Genius Sports Ltd (GENI) 2025 Q3 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to today's Genius Sports third-quarter 2025 earnings results call. (Operator Instructions)

感謝您的耐心等待。在此，我謹代表 Genius Sports 歡迎各位參加今天的 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Genius Sports. The floor is yours.

現在我將把電話轉接給 Genius Sports。現在輪到你發言了。

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 14, 2025.

謝謝，早安。在開始之前，我們想提醒各位，本次電話會議中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業績與歷史業績或預測業績有重大差異。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在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們於 2025 年 3 月 14 日向美國證券交易委員會提交的 20-F 表格年度報告）中的風險因素討論一併考慮。

During the call, management will also discuss certain non-GAAP measures that we believe may be useful in evaluating Genius' operating performance. These measures should not be considered in isolation or as a substitute for Genius' financial results prepared in accordance with US GAAP. A reconciliation of these non-GAAP measures to the most directly comparable US GAAP measures is available in our earnings press release and earnings presentation, which can be found on our website at investors.geniusports.com.

在電話會議期間，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看待，也不應被視為 Genius 根據美國通用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指標的調節表可在我們的盈利新聞稿和盈利演示文稿中找到，這些文件可在我們的網站 investors.geniusports.com 上找到。

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

接下來，我將把電話轉給我們的執行長馬克洛克。

Good morning, everyone, and thank you for joining us today to discuss our Q3 results. We will keep our prepared remarks relatively brief this morning, as we look forward to hosting many of you at our upcoming Investor Day next month. There, we will share with you a detailed overview of our business, product demonstrations, industry trends and our strategic and financial outlook.

各位早安，感謝大家今天來參加我們第三季業績討論會。今天上午，我們將盡量簡短地發表準備好的講話，因為我們期待下個月在即將到來的投資者日活動中接待各位。屆時，我們將與您分享我們業務的詳細概述、產品演示、行業趨勢以及我們的策略和財務展望。

With that in mind, I will quickly touch on the key highlights from this quarter. First, we increased our group revenue by 38% year-on-year, making our strongest quarter of revenue growth since Q1 2022. This was led by our Media segment, up nearly 90% year-on-year, further validating our investment and excitement in the space. We also increased our group adjusted EBITDA by 32% year-on-year to $34 million, representing a 20% margin. Both betting and media contributed meaningfully to our revenue growth this quarter.

有鑑於此，我將簡要介紹本季的主要亮點。首先，我們集團的營收年增了 38%，這是自 2022 年第一季以來營收成長最強勁的一個季度。其中，媒體業務部門表現突出，年增近 90%，進一步驗證了我們對該領域的投資和熱情。我們的集團調整後 EBITDA 也年增 32% 至 3,400 萬美元，利潤率為 20%。本季博彩和媒體業務都對我們的營收成長做出了顯著貢獻。

I'll touch quickly betting to start. Betting revenue increased 28% year-on-year, predominantly driven by growth with existing customers, and there are a few specifics that are worth highlighting. First, we secured the exclusive rights to the European Leagues and Serie this quarter, further strengthening our existing portfolio of the highest quality football content globally.

我先快速下註一下。博彩收入年增 28%，主要得益於現有客戶的成長，其中有幾個細節值得重點關注。首先，本季我們獲得了歐洲聯賽和意甲聯賽的獨家轉播權，進一步鞏固了我們現有的全球最高品質足球內容組合。

With our scale and distribution across hundreds of the world's largest regulated betting operators, we were able to generate immediate revenue uplift in this quarter through this additional content. Additionally, we announced the expansion of our partnership with Hard Rock Bet this quarter.

憑藉我們的規模以及在全球數百家最大的受監管博彩運營商中的分銷渠道，我們能夠透過這些額外的內容在本季度立即提升收入。此外，本季我們也宣布擴大與 Hard Rock Bet 的合作關係。

As part of our renewal, we are now providing Hard Rock with additional content and live trading services across the Premier League, Serie A, European Leagues, NFL and more. Hard Rock is also now the latest sportsbook partner to utilize our BetVision product across Serie A, NFL and over 23,000 other live betting streams.

作為續約的一部分，我們現在為 Hard Rock 提供英超聯賽、意甲聯賽、歐洲聯賽、NFL 等更多內容和即時交易服務。Hard Rock 也成為了最新的運動博彩合作夥伴，在意甲聯賽、NFL 以及超過 23,000 個其他即時投注直播中使用我們的 BetVision 產品。

Our Hard Rock relationship is another example of how our picks and shovels positioning in the US betting market enables our revenue growth to outpace others in the ecosystem, whether it is in a state like Florida or through a competing product, our portfolio of data and advanced product set is essential to the success for all operators, and we are confident this positioning will afford continued opportunities in an ever-changing and evolving industry.

我們與 Hard Rock 的合作關係再次證明，我們在美國博彩市場佔據的領先地位，使我們的收入成長速度超過了生態系統中的其他參與者。無論是在佛羅裡達州這樣的州，還是透過競爭產品，我們的數據組合和先進的產品組合對於所有營運商的成功至關重要。我們相信，這種地位將在不斷變化和發展的行業中帶來持續的機會。

We've also expanded our partnership with ESPN Bet this quarter, which now, for the first time, includes BetVision, not just for NFL, but for our full suite of soccer and basketball content as well. And finally, we have seen positive in-play betting trends to start the NFL season. Through the first six weeks of the season, in-play represented 30% of total NFL handle, right in line with our expectations.

本季度，我們還擴大了與 ESPN Bet 的合作關係，現在首次將 BetVision 納入其中，不僅限於 NFL，還包括我們全套的足球和籃球內容。最後，我們看到 NFL 賽季開始以來，賽中投注趨勢呈現積極態勢。在賽季前六週，滾球投注佔 NFL 總投注額的 30%，與我們的預期完全一致。

We are encouraged by the continued growth of in-play betting and expect this will continue to drive betting revenue growth through the remainder of this NFL season and beyond. This growth is a function of the continued evolution and maturity of the US market, but equally, it's driven by an improving set of in-play betting products.

我們對滾球投注的持續成長感到鼓舞，並預計這將繼續推動本賽季剩餘比賽及以後的投注收入成長。這一成長既得益於美國市場的持續發展和成熟，也得益於不斷改進的滾球投注產品。

Our sportsbook partners have done an excellent job of offering a much wider range of in-play betting markets this year, and we are realizing the direct benefits of that. To add to this, we are empowering more in-play betting volume through the continued distribution of BetVision, which is now available on nearly every major sportsbook in the US and continuing to drive more viewership, increased in-play betting and more engagement overall.

今年，我們的體育博彩合作夥伴在提供更廣泛的滾球投注市場方面做得非常出色，我們正在享受由此帶來的直接好處。此外，我們也透過持續推廣 BetVision 來增加滾球投注量。 BetVision 目前已在美國幾乎所有主要運動博彩網站上線，並持續推動更多觀眾、增加滾球投注量以及提高整體參與度。

For instance, through the first six weeks of the NFL season, we have seen a 35% increase in the number of unique devices streaming NFL on BetVision. Additionally, we've seen a 25% increase in the average time spent on BetVision per device. So we aren't just seeing growth in the overall numbers, but also growth in the actual time spent interacting with the platform.

例如，在 NFL 賽季的前六週，我們看到在 BetVision 上觀看 NFL 直播的獨立設備數量增加了 35%。此外，我們發現每台設備在 BetVision 上花費的平均時間增加了 25%。因此，我們不僅看到整體用戶數量的成長，而且看到用戶實際與平台互動的時間也在增長。

This, as you know, is critical for the integration of our advertising solutions into the BetVision product, which I will touch upon shortly.

如您所知，這對於將我們的廣告解決方案整合到 BetVision 產品中至關重要，我稍後會詳細介紹。

And most importantly is that BetVision continues to be a consistent enabler of greater in-play betting, which represented 74% of total handle through the BetVision platform so far this season. And within the last six months, we've launched BetVision for soccer and basketball, meaning that we are now providing over 23,000 events per year, more than 200 global competitions through BetVision, representing a rapid expansion of the product.

最重要的是，BetVision 一直持續推動滾球投注的成長，本賽季迄今為止，滾球投注佔 BetVision 平台總投注額的 74%。在過去的六個月裡，我們推出了 BetVision 足球和籃球賽事服務，這意味著我們現在每年透過 BetVision 提供超過 23,000 場賽事、200 多項全球賽事，這代表著產品的快速擴張。

As a result of this expansion, the number of Sportsbook customers utilizing BetVision has exploded. This time last year, we had six Sportsbook customers integrated with BetVision. As of today, that number has grown to over 100 sportsbooks, representing more than 350 brands. This kind of growth in just one year demonstrates our scale and distribution.

由於此次擴張，使用 BetVision 的體育博彩客戶數量呈現爆炸性成長。去年這個時候，我們有六位運動博彩客戶與 BetVision 進行了整合。截至目前，這一數字已成長到 100 多家體育博彩公司，代表著 350 多個品牌。短短一年內就取得這樣的成長，充分展現了我們的規模和分銷網絡。

So BetVision continues to drive more engagement in in-play wagering, which compounds our betting revenue growth. And as we have proven consistently, our betting revenue growth continues to exceed the growth of the overall market. This was the case again in Q3 with the growth of our betting revenue nearly doubling the growth of our US GGR.

因此，BetVision 繼續推動更多用戶參與滾球投注，從而促進了我們的投注收入成長。正如我們一直以來所證明的那樣，我們的博彩收入成長持續超過整體市場的成長。第三季的情況再次如此，我們的博彩收入成長幾乎是美國博彩總收入成長的兩倍。

Now as it relates to BetVision, this increasing engagement is also enabling opportunities in media, both as a source of audience information and as a source of unique advertising inventory, each of which makes our advertising services unique in the market.

就 BetVision 而言，這種不斷增長的參與度也帶來了媒體方面的機會，既是受眾訊息的來源，也是獨特廣告資源的來源，這兩點都使我們的廣告服務在市場上獨樹一幟。

As such, our media business was the largest contributor this quarter with revenue increasing nearly 90% year-on-year to $42 million. I'll pause for a moment to let that register. $42 million marks a new quarterly record of media revenue in absolute terms and 89% growth is our strongest year-on-year increase since Q1 2022, the quarter of our first Super Bowl for perspective.

因此，本季我們的媒體業務貢獻最大，營收年增近 90%，達到 4,200 萬美元。我先停頓一下，讓大家消化一下這個消息。 4,200萬美元的營收創下了媒體收入季度新紀錄，89%的同比增長率也是自2022年第一季（我們首次舉辦超級盃的那個季度）以來最高的同比增幅。

When we raised our guidance last quarter, we expected 50% to 60% revenue growth based on minimum commitments. So we are happy to see that level of spend in the quarter exceed even our own expectations. I want to take a moment to quickly remind you of what makes our advertising platform unique. We understand sports better than anyone. We know sports fans better than anyone, and we are leveraging our technology to create the next generation of fan experiences.

上個季度我們上調業績預期時，預計基於最低承諾，營收將成長 50% 至 60%。因此，我們很高興看到本季的支出水準甚至超過了我們自己的預期。我想花點時間快速提醒您我們廣告平台的獨特之處。我們比任何人都更了解運動。我們比任何人都更了解運動迷，我們正在利用我們的技術創造下一代球迷體驗。

So these are three distinct factors that differentiate us, and we strengthened each of these even further over the last few months. The first is live sports data. We understand the exact moment of heightened fan engagement and emotion and use real-time data to trigger advertising content, improve campaign pacing and inform bid optimization strategies, all leading to better return on investment for our customers.

所以，這三個因素使我們與眾不同，而且在過去的幾個月裡，我們進一步加強了這三個因素。首先是即時體育數據。我們了解粉絲參與度和情緒高漲的確切時刻，並利用即時數據來觸發廣告內容、改進廣告系列節奏並指導競價優化策略，所有這些都將為我們的客戶帶來更好的投資回報。

The second is audience data, our understanding of who the fans are. We have several sources of first-party data, and now we've acquired Sports and Innovation Lab, which brings an even deeper understanding through their proprietary fan graph, which is built on real spending patterns compiled from billions of transactional data points. When combined with our league relationships, existing data sets and media buying platform, we can reach fans with even greater precision and at exactly the right moments, generating a higher return for our advertising customers.

第二點是受眾數據，也就是我們對粉絲群的了解。我們擁有多個第一方資料來源，現在我們又收購了 Sports and Innovation Lab，它透過其專有的粉絲圖譜帶來了更深入的了解，該圖譜基於從數十億個交易資料點中收集的真實消費模式構建而成。結合我們與聯盟的關係、現有的數據集和媒體購買平台，我們可以更精準地在適當的時機觸達球迷，從而為我們的廣告客戶帶來更高的回報。

Third is our unique inventory. We're creating new ways for brands to reach sports fans that can only be executed through Genius Sports. Last quarter, we mentioned new inventory that now exists on BetVision and how quickly that, that was monetized.

第三點是我們獨特的庫存。我們正在為品牌創造接觸運動迷的新方式，而這些方式只有透過 Genius Sports 才能實現。上個季度，我們提到了 BetVision 上新增的庫存，以及這些庫存變現的速度。

Our latest example of new and unique inventory was seen on FanDuel Sports Network for select WNBA games. We delivered broadcast augmentations to showcase next-gen stats such as real-time short probabilities, three-point distances and more.

我們最新推出的全新獨特庫存產品已在 FanDuel Sports Network 上用於部分 WNBA 比賽。我們提供了廣播增強功能，以展示下一代統計數據，例如即時短傳機率、三分距離等等。

We transformed these augmentations into high-impact sponsorship opportunities, empowering brands like Shopify, NBA 2K and Point3 to own these key moments of the game, fully integrated live on the broadcast. This has been highly successful for broadcasters and advertisers alike, so we expect more of this to come.

我們將這些增強功能轉化為高影響力的贊助機會，使 Shopify、NBA 2K 和 Point3 等品牌能夠掌控比賽的這些關鍵時刻，並在直播中完全整合。這對廣播公司和廣告商來說都非常成功，因此我們預計未來會有更多這樣的情況出現。

So we are continuously improving each of the factors that make us unique, and we have built the most comprehensive real-time fan activation platform in the industry. Our media revenue growth this quarter is evidence of the progress that we've made.

因此，我們不斷改進使我們獨一無二的各項因素，並打造了業界最全面的即時粉絲互動平台。本季媒體營收的成長證明了我們所取得的進步。

As always, our media revenue is driven by two important factors: growth in the number of advertisers and increase in total advertising spend. This is exactly why it's important for us to sign deals with advertising agencies because they aggregate a large amount of spend across several individual brands. So our recently signed agency deals, including our new partnership with PMG, are driving significant growth in the media revenue through the second half of the year.

與以往一樣，我們的媒體收入主要受兩個重要因素驅動：廣告客戶數量的成長和廣告總支出的增加。正因如此，與廣告公司簽訂協議對我們來說才如此重要，因為他們可以將多個獨立品牌的大量支出集中起來。因此，我們最近簽署的代理協議，包括與 PMG 的新合作關係，將在今年下半年推動媒體收入的顯著成長。

We plan to cover the media business in more detail at our up-and-coming Investor Day on December 3. But in the meantime, the key takeaway is simple. We have a unique set of sports data, audience data and inventory, and that enables us to deliver superior return on ad spend for our partners. We're gaining significant momentum with brands and agencies and remain optimistic about the long-term potential of this business.

我們計劃在即將於 12 月 3 日舉行的投資者日上更詳細地探討媒體產業。但同時，最關鍵的要點很簡單。我們擁有獨特的運動數據、受眾數據和廣告資源，這使我們能夠為合作夥伴帶來卓越的廣告支出回報。我們與品牌和代理商的合作正在取得顯著進展，我們對這項業務的長期潛力保持樂觀。

Before we conclude, I want to briefly address prediction markets, a topic of frequent discussion over the last few months. In an effort to pre-emptively address questions, let me share our perspective. We are observing the developments around prediction markets carefully. We must always comply with applicable laws and regulatory requirements, and we place a great deal of importance on the views of our regulators and commercial partners.

在結束之前，我想先簡單談談預測市場，這是過去幾個月來經常被討論的話題。為了預先解答一些疑問，我想分享我們的觀點。我們正在密切關注預測市場的發展動態。我們必須始終遵守適用的法律和監管要求，並且我們非常重視監管機構和商業夥伴的意見。

As they evolve and mature, prediction markets may provide a meaningful new opportunity for Genius Sports in expanding the addressable market. While these products are nascent, they are evolving rapidly and the need for Genius official league data, marks and logos and integrity solutions will only grow as prediction markets become more sophisticated. This means that we are extremely well placed should we decide to engage.

隨著預測市場的不斷發展和成熟，預測市場可能會為 Genius Sports 提供擴大目標市場的重要新機會。雖然這些產品還處於起步階段，但它們發展迅速，隨著預測市場變得越來越複雜，對 Genius 官方聯賽數據、商標和標誌以及誠信解決方案的需求只會不斷增長。這意味著如果我們決定參與，我們將處於非常有利的地位。

With regard to timing, we are being extremely considered and deliberate in our approach. We will work closely with key stakeholders across the ecosystem, our league partners, regulators, existing customers and indeed, the prediction markets themselves to determine the next steps, and we are confident in our ability to capitalize on this opportunity in a responsible and sustainable way if we feel all of the requirements we need to be in place to participate in this market are met.

在時間安排方面，我們採取了非常審慎和周詳的策略。我們將與整個生態系統中的關鍵利益相關者、我們的聯賽合作夥伴、監管機構、現有客戶以及預測市場本身密切合作，以確定下一步措施。如果我們認為參與該市場所需的所有條件都已滿足，我們有信心以負責任和可持續的方式抓住這一機會。

Given the early and evolving nature of this market, we won't be providing additional detail on this call, but I want to be clear, if we are confident that prediction markets will meet our robust regulatory and commercial thresholds, these developments could result in positive developments for Genius Sports and our future growth.

鑑於該市場尚處於早期發展階段，我們將在本次電話會議上不提供更多細節，但我想明確指出，如果我們確信預測市場能夠達到我們嚴格的監管和商業門檻，這些發展可能會對 Genius Sports 和我們未來的成長帶來正面的影響。

And with that, I'd like to officially welcome Bryan Castellani to his first earnings call for Genius. And I'll now turn the call to Brian to discuss the financial results in more detail.

接下來，我謹正式歡迎 Bryan Castellani 出席他在 Genius 的首次財報電話會議。現在我將把電話交給布萊恩，讓他更詳細地討論財務表現。

Thank you, Mark. I'm very happy to be joining Genius at such an exciting moment in the company's journey, and I look forward to working with the analyst and investor community. To pick up where Mark left off, I will also keep my comments relatively brief this morning since we are planning to cover a lot of financial detail in our Investor Day.

謝謝你，馬克。我非常高興能在 Genius 發展歷程中如此令人興奮的時刻加入公司，並期待與分析師和投資者群體合作。為了承接馬克剛才的發言，我今天早上的發言也會比較簡短，因為我們計劃在投資者日上討論很多財務細節。

As you've heard from Mark, we benefited from multiple revenue growth drivers this quarter across both betting and media. Even if we take a step back and review our year-to-date position, we are delivering well-balanced growth across each of our product groups and tracking well ahead of our initial expectations to start the year.

正如馬克所說，本季我們在博彩和媒體領域都受益於多種收入成長動力。即使我們回顧今年迄今為止的情況，我們每個產品組都實現了均衡成長，並且遠遠超出了年初的預期。

As you'll see on slide 14, we are also seeing strong growth from each geographic region globally. As you can imagine, the US is driving most of the growth this year and this quarter, in particular, especially given most of our media revenue is derived in the US.

正如您將在第 14 張幻燈片中看到的那樣，我們還看到全球各個地理區域都實現了強勁增長。正如你所想，美國是今年和本季成長的主要驅動力，尤其考慮到我們的大部分媒體收入都來自美國。

But even in our more mature European business, we have still increased our revenue by 19% year-to-date, which speaks to our long-term value creation and growth with sportsbook partners who operate in more mature markets. You'll notice our group adjusted EBITDA margin was roughly in line with Q3 of 2024, and it's worth quickly touching on a few one-off factors.

但即使在我們較成熟的歐洲業務中，我們今年的收入也成長了 19%，這表明我們與在更成熟市場運營的體育博彩合作夥伴共同創造了長期價值並實現了成長。你會注意到我們集團調整後的 EBITDA 利潤率與 2024 年第三季大致持平，值得快速提及一些一次性因素。

First, we just secured the official data rights to Serie A and the European leagues in August. As we outlined last quarter, this partnership is built on the broad deployment of our technology platform across Europe, which enabled us to obtain these rights on attractive financial terms.

首先，我們在八月獲得了意甲聯賽和歐洲聯賽的官方數據版權。正如我們在上個季度所概述的那樣，此次合作建立在我們技術平台在歐洲的廣泛部署之上，這使我們能夠以優惠的財務條款獲得這些權利。

Because rights fees are recognized over the course of the season, we recognized two full months of expenses in August and September. However, on the revenue side, a few sportsbook contracts were finalized shortly after the quarter end, resulting in a temporary timing mismatch between expense and revenue recognition. This will naturally resolve in Q4 as the revenue from those contracts are recognized.

由於版權費是在整個賽季中確認的，因此我們在 8 月和 9 月確認了兩個月的全部費用。然而，在收入方面，一些體育博彩合約是在季度末之後不久才最終敲定的，導致支出和收入確認之間出現暫時的時間錯配。這個問題自然會在第四季度得到解決，因為這些合約的收入將會得到確認。

With that in mind, we have generated strong growth in group adjusted EBITDA, increasing 32% in Q3 and 65% through the first nine-months. And as it relates to cash, our operating cash flow this quarter was $27 million, demonstrating the seasonality of our cash flow, which typically flips positive in the second half of the calendar year.

考慮到這一點，我們實現了集團調整後 EBITDA 的強勁成長，第三季成長了 32%，前九個月成長了 65%。至於現金方面，本季我們的營運現金流為 2,700 萬美元，這表示我們的現金流具有季節性，通常在日曆年的下半年轉為正值。

Taking a step back from the quarter and looking across the full year, we are continuing to demonstrate strong annual top line growth and group adjusted EBITDA margin expansion. We feel confident in the underlying trends across both Betting and media, as you heard earlier from Mark.

回顧本季度，展望全年，我們繼續保持強勁的年度營收成長和集團調整後 EBITDA 利潤率擴張。正如馬克之前所說，我們對博彩和媒體行業的潛在趨勢充滿信心。

In Betting, we're seeing strong product adoption, increased in-play betting and favorable pricing in our fixed contracts, giving us good visibility for approximately 30% growth for the full year. In Media, we're even more optimistic. We started the year expecting full year growth in the low to mid-teens.

在博彩方面，我們看到產品推廣勢頭強勁，滾球投注量增加，固定合約價格也十分優惠，這讓我們對全年約 30% 的成長前景充滿信心。在媒體產業，我們更加樂觀。年初我們預計全年成長率將在10%到15%之間。

Last quarter, we raised our growth expectations to 20%, and now we expect growth of nearly 30% -- as such, we are raising our group revenue guidance from $645 million to $655 million, representing 28% growth for the full year. We are also raising our group adjusted EBITDA guidance to $136 million, representing 59% growth and 400 basis points of margin expansion for the full year to 21%. This further emphasizes our consistent growth and margin expansion on an annual basis.

上個季度，我們將成長預期上調至 20%，現在我們預計成長將接近 30%——因此，我們將集團收入預期從 6.45 億美元上調至 6.55 億美元，全年成長 28%。我們同時將集團調整後 EBITDA 預期上調至 1.36 億美元，年增 59%，全年利潤率提升 400 個基點至 21%。這進一步凸顯了我們每年持續成長和利潤率擴張的勢頭。

To conclude, the business is firing on all cylinders. We're continuing to improve our position in the online sports betting industry through expanded content coverage, increased product adoption and favorable commercial terms, enabling durable revenue growth.

總之，公司目前營運狀況良好。我們透過擴大內容覆蓋範圍、提高產品採用率和提供有利的商業條款，不斷提升我們在線上體育博彩行業的地位，從而實現可持續的收入成長。

We're also proving the value of our advertising platform, evidenced by a growing number of unique capabilities and new client wins. This success is reflected in the results we've delivered to date and our raised expectations for the rest of the year. We're looking forward to sharing more detail with you in our upcoming Investor Day on December 3.

我們也正在證明我們廣告平台的價值，越來越多的獨特功能和新客戶的加入就證明了這一點。這一成功體現在我們迄今為止的成績以及我們對今年剩餘時間的更高期望中。我們期待在12月3日即將舉行的投資者日上與您分享更多細節。

We'll now conclude our remarks and open the line to Q&A.

現在我們將結束發言，並開放問答環節。

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

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

I want to start on Serie A European leagues. You mentioned kind of the straight-line expensing delayed revenue rec from a few sportsbooks. One, can you quantify that? And then two, the impact on the quarter that is? And then two, anything you've learned from those two specific contracts now that you've taken them over from the commercial negotiations to working with the leagues to just anything that may have surprised you with either of those?

我想從意甲開始。你提到了一些體育博彩公司採用的類似直線法費用化延遲收入回收的方式。第一，你能量化一下嗎？其次，對本季的影響是什麼？其次，從你接手這兩份合約以來，從商業談判到與聯盟合作，你從這兩份合約中學到了什麼？有沒有什麼事情讓你感到驚訝？

Ryan, it's Mark. I'll take those backwards. Well, so on the commercial negotiations, I think the takeaway from some of this is really that the rights market that we -- is changing in a way that's very positive to us. We're sort of seeing the sort of evolution that we've been talking about over the last few years of rights fees coming down in a lot of leagues and giving an opportunity for us to deploy technology and partner in a very meaningful and serious way with the leagues.

瑞恩，我是馬克。我會把它們倒過來。嗯，關於商業談判，我認為從中可以得出的結論是，我們所處的版權市場正在發生非常有利於我們的積極變化。我們看到，過去幾年我們一直在談論的那種演變正在發生，許多聯盟的版權費都在下降，這給了我們一個機會，讓我們能夠部署技術，並以非常有意義和嚴肅的方式與聯盟合作。

And the rights deals that we've announced recently are very good examples of that. We've managed to deploy a lot of technology. We've managed to create relationships with those leagues that give us the opportunity to really leverage the technology that we've got, access new markets and deploy a lot of our it make a lot of the -- sorry, make some returns on the investment that we've been making over the last few years.

我們最近宣布的版權交易就是很好的例子。我們已經成功部署了許多技術。我們已經與這些聯盟建立了聯繫，這讓我們有機會真正利用我們擁有的技術，進入新市場，並部署我們的大量技術，從而——抱歉，從我們過去幾年所做的投資中獲得一些回報。

Ryan, what I would add -- it's Bryan. Thanks. I would add just that, as I called out, we contracted those early in the quarter, but we have a revenue timing mismatch where it will take us a bit of time to monetize them. And so there's a timing expense impact on that.

Ryan，我還要補充一點──是Bryan。謝謝。我還要補充一點，正如我之前提到的，我們在本季度初就簽訂了這些合同，但是由於收入到賬時間不匹配，我們需要一些時間才能實現盈利。因此，時間安排會對費用產生影響。

Are you willing to quantify that?

你願意對此進行量化嗎？

No.

不。

Fair enough. Switching over to the Media segment, nice outperformance in the quarter. It seemed like better on the revenue line than kind of the flow-through to EBITDA. Curious if that was more the legacy, let's call it, programmatic advertising, lower-margin business or if it was kind of FanHub, higher-margin, self-serve DSP and just kind of bifurcating that strength in the quarter and then also the raise in guidance and if there's any difference in that mix in Q4?

很公平。轉而關注媒體板塊，本季表現優異。從營收角度來看，這似乎比對 EBITDA 的影響要好。我想知道這更多是傳統的、我們姑且稱之為程序化廣告的、利潤較低的業務，還是像 FanHub 那樣利潤較高的自助式 DSP 業務，以及本季度業務優勢的分化，還有上調業績預期，第四季度這兩種業務組合是否會有所不同？

Yes. Ryan, it's Bryan again. Just on the margin flow-through, again, we have the right timing impact there, -- Serie A and EPFL coming online early in the quarter and we will monetize in Q4. And so that will start to unwind itself a bit. The revenue mix, as you noted, media was heavily weighted there with strong growth, almost 90%. That flows through at a lower margin than our betting business, but all the trends in media going the right way and growing that business.

是的。瑞恩，我是布萊恩。單就利潤傳遞而言，我們再次掌握了正確的時機影響——意甲聯賽和洛桑聯邦理工學院（EPFL）將在本季度初上線，我們將在第四季度實現盈利。所以這件事會開始慢慢地自行緩解。正如您所指出的，收入組成中媒體收入佔比很高，成長強勁，幾乎達到 90%。雖然媒體業務的利潤率低於我們的博彩業務，但媒體行業的所有發展趨勢都在朝著正確的方向發展，這推動了業務的成長。

And for the full year, while the margin may be a little lower this quarter, but it was where we expected, everything performed in line with our expectations. Looking at the full year as well as year-to-date, you have roughly 60% growth on the EBITDA and high 20s on the revenue. So you'll see there year-to-date, there's 460 basis points of margin growth. And for the full year, we're projecting 400.

就全年而言，雖然本季利潤率可能略低，但符合我們的預期，所有業績都符合我們的預期。從全年以及年初至今的數據來看，EBITDA 成長了約 60%，營收成長了 20% 以上。所以你會看到，今年迄今為止，利潤率增加了 460 個基點。我們預計全年將達到 400。

So the quarter really just impacted more by timing and mix.

所以，本季受到的影響主要在於時機和產品組合。

Clark Lampen, BTIG.

克拉克·蘭彭，BTIG。

Mark, I wanted to go back to growth in the Betting Tech business for a moment. You talked about performance sort of exceeding the US benchmark. Is it possible to contextualize for us as the market is evolving and it's sort of coalescing around you and your next largest competitor sort of on a go-forward basis, is it reasonable to think about sort of growth holding and above market, i.e., 20% to 30% range for the foreseeable future?

馬克，我想稍微回到博彩科技業務成長的話題。你提到性能方面某種程度上超過了美國基準。鑑於市場正在不斷發展，並且逐漸圍繞著你和你最大的競爭對手形成競爭格局，能否為我們分析一下，在可預見的未來，保持甚至高於市場平均水平（即 20% 到 30%）的增長是否合理？

Yes. I mean, there's a lot in that. I mean, we're seeing a lot of product rollout. As I mentioned in the call, we're running over sort of 20,000 -- I think we're up to about 23,000 events now. So the products that we're putting out into the market are evolving quickly and providing a lot of revenue opportunities. We're sort of seeing this kind of consolidation around the way that we operate the business. We've got our BetVision product going out. The media is integrated into that, and that's providing us opportunities to compound some of the growth.

是的。我的意思是，這裡面有很多東西。我的意思是，我們看到很多產品都在陸續推出。正如我在電話會議中提到的，我們正在處理大約 20,000 件活動——我認為我們現在已經達到了大約 23,000 件活動。因此，我們推出市場的產品正在快速發展，並提供了大量的收入機會。我們看到，在業務運作方式方面，正在出現這種整合趨勢。我們的 BetVision 產品已經上市了。媒體也融入其中，這為我們提供了進一步擴大成長的機會。

So we're expecting strong growth over the coming period. I mean, I think we put our long-term targets out 30% margin. We still see that as our North Star. And again, the way that the product rollout is happening at the moment is bang in line with how we've been talking about it over the last few years.

因此，我們預計未來一段時間將實現強勁成長。我的意思是，我認為我們設定的長期目標利潤率為 30%。我們仍然視之為我們的北極星。再次強調，目前產品推出的方式與我們過去幾年一直在討論的方式完全一致。

That's helpful. And if I could, just as a quick follow-up, I apologize if I missed it, but did you call out sort of the delta in performance between the sort of 50% to 60% plan and the north of 80% growth that you realized for the media business. What led to, I guess, sort of more spend materializing in the quarter? Was it customers seeing a better return? Or was this perhaps timing related? Any color you can provide would be helpful.

那很有幫助。如果可以的話，我想快速補充一下，如果我錯過了，請見諒。您是否提到過，您之前提出的 50% 到 60% 的計劃與您在媒體業務中實現的 80% 以上的增長之間存在的績效差距？我想，是什麼原因導致了本季支出增加？客戶是否獲得了更高的回報？或者這或許與時間有關？您提供的任何顏色資訊都將有所幫助。

Yes. I mean the short answer to that is agencies and strong returns. The products are proving themselves. We're getting the outcomes that we want. And obviously, we've got the agency announcements that we've made. So -- and the combination of both those is driving outsized growth in that sector.

是的。我的意思是，簡而言之，答案是代理商和豐厚的回報。這些產品正在證明自己的價值。我們得到了想要的結果。當然，我們還有我們已經發布的機構公告。因此，這兩者的結合正在推動該行業的超高速成長。

Mike Hickey, Benchmark Company.

Mike Hickey，Benchmark 公司。

Mark, Bryan, congrats guys on a great quarter. Welcome, Bryan. Great to hear your voice this morning and seeing you at G2E. Just two quick ones. Mark, just curious on the prediction market here, obviously creating a lot of excitement for the industry.

馬克、布萊恩，恭喜你們兩位度過了一個非常棒的季度。歡迎你，布萊恩。今天早上很高興聽到你的聲音，也很高興在G2E展會上見到你。就兩個簡單的問題。馬克，我對這裡的預測市場很感興趣，顯然它給這個行業帶來了很多興奮。

Do you think this could be a driver of legalization across the US and some key states here that have been kind of sticky and not legalizing? And then the follow-up, Mark, would be, do you have any concerns where the prediction markets are competing against some of your partners today that they could take some market share in the near term or long term?

你認為這會成為推動美國全國乃至一些態度頑固、遲遲不肯合法化的關鍵州實現合法化的動力嗎？馬克，接下來我想問的是，你是否擔心預測市場目前與你的一些合作夥伴存在競爭關係，可能會在短期或長期內搶佔一些市場份額？

Yes. I mean sort of to take it backwards, and I think we made some pretty direct comments in the prepared remarks that we see on a general principle, anything that expands the TAM and expands the market is a good thing for us. We're well placed, and we believe that there's a need for official Genius data, lead data, marks and logos, integrity solutions across the board, and that's only going to grow.

是的。我的意思是，某種程度上來說，應該反過來考慮，而且我認為我們在準備好的發言稿中已經非常直接地評論過，我們認為，從一般原則上講，任何能夠擴大TAM和市場規模的事情對我們來說都是好事。我們佔據了有利地位，我們相信，各方面都需要官方的 Genius 資料、潛在客戶資料、商標和標誌、誠信解決方案，而且這種需求只會不斷增長。

So in terms of the prediction markets, we -- frankly, as I said in the prepared comments, we see there is potentially an opportunity which could be very exciting. But again, we keep a very tight eye on regulation. As you know, you follow us for a very long time. We're very focused on making sure that we operate in a highly regulated fashion that we work with regulators and we work with the right people in the market.

所以就預測市場而言，坦白說，正如我在準備好的評論中所說，我們認為存在一個可能非常令人興奮的機會。但是，我們始終密切關注監管情況。如您所知，您已經關注我們很久了。我們非常注重確保我們的營運方式受到嚴格監管，我們與監管機構合作，並與市場上合適的人合作。

So at the moment, we're watching it very closely. It's not -- it's a topic of frequent conversation, not only externally, but also internally. But at the moment, we feel very well placed. We feel like there could be a large opportunity, but we've got to watch the regulatory space and how that's evolving over time.

所以目前，我們正在密切關注此事。並非如此——這是一個經常被討論的話題，不僅在外部，也在內部。但就目前而言，我們感覺情況非常有利。我們覺得這裡可能存在很大的機會，但我們必須密切注意監管領域及其隨時間推移的發展變化。

Mark, I guess a quick follow-up. Just on the integrity piece. We're seeing a lot of issues here, obviously, MBA, UFC and there's some international pieces, too. Can you just talk about how the integrity piece of your business and how vital you think it is to the ecosystem?

馬克，我想快速跟進。就誠信這部分而言。顯然，這裡存在著許多問題，例如MBA、UFC，還有一些國際問題。您能否談談貴公司如何看待誠信經營，以及您認為誠信對整個生態系統有多重要？

Yes. I mean, it's how we entered the market in the US. If you remember all those years ago, we sort of led with the focus around integrity. And again, it sort of comes down to the concept of official data, the thing we've been talking about for many years. It's increasingly important as we're seeing that the operators and the market coalesces around one focus around official data, one source of truth and making sure there's full transparency in the market.

是的。我的意思是，我們就是這樣進入美國市場的。如果你還記得多年前的事，我們當時是以誠信為核心的。歸根究底，這還是官方數據的概念，也就是我們多年來一直在討論的問題。隨著營運商和市場越來越關注官方數據、單一真理來源以及確保市場完全透明，這一點變得越來越重要。

So there's nothing particularly new here from our point of view. Again, we came to market in the late teens of 2000 with an integrity product that was focusing on making sure that there was real transparency and real understanding of what the original results are and how the markets are working. And again, we're just seeing the evolution of that coming through in the market as we predicted.

所以從我們的角度來看，這裡沒有什麼特別新鮮的內容。同樣，我們在 2000 年底推出了一款注重誠信的產品，該產品致力於確保真正的透明度，並真正了解原始結果是什麼以及市場是如何運作的。正如我們預測的那樣，我們看到這種趨勢正在市場中顯現出來。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，尼德姆公司。

Just want to ask, I mean, kind of a real-time question, but with the ESPN blackout on YouTube TV and Monday Night Football, was that helpful for BetVision viewership? And if so, any tactics that you or your sportsbook partners could deploy to make sure the consumers come back after the blackout or stay with you guys -- stay with BetVision after the blackout is over?

我想問一下，這算是個比較緊急的問題，但是由於 YouTube TV 上 ESPN 的停播以及週一晚間橄欖球賽的播出，這對 BetVision 的收視率有幫助嗎？如果是這樣，您或您的運動博彩合作夥伴可以採取哪些策略來確保消費者在停賽期結束後繼續使用您們的服務——在停賽期結束後繼續使用 BetVision 的服務？

Yes. I mean, look, I mean, not to comment specifically on that, but I think the overall point is around the growth of BetVision, as you've seen, I think I can't remember which slide number it is. But we've put it out there where the number of sportsbooks has grown. I'm just putting the numbers up. --

是的。我的意思是，你看，我的意思是，我不想具體評論這件事，但我認為重點是 BetVision 的發展，正如你所看到的，我想我記不清是哪張幻燈片了。但我們已經把它放到了體育博彩公司數量不斷增長的地方。我只是把數字填上去而已。--

Yes, I think we're up at what we published about 120 BetVision customers and the amount of content that we're putting through it has gone up to north of 20,000 global events. So we're seeing strong growth. We expect that product to continue to deliver decent viewership.

是的，我認為我們已經達到了之前公佈的約 120 位 BetVision 客戶的數量，而且我們通過它發布的內容量已經超過了 20,000 場全球賽事。所以我們看到了強勁的成長。我們預計該產品將繼續獲得不錯的收視率。

And again, internationally, we're seeing a lot of success there. So we don't know how the viewership, and I won't comment on ESPN specifically, but we don't know how that's going to affect it. But overall, we think getting content in front of sports punters is good for the sports leagues, increases the number of eyeballs, increases the focus on those competitions, and we think it's good for the sports books. And again, we're seeing good results. --

同樣，在國際上，我們也看到了巨大的成功。所以我們不知道收視率會如何，我不會具體評論 ESPN，但我們不知道這會對收視率產生什麼影響。但總的來說，我們認為讓體育博彩者接觸到體育內容對體育聯盟有好處，可以增加關注度，提高人們對這些比賽的關注度，我們認為這對體育博彩公司也有好處。我們再次看到了良好的效果。--

Yes. Makes a lot of sense. And secondly, can you just talk to the advertiser response to the Sports Innovation lab data? This seems like a pretty significant upgrade. And so when do you think you'll start to benefit from this data in the identity graph?

是的。很有道理。其次，您能否談談廣告主對運動創新實驗室數據的反應？這看起來像是一次相當大的升級。那麼，你認為什麼時候才能開始從身分圖中的這些資料中受益呢？

Yes. Well, we're already benefiting from it. It was a company that we've been doing some work with and the integration has been very, very smooth and pretty much immediate. So we knew what we were getting when we bought the business, and we're already using it, and we're already getting very strong results from doing so and good response from the customers.

是的。我們已經從中受益了。我們一直與這家公司有合作，整合過程非常非常順利，幾乎是立竿見影的。所以，我們在收購這家公司時就知道會得到什麼，我們已經在使用它了，而且已經從中獲得了非常顯著的成效，也得到了客戶的良好反饋。

Jordan Bender, Citizens.

喬丹本德，市民。

Something that's front and center again is kind of the bad game outcomes that are happening across the NFL. As we've learned your business model, there's this understanding that higher gaming margins for the NFL leads to more upside in your estimates via your variable gaming revenue. So the question is, do you start to think any differently about how you view your upside with respect to variable revenue as we are now in what's the third consecutive month of poor results and what looks like the third consecutive year of bad outcomes in the NFL?

再次成為人們關注焦點的是 NFL 各隊頻頻出現的糟糕比賽結果。根據我們對貴公司商業模式的了解，我們認為 NFL 遊戲利潤率越高，您的可變遊戲收入預期就越有成長空間。所以問題是，鑑於我們現在已經連續第三個月業績不佳，而且看起來NFL也連續第三年遭遇糟糕的戰績，你是否會開始以不同的方式看待可變收入方面的增長潛力？

Yes. I would say that we had communicated a while and we did what we said in terms of a round of renegotiations and renewals where we increased our fixed composition. And so while that has decreased the variable component, it still exposes us to the upside, and it also gives us more predictability and consistency.

是的。我想說，我們已經溝通了一段時間，並且按照我們所說的進行了一輪重新談判和續約，增加了我們的固定組成人員。因此，雖然這減少了可變因素，但仍然為我們帶來了上漲空間，同時也帶來了更高的可預測性和一致性。

And so the week-to-week holds, we don't really feel that variability, that noise. And we obviously like the model we have, and we continue to grow our value for the sportsbooks in terms of just the adoption of products and helping them engage more deeply with their audience.

因此，每週的情況都保持不變，我們並沒有真正感受到那種波動和乾擾。我們顯然很喜歡我們現有的模式，我們不斷提升自身對體育博彩公司的價值，包括促進產品推廣，幫助他們更深入地與受眾互動。

Got it. And then just a follow-up. The in-play mix at 30% from what I see in my notes here, that's roughly flat year-over-year. Maybe something more to discuss at your Investor Day, but curious if there's any change on how you're thinking about the shift into in-play over time.

知道了。然後還有一個後續問題。根據我的筆記，目前場內投注佔比為 30%，與去年同期基本持平。或許可以在投資者日上進一步討論這個問題，但我很好奇，隨著時間的推移，您對轉向實戰的看法是否有任何變化。

Yes. I think it's partly too, we're early in the season here. The parlay mix matters. And so as we've seen around the world, it's likely that will grow over time, but I think we're early in the season here to judge it too finely as staying flat.

是的。我覺得部分原因也是，我們現在才賽季初期。串關組合很重要。正如我們在世界各地所看到的，這種情況可能會隨著時間的推移而增長，但我認為現在還處於賽季初期，現在斷言它會保持平穩還為時過早。

Jed Kelly, Oppenheimer.

傑德凱利，奧本海默。

Just two. Touching on the Media segment, obviously, good growth, recent acquisitions. Can you just talk about how your go-to-market strategy is evolving with your sales force? And then following up on Jordan's questions around the 30% live betting mix. Are you seeing more better start to go into the higher-margin products such as TV props? We've seen the sportsbooks push that. So is some of this that they're just going into higher GGR products, which is actually a benefit for you guys?

只有兩個。談到媒體板塊，顯然成長良好，近期也有收購。您能否談談您的銷售團隊是如何調整市場推廣策略的？然後，我們繼續討論喬丹關於 30% 現場投注組合的問題。您是否注意到越來越多的企業開始進入利潤更高的產品領域，例如電視道具？我們已經看到博彩公司在大力推廣這一點。所以他們是不是正在轉向生產高GGR產品，這對你們來說其實是好事？

So the answer to the first question is the go-to-market strategy is pretty much in line with what we've been saying for a while. Our focus is agencies. Our focus is deploying the product through them and the acquisition of large brands and proving value through the initial campaigns that we run and making sure we're getting results, and it's all coming through.

所以第一個問題的答案是，市場進入策略與我們一直以來所說的基本一致。我們的重點是代理商。我們的重點是透過他們推廣產品，收購大品牌，並透過我們所進行的初期活動來證明價值，確保我們獲得成果，而這一切都正在實現。

And again, touched on the last question, SILs have really helped a lot with that. We're getting strong results off the back of that. So we expect our relationships with our agencies to continue to grow, and we'll touch upon that in the upcoming Investor Day.

再次提到上一個問題，我嫂子們在這方面真的幫了我很多忙。我們因此取得了顯著成效。因此，我們預計與各代理商的關係將繼續發展，我們將在即將舉行的投資者日上詳細討論這一點。

On the in-play, as we said, overall, we're seeing that roughly flat. What I would say, and we've called it out in the slides, is that in BetVision, where you might say that is a deeper fan engagement, that in-play mix is closer to 70%, 75%. So we do see that the deeper they go, the more in-play there is. So I hope that helps.

就比賽進行中而言，正如我們所說，總體而言，我們看到比賽大致平穩。我想說的是，我們在幻燈片中也提到過，在 BetVision，可以說粉絲參與度更高，其中的滾球投注比例接近 70% 或 75%。所以我們可以看到，他們越深入，就越能發現其中的門道。希望這能有所幫助。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Just going back to the advertising business. I believe you mentioned increased spend in the quarter -- for the quarter, driving the growth above your expectations. Can you talk about how much visibility you have into the media business versus the shorter term in the quarter demand?

重操舊業，繼續做廣告生意。我相信您曾提到本季支出增加—本季支出增加推動了成長，超出了您的預期。您能否談談您對媒體業務的了解程度，以及您對短期季度需求的了解程度？

Yes. We -- again, there, our business continues to grow ahead of our expectations this quarter. As I called out in my remarks, we started in the teens, went to 20. Now we're projecting almost 30% for the year. Things like the Sports Innovation Lab acquisition give us more data and deeper insights. And we're currently working on with our new agencies and partners on just annual planning and things like World Cup. And so we look forward to talking more about it at Investor Day.

是的。我們——再說一遍，本季我們的業務繼續超出預期成長。正如我在演講中提到的，我們從十幾起案件開始，一直到二十起。現在我們預計今年將成長近30%。像是收購體育創新實驗室這樣的舉措，為我們提供了更多的數據和更深入的見解。我們目前正與新的代理商和合作夥伴一起進行年度規劃以及世界盃等賽事的相關工作。因此，我們期待在投資者日上就此進行更深入的探討。

Okay. And then can you just help us how we should think about free cash flow in the fourth quarter?

好的。那麼，您能否幫我們分析一下第四季的自由現金流狀況？

Yes. On free cash, we had a strong 2024 with $82 million in operating cash. And a big piece of this is going to be a couple of things in terms of discretionarily where we might invest as well as you have some timing of rights, as I mentioned earlier. And then also, we do have, and we've called it out, there is some nonrecurring one-off litigation expenses. So on -- when you look at it organically, we expect it up to be strongly. And so the back half of the year is typically where our cash flow flips positive and strong.

是的。2024 年自由現金流強勁，營運現金流達 8,200 萬美元。其中很重要的一部分將取決於我們自主決定投資方向的幾個方面，以及我們擁有的一些時機選擇權，正如我之前提到的。此外，我們也指出，還有一些非經常性的、一次性的訴訟費用。所以——從整體上看，我們預計它會強勁成長。因此，下半年通常是我們現金流轉正並保持強勁成長的時期。

Barry Jonas, Truist.

Barry Jonas，Truist。

I just wanted to follow up on an earlier question. I think we -- relative to the NBA scandal going on, I think we all understand potential upside with integrity solutions and the power of official data. But can you help frame for us any risks around wider bet type restrictions like perhaps limiting player props or micro betting?

我只是想就之前的問題做個後續說明。我認為，就目前NBA的醜聞而言，我們都明白誠信解決方案的潛在優勢以及官方數據的力量。但是，您能否幫我們分析一下更廣泛的投注類型限制（例如限制球員道具投注或微額投注）可能存在的風險？

Yes. I mean, I think the answer still stands to be honest with you. We've seen this quite a lot in Europe, and we've sort of been through a sort of cycle of this in -- especially in the UK. And I think the focus really does come down to official data and making sure that the leagues are well plugged in and the regulators are -- have good visibility of how the markets are evolving in respect to official data.

是的。說實話，我認為答案依然不變。我們在歐洲已經多次看到這種情況，尤其是在英國，我們已經經歷了這種週期性的波動。我認為重點確實在於官方數據，確保各聯盟能夠很好地掌握官方數據，監管機構能夠清楚了解市場如何根據官方數據發展。

So we don't really see particular risks around that as long as the market continues to evolve hand-in-hand with the sports leagues to protect the consumer.

所以，只要市場繼續與運動聯盟攜手發展，共同保護消費者，我們就看不到這方面有什麼特別的風險。

Great. That's helpful. And then Bryan, congrats on the new role. I didn't have a chance to meet you at G2E, but I was just curious if you could spend a minute talking about how you'll approach the role with any new lenses and how you think your background can most help add value here.

偉大的。那很有幫助。還有，布萊恩，恭喜你擔任新職務。在 G2E 展會上我沒有機會見到你，但我很好奇你是否可以花一分鐘時間談談你將如何以新的視角看待這個角色，以及你認為你的背景如何能最大程度地為這個角色增添價值。

Yes. Thanks. I hate to turn the call into about me. But listen, I come from a long background in sports, media and entertainment. And what we're doing here at Genius is exciting. And I think for me, Genius is at a really interesting point where our scale and our distribution continues to grow very well.

是的。謝謝。我不想把電話變成關於我自己的事。但是，聽著，我有豐富的體育、媒體和娛樂產業經驗。我們在 Genius 所做的事情令人興奮。我認為，對我而言，Genius 目前正處於一個非常有趣的階段，我們的規模和分銷管道都在持續快速成長。

And I have, of course, been focused on driving -- continuing to increase the top line, especially the EBITDA and cash flow and also continue to help and be continued good stewards of capital. And I think you've seen us allocate capital well and set high standards for when we spend it, where we spend it and with whom we spend it.

當然，我一直專注於推動——繼續提高營收，特別是 EBITDA 和現金流，同時也繼續幫助並繼續做好資本的管理工作。我認為你們已經看到我們如何合理配置資金，以及在何時、何地和與誰一起花錢方面都設定了高標準。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

I'm curious, as the NFL continues to expand internationally, have gains into new markets this year, are you seeing any impact on bets being made overseas with the NFL?

我很好奇，隨著 NFL 繼續在國際上擴張，今年在新市場取得進展，您是否看到 NFL 在海外的投注受到任何影響？

Yes, we're seeing the NFL a real success internationally. I mean, you saw, I think, Flutter announced their news with the NFL on an international basis. I think it's the third most bet on sport with Paddy Power. So they're making real traction, and it's certainly peaking the interest of the players in the European market.

是的，我們看到NFL在國際上取得了真正的成功。我的意思是，我想你們也看到了，Flutter 已經向 NFL 發布了他們的國際合作消息。我認為它是 Paddy Power 博彩公司投注額第三高的運動。所以他們取得了真正的進展，這無疑引起了歐洲市場參與者的極大興趣。

Okay. And then I know it's still very early, but I wonder if you have any sort of early insights on BetVision with your new soccer and basketball rollouts.

好的。我知道現在還為時過早，但我很想知道您對 BetVision 新推出的足球和籃球賽事是否有任何初步的見解。

Yes. I mean, I think the initial indication is you've got, I think, over 100 customers that have taken it now. So the growth has been extremely strong, and we're seeing good results and getting good feedback from that. The addition of new events is interesting. I mean, I think most people think about it from only the sportsbooks point of view.

是的。我的意思是，初步跡象表明，目前已經有超過 100 位顧客購買了它。因此，成長動能非常強勁，我們看到了良好的成果，也得到了很好的回饋。新增賽事很有意思。我的意思是，我認為大多數人只是從博彩公司的角度來考慮這個問題。

But one of the things that's probably a lens that's interesting to think about, I guess, is if you're a sports league, what you're looking for as you look at the distribution, you want people and you want engaged players to be watching your game in order to distribute your sport and make it more well known.

但我想，值得思考的一個角度是，如果你是一個運動聯盟，當你考慮分發管道時，你希望人們，尤其是參與其中的玩家觀看你的比賽，這樣才能傳播你的運動，讓它更加廣為人知。

And I think that in today's world where the way that sports consumed is changing so much. You've got short-form content, my kids watch sport in a very different way to the way that I used to watch sport. I think that this product is a really helpful thing for the leagues, which is why they're so supportive of it.

我認為在當今世界，人們消費體育的方式正在發生巨大的變化。你們提供短影片內容，我的孩子們觀看體育比賽的方式和我以前觀看體育比賽的方式截然不同。我認為這款產品對聯賽真的很有幫助，這也是他們如此支持它的原因。

The other thing, I guess, that's happening is just the way that the advertising market is changing. The advertisers want content that's -- sorry, want spots that are driven by high emotion. Our technologies with the fact that we've managed to teach the machines to understand the game, and therefore, we can highlight those moments of high emotion, which end up getting high returns for the advertisers.

我想，另一件事是廣告市場正在改變。廣告商想要的是──抱歉，是那種能激發強烈情感的廣告片。我們的技術，加上我們已經教導機器理解遊戲，因此我們可以突出那些情緒高漲的時刻，最終為廣告商帶來高回報。

So putting a brand logo up as a gold score or something very, very relevant to that individual fan happens on the event. We were able to do that now. And we're seeing very, very strong results from that. Again, it's one of the things that I think is peaking the advertisers and certainly the agency's interest in helping to drive the media business growth.

因此，在活動中，可能會出現將品牌標誌作為金牌或其他與特定粉絲非常相關的內容展示出來的情況。現在我們能夠做到這一點了。我們已經看到了非常非常顯著的成效。再次強調，我認為這是能夠激發廣告主和廣告公司興趣，並幫助推動媒體業務成長的原因之一。

Josh Nichols, B. Riley Financial.

Josh Nichols，B. Riley Financial。

Real quick, I just want to touch on the gross margin front. I understand you had some additional expenses in 2Q with the revenue coming in -- or sorry, in 3Q with the revenue coming in, in 4Q. With that in mind, just how should we think about the margin profile for 4Q? Do you expect that to be back up to be up year-over-year in the fourth quarter, given you have a normalization?

我只想簡單談談毛利率方面的問題。我知道你們在第二季隨著收入的增加而產生了一些額外的支出——或者抱歉，是第三季隨著收入的增加，第四季也是如此。基於上述考慮，我們該如何看待第四季的利潤率狀況？考慮到正常化趨勢，您預計第四季度該數據能否恢復到年成長水準？

Josh, I mean, we've called out where we expect to land for the year. at 136 against the $655 million and roughly 20% margin and up 400 bps year-to-year. And in terms of -- if you were looking at the cost of sales, some of that has to do with just increased rights costs in there.

喬希，我的意思是，我們已經預測了今年的預期目標，即每股收益 136 美元，營收 6.55 億美元，利潤率約為 20%，同比增長 400 個基點。至於銷售成本方面——如果你看一下銷售成本，其中一些成本是由於版權成本增加造成的。

That makes sense. And then last question, you probably touched on a little bit more detail at the upcoming Investor Day. But if you look like the media business now, you've taken the growth expectations up there to like 30% this year. And you've mentioned previously that you thought the company as a whole was able to deliver 20%-plus growth for multiple years.

這很有道理。最後一個問題，您可能在即將舉行的投資者日上會更詳細地談到這一點。但如果你看看現在的媒體產業，你會發現今年的成長預期已經達到了 30% 左右。你之前也提到過，你認為公司整體上能夠連續多年達到 20% 以上的成長。

Fair to assume, not just looking at this year, but a little bit beyond that, that you would expect the media business, given the traction you're seeing to grow at above that pace for at least the foreseeable future?

不僅著眼於今年，而且展望未來一段時間，鑑於目前的發展勢頭，我們有理由認為媒體產業至少在可預見的未來將以高於目前的速度成長？

Yes. And we'll talk about this more at Investor Day. As I said earlier, I mean, it is US-centric in that the US -- the US and particularly in the back half of the year, the NFL drives a big component. And so strong growth this year, and we're working on that annual planning and how the calendar next year will look. And so we'll talk about that more at Investor Day.

是的。我們將在投資者日上詳細討論這個問題。正如我之前所說，我的意思是，它是以美國為中心的，因為美國——尤其是在下半年，NFL 佔據了很大一部分市場份額。所以今年實現了強勁增長，我們正在製定年度計劃，並考慮明年的日程安排。所以我們會在投資者日上詳細討論這個問題。

Chad Benyon, Macquarie.

查德‧本揚，麥格理集團。

This is Sam on for Chad. Mark, last quarter, you mentioned that a big focus for the company was on trying to create more NFL ad inventory for your partners. Just curious now that we're a couple of months into the season, if there are any updates or new plans on that front for this NFL season or for the next?

這裡是薩姆替查德報道。馬克，上個季度你提到公司的一個重點是努力為合作夥伴創造更多的 NFL 廣告資源。現在賽季已經進行了幾個月，我很好奇，關於本賽季或下個賽季的NFL相關事宜，是否有任何更新或新計劃？

Yes. I mean we've managed to do that, and we've sold it out actually. It's all sold out. So that's a pretty good place to be. It gives us opportunity to create more inventory going forward as well since we can evolve the product sets as they go. And as you'll have seen, again, I don't have the slide number, but the slide entitled New Inventory creating more ways for brands to reach sports fans, I think, is a really good example of that.

是的。我的意思是，我們已經做到了，而且實際上已經全部售罄了。全部售罄。所以，那真是個不錯的地方。這也為我們未來創造更多庫存提供了機會，因為我們可以隨著時間的推移不斷改進產品組合。正如你所看到的，我再次沒有幻燈片編號，但題為“新庫存為品牌接觸體育迷創造了更多途徑”的幻燈片，我認為就是一個很好的例子。

And then bigger picture question. I wanted to ask about the 30% margin target. It seems like the growth for the company keeps getting better. So as a company, how are you guys thinking about the balance of growth versus profitability and the time line to reach that target?

然後是更宏觀的問題。我想問一下關於30%利潤率目標的問題。公司的發展勢頭似乎越來越好。那麼，作為一家公司，你們是如何考慮成長與獲利能力之間的平衡，以及實現該目標的時間表的？

Again, I mean, we will provide a multiyear view at Investor Day. This year, we're adding 400 bps, and we continue to believe that our margins will rise over the next few years and achieve -- I don't want to get too far ahead on future guidance, but we remain optimistic about what we said, where we're going, and we're excited for December 3 Investor Day to talk more about it.

再次強調，我們將在投資者日上提供多年展望。今年，我們增加了 400 個基點，我們仍然相信未來幾年我們的利潤率將會上升並實現——我不想對未來的業績指引做太多預測，但我們對我們之前所說的、我們未來的發展方向仍然保持樂觀，我們很期待 12 月 3 日的投資者日，屆時我們將對此進行更詳細的討論。

Yes. I mean there's sort of two main focuses. We've got our North Star out there at 30% margin, which we're still targeting and feel very good about. And we're focusing increasingly and certainly will in '26 on cash flow conversion and increasing the cash flow from the business. So we've had a good couple of years on that front, and we are hyper focused on that. And again, it's one of the reasons I'm so excited to have Brian join us to focus on driving that.

是的。我的意思是，主要有兩個方面。我們設定的目標利潤率為 30%，我們仍然朝著這個目標努力，並且對此感到非常滿意。我們越來越重視現金流轉換和增加業務現金流，而且在 2026 年肯定會繼續這樣做。所以，我們在這一領域已經取得了不錯的成績，我們目前也高度重視這一領域。再次強調，這也是我非常高興布萊恩加入我們，專注於推動這項工作的原因之一。

Greg Gibas, Northland Securities.

Greg Gibas，北地證券。

On the quarter. Similar to what you accomplished with ESPN Bet to, I guess, expand to the full suite of BetVision sports coverage, could you maybe discuss the opportunity with your broader sportsbook customers that maybe don't use or use it for perhaps just the NFL? I guess just kind of how underpenetrated you would say that, that product is relative to the full adoption opportunity?

四分之一。就像您之前透過 ESPN Bet 實現的那樣，我想，最終目標是擴展到 BetVision 的整個體育賽事報道，您能否與您更廣泛的體育博彩客戶討論一下這個機會，這些客戶可能還沒有使用過 BetVision，或者只是用它來觀看 NFL 比賽？我想問的是，您覺得該產品目前的滲透率相對於其完全普及的可能性有多低？

Look, they're early days. The products are being distributed widely. We've got a good uptake in the sports books, as we mentioned earlier, but there's still an awful long way to go. I think the thing that I would focus on if I renew your shoes is the level of results that we're getting. Obviously, the sports books as we said for a very long time, we want to be shifting people to in-play betting, higher margins, better returns, better engagement from the fans point of view.

現在還為時過早。這些產品正在廣泛分銷。正如我們之前提到的，體育博彩業務發展良好，但距離目標還有很長的路要走。我認為，如果我要為你更換鞋子，我會專注於我們所獲得的效果等級。顯然，正如我們長期以來所說的那樣，體育博彩公司希望引導人們進行滾球投注，以獲得更高的利潤、更好的回報，並從粉絲的角度獲得更好的參與度。

And from our point of view, we get a much higher return on our -- through the commercial deals that we have. I remind you, going back over the years, it's 3 times the amount. So there's a strong focus in the business on getting that distribution and frankly, a strong focus from the sports books as well because it benefits both of us. So from that point of view, we think that we're still very early in the journey, and we expect that product and the adoption of that to be very strong over the coming years.

從我們的角度來看，我們透過商業交易獲得了更高的回報。我提醒你，回顧過去幾年，這個數字是現在的三倍。因此，公司非常重視分銷管道的拓展，坦白說，體育博彩公司也非常重視分銷管道的拓展，因為這對我們雙方都有好處。因此從這個角度來看，我們認為我們仍處於發展初期，我們預計該產品及其應用在未來幾年將非常強勁。

Got it. Great. And I guess for clarification, and I apologize if you already addressed, but regarding the temporary timing mismatch between rev rec and the increased cost basis from rights, fair to say no impact expected or carry over into Q4?

知道了。偉大的。我想澄清一下，如果您已經解釋過了，我深表歉意，但關於收入確認和因權利而增加的成本基礎之間暫時的時間錯配，是否可以說預計不會產生任何影響，也不會延續到第四季度？

That's right. It should start to unwind as we -- for Serie A and EPFL in particular, we start to monetize those deals.

這是正確的。隨著我們開始將這些交易貨幣化，這種情況應該會開始好轉——特別是對於意甲和洛桑聯邦理工學院（EPFL）。

All right. Thanks for the questions, Greg. And that does conclude our Q&A session, and it also concludes today's earnings call. Thank you so much for joining, and you may now disconnect. Have a great day, everyone.

好的。謝謝你的提問，格雷格。問答環節到此結束，今天的財報電話會議也到此結束。非常感謝您的參與，您現在可以斷開連接了。祝大家今天過得愉快。