Genius Sports Ltd (GENI) 2026 Q2 法說會逐字稿

Thank you for joining us, and welcome to Genius Sports second quarter 2026 earnings results. (Operator Instructions) I will now hand the conference over to Genius Sports. Please go ahead.

感謝各位加入，歡迎參加 Genius Sports 2026 年第二季財報結果電話會議。（接線員指示）我現在把電話會議交給 Genius Sports。請開始。

Good morning, and thank you for joining. 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 17, 2026.

各位早安，感謝加入。在開始之前，我們想提醒各位，本次電話會議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。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的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 2026 年 3 月 17 日向 SEC 提交的 Form 20-F 年度報告。

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

在本次電話會議中，管理層也將討論若干我們認為可能有助於評估 Genius 營運表現的非 GAAP 指標。這些指標不應被單獨考量，亦不應作為依照美國 GAAP 編製之 Genius 財務結果的替代。上述非 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.geniusports.com 查閱。

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

接下來，我把電話交給我們的執行長 Mark Locke。

Thank you, and good morning, everyone. Before we get into the quarter, I want to step back for a moment. Genius is becoming the operating system of modern sports. We own the official data, the technology and now the audience that regulated sports ecosystems run on. As we bring these capabilities together on one platform, they reinforce each other.

謝謝，各位早安。在進入本季內容之前，我想先退一步談一下。Genius 正在成為現代體育的作業系統。我們擁有受監管體育生態系運作所依賴的官方數據、技術，而現在也擁有受眾。當我們把這些能力整合到同一個平台上，它們會彼此強化。

And as AI becomes more powerful, the value of our data only increases. Since announcing the Legend acquisition in February, we have told the market consistently that success would be shown, not told. This quarter is the first real look at that combined platform in action and it delivered.

而隨著 AI 變得更強大，我們數據的價值只會更高。自從我們在 2 月宣布收購 Legend 以來，我們一直向市場一致地表示，成功要用成果來展現，而不是用話來說。本季是首次真正看到這個整合平台的實際運作，而結果表現出色。

Three takeaways today. First, we delivered on every single line of our guidance. Revenue of $196 million, up 65% year-over-year and ahead of our guidance. Adjusted EBITDA of $53 million, well ahead of the $45 million we guided. And cash came through our seasonal low point ahead of the range that we set out last quarter.

今天有三點重點。第一，我們在指引的每一個項目上都達成了目標。營收 1.96 億美元，年增 65%，並高於我們的指引。調整後 EBITDA 為 5,300 萬美元，明顯高於我們指引的 4,500 萬美元。而現金在我們季節性低點期間的表現，也優於我們上季所設定的區間。

Revenue, adjusted EBITDA and cash all ahead. Second, this quarter gives you a flavor of the margin profile that this business is built to deliver. Strong underlying profitability accelerated by the addition of Legend and synergies that we are already realizing in the early stages of integration. The combination of the businesses is doing exactly what we said that it would.

營收、調整後 EBITDA 與現金表現皆超出預期。第二，本季讓各位看到這項業務所能帶來的利潤率輪廓。強勁的基礎獲利能力，因 Legend 的加入以及我們在整合初期已開始實現的協同效益而加速提升。兩項業務的結合，正如我們所說，正在發揮預期效果。

Third, we sit at the center of the two things that this whole market is chasing, official data and live high-intent audiences. In a world that's being reshaped by AI, that position is worth more, not less, and it is already showing up in real deals. Let me take each in turn, and then Bryan will take you through the numbers. Revenue was $196 million, up 65%. Betting grew 28% and our media business, which now includes Legend from the 1st of May, grew 193% as reported.

第三，我們位於整個市場追逐的兩大核心要素的中心：官方數據與即時、高意圖的受眾。在一個正被 AI 重塑的世界裡，這樣的位置只會更有價值，而不是更沒價值，而且這已經反映在實際交易上。我將逐一說明，接著 Bryan 會帶各位看數字。營收為 1.96 億美元，年增 65%。博彩業務成長 28%；我們的媒體業務（自 5 月 1 日起納入 Legend）按報告口徑成長 193%。

Our $11 million revenue beat in Q2 flowed through to an $8 million EBITDA beat, aided by the strong natural operating leverage in our business model, ramp of GeniusIQ and the initial Legend synergies, which, as we'll discuss in a bit, are just getting started.

我們在第二季多出的 1,100 萬美元營收，轉化為多出的 800 萬美元 EBITDA，這得益於我們商業模式中強勁的自然營運槓桿、GeniusIQ 的爬坡成長，以及初步的 Legend 協同效益；正如我們稍後將討論的，這些效益才剛開始顯現。

We outperformed across both betting and media, which now includes Legend. First, the core betting business continues to progress. We serve over 500 sportsbook brands across regulated markets. More than half our revenue comes from outside of the United States. And net revenue retention remains consistent with the range we share annually. Year-after-year, our customers spend more with us because our data and products only get more central to how they operate.

我們在博彩與媒體兩大業務（現已包含 Legend）均表現超出預期。首先，核心博彩業務持續推進。我們在受監管市場服務超過 500 個體育博彩品牌。我們超過一半的營收來自美國以外地區。而淨營收留存率仍維持在我們每年對外分享的區間內。年復一年，我們的客戶在我們這裡的支出增加，因為我們的數據與產品在其營運中的核心地位只會愈來愈重要。

Our 28% year-on-year growth comes in a quarter of customer-friendly results across sport, Championship runs, star players scoring, the kind of outcomes that typically result in low win margins for sportsbooks. Our business model is built differently. Our revenue is not driven by which way the ball bounces. We are paid on contractual guarantees and volumes across both sides of the house, and we continue to grow despite that operating backdrop. That is what durable growth looks like.

我們 28% 的年增成長，是在一個對客戶相對有利的季度中取得的：各項運動賽事出現冠軍之路、明星球員得分等結果，這類情況通常會使體育博彩公司的贏利率偏低。我們的商業模式不同。我們的營收不取決於球最後往哪邊彈。我們在業務兩端皆依合約保底與交易量收費，即使在這樣的營運背景下仍持續成長。這就是可持續成長的樣貌。

In fact, in a sports betting ecosystem, which has shown volatility, our betting segment has delivered over 25% revenue growth in each year since 2023 and is on track to do the same this year. Again, that is what durable growth looks like. In addition to our outperformance in betting, we've also outperformed in media, reflecting continued momentum across our existing media business, driven by new brand and agency customers, increased spend and strong demand from prediction market operators. This performance was further strengthened by the addition of Legend. The market is shifting in the direction of the business that we have built.

事實上，在一個曾展現波動性的體育博彩生態系中，我們的博彩部門自 2023 年以來每年都實現超過 25% 的營收成長，且今年也有望達成同樣表現。再次強調，這就是可持續成長的樣貌。除了博彩業務的超預期表現外，我們在媒體業務也同樣超預期，反映出既有媒體業務的持續動能；這主要由新品牌與代理商客戶、支出增加，以及來自預測市場營運商的強勁需求所驅動。Legend 的加入進一步強化了這項表現。市場正朝著我們所打造的這種業務方向轉移。

At Cannes Lion a few weeks ago, the industry's loudest conversation was live sport, one of the last places that a brand could reach a large emotionally engaged audience at scale. Genius is now a well-known name at Cannes because we own the data layer underneath that attention. This gives us a unique view of sports fans. Our data doesn't just tell us who the sports fans are. It tells us how they behave during key moments.

幾週前在坎城創意節（Cannes Lion），業界最熱烈的話題是現場體育賽事——這是品牌仍能以規模觸及大量、情緒高度投入受眾的少數場域之一。Genius 現在在坎城已是眾所周知的名字，因為我們擁有支撐這些注意力之下的數據層。這讓我們能以獨特視角洞察體育迷。我們的數據不只是告訴我們體育迷是誰。它也告訴我們，他們在關鍵時刻如何行為。

As an example, it tells us that consumers spend 25% more on food delivery when their team loses. Ahead of the NBA finals, we knew the Knicks fans spent 7 times more on live entertainment than spurs fans, while spurs fans are 3 times more likely to be fishing enthusiasts.

例如，它告訴我們，當消費者支持的球隊輸球時，他們在外送餐飲上的支出會增加 25%。在 NBA 總決賽之前，我們就知道尼克隊球迷在現場娛樂上的支出是馬刺隊球迷的 7 倍，而馬刺隊球迷成為釣魚愛好者的可能性則高出 3 倍。

Our biometric research with media science has showed that an ad served immediately after a heightened moment in live sports can double unaided brand recall. Those aren't just interesting data points, they're signals that brands can act upon. Our advantage is the data layer behind the moment engine. We don't just help brands reach sports fans. We help them reach the right fans at the right moment with the right message. That's the difference between buying impressions and delivering outcomes. And we're proving this value as more brands buy in.

我們與 Media Science 進行的生物特徵研究顯示，在現場體育賽事的情緒高點之後立即投放的廣告，能使未提示品牌回憶（unaided brand recall）提升一倍。這些不只是有趣的數據點，而是品牌可以採取行動的訊號。我們的優勢在於支撐「時刻引擎」背後的數據層。我們不只是幫助品牌觸及體育迷。我們幫助品牌在對的時刻，以對的訊息，觸及對的粉絲。這就是購買曝光與交付成果之間的差異。而隨著更多品牌加入，我們正在證明這項價值。

On our last earnings call, we told you that we had won roughly 70 new customers since launching the Moment engine in March. In Q2 alone, we've added 174 new customers, including major brands like McDonald's, YouTube TV and DoorDash, who are shifting spend to our platform. This is not sponsorship. It is measurable attention sold on our own data. The World Cup showed exactly what that looks like in practice. Take the example on the screen. Argentina's comeback against Egypt was one of the defining moments of the tournament.

在我們上一次的財報電話會議上，我們告訴各位，自從 3 月推出 Moment 引擎以來，我們大約贏得了 70 位新客戶。僅在第二季，我們就新增了 174 位新客戶，其中包括麥當勞、YouTube TV 和 DoorDash 等大型品牌，他們正把預算轉移到我們的平台。這不是贊助。這是基於我們自有數據所售出的、可衡量的注意力。世界盃清楚展示了這在實務上是什麼樣子。請看螢幕上的例子。阿根廷對埃及的逆轉，是本屆賽事最具代表性的時刻之一。

Using GeniusIQ data, we not only tracked what was happening on the pitch, but what millions of fans were likely to be feeling as that match unfolded. That allowed brands to adapt their ad campaigns in real time, aligning spend and creative with the moments that mattered most. And that wasn't a one-off. We executed this throughout the tournament. One global consumer brand used GeniusIQ to activate campaigns around goals, penalties, VAR decisions and other pivotal moments.

運用 GeniusIQ 數據，我們不僅追蹤了場上正在發生的事，也追蹤了在比賽進行過程中，數以百萬計球迷可能正在感受的情緒。這讓品牌能夠即時調整其廣告活動，使投放與創意對齊最重要的關鍵時刻。而這並非一次性的案例。我們在整個賽事期間都這樣執行。某個全球消費品牌使用 GeniusIQ，圍繞進球、十二碼、VAR 判決及其他關鍵時刻啟動行銷活動。

The result was roughly 3 times greater CPM efficiency than planned and the lowest cost per click of any campaign that they ran during the World Cup. That is the opportunity. Official data is no longer just telling you what happened. It's helping brands to decide what to do next. While the World Cup was a great showcase of what our products can deliver, we expect this to scale across the entire sports calendar.

結果是 CPM 效率約為原先規劃的 3 倍，且每次點擊成本為其在世界盃期間所執行的所有活動中最低。這就是機會所在。官方數據不再只是告訴你發生了什麼。它正在幫助品牌決定下一步該做什麼。世界盃是我們產品能力的絕佳展示，而我們預期這將擴展到整個體育賽事行事曆。

As a result, Genius is in the middle of conversations that we simply were not in 12 months ago. We are serving as a strategic sports partner to agencies. We are integrating with established ad tech businesses and brands are telling us our data is some of the most important infrastructure in their programmatic campaigns and we're only just beginning.

因此，Genius 正處於一些對話的核心，而這些對話在 12 個月前我們根本不在其中。我們正作為代理商的策略性體育合作夥伴。我們正在與既有的廣告科技公司進行整合，品牌也告訴我們，我們的數據是他們程式化廣告活動中最重要的基礎設施之一，而我們才剛剛開始。

This season, we expect to bring the moment engine capabilities to the NFL-related media activations, extending into one of the most valuable media properties in sport and unlocking another avenue for long-term growth. Underneath both the growth and the margin sits product. GeniusIQ turns our official data into faster, more automated, higher-value products, and it is a direct driver of the margins that you're seeing and will continue to see. These are still very early days. Our single connected platform is creating value across every point of the sports ecosystem, one platform, endless solutions.

本賽季，我們預期將 Moment 引擎的能力帶到與 NFL 相關的媒體啟動活動中，延伸至體育界最具價值的媒體資產之一，並開啟另一條長期成長的途徑。支撐成長與毛利率的核心是產品。GeniusIQ 將我們的官方數據轉化為更快、更自動化、價值更高的產品，並直接驅動你們目前看到、且未來仍將持續看到的毛利率表現。這些都仍在非常早期的階段。我們的單一互聯平台正在體育生態系的每一個環節創造價值：一個平台，無限解決方案。

Every new capability we build creates another way to monetize the same infrastructure. Broadcasters like D Zone are using it to make live sport more immersive. Brands like Amazon and Enterprise are using it as real-time sponsorship opportunities during heightened moments of the match.

我們打造的每一項新能力，都會創造出另一種方式，讓同一套基礎設施得以變現。像 D Zone 這樣的轉播商正使用它，讓即時賽事更具沉浸感。像 Amazon 和 Enterprise 這樣的品牌，正把它用作比賽高張力時刻的即時贊助機會。

Analysts at Sky Sport are using it to deliver rich insights and analysis. Leagues like CBS and Liga MX are using it to make fast, accurate and transparent officiating decisions. While these are different use cases, they all point to the same simple objective. GeniusIQ is turning official data into products that makes sport more valuable for every participant in the ecosystem. This is the operating system of modern sport.

Sky Sport 的分析師正使用它提供更豐富的洞察與分析。像 CBS 和 Liga MX 這樣的聯盟正使用它做出快速、準確且透明的判決決策。雖然這些是不同的使用情境，但它們都指向同一個簡單目標。GeniusIQ 正把官方數據轉化為產品，讓生態系中的每一位參與者都能從體育中獲得更高價值。這就是現代體育的作業系統。

Now to Legend and the synergies specifically because this is the part that I want you to hear clearly. Legend is one layer in the Genius system, the demand layer, sitting alongside our data and our technology. It brings a durable owned audience, roughly 180 million users, two-thirds of whom return and customers acquired through Legend carry around 60% higher lifetime value for operators after their first year. Those audience characteristics aren't just theoretical. They have been consistent since the start of the year, and they are already showing up in our results.

接下來談 Legend 以及協同效益，特別是因為這一段我希望各位能清楚聽明白。Legend 是 Genius 系統中的一個層級——需求層——與我們的數據與技術並列。它帶來一個穩健的自有受眾，約 1.8 億名使用者，其中三分之二會回訪；而透過 Legend 取得的客戶，在第一年之後為營運商帶來的終身價值約高出 60%。這些受眾特性不只是理論。自年初以來一直保持一致，且已經反映在我們的業績之中。

Group revenue increased $77 million year-over-year, yet sales and marketing expenses are only up $3 million. And that's with Legend only contributing since the 1st of May. If we'd acquired a business that depended on continually buying and reselling its traffic, then that sales and marketing expense line would have looked very different. In reality, however, we do not rent the audience, we own it. Here's what's new.

集團營收年增 7,700 萬美元，但銷售與行銷費用僅增加 300 萬美元。而這還是在 Legend 只從 5 月 1 日起才開始貢獻的情況下。如果我們收購的是一個必須持續購買並轉售流量的業務，那麼銷售與行銷費用那一行的數字會完全不同。但實際上，我們不是租用受眾，我們擁有受眾。以下是新的進展。

When we announced the deal, we laid out a set of revenue synergies and said they would build over time. They're building faster than expected. Cross-selling across the combined customer base is underway, already delivering results. Prediction markets are our most visible example of this coming through.

在我們宣布交易時，我們提出了一組營收協同效益，並表示它們會隨時間逐步建立。它們建立的速度比預期更快。針對合併後客戶基礎的交叉銷售已在進行中，並且已經帶來成果。預測市場是這些成果最顯著的例子。

The first phase of audience data integration is complete, immediately benefiting our fan graph and delivering results for our media customers. And we have begun using Legends properties as media inventory, which benefits margin as we shift spend away from third-party platforms and onto our own. On the forward, the significant bulk of the synergy opportunity is still ahead of us, but it is no longer just a line on a slide.

第一階段的受眾數據整合已完成，立即強化了我們的 fan graph，並為我們的媒體客戶帶來成果。我們也已開始將 Legends 的資產作為媒體庫存使用，當我們把支出從第三方平台轉移到自有平台時，這將有利於毛利率。展望未來，協同效益機會的主要部分仍在前方，但它已不再只是投影片上的一行字。

It has started and it is ahead of schedule. And on the AI question that we always get, an owned, returning first-party audience becomes more valuable as the open web fills with generic machine-made content, not less. As AI decides more of what people discover and buy, the businesses that own real data and a real audience are the ones that win. We own both. That is the position.

它已經開始，而且進度超前。至於我們總是被問到的 AI 問題：當開放網路充斥著通用的機器生成內容時，自有且會回訪的第一方受眾只會更有價值，而不是更沒價值。當 AI 決定更多人們發現與購買的內容時，擁有真實數據與真實受眾的企業才是贏家。我們兩者都擁有。這就是我們的定位。

Prediction markets are one example of how we're leveraging this position. In the second quarter, we generated meaningful revenue from the category. And after the quarter end, we reached another important milestone by signing direct commercial agreements with both Kalshi and Polymarket across official data and customer acquisition. At a high level, three things are happening at once. First, the data layer. Over the past few months, both Kalshi and Polymarket partnered with leagues like the Argentinian Football Association, Liga MX and SiriA, each built on official data and integrity from Genius.

預測市場是我們如何運用這一定位的一個例子。在第二季，我們從該類別產生了具實質意義的營收。而在季後，我們又達成另一個重要里程碑：與 Kalshi 與 Polymarket 兩者分別簽署了直接商業協議，涵蓋官方數據與客戶獲取。從高層次來看，有三件事同時在發生。第一，數據層。在過去幾個月中，Kalshi 與 Polymarket 都與阿根廷足球協會、Liga MX 與 SiriA 等聯盟合作；每一項合作都建立在官方數據之上，並由 Genius 提供完整性保障。

Building on those league partnerships, we've now established direct commercial agreements with both prediction market platforms, covering a wide range of content across our data portfolio. Official rights run league by league. That is the structure of this industry. And on the sports that we hold, settlement runs on our data. Leagues will move at their own pace in this category, and so will the scale of our platform relationships.

在這些聯盟合作的基礎上，我們如今已與兩個預測市場平台建立直接商業協議，涵蓋我們數據組合中廣泛的內容。官方權利是以聯盟為單位運作。這就是這個產業的結構。而在我們持有權利的運動項目上，結算是以我們的數據為準。各聯盟在此類別的推進速度會依其自身節奏而定，我們與平台之間合作關係的規模亦然。

As an example of this, look at what happened last week. The NFL filed formally with the CFTC and told the regulator in writing that markets on sport cannot operate with integrity without official settlement data, real monitoring and information sharing between the venues and the leagues. The largest league in America has put on record that this category runs on infrastructure and that infrastructure is what we have spent two decades building.

作為例子，看看上週發生了什麼。NFL 已正式向 CFTC 提交文件，並以書面告知監管機構：若沒有官方結算數據、真正的監控，以及交易場所與聯盟之間的資訊共享，體育市場就無法在具備完整性的情況下運作。美國最大的聯盟已正式記錄在案：這個類別依賴基礎設施，而這套基礎設施正是我們花了二十年打造的。

For the avoidance of doubt, we do not expect the NFL to green light prediction markets in the near future and have not included this in our 2026 guidance. However, what is clear is that the direction of travel is towards more official data, not less. What we've established with Kalshi and Polymarket is a foundation upon which we will layer more content, more services and more territories over time. It is the same compounding playbook that you have watched us execute in sports betting, now applied to prediction markets.

為避免疑義，我們不預期 NFL 會在短期內批准預測市場，且我們未將此納入 2026 年指引。然而，明確的是，發展方向是走向更多官方數據，而非更少。我們與 Kalshi 與 Polymarket 所建立的是一個基礎，未來我們將在其上逐步疊加更多內容、更多服務與更多地區。這與你們看到我們在體育博彩中執行的複利式打法相同，如今套用到預測市場。

Second, the data layer also extends to market making. The reliance on our official data and models to price markets is essential to provide liquidity on these exchanges. This puts us in a uniquely valuable position. Third, the audience layer, as was part of our thesis when we first announced Legend in February, and this category is where Legend is already excelling and delivering in our Q2 results. We are sourcing new customers for prediction market operators in a very significant volume.

第二，數據層也延伸至做市。依賴我們的官方數據與模型來為市場定價，對於在這些交易所提供流動性至關重要。這使我們處於獨特且極具價值的位置。第三是受眾層，這也是我們在二月首次宣布收購 Legend 時論點的一部分，而這一類別正是 Legend 已在其中表現出色並在我們第二季業績中交出成果的領域。我們正以非常可觀的規模，為預測市場營運商導入新客戶。

Every one of those customers is acquired somewhere. With our organic media platform now turbocharged by Legend, we own many of the destinations where those customers are acquired and competition for those customers is only becoming more intense. That is why acquisition dollars flow to us in Q2 and why our combined media offering became a key part of our deals with Kalshi and Polymarket. Our role in this market is infrastructure. We supply everyone.

每一位客戶都是在某個地方被獲取的。隨著我們的自然流量媒體平台在 Legend 的加持下火力全開，我們擁有許多客戶獲取的目的地，而對這些客戶的競爭只會愈來愈激烈。這就是為什麼第二季的獲客預算會流向我們，也為什麼我們整合後的媒體產品成為我們與 Kalshi 與 Polymarket 合作協議中的關鍵部分。我們在這個市場中的角色是基礎設施。我們為所有人供應。

All three of these elements come together to represent a sum larger than its component parts. That is exactly how we said the Legend acquisition helps us and exactly how we said prediction markets would expand our total addressable market.

這三個要素結合在一起，所代表的總和大於各部分之和。這正是我們所說的 Legend 收購如何幫助我們，也正是我們所說的預測市場將如何擴大我們的可服務總市場（TAM）。

While sports moments will come and go, our prediction market revenue is beginning to structurally rise, and we expect significant upside in the years ahead, both in our betting and media segments from this important market segment. Two key questions about our stock asked frequently since the Legend announcement in February are now directly addressed in our results. More importantly, they leave us better positioned for the next phase of growth.

雖然體育賽事熱點會來來去去，我們的預測市場收入正開始呈現結構性上升，我們預期未來幾年將有顯著上行空間，並將在博彩與媒體兩大業務板塊中受益於這一重要市場分支。自二月宣布 Legend 以來，市場經常就我們股票提出的兩個關鍵問題，如今已在我們的業績中得到直接回應。更重要的是，這讓我們在下一階段成長中處於更有利的位置。

And with that, let me hand to Bryan.

接下來，我把時間交給 Bryan。

Thanks, Mark. Let me start by simply recapping our three key financial metrics. First, another quarter of solid revenue growth across the board, 65% overall, underpinned by 28% in Betting and 193% in Media, reflecting the effect of the acquisition, but also continued organic growth solidly above 20% for both Genius and Legend Media. Taken together, these demonstrate the strength of our combined business. Second, another quarter of solid adjusted EBITDA growth of 54%.

謝謝，Mark。我先簡要回顧我們三項關鍵財務指標。第一，本季整體營收再度穩健成長，總體成長 65%，其中博彩成長 28%、媒體成長 193%，反映收購效應，同時 Genius 與 Legend Media 兩者的有機成長也持續穩健地高於 20%。綜合來看，這些都展現了我們整合後業務的實力。第二，調整後 EBITDA 再度穩健成長 54%。

This represents a 27% margin, which was over 250 basis points above the margin implied by our guidance. Let me be direct about that margin because I know the question, is this just acquisition mix? Mix helps just as we said it would, but it's not the whole story. Our organic growth is generating real operating leverage. GeniusIQ automation is improving our core economics and integration synergies are already landing ahead of schedule, with most of that opportunity still ahead of us. That's why we're confident raising guidance today.

這相當於 27% 的利潤率，較我們指引所隱含的利潤率高出超過 250 個基點。我想就這個利潤率直說，因為我知道大家的問題：這只是收購帶來的組合效應嗎？組合確實如我們所說有所幫助，但這不是全部。我們的有機成長正在帶來實質的營運槓桿。GeniusIQ 自動化正在改善我們的核心經濟性，而整合綜效也已提前落地，且大部分機會仍在前方。這就是為什麼我們今天有信心上調指引。

And third, quarter end cash of $155 million was above the range of $140 million to $150 million we set last quarter. To delve into cash flow a bit, Q2 is always our seasonal low point for cash. And in this quarter specifically, the transaction-related factors amplified that effect. First, our normal seasonality remains unchanged, where the second half of the year is naturally more cash generative. Second, we incurred the onetime costs associated with closing the Legend acquisition. Those costs are now largely behind us and will not repeat.

第三，季末現金為 1.55 億美元，高於我們上季設定的 1.40 億至 1.50 億美元區間。稍微深入談一下現金流，第二季一向是我們現金的季節性低點。而在本季，與交易相關的因素放大了這個影響。第一，我們正常的季節性並未改變，下半年自然會產生更多現金。第二，我們承擔了完成 Legend 收購的一次性成本。這些成本如今大多已經過去，且不會重複發生。

To put this quarter in context, we finished Q1 with $197 million in cash and finished Q2 with $155 million. The change was predominantly driven by $41 million of debt financing costs. Excluding certain onetime transaction-related impacts, underlying operating cash flow would have been roughly breakeven. One additional accounting point that's worth calling out. The cash flow statement shows a $579 million use of cash for the acquisition of the business.

為了將本季放在脈絡中看，我們第一季結束時現金為 1.97 億美元，第二季結束時為 1.55 億美元。變動主要由 4,100 萬美元的債務融資成本所驅動。若排除某些一次性交易相關影響，基礎營運現金流大致會接近損益兩平。另外有一個值得指出的會計重點。現金流量表顯示，收購該業務使用現金 5.79 億美元。

That reflects the accounting presentation, excluding the repayment of shareholder loans, settlement of Legend's historic incentive plans and the cash acquired in the transaction. Taken together, those contribute to the $800 million upfront cash consideration paid.

這反映的是會計呈列方式，未包含償還股東貸款、結算 Legend 歷史激勵計畫，以及交易中取得的現金。合計而言，這些構成了所支付的 8 億美元一次性前期現金對價。

As we mentioned last quarter, from here, we expect cash generation to accelerate through the second half of the year. We expect to generate approximately $145 million of unlevered free cash flow in the second half. That represents 70% unlevered free cash flow conversion of the approximately $210 million of adjusted EBITDA, less roughly $30 million of interest and $10 million of debt repayment gets you to 50% levered cash flow conversion. So from the third quarter onward, you'll have a much cleaner view of the underlying cash-generating power of the business as we progress toward our 2028 targets for 60% unlevered free cash flow conversion.

如同我們上季提到的，從現在起，我們預期現金產生將在下半年加速。我們預期下半年將產生約 1.45 億美元的無槓桿自由現金流。這相當於約 2.10 億美元調整後 EBITDA 的 70% 無槓桿自由現金流轉換率；再扣除約 3,000 萬美元利息與 1,000 萬美元債務償還後，槓桿後現金流轉換率約為 50%。因此，從第三季開始，隨著我們朝 2028 年 60% 無槓桿自由現金流轉換率目標推進，你們將能更清楚地看到公司基礎的現金創造能力。

Importantly, we're now seeing capitalized software costs flatten just as we've said it would. As revenue continues to grow, this will continue to decline as a percentage of revenue, providing another structural tailwind to cash conversion over time. On the balance sheet, our only debt is the $825 million term loan used to fund the Legend acquisition. We have no revolver drawn and no other borrowings. As cash generation accelerates in the second half, we expect to exit the year at approximately 2 times net leverage and continue reducing that in 2027, while maintaining ample liquidity throughout.

重要的是，我們現在看到資本化軟體成本正如我們所說開始趨於持平。隨著營收持續成長，該項成本占營收比重將持續下降，長期而言將為現金轉換率帶來另一項結構性順風。在資產負債表方面，我們唯一的債務是用於資助 Legend 收購的 8.25 億美元定期貸款。我們沒有動用循環信貸額度，也沒有其他借款。隨著下半年現金產生加速，我們預期年底淨槓桿約為 2 倍，並在 2027 年持續降低，同時全程維持充足流動性。

Let me quickly comment on our GAAP net loss of approximately $77 million and remind you that this reflects the accounting for the close of the Legend acquisition. The result includes onetime transaction costs, acquisition financing and the noncash accounting associated with acquired intangible assets, not the underlying operating performance of the business. Looking ahead, we expect our earnings profile to continue improving as we progress toward sustained GAAP profitability. Taken together, the financial profile of the business is becoming increasingly clear, durable revenue growth, improving profitability, increasing cash generation and lower leverage.

我快速評論一下我們約 7,700 萬美元的 GAAP 淨損，並提醒各位，這反映的是 Legend 收購完成的會計處理。該結果包含一次性交易成本、收購融資，以及與取得之無形資產相關的非現金會計項目，而非公司基礎營運表現。展望未來，隨著我們邁向可持續的 GAAP 獲利，我們預期獲利結構將持續改善。綜合而言，公司財務輪廓正變得愈發清晰：營收成長具韌性、獲利能力改善、現金產生增加，以及槓桿降低。

Now let me finish with guidance. We are raising our full year outlook. Revenue moves to a range of $1.005 billion to $1.025 billion, and adjusted EBITDA moves to a range of $285 million to $295 million, a margin of roughly 29%. The operating leverage is showing up in the numbers, driven by strong revenue growth, nascent rise in prediction markets revenues, ramping GeniusIQ automation and early synergy capture, all of it structural. That gives us tremendous optimism for Genius' path forward. 2027 is when the combined earnings power really starts to show, and it puts us squarely on track to achieve our 2028 guidance, which is more visible today than the day we set it.

最後我以指引作結。我們上調全年展望。營收上調至 10.05 億至 10.25 億美元區間，調整後 EBITDA 上調至 2.85 億至 2.95 億美元區間，利潤率約 29%。營運槓桿已反映在數字上，驅動因素包括強勁的營收成長、預測市場收入的初步上升、GeniusIQ 自動化加速推進，以及早期綜效的實現，這些都屬於結構性因素。這讓我們對 Genius 未來的發展路徑充滿信心。2027 年將是整合後獲利能力真正開始顯現的一年，也使我們穩步走在達成 2028 年指引的軌道上，而這一目標如今比我們設定之初更為清晰可見。

And with that, back to you, Mark.

那麼，接下來交給你，Mark。

Thanks, Bryan. There's a lot in today's earnings, so let me summarize. We beat our guidance on every metric. Our largest ever acquisition is already delivering synergies ahead of schedule. We own the official data that the regulated ecosystem, sportsbooks, media and now prediction markets depend on, and we own the audience layer on top of it. We believe we are only just beginning to monetize the full potential of our platform within prediction markets.

謝謝，Bryan。今天的財報內容很多，我先做個總結。我們在每一項指標上都優於我們的財測指引。我們史上最大的一筆收購已經提前帶來協同效益。我們擁有受監管生態系、體育博彩業者、媒體以及現在的預測市場所依賴的官方數據，同時也擁有其上層的受眾層。我們相信，我們才剛開始在預測市場中將平台的全部潛力變現。

Thank you, and we will now open up for questions.

謝謝各位，我們現在開放提問。

(Operator Instructions)

(接線員指示)

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe I'll kick us off with a big picture one. Obviously, with the close of the Legend acquisition, talk to us a little bit about what some of the key learnings have been as you went through the pre-close and now the integration process with the asset? And how you're thinking about potential for elements on both the monetization side and the synergy side to continue to evolve and what some of those key learnings have been?

我先從一個宏觀問題開始。顯然，隨著 Legend 收購案完成交割，請跟我們談談在交割前以及現在與該資產進行整合的過程中，你們有哪些關鍵學習？以及你們如何看待在變現面與協同效益面，相關要素未來持續演進的潛力，以及其中有哪些關鍵心得？

Yes. Thanks, Eric. It's Mark here. Look, Legend started really, really well. We're super positive about it. And I think the synergies are coming through faster than we expected. You can see that and we announced in the last couple of days, Kalshi deal, Polymarket deal. And it's really proving the thesis that we had when we went out and bought Legend that there would be immediate and significant synergies. So they're coming through immediately. From a operational point of view, the teams are merging really well.

是的。謝謝你，Eric。我是 Mark。你看，Legend 一開始的表現非常、非常好。我們對此非常正面。而且我認為協同效益出現得比我們預期更快。你可以看到，我們在過去幾天也宣布了 Kalshi 合作、Polymarket 合作。這確實驗證了我們當初收購 Legend 的論點：會有立即且顯著的協同效益。所以它們立刻就開始顯現。從營運角度來看，團隊融合得非常好。

We've had some off-sites. The products are coming out the door in a really satisfactory way, and we're starting to get some technical cross-sell -- sorry, technical crossover as well with our product sets. So overall, it's been remarkably successful, and we're super excited about it.

我們也辦了一些離站會議（off-sites）。產品推出的進度非常令人滿意，而且我們也開始在產品組合之間出現一些技術上的交叉銷售——抱歉，是技術上的交叉整合（crossover）。總體而言，這次整合可說是出乎意料地成功，我們也非常興奮。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Guys, decelerating OSB handle growth has been a factor for a competitor and a customer this week. And I think PM proliferation potentially could be a factor. Just curious, are there similar risks for your business once we get to NFL season?

各位，本週某家競爭對手以及一位客戶都提到，OSB 交易額（handle）成長放緩是一個因素。我認為預測市場（PM）的快速擴張也可能是因素之一。想請教的是，一旦進入 NFL 球季，你們的業務是否也面臨類似風險？

Thanks, Barry. Look, the way we think about the market is that we're taking revenue from anything to do with sports betting. So whether that's from the traditional OSB operators or whether that's the expansion in the TAM that we're getting with the prediction market, it's all very net positive for us. The other thing that's worth focusing on, and we said it before many times is that we've got a business model that has that underlying floor. So the way that we do deals gives us the sort of minimum downside that protects us from the volatility.

謝謝，Barry。我們看待市場的方式是：凡是與體育博彩相關的，我們都能從中取得收入。所以不論是來自傳統 OSB 營運商，或是我們因預測市場而擴大的 TAM（總可服務市場），對我們而言整體都是非常正面的淨效益。另外一點值得聚焦的是——我們之前也多次提過——我們的商業模式有一個底層的「下限」。因此，我們的交易結構讓我們具備某種最低下行風險，能保護我們免受波動影響。

You've seen a number of times in our business when there's been sort of negative sports results for the OSBs that we've actually been protected. And again, we carry that philosophy forward in all the deals that we do.

你也多次看到，在我們的業務中，當 OSB 因為不利的賽果而出現負面影響時，我們其實是受到保護的。同樣地，我們也把這個理念延續到我們所做的所有交易之中。

Barry, the only other thing I would add to that is just a reminder on the global nature of our business and the Americas being roughly 50%. And so there's diversity there that we're not necessarily hinged to one geography or one sport.

Barry，我另外想補充的是，提醒大家我們業務的全球性，美洲約占 50%。因此我們具備多元分散，不一定會被單一地理區域或單一運動項目所牽動。

Got it. And if I could just ask a follow-up on the guide, $15 million increase to both revenue and EBITDA, which would be about 100% flow-through. I see that Q2 revenue beat by 11% and EBITDA by 8%. But just curious how we get to 100% flow-through for the full year.

了解。另外我想就財測指引追問一下：營收與 EBITDA 都上調 1,500 萬美元，等於大約 100% 的流量轉換（flow-through）。我看到第二季營收超預期 11%，EBITDA 超預期 8%。但我好奇的是，全年為何能達到 100% 的流量轉換？

Yes. Again, just the continued momentum, the momentum year-to-date, you see it in the numbers in the quarter, exceeding margin there and then just continued build for the rest of the year. That's the execution of the underlying business, the Legend integration tracking well and just new deals and partnerships as exemplified by the recent ones in the last couple of days with Kalshi and Polymarket So multitude of factors there factoring into the guide.

是的。主要還是持續的動能，今年迄今的動能——你在本季數字中也看得到——利潤率表現超出，並且在今年剩餘期間持續累積。這包括核心業務的執行、Legend 整合進度良好，以及新的交易與合作夥伴關係，例如過去幾天與 Kalshi 和 Polymarket 的最新合作。

Steve Pizzella, Deutsche Bank.

Steve Pizzella，德意志銀行。

I think you mentioned that 2027 is when the combined earnings power really starts to show in the prepared remarks. Can you talk about some of the biggest drivers of acceleration next year?

我記得你在事先準備的發言中提到，2027 年是合併後的獲利能力真正開始顯現的時間點。能否談談明年加速成長的一些最大驅動因素？

Yes. Again, our -- you've seen it before, just this compounding playbook we have across the business, both betting and media. We are tapping into a rising market, growth of prediction markets is nascent, the continued opportunities as we bring on new operators, sportsbooks. Legend also gives us exposure to iGaming. So there's a number of factors there as we continue to just grow our portfolio of products and get more penetration and uptake with our partners to help them grow as well.

是的。同樣地，你之前也看過——我們在整個業務（博彩與媒體）都有一套複利式的成長打法（playbook）。我們正切入一個上升中的市場；預測市場的成長仍在早期階段；而且隨著我們新增更多營運商、體育博彩業者，機會也會持續出現。Legend 也讓我們觸及 iGaming。因此，隨著我們持續擴大產品組合、提高滲透率與合作夥伴採用度，並協助他們成長，這裡面有多項推動因素。

Okay. And then in the prediction market revenue drivers in the presentation, you mentioned the liquidity. How are you seeing demand for your pricing models in addition to the official data?

好的。另外，在簡報中談到預測市場的營收驅動因素時，你提到了流動性。除了官方數據之外，你們如何看待市場對你們定價模型的需求？

Yes. So just to remind everybody with the prediction markets, we make money in lots of different ways. We've said it for a while. But obviously, on the marketing side, especially with the addition of Legends, we're helping the prediction markets acquire new customers, bring them in. We've said for a long time that we sell to market makers and the market makers take both the data and the pricing services.

是的。先提醒大家，在預測市場方面，我們有很多不同的方式可以賺錢。我們已經講了一段時間。但很明顯地，在行銷端，尤其是加入 Legends 之後，我們正在協助預測市場獲取新客戶、把他們帶進來。我們也長期表示，我們會賣給做市商（market makers），而做市商同時會採購數據與定價服務。

And finally, now we're cutting deals as you've seen with Kalshi and Polymarket with either directly with the prediction markets. And there's some significant upside in a number of those prediction markets out there. So the demand for our products and services is growing. It's something that we think there's some significant upside in over the period, but we've been very cautious with the way that we've forecast. For example, the NFL is not and never has been included in any of our numbers. So the opportunities across the prediction market space is significant for us.

最後，如你所見，我們現在也開始與 Kalshi、Polymarket 等直接與預測市場本身簽約。而在外部多個預測市場中，存在相當可觀的上行空間。因此，我們產品與服務的需求正在成長。我們認為在一段期間內這裡有顯著上行，但我們在預測方式上一直非常謹慎。例如，NFL 並未、也從未被納入我們任何數字之中。所以，預測市場領域對我們而言的機會非常可觀。

Mike Hickey, StoneX.

Mike Hickey，StoneX。

Mark, Bryan, Brandon, congrats guys on a great quarter and seeing that Legend deal come through. So kudos to you guys. Just maybe as a quick follow-up to the last question. You're obviously delivering the data and pricing to market makers. That's -- can you just maybe talk about real quick why that's so valuable for them? And then Mark, do you see an opportunity in the future that maybe Genius could eventually participate more directly in market making on PN platforms?

Mark、Bryan、Brandon，恭喜各位本季表現亮眼，也看到 Legend 那筆交易順利落地。所以要給你們點個讚。我想就上一題做個快速追問。你們顯然是在把數據與定價提供給做市商。那——你們能不能很快談一下，為什麼這對他們這麼有價值？另外 Mark，你是否看到未來有機會，讓 Genius 最終能在 PN 平台上更直接地參與做市？

Yes. Good questions, Mike. Look, we've traded on the regulated exchanges for the last 20 years or so, and we really don't see any difference in the US with prediction markets and the emergence of the prediction markets is just more opportunity for us to keep leveraging our pricing, our risk capabilities and really sort of drive revenue. It's no additional cost for us. So we're seeing good results from our engagement with that, the market makers, and we feel very optimistic about the future.

是的。好問題，Mike。你看，我們過去大概 20 年一直在受監管的交易所交易，而我們在美國對於預測市場並不覺得有什麼不同；預測市場的興起只是讓我們有更多機會持續運用我們的定價能力、風險能力，並真正帶動營收。這對我們沒有額外成本。所以我們與那些做市商的合作看到不錯的成果，對未來也非常樂觀。

Nice. The one last one on prediction market deal economics. Awesome to see the framework here in partnership with Kalshi and Polymarket. To the best you can, can you give us some color maybe on how these agreements, the economics of these agreements compare with your traditional sportsbook deals? And I guess, specifically on the data pricing and services, if those structures are broadly similar or if PN platforms are maybe paying less for data while you can sort of make up the economics through bundled services like integrity, liquidity and customer acquisition?

很好。最後一題關於預測市場交易的經濟性。很高興看到你們與 Kalshi 和 Polymarket 合作的框架。在你能分享的範圍內，能否提供一些背景，說明這些協議的經濟條件與你們傳統體育博彩（sportsbook）合作案相比如何？我想更具體問在數據定價與服務方面，這些結構是否大致相似，或是 PN 平台可能為數據支付較少，但你們可以透過整合式服務（例如誠信/風控、流動性與客戶獲取）來補足整體經濟效益？

Yes. I mean, so I think I said last quarter that we see those players as being large tier operators for us going forward. And I think the deals that we've seen coming through are more than satisfying that requirement. The deal structures, again, are very similar. We have fixed minimums.

是的。我的意思是，我想我上季就說過，我們認為這些玩家未來會成為我們的大型分層（tier）營運商。而且我認為我們看到落地的交易，完全足以滿足那個要求。交易結構同樣非常類似。我們有固定最低保底。

There's upside as well as part of it. And clearly, especially seeing the -- I guess that, where they are in their stage of evolution around products and customer acquisition, we actually see significant opportunities there in terms of providing product, providing data, providing services as they evolve their business in quite a rapid way.

同時也有上行空間作為其中一部分。而且很明顯，特別是看到——我想是他們在產品與客戶獲取方面仍處於演進階段，我們其實看到很大的機會，能在他們業務快速演進的過程中提供產品、提供數據、提供服務。

Jed Kelly, Oppenheimer.

Jed Kelly，Oppenheimer。

Just getting back to the increase in the guidance and specifically in the Media segment, is that coming strictly from some of the higher prediction market advertising you're expecting to see? Or are you seeing other brands outside of sports coming as well, and that's also benefiting considering all the agency partnerships?

回到指引上調，特別是媒體（Media）部門，這是否完全來自你們預期會看到的較高預測市場廣告投放？還是你們也看到體育以外的其他品牌進來，同時在各項代理商合作夥伴關係的帶動下也受益？

Yes, a good question. It's sort of everything. So if you take the World Cup, for example, the World Cup was great for us. We managed to add a significant number of new brands to it, which is a great way to kick start relationships with new players there. So we see significant upside there. You've seen, obviously, the cross-sell from the Legend, the synergies coming through there in terms of the marketing. So that's coming through. It's a sort of combination of all of those things.

是的，好問題。算是各方面都有。以世界盃為例，世界盃對我們來說表現非常好。我們成功新增了相當多的新品牌，這是啟動與新客戶建立關係的很棒方式。所以我們看到很大的上行空間。你也看到，顯然，來自 Legend 的交叉銷售，以及在行銷方面帶來的綜效。所以那部分也在發酵。這些因素是綜合在一起的。

What's going on in the advertising world and the focus that I mentioned it in my remarks that the world now has on sports as a sort of sector, and we saw that at Cannes Lion, all of that's really contributing to some of the significant growth and demand that we're seeing for the product set.

廣告市場正在發生的事情，以及我在發言中提到的——現在全世界把體育視為一個產業板塊的關注度，我們在坎城創意節（Cannes Lions）也看到了，這些都在推動我們產品組合所看到的顯著成長與需求。

Great. And then just as a follow-up, when you look at the prediction market is trading and where volume is and it's heavily weighted in game and it's popular with certain sports such as tennis, college basketball. How does that make you think sort of your rights portfolio? And is there some opportunities you kind of look at given the user behavior in that market?

很好。再追問一下，當你看預測市場的交易情況與成交量分布時，會發現很大比重是在進行中（in-game），而且在某些運動特別受歡迎，例如網球、NCAA 大學籃球。這會如何影響你們對自身權利（rights）組合的思考？基於該市場的用戶行為，你們是否看到一些可以把握的機會？

Yes. So obviously, our business has grown up on live betting, live data. So it's having the best data, having the best collection technology is becoming increasingly important. One of the things that we're getting with GeniusIQ that we're rolling out, and we're doing this across global basketball with FIBA. We're doing it with global soccer again, where there's a lot of live betting is really the ability to upscale and to take new higher quality, faster data feeds, which are highly relevant to the prediction market.

是的。很明顯，我們的業務是從即時投注、即時數據發展起來的。因此，擁有最好的數據、最好的採集技術變得愈來愈重要。我們透過正在推出的 GeniusIQ 所獲得的一件事——我們正把它在全球籃球（與 FIBA）推廣，也在全球足球推廣——而足球同樣有大量即時投注——就是能夠升級，採用新的、更高品質、更快速的數據串流，這與預測市場高度相關。

So that's a big opportunity. And again, we're pretty unique in our technology that allows us to do that. And certainly, that technology as a slight aside, we're rolling out additional faster collection technology with the NFL at the moment. So there's better ways of collecting data using the technology that we've invested in and the money that we spent over the last few years, which are highly relevant to prediction markets.

所以這是一個很大的機會。而且我們在能做到這點的技術上相當獨特。另外稍微岔開一下，我們目前也正在與 NFL 推出額外、更快速的採集技術。因此，透過我們過去幾年投入的技術與資金，可以用更好的方式來採集數據，而這些都與預測市場高度相關。

Separately to that, obviously, pricing the volume of events that are happening now and creating those models that we mentioned before is something that we have a huge amount of history and we've got all of the data. We've got those pricing models. We've been doing it for a long time. So we see it as a big growth opportunity to actually have our models and our data out there being used to create those new market opportunities.

除此之外，對於現在正在發生的大量事件進行定價，並建立我們先前提到的那些模型，是我們擁有大量歷史經驗的領域，而且我們掌握所有數據。我們也有那些定價模型。我們做這件事已經很久了。所以我們把它視為一個很大的成長機會：讓我們的模型與數據在市場上被使用，去創造那些新的市場機會。

Josh Nichols, B. Riley.

Josh Nichols，B. Riley。

Great to see a solid first quarter with the Legend acquisition under your belt now. You've talked a lot about the synergies. I realize it's still early days and a little bit hard to quantify. Any kind of framework that you could maybe put around some of the opportunities that you're seeing thus far, maybe at least maybe name and size one or two things that you've been able to get done this far and opportunities as we head into the seasonally stronger second half?

很高興看到在完成 Legend 收購後，你們第一季交出穩健的成績。你們談了很多綜效。我知道現在還早，也比較難量化。你能否提供一個大致框架，說明目前為止你們看到的一些機會？也許至少點出一兩件你們到目前為止已經完成的事項及其規模，並談談在進入季節性更強的下半年時的機會？

Yes. I mean, again, if you just look at the Kalshi deal and the Polymarket deal that we just agreed, there are really two significant proof points that have come through, and there's plenty more to come. You've got real evidence of faster synergy delivery in the business and in the numbers now. And so we're extremely pleased to see how that's operating.

是的。我的意思是，如果你只看我們剛剛達成的 Kalshi 與 Polymarket 交易，那其實就是兩個非常重要的驗證點，而且後面還會有更多。你已經看到在業務與數字上，綜效更快落地的明確證據。因此我們非常高興看到它目前的運作情況。

And last question for me. A big step-up in the momentum in advertisers this quarter. It's ramping up quite quickly. You're probably going to get more traction headed into the NFL season coming up. How should people think about the opportunities there, whether it's like contract size, renewal expectations and how that business is going to grow and how that advertising base has been expanding thus far?

我最後一題。本季廣告主動能大幅提升。成長速度相當快。在即將到來的 NFL 賽季前，你們可能會獲得更多進展。大家應該如何看待那裡的機會——例如合約規模、續約預期、該業務將如何成長，以及到目前為止廣告客群是如何擴張的？

Yes. So I guess there's two parts to it. I mean you've got the advertisers and the brands and the World Cup has been a fantastic test case for that. We've brought on, I think, 174 new clients, which we tested over the World Cup. And clearly, those clients have had a lot of success in a lot of ways, and that's a great base to build from.

是的。所以我想這大概有兩個部分。我的意思是，你有廣告主與品牌，而世界盃對此而言是一個非常出色的測試案例。我們帶來了，我想，大約174個新客戶，我們在世界盃期間對他們進行了測試。而且很明顯，這些客戶在很多方面都取得了很大的成功，這是一個很好的基礎可以在此之上繼續建立。

So that's one sort of vector that we've got. The other vector is clearly around the prediction market with the upcoming NFL season with, frankly, just with the number of prediction market operators coming into the space and also with the OSB, some of the major ones talking about their prediction market aspirations, there's an enormous requirement for new customers, customer acquisition, customer engagement.

所以這是我們的一個方向。另一個方向很明顯是圍繞即將到來的NFL賽季的預測市場；坦白說，隨著越來越多預測市場營運商進入這個領域，以及OSB（線上體育博彩）方面，一些主要業者也在談他們對預測市場的企圖心，對新客戶、客戶獲取與客戶互動的需求非常龐大。

And again, part of the logic behind the Legend acquisition and what we're now seeing through Legend with the product set that we're putting out there is very focused on that. So we see that sort of as the other vector in that space. So we're pretty confident about how that market is going to evolve. And again, we've now got real sort of empirical evidence, which allows us to have real confidence in our future growth forecasts.

同樣地，收購Legend背後的部分邏輯，以及我們現在透過Legend所看到、並且正在推出的產品組合，都非常聚焦在這一點上。因此我們把這視為該領域的另一個方向。所以我們對這個市場將如何演進相當有信心。而且同樣地，我們現在已有真正的實證證據，讓我們能對未來成長預測具備真正的信心。

Bernie McTernan, Needham & Company.

Bernie McTernan，Needham & Company。

Maybe just to start, Mark, I understand the commentary that you're not expecting the guidance doesn't include the NFL to sign a deal with prediction market operators. But is there any way to frame what that would mean for your deals or the potential monetization of those contracts if a deal were to come through between the NFL and either Kalshi and/or Polymarket?

也許先從這裡開始，Mark，我理解你的說法是，你們的指引不預期包含NFL與預測市場營運商簽署協議。但如果NFL真的與Kalshi和/或Polymarket達成協議，你們是否能用某種方式框架化說明，這對你們的交易或這些合約的潛在變現會意味著什麼？

Yes. I mean, look, as I've said and I want to be very clear, we don't expect that. And as you said, it's not in our numbers. Clearly, it would be very significant. There's a number of factors. There's a financial significance that comes directly with the sale of the data for the most important league. And there's obviously the value of the affiliation that they get, which has a real monetary value as well. So we've got a very close eye on it. But again, we've been conservative in the way that we forecast. We've never included it. And if I were you, I wouldn't be expecting that to come through this season.

是的。我的意思是，聽著，正如我說過的，我想非常清楚地表達，我們不預期會發生。而且如你所說，這不在我們的數字裡。很明顯，那將會非常重大。有幾個因素。其中有直接來自於向最重要聯盟出售數據所帶來的財務重大性。而且他們所獲得的關聯（affiliation）價值也很明顯存在，並且同樣具有實質的貨幣價值。所以我們會非常密切關注。但同樣地，我們在預測方式上一直很保守。我們從未把它納入。如果我是你，我不會期待這個賽季會成真。

Understood. And then I was just hoping maybe to dive in a little bit deeper on the moments engine. I think it really launched in March of this year. So this is the first NFL season. I think there was a lot of success with the World Cup. So can you just talk about maybe cross-selling or having those advertisers, especially the 174 that just came on board, staying on board and having them advertise during the NFL season as well?

了解。然後我也希望能更深入談一下moments engine。我想它是在今年3月正式推出。所以這會是第一個NFL賽季。我想世界盃期間有很多成功案例。所以你能否談談交叉銷售，或讓那些廣告主，特別是剛加入的那174家，能持續留在平台上，並在NFL賽季期間也投放廣告？

Yes. Look, it's a big industry trend that's coming through. We launched, as you rightly said, in March. We then had Cannes, which has been, frankly, very successful. And the advertisers that have trialed it over the World Cup, we fully expect to take into the beginning of the NFL season.

是的。聽著，這是一個正在發生的重大產業趨勢。我們如你所說在3月推出。接著我們參加了戛納（Cannes），坦白說非常成功。而那些在世界盃期間試用過的廣告主，我們完全預期會把他們帶入NFL賽季開始階段。

We've got some pretty big names that we're now working with some pretty big agencies. The technology is deployed. You've got to remember, it's over 90% of the platforms that the agencies are using. So overall, we are extremely well positioned. And the best thing about where we are at the moment is that we've actually got that empirical evidence. We've got that data that tells us what the results are. So we can be very confident in our forecasting going forward and our ability to cross-sell to the client base.

我們現在正與一些相當知名的品牌、以及一些大型代理商合作。技術已經部署完成。你要記得，它覆蓋了代理商正在使用的平台中超過90%。所以整體而言，我們的定位非常有利。而我們目前處境最好的地方在於，我們實際上已經有那些實證證據。我們有數據告訴我們結果如何。因此我們可以對未來的預測，以及對客戶群進行交叉銷售的能力，非常有信心。

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

Just a couple of modeling questions. First, on the Legend side of things. You guys talked about the 20% organic growth at both Legend and internally. Would that say that you guys did about $45 million of Legend in the second quarter?

有幾個建模問題。首先，關於Legend這邊。你們提到Legend與內部業務都有20%的有機成長。那是否表示你們第二季Legend大約做了4,500萬美元？

Trey, we operate the businesses as one. We don't break out Legend separate from Genius. Again, as I said earlier, the underlying business across setting and all of media has been strong and solid, and that execution continues to be ahead of where we thought for the quarter and on the full year guide as well. So we're excited about that.

Trey，我們把這些業務作為一個整體來營運。我們不會把Legend從Genius中單獨拆分揭露。同樣地，如我先前所說，整體基礎業務在博彩以及所有媒體方面一直強勁且穩健，而執行表現也持續優於我們對本季以及全年指引的預期。所以我們對此感到振奮。

Okay. Perfect. And then just on the cash flow side of things, helpful to get the expected cash balance by year-end. But could you guys just maybe break down a little more detail around that, just expectations for operating cash flow, capitalized software and PP&E spend and against that, just any kind of feel for Q3 versus Q4? Will Q3 be a positive quarter? I assume Q4 is going to be quite a bit bigger because of seasonality, but just any breakdown around all that would be great.

好的。完美。接著在現金流方面，年末預期現金餘額的資訊很有幫助。但你們能否再多拆解一些細節，例如營運現金流、資本化軟體與PP&E（不動產、廠房及設備）支出預期，以及相對之下，對Q3與Q4的任何看法？Q3會是正向的一季嗎？我假設Q4因季節性會大很多，但若能就這些提供一些拆解會很棒。

Yes. Thanks. There was a lot of movements in cash for the quarter and not everything -- or I should say it's spread in various lines on the cash flow statement just given the accounting. But for the rest of the year, as we've said, we're going to be at about 70% unlevered free cash flow on the back half and then it nets down to about 50% after the interest and debt repayment. You're right that it will scale. Q4 will be ahead of Q3, but you will see that progression towards the year-end balance of over $100 million improvement.

是的。謝謝。本季現金有很多變動，而且並非所有項目——或者我應該說，因為會計處理的關係，它分散在現金流量表的不同欄位。但就今年剩餘期間而言，如我們所說，下半年我們的無槓桿自由現金流大約會在70%左右，然後在扣除利息與償債後，淨額大約降到50%左右。你說得對，它會逐步放大。Q4會高於Q3，但你會看到朝向年末現金餘額改善超過1億美元的進展。

Jordan Bender, Citizens.

Jordan Bender，Citizens。

I want to start maybe back to like the day on thesis for the company, and that's the shift towards in-play betting. Can you just kind of talk about if you could maybe rank some of the initiatives that you're working on into the NFL season that we should be watching out for as we watch your in-play mix?

我想先回到公司最初的核心論點，也就是轉向即時（in-play）投注。你能否談談，若要把你們在NFL賽季期間正在推進的一些計畫做個排序，我們在觀察你們的即時投注占比時，應該重點關注哪些？

Yes. I mean the first one that I would be focused on is the improvement of the betting data and the betting quality work we're doing the NFL to improve that. That then has a knock on flow, not only into the sports books, then being able to leave the markets open for longer and offer better service to our customers, but also especially now with the prediction market, evolution that people are going to be pretty focused on data speed and data quality. So I think that world is evolving pretty quickly as you go into the NFL season.

是的。我的意思是，我會最先聚焦的是我們與NFL一起在提升博彩數據與博彩品質方面所做的改進。這會產生連鎖效應，不僅讓體育博彩業者能把市場開放更久、為客戶提供更好的服務，而且特別是現在隨著預測市場的演進，人們會非常關注數據速度與數據品質。所以我認為在進入NFL賽季時，這個領域正在相當快速地演變。

Okay. And then, Mark, following up, I think you said you generated meaningful prediction market revenue in the second quarter. And going back to your Investor Day back last year, you added some level of contribution to your long-term guidance from prediction markets. But now that we're starting to see those actually come to fruition with Kalshi and Polymarket, is there a way to kind of think about what prediction market revenue could represent as a percentage of total revenue over time? I know you're probably not going to give a firm number, but just directionally, how we should be thinking about that?

好的。接著，Mark，我想追問一下，你提到你們在第二季產生了相當可觀的預測市場營收。回到你們去年投資人日，你們也把預測市場對長期指引的某種程度貢獻納入考量。但現在我們開始看到這些與 Kalshi 和 Polymarket 的合作實際開花結果，是否有一種方式可以思考：隨著時間推移，預測市場營收可能占總營收的百分比會是多少？我知道你可能不會給出明確數字，但就方向性而言，我們應該如何看待？

Yes. Look, I think the best way to think about it is thinking about the addition of the major prediction market guys like additional Tier 1 operators. That's really how we think about it. When we did our Investor Day in late November, early December last year, we pointed to the marketing revenues from prediction markets, and we pointed to market making. That's come through almost exactly as we thought it would.

是的。你看，我認為最好的思考方式，是把像這些主要的預測市場業者的加入，視為新增的第一級（Tier 1）營運商。我們確實是這樣看待的。去年 11 月底、12 月初我們舉辦投資人日時，我們提到來自預測市場的行銷營收，也提到做市（market making）。這些進展幾乎完全如我們所預期地實現。

The addition of the data through the Kalshi and Polymarket deal, that's come through around about the same time. So I think our numbers going forward, we're feeling very good about, and it includes what we think is a prudent amount of money for prediction markets.

透過 Kalshi 與 Polymarket 交易所新增的資料，也差不多在同一時間點落地。因此，我們對未來的數字感到非常有信心，其中也包含我們認為對預測市場而言審慎（prudent）的金額假設。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

Maybe starting off on the betting business, Mark, can you just update us on some of the upcoming renewals for customer contracts, in particular, what's in the pipeline in the US ahead of NFL season and maybe how you're thinking about that in the context of guidance?

也許先從博彩業務開始，Mark，你能否更新一下即將到期需要續約的客戶合約情況？特別是美國這邊在 NFL 球季開始前有哪些正在推進的案子，以及你如何在財測指引的脈絡下看待這件事？

Yes, sure. Look, we're constantly renewing contracts. And as you know, the way that we operate the business is we don't have everything coming through for renewal at the same time. We stagger that. So we're always under renewal conversations.

好的，當然。你看，我們一直都在持續續約合約。如你所知，我們的營運方式是，不會讓所有合約在同一時間點一起到期續約。我們會把到期時間錯開。所以我們一直都在進行續約洽談。

As the NFL season draws in, there will be some renewals that need to get completed by then. But we've seen this movie 1,000 times. We will get the deals done. Everybody needs the data, everyone needs the relationships with the NFL. So the deals will get agreed, and we expect to carry on as usual.

隨著 NFL 球季臨近，確實會有一些續約需要在那之前完成。但這種情況我們已經看過一千次了。我們會把交易談成。大家都需要資料，也都需要與 NFL 的合作關係。所以合約會達成，我們預期一切照常推進。

That's great. And then for our follow-up, just a super quick housekeeping item. Bryan, I just want to be clear because I think there was a decent bit of confusion here on the last call. The $100 million plus cash flow guidance for the back half, the definition there is change in net cash position on the balance sheet, correct? And then your unlevered free cash flow, you talked about 70% conversion.

很好。接著追問一個很快的例行釐清事項。Bryan，我想確認一下，因為我覺得上次電話會議這裡有不少混淆。你們對下半年「超過 1 億美元」的現金流指引，其定義是資產負債表上的淨現金部位變動（change in net cash position），對嗎？另外，你也提到無槓桿自由現金流（unlevered free cash flow）有 70% 的轉換率。

If you can just clarify that definition as well to not seen in the release. And then I'll add a third part to that, if I can, which is it seems to imply bridging your unlevered free cash flow to that $100 million. You listed two items out. That seems suggest there's no real -- at least no material onetime drag in that conversion. So I just want to be clear on that because obviously, there's been some litigation costs and stuff of that nature over the last few quarters.

如果可以的話，也請你釐清一下那個定義，因為新聞稿裡沒有看到。我再加第三個部分：看起來你是在把無槓桿自由現金流橋接到那 1 億美元，你列了兩個項目。這似乎表示在那個轉換過程中沒有真正的——至少沒有重大的——一次性（onetime）拖累。所以我想確認清楚，因為過去幾季顯然有一些訴訟費用之類的支出。

That's right. So the unlevered is essentially operating cash flow minus the CapEx and the cap software in the business. We said we expect cap software to flatten at that high teens, low $20 million mark a quarter, including the acquisition of Legend. The difference between the unlevered and the levered is, as I said that roughly $40 million combined between interest payment and debt repayment. And so that's the difference where we're saying levered is after those two things and the unlevered is your traditional operating minus CapEx.

沒錯。所謂無槓桿，基本上就是營運現金流減去資本支出（CapEx）以及公司內部資本化軟體（cap software）。我們說過，我們預期資本化軟體支出會在每季約 1,800 萬到 2,000 多萬美元的水準趨於持平，其中包含對 Legend 的收購。無槓桿與有槓桿（levered）之間的差異，如我所說，大約是利息支付與償還債務合計約 4,000 萬美元。因此，我們所說的有槓桿是扣除這兩項之後；無槓桿則是傳統定義的「營運現金流減 CapEx」。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

So Q4 margin normally -- I know you guided to Q3, you guided for the year. So if I back into Q4, it normally seasonally steps down due to the timing of rights costs, which makes sense. Your guidance implies something like 200 basis points improvement versus Q3, exiting the year at 35%. That is your 2028 target despite that seasonal drag from rights costs. I guess talk through that exit rate at 35%. Is there anything onetime in there? And then if your structural operating leverage assumptions are materializing better, which you've indicated, but why not assume that for a good run rate in 2027?

第四季的利潤率通常——我知道你們給了第三季指引，也給了全年指引。所以如果我倒推出第四季，通常會因為權利成本（rights costs）的認列時點而出現季節性下滑，這很合理。但你們的指引暗示第四季相較第三季大概改善 200 個基點，年底退出（exit）時達到 35%。那正是你們 2028 年的目標，儘管仍有權利成本帶來的季節性拖累。能否談談這個 35% 的退出水準？裡面有任何一次性因素嗎？另外，如果你們所假設的結構性營運槓桿（structural operating leverage）正在比預期更好地實現——你們也有提到——那為什麼不把這視為 2027 年一個不錯的常態化水準（run rate）？

Again, our margin usually increases through the year as that back half is more revenue and cash generative. We also have the effect of the acquisition. So the exit rate does end higher. And so that improvement you see in the guide and puts us solidly on the path and optimistic about our '28 guide.

再說一次，我們的利潤率通常會在一年之中逐步上升，因為下半年營收與現金創造能力更強。我們也受到收購的影響。因此年底退出水準確實會更高。所以你在指引中看到的改善，讓我們穩健地走在達成 2028 年指引的路徑上，也讓我們對 2028 年指引更為樂觀。

And then if I look at slide 5, the Genius Moment Engine, 174 new advertisers in Q2, how many of those were legacy Legend customers? Or I guess asked differently, how many of those 174 are new incremental to both the combined Genius and Legend?

另外我看第 5 張投影片，Genius Moment Engine 在第二季新增了 174 位新廣告主，其中有多少是 Legend 的既有客戶？或者換個問法，這 174 位之中，有多少是對合併後的 Genius 與 Legend 兩邊都屬於新增的增量客戶？

Yes. I mean they're almost all new and incremental. I mean I can throw -- I mean if you -- I think on one of the slides, we put some of the names, McDonald's, YouTube TV, DoorDash, Qualcomm, Airbnb, Seek, Wayfair, Woop, Kroger. There's a lot of new brands that are coming to the business and trying the services and getting good results from it. We're super excited about it.

是的。我的意思是，幾乎全部都是新的、而且是增量的。我可以——如果你——我想我們在其中一張投影片上列了一些名字，像是 McDonald's、YouTube TV、DoorDash、Qualcomm、Airbnb、Seek、Wayfair、Woop、Kroger。有很多新品牌正在進入我們的業務、試用我們的服務，並且取得不錯的成效。我們對此非常興奮。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Two quick ones from us this morning. Just on the World Cup or the second quarter, are you able to parse out what you think the benefit was maybe versus your expectations from the World Cup overall in the two different business segments? And then secondly, related to that, I saw in the release, you mentioned semi-automated off-site technology deal. Where are we in terms of just doing more deals with leagues kind of on the back of everything that we learned from the World Cup and kind of where your technology is versus some of your peers?

今天早上我們有兩個很快的問題。第一個關於世界盃或第二季：你們是否能拆解一下，世界盃在兩個不同業務部門中，整體帶來的效益相較於你們原先預期大概是多少？第二個相關問題：我在新聞稿裡看到你們提到「半自動化的站外（off-site）技術交易」。就你們從世界盃學到的一切，以及你們的技術相較於同業的狀況而言，目前在與聯盟進一步簽更多交易方面，你們進展到哪一步？

Yes. So just on the World Cup, remember, we didn't buy the data right. So the World Cup effect is really around the marketing and the advertising, and it was pretty much almost exactly in line with our expectation. So I think that answers that. On the data side, we're doing quite a lot of deals.

是的。所以就世界盃而言，請記得，我們並沒有購買數據權。因此，世界盃的影響主要是在行銷與廣告方面，而且幾乎完全符合我們的預期。所以我想這就回答了。在數據方面，我們正在做相當多的交易。

I mean we just launched probably saw with Brazil, the semi-automated off-site. I mean that's a pretty significant deal. We've got the Leger MS. We've got some stuff in college that's coming out. We're rolling the technology out pretty quickly, and we're getting very good traction.

我的意思是，我們剛在巴西推出了，你們可能也看到了，那個半自動化的場外（off-site）。我的意思是，那是一筆相當重要的交易。我們有 Leger MS。我們在大學體育方面也有一些內容即將推出。我們正非常快速地推進技術落地，而且獲得了非常好的市場反應。

In terms of the technology itself, we still have a massive head start on anything else out in the market. If you look at one of the metrics, for example, might be the mesh tracking that we have. So there -- the business that we have with the GeniusIQ product is to have skeletal tracking. I think we're at 10,000 points on a human body 200 times a second versus the number, I think the second player in the market that's at 26 points on a human body.

就技術本身而言，我們仍然在市場上對任何其他競品保持著巨大的領先優勢。例如，如果你看其中一個指標，可能是我們的網格追蹤（mesh tracking）。因此——我們與 GeniusIQ 產品相關的業務是做骨骼追蹤。我想我們是在人體上以每秒 200 次的頻率追蹤 10,000 個點，相比之下，我認為市場上的第二名是在人體上追蹤 26 個點。

So the fidelity of the data, the quality of the product, the speed at which we're capturing it, and then we're using that technology to do things like the automated event capture, faster data using in the prediction market. The whole strategy is coming together brilliantly. We're extremely pleased about it. We're rolling new products off the back of it, and it's becoming a real incremental driver of our growth.

因此，數據的精細度、產品的品質、我們擷取的速度，然後我們再利用這項技術去做例如自動化事件擷取、更快的數據以用於預測市場。整體策略正在非常出色地整合到位。我們對此感到非常滿意。我們也在此基礎上推出新產品，而它正成為推動我們成長的真正增量動能。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Two questions. First, other than the NFL, are most of your league partners have deals with prediction market companies? What's left? Are any of them consequential?

兩個問題。第一，除了 NFL 之外，你們大多數的聯盟合作夥伴是否都已與預測市場公司簽有合作協議？還剩下哪些？其中有任何是具規模、影響重大的嗎？

Sorry, I didn't get the last bit of that. Can you say that again?

抱歉，我沒聽清楚最後那一部分。你可以再說一次嗎？

If there are any leagues that are not -- that do not have deals with picture market companies, are any of those consequential of size?

如果有任何聯盟尚未——也就是沒有與預測市場公司簽合作協議——那些聯盟之中，有沒有任何在規模上很重要的？

Yes. I think in the US, the notable ones are obviously, as you said, the NFL, college and NCAA is the other one. Globally, I think there's an evolution and a move towards it. Our partners like SiriA, Liga MX, they've all moved into the prediction market world. So we expect that trend to continue and there to be additional opportunity.

有。我想在美國，值得注意的當然如你所說是 NFL，另外一個是大學體育與 NCAA。在全球範圍內，我認為這正在演進並朝那個方向發展。我們的合作夥伴像是意甲（Serie A）、墨西哥聯賽（Liga MX），他們都已經進入預測市場的領域。因此我們預期這個趨勢會持續，並帶來更多機會。

Again, just to sort of make the point, we see this as a real growth opportunity for us. We believe there's plenty of upside here for us still to come, which we haven't baked into our numbers, but we're excited about where that's going to take us.

再次強調一下，我們把這視為我們真正的成長機會。我們相信這裡仍有很大的上行空間尚待釋放，我們還沒有把它納入我們的數字預測中，但我們對它將帶我們走向何處感到興奮。

Okay. And then, how has customer acquisition spend changed with prediction market companies now coming into the picture? Do you see -- is there a big battle between sportsbooks and predictive market companies over customers?

好的。那麼，隨著預測市場公司現在加入競局，你們的客戶獲取支出有什麼變化？你們是否看到——體育博彩業者與預測市場公司之間，是否在客戶上有很大的爭奪戰？

Yes. I mean the short answer is yes. There is a battle and clearly, that's causing the premium space to be elevated in price. And obviously, through Legend, we now own the hands down the best customer acquisition platform out there for any of the prediction markets or sportsbook operators. And we're reaping rewards on that really in quite an immediate and aggressive way. So we're seeing strong growth in the space as a result of it.

是的。我的意思是，簡短的答案是：是的。確實有一場競爭，而且很明顯，這使得優質版位的價格被推高。而且顯然，透過 Legend，我們現在毫無疑問擁有市面上對任何預測市場或體育博彩營運商而言最好的客戶獲取平台。我們也正以相當即時且積極的方式收穫其成果。因此，我們看到該領域因此而出現強勁成長。

We have reached the end of the Q&A session. I will now turn the call to Mark Locke, Co-Founder and CEO, for closing remarks.

問答環節到此結束。我現在把電話交給共同創辦人兼執行長 Mark Locke 作結語。

Yes. Just a quick one for me. And I just want to say thanks very much for all of you joining today, and we're looking forward to talking to you again in Q3. I just wanted a quick note on the timing of that call. It might become a little later in the month as I'm expecting another baby around that time. So I just wanted to give you a bit of a heads up, so there were no surprises.

是的。我這邊簡短說幾句。我只想非常感謝各位今天的參與，我們期待在第三季再次與各位交流。我也想就那通電話會議的時間做個簡短說明。因為我預計那段時間會迎來另一個寶寶，所以可能會延到當月稍晚一些。我只是先提醒大家一下，避免到時候有任何意外。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。