好的。但讓我回到規模更大、更有意義的體育博彩公司，你的目標是讓他們做出長期承諾，因此可能會放棄利潤，還是相反？

Yeah. Look, obviously, we're not going to comment on any of the individual sportsbook deals. Suffice to say that where we've ended up, I think is a good result for us. And I think the sportsbooks as well, we've got a long path for growth. We've got a lot of product distribution. They're working with us across multiple different areas.

是的。顯然，我們不會對任何個別體育博彩交易發表評論。我只想說，我們最終取得的結果對我們來說是一個很好的結果。我認為體育博彩也是如此，我們還有很長的發展道路。我們有很多產品分銷。他們正在多個不同領域與我們合作。

And again, having a sort of staggered renewal phase across the largest sportsbook is something that we set out to achieve. And I can say that we have achieved it. So we're pretty happy with where we are.

再說一次，我們希望在最大的體育博彩公司中實現交錯的更新階段。我可以說我們已經實現了。所以我們對目前的情況非常滿意。

Jordan Bender, Citizens JMP.

喬丹·本德，公民 JMP。

Good morning, everyone. When thinking through the 20% medium-term revenue growth target, next year, we'll see Brazil, Missouri potentially Alberta. But beyond this wave, is there any incremental legalization to hit that 20% number outside of just the normal course of business like product and pricing. The question is, what's the legalization assumption baked into that medium-term number?

大家早安。在考慮明年 20% 的中期收入成長目標時，我們將看到巴西、密蘇裡州和艾伯塔省。但除了這一波浪潮之外，除了產品和定價等正常業務流程之外，是否還會有任何增量合法化來達到 20% 的數字。問題是，該中期數字所包含的合法化假設是什麼？

Yeah, it's a good question. It's pretty much the same as we've always said. We build a model, which is based on market consensus. We strip out the top -- most aggressive and the least aggressive. We take a bit of a kind of consensus view on how the market is going to grow and that obviously takes into account legalization.

是的，這是一個好問題。這和我們一直說的幾乎是一樣的。我們建立一個基於市場共識的模型。我們剔除頂部－最具攻擊性和最不攻擊性的。我們對市場將如何成長持某種共識，這顯然考慮到了合法化。

And obviously, everyone's been very excited about Brazil for a long time, and I am excited about Brazil -- don't get me wrong. I am -- as I have said a number of times on these calls, I am more skeptical about how long some of this is going to take to come through. There's some interesting and varied views on the size of the market.

顯然，長期以來每個人都對巴西感到非常興奮，我也對巴西感到興奮——不要誤會我的意思。正如我在這些電話會議中多次說過的那樣，我更懷疑其中一些事情需要多長時間才能實現。關於市場規模有一些有趣且不同的觀點。

And again, from our point of view, we're fairly conservative with the way that we think about Brazil. I think there's a big opportunity there. I think there's still a bit of a way to go before it actually really comes through to money in the door and hitting our bottom line.

再說一遍，從我們的角度來看，我們對巴西的看法相當保守。我認為那裡有很大的機會。我認為，在真正實現資金投入並達到我們的底線之前，還有一段路要走。

So from our point of view, I think you can look at our growth estimate on a fairly conservative basis when it comes to outside of the US and when it comes to the US, a fairly consensus view on it. Europe is pretty straightforward and the rest of the world as well. So hopefully that covers our views.

因此，從我們的角度來看，我認為，當談到美國以外的地區時，我認為您可以在相當保守的基礎上看待我們的成長預期，而當談到美國時，我們對此有相當一致的看法。歐洲的情況非常簡單，世界其他地區也是如此。希望這能涵蓋我們的觀點。

Yeah. And if I can follow-up on that, as we think through Brazil, it seems like it's going back and forth at this point, but as we think about modeling 2025, should we assume that that's something that happens January 1 like we've always believed, or is it more now pushing into the middle part or even the back part of the year?

是的。如果我可以跟進這一點，正如我們對巴西的思考，目前似乎正在來回，但當我們考慮對2025 年進行建模時，我們是否應該假設這會發生在1 月1 日，就像我們之前所做的那樣一直相信，還是現在更傾向於進入年中甚至下半年？

Yeah. Look, again, we took a pretty conservative view. I mean if you look back at the last earnings transcripts and my Q&A on this stuff I've said, don't hold your breath too much. And I think that's proven to be pretty right. I think Brazil will happen in '25. I, again, take a slightly conservative view. I'm happy to be pleasantly surprised on when it comes through, but I'm not sure why I would be banking on too early in 2025, but that's just my view.

是的。再說一次，我們採取了相當保守的觀點。我的意思是，如果你回顧一下最近的收益記錄和我對我所說的這些內容的問答，請不要屏住呼吸太多。我認為事實證明這是非常正確的。我認為巴西會在25年發生。我再次持稍微保守的觀點。我很高興能在它實現時感到驚喜，但我不確定為什麼我會太早指望 2025 年，但這只是我的觀點。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。