Genius Sports Ltd (GENI) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Karen, and I will be the conference operator today. At this time, I would like to welcome everyone to the Genius Sports Fourth Quarter 2024 Earnings Call. (Operator Instructions)

感謝您的支持。我叫凱倫，今天我將擔任會議主持人。現在，我歡迎大家參加 Genius Sports 2024 年第四季財報電話會議。（操作員指示）

I will now turn the call over to Gi Sports.

現在我將把電話轉給 Gi Sports。

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，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，這些陳述存在風險，可能導致我們的實際結果與我們的歷史結果或預測有重大差異。我們不承擔更新前瞻性陳述的責任。任何此類聲明都應與我們向美國證券交易委員會提交的收益報告中的警示性聲明和風險因素討論一併考慮，包括我們於 2024 年 3 月 15 日向美國證券交易委員會提交的 20-F 表年度報告。

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 the US GAAP. A reconciliation of these non-GAAP measures to the most directly comparable US GAAP measures is available in our earnings release and earnings presentation, which can be found on our website at investors.geniussports.com. With that, I'll now turn the call to our CEO, Mark Locke.

在電話會議中，管理層還將討論我們認為可能有助於評估 Genius 經營績效的某些非 GAAP 指標。這些措施不應被孤立地考慮或作為 Genius 按照美國公認會計準則編制的財務結果的替代。這些非 GAAP 指標與最直接可比較的美國 GAAP 指標的對帳表可在我們的收益報告和收益報告中查閱，您可以在我們的網站 investors.geniussports.com 上找到。說完這些，我現在將電話轉給我們的執行長馬克洛克 (Mark Locke)。

Good morning and thank you for joining us today as we conclude another successful year across the business. Over the course of 2024, we've carried out many strategic, commercial, and financial objectives to deliver a great year for our business and position ourselves for continued structural and sustainable growth. The results of these objectives are now clear in our latest set of financials and in our guidance for 2025.

早安，感謝您今天加入我們，我們迎來了業務又一個成功的一年。2024 年，我們實現了許多策略、商業和財務目標，為我們的業務創造了輝煌的一年，並為持續的結構性和永續性成長做好準備。這些目標的結果在我們最新的財務報表和 2025 年的指導中已經很清楚了。

To quickly recap, we reported year-on-year group revenue growth of 38% in Q4 to $176 million. This brings our four year group revenue to $511 million representing a 24% growth in the year right in line with our increased guidance and well ahead of the $480 million we guided to at this time last year.

簡單回顧一下，我們報告第四季集團營收年增 38%，達到 1.76 億美元。這使得我們四年來的集團營收達到 5.11 億美元，年增 24%，完全符合我們上調的預期，並且遠高於去年同期預期的 4.8 億美元。

Our group adjusted EBITDA increased by over 2.5 times year-on-year to $32 million in Q4, bringing our four year EBITDA to $86 million also in line with our guidance and.

我們集團調整後的 EBITDA 在第四季度同比增長超過 2.5 倍，達到 3,200 萬美元，使我們的四年 EBITDA 達到 8,600 萬美元，也符合我們的預期。

Also well above our expectations at the start of the year. This translated to 900 basis points of margin expansion in Q4 and 390 basis points for the full year. Importantly, we have also reported our first year of positive net cash flow, just as we communicated we would throughout the year. We generated $82 million of operating cash flow in 2024, increasing more than 5 times from just $15 million in 2023. This amounted to a year-end net cash balance of $135 million a $9 million increase year-on-year.

也遠遠超出了我們年初的預期。這意味著第四季利潤率擴大 900 個基點，全年利潤率擴大 390 個基點。重要的是，我們也報告了第一年的正淨現金流，正如我們全年所傳達的那樣。2024 年，我們的營運現金流達到 8,200 萬美元，較 2023 年的 1,500 萬美元成長了 5 倍以上。這意味著年末淨現金餘額為 1.35 億美元，比去年同期增加了 900 萬美元。

This marks a critical inflection point as we expect to increase our annual cash flows each year going forwards. By this point, I hope we have demonstrated the clear operating leverage that exists in our business model, which we will continue to benefit from in the years ahead.

這標誌著一個關鍵的轉折點，因為我們預計未來每年的年度現金流都會增加。至此，我希望我們已經展示了我們商業模式中存在的明顯的經營槓桿，我們將在未來幾年繼續從中受益。

This momentum should continue in 2025 as we expect to deliver $620 million in group revenue and $125 million in Group EBITDA. This represents yet another year of 20% plus top line growth, margin expansion to 20%, and increasingly positive cash flow.

這一勢頭將在 2025 年持續下去，我們預計集團收入將達到 6.2 億美元，集團 EBITDA 將達到 1.25 億美元。這意味著公司又一年實現了 20% 以上的營收成長、利潤率擴大至 20% 以及現金流不斷增加。

Further to this, we believe our balance sheet strength will be the key to unlocking the next phase of growth and profitability for our business. We sit here today with a strong balance sheet and a predictable cash generative business model that affords us the flexibility to allocate capital in a prudent manner to support additional growth and scale.

此外，我們相信，資產負債表實力將成為開啟業務下一階段成長與獲利的關鍵。今天，我們擁有強大的資產負債表和可預測的現金產生業務模式，這使我們能夠靈活地以審慎的方式分配資本，以支持進一步的成長和規模。

For instance, much of the $82 million in operating cash flow this year was reinvested in our continued rollout of Dragon and our next generation computer vision, AI and machine learning technology platform. This tech is capturing next generation data which enables our new innovative products that create value for our partners across the entire sports ecosystem. This technology platform and set of products are extremely difficult to replicate, thus widening our mote and strengthening our competitive differentiation.

例如，今年 8,200 萬美元的營運現金流中的大部分被重新投資於我們繼續推出的 Dragon 和下一代電腦視覺、人工智慧和機器學習技術平台。這項技術正在捕獲下一代數據，使我們的創新產品能夠為整個體育生態系統的合作夥伴創造價值。這個技術平台和產品系列極難複製，從而拓寬了我們的範圍並增強了我們的競爭差異化。

Now that we have reached this cash flow inflection point, we expect to have more capital to put to work to further solidify our position and execute on this strategy. We expect to maintain our current pace of discretionary investment in technology and product development while also having greater flexibility for potential M&A to further support this strategy.

現在我們已經達到了這個現金流拐點，我們期望有更多的資本投入，以進一步鞏固我們的地位並執行這項策略。我們希望維持目前對技術和產品開發的自由投資速度，同時也為潛在的併購提供更大的靈活性，以進一步支持此策略。

As Genius is achieving greater scale, the broader sports technology industry is becoming more fragmented. As a result, we are seeing many high quality yet sub scale technology companies come under pressure. As Genius is a large scaled business touching so many parts of the ecosystem, leagues and teams, Betting operators, sponsors and advertisers, and broadcasters and content distributors all on a global basis.

隨著 Genius 規模不斷擴大，更廣泛的體育科技產業也變得更加分散。因此，我們看到許多高品質但規模較小的科技公司面臨壓力。Genius 是一家規模龐大的企業，涉及生態系統的許多部分，包括全球範圍內的聯盟和球隊、博彩運營商、贊助商和廣告商以及廣播公司和內容分銷商。

We believe we are well positioned as a natural consolidator of businesses that provide back end mission critical technology and can further support our strategy to widen our mode and differentiate our product set. To be absolutely clear, we will be opportunistic about any potential M&A and maintain very tight guardrails.

我們相信，我們已做好充分準備，成為提供後端關鍵任務技術業務的天然整合者，並能進一步支持我們拓寬模式和差異化產品組合的策略。需要明確的是，我們將對任何潛在的併購保持機會主義態度，並保持非常嚴格的監管。

There are no gaps in our business model or technology, so we'll remain disciplined and focused on generating high ROI for all shareholders, meaning we will only consider opportunities that are margin and cash accretive and aligned with our strategic objectives.

我們的商業模式或技術沒有任何差距，因此我們將繼續嚴格遵守紀律，專注於為所有股東創造高投資回報率，這意味著我們只會考慮那些能夠增加利潤和現金並符合我們策略目標的機會。

Additionally, we believe the underlying business is on a clear path to organically achieve our long-term EBITDA margin of at least 30%. In fact, we believe that any potential M&A may even help us reach that long term target in a quicker time frame. We're excited about this next phase of our journey and the opportunity to become an even stronger and more profitable business than we already are.

此外，我們相信基礎業務正朝著實現至少 30% 的長期 EBITDA 利潤率的明確方向發展。事實上，我們相信任何潛在的併購甚至可以幫助我們在更短的時間內實現這一長期目標。我們對下一階段的旅程以及成為比現在更強大、更有利可圖的企業的機會感到興奮。

Additionally, we have built a high powered team of people to lead us through this next phase of our journey, including new senior highs in New York as we have previously announced, and I anticipate that this will continue as the gravitational center of the business will continue to move from London to New York as the US becomes an increasingly important part of the business.

此外，我們已經建立了一支高素質團隊來帶領我們度過下一個階段，包括我們先前宣布的在紐約設立新的高層，我預計這種情況將繼續下去，因為隨著美國成為我們業務中越來越重要的一部分，業務重心將繼續從倫敦轉移到紐約。

And while the opportunities ahead of us are exciting, in the meantime, we are very happy with how the business is performing today. To begin, the biggest contributor to our growth in profitability and cash flow in the quarter was the Betting business.

雖然我們面臨的機會令人興奮，但同時，我們對今天的業務表現感到非常滿意。首先，本季我們獲利能力和現金流成長的最大貢獻者是博彩業務。

As our Betting revenue has multiple levers of growth, including growth of total Betting volume, new customers in new markets, growth of in-play Betting, improvement in operator win margins, price increases, and cross-sell of additional content and services as part of our contract renewals and renegotiations.

由於我們的博彩收入有多個成長槓桿，包括總博彩量的成長、新市場的新客戶、賽中博彩的成長、營運商贏利利潤的提高、價格上漲以及作為合約續約和重新談判的一部分的額外內容和服務的交叉銷售。

Despite the pressure on bookmakers' win margins that we've seen this NFL season, our results were still exactly in line with our guidance, and we believe that this is a good opportunity to remind you of our differentiated resilient business model.

儘管我們看到 NFL 博彩公司本賽季的贏利壓力，但我們的業績仍然完全符合我們的預期，我們相信這是一個很好的機會來提醒您我們差異化的彈性商業模式。

Of course we always prefer better game outcomes for bookmakers. However, given our unique position, we are far less exposed to any volatility in bookmaker performance and not overly reliant on weekly or monthly win margins since we benefit from several other growth drivers.

當然，我們總是希望博彩公司能取得更好的比賽結果。然而，鑑於我們的獨特地位，我們受博彩公司業績波動的影響較小，並且不會過度依賴每週或每月的贏利利潤，因為我們受益於其他幾個成長動力。

For instance, we continue to see strong momentum of in play, which represented 30% of the total NFL Betting volume in the quarter. Growth of in-play remains an important revenue driver for us, given that we earn a premium share of each of the in-play revenues versus pre-match revenues. This combined with higher overall pricing in our recent contract renegotiations led to Betting revenue of growth of 48% year-on-year, making it our strongest quarter of growth since Q4 2021.

例如，我們繼續看到比賽中的強勁勢頭，這佔了本季 NFL 總投注量的 30%。由於我們在賽中投注收入中所佔份額高於賽前投注收入，因此賽中投注的成長仍然是我們重要的收入驅動力。再加上我們最近重新談判的合約中整體定價的提高，博彩收入同比增長 48%，成為自 2021 年第四季以來增長最強勁的一個季度。

In the US specifically, our total revenue increased 51% year-on-year, primarily due to our successful contract renewals with every major sports book in the US. Our results from this quarter prove our ability to outpace the growth of the broader market, and doing so with less downside risk relative to other participants in the sports Betting industry. We hope this also demonstrates our commercial capabilities considering our success through a heavy contract renewal cycle with every major sportsbook customer in the US.

具體來說，在美國，我們的總收入年增了 51%，這主要歸功於我們與美國所有主要體育博彩公司成功續約。本季的業績證明了我們有能力超越大盤的成長，而且與體育博彩行業的其他參與者相比，下行風險較小。我們希望這也能證明我們的商業能力，因為我們透過與美國每個主要體育博彩客戶的大量合約續約週期取得了成功。

On slide 8, you'll see how this resulted in a strong dollar-based net revenue retention for the year. As you can see, our 2024 net revenue retention was 146% for our Top 25 global customers, highlighting the growth we continue to achieve even in the most mature markets.

在第 8 張投影片上，您將看到這如何帶來本年度強勁的基於美元的淨收入保留。如您所見，我們 2024 年全球前 25 大客戶的淨收入保留率為 146%，這突顯了即使在最成熟的市場中我們也能繼續實現成長。

This growth is even more pronounced among our Top 10 US customers, where net revenue retention was 163% in 2024. So while we cannot disclose exact pricing terms on each individual contract, we believe this is a helpful metric to measure and share the success of our latest renewal cycle, of course, in addition to the strong financial results from the quarter.

在我們的美國十大客戶中，這種成長更為明顯，2024 年的淨收入留任率為 163%。因此，雖然我們無法揭露每份合約的具體定價條款，但我們相信，除了本季強勁的財務表現之外，這是一個有用的指標，可以衡量和分享我們最新續約週期的成功。

We believe these contract renewals offer us frequent opportunities to provide new value added products and services to help sports enhance their offerings to consumers, especially as we've developed exciting new products to drive more engagement. This is exactly how we've achieved strong net revenue retention historically and how we expect to sustain that success going forward.

我們相信，這些合約續約為我們提供了頻繁提供新增值產品和服務的機會，以幫助體育增強其向消費者提供的服務，特別是當我們開發出令人興奮的新產品以推動更多參與時。這正是我們歷史上實現強勁淨收入保留的方式，也是我們期望在未來保持這一成功的方式。

One of the most exciting new products that has proven to drive engagement is BetVision which brings me to slide 9. As a reminder, BetVision is a highly engaging interface where users can find low latency streams of NFL games with fully interactive Betting and view experiences all integrated into the video player. This is a one of a kind watch and bet experience and also a key driver of in-play Betting, making it a valuable fan engagement and monetization tool for bookmakers.

事實證明，最令人興奮的、能夠推動參與度的新產品之一是 BetVision，這讓我想到了第 9 張投影片。提醒一下，BetVision 是一個高度吸引人的介面，用戶可以在其中找到 NFL 比賽的低延遲流，並將完全互動的投注和觀看體驗全部整合到視訊播放器中。這是一種獨特的觀看和投注體驗，也是賽中投注的關鍵驅動力，使其成為博彩公司寶貴的粉絲參與和貨幣化工具。

Importantly, we are continuing to enhance the features and functionality to make BetVision unique and further differentiated. For instance, this year's Super Bowl featured a touch to Bet functionality with a few of our sportsbook customers. This new feature allowed users to actually touch on a player directly from the video stream to access that player's statistics and Betting markets. From there, users could seamlessly play to bet on that player all within the Betvision interface while still watching the live stream.

重要的是，我們正在繼續增強特性和功能，使 BetVision 獨一無二並進一步差異化。例如，今年的超級盃為我們的一些體育博彩客戶提供了投注功能。此新功能允許用戶直接從視訊串流中接觸到一名球員，以存取該球員的統計數據和投注市場。從那裡，用戶可以在 Betvision 介面內無縫地對該玩家進行投注，同時仍然觀看直播。

This was an important milestone in our product development and adds a new layer to the BetVision experience. The distribution and product innovation has led to another successful year for BetVision, and we are encouraged by the results from its second full season. First, the product has gone global, as we have streamed NFL games via BetVision in 13 different countries.

這是我們產品開發中的重要里程碑，為 BetVision 體驗增添了新的層次。分銷和產品創新為 BetVision 帶來了另一個成功的一年，我們對其第二個完整賽季的成績感到鼓舞。首先，該產品已經走向全球，我們已經透過 BetVision 在 13 個不同的國家播放了 NFL 比賽。

More importantly, we continue to see significant growth in overall viewership but the weekly average number of unique streams this season has more than doubled compared to last season. We have also seen increased viewership within the most recent NFL season. From the first half of the season to the second half, we have seen weekly average numbers of unique streams increase by 33%, and the weekly average number of unique devices increased by 19%, indicating strong product adoption through the season.

更重要的是，我們繼續看到整體收視率的顯著增長，但本季的每周平均獨立串流媒體數量與上一季相比增加了一倍多。我們還看到最近一個 NFL 賽季的收視率增加。從賽季前半段到後半段，我們看到每周平均獨立串流媒體數量增加了 33%，每周平均獨立設備數量增加了 19%，這表明整個賽季的產品採用率很高。

This implies not just an increase in the total number of users but also suggests that users are increasingly accessing multiple unique NFL streams. And lastly, in-play Betting represented 76% of the total handle through BetVision platform, which compares favorably to the roughly 30% mix across all NFL wagering this season.

這不僅意味著用戶總數的增加，而且還表明用戶越來越多地訪問多個獨特的 NFL 串流。最後，透過 BetVision 平台進行的賽中投注佔總投注額的 76%，與本賽季 NFL 所有投注的約 30% 相比，表現相當不錯。

To put it simply, BetVision is gaining significant momentum. The level of user engagement and interactivity is extremely valuable to every partner that we serve sports books, of course, but the leagues who want to deliver the content in new and exciting ways, as well as the advertisers who want to find captive audiences during moments of live sporting events.

簡而言之，BetVision 正在獲得顯著的發展勢頭。當然，用戶參與度和互動性水平對於我們服務體育博彩的每個合作夥伴來說都極其有價值，但對於希望以新穎和令人興奮的方式傳遞內容的聯盟以及希望在體育賽事直播期間找到忠實觀眾的廣告商來說也是如此。

So you can appreciate how BetVision is becoming the platform that ties together our most important strategic objectives, and one of the ways we benefit from touching so many parts of the sports technology ecosystem we outlined earlier.

因此，您可以了解 BetVision 如何成為將我們最重要的策略目標結合在一起的平台，以及我們如何從觸及我們先前概述的體育技術生態系統的眾多部分中受益的方式之一。

Thanks to the success of BetVision for the NFL, we are now expanding this product to other sports across the globe. We aim to launch BetVision for international sports like Soccer, which is expected in Q2 of this year, and Basketball expected in Q3. This product expansion represents another key milestone as we aim to make BetVision ubiquitous and look forward to sharing more exciting updates soon.

由於 BetVision 在 NFL 上的成功，我們現在正在將該產品擴展到全球其他運動。我們計劃在今年第二季推出足球等國際運動項目的 BetVision，並計劃在今年第三季推出針對籃球的 BetVision。這次產品擴展代表了另一個重要里程碑，因為我們的目標是讓 BetVision 無處不在，並期待很快分享更多令人興奮的更新。

BetVision is obviously an exciting opportunity, and we're still in the early stages of the development and distribution. However, our tech distribution stems well beyond the scope of Betting alone, and we approach our league relationships much more holistically. We are leveraging our techno technology to provide solutions for some of the biggest challenges that the leagues face.

BetVision 顯然是一個令人興奮的機會，我們仍處於開發和分銷的早期階段。然而，我們的技術分佈遠遠超出了投注的範圍，我們以更全面的方式處理我們的聯盟關係。我們正在利用我們的技術為聯盟面臨的一些最大挑戰提供解決方案。

For instance, by utilizing our proprietary computer vision, machine learning and AI technology, we're empowering alternate telecasts of live sporting events, semi-automated officiating, coaching insights platforms, BetVision, and much more, all built on Genius IQ, a single data capture system enabling a wide range of products.

例如，透過利用我們專有的電腦視覺、機器學習和人工智慧技術，我們正在支援現場體育賽事的交替轉播、半自動裁判、教練洞察平台、BetVision 等，所有這些都建立在 Genius IQ 之上，這是一個支援廣泛產品的單一資料擷取系統。

As always, the use of this technology is not something we're just talking about, but actually something we're executing. Slide 10 for a few exciting examples from this quarter alone, including the EA Sports Madden Cast on Peacock, the NBA 2K DataCast on TruTV & Max, Premier League Data Zone, or the augmented telecast of the German Cup match with Sky Deutschland.

像往常一樣，這項技術的使用不僅僅是我們在談論，而是我們正在實際執行的事情。第 10 張幻燈片展示了本季的一些令人興奮的例子，包括 Peacock 上的 EA Sports Madden Cast、TruTV & Max 上的 NBA 2K DataCast、英超聯賽數據區，以及與 Sky Deutschland 合作的德國杯比賽的增強電視轉播。

And we've already kicked off our new year with even more executions built on Genius IQ. For instance, just last week, our technology was used to automate off-site decisions for the fifth round of the FA Cup, marking an extension of our existing technology partnership with UK Football.

我們已經在新的一年基於 Genius IQ 完成了更多執行。例如，就在上週，我們的技術被用於自動執行足總盃第五輪的場外決策，這標誌著我們與英國足球現有技術合作夥伴關係的延伸。

This is a landmark moment for Genius sports, developing a cutting edge system that combines mesh tracking, 3D renders, and Genius IQ to power automated offsides for the biggest league in the world of Soccer. Additionally, we delivered an augmented data-driven broadcast for key matchups in Lithuania Basketball last month, which featured dynamic ad placements on behalf of a local consumer brand.

這是 Genius 體育的一個里程碑時刻，它開發了一套結合網格追蹤、3D 渲染和 Genius IQ 的尖端系統，為世界最大的足球聯盟提供自動越位支援。此外，上個月我們為立陶宛籃球的關鍵比賽提供了增強數據驅動的廣播，其中代表當地消費品牌進行了動態廣告投放。

We consistently communicated this as a logical next step to broadcast augmentation, and I'm happy to share that we're now executing exactly on that plan we outlined just a couple of years ago, and we believe there is much more to come as this technology becomes the new standard.

我們始終如一地將此作為廣播增強的合理下一步進行傳達，我很高興地告訴大家，我們現在正在按照幾年前概述的計劃執行，我們相信，隨著這項技術成為新標準，未來還會有更多進展。

The wide scale distribution of this technology remains core to our strategy and our mission to be the must-have digital technology partner for all leagues, sports content distributors, sports books, and brands. 2024 marks another successful year of executing that mission, and we're excited to be continuing with that journey in 2025.

這項技術的廣泛傳播仍然是我們策略和使命的核心，我們的使命是成為所有聯盟、體育內容分銷商、體育書籍和品牌的必備數位技術合作夥伴。 2024 年是執行這項使命的另一個成功年份，我們很高興能夠在 2025 年繼續這趟旅程。

With that, I'll now turn the call to Nick to discuss how this execution has translated to 2024 financial results and to our 2025 forecast.

有了這些，我現在將電話轉給尼克，討論這項執行如何轉化為 2024 年的財務表現和 2025 年的預測。

Thank you, Mark.

謝謝你，馬克。

As mentioned, the product development and commercial execution contributed meaningfully to our results in Q4 and the full year, leading to well-balanced revenue growth across all three product groups. To start our Betting revenue increased 48% year-on-year in Q4, primarily driven by the immediate impact from the sports book contract renewals, which Mark covered earlier. Betting revenue represented nearly three quarters of our group revenue in the quarter.

如上所述，產品開發和商業執行對我們第四季度和全年的業績做出了重大貢獻，使三個產品組的收入實現了均衡成長。首先，我們的博彩收入在第四季度同比增長了 48%，這主要得益於體育博彩合約續約的直接影響，正如馬克之前所述。本季博彩收入占我們集團營收的近四分之三。

Making this a significant contributor to the 38% revenue growth at the group level. It is also worth noting that nearly half of our Q4 group revenue came from the US, also highlighting the impact from the recent contract renewal cycle with our US customers.

這對集團收入成長 38% 起到了重大貢獻。另外值得注意的是，我們第四季集團營收的近一半來自美國，這也凸顯了最近與美國客戶的合約續約週期的影響。

Importantly, the composition of our US sports book contracts is now more of a balanced blend between revenue share and contractually fixed minimums. Therefore, from an accounting standpoint, Much of our US Betting revenue derived from these contractual minimums will now be recognized as fixed revenue as opposed to revenue from variable consideration, which you will see in our 20 filing next week.

重要的是，我們美國體育博彩合約的組成現在更加平衡地融合了收入份額和合約固定最低限額。因此，從會計角度來看，我們從這些合約最低限額中獲得的大部分美國博彩收入現在將被確認為固定收入，而不是來自可變對價的收入，您將在下週的第 20 份文件中看到。

That said, We will continue to realize revenue upside through revenue share agreements, but have reduced our downside risk to contractually fixed minimums, which have been proven during the unprecedented NFL season.

也就是說，我們將繼續透過收入分成協議來實現收入成長，但已將下行風險降低至合約固定的最低限度，這已在史無前例的 NFL 賽季中得到證實。

Despite today's focus on the US We've also renewed several sports book customers outside of the US as well, which has driven European revenue growth of 26% year-on-year in the quarter. The commercial success with our sportsbook customers across the globe brought our full year global Betting revenue to $355 million up 29% in the year.

儘管今天的重點是美國，但我們也續簽了美國以外的幾家體育博彩客戶，這推動了本季度歐洲收入年增 26%。我們在全球體育博彩客戶中取得的商業成功使我們全年全球博彩收入達到 3.55 億美元，年增 29%。

Moving on to media Our revenue has now surpassed $100 million marking an important milestone for the business, which was generating less than $50 million only three years ago. With our media revenue up 15% for the year, this product has delivered double digit revenue growth in every year of our reported history.

轉向媒體，我們的收入現已超過 1 億美元，這對我們業務來說是一個重要的里程碑，而三年前我們的收入還不到 5000 萬美元。我們的媒體收入今年成長了 15%，該產品在我們報告的歷史中每年都實現了兩位數的收入成長。

Lastly, our sports revenue increased 47% year-on-year in Q4, primarily driven by the monetization of products built on Genius IQ technology, as Mark highlighted in his closing remarks. The global distribution of this technology is strategically important and in the meantime, it has also driven meaningful revenue growth as we have sold products like semi-automated offsides, broadcast augmentations, and other plane tracking solutions this quarter to many leagues and federations across the globe.

最後，正如馬克在閉幕詞中所強調的那樣，我們的體育收入在第四季度同比增長了 47%，這主要得益於基於 Genius IQ 技術構建的產品的貨幣化。這項技術的全球分銷具有重要的戰略意義，同時，它也推動了有意義的收入成長，因為本季我們已向全球許多聯賽和聯合會銷售了半自動越位、廣播增強和其他飛機追蹤解決方案等產品。

This accumulated to 24% group revenue growth in 2024 to $511 million marking our fourth consecutive year as a public company delivering at least 20% revenue growth and equating to a 25% CAGR in that period. And while our group revenue was driven by each of our three product groups this year, It was also well diversified from a regional perspective as well, as we delivered double digit revenue growth in each of our three reported geographical markets this year.

到 2024 年，集團收入累計增長 24%，達到 5.11 億美元，標誌著我們作為上市公司連續第四年實現至少 20% 的收入增長，相當於該期間的複合年增長率為 25%。雖然今年我們集團的收入是由三個產品組各自推動的，但從區域角度來看，集團收入也實現了很好的多元化，因為我們今年在三個報告的地理市場中都實現了兩位數的收入增長。

First, our European revenue, the largest component, increased by 15% this year. Our next largest geographic market, the Americas, increased revenue by 33%. Followed by the rest of the world increasing 44%. Again, while much of the focus today is on the US, it is worth highlighting that we are seeing strong, well-balanced revenue growth on a global basis.

首先，我們最大的收入來源—歐洲市場今年成長了15%。我們的下一個最大地理市場美洲的收入成長了 33%。其次是世界其他地區，增幅達44%。再次，雖然今天的焦點主要集中在美國，但值得強調的是，我們看到全球強勁、均衡的收入成長。

Importantly, this revenue growth and the relatively fixed and predictable cost base has resulted in consistent marginal expansion as we continue to prove the operating leverage in the business model. As you will see on the slide, we delivered 900 basis points of year-on-year adjusted group EBITDA margin expansion in Q4.

重要的是，隨著我們繼續證明商業模式中的經營槓桿，這種收入成長以及相對固定和可預測的成本基礎帶來了持續的邊際擴張。正如您在幻燈片上看到的，我們在第四季度實現了集團 EBITDA 利潤率同比擴大 900 個基點。

And 390 basis points of marginal expansion for the full year. Bringing our 2024 group adjusted EBITDA margin to 16.8%. Additionally, this operating leverage is evident in our year-on-year gross margin expansion as well. Our gross margin increased from 16.7% in the full year 2023 to 25.2% in 2024.

全年邊際擴張390個基點。使我們 2024 年集團調整後的 EBITDA 利潤率達到 16.8%。此外，這種經營槓桿也反映在我們毛利率的逐年擴大上。我們的毛利率從 2023 年全年的 16.7% 成長至 2024 年的 25.2%。

Now marking our highest annual gross margin since our public listing. 2024 also marked our first year of generating positive cash flow, another important milestone for the business. Given the improving underlying profitability, as well as our clean capital structure with no debt and stable pace of capitalized investment. We generated $9 million of positive cash flow in the full year.

這是我們上市以來最高的年度毛利率。 2024 年也是我們產生正現金流的第一年，這是業務的另一個重要里程碑。鑑於基礎獲利能力的不斷提高，以及我們乾淨的資本結構（沒有債務）和穩定的資本化投資步伐。我們全年產生了 900 萬美元的正現金流。

This inflection point was underscored by our operating cash flow of $82 million in the year, up from just $15 million in the full year 2023. We believe this reflects the improving fundamentals of our underlying business and further demonstrates the cash flow potential as we continue to scale.

這項轉捩點體現在我們的營業現金流從 2023 年全年的 1,500 萬美元上升至 2020 年的 8,200 萬美元。我們相信，這反映了我們基礎業務基本面的改善，並進一步證明了我們隨著規模不斷擴大而具有的現金流潛力。

This increasing cash flow allows us to sustainably reinvest in the business, to continue developing products that are empowering our partners to stay ahead in the evolving landscape of tech and fan engagement. These products are built on differentiated technology that is extremely difficult for others to replicate, ultimately widening our competitive mode, whilst also unlocking new revenue opportunities.

不斷增加的現金流使我們能夠可持續地對業務進行再投資，繼續開發產品，使我們的合作夥伴能夠在不斷發展的技術和粉絲參與環境中保持領先地位。這些產品建立在差異化技術之上，其他人很難複製，最終拓寬了我們的競爭模式，同時也釋放了新的收入機會。

To conclude, we believe the positive trends across the industry, along with our unique technology capabilities, product development, and commercial execution, sets the foundation for another year of growth and profitability and cash flow in 2025. We expect to generate group revenue of $620 million representing another year of growth above 20%.

總而言之，我們相信整個行業的積極趨勢，加上我們獨特的技術能力、產品開發和商業執行，為 2025 年又一年的成長、盈利和現金流奠定了基礎。我們預計集團收入將達到 6.2 億美元，這意味著今年的成長率將超過 20%。

Additionally, we expect group adjusted EBITDA of $125 million representing a 46% year-on-year increase and 340 basis points of margin expansion to 20%. We also expect to increase our annual cash flow in 2025. We're entering 2025 with strong momentum high predictability and a set of technology driven solutions that continue to improve and create value for our partners across the entire sports ecosystem. So we're excited for the opportunities still ahead.

此外，我們預期集團調整後的 EBITDA 為 1.25 億美元，年增 46%，利潤率擴大 340 個基點至 20%。我們也預計 2025 年的年度現金流將會增加。我們將以強勁的勢頭、高度的可預測性和一系列技術驅動的解決方案邁入 2025 年，這些解決方案將繼續為整個體育生態系統的合作夥伴改進和創造價值。因此，我們對未來的機會感到興奮。

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

至此，我們結束了準備好的發言，並開始問答環節。

(Operator Instructions)

（操作員指示）

The first question comes from Jed Kelly, Oppenheimer.

第一個問題來自奧本海默公司的傑德·凱利。

Hey, great, thanks for taking my question and nice job. Just first, just looking at the media tech or the sports technology services line, really nice acceleration and then you talked about the products just as we're thinking about this in like '25 and '26, should we expect some similar growth and can you just talk about the visibility in that revenue line item relative to your other two segments? Then I have a follow up.

嘿，太好了，感謝您回答我的問題，您做得很好。首先，看看媒體技術或體育技術服務線，加速發展確實很不錯，然後您談到產品，就像我們在 25 年和 26 年考慮的那樣，我們是否應該期待類似的增長，您能否談談該收入項目相對於其他兩個部門的可見性？然後我會跟進。

Yeah, hey Jen. It's Nick.

是的，嘿，Jen。我是尼克。

Yeah, I mean we've always talked about sport tech really being being an enabler to the rest of the business, and I'll let Mark talk about that a little more in a second. I mean in terms of the sort of brass tacks the numbers, we've obviously announced a number of specific deals with European Soccer leagues and so out, which is coming through there nicely and I'm expecting that to continue to grow through through '25 and '26, but the really exciting aspect of that is not really the specific numbers that drives, but the strategic importance of that.

是的，我的意思是，我們一直在談論體育科技實際上如何推動其他業務的發展，稍後我將讓馬克再詳細談談這一點。我的意思是，就具體數字而言，我們顯然已經宣布了與歐洲足球聯賽等達成的一系列具體協議，這些協議進展順利，我預計到 2025 年和 2026 年將繼續增長，但真正令人興奮的方面不是具體的數字，而是它的戰略重要性。

Yeah, it's one of those things that's quite complicated because the sports tech that we're rolling out, the underlying technologies such as, the stuff that's coming from SAOT, the Dragon rollout, and how all of the augmentation is being translated in things like Madden Cast and the NBA 2K work.

是的，這是相當複雜的事情之一，因為我們正在推出的體育技術，底層技術，例如來自 SAOT 的東西，Dragon 的推出，以及所有的增強功能是如何在 Madden Cast 和 NBA 2K 等作品中轉化的。

It pulls together to give us a platform for an acceleration in a lot of the media business as well, so it gives us the inventory that we want and whilst we're being super conservative as we always are in terms of forecasting that we see huge growth opportunities and I think that the key thing that we've learned in the last few months from you know the actual delivery of Madden Cast, the delivery of the delivery of BetVision, the delivery of 2K is how well those products are received in the market. The adoption rates, not only the consumers but also the businesses that we're providing them to are super happy with them.

它為我們提供了一個平台，可以加速許多媒體業務的發展，因此它為我們提供了想要的庫存，雖然我們在預測方面一如既往地非常保守，但我們看到了巨大的增長機會，我認為我們在過去幾個月裡從《Madden Cast》的實際交付、BetVision 的交付、2K 的交付中學到的關鍵是這些產品在市場上的接受程度。對於採用率，不僅是消費者，而且我們為其提供服務的企業也都非常滿意。

And so you know our focus is about getting that distribution, as widely done as possible and using that as a platform for media growth whilst obviously being reasonably conservative about that in the way that we're forecasting.

因此，您知道我們的重點是盡可能廣泛地進行分發，並將其用作媒體成長的平台，同時顯然我們對此的預測持相當保守的態度。

Got it and then just my follow up. You highlighted Europe in your prepared remarks. There is talk of the NFL if they do move to an 18-game schedule, you're likely going to see a lot more games over in London.

明白了，然後繼續跟進。您在準備好的演講中強調了歐洲。有傳言稱，如果 NFL 真的改為 18 場比賽的賽程，那麼你很可能會在倫敦看到更多的比賽。

Are you starting to see a benefit of the more people Betting the NFL and you just talk about what, European expansion or the NFL, bringing more games into Europe, how you stand to benefit?

您是否開始看到更多人投注 NFL 的好處，您剛才談到歐洲擴張或 NFL，將更多比賽引入歐洲，您將如何受益？

Yeah, look, the NFL is super exciting in Europe, it's being picked up, you've seen the stuff in Germany. I think I think it was Paddy Power, a part of the Flutter Group that had it down as the fourth biggest sport that they offered. So you're seeing real traction with the NFL. The NFL has put a lot of time, effort, money. And I think they're getting really good results from, really focusing Europeans' attention to it. The games are, really oversubscribed when you actually go there and the hype, I've been to the NFL games in Europe and you know the hype there is big.

是的，你看，NFL 在歐洲非常精彩，它正在被廣泛接受，你已經在德國看到它了。我認為是 Paddy Power（Flutter Group 旗下的一個部門）將其列為他們提供的第四大運動項目。所以你看到了 NFL 真正的吸引力。NFL 投入了大量的時間、精力和金錢。我認為他們確實取得了很好的成果，真正吸引了歐洲人的注意。當你真正去那裡時，你會發現比賽的觀眾人數真的超額了，而且炒作也很激烈，我去過歐洲的 NFL 比賽，你知道那裡的炒作很激烈。

So yeah, we're pretty excited by that. Obviously the product that, again bringing it back to these products are really key to our growth and they're sort of very well positioned for not only things like the NFL but other sports, as I said, we're rolling out Soccer in Q2, Basketball in Q3, in BetVision and all of this stuff's coming together in a really a really strong way.

是的，我們對此感到非常興奮。顯然，這些產品對於我們的成長至關重要，它們不僅對 NFL 等運動，而且對其他運動都具有很好的定位，正如我所說，我們將在第二季度推出足球，在第三季度推出籃球，在 BetVision 中，所有這些東西都以非常強大的方式結合在一起。

The next question comes from Bernie McTernan, Needham & Company.

下一個問題來自 Needham & Company 的 Bernie McTernan。

Great, thanks for taking questions. Maybe it's a start, and I know we've been kind of spoiled in the past with the amount of guidance that we get from you guys, especially on a, by segment and quarterly basis, but any, puts and takes that we should be thinking about throughout the year in terms of seasonality would be the first question.

太好了，感謝您回答問題。也許這是一個開始，我知道我們過去一直被你們提供的大量指導所寵壞，特別是按細分市場和季度提供的指導，但就季節性而言，我們應該在全年考慮的任何利弊都是第一個問題。

Hey Bernie, you're quite right, spoiled is the word I used Bernie.

嘿，伯尼，你說得對，我用的詞是“寵壞了”，伯尼。

I'm expecting growth throughout the year, really, and I think it's been particularly strong in the first half of the year, I think, coming from Betting because we're competing against the old contracts, as back in 2024. I think as I look through the year, it's probably harder to replicate the 48% growth we've just delivered in Betting in Q4, but I'm still expecting strong growth in the back half of the year. I think for the media it's probably the reverse. I'm expecting stronger growth in Q4 and Q3 in 2025.

我預計全年都會有成長，而且我認為上半年的成長尤其強勁，我認為這是因為博彩業務正在與舊合約競爭，例如 2024 年的合約。我認為，回顧今年，可能很難複製我們在第四季度博彩業剛剛實現的 48% 的增長，但我仍然預計今年下半年將實現強勁增長。我認為對於媒體來說情況可能恰恰相反。我預計 2025 年第四季和第三季的成長將更加強勁。

What I'd also say, Bernie, is that although it's early and I'm not going to guide to 2026 now, I think our initial view is that we anticipate to continue both that strong revenue growth and the continued marginal expansion that we've seen in '24, '25, 2026, and beyond as well.

伯尼，我還想說的是，雖然現在還為時過早，而且我現在還不打算預測 2026 年的情況，但我認為我們最初的看法是，我們預計將繼續保持強勁的收入增長和持續的邊際擴張，就像我們在 2024 年、2025 年、2026 年及以後看到的一樣。

Understood and then I know you know a couple of years back we went through a lot in terms of like FX impact and constant currency growth, just any thoughts in terms of how FX is impacting the current guidance?

明白了，然後我知道你知道幾年前我們經歷了很多關於外匯影響和持續貨幣增長的問題，對於外匯如何影響當前指導，您有什麼看法嗎？

Yeah, I mean, as Bernie, I hate talking about FX.

是的，我的意思是，作為伯尼，我不喜歡談論 FX。

Look, for '24, I mean the numbers are highly immaterial in relation to FX. For '25 we've guided up based on what the current FX rates and so again I'm not expecting there to be any particular impact through 2025 and beyond.

你看，對於‘24’，我的意思是這些數字與外匯相比並不重要。對於 2025 年，我們根據當前外匯匯率進行了指導，因此我預計 2025 年及以後不會產生任何特別的影響。

The next question comes from Ben Miller, Goldman Sachs.

下一個問題來自高盛的本·米勒。

Great, thanks so much for taking the questions, Mark, with '25 setting up to be a cleaner year with the league and sports book negotiations now more behind you, I'm curious to hear more on your priorities as a management team this year and what specific areas of the business you're most focused on in '25, whether that's from a product or broader capital allocation perspective?

太好了，非常感謝你回答這個問題，馬克，25 年將是更加順利的一年，聯盟和體育博彩談判現在已經結束，我很想聽聽你作為管理團隊今年的優先事項，以及你在 25 年最關注的業務具體領域，無論是從產品角度還是從更廣泛的資本配置角度？

Yeah, that's a great question actually and something we're heavily focused on. So I think that falls into a few different areas. I mean, from a we we spent, the last part of '24 bringing in, a fairly new and refreshed senior management team. So we brought in a new CEO, Mark Locke, who was the Tech Director in the CTO office at Google. We've brought in a new Chief People Officer. From Amazon and you know we've spent a lot of time, making sure that they're well bedded into the business and they're adding a lot of value.

是的，這其實是一個很好的問題，也是我們非常關注的問題。所以我認為這分為幾個不同的領域。我的意思是，從我們花費 24 年最後一段時間引進的一支相當新穎和充滿活力的高階管理團隊來看。因此，我們聘請了一位新的執行長馬克洛克 (Mark Locke)，他曾擔任Google首席技術長辦公室的技術總監。我們聘請了一位新的首席人力資源長。你知道，我們在亞馬遜上花了大量時間，確保他們能夠很好地融入業務，並增加很多價值。

So there's been a lot of focus on some of the operational execution in terms of getting the management team in a really good place for growth, as '24 was a good year for contracts and a good year for negotiations, but it was also a very good year for product and you know delivery towards the end of the year on product was a big focus for we've got those products out the door. They're performing extremely well, everything from SAOT, the update and the rollout of Dragon, things like the Madden Cast we've already mentioned and the NBA 2K, and of course FANHub, the platform.

因此，我們非常關註一些營運執行，以使管理團隊處於真正有利於成長的位置，因為 24 年是簽訂合約的好年頭，是談判的好年頭，但也是產品非常好的一年，而且你知道，在年底前交付產品是我們關注的重點，因為我們已經將這些產品推出市場了。它們的表現非常出色，從 SAOT、Dragon 的更新和推出，到我們已經提到的 Madden Cast 和 NBA 2K，當然還有 FANHub 這個平台。

So all of those products have had successful rollouts and the business is very focused on that. We said in the prepared remarks that we're focusing on a shift in the business in terms of the center of gravity to New York, that's going particularly well. I mean, minor things like, we're moving offices in New York to a more appropriate place. We've implemented a return to office policy across the group and you know we're in a place where we're really focused on the I guess the nitty-gritty execution of the business. It's been a really big focus.

因此，所有這些產品都已成功推出，並且業務非常專注於此。我們在準備好的發言中說過，我們正致力於將業務重點轉移到紐約，目前進展非常順利。我的意思是，一些小事，例如，我們將把紐約的辦公室搬到一個更合適的地方。我們已在整個集團實施了重返辦公室政策，您知道我們真正專注於業務的具體執行。這確實是一個很大的焦點。

And as part of that, we expect to see, a lot more rapid product delivery. I think we've already mentioned we've got the delivery of Soccer in BetVision coming out in Q2 and Basketball in Q3. That's quite a big lift for us. There's a lot of delivery there because there's obviously a lot of games. And you know we expect that to have a very positive impact on the business from a revenue from a revenue point of view, although we're being extremely cautious about forecasting now, in the media line.

作為其中的一部分，我們期望看到更快的產品交付。我想我們已經提到過，我們將在第二季推出 BetVision 的足球賽事，並在第三季推出籃球賽事。這對我們來說是一個很大的鼓舞。那裡有很多交付，因為顯然有很多比賽。你知道，從收入的角度來看，我們預計這將對業務產生非常積極的影響，儘管我們現在對媒體的預測非常謹慎。

So I think it's really a case of getting our heads down, making sure that we're executing well, that the management team is, well placed and that we're really providing as a platform for growth, I feel very good about the business, we sort of feel like a like a cool spring really and we're in a good place. We've got strong numbers, we've got good contracts, we've got a lot of visibility and we've been very conservative about parts of our guide as well, so we feel like we've got a real opportunity to, have a really strong year in 2025.

所以我認為這真的是一個讓我們埋頭苦幹的例子，確保我們執行得很好，管理團隊處於良好的位置，我們真的提供了一個增長平台，我對這項業務感覺非常好，我們真的感覺像一個涼爽的春天，我們處於一個好的位置。我們擁有強勁的業績、良好的合約、很高的知名度，而且我們對指南的部分內容也非常保守，因此我們覺得我們有機會在 2025 年取得真正強勁的成績。

Great and and then maybe just talk more about the capital raise and and how you think that positions you against some of the key objectives that you laid out and when we think about potential types of M&A you're looking at, how transformational as it relates to net new business lines versus [tuckins] to augment existing lines should we expect?

太好了，然後也許可以多談談融資，以及您認為這如何幫助您實現您列出的一些關鍵目標，當我們考慮您正在考慮的潛在併購類型時，我們應該期待它與淨新業務線相比，與[tuckins]增強現有業務線相比，轉型程度如何？

Yeah, another good question. I mean, look, you raise money when you don't need it. So we know we've got a very strong balance sheet puts us in a very good position. We're seeing a lot of interesting tuck in acquisitions, opportunistic deals, we're going to be super disciplined about it, it's got to be cashretive, got to be got to be businesses that really accelerate our long term vision, we don't need to do acquisitions for the sake of it.

是的，又一個好問題。我的意思是，你看，當你不需要錢的時候你卻在籌集資金。因此，我們知道我們擁有非常強勁的資產負債表，這使我們處於非常有利的地位。我們看到很多有趣的秘密收購、機會性交易，我們會對此保持高度自律，這些收購必須具有現金回報，必須是能夠真正加速我們長期願景的業務，我們不需要為了收購而收購。

But we are seeing, more and more opportunities in the market as things become more difficult. We've looked at some of the kind of bigger deals out there, but, to be honestly with you, fairly unattractive, we don't really be pushing our data rights lines up without any real benefit for that. There doesn't seem to be a lot of sense in that, we don't need to be, pushing some of those some of the costs into the business in the way that maybe those passed on on a bunch of that stuff.

但我們看到，隨著情況變得越來越困難，市場上的機會也越來越多。我們已經考慮過一些更大的交易，但老實說，這些交易相當沒有吸引力，我們不會真的在沒有任何實際利益的情況下推動我們的數據權利。這似乎沒有多大意義，我們不需要將部分成本轉嫁到業務中，或將這些成本轉嫁到一堆東西上。

So really we're in a place where we're thinking, okay, long term, let's tuck in some acquisitions. Let's make sure that cash is creative. Let's make sure that they're in line with our long term strategy and get our heads down and just deliver and again we're well placed to do that. People know we're shopping and you know we're in a strong place to be competitive in those markets when we want to.

所以我們實際上正在考慮，好吧，從長遠來看，讓我們進行一些收購。讓我們確保現金具有創造性。讓我們確保它們符合我們的長期策略，並全力以赴，再次強調，我們已準備好做到這一點。人們知道我們在購物，而且你知道，當我們想要時，我們在這些市場上有強大的競爭力。

The next question comes from Jason Bazinet, Citi.

下一個問題來自花旗銀行的 Jason Bazinet。

Can I also just ask one question on M&A? When you say you have balance sheet capacity to unlock the next leg of growth, is that just referring to the robust cash balance that you have, or you might potentially lever up? That's the first question. And then the one is when you say that.

我還可以問一個有關併購的問題嗎？當您說您的資產負債表能力能夠釋放下一輪成長動力時，這僅僅是指您擁有的強勁現金餘額，還是您可能利用槓桿？這是第一個問題。然後就是你這麼說的時候。

Yes. The cash.

是的。現金。

Okay, got it. And then when you say any deal you do would be accretive to margins and cash, is that sort of a one year forward commentary or that, or you could take a couple of years for it to be accretive?

好的，明白了。然後，當您說您所做的任何交易都會增加利潤和現金時，這是一年後的評論嗎，或者您可能需要幾年的時間才能實現增值？

I mean the idea and the focus is to make it immediately catch it. I mean that's the deal that we want, but we're in a good position. We don't need to do anything. We don't need to do any deals. We've got very strong techno technology. We've got a ton of new products. I won't go through it again.

我的意思是，這個想法和重點是讓它立即被抓住。我的意思是，這是我們想要的協議，但我們處於有利地位。我們不需要做任何事。我們不需要做任何交易。我們擁有非常強大的技術。我們有大量新產品。我不會再經歷這種事了。

So you know there are, the industry is changing, as you know you have seen. There are some businesses that are struggling. Some of them are, frankly not very attractive. Others are more attractive, and the prices of some of those businesses are coming to a point where actually, you're thinking, they could be additive to us at the right price and we're well positioned. So that's really our focus.

所以你知道，這個行業正在發生變化，正如你所看到的。有些企業正陷入困境。坦白說，其中一些並不是很有吸引力。其他企業則更具吸引力，其中一些企業的價格實際上已經達到了這樣的水平，你會想，如果價格合適，它們可以為我們帶來附加價值，而且我們處於有利地位。所以這確實是我們的重點。

That makes sense. Thank you.

這很有道理。謝謝。

The next question comes from Ryan Sigdahl, Craig-Hallum Capital Group.

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

Hey, good day guys.

嘿，大家好。

Looking at your dollar-based net retention, which is a very helpful graphic, it's very strong overall but even stronger in the Top 25, even stronger in the Top 10 US customers, which I think may be surprising to many because Genie appears to have increasing leverage with the biggest operators versus getting squeezed by them, which is the perception from an industry standpoint for some.

從以美元為基礎的淨留存率來看，這是一個非常有用的圖表，整體而言非常強勁，但在前 25 名中甚至更強，在前 10 名美國客戶中甚至更強，我認為這可能會讓很多人感到驚訝，因為 Genie 似乎對最大的運營商擁有越來越大的影響力，而不是被他們擠壓，這是從行業角度來看一些人的看法。

So I guess my overall question is, I guess how much of that is is the increased price, how much of that is higher take rate versus kind of volume up selling more products and just really leaning in with those large operators and then wanting more from Genie.

所以我想我的總體問題是，這其中有多少是價格上漲造成的，有多少是更高的接受率，還是銷量增加，銷售更多產品，真正傾向於那些大型運營商，然後想從 Genie 那裡獲得更多。

Hey Ryan.

嘿，瑞安。

I mean, in truth it's all of that, as we did a lot of contract renegotiations during the fall of '24 and all of those things that you just talked about in terms of new products that vision is obviously the most talked about example.

我的意思是，事實上就是這樣，因為我們在 24 年秋季做了很多合約重新談判，而您剛才談到的有關新產品的所有這些事情，願景顯然是最受關注的例子。

More events, higher price, and all of that plays into that. It's to pick that apart because that's not how our contracts are structured, but you're absolutely right, we're very pleased with that we expect to continue that it will be strong going forward.

活動增多、價格上漲，所有這些都在發揮作用。這是為了區分這一點，因為這不是我們的合約結構，但你完全正確，我們對此感到非常高興，我們希望它能夠繼續保持強勁。

And just for my follow up any early feedback you're getting on FANHub and what you're hearing from your your customers what they like, maybe don't like updates coming this year?

只是為了跟進您在 FANHub 上收到的任何早期回饋，以及您從客戶那裡聽到的他們喜歡什麼，也許不喜歡今年的更新？

Yeah, look, it's early days. Remember we only launched this product in October, but you know I think the key thing to focus on is that we saw the shift coming, quite a long time ago in the way that media is being managed, it's moving from managed to self-serve and the product rollout that we focused on the investment that we've made over the last couple of years to get ourselves in a position. And where we have, a credible self-serve platform is an investment that's been well made.

是的，看，現在還為時過早。請記住，我們只是在十月份推出了這款產品，但你知道，我認為需要關注的關鍵是，我們很久以前就看到了媒體管理方式的轉變，它正在從託管轉向自助服務，而產品的推出，我們專注於過去幾年所做的投資，以使自己處於有利地位。就我們目前的情況而言，可靠的自助服務平台是一項非常值得的投資。

I mean, I'm sure you heard the comments that Trade Desk made about the way that the market's going and you know how sports sport is a very interesting vertical. We're incredibly well placed in that space. So I think from our point of view, we've got the right product.

我的意思是，我相信您已經聽到了 Trade Desk 對市場走向的評論，而且您知道運動是一個非常有趣的垂直領域。我們在這個領域處於極為有利的地位。所以我認為從我們的角度來看，我們已經擁有了正確的產品。

Still some work to do. We're still rolling it out. These are really early days, hence that we're being super cautious in our guide about how much of that's really going to come through into into the business in 2025 in real revenue terms, but we see some quite material upside assuming we get that product rolled out that well.

還有一些工作要做。我們仍在推廣它。現在還處於早期階段，因此，我們在製定指南時非常謹慎，以確定到 2025 年，其中有多少實際收入將轉化為業務收入，但我們認為，如果我們能夠順利推出該產品，那麼它將具有相當大的上升空間。

And you know the best thing about it is that we know the product's good. We know the product's good, we know it's the right product, we know we've got the right data, we've got. A really good new team of people that we've brought in under our new CTO who clearly has a lot of experience coming from Google and you know the TV's brought in are delivering very quickly actually a lot of the new new product features, so we're we're feeling very positive about that and you know it's being well received in the market and the conversations are going well.

你知道，最好的事情是我們知道該產品很好。我們知道該產品很好，我們知道它是正確的產品，我們知道我們獲得了正確的數據，我們獲得了。我們在新的技術長領導下引入了一支非常優秀的新團隊，新任首席技術官顯然擁有來自谷歌的豐富經驗，而且您知道，引入的電視實際上能夠非常快速地提供許多新的產品功能，因此我們對此感到非常樂觀，而且您知道它在市場上很受歡迎，對話進展順利。

The next question comes from Mike Hickey, The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Mike Hickey。

Hey Mark, Nick, [Charles Brandon]. Congrats guys on a great 2024. Nice to see the '25, very strong '25 guide as well. Just two questions for us. The first one, Mark, it seems like, your operator partners, in particular DraftKings in the US, seems very enthusiastic about sort of unlocking the growth of and play, and I think we saw.

嘿，馬克、尼克，[查爾斯·布蘭登]。恭喜大家 2024 年圓滿成功。很高興看到 '25，而且也是非常強大的 '25 指南。我們只想問兩個問題。第一個問題，馬克，看起來，你的運營商合作夥伴，特別是美國的 DraftKings，似乎對釋放成長和遊戲非常熱衷，我想我們已經看到了。

Maybe an early look at that during the Super Bowl, but sort of curious your experience there and what you think are sort of the keys to unlocking and play, which has been, I think somewhat maybe of a disappointment versus your visual expectations, but now it's maybe starting to inflect a bit then I follow up.

也許在超級盃期間可以提前看到這一點，但有點好奇你在那裡的經歷以及你認為解鎖和玩遊戲的關鍵是什麼，我認為這可能與你的視覺期望有些失望，但現在它可能開始有所轉變，然後我會跟進。

Yeah, I think, I mean, to be honest with you, I think I think you said it in your question, we're seeing the shift that we thought we would from the operators to focus on that. I mean it's worth reminding people the increased rates, the increased margins that you get from in place.

是的，我認為，我的意思是，老實說，我認為你在問題中已經提到了這一點，我們看到了運營商將重點轉向這一點的轉變。我的意思是，值得提醒人們提高利率，提高利潤。

In play bet and I think the operators are very heavily focused on that. BetVision is clearly delivering, extremely strongly, we gave the numbers in the presentation earlier in terms of the increases in play and sort of you know time on time on the screen. So you know the vision and the strategy have come together very nicely and you know we're feeling good.

在遊戲中下注，我認為運營商非常關注這一點。BetVision 的表現非常出色，我們在先前的演示中給出了遊戲人數增加的數字，並且您知道螢幕上顯示的時間是按時間計算的。所以你知道願景和策略已經完美地結合在一起，而且你知道我們感覺很好。

Nice. The on your guide, Nick, it sounded like you made maybe a philosophical change here in terms of how you build it up. Obviously, it was a very strong above consensus. Historically, you've kind of taken the approach of maybe disappointing a little bit and then beating and raising through the year. But I guess now that you just have better visibility on the revenue and cost in '25, has your sort of approach changed here or should you expect another year of being raised?

好的。尼克，關於你的指南，聽起來你可能在如何建構它方面做出了哲學上的改變。顯然，這是非常強烈的高於共識的。從歷史上看，你採取的做法可能是先讓人有點失望，然後在全年實現超越和提升。但我想，既然您現在對 25 年的收入和成本有了更好的了解，您的方法是否發生了變化，或者您是否應該預計明年的收入會增加？

Yeah, hey Mike, I mean in concept, our strategy hasn't changed at all, Mike.

是的，嘿，麥克，我的意思是從概念上講，我們的策略根本沒有改變，麥克。

I mean, what I would say is as we've ended the year, we certainly have more clarity entering '25 than we've done in '24 if you remember where we were at this point last year and therefore I expect us to probably to be slightly more accurate with this guide than we've done before, you've heard me say, Mike, that you know in the medium term we expect to be a 20% revenue growth business and that's what I'm guiding to this year.

我的意思是，我想說的是，隨著今年的結束，如果您還記得我們去年這個時候的情況，那麼我們對 25 年的展望肯定比 24 年更加清晰，因此我預計我們對這份指南的準確性可能會比以前更高一些，邁克，您聽我說過，從中期來看，我們預計業務收入將增長 20%，這就是我對今年的指導。

You've heard us say that we expect that to drop through at sort of 30% to 40% in the medium term and again that's what we're guiding to this year and you've heard us talk about being cash accreted in '24 and I expect that to continue through to '25. So yeah, no change in in philosophy, probably just have a slightly more visibility this year than we've done previously.

您已經聽到我們說過，我們預計中期內這一數字將下降 30% 至 40%，這也是我們今年的指導方針，您也聽到我們談到 24 年的現金增值，我預計這種情況將持續到 25 年。所以，是的，理念上沒有改變，可能只是今年的知名度比以前稍微高一點。

You can't fight nature, Mike. We're still the same conservative [Brits] we've always been.

你無法與自然對抗，麥克。我們還是像往常一樣保守的[英國人]。

The next question comes from Eric Martinuzzi, Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Eric Martinuzzi。

Yeah, I was just curious on the media tech part of the business. The 4% growth in Q4 was below what I was expecting the 15% growth for the year, obviously at double digits, and that's impressive, but still below the company average. As you look out to 2025, you're talking about growth of 21% for the entire business. Where does media tech fall on that growth spectrum?

是的，我只是對業務的媒體技術部分感到好奇。第四季 4% 的成長率低於我預期的全年 15% 的成長率，顯然是兩位數，這令人印象深刻，但仍低於公司平均水平。展望 2025 年，整個業務將實現 21% 的成長。媒體技術在這成長範圍內處於什麼位置？

Yeah, hey, I mean, you're right. I mean, first of all, 15% year-on-year growth for '24 as a whole is something that we're pretty happy with, and as you say, media's delivered double digit growth every year since we've gone public.

是的，嘿，我的意思是，你是對的。我的意思是，首先，我們對 24 年全年 15% 的同比增長感到非常滿意，正如您所說，自我們上市以來，媒體每年都實現兩位數的增長。

I'm expecting '25 to be another double digit year and I think Mark's already talked about in some of the previous questions about the exciting part of the media business and FANHub and as the media market is evolving, how we're leading that evolution, so it's expecting a strong year for media in '25.

我預計 25 年將再次實現兩位數增長，我認為馬克已經在之前的一些問題中談到了媒體業務和 FANHub 的令人興奮的部分，以及隨著媒體市場的發展，我們如何引領這種發展，因此預計 25 年將是媒體業務強勁的一年。

The next question comes from Jordan Bender, Citizens.

下一個問題來自公民喬丹·本德 (Jordan Bender)。

Morning everyone. On the expansion for global sports for BetVision in '25, just curious how we should be thinking about that from an investment perspective and given that the ex US business is a largely fixed revenue business, should we be thinking about that impact is there'll be another upsell to operators and it may take time to recognize that revenue from this initiative?

大家早安。關於 BetVision 在 25 年拓展全球體育業務，我只是好奇我們應該如何從投資角度考慮這個問題，並且考慮到美國以外的業務主要是固定收入業務，我們是否應該考慮這種影響是否會對運營商產生另一次追加銷售，並且可能需要一些時間才能從這一舉措中確認收入？

Yeah, hey, Jordan. I mean, they clearly as we roll out BetVision, there will be revenues directly associated with that piece of product for 2025, which is predominantly already built into the guide. As you've heard Mark talk about earlier in the call, I mean the really exciting for us around getting out in the ubiquitous nature, it is all the strategic aspects of what BetVision is driving for us and how that comes together with our own unique inventory and the piece of FANHub and around the old broadcast.

是的，嘿，喬丹。我的意思是，他們清楚地知道，隨著我們推出 BetVision，2025 年該產品將直接帶來收入，而這主要已經包含在指南中。正如你聽到馬克在電話會議早些時候談到的那樣，我的意思是，對於我們來說，真正令人興奮的是走出無處不在的本質，這是 BetVision 為我們推動的所有戰略方面，以及它如何與我們自己獨特的庫存、FANHub 的部分以及舊的廣播結合在一起。

I mean that's really the exciting piece which whether that's a 25 piece or a 26 piece and beyond will depend on how quickly as Mark's talk about the acceleration of products. But any specific revenues in relation to BetVision already built into '25 as a technology product.

我的意思是，這確實是一件令人興奮的作品，無論是 25 件還是 26 件甚至更多，都取決於馬克談論的產品加速速度。但與 BetVision 相關的任何具體收入都已作為技術產品納入 25 之中。

Understood. And then just following up on the guidance, I was just seeing if we could get some clarity around kind of what's baked into that. We have Missouri in the back half of the year is that in there, Brazil just went large Gen 1 to the extent that you can, help us with how much that's baked in and then, Football data, I believe those rates hit in the back half of the year just kind of how does that impact the 36% flow through guidance for the year?

明白了。然後按照指導，我只是想看看我們是否能夠清楚地了解其中的內容。我們在下半年有密蘇裡州，在那裡，巴西在第一代表現強勁，你能幫助我們了解其中的奧秘嗎？然後，足球數據，我相信這些比率在下半年達到了頂峰，這對全年 36% 的流量指導有何影響？

Yeah, hey, so I mean everything that you just commented on and everything that we're aware of today is baked into that. So whether that's any state, and I think you're right, Missouri is really the only material state. Brazil will live with so what that looks like in '25 is baked into these forecasts as well, as are all of our cost base, which includes rights, as Jordan rights are fixed and have complete visibility, not just through '25 but obviously beyond through to the end of the decade.

是的，嘿，所以我的意思是您剛才評論的所有內容以及我們今天所知道的所有內容都包含在其中。所以不管是哪個州，我認為你是對的，密蘇裡州確實是唯一的物質州。巴西將會接受，所以 25 年的情況也已納入這些預測中，我們所有的成本基礎也是如此，其中包括權利，因為約旦的權利是固定的並且具有完全的可見性，不僅到 25 年，而且顯然會持續到 2020 年末。

And as we've announced this morning, we're expecting our EBITDA margins to grow, they've grown consistently over the last three years, and we've announced this morning from 16.8% through to north of 20%. That includes any uplift on all rights that we're expecting, including the new FEC contract.

正如我們今天早上宣布的那樣，我們預計我們的 EBITDA 利潤率將會增長，過去三年來，我們的利潤率一直在持續增長，我們今天上午宣布，利潤率將從 16.8% 增長至 20% 以上。這包括我們預期的所有權利的提升，包括新的 FEC 合約。

The next question comes from Clark Lampen, BTIG.

下一個問題來自 BTIG 的 Clark Lampen。

Thanks for taking the questions. I have to, following up on BetVision, Nick, I'm curious if you would be willing at all to dimensionalize how much is included in guidance for 2025, but then maybe adjacent to that. How much flexibility do you have for add insertion of BetVision of expanding to new sports if you guys wanted to do three roles that you're able to make that decision on your own or is there. A discussion that you need to have with some of your partners, whether it's the B2C partner or the league to make sure that you get that inventory live and on marchin expansion guidance for the year if we're thinking about the sort of 350 basis points or so that you're expecting.

感謝您回答這些問題。我必須跟進 BetVision，尼克，我很好奇你是否願意詳細計算 2025 年的指導中包含了多少內容，但也許與之相鄰。如果你們想扮演三個角色，那麼在增加 BetVision 或擴展到新運動項目方面你們有多大的靈活性？你們能夠自己做決定嗎？您需要與一些合作夥伴進行討論，無論是 B2C 合作夥伴還是聯盟，以確保您能夠獲得庫存，並且如果我們考慮您預期的 350 個基點左右，則可以獲得今年的擴張指導。

Is there going to be a meaningful difference between gross margins and EBITDA, IE most of the upside really coming from direct cost leverage rather than OpEx this year?

毛利率和 EBITDA 之間是否存在顯著差異，即今年的大部分上漲空間是否真正來自直接成本槓桿而不是營運支出？

Hey, so, on the inventory point, look, I mean, it's our player that's how we developed the products there. So we've got a level of control and clearly this was, the strategy that we've lined up. So, the short answer is yes, we have the ability to do that.

嘿，那麼，從庫存角度來看，看，我的意思是，這是我們的播放器，這就是我們在那裡開發產品的方式。因此，我們獲得了一定程度的控制權，顯然這是我們所製定的策略。所以，簡短的回答是肯定的，我們有能力做到這一點。

Yeah, and hey Clark, there's a couple in there for me as well. So just on '25 in terms of vision, I'm not going to call out specifically what that is in relation to tech and the answer I gave earlier, I think it was to Jordan's question in relation to the strategic aspect of that and really that's not built into '25 at all that that's any upside.

是的，嘿克拉克，那裡面也有一些適合我的。因此，就 25 年願景而言，我不會具體指出它與技術有何關係，我之前給出的答案是，我認為這是針對喬丹關於戰略方面的問題，而這實際上並沒有融入 25 年的願景中，也沒有任何好處。

And based on how quickly we can accelerate the product launches that Mark's already talked about, specifically in terms of the makeup of the income statement for '25, I mean we've had some success and I think we called out the prepared remarks on the slide in relation to both growth margin and direct costs, and I'm expecting a similar makeup to '25 as well.

根據馬克已經談到的我們加速產品發布的速度，特別是就 25 年損益表的組成而言，我的意思是我們已經取得了一些成功，我認為我們在幻燈片上就增長利潤和直接成本提出了準備好的評論，我預計 25 年的構成也會類似。

The next question comes from Chad Beynon, Macquarie.

下一個問題來自麥格理的 Chad Beynon。

Hi, good morning. Congrats on the result and the and the guide for '25. Thanks for everything so far. Just one for me, just trying to figure out how some of the the tax proposals that are going on around the world could impact your business. I know there was a tax change down in Colombia kind of pushing the tax down to the consumer, but given the the breadth of different. Bills that have been proposed so far this year, particularly in the United States, wondering how you think that fits into the business long term and if you expect to see much impact from that?

嗨，早安。恭喜你所取得的成果以及 25 年的指引。感謝迄今為止的一切。對我來說只有一個問題，我只是想弄清楚世界各地正在進行的一些稅收提案將如何影響您的業務。我知道哥倫比亞的稅收發生了變化，將稅收轉嫁給了消費者，但考慮到差異的廣度。今年迄今為止已經提出的法案，特別是在美國，想知道您認為這對長期業務有何影響，以及您是否預計會看到它產生很大影響？

Hey Chad, I mean, I guess the key answer is really the resilience of our business model, Chad is what I'd say. I mean, first of all, these tax changes are really regulatory changes are nothing new. We've seen it all before as other markets have matured on a global basis.

嘿，查德，我的意思是，我想說，關鍵的答案實際上是我們的商業模式的彈性。我的意思是，首先，這些稅收變化實際上監管變化並不是什麼新鮮事。隨著其他市場在全球範圍內逐漸成熟，我們之前已經看到過這種情況。

And as we have so many different levers of growth. We have so many different geographies, the US is still, it's not a majority of our revenues, and then you separate it on a state by state basis, you can see that it becomes immaterial and individual basis. But the key thing really is that sort of picks and shovels play on that global basis really protects us from that position.

我們擁有如此多不同的成長槓桿。我們有許多不同的地域，美國仍然不是我們收入的主要來源，然後你按州來區分，你會發現它變得非物質化和個體化。但真正關鍵的是，這種在全球範圍內採取的行動確實保護了我們免於陷入這種境地。

Appreciate it. Thank you very much.

非常感謝。非常感謝。

The last question comes from Thomas Shinske, Cantor Fitzgerald.

最後一個問題來自 Cantor Fitzgerald 的 Thomas Shinske。

Hi guys, this is Thomas on for Cantor Fitzgerald.

大家好，我是 Cantor Fitzgerald 的 Thomas。

Thank you for taking my question. I guess just one for me, given the results were largely in line with guidance despite, declining book maker win margins during the quarter. Is it fair to say that in play adoption was broadly in line with your guys' expectations, or was this mostly driven by increases in the pricing resulting from the contract renegotiation?

感謝您回答我的問題。我想對我來說只有一個，因為儘管本季博彩公司的獲利利潤率有所下降，但結果基本上符合預期。是否可以說，實際採用情況大致符合你們的預期，或者這主要是由於合約重新談判導致的價格上漲所致？

Hey Thomas, it's Nick. Look, I guess it's quite similar to the answer I've just given to Chad's question around resilience of our business model, the way we're set up with our sports books is that any particular results doesn't materially impact us given, our, global geographical spread.

嘿，湯瑪斯，我是尼克。看起來，我想這與我剛剛回答 Chad 提出的關於我們商業模式的彈性的問題的答案非常相似，我們設置體育博彩的方式是，任何特定的結果都不會對我們產生實質性影響，因為我們的全球地理分佈。

Also, the way our contracts have been set up are slightly different in 2024 new contracts. They've evolved slightly. You know it's still true that we will grow as the market grows as the tailwinds in the industry, whether that's in place sports Betting or time increases, but we have got things like minimum revenue guarantees in place to protect us from any vagaries of any particular one-off results, and you've obviously seen that in Q4, you've heard that from operators and as you say, we're directly in line with our expectations. That's really one of the key things about junior sports in terms of that resilience of business model.

此外，2024 年新合約的製定方式也略有不同。它們略微進化了。您知道，隨著市場的成長和行業的順風，我們仍將成長，無論是體育博彩還是時間的增加，但我們已經採取了最低收入保障等措施，以保護我們免受任何特定一次性結果的變幻莫測的影響，您顯然已經在第四季度看到了這一點，您已經從運營商那裡聽說了這一點，正如您所說，我們完全符合我們的預期。就商業模式的彈性而言，這確實是青少年運動的關鍵之一。

Thank you, Nick.

謝謝你，尼克。

And that is the end of the Q&A session, ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，問答環節到此結束，今天的電話會議也圓滿結束。感謝大家的加入，現在可以斷開連線了。