Genius Sports Ltd (GENI) 2026 Q1 法說會逐字稿

Good day, and welcome to Genius Sports Limited first quarter 2026 earnings results call. (Operator Instructions) Please note that this call is being recorded. It is now my pleasure to introduce your host, Genius Sports Limited. Please go ahead.

各位好，歡迎參加 Genius Sports Limited 2026 年第一季財報結果電話會議。(接線員指示) 請注意，本通話將被錄音。現在很榮幸為各位介紹本次會議主辦方：Genius Sports Limited。請開始。

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.

謝謝，各位早安。在開始之前，我們想提醒各位，本次通話中所作的某些陳述可能構成前瞻性陳述，並受各種風險影響，可能導致我們的實際結果與歷史結果或預測存在重大差異。

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 17.

我們不承擔更新前瞻性陳述的任何責任。任何此類陳述均應結合我們財報新聞稿中的警示性陳述，以及我們向美國證券交易委員會（SEC）提交文件中的風險因素討論一併考量，包括我們於 3 月 17 日向 SEC 提交的 20-F 年報。

During the call, management will also discuss certain non-GAAP measures that we believe may be useful in evaluating Genius Sports Limited's operating performance. These measures should not be considered in isolation or as a substitute for Genius Sports Limited's financial results prepared in accordance with US GAAP.

在本次通話中，管理層也將討論若干我們認為有助於評估 Genius Sports Limited 營運表現的非 GAAP 指標。這些指標不應被單獨看待，也不應作為依據美國 GAAP 編製之 Genius Sports Limited 財務結果的替代。

A reconciliation of these non-GAAP measures to the most directly comparable US GAAP measures is available in our earnings press release and earnings presentation, which can be found on our website at investors.geniussports.com.

這些非 GAAP 指標與最直接可比的美國 GAAP 指標之調節表，已載於我們的財報新聞稿與財報簡報中，可於我們網站 investors.geniussports.com 查閱。

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

接下來，我將把電話交給我們的執行長 Mark Locke。

Good morning, everyone, and thank you for joining. Before I get into the results, a quick word on context. We're really pleased to share that we've successfully closed the Legend acquisition last week. Integration is well underway, and we're excited to share our progress into the quarters ahead.

各位早安，感謝各位參與。在我談到業績之前，先簡短說明一下背景。我們很高興與各位分享，我們已於上週成功完成 Legend 的收購案交割。整合工作正在順利推進中，我們也期待在未來幾季與各位分享進展。

Q1 was another strong quarter, reinforcing the simple point that this is a reliable compounding business model and that we are executing on plan. We delivered group revenue growth of 31% and adjusted EBITDA growth of 21%, with meaningful contributions from both Betting and Media.

第一季再度表現強勁，進一步印證一個簡單的重點：這是一個可靠、可持續複利成長的商業模式，而我們正按計畫執行。我們實現集團營收成長 31%，調整後 EBITDA 成長 21%，投注（Betting）與媒體（Media）兩大業務皆有顯著貢獻。

Importantly, Betting grew 33% this quarter, and that consistency is structural, and I want to spend a few minutes on why. Net revenue retention remains in the 120% to 130% range across our Sportsbook customers year after year.

重要的是，本季投注業務成長 33%，而這種一致性是結構性的，我想花幾分鐘說明原因。我們在 Sportsbook 客戶的淨營收留存率（Net revenue retention）年復一年維持在 120% 至 130% 的區間。

We partner with circa 500 licensed Sportsbook brands across regulated markets globally, and over half our revenue is generated outside of the United States. Our consistent growth comes from the same drivers that we have always communicated, selling additional content and products to sportsbooks, winning new customers globally, sharing in market growth and increasing the value of our partnerships as they come up for renewal.

我們在全球受監管市場與約 500 個持牌 Sportsbook 品牌合作，且超過一半的營收來自美國以外地區。我們的穩定成長來自我們一直以來所溝通的相同驅動因素：向 Sportsbook 銷售更多內容與產品、在全球贏得新客戶、分享市場成長紅利，以及在合作夥伴合約到期續約時提升合作價值。

Each renewal is a pricing event, more content, more products, more geographies. And that's what compounds into the growth that you see year after year. What sets us apart is how deliberately this business is built. That repeated performance across a diverse set of customers, products, and regulated geographies is fundamental to how this business compounds.

每一次續約都是一次定價事件：更多內容、更多產品、更多地理市場。而這些因素年復一年累積，形成各位所看到的複利式成長。讓我們與眾不同的是，我們非常有意識地打造這門生意。在多元的客戶、產品與受監管地區中反覆展現的績效，是這門生意得以複利成長的根本。

Further, we are selective by design, working only with licensed operators in regulated markets. It is what makes our business model predictable and sustainable. That predictability is reinforced by our contracts, which are structured to protect against the downside. Volatility in handle or hold does not translate to earnings volatility for Genius Sports Limited.

此外，我們在設計上採取選擇性策略，只與受監管市場中的持牌營運商合作。這正是讓我們的商業模式可預測且可持續的原因。這種可預測性也由我們的合約所強化，合約結構旨在防範下行風險。投注額（handle）或持有率（hold）的波動，不會轉化為 Genius Sports Limited 的獲利波動。

We have proven this through periods of industry-wide pressure, and this quarter was no different. While discussing our Betting business, I want to spend a moment on prediction markets because, as we've mentioned before, this is a meaningful new ecosystem for Genius Sports.

我們已在產業整體承壓的期間證明了這一點，而本季也不例外。在談到我們的投注業務時，我想花點時間談談預測市場（prediction markets），因為如同我們先前提到的，這是 Genius Sports 一個重要的新生態系。

The regulatory framework is evolving. Leagues are establishing agreements with the CFTC and prediction market platforms, and well-funded operators are deploying significant new influxes of capital at scale. We are a beneficiary of this.

監管框架正在演進。各聯盟正在與美國商品期貨交易委員會（CFTC）及預測市場平台建立協議，而資金雄厚的營運商也正以規模化方式投入大量新增資本。我們將從中受益。

Where we are different is that our position here is structural. We provide the data and the infrastructure that enables prediction market operators and the other stakeholders in the ecosystem to function at scale. We expect this to translate into both incremental data revenue and advertising demand as those operators ramp customer acquisition.

我們的不同之處在於，我們在此的定位是結構性的。我們提供數據與基礎設施，使預測市場營運商及生態系中的其他利害關係人能夠以規模化方式運作。我們預期，隨著這些營運商加速客戶獲取，這將轉化為增量的數據營收與廣告需求。

The way to think about this is simple. We are applying the same proven model in the US online sports betting market to a new category. As a concrete example of revenue, during the quarter, we onboarded several high-profile market makers using our low-latency data feeds to help them participate in prediction markets. That is the pattern. Our infrastructure becomes the foundation for new products as they emerge.

理解方式很簡單。我們正把在美國線上運動博彩市場已被驗證的同一套模式，應用到一個新類別。以營收的具體例子來說，本季我們導入了數家知名造市商（market makers），使用我們的低延遲數據串流，協助他們參與預測市場。這就是一貫的模式。隨著新產品出現，我們的基礎設施會成為其底層基石。

And as the industry continues to evolve, we see a clear opportunity to execute that same proven strategy and effectively expand our addressable market. We are at the very early stages of that journey today and are excited about our pipeline. That is the Betting story.

隨著產業持續演進，我們看到明確機會去執行同樣已被驗證的策略，並有效擴大我們的可服務市場（addressable market）。我們目前仍處於這段旅程的非常早期階段，並對我們的商機管線感到振奮。以上就是投注業務的重點。

Now media. Media grew 22% in this quarter. Most excitingly for Genius Sports Limited was the launch of our Moment Engine that has already gained significant traction across the advertising industry and become the new standard.

接下來談媒體。媒體業務本季成長 22%。對 Genius Sports Limited 而言，最令人振奮的是我們推出了 Moment Engine，該產品已在廣告產業獲得顯著採用，並成為新的標準。

The Moment Engine identifies when fan engagement is likely to peak, not just from the scoreboard, but from momentum shifts, comebacks, and the kind of high impact moments where customer attention is most valuable to advertisers.

Moment Engine 能辨識球迷互動可能達到高峰的時刻，不僅依據比分板，還包括氣勢轉折、逆轉，以及那種高影響力時刻——在這些時刻，消費者注意力對廣告主最具價值。

GeniusIQ is what makes that possible. And importantly, it matches that moment to high-value audiences and activates them instantly. It's not just about identifying what is happening in the game. It's about understanding who it matters to and how they are likely to respond because not every fan reacts to the same moment in the game in the same way.

GeniusIQ 讓這一切成為可能。更重要的是，它能將該時刻與高價值受眾匹配，並即時啟動觸達。這不只是辨識比賽中正在發生什麼。而是理解這件事對誰重要，以及他們可能如何反應，因為並非每位球迷對比賽中的同一個時刻都會以相同方式反應。

That signal, the connection between the moment, the fan, and the response, is what advertisers pay for. What differentiates us is the combination of data and identity. Our FANHub ID graph, 250 million consumers, combined with Legend's intent signals drive better targeting and higher yields.

這個訊號——時刻、球迷與反應之間的連結——正是廣告主願意付費的價值。讓我們與眾不同的是數據與身分識別（identity）的結合。我們的 FANHub ID 圖譜涵蓋 2.5 億名消費者，結合 Legend 的意圖訊號（intent signals），帶來更好的定向與更高的收益率。

The result is enabling advertisers to target high-intent audiences in real time, which drives higher yields and increased spend over time that translates directly into high-margin media revenue.

其結果是讓廣告主能即時鎖定高意圖受眾，進而帶來更高的收益率與隨時間增加的投放支出，並直接轉化為高毛利的媒體營收。

To accelerate the growth of this opportunity, we have now integrated the Moment Engine with leaders representing approximately 90% of the programmatic market, agencies, broadcasters, and the major SSPs and DSPs.

為了加速這項機會的成長，我們現已將 Moment Engine 與代表約 90% 程式化（programmatic）市場的領導者完成整合，涵蓋代理商、廣播業者，以及主要的 SSP 與 DSP。

These integrations let us connect into existing advertising workflows and budgets with minimal friction, supporting our ability to scale efficiently. The product was already live during the tentpole events like the Super Bowl and March Madness, with NBA Finals and FIFA World Cup still ahead.

這些整合使我們能以最小摩擦接入既有的廣告工作流程與預算，支持我們高效率地擴張。該產品已在超級盃與三月瘋（March Madness）等大型指標性賽事期間上線運行，而 NBA 總決賽與 FIFA 世界盃仍在後續。

What we are executing here is a structural shift in how digital businesses create value. The economy has moved from selling attention to capturing intent. Search engines did it. Retail media did it at the point of purchase. In sports, we are enabling that shift to happen in real time, and the Moment Engine is built precisely for it.

我們正在執行的是數位企業創造價值方式的結構性轉變。經濟已從販售注意力轉向捕捉意圖。搜尋引擎做到了。零售媒體在購買當下做到了。在體育領域，我們正促成這種轉變能夠即時發生，而 Moment Engine 正是為此而打造。

At our NewFront event in New York a few weeks ago, we partnered with nearly 70 new advertisers, clear evidence of growing demand for outcome-driven sports advertising. That builds on existing partnerships that we have with Publicis, WPP, DoorDash, Venmo, and Samsung.

在幾週前我們於紐約舉辦的 NewFront 活動上，我們與近 70 家新廣告主合作，清楚證明市場對以成果為導向的體育廣告需求正在成長。這也建立在我們既有的合作夥伴關係之上，包括 Publicis、WPP、DoorDash、Venmo 與 Samsung。

Samsung, in particular, tested our self-serve CTV product early and quickly graded Genius Sports Limited as a Tier 1 partner within its internal evaluation framework, increasing spend by 220% from their test campaign to their most recent booking, a remarkable signal given Samsung's scale and selectivity in choosing advertising technology partners.

三星尤其在早期就測試了我們的自助式 CTV 產品，並在其內部評估框架中迅速將 Genius Sports Limited 評為第一級（Tier 1）合作夥伴；從測試活動到最近一次下單，其投放金額增加了 220%。考量到三星的規模以及其在選擇廣告科技合作夥伴上的嚴格標準，這是一個非常顯著的訊號。

We expect more of these graduations as advertisers complete their first full season with the product. As adoption continues to grow, we expect the Moment Engine to be a meaningful driver of high-margin media revenue over time.

隨著廣告主完成使用該產品的第一個完整賽季，我們預期會有更多這類升級評等。隨著採用率持續提升，我們預期 Moment Engine 將隨時間推進，成為高毛利媒體營收的重要驅動力。

The core businesses in Betting and Media are on a strong footing. And now I want to spend a few minutes on the 3 areas that are accelerating our margin expansion and profitability. Legend, GeniusIQ and AI. They're all connected and all running on the same platform.

博彩與媒體兩大核心業務基礎穩健。接下來我想花幾分鐘談談正在加速我們毛利擴張與獲利能力的三個領域：Legend、GeniusIQ 與 AI。它們彼此相連，且都運行在同一個平台上。

First, Legend. As you know, Legend adds the intent layer of the system that we have been building for 2 decades, owned environments where 118 million unique users actively engage with sport and iGaming, with more than two third returning regularly.

首先是 Legend。如各位所知，Legend 為我們打造了 20 年的系統加入「意圖層」（intent layer）：我們自有的環境中有 1.18 億名獨立用戶積極參與體育與 iGaming，其中超過三分之二會定期回訪。

Combined with the official data and infrastructure that Genius Sports Limited already provides, the platform now connects context, engagement and action all in one place. As AI commoditizes information retrieval, owned environments are where users come back to engage. They become more defensible, not less.

結合 Genius Sports Limited 既有提供的官方數據與基礎設施後，該平台如今在同一處把情境、互動與行動串聯起來。當 AI 使資訊檢索商品化時，自有環境才是用戶會回來互動的地方。它們會變得更具防禦性，而不是更弱。

Legend also extends the Moment Engine into the global iGaming market, which is expected to grow at near 20% CAGR over the next 3 years.

Legend 也將 Moment Engine 延伸至全球 iGaming 市場；該市場預期在未來 3 年以接近 20% 的年複合成長率（CAGR）成長。

On customer acquisition, as US markets mature, sophisticated operators are shifting spend from blanket promotional offers towards targeted high-intent performance media, channels where Legend is a proven leader.

在獲客方面，隨著美國市場走向成熟，成熟的營運商正把預算從大範圍的促銷優惠，轉向鎖定高意圖（high-intent）的成效型媒體投放，而這些渠道正是 Legend 已被驗證的領導者。

We're already seeing clear evidence of this shift. For example, Legend acquired customers delivered 60% higher yield for operators after 1 year. The category is moving towards Legend's model. Integration is underway, and we'll share more on synergy execution next quarter.

我們已經看到這種轉變的明確證據。例如，透過 Legend 獲得的客戶在 1 年後為營運商帶來高出 60% 的收益率（yield）。整個類別正朝向 Legend 的模式發展。整合正在進行中，我們將在下季分享更多協同效益落地的進展。

Second, GeniusIQ is replacing legacy systems across the sports league landscape. As we outlined at our Investor Day, GeniusIQ is the operating system of modern sport, one platform that captures live game action, understands fans, distributes data and powers every touch point where sports is consumed, officiating, coaching, betting, fan engagement, advertising, all running on the same system.

第二，GeniusIQ 正在整個體育聯盟版圖中取代傳統系統。正如我們在投資人日所說，GeniusIQ 是現代體育的作業系統：一個平台即可捕捉即時賽事動作、理解球迷、分發數據，並為體育被消費的每個觸點提供動力——裁判執法、教練指導、博彩、球迷互動、廣告——全部運行在同一套系統上。

Legacy manual data capture, where humans key in events from television feeds, is obsolete. Leagues are transitioning towards automated AI-driven solutions, and we are winning that transition.

傳統的人工數據採集——由人員從電視訊號中逐一輸入事件——已經過時。各聯盟正轉向自動化、AI 驅動的解決方案，而我們正在贏得這場轉型。

Our recent expansion with Liga MX is one example, a single relationship covering officiating support, performance analytics for clubs, betting data and fan engagement, all powered by GeniusIQ.

我們近期與墨西哥足球甲級聯賽（Liga MX）的合作擴張就是一個例子：單一合作關係涵蓋裁判支援、俱樂部的表現分析、博彩數據與球迷互動，全部由 GeniusIQ 驅動。

We see a meaningful opportunity to take market share and drive incremental revenue with limited additional costs as more leagues make this transition. This is the strategic shift that we anticipated and that we built for, and we are now seeing the return on that investment in real time.

隨著更多聯盟完成這項轉型，我們看到在新增成本有限的情況下，取得市占並帶動增量營收的重大機會。這正是我們預期並為之打造的策略轉變，而我們現在正即時看到這項投資的回報。

Third, AI lowers our cost base and increases speed across the business. GeniusIQ automates data collection in venues where it is deployed, delivering faster, more accurate data with reduced operational overhead.

第三，AI 降低我們的成本基礎，並提升全公司運作速度。GeniusIQ 在部署的場館中自動化數據收集，以更低的營運負擔提供更快、更準確的數據。

By the end of next year, we expect that automation to span our entire data rights portfolio. That is a meaningful margin lever as we scale. Internally, Agentic AI has cut feature development time by more than 50%, and we expect these gains to compound.

到明年年底，我們預期這項自動化將涵蓋我們整個數據權利組合。隨著規模擴大，這將成為重要的毛利槓桿。在內部，Agentic AI 已將功能開發時間縮短超過 50%，我們預期這些效益將持續累積放大。

We're extending the same capabilities into partner workflows, embedding our technology more deeply into customers' operations, which both creates stickiness and creates additional commercial opportunity.

我們也把同樣的能力延伸到合作夥伴的工作流程中，將我們的技術更深度嵌入客戶營運，既提升黏著度，也創造額外的商業機會。

We have also developed automated anti-piracy solutions to protect our most valuable asset, the data itself.

我們也開發了自動化的反盜版解決方案，以保護我們最有價值的資產——數據本身。

AI is not just enabling innovation in our products, it is structurally improving our margin profile and reinforcing the defensibility of our business. The through line is this. One platform, three accelerants, expanding operating leverage. That is what gives us confidence in sustained margin expansion from here.

AI 不僅推動我們產品的創新，也在結構上改善我們的毛利結構，並強化我們業務的防禦性。貫穿其中的主軸是：一個平台、三個加速器、擴大營運槓桿。這就是我們對未來持續毛利擴張充滿信心的原因。

Bryan will take you through the financials, but I'll leave you with this. Q1 extends a consistent pattern of execution on a durable model. We are moving from a data provider to the operating system and monetization layer of global sport.

Bryan 會帶各位看財務數字，但我想用這段話作結。第一季延續了我們在耐久商業模式上，一貫且穩定的執行節奏。我們正從數據供應商，轉型為全球體育的作業系統與變現層。

We've built a competitive position and margin profile that few others in the sports ecosystem can replicate. Consider this against the backdrop of an industry that's being reshaped by AI. Every wave of AI progress increases the value of two things, data that can't be replicated and destinations audiences actively choose.

我們建立了在體育生態系中少有人能複製的競爭地位與毛利結構。請把這放在一個正被 AI 重塑的產業背景下來看。AI 每一次進步浪潮都會提升兩樣東西的價值：無法被複製的數據，以及受眾主動選擇的目的地（destinations）。

We own both, which puts us in a rare position. AI doesn't threaten our core. It compounds it. The opportunity is to use AI to make our data more useful, our destinations more essential and the gap between us and everyone else even wider. I want to close with a direct comment. We understand and appreciate, but it's early days with respect to Legend.

我們同時擁有這兩者，使我們處於罕見的位置。AI 不會威脅我們的核心。它會讓核心效益加乘。我們的機會在於運用 AI 讓數據更有用、讓目的地更不可或缺，並讓我們與其他所有人的差距更大。我想以一段直接的評論作結。我們理解並感謝，但就 Legend 而言，現在仍屬早期階段。

As I wrote to shareholders in February, the gap between how we see this business and how some of the market currently sees it is where the asymmetric returns live. The way that we close that gap is by delivering quarter after quarter with the discipline that has defined this business for 2 decades. These results begin that process, and every conversation between today and our next call will be about exactly that.

正如我在 2 月寫給股東的信中所說，我們對這門業務的看法與市場部分人士目前的看法之間的落差，正是非對稱報酬所在。我們縮小這個落差的方法，就是以過去 20 年定義這家公司的一貫紀律，一季接一季地交付成果。這些結果正是該過程的起點，而從今天到下一次電話會議之間的每一次對話，都將圍繞著這一點。

And with that, I'll turn the call over to Bryan.

接下來，我把電話會議交給 Bryan。

Thanks, Mark. Three things I want to land today. Q1 was another quarter of well-balanced, consistent growth. The Legend financing priced well with strong lender support, and the combined company takes our 2026 EBITDA margin from 23% to 28%, pulling our long-term target forward by 2 years.

謝謝你，Mark。今天我想聚焦三件事。第一季是另一個成長均衡且一致的季度。Legend 的融資定價良好，並獲得放款方強力支持；合併後公司將我們 2026 年 EBITDA 利潤率從 23% 提升至 28%，把我們的長期目標提前了 2 年達成。

Starting with Q1, we delivered well-balanced revenue growth across both segments. Betting was up 33% and Media up 22%, translating to group revenue growth of 31% and adjusted EBITDA growth of 21%.

先從第一季開始，我們在兩個業務分部都實現了均衡的營收成長。博彩成長 33%，媒體成長 22%，帶動集團營收成長 31%，調整後 EBITDA 成長 21%。

Geographic balance was equally strong, with over 25% revenue growth across Europe, the Americas, and Rest of World.

地域分布同樣強勁，歐洲、美洲與世界其他地區的營收成長皆超過 25%。

Two housekeeping notes on the quarter. First, as outlined previously, we now consolidate our Sports Technology and Services business into Betting and Media. This aligns with how we manage the business and reflects where expected growth and profitability will come from. Going forward, we will report on those two segments only.

本季有兩點例行說明。第一，如先前所述，我們現在將 Sports Technology and Services 業務併入博彩與媒體兩個分部。這與我們管理業務的方式一致，也反映了預期成長與獲利的來源。未來我們將只報告這兩個分部。

Second, on cash, we historically see outflows in the first half and inflows in the second half, netting positive for the full year. We expect that pattern to repeat in 2026.

第二，關於現金流，我們歷來在上半年出現現金流出、下半年出現現金流入，全年合計為正。我們預期這一模式在 2026 年將再次出現。

Now on Legend. The financing tells you what outside capital thinks of this business. Concurrent with closing last week, we funded an $825 million Term Loan A at SOFR plus 350 basis points, better terms than where credit markets sat when we originally signed and a lower cost of capital than we initially expected.

接著談 Legend。這次融資反映了外部資本對這門業務的看法。在上週完成交割的同時，我們以 SOFR 加 350 個基點的條件，完成 8.25 億美元的 A 期定期貸款（Term Loan A）募資；條件優於我們最初簽約時的信貸市場水準，資金成本也低於我們原先的預期。

In a more selective credit environment, lender diligence reinforced the predictability of our cash flows, our low leverage profile, and the durability of the model. We also elected to size the debt $25 million below the original structure, reflecting our confidence in free cash flow generation and our commitment to disciplined deleveraging.

在更為審慎的信貸環境下，放款方的盡職調查進一步強化了我們現金流的可預測性、我們的低槓桿結構，以及商業模式的持久性。我們也選擇將債務規模較原始架構減少2,500萬美元，反映我們對自由現金流創造能力的信心，以及對嚴守去槓桿紀律的承諾。

This reduces upfront and ongoing interest, fees, and amortization while preserving ample liquidity, which brings me to guidance, now reflecting the combined company beginning May 1. For Q2, we expect 1 month of stand-alone Genius Sports Limited and 2 months of combined group financials, delivering group revenue of approximately $185 million and group adjusted EBITDA of $45 million.

這降低了前期與持續性的利息、費用與攤銷，同時保留充足流動性；接著我來談指引，該指引現已反映自5月1日起的合併公司。就第二季而言，我們預期包含1個月的Genius Sports Limited單體財務，以及2個月的合併集團財務，帶來集團營收約1.85億美元、集團調整後EBITDA為4,500萬美元。

For full year 2026, we expect group revenue of between $990 million and $1.01 billion and adjusted EBITDA of between $270 million and $280 million, in line with the 2026 annualized estimates we provided in February.

就2026全年而言，我們預期集團營收介於9.90億至10.1億美元之間，調整後EBITDA介於2.70億至2.80億美元之間，與我們在2月提供的2026年年化估算一致。

The headline number. This raises our 2026 adjusted EBITDA margin expectation from 23% to 28%. The acquisition is immediately margin accretive and accelerates our path to our previously stated long-term revenue and margin targets by 2 years. On cash flow, 2 points.

重點數字。這將我們對2026年調整後EBITDA利潤率的預期由23%上調至28%。本次收購可立即增厚利潤率，並將我們先前所述的長期營收與利潤率目標達成時程提前2年。關於現金流，有兩點。

First, this year, Q2 will mark the low point, consistent with the seasonality of prior years, while also having one-off acquisition expenses. In the second half, we expect the combined business to generate approximately $100 million of total cash flow, including all interest expenses and debt repayment.

第一，今年第二季將是低點，這與往年季節性一致，同時也會有一次性的收購費用。在下半年，我們預期合併後業務將產生約1億美元的總現金流，包含所有利息費用與償債。

This equates to roughly 50% to 55% conversion of the approximately $200 million of adjusted EBITDA we expect in the period.

這相當於我們預期該期間約2億美元調整後EBITDA的約50%至55%轉換率。

Second, the trajectory. As we move into 2027, free cash flow conversion increases towards our previously stated 2028 target of at least 60% on an unlevered basis. And 2027 is also the year we transition to positive GAAP net income on a sustained basis.

第二，趨勢。隨著我們邁入2027年，自由現金流轉換率將提高，朝向我們先前所述、在無槓桿基礎下2028年至少60%的目標前進。而2027年也將是我們在GAAP口徑下持續轉為正淨利的一年。

One last point, and it's the most important forward-looking one. Today's guidance does not yet include the four revenue synergies we identified at the time of the transaction, and these are where we see significant upside potential.

最後一點，也是最重要的前瞻性重點。今天的指引尚未納入我們在交易時所辨識的四項營收協同效益，而這些正是我們看到顯著上行潛力之處。

To recap them briefly, they are. First, customer cross-sell uniting Genius Sports Limited's official data with Legend's high-intent acquisition funnel. Second, monetization of the combined audience asset across the advertising ecosystem. Third, scaling Legend's technology platform across our 400 plus league and team partners. And fourth, distributing Genius Sports Limited data and products through Legend's channels.

簡要回顧如下。第一，客戶交叉銷售：將Genius Sports Limited的官方數據與Legend高意向的獲客漏斗結合。第二，於廣告生態系中變現合併後的受眾資產。第三，將Legend的技術平台擴展至我們400多個聯盟與球隊合作夥伴。第四，透過Legend的渠道分發Genius Sports Limited的數據與產品。

On that fourth synergy, work is already underway. Over the coming weeks, users on Legend's properties will begin seeing Genius Sports Limited products integrated directly into their experience. This will be the first visible signal of integration progress.

就第四項協同效益而言，相關工作已在進行中。在接下來幾週，Legend各項資產上的使用者將開始看到Genius Sports Limited產品直接整合進其使用體驗。這將是整合進度的第一個可見訊號。

In 2026, the majority of Legend's value comes from consolidation, margin uplift, and cross-sell of Legend inventory into existing betting partners. Deeper data-driven media synergies build as we move into 2027 and beyond.

在2026年，Legend的大部分價值來自合併報表、利潤率提升，以及將Legend庫存交叉銷售給既有博彩合作夥伴。更深層、以數據驅動的媒體協同效益，將在我們邁入2027年及之後逐步建立。

One specific synergy worth calling out separately, prediction markets. As Mark covered, the ecosystem requires both official data and high-value audiences, capabilities we uniquely combine. Together, Genius Sports Limited and Legend create the only platform in our industry that delivers both at scale.

有一項值得單獨點出的具體協同效益：預測市場。如Mark所述，該生態系同時需要官方數據與高價值受眾，而這正是我們獨特結合的能力。Genius Sports Limited與Legend合在一起，打造出本產業唯一能以規模同時提供兩者的平台。

We see this as one of the most attractive incremental revenue opportunities ahead, and only the very early stages of this opportunity are reflected in today's guidance.

我們認為這是未來最具吸引力的增量營收機會之一，而今天的指引僅反映了這項機會非常早期的階段。

To close, Q1 extended the track record, the financing validated the model. Legend pulls our long-term targets forward by 2 years. The combined business is set up to deliver sustained revenue growth, margin expansion, and cash flow and meaningful long-term value for shareholders.

總結而言，第一季延續了我們的成績紀錄，融資也驗證了商業模式。Legend將我們的長期目標提前2年達成。合併後的業務已具備條件，能帶來持續的營收成長、利潤率擴張與現金流，並為股東創造具意義的長期價值。

With that, we'll open the line for questions.

接下來，我們開放提問。

(Operator Instructions).

（接線員指示）。

Ryan Sigdahl, Craig-Hallum Capital Group.

Ryan Sigdahl，Craig-Hallum Capital Group。

Nice to see the strong Q1 results. I want to start, Bryan, with guidance just because you ended on it. Are you able to break out the legacy Genius Sports Limited guide relative to your new guide? And then what's included for Legend? I tried to do some reconciliation relative to the stand-alone expectations you had put out there. It appears like maybe a little lower on the revenue and the same EBITDA, but hopefully, hoping you can help me with that.

很高興看到第一季強勁的業績。Bryan，我想先從指引談起，因為你最後提到這個。你們能否把原Genius Sports Limited的指引相對於新的指引拆分說明？另外，Legend包含了哪些內容？我嘗試相對於你們先前公布的單體預期做一些調節。看起來營收可能略低、但EBITDA相同；希望你能協助釐清。

Hi Ryan, thanks. On guidance, this is all in line with the earlier guidance we gave in February. And in February, we started with the Genius Sports Limited stand-alone guidance that had 22% revenue growth and 36% EBITDA growth, which is really strong, and we're on track to achieve that.

嗨Ryan，謝謝。關於指引，這完全符合我們2月給出的先前指引。而在2月，我們是以Genius Sports Limited單體指引為起點，當時預期營收成長22%、EBITDA成長36%，這非常強勁，我們也正按計畫達成。

With Legend closed just last week, we now present it as a combined business. So the guidance you see is effective May 1 on the combination. And you can see it's immediately accretive to margin and cash flow, potential synergies to drive upside. And so we feel good about that guidance. And again, I just want to stress it's all in line with that earlier guidance in February.

Legend在上週才完成交割，因此我們現在以合併後的業務來呈現。所以你看到的指引，是以5月1日合併生效為基礎。你也可以看到它立即對利潤率與現金流具增益效果，且有潛在協同效益可帶來上行。因此我們對這份指引感到有信心。同樣地，我想強調，這一切都與2月的先前指引一致。

Helpful. NFL, so there's, it's reported the NFL does not have an official Sportsbook. They're in those negotiations, previously DraftKings, FanDuel, Caesars that expired at the end of March. Curious kind of what your view is of that. I know it's a long time until the start of the season, but just how that relates to you guys and what you expect to happen there?

很有幫助。關於NFL，據報導NFL目前沒有官方的Sportsbook。他們正在進行相關談判，先前與DraftKings、FanDuel、Caesars的合作在3月底到期。我很好奇你們對此的看法。我知道距離賽季開始還很久，但這與你們的關聯，以及你們預期那邊會發生什麼？

Ryan, thanks for the question. Yes, I mean, look, it is a long time to start the season, right? And I mean, this is nothing we haven't really seen before. I don't want to comment for the NFL or how those negotiations are going.

Ryan，謝謝你的問題。是的，你看，距離賽季開始確實還很久，對吧？而且這也不是我們以前沒見過的情況。我不想代表NFL評論或談判進展如何。

But from our point of view, we've got very strong visibility over our future revenues and our partnerships, and our relationship with the NFL, just to remind everybody, is locked in until Super Bowl 2030.

但從我們的角度來看，我們對未來營收與合作關係有非常高的能見度；也提醒大家，我們與NFL的合作已鎖定至2030年超級盃。

William Lampen, BTIG.

William Lampen，BTIG。

Thanks for really detailed thoughts around sort of Legend and the opportunity sort of moving forward. Maybe to drill down on that at a slightly more micro level. I wanted to see if you guys could talk about some of the ongoing work and the Publicis and sort of Moment integrations that you guys talked about in the March time frame.

謝謝你們對Legend以及未來機會提供非常詳盡的看法。也許把焦點拉到更微觀的層面深入一些。我想請你們談談一些持續進行的工作，以及你們在3月時提到的Publicis與Moment整合。

Could you give us a feel for early commercial traction, what you're seeing with the integrations? Are those driving incremental revenue now? Or are we still in the sort of activation and testing phase?

能否讓我們了解一下整合的早期商業進展、你們看到的整合成效？這些現在是否正在帶來增量營收？還是仍處於啟動與測試階段？

And then a clarification on guidance. I think, Bryan, you just said immediately accretive. There are potential synergies, but guidance should be considered basically in line. It sounds like you guys have a very nicely growing demand backlog from core and prediction customers.

另外針對指引做個釐清。我想，Bryan，你剛才說是立即增益。有潛在協同效益，但指引基本上應視為大致一致。聽起來你們在核心與預測市場客戶方面，有一個成長得很不錯的需求待履行訂單。

What would you want to see before maybe starting to underwrite or sort of embed those potential synergies that you just talked about?

在可能開始承作（underwrite）或某種程度把你剛提到的那些潛在協同效益納入之前，你希望先看到什麼？

Clark, thanks for the question. Look, I'll let Bryan pick up the second part of it. But I mean, suffice to say, I think we said a few times that the upside isn't priced, sorry, isn't in any of the guide.

Clark，謝謝你的提問。你問題的第二部分我先讓 Bryan 來回答。不過我想簡單說，我們已經講過幾次，上行空間並沒有被反映在指引裡，抱歉，是沒有包含在任何指引之中。

To answer your question sort of micro details, I think you called them. Look, we've got a few main things we're going.

就你問的那些偏微觀的細節（我想你是這麼稱呼的）來回答。我們目前主要在推進幾件事。

On the Legend integration, things are going really, really well. From an operational point of view, we've got a 60-person commercial off-site together, I think, next week or the week after, which is going to bring the businesses together, and we're going to address a lot of the inbounds that we're getting already, which is a really, really good sign. So the combined offering is going down very well.

在 Legend 的整合方面，進展非常、非常順利。從營運角度來看，我們下週或下下週會把 60 人的商務團隊拉到一起做 off-site，我想這將把兩個業務真正整合在一起；我們也會處理我們已經收到的大量主動洽詢（inbounds），這是一個非常、非常好的訊號。因此，合併後的產品組合（combined offering）反應非常好。

From a product point of view, we're integrating BetVision into Legend at the moment, which gives us not only additional reach, but more inventory, which we should be able to immediately drive value from through our advertising partnerships.

從產品角度來看，我們目前正在把 BetVision 整合進 Legend，這不僅讓我們觸及更多受眾，也帶來更多可售庫存（inventory）；我們應該能透過我們的廣告合作夥伴關係，立即從中創造價值。

On the Moment Engine, you saw the comments or heard the comments in the prerecorded script. We think we picked up 70 new customers and 90% of the SSP, DSP market, and that's delivering immediate revenue.

至於 Moment Engine，你們在預錄稿裡看到或聽到相關評論。我們認為我們新增了 70 個新客戶，並覆蓋了 SSP、DSP 市場的 90%，而這正在帶來即時營收。

So we're extremely excited about the opportunities. It's going exactly to plan, and we feel very confident about the growth and the revenue numbers that we put out into the market previously.

所以我們對這些機會感到非常興奮。一切完全按計畫進行，我們對先前向市場公布的成長與營收數字非常有信心。

But I'll let Bryan pick up the second part of the question.

不過我把問題的第二部分交給 Bryan 來回答。

I think that second part, just on the what we would need to see to layer in those synergies. And we've always been consistent that the acquisition was, we guided with what was in front of us.

我想第二部分是關於：我們需要看到什麼，才會把那些協同效益逐步納入。我們一直保持一致的說法：這筆收購，我們的指引是基於眼前已經看得到的部分。

And as those synergies come to light, we will start to layer them in. We've said the nearest ones are the cross-sell opportunities.

隨著那些協同效益逐漸明朗，我們就會開始把它們逐步納入。我們也說過，最近期的協同主要是交叉銷售機會。

And as Mark said, the teams have started to get together. There's interest on both sets of customers and proposals going out where we can now leverage the combined opportunity. So as those things start to layer in, we will update you as we go.

如 Mark 所說，團隊已經開始聚在一起合作。兩邊的客戶群都有興趣，我們也已經在發出提案，讓我們能運用合併後的整體機會。因此，當這些事情逐步落地時，我們會一路向各位更新。

Jordan Bender, Citizens JMP.

Jordan Bender，Citizens JMP。

Mark, you touched on onboarding the market makers to your platform. Broadly, can you maybe just help us think through the economics of what selling that data might look like? I know you're not going to be able to kind of give us contract by contract, but just kind of help us size the overall opportunity there for you guys? And maybe the second part of that is you have the infrastructure in place would you guys ever consider market making yourselves?

Mark，你提到把做市商（market makers）導入你們的平台。整體而言，你能否幫我們理解一下，出售那些數據的經濟效益大概會是什麼樣子？我知道你不太可能逐一談每份合約，但能否幫我們估算一下你們在這方面的整體機會規模？另外第二部分是：你們既然已經有基礎設施，未來會不會考慮自己做做市？

Yes, it's a good question, Jordan. I mean these are fairly early days. Whilst we've got a great deal of experience of doing this in Europe, I think we've mentioned before that we've worked with market makers there for a long time on the exchanges.

是的，這是個好問題，Jordan。我的意思是，這些都還算相當早期。雖然我們在歐洲做這件事有非常豐富的經驗，我想我們之前也提過，我們在那邊的交易所與做市商合作已經很長一段時間。

And I think from a technical point of view, we don't really see much difference over here, saying all about the economics and the way it's going to wash out in the US is clearly something that we're keeping an eye on and watching the evolution of.

我認為從技術角度來看，我們不覺得在這邊有太大差異；至於在美國的經濟模式以及最終會如何呈現，顯然是我們正在密切關注並觀察其演進的部分。

As a result of that, the deals that we're running are short-term deals. We have various different economic structures. But fundamentally, as time goes on, we'll evolve those deals as we get more clarity, frankly, on what the best economic deal is, but that's going to be on a case-by-case basis depending on the quality and the type of the market maker that we're working with. We're leaving ourselves a lot of flexibility.

因此，我們目前推進的合作都是短期合約。我們有多種不同的經濟結構。但基本上，隨著時間推進，當我們對最佳經濟條件有更清楚的認知時，我們會調整這些合作；坦白說，這會依個案而定，取決於我們合作的做市商品質與類型。我們會保留很大的彈性。

Understood. And then just on the follow-up, Bryan, I think I caught that you said $100 million of free cash flow in the second half of the year. If I look at the Q1 number, it kind of implies you have to not lose that much in the second quarter. Is that to say that you might actually be free cash flow negative for the entire year? Did I catch that correctly?

了解。那再追問一下，Bryan，我想我聽到你說下半年有 1 億美元的自由現金流。如果我看第一季的數字，似乎意味著你們第二季不能再虧太多。這是否表示你們全年可能其實是自由現金流為負？我理解得對嗎？

Sorry, no. So let me just give you a little bit of a walk on the cash flow. So Q1 seasonal pattern, that is part of our history and just the way timing vis-a-vis timing of rights payments versus revenue, right? We monetize our rights over 12 months, but the rights payments time into the season.

抱歉，不是的。我稍微帶你走一下現金流的邏輯。第一季的季節性模式是我們一貫的歷史表現，主要是權利金支付時點相對於營收認列時點的時間差，對吧？我們在 12 個月內變現（monetize）這些權利，但權利金的支付會集中在賽季期間。

Q2 will have a number of one-time impacts just given the transaction. So we will see the low point in Q2, probably around $140 million to $150 million. And then that build back, that $100 million, and starting from really the second half of the year, you really start to get a clean read on the earnings and cash flow power of the combined business.

第二季會因為這筆交易而出現一些一次性影響。因此我們會在第二季看到低點，大概在 1.4 億到 1.5 億美元左右。之後會回升；而那 1 億美元是從下半年開始計算，屆時你會真正能清楚看出合併後業務的獲利能力與現金流能力。

And so that's 50% to 55% total conversion, just so that we were clean on where you might model that. And so that reflects basically the back half of the year earning about $200 million of EBITDA that may be more Q4 than Q3, again in line with the pattern of history here.

因此，整體轉換率約為 50% 到 55%，讓大家在建模時能更清楚。這基本上反映的是下半年約 2 億美元的 EBITDA，可能第四季會比第三季更多，這也符合我們過去的歷史季節性。

But hopefully, that answers your question as to how to think about the cash flow in that.

希望這樣能回答你關於現金流該如何理解的問題。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Maybe just talk a little bit more about the prediction opportunity right now. I don't believe the NFL has reached an agreement at this point. So just curious what the opportunity is and then what you're sort of waiting on to proceed once you get more buy-in from the NFL or any other leagues.

能否再多談一點目前的預測（prediction）機會？我不認為 NFL 目前已經達成協議。所以我想了解這個機會是什麼，以及一旦你們從 NFL 或其他聯盟獲得更多支持後，你們在推進上大概還在等待什麼。

Yes. It's a good question and clearly a hot topic at the moment. So I think it's probably best to break it into three buckets because already the prediction markets are driving a lot of value for us.

是的。這是個好問題，而且顯然是目前的熱門話題。我想最好把它分成三個面向，因為預測市場已經在為我們帶來不少價值。

And the first one, we touched upon a minute ago with the market makers. We're generating good revenues there. Early days, but we're seeing real positive opportunities there.

第一個面向，我們剛剛提到的做市商。我們在那裡正在產生不錯的營收。雖然還在早期，但我們看到非常正面的機會。

You've got the second part, or the second bucket, if you like, I'm sure you've all watched the valuations and some of the raises that have been going on at the moment, which frankly is going to be for marketing, for product.

第二個面向（或第二個桶），我相信你們都看到了目前一些估值以及募資案；坦白說，那些資金將用於行銷與產品。

And we see a lot of that raise coming through to Genius Sports Limited and Legend as part of customer acquisition and the marketing. So there's a significant opportunity there, which we are already starting to capitalize on.

而我們看到其中相當一部分募資會以客戶獲取與行銷的形式，流向 Genius Sports Limited 與 Legend。因此那裡有顯著的機會，而我們也已經開始把握。

And then finally, on the data side, look, we've got to have a very close eye on the regulators, and the regulatory environment is something that we are obviously very sensitive to and our partners are very sensitive to. But you're seeing positive moves from the CFTC towards official data. A lot of our partners outside of the NFL are showing strong interest in engaging.

最後，在數據面向上，我們必須非常密切關注監管機構；監管環境是我們當然非常敏感、我們的合作夥伴也非常敏感的議題。但你們也看到 CFTC 對官方數據（official data）釋出正面動向。我們在 NFL 以外的許多合作夥伴也展現出強烈的合作意願。

So we expect that those sorts of deals will come in on a longer, sorry, on a short-term basis. On a medium term basis, the NFL and the US sports leagues, I'm sure, are considering their positions.

因此，我們預期這類交易會以較長、抱歉，是以短期的方式進來。就中期而言，NFL 與美國各大體育聯盟，我相信，正在評估他們的立場。

But I think it's fair to say that for the prediction market to have a long and rosy future, they're going to want to work very closely with those leagues and with the CFTC. So as a result of that, we expect in the medium term some progress on that front.

但我認為可以公平地說，若要讓預測市場擁有長期且光明的未來，他們會希望與這些聯盟以及 CFTC 非常緊密地合作。因此，我們預期在中期在這方面會有一些進展。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Wondering if you could expand a little bit just in terms of engagement in Serie A as that season comes to a close. And this was a big integration year with your new rights contract in BetVision. So any additional color just in terms of what you've seen from that contract in this first year?

想請你就義甲（Serie A）賽季接近尾聲時的參與度再多談一些。而且今年是你們在 BetVision 新轉播權合約下的大型整合年度。所以，能否就你們在第一年從這份合約所看到的情況提供更多說明？

Yes. Thanks for the question. Look, it's super interesting. I mean Italy is the biggest betting market in Europe. It's often missed by people. Our relationship with them is very strong. We're very happy with the technology integration that we've done and the distribution of the products. And we feel really good about the future of that relationship.

是的。謝謝你的提問。你看，這非常有意思。我的意思是，義大利是歐洲最大的博彩市場。人們常常忽略這一點。我們與他們的關係非常穩固。我們對已完成的技術整合以及產品的分發非常滿意。而且我們對這段合作關係的未來感到非常樂觀。

Okay. Great. And then as we think about the NFL ad inventory opportunities and kind of tying that back with the event that you just had with NewFront, when will we start to see you kind of fill the bucket in terms of that inventory? Is that something that's closer into the season? Or is that a process that's going on right now? And any commentary there would be helpful.

好的。很好。接著，當我們思考 NFL 的廣告庫存機會，並把它與你們剛在 NewFront 舉辦的活動連結起來時，你們何時會開始看到自己在庫存填補方面的進展？這會是更接近賽季時才發生的事嗎？還是這個流程現在就正在進行？任何相關評論都會很有幫助。

Yes, sure. Look, we're already outselling the NFL inventory. And clearly, with the addition of the Moment Engine and the improvement in ROI that our advertisers see as a result of that, we are very confident that that's going to generate a very good result for us this year.

是的，當然。你看，我們已經在超額銷售 NFL 的廣告庫存。而且很明顯，隨著 Moment Engine 的加入，以及因此讓廣告主看到的投資報酬率（ROI）提升，我們非常有信心今年這會為我們帶來非常好的成果。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

I wonder in terms of your Media business, would you be willing to sort of quantify either from a volume or dollar basis, how interest is shaping up for the NBA Finals this year? And as well, when you look at the incremental opportunity with the World Cup, is there any color you can give around that?

我想就你們的媒體業務而言，你們是否願意用量或金額的角度，稍微量化一下今年 NBA 總冠軍賽的需求/興趣目前發展得如何？另外，當你們看世界盃帶來的增量機會時，能否提供一些相關說明？

Yes. So this is an interesting moment for us, excuse the pun, with our Moment Engine. The great thing about it and the fact that we've distributed it so widely and it's being picked up by so many clients is that we're part of the workflow of those clients.

是的。這對我們來說是個有趣的時刻——容我打個雙關——因為有了我們的 Moment Engine。它最棒的一點，以及我們已經把它廣泛分發、也被許多客戶採用的事實，是我們已經成為這些客戶工作流程的一部分。

And so when you combine that with the fact that we have a rolling set of events throughout the year, you mentioned a couple, and obviously the World Cup is a big one. The combination of that means that this product will automatically be used by our clients as part of their campaign management.

因此，當你把這點與我們全年持續滾動的一系列賽事結合起來——你提到其中幾個，當然世界盃是個大項——兩者結合意味著，這個產品會自動被客戶用在他們的活動（campaign）管理流程中。

So effectively, we are now running our product sets on a 24/7, 365 basis based on the events, based on what's going on in the match and generating revenue from every campaign.

所以實際上，我們現在是以 24/7、365 天的方式在運行我們的產品組合：依據賽事、依據比賽中的進行情況，並從每一個活動中創造營收。

Great. And I wonder if there's any sort of updates or color or data you can give for BetVision in the quarter.

很好。我想知道本季（本季度）在 BetVision 方面，你們是否有任何更新、補充說明或可分享的數據？

Yes. Look, BetVision, we're super happy with it. It's going really nicely at the moment. We've seen BetVision's growth in global football actually now with the off-season but now pass some of the NFL. So there's a huge amount of opportunity that we're seeing outside of the core US market there.

是的。你看，BetVision 我們非常滿意。目前進展得非常順利。我們看到 BetVision 在全球足球上的成長，即使現在是休賽季，也已經超過了部分 NFL 的表現。因此，在美國核心市場之外，我們看到非常巨大的機會。

We're really happy with the output and the results that we're getting are really strong. And clearly, we're winning rights away from our competition, and that product is really helping us do that. So we feel very, very strongly about it, and we're super happy with the ROI that we're getting on that.

我們對產出非常滿意，取得的成果也非常強勁。而且很明顯，我們正在從競爭對手手中贏得轉播權/權利，而這個產品確實在幫助我們做到這點。所以我們對此非常、非常有信心，也對我們在這上面取得的投資報酬率（ROI）感到非常滿意。

Bernard McTernan, Needham & Company.

Bernard McTernan，Needham & Company。

Maybe to start, Mark, I know it's early days, but is official data holding that same demarcation that it had in online sports betting? Are you and your competitors staying in your own lanes in terms of selling data to prediction market stakeholders that only you have official data for? Or is it more of the Wild West out there at this moment in time?

也許先從這裡開始，Mark，我知道現在還算早期，但官方數據是否仍維持它在網路運動博彩中那樣的明確區隔？你們和競爭對手在向預測市場相關利害關係人銷售數據時，是否仍各自守在自己的跑道上——也就是只賣你們擁有官方數據的那些？還是說目前更像是一個無序的「西部荒野」狀態？

Yes. I mean it's certainly not the Wild West. It's much more, the market has evolved. It's much more rational than it used to be, and I think you're seeing that in the results. We are pretty clear, and I think our competitors are pretty clear about what rights we hold, and we're engaging with not only the rights holders, but the prediction markets on that basis.

是的。我的意思是，這當然不是「西部荒野」。市場已經演進了很多。它比以前理性得多，我想你也能從結果中看到這點。我們很清楚自己持有哪些權利，我想競爭對手也很清楚他們持有哪些權利；我們不僅與權利持有人，也以此為基礎與預測市場進行合作洽談。

I think the most important thing that people need to think about in terms of prediction markets is as they evolve and mature and become, move towards a stronger regulatory framework, they're going to need to fall much more in line with the way that, I guess, the more traditional sports betting market works.

我認為人們在談預測市場時最重要要思考的是：隨著它們演進、成熟，並朝向更健全的監管框架邁進，它們將需要更大程度地與——我想——更傳統的運動博彩市場運作方式接軌。

So they're going to look to mirror that type of framework, which provides a significant opportunity for us and also other players in the market who have access and control over that data. And again, if you look at what the CFTC has said about the need to move towards official data and the fact that the leagues are starting to align, you're just going to see more adoption on that basis. Again, we're very well placed for that.

因此，它們會希望去對標那種框架；而這為我們以及市場上其他能取得並掌控該數據的參與者帶來顯著機會。再者，如果你看 CFTC 對於需要朝向官方數據的表態，以及聯盟開始趨於一致的事實，你將會看到在這個基礎上有更多採用。同樣地，我們在這方面具備非常好的位置優勢。

Got it. And then just a clarification. Bryan, I believe you mentioned the full year kind of legacy Genius Sports Limited guide was unchanged, but there was a pretty substantial beat in the first quarter. So was this just a pull forward or just maybe some confusion that we had on seasonality?

了解。接著只是釐清一下。Bryan，我相信你提到全年原 Genius Sports Limited 的指引沒有改變，但第一季有相當明顯的超預期。所以這只是提前認列（pull forward）嗎？還是我們對季節性可能有些誤解？

No confusion. We're always mindful in managing to the full year guide, and we're consistent with that. And so again here, with Q2 just closing the transaction, we want to come out of the gate here well. And so really no change, just managing the full year rather than quarter-to-quarter.

沒有誤解。我們在管理時一向會留意並以全年指引為目標，而且我們在這點上保持一致。因此在這裡，隨著第二季剛完成交易交割，我們希望一開始就有好的表現。所以真的沒有改變，只是以全年來管理，而不是逐季管理。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

I think when you acquired Legend, you were kind of calling for like 20% growth for the full year. It seems like two of the largest sportsbooks are increasing the amount they're willing to invest in prediction markets. Kalshi has gotten funding. So it seems like we're ramping up for what one would call maybe a '22, '23 advertising spend that you saw in online sports betting in prediction markets. So just how should we think about the back half advertising ramp for Legend?

我想當你們收購 Legend 時，你們當時對全年成長的說法大概是 20%。看起來兩家最大的體育博彩公司正在提高他們願意投入預測市場的金額。Kalshi 也拿到了資金。所以看起來我們正在為某種你在網路運動博彩預測市場中於 2022、2023 年看到的那種廣告支出做準備。那麼，我們應該如何看待 Legend 在下半年廣告投入的加速？

Thanks for that. Look, obviously, we love that comparison, and we agree with it as well. We're seeing a lot of the sort of excitement that we saw in those early days. The back half is going to be seasonal. There's still going to be rational spenders, even though they've raised a lot of money and they're being aggressive with their acquisition.

謝謝你。你看，顯然我們很喜歡這個比較，而且我們也同意。我們看到很多類似於早期那些日子所見到的興奮感。下半年會有季節性。即使他們募了很多資金、在獲客上很積極，仍然會有理性花費者。

However, it's going to be based around sports events, and we would think it's likely to follow that calendar, albeit it's a big opportunity for us. And as I've said for a while, we're extremely well placed, even more so now with Legend and the distribution network that they have.

不過，這將會以體育賽事為核心，我們認為很可能會跟著那個賽事日曆走，儘管這對我們而言是個很大的機會。而且正如我一段時間以來所說，我們的佈局非常到位，尤其是現在有了 Legend 以及他們的分銷網路，更是如此。

Got it. And then just as a follow-up, just with Legend, I guess, just in the relationship with the LLMs, when you go into some of these LLMs, they are scraping Covers and taking the sources.

了解。接著作為追問，關於 Legend，我想問在與 LLM 的關係上，當你進入某些 LLM 時，它們正在抓取 Covers 並帶走來源。

Is there any way to protect that data or protect what they have or maybe integrate with the LLMs? Can you just talk about that relationship in terms of preserving some of the uniqueness around the Legend portfolios?

有沒有任何方式可以保護那些資料、或保護他們所擁有的內容，或是也許與 LLM 進行整合？你能否談談這種關係，從維持 Legend 內容組合某些獨特性的角度來看？

Yes. Look, LLMs are a big opportunity for us through Legend. I think I said in my prepared remarks, what LLMs are good at is aggregating information. But really, this is all about destination sites, which Legend has and the new app that's just been soft launched as well.

可以。你看，透過 Legend，LLM 對我們而言是一個很大的機會。我想我在事先準備的發言中提到，LLM 擅長的是彙整資訊。但實際上，這一切都關乎目的地網站（destination sites），Legend 擁有這些網站，另外也剛剛軟啟動了新的 App。

So we feel from an AI point of view and an LLM point of view, we're a net winner. And we're seeing record audience coming through the LLMs to Legend at the moment, which is obviously translating to cash.

所以從 AI 與 LLM 的角度來看，我們是淨受益者。而且我們目前看到透過 LLM 導流到 Legend 的受眾創下新高，這顯然正在轉化為現金。

Michael Hickey, StoneX.

Michael Hickey，StoneX。

Mark, Bryan, congrats guys on a great Q1 and the closing of your deal here. Just two questions from us, Mark. First one, renewals. Obviously, you've had a lot of success in renewals historically. Just curious sort of how you're thinking about any upcoming operator renewals in the US and what are the key levers you think in terms of driving incremental growth from these agreements?

Mark、Bryan，恭喜各位第一季表現很棒，也恭喜你們這筆交易完成交割。我們這邊有兩個問題，Mark。第一個是續約。顯然你們過去在續約方面一直很成功。想請教你們如何看待美國接下來一些營運商的續約，以及你認為推動這些協議帶來增量成長的關鍵槓桿是什麼？

Yes. I mean, look, Mike, we're horizontally relaxed about this stuff. We've been doing it for years, and we expect this to carry on in the same way that we've seen it historically. We know what the levers are. We know what our value proposition is, and we've got an incredible track record of customer renewals and net revenue retention and growth. So we feel very confident and very relaxed about that.

是的。我是說，你看，Mike，我們對這些事情相當從容。我們做這件事很多年了，也預期會像過去一樣持續下去。我們知道槓桿在哪裡。我們知道我們的價值主張是什麼，而且我們在客戶續約、淨營收留存與成長方面有非常出色的紀錄。所以我們非常有信心，也非常放鬆。

Then just curious on the marketing opportunity you see, Mark, international. Obviously, the UK is a big area. I think in terms of Legend on gaming marketing, just the tax situation there has gotten nasty. Obviously, that's already baked into your guidance. Just wondering the impact you're seeing there. Do you think it will normalize or I guess, how it will trend through the year?

另外想請教你看到的行銷機會，Mark，關於國際市場。顯然英國是一個很大的區域。我想就 Legend 在博彩行銷方面而言，那邊的稅務情況變得很棘手。顯然這已經反映在你們的指引中。想問你們看到的影響是什麼。你覺得它會恢復正常嗎？或是今年會如何走勢？

And then just broadly speaking, when you look at the Moment Engine, which has been absolutely exceptional, and now Legend, when you look international, the biggest opportunities for growth that you guys see in the future?

再更廣泛地說，當你看 Moment Engine（表現非常出色）以及現在的 Legend，從國際市場來看，你們未來看到最大的成長機會在哪裡？

Yes. Thanks, Mike. Good question. Look, I mean Legend obviously globally diversified, and that's a super important part. One of the things that might be quite interesting is to think about the US If you remember, look at Flutter's results yesterday, 90% of the growth was iGaming versus 1% betting.

是的。謝謝你，Mike。好問題。你看，Legend 顯然在全球多元分散，這是非常重要的一部分。有一點可能很有意思：想想美國市場——如果你還記得，看看 Flutter 昨天的業績，90% 的成長來自 iGaming，而投注只有 1%。

Now clearly, Genius Sports Limited is outperforming on the betting front in a very significant way, as you've seen from the results this month and going forward. But I think the proportion of the money that's coming and growth that's coming from iGaming is very significant and a really good indicator for how well Legend is going to perform in the US market.

現在很明顯，Genius Sports Limited 在投注端的表現大幅領先，正如你從本月以及未來的結果所看到的。但我認為，來自 iGaming 的資金與成長占比非常顯著，這也很好地指示了 Legend 在美國市場將會有多好的表現。

Suffice to say, we're pretty excited about that, pretty excited about the new exposure that we've got to the iGaming market. That, combined with the growth that we're seeing in the advertising product, means that we expect some really strong results from that space.

總之，我們對此相當興奮，也對我們新增的 iGaming 市場曝險感到非常興奮。再加上我們在廣告產品上看到的成長，意味著我們預期該領域會有非常強勁的表現。

Raymond Bowers, Wells Fargo.

Raymond Bowers，Wells Fargo。

Just first, a couple of guidance questions. Any seasonality to call out around Legend?

首先，幾個關於指引的問題。Legend 有沒有什麼季節性需要特別指出？

The incremental EBITDA for Q2 just relative to 2 months seems a little lower in that quarter if I just annualize the overall annualized EBITDA contribution of Legend. And then with that, any update to those long-term guide targets that you guys provided at the time of the acquisition? And then I have a quick follow-up.

第二季的增量 EBITDA，相對於兩個月的貢獻來看，如果我把 Legend 的全年 EBITDA 貢獻年化，該季度看起來稍微低一些。另外，對於你們在收購時提供的那些長期指引目標，有沒有任何更新？然後我還有一個簡短的追問。

While Legend is less seasonal than Genius Sports Limited, and you guys know our back half, just given the sports calendar and the advertising calendar, is significantly weighted to Q3, Q4. Legend is more even given that it is iGaming, but they still have their peak quarters in Q3, Q4. So there is some seasonality to it where the front half is notably less than the back half. And no change on the guide. We remain consistent. And I think you guys know me well enough that I keep saying we're consistent.

Legend 的季節性比 Genius Sports Limited 低，而你們也知道我們的下半年——考量體育賽事日曆與廣告日曆——在 Q3、Q4 的權重顯著較高。Legend 因為是 iGaming，表現更平均，但他們的高峰季度仍在 Q3、Q4。所以確實存在一些季節性：上半年明顯低於下半年。而指引沒有變動。我們維持一致。我想你們也夠了解我，我一直都在說我們是保持一致的。

And then just on cash flow, just if we could put a finer point on this. If Q1 burned around $80 million, Q2 you guys expect that to be $140 million to $150 million, and then a rebound in the second half of $100 million, it's a negative cash flow year of north of $100 million. And then you mentioned kind of conversion showing up at the 50% plus rate in the second half. But if you're usually in a cash draw position in the first half, you should be well north of that in the second half.

接著關於現金流，我們能否把這點說得更精準一些。如果第一季燒掉約 8,000 萬美元，第二季你們預期會是 1.4 億到 1.5 億美元，然後下半年回升 1 億美元，那全年就是超過 1 億美元的負現金流。你們也提到下半年轉換率會以 50% 以上的水準呈現。但如果你們通常上半年是現金流出，那下半年理應遠高於那個水準。

So I think it would be super helpful just to kind of try to quantify what the one-timers related to the deal et cetera were in the first half, just to get a better sense of what kind of underlying cash flows look like.

所以我覺得如果能協助量化一下上半年與交易相關的一次性項目等等，會非常有幫助，讓我們更清楚底層的現金流看起來是什麼樣子。

The underlying cash flow, again, Q3, Q4 is the clean read. It's about $100 million total. And that Q2, a reminder that given just the confidence in the business, we did reduce the loan balance, and in any transaction, as any company would upon close, you do have the financing and the closing costs.

底層現金流，再次強調，Q3、Q4 才是最乾淨的觀察點。合計大約是 1 億美元。至於 Q2，提醒一下，基於對業務的信心，我們確實降低了貸款餘額；而且在任何交易中，如同任何公司在交割時都會發生的，你會有融資成本與交割成本。

So, as we end the year, we will have optionality on that cash balance in terms of delever or invest in the business. So again, the Q3, Q4 is the better read. And the guidance to 2028, we expect 2027 to build towards that 60% free cash flow conversion in 2028.

因此，當我們年底時，在現金餘額的運用上會有彈性，可以選擇去槓桿或投資於業務。所以再次強調，Q3、Q4 是更好的觀察點。至於 2028 年的指引，我們預期 2027 年會逐步建立，朝向 2028 年 60% 的自由現金流轉換率。

And so all of it remains consistent. And as you get through the second half into 2027, much cleaner and moving away from one-off transaction-related costs.

因此，整體都保持一致。而當你進入後半段、邁向 2027 年時，情況會乾淨得多，並逐步遠離一次性交易相關成本。

Jeffrey Stantial, Stifel.

Jeffrey Stantial，Stifel。

Maybe just starting off by following up on, I think, Bernie's question earlier. So the CFTC just wrapped up an engagement process for some potential rule-making.

我想先從跟進一下開始，應該是先前 Bernie 的問題。因此，CFTC 剛完成了一項就潛在規則制定所進行的意見徵詢流程。

We know there's some understandably mixed responses regarding whether or not the CFTC should require the use of official data, I think it's specifically from the exchanges.

我們知道，對於 CFTC 是否應要求使用官方數據（我想特別是來自交易所的數據），各方反應可以理解地相當分歧。

Mark, can you just help us think about sort of sensitivity to the addressable customer mix and the TAM here for your data if the CFTC does require the usage of official data versus the scenario where it's really more a function of latency that determines official versus nonofficial data?

Mark，你能否協助我們思考一下：若 CFTC 確實要求使用官方數據，相較於另一種情境——官方與非官方數據的區分其實更多取決於延遲（latency）——這對你們數據的可服務客戶組合與 TAM（總可服務市場）會有多大敏感度？

Yes. I think the key thing is that quality of data that you need to have an official result set by. Otherwise, you've got the Wild West. And I think that's well understood. And you're only going to get the official result from the official holder of data, and that's fundamentally the leagues and Genius Sports Limited or the leagues and whoever holds those rights.

是的。我認為關鍵在於：你需要具備足夠品質的數據，才能產出官方的結果集。否則就會變成無法無天的「西部荒野」。我想這點大家都很清楚。而你只能從官方的數據持有人那裡取得官方結果，基本上就是聯盟與 Genius Sports Limited，或是聯盟與任何持有那些權利的人。

So I think that's a fairly clear relationship that's out there. In terms of the TAM, the way I think about it, or the way we think about it, the way we model it is we think of each of the major prediction markets being like one of the top US sportsbooks. So we see the economics of Flutter or DraftKings or Kalshi or Polymarket or Robinhood, we see all of them being equal in terms of their size.

所以我認為這是一個相當明確的關係。至於 TAM，我的看法（或我們的看法、我們建模的方式）是：我們把每一個主要的預測市場都視為類似美國頂級體育博彩平台之一。因此我們認為 Flutter、DraftKings、Kalshi、Polymarket 或 Robinhood 的經濟規模都相同，就其規模而言我們把它們視為等量齊觀。

So when we think about the TAM and then we think about the opportunity for revenue from us, that's our sort of base case. You've then got marketing around the edge. You've got the addition of Legend, which obviously over-indexes on customer acquisition, which in the current market is extremely good for us because they've got the opportunity to go outside of the current states where you've seen potential saturation from the existing online sports betting.

所以當我們思考 TAM，並進一步思考我們可取得的營收機會時，這就是我們的基本情境。此外，還有周邊的行銷。也有 Legend 的加入，顯然在客戶獲取上更為突出；在目前的市場環境下，這對我們非常有利，因為他們有機會走出目前這些州——在那些州你已經看到既有線上體育博彩可能出現飽和。

So we see an outsized opportunity in the prediction market. But ultimately, we think that the underlying data piece will settle down, as I said, around the large online sports betting players' size.

因此我們在預測市場看到一個超額的機會。但最終，我們認為底層的數據業務會如我所說，回歸並穩定在與大型線上體育博彩玩家規模相當的水準。

That's great. And then switching gears, Mark, you touched on this briefly in your prepared remarks, but just double-clicking here into some of the focus on specifically or only regulated markets and operators. I just want to clarify, does any of your Betting business or any material portion of your Betting business revenues come via B2B resellers? Or is it only direct relationships with regulated licensed operators?

很好。接著換個話題，Mark，你在事先準備的發言中稍微提到過，但我想在這裡再深入確認一下：你們是否專注於、或僅專注於受監管的市場與營運商。我想釐清的是：你們的博彩（Betting）業務中，是否有任何博彩業務或任何重大比例的博彩業務營收是透過 B2B 轉售商取得？還是說只與受監管、持牌的營運商建立直接合作關係？

And then if you could just sort of broadly refresh us on your compliance processes that are in place to ensure that customers are behaving according to commercial terms and conditions, that would be helpful as well.

另外，如果你也能大致更新一下你們現行的合規流程，以確保客戶依照商業條款與條件行事，那也會很有幫助。

Yes, sure. Look, I mean, I think it's a good question. And obviously, we expected to talk about this. But I've been doing this for 25 years, and we've always taken very deliberate steps to avoid any exposure to any sorts of these risks. And the way we operate is that we're very, very selective by site.

好的，當然。你看，我認為這是個好問題。而且顯然我們也預期會談到這個。我做這行 25 年了，我們一直都非常審慎地採取措施，避免暴露於任何這類風險。我們的運作方式是：我們在各個站點／市場上都非常、非常有選擇性。

And what that means is that we structurally set ourselves up to only work with operators that meet our very high propriety standards, which is why we've limited ourselves to such a carefully curated list of only about 500 operators.

這代表我們在結構上就把自己設定為只與符合我們非常高的合規與正當性標準的營運商合作；這也是為什麼我們把合作對象限制在一份經過嚴格篩選的名單上，總共大約只有 500 家營運商。

Gregory Gibas, Northland Securities.

Gregory Gibas，Northland Securities。

You mentioned being flexible with respect to market maker contracts and them being fairly shorter term relatively as a result. So I was wondering if you could maybe how you expect those contract terms to evolve over time as prediction markets mature?

你提到在做市商合約方面保持彈性，因此合約期限相對較短。所以我想請教，你預期隨著預測市場成熟，這些合約條款會如何隨時間演變？

Sure. It's a good question. Look, you've got a couple of levers, right? You've got liquidity and you've got breadth of market, and then you've also got regulatory change. And we've got to be focused on all 3 of those. So taking short-term contracts gives us a bit of a view and flexibility around that.

當然。這是個好問題。你看，你有幾個槓桿，對吧？有流動性，也有市場廣度，另外還有監管變化。我們必須同時聚焦這三者。因此採用短期合約，能讓我們在這些方面保有一定的視野與彈性。

As liquidity in those markets grow, clearly the value of our data and the need for low latency, high quality specific data becomes more valuable. And that's something that we've got a very clear eye on.

隨著這些市場的流動性成長，我們的數據價值，以及對低延遲、高品質、特定數據的需求，顯然會變得更有價值。這也是我們非常清楚在關注的事情。

So we see a very, very clear path to significant revenue growth in that space as the natural evolution of that market values the higher quality data that's available.

因此我們看到一條非常、非常清晰的路徑：隨著市場自然演進並更重視可取得的高品質數據，我們在那個領域將有顯著的營收成長。

Got it. Very helpful. And as a follow-up, I wanted to just see with your Moment Engine now generally available or greater availability now integrated across partners that represent 90% of programmatic advertising ecosystem, how would you maybe characterize early adoption or engagement with those advertising partners relative to your early expectations?

了解。非常有幫助。另外作為追問，現在你們的 Moment Engine 已普遍可用，或可用性更高，且已整合到代表程式化廣告生態系 90% 的合作夥伴之中；你會如何描述這些廣告合作夥伴的早期採用或互動情況，相較於你們先前的預期？

Yes. Look, we're super excited about this. The adoption rate that we've seen is really, really good. And more importantly, the results that we're getting are very, very strong.

是的。你看，我們對此非常興奮。我們看到的採用率真的非常、非常好。更重要的是，我們取得的成效非常、非常強勁。

As I think you heard in the prepared remarks, we mentioned Samsung outspending by 220%, and it's early days. So I mean, look, there's a number of test campaigns that we're running at the moment and still to finish. But if the initial results maintain at the level that we've seen, this is going to be a very strong product in the market.

如同你在事先準備的發言中聽到的，我們提到 Samsung 的投放支出增加了 220%，而且目前仍是早期階段。所以你看，我們目前正在進行多個測試型活動，且仍有一些尚待完成。但如果初步結果能維持在我們目前看到的水準，這將會是一個在市場上非常強的產品。

Thank you, everyone. That concludes our conference call for today. You may now disconnect.

謝謝各位。今天的電話會議到此結束。各位現在可以掛線。