Inspired Entertainment Inc (INSE) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Inspired Entertainment First Quarter 2023 Conference Call. (Operator Instructions) Please note that today's event is being recorded. Please refer to the company's safe harbor statement that appears in the first quarter 2023 earnings press release, which is also available in the Investors section of the company's website at www.inseinc.com. This safe harbor statement also applies to today's conference call as the company's management will be making certain statements that will be considered forward-looking under securities laws and rules of the SEC. These statements are based on management's current expectations or beliefs and are subject to risks, uncertainties and changes in circumstances. In addition, please note that the company will discuss both GAAP and non-GAAP financial measures. A reconciliation is included in the earnings press release. With that completed, I would now like to turn the conference call over to Lorne Weil, the company's Executive Chairman. Mr. Weil, please go ahead.

大家早上好，歡迎參加 Inspired Entertainment 2023 年第一季度電話會議。 （操作員說明）請注意，今天的活動正在錄製中。請參閱該公司 2023 年第一季度收益新聞稿中的安全港聲明，該聲明也可在該公司網站 www.inseinc.com 的投資者部分找到。該安全港聲明也適用於今天的電話會議，因為公司管理層將做出某些聲明，根據證券法和美國證券交易委員會的規則，這些聲明將被視為前瞻性聲明。這些陳述基於管理層當前的預期或信念，並受到風險、不確定性和情況變化的影響。此外，請注意，公司將討論 GAAP 和非 GAAP 財務指標。收益新聞稿中包含了調節表。會議結束後，我現在想將電話會議轉交給公司執行主席洛恩·韋爾 (Lorne Weil)。韋爾先生，請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining our first quarter earnings call. Here with me today are Brooks Pierce and Stewart Baker, who will be presenting prepared remarks and also Eric Carrera, who is available to answer questions as appropriate. I'll keep my remarks this morning, fairly brief, focusing on important overarching financial comparisons. -- and a few particularly noteworthy specific business points. Brooks and Stuart will then go more deeply into operating in financial matters. As mentioned in the press release, there were a couple of important items that significantly impacted year-to-year financial comparisons. And because the first quarter is seasonally our lowest in terms of EBITDA, the impact of these is consequently magnified. In normal first quarters, we would have had a very significant marketing and exhibition expense, typically approaching about $1 million for the annual ICE event in the U.K. While we did have the usualized in Q1 of '23 with associated expense, I think it was mentioned in the press release of $800,000. So there was no comparable event in the first quarter of 2022. And in 2022, we had VAT revenue of about $900,000, all of it margin, that was a rebate from our customers that arose from VAT overpayments in previous years. And then, of course, there was a foreign exchange impact. So as mentioned in the press release, when we make these adjustments, the like-for-like increases in year-to-year revenue and EBITDA were 22% and 26%, respectively, which we think more accurately represents both the momentum generating the growth in the business and the operating leverage that's driving increased profitability. And I should mention that at this point in the year, the pound is above where it was at any point in the last 3 quarters of 2022. I just took a look at $1.27 today, well above certainly well above where we were a year ago. So that what has been a headwind for some time could conceivably be turning now into a tailwind. Our digital business is now accounting for nearly 2/3 of our EBITDA were the primary drivers of growth. We're particularly pleased with the very strong reacceleration of our interactive business, which as discussed in previous earnings calls, we have been anticipating and projecting for some time. Our Interactive business initially accelerated during COVID, as those of you who follow us will remember, with virtually all of that growth coming in Europe. But as the symptoms of COVID started to recede, our interactive growth began to moderate. What's underlying our growth now, the acceleration that we're now talking about is the North American market, which has in a very short period of time, become our second largest and fastest-growing single market, driven by product and platform developments designed explicitly for the North American market. Since only a handful of the 60 states and provinces in North America have introduced iGaming to date, the opportunities ahead are almost limitless. The opportunity for virtual sports in North America is similarly limitless. Like with interactive, the acceleration in our Virtual Sports business had its origin (inaudible) in the pandemic when live sports in the U.K. and Europe were effectively shut down. But in this case, there was no plateau in the post-COVID period as had been the case with Interactive, where we needed to retool for North America, as I mentioned a minute ago. As we've outlined previously, our growth in virtuals has come through steady expansion into new geographies, complemented by product and technology development. And now we stand at the edge of a product geography opportunity like none we've seen before, the launch of the NFL product in the North American market. And in a moment, Brooks will discuss this opportunity in some more detail. At the same time, our retail businesses continue on their intended strategic path, providing modest growth with strong cash generation, particularly in the context of our evolving asset-light business model. The new Vantage terminal, which we talked about a lot in the fourth quarter conference call, having demonstrated a 13% uplift in win per day now after almost a year of field trials promises to enhance both growth and cash flow in all segments of our retail business. And it's worth mentioning in conclusion that last week was the strongest week in the U.K. betting shop segment since prior to the impact of the triennial review in 2019. And with that, I'll hand it over to Brooks.

謝謝你，接線員。大家早上好，感謝您參加我們的第一季度財報電話會議。今天和我在一起的有布魯克斯·皮爾斯和斯圖爾特·貝克，他們將發表準備好的發言，還有埃里克·卡雷拉，他可以在適當的時候回答問題。今天早上我的發言將相當簡短，重點關注重要的總體財務比較。 ——以及一些特別值得注意的具體業務點。布魯克斯和斯圖爾特隨後將更深入地經營財務事務。正如新聞稿中提到的，有幾個重要項目對逐年財務比較產生了重大影響。由於第一季度的 EBITDA 是季節性最低的，因此其影響也因此被放大。在正常的第一季度，我們會有非常大的營銷和展覽費用，通常在英國舉辦的年度 ICE 活動上花費約 100 萬美元。雖然我們確實有 23 年第一季度的常規費用及相關費用，但我認為有人提到過在新聞稿中為800,000美元。因此，2022 年第一季度沒有類似事件。2022 年，我們的增值稅收入約為 90 萬美元，全部是利潤，這是我們客戶因前幾年多繳增值稅而獲得的回扣。當然，還有外匯影響。因此，正如新聞稿中提到的，當我們進行這些調整時，收入和 EBITDA 的同比增長分別為 22% 和 26%，我們認為這更準確地代表了產生增長的動力。業務增長和運營槓桿推動盈利能力提高。我應該提到的是，在今年的這個時候，英鎊匯率高於 2022 年最後三個季度的任何時候。我今天剛剛看了 1.27 美元，遠高於一年前的水平。因此，一段時間以來的逆風現在可能會變成順風。我們的數字業務目前佔 EBITDA 的近 2/3，是增長的主要驅動力。我們對互動業務的強勁重新加速感到特別滿意，正如之前的財報電話會議中所討論的那樣，我們已經期待和預測了一段時間了。正如那些關注我們的人所記得的那樣，我們的互動業務在新冠疫情期間最初加速了，幾乎所有增長都來自歐洲。但隨著新冠肺炎症狀開始消退，我們的互動增長開始放緩。我們現在增長的基礎，我們現在談論的加速是北美市場，在明確設計的產品和平台開發的推動下，該市場在很短的時間內成為我們第二大且增長最快的單一市場面向北美市場。由於迄今為止北美 60 個州和省中只有少數幾個引入了 iGaming，因此未來的機會幾乎是無限的。北美的虛擬體育機會同樣是無限的。與互動一樣，我們虛擬體育業務的加速起源於大流行（聽不清），當時英國和歐洲的現場體育賽事實際上被關閉。但在這種情況下，新冠疫情后時期並沒有像 Interactive 那樣出現停滯期，正如我剛才提到的，我們需要針對北美進行重組。正如我們之前概述的那樣，我們在虛擬領域的增長是通過穩步擴展到新的地區，並輔以產品和技術開發來實現的。現在，我們正處於前所未有的產品地理機會的邊緣，即在北美市場推出 NFL 產品。稍後，布魯克斯將更詳細地討論這個機會。與此同時，我們的零售業務繼續沿著既定的戰略道路前進，以強勁的現金生成能力實現適度增長，特別是在我們不斷發展的輕資產業務模式的背景下。我們在第四季度的電話會議上多次討論了新的 Vantage 終端，經過近一年的現場試驗，現在每天的盈利提高了 13%，有望增強我們零售所有領域的增長和現金流商業。最後值得一提的是，上周是自 2019 年三年期審查影響之前以來英國博彩商店市場表現最強勁的一周。因此，我將把它交給布魯克斯。

Okay. Thank you, Lorne. I'll give a little more color on the business on a segment-by-segment basis as I normally do. But I also want to add to a few points that Lauren made in his remarks. Inspired has transformed in the post-COVID world to a digitally led business with now 2/3 of our EBITDA coming from these segments. These segments have all the characteristics you look for in businesses with high growth rates, high margins, low capital intensity and numerous expansion opportunities, both from a product and geography standpoint and highly differentiated offerings that make them unique and wide distribution through almost all Tier 1 operators around the globe. Frankly, it's what you would strive for if you were starting a business from scratch. And we really believe that we are early in the development curve of these segments and the potential addressable markets for both across gaming, lottery and sports betting operators is huge. In short, we feel we have a unique opportunity to capitalize on. It's also important to mention, as Lorne did how strong our gaming machine businesses, particularly in the U.K., are performing with levels not seen since the triennial in our betting shop business and our sales funnel in the adult gaming center segment is also at record levels. The icing on the cake to all of this is the signing of the new 5-year agreement with our largest pubs customer, J.D. Wetherspoons. It's worth noting that the importance of the synergies and benefits we derive from the combination of our digital and retail businesses. We leverage our design studios to develop games that work in both segments and drive play to each channel and reduce our overall cost by spreading the development across both segments. It's also very beneficial to have players exposed to our content and familiar with our content in both channels, which drives engagement with both. And lastly, our commercial relationships are strengthened with key customers by having multiple products available to them across the globe, including our virtual sports alongside our gaming offerings, and this will hold true with both lottery and sports betting operator customers. Many in this industry talk about omnichannel, but we're proof of it every day. So now on to the segments themselves. As Lorne mentioned, our interactive business had a very strong first quarter with revenue growth of 38% on a functional currency basis. And that momentum is carried on into April with the last week of April being the highest revenue week we have ever had even beyond December, which is largely driven by the holiday theme games and it's historically our high watermark. This growth was well distributed across all geographies, but primarily in the core markets of the U.K. and North America that make up approximately 75% of this business. We have several drivers in the next few quarters with the launching of some key new titles, particularly in North America with the Terminator game as well as now getting FanDuel in Michigan and with New Jersey and Pennsylvania also to come with FanDuel. We made a substantial investment in our talent base and capacity and account management that's paying dividends with growth coming in key markets like Italy and the Netherlands that had been reasonably flat. Our game design teams continue to produce content that's resonating with players across all our markets and our recent game catch the day reeling them in has come out of the box with some amazing numbers, and we're anxious to get it into the North American market. Moving over to Virtual Sports. Virtual Sports business continues to deliver very strong results with 42% revenue growth year-over-year on a constant currency basis. Although online now represents almost 80% of the virtual sports revenue, we've also seen over 10% growth in the retail part of our business in mature markets like Greece and Italy, which speaks to the quality of our offerings and working with our customers to tweak and enhance our product to appeal to their player base. We're very excited about the potential of the NFL license and all the potential ways we can deliver multiple products, leveraging that license similar to what we've done with varied and unique offerings of our soccer product on a worldwide basis. The NFL brand, we believe, will resonate with sports betting players and operators and we'll comment further on that as these opportunities coalesce. We also believe this license will really appeal to the lottery market, and early indications are bearing that out. We're targeting the first variation of the NFL product to be live for the kickoff of the 23 season in September, but we'll also be adding variations throughout the rest of the year and before the next Super Bowl. We're excited about the launch of our home run shootout game this quarter and believe this product will resonate with our customers in North and Latin America as well as potential new markets in other parts of the world. And finally, we are excited about the Women's World Cup this summer and showcasing our women's soccer product, the first of its kind in women's virtual sports. Moving over to the gaming side of the business, particularly in the U.K., is delivering positive results with our betting job business hitting numbers we've not seen since the stakes changes brought on by the Triennial. It bodes well for the business going forward as we start installations this quarter with Betfred and Paddy Power with the new Vantage cabinet that Lorne discussed previously and that was trialed successfully throughout 2022. This conversion process will take most of the second and third quarter, and we would hope to see improved cash box results throughout, but certainly by quarter 4. We're also seeing great demand for the Vantage cabinet in the adult gaming center market, which is akin to slot hauls and where ironically, Novomatic happens to be our largest customer. and we'll be rolling that cabinet out in that segment throughout the rest of the year and building up our recurring revenue content fees as we move into 2024. We've widened our lead on our nearest competitor in the Greece market and we'll be replacing 2,500 terminals there this year with both Vantage and VALOR cabinets, which we anticipate will strengthen our market advantage. We're also putting terminals on trial in a key Canadian province to build upon the success of our sale to WCLC at the end of 2022. Although the gaming segment is mature, we're bullish on the various growth opportunities we have this part of the business and leveraging our content teams to drive continued improved performance, therefore, creating the operating leverage that Lorne addressed in his remarks. Finally, the leisure part of the business is seeing very positive early results in the holiday park segment of the business with growth rate percentages in the teens. As we have previously discussed, we lost some share in the pub segment at the end of last year, but expect to have recovered all of that loss by the end of '23, and we are happy to announce that we've signed the contract extension as mentioned, with our largest pubs customer, where we have approximately 60% of their state covering over 400 pubs and over 2,000 machines. We believe that the combination of our new Vantage cabinet, enhanced service and analytics offerings will help us to put this part of the business back in growth mode. So with that, I'll hand it over to Stewart for further remarks.

好的。謝謝你，洛恩。我將像往常一樣，逐個細分地對業務進行更多描述。但我還想補充一下勞倫在講話中提出的幾點。 Inspired 在後新冠疫情時代已轉型為數字化主導業務，目前我們 2/3 的 EBITDA 來自這些細分市場。這些細分市場具有您在高增長率、高利潤率、低資本密集度和大量擴張機會的企業中尋找的所有特徵，無論是從產品和地理角度來看，還是高度差異化的產品，使它們在幾乎所有一級市場中都具有獨特性和廣泛的分佈全球各地的運營商。坦率地說，如果你從頭開始創業，這就是你會努力的目標。我們確實相信，我們正處於這些細分市場發展曲線的早期，對於遊戲、彩票和體育博彩運營商來說，潛在的潛在市場是巨大的。簡而言之，我們認為我們有一個獨特的機會可以利用。同樣值得一提的是，正如洛恩所說，我們的遊戲機業務（尤其是在英國）的表現達到了自三年一度以來從未見過的水平，我們的博彩店業務以及成人遊戲中心領域的銷售漏斗也達到了創紀錄的水平。與我們最大的酒吧客戶 J.D. Wetherspoons 簽署新的 5 年協議，為這一切錦上添花。值得注意的是，我們從數字和零售業務的結合中獲得的協同效應和效益的重要性。我們利用我們的設計工作室來開發適用於這兩個細分市場的遊戲，並推動每個渠道的遊戲，並通過將開發分散到兩個細分市場來降低我們的總體成本。讓玩家在兩個渠道中接觸我們的內容並熟悉我們的內容也是非常有益的，這會促進與兩個渠道的互動。最後，我們通過在全球範圍內向主要客戶提供多種產品（包括我們的虛擬體育和遊戲產品）來加強與主要客戶的商業關係，這對於彩票和體育博彩運營商客戶來說都是如此。這個行業的許多人都在談論全渠道，但我們每天都在證明這一點。現在我們來談談細分市場本身。正如 Lorne 提到的，我們的互動業務第一季度表現非常強勁，按功能貨幣計算收入增長了 38%。這種勢頭一直持續到 4 月份，4 月份的最後一周是我們甚至在 12 月份之後收入最高的一周，這主要是由假日主題遊戲推動的，也是我們歷史上的高水位線。這一增長分佈在所有地區，但主要集中在英國和北美的核心市場，約佔該業務的 75%。我們將在接下來的幾個季度推出一些重要的新遊戲，特別是在北美推出《終結者》遊戲，並且現在在密歇根州推出 FanDuel，在新澤西州和賓夕法尼亞州也推出 FanDuel。我們對人才基礎、能力和客戶管理進行了大量投資，隨著意大利和荷蘭等主要市場的增長一直相當平穩，這些投資正在帶來紅利。我們的遊戲設計團隊繼續製作與所有市場的玩家產生共鳴的內容，我們最近推出的遊戲已經推出了一些令人驚嘆的數字，我們渴望將其打入北美市場。轉向虛擬體育。虛擬體育業務繼續取得非常強勁的業績，按固定匯率計算，收入同比增長 42%。儘管現在在線體育收入佔虛擬體育收入的近 80%，但我們在希臘和意大利等成熟市場的零售部分也看到了超過 10% 的增長，這說明了我們產品的質量以及與客戶的合作調整和增強我們的產品以吸引他們的玩家群。我們對 NFL 許可的潛力以及我們提供多種產品的所有潛在方式感到非常興奮，利用該許可類似於我們在全球範圍內提供各種獨特的足球產品。我們相信，NFL 品牌將與體育博彩玩家和運營商產生共鳴，隨著這些機會的結合，我們將進一步對此發表評論。我們還相信該許可證將真正吸引彩票市場，早期跡像也證明了這一點。我們的目標是 NFL 產品的第一個版本在 9 月第 23 賽季開始時上線，但我們也將在今年剩餘時間和下一屆超級碗比賽之前添加版本。我們對本季度推出全壘打槍戰遊戲感到很興奮，並相信該產品將引起北美和拉丁美洲客戶以及世界其他地區潛在新市場的共鳴。最後，我們對今年夏天的女子世界杯感到興奮，並展示了我們的女子足球產品，這是女子虛擬運動領域的首個此類產品。轉向遊戲業務方面，尤其是在英國，我們的博彩工作業務取得了積極的成果，達到了自三年一度的賭注變化以來從未見過的數字。這對未來的業務來說是個好兆頭，因為我們本季度開始與 Betfred 和 Paddy Power 一起安裝 Lorne 之前討論過的新 Vantage 機櫃，該機櫃已在 2022 年全年成功試用。此轉換過程將佔用第二季度和第三季度的大部分時間，並且我們希望整個過程中都能看到現金盒業績的改善，但肯定是到第四季度。我們還看到成人遊戲中心市場對 Vantage 機櫃的巨大需求，這類似於老虎機遊戲，諷刺的是，Novomatic 恰好是我們的最大的客戶。我們將在今年剩餘時間內在該細分市場推出該櫥櫃，並在進入 2024 年時增加我們的經常性收入內容費用。我們已經擴大了對希臘市場最接近的競爭對手的領先優勢，我們將今年將用 Vantage 和 VALOR 機櫃替換那裡的 2,500 個終端，我們預計這將增強我們的市場優勢。我們還在加拿大的一個主要省份試用終端，以在 2022 年底成功出售給 WCLC 的基礎上再接再厲。儘管遊戲領域已經成熟，但我們看好這部分的各種增長機會業務並利用我們的內容團隊來推動績效的持續改進，從而創造洛恩在講話中提到的運營槓桿。最後，該業務的休閒部分在假日公園業務領域看到了非常積極的早期成果，增長率百分比為十幾歲。正如我們之前所討論的，去年年底我們在酒吧市場失去了一些份額，但預計到 23 年底我們將收回所有損失，我們很高興地宣布我們已經簽署了合同如前所述，我們擁有最大的酒吧客戶，我們擁有他們所在州約 60% 的面積，覆蓋 400 多家酒吧和 2,000 多台機器。我們相信，新的 Vantage 櫃體、增強的服務和分析產品的結合將幫助我們使這部分業務重新回到增長模式。因此，我將把它交給斯圖爾特進一步評論。

Thank you, Brooks. Good morning, all. I'm going to keep my comments on the number 3 with details provided in the release and the fact that the 10-Q will be filed after hours today. Again, the comparative numbers are impacted by a change in the pound dollar rate, which was an average of 1.21 this year versus 134 last year, a fall about 10%. The -- as Lorne mentioned, we're hopeful given where the rates have been that next quarter, this becomes less of an issue and may even be a tailwind. For now, when I discuss this quarter, I'll talk about functional currency variances unless stated otherwise. So it's easier to understand the underlying trends. So overall, revenue grew by a healthy 20% with Virtual Sports growing 42%, interactive by 38% and gaming by 26%. This growth in gaming is attributed to a combination of product sales, which more than doubled and growth in participation in revenue of 12%. As mentioned, there was the final amount of VAT revenue in the prior year quarter. So excluding this, gaming growth would have been 31%. While leisure experienced good growth in holiday parks, it declined in pubs. Part of this was deliberate given the strategic exit last year of noncore, low-margin non-gaming products, but also because of a reduction in the gaming terminals as part of one customer renewal. For this reason, we're proud to announce the JD Wetherspoons agreement today with the same number of terminals in operation as we currently have. As mentioned, holiday parks income was strong, but keep in mind that due to the first quarter seasonality, most parks remain closed for at least 2 months. So the impact is less than it would have been otherwise. That said, we're confident that leisure will be back into growth mode soon. At an adjusted EBITDA level, we grew 15%, meaning EBITDA margin fell from 33% to 32%. However, adjusting for the aforementioned VAT revenue and also for exhibition costs in this quarter, which we didn't have last year, EBITDA grew 26% and margin increased from 31% to 32%. Virtual Sports EBITDA grew an impressive 50% and interactive 30% with slightly reduced margins due to investments in technology and commercial heads to continue to drive top line growth. Gaming grew 7%, excluding 2022 VAT income, again, with a change in margins with the mix in product sales. As we talked about before, these can vary quarter-to-quarter in absolute and margin terms, depending on the deals recognized in the quarter. Leisure EBITDA declined 29% on a small absolute number, but this being typically weakest quarter from a seasonality point of view. Below adjusted EBITDA, we took a charge of $3.7 million for restructuring costs in the SG&A line, including $0.7 million in stock-based compensation versus nil in the prior year. Last year's numbers also benefited from a 0.9% gain on disposal of the Italian VLT business. For these reasons, net income per diluted share reduced from $0.05 last year to a $0.01 loss this year. We think it's useful to show the underlying trends of the business, so we've introduced adjusted net income, which grew from $0.7 million last year to $3.6 million this year. And adjusted net income per diluted share increased from $0.02 to $0.13. -- so turning attention to cash flow. Overall, in the quarter, we increased cash from $25 million at the start to $27.8 million at the end. Although there is no interest payment in this quarter, it is still traditionally a cash outflow due to the holiday parks being off-season and CapEx usually being the highest quarter. Last year, for example, there was an outflow in the quarter of $7 million, whereas this year, there was an inflow of $2.8 million under the demonstration of the positive trajectory of the company. And while we didn't buy any stock back in the quarter, we did set net settle a number of RSUs, which has the same impact, taking out over 300,000 shares at an average price of $12.67 per share. Finally, focusing on the balance sheet. Just a reminder, our debt has a fixed coupon rate of less than 8% and does not mature until June 2026, although from next month, it is callable. And we finished the quarter with net leverage of 2.6x. So with that, I'll hand back to Lorne for any closing remarks before opening up to Q&A.

謝謝你，布魯克斯。大家早上好。我將保留對 3 號的評論，並在新聞稿中提供詳細信息，並且 10-Q 將於今天下班後提交。同樣，比較數字受到英鎊兌美元匯率變化的影響，今年平均英鎊兌美元匯率為 1.21，而去年為 134，下降了約 10%。正如洛恩提到的，考慮到下個季度的利率水平，我們希望這不再是一個問題，甚至可能成為一個順風車。現在，當我討論本季度時，除非另有說明，否則我將討論功能貨幣差異。因此更容易理解潛在趨勢。總體而言，收入健康增長了 20%，其中虛擬體育增長了 42%，互動增長了 38%，遊戲增長了 26%。遊戲業務的增長歸因於產品銷量增長了一倍多以及參與收入增長 12%。如前所述，這是去年同期增值稅收入的最終金額。因此，如果排除這一點，遊戲行業的增長率將為 31%。雖然度假公園的休閒活動增長良好，但酒吧的休閒活動卻有所下降。部分原因是考慮到去年非核心、低利潤的非遊戲產品的戰略退出，但也是因為作為一個客戶續約的一部分，遊戲終端的減少。因此，我們今天很自豪地宣布與 JD Wetherspoons 簽訂協議，運營中的碼頭數量與我們目前擁有的碼頭數量相同。如前所述，假日公園收入強勁，但請記住，由於第一季度的季節性因素，大多數公園至少關閉 2 個月。因此，影響比其他情況要小。也就是說，我們相信休閒將很快恢復增長模式。在調整後的 EBITDA 水平上，我們增長了 15%，這意味著 EBITDA 利潤率從 33% 下降至 32%。然而，調整上述增值稅收入以及本季度的展覽費用（去年我們沒有這樣做），EBITDA 增長了 26%，利潤率從 31% 增加到 32%。虛擬體育 EBITDA 增長了 50%，互動增長了 30%，但由於對技術和商業主管的投資繼續推動收入增長，利潤率略有下降。遊戲增長了 7%（不包括 2022 年增值稅收入），利潤率隨著產品銷售組合的變化而變化。正如我們之前討論的，這些金額的絕對值和利潤率可能會因季度而異，具體取決於該季度確認的交易。休閒 EBITDA 下降了 29%，絕對數字較小，但從季節性角度來看，這通常是最疲軟的季度。低於調整後的 EBITDA，我們在 SG&A 項目中承擔了 370 萬美元的重組成本，其中包括 70 萬美元的股票薪酬，而上一年為零。去年的數字還受益於出售意大利 VLT 業務帶來的 0.9% 的收益。由於這些原因，稀釋後每股淨利潤從去年的 0.05 美元減少到今年的 0.01 美元虧損。我們認為展示業務的基本趨勢很有用，因此我們引入了調整後的淨利潤，該淨利潤從去年的 70 萬美元增長到今年的 360 萬美元。調整後每股攤薄淨利潤從 0.02 美元增至 0.13 美元。 ——所以將注意力轉向現金流。總體而言，本季度我們的現金從年初的 2500 萬美元增加到期末的 2780 萬美元。儘管本季度沒有利息支付，但由於假日公園處於淡季且資本支出通常是最高的季度，因此仍然是傳統的現金流出。例如，去年該季度的資金流出為 700 萬美元，而今年，在該公司的積極發展軌跡下，資金流入為 280 萬美元。雖然我們在本季度沒有回購任何股票，但我們確實淨結算了一些 RSU，這具有相同的影響，以每股 12.67 美元的平均價格購買了超過 300,000 股。最後，關注資產負債表。請注意，我們的債務的固定票面利率低於 8%，並且要到 2026 年 6 月才會到期，不過從下個月開始可以贖回。本季度結束時，我們的淨槓桿率為 2.6 倍。因此，在開始問答之前，我將把結束語交還給洛恩。

Thanks, Stewart. That was... (inaudible) a great financial summary. I don't have anything to add to that just at the moment. So operator, can you please open up the program to Q&A.

謝謝，斯圖爾特。那是……（聽不清）一份很棒的財務摘要。目前我沒有什麼要補充的。那麼運營商，您能打開程序進行問答嗎？

(Operator Instructions) our first question will come from the line of Barry Jonas with Truist Securities.

（操作員指示）我們的第一個問題將來自 Truist Securities 的巴里·喬納斯 (Barry Jonas)。

I wanted to start with the white paper was recently released and I would like to just get your thoughts on how you see it impacting both your digital as well as maybe land-based businesses.

我想從最近發布的白皮書開始，我想了解一下您如何看待它對您的數字業務以及陸地業務的影響。

I think we need to keep this answer short, Barry, but our short takeaway answer to that question is there was nothing at all in the way of negative surprises in the white paper, and we're comfortable that at least as the way paper stands now, we've pretty much baked the impact of all that into our planning and projections for the business.

我認為我們需要保持這個答案簡短，巴里，但我們對這個問題的簡短外賣答案是，白皮書中根本沒有任何負面驚喜，我們對此感到滿意，至少從紙張的情況來看現在，我們幾乎已經將所有這些影響納入了我們的業務規劃和預測中。

And then just a follow-up. NFL deal very exciting. I wanted to maybe just get a few more thoughts on how you think this could grow the business. And if you're able to give any color on the deal structuring or maybe more directly, how this should influence the segment margins, that would be pretty helpful.

然後只是後續行動。 NFL的交易非常令人興奮。我想了解一下您認為這可以如何發展業務。如果您能夠對交易結構給出任何顏色，或者更直接地說明這將如何影響細分市場利潤，那將非常有幫助。

Yes. Well, I think in terms of the opportunity, as I mentioned in my remarks, from a product standpoint, we're going to have a couple of different variations similar to what we have in soccer. And I think it's reasonable to assume that the largest sports betting operators -- our -- this -- I consider this a catalyst moment for us in North America, in particular. But certainly, all of our existing customers, the Bet365 of the world are very excited about this product. In terms of the economics, we're a sublicense to Aristocrat, as you know. We feel that the economics are very favorable from not only our perspective in Aristocrat, but also the NFLs. So I would expect that if this does the numbers that we expected to do that it will only -- obviously, our margins are extraordinarily high in this business already, but I would certainly expect that it would help increase the margins in this business.

是的。嗯，我認為就機會而言，正如我在發言中提到的，從產品的角度來看，我們將有一些與足球類似的不同變化。我認為可以合理地假設最大的體育博彩運營商——我們的——我認為這對我們來說是一個催化劑時刻，尤其是在北美。但可以肯定的是，我們所有的現有客戶，即全球的 Bet365 都對這款產品感到非常興奮。就經濟而言，我們是 Aristocrat 的從屬許可，如您所知。我們認為，不僅從我們 Aristocrat 的角度來看，而且從 NFL 的角度來看，經濟狀況都非常有利。因此，我預計，如果這達到了我們預期的數字，那麼顯然，我們在這項業務中的利潤率已經非常高，但我當然希望這將有助於提高這項業務的利潤率。

Point that whatever royalties we might pay would not dilute our margins. I think that...

指出無論我們支付多少特許權使用費都不會稀釋我們的利潤。我覺得...

Yes. what Lorne was just saying is that whatever -- just to reiterate that the royalties that we would have to pay would not dilute our margins, which is true. In fact, I think our margins will increase.

是的。洛恩剛才所說的是，無論如何——只是重申我們必須支付的特許權使用費不會稀釋我們的利潤，這是事實。事實上，我認為我們的利潤將會增加。

Your next question comes from the line of David Bain with B. Riley.

你的下一個問題來自 David Bain 和 B. Riley 的對話。

Obviously, significant growth across the board, particularly as you unpack the FX, the VAT, the other item. Given 1Q trends, do you think about -- and really trends to date, do you think about 2023 growth the same way you did a few months back, especially when also factoring the sterling appreciation? And before either if you answer, I mean, recall last earnings, you mentioned you were a company with consensus. So I'm not sure we can relate the response to that comment as a practice, but maybe this one time would be helpful.

顯然，全面增長，特別是當你解開外匯、增值稅和其他項目時。考慮到第一季度的趨勢，您是否會考慮——以及迄今為止的實際趨勢，您是否會像幾個月前那樣考慮 2023 年的增長，特別是考慮到英鎊升值的情況？在你回答之前，我的意思是，回想一下最近的財報，你提到你是一家達成共識的公司。所以我不確定我們是否可以將回應與該評論聯繫起來作為一種實踐，但也許這一次會有所幫助。

I had a hunch that question in. Yes. So we did back at the end of the fourth quarter. say that we were comfortable with consensus estimates for 2023. And we weren't comfortable at that time saying much more than that because, as you know, and as we reiterated our general policy is not to give guidance. But I think as you correctly identifies, David, a number of things have either clarified or strengthened since the end of the fourth quarter. Clearly, the pound is very important. As I said a second ago, right now, it's $1.27. So it's 5% or 6% higher than it was on average for the entire second half the entire last 3 quarters of 2022. So that's an important indicator. As I said a minute ago, there were no negative surprises that we could see in the white paper. So I think any impact of that, we have already accounted for in our budgeting and in our projections, not to sound like a broken record, but again, the apples-to-apples growth momentum in the first quarter was obviously very significant with now most recently the betting shop and the interactive business being at record levels. And as Stewart said, the strength of the new customers that we've got in the Holiday Park business makes us feel pretty comfortable that as we move through the year, we'll go back into growth in leisure and these 22% revenue growth and 26% EBITDA momentum in the first quarter was after a decline in leisure, which we're pretty sure is going to reverse itself. So I think if we take all that stuff together, it would probably be disingenuous of me to simply reiterate what we said at the end of the fourth quarter, which is we're comfortable with the consensus. I think you can't look at all of those, let's say, clarification factors and -- and not come to the conclusion that we're comfortable right now that we can beat the consensus for the year. But I want to get at least another quarter ahead before we started to even think about establishing a range for quantifying that. But certainly we're feeling much more brilliant about the last 3 quarters of this year and because of the strength in the first quarter, the full year than we were a couple of months ago.

我有預感這個問題。是的。所以我們在第四節末就回來了。說我們對 2023 年的共識估計感到滿意。當時我們不願意說更多的話，因為正如你所知，正如我們重申的那樣，我們的總體政策是不提供指導。但我認為，大衛，正如你正確指出的那樣，自第四季度末以來，許多事情要么得到澄清，要么得到加強。顯然，英鎊非常重要。正如我剛才所說，現在是 1.27 美元。因此，它比 2022 年下半年和最後 3 個季度的平均水平高出 5% 或 6%。這是一個重要的指標。正如我一分鐘前所說，我們在白皮書中沒有看到任何負面的驚喜。因此，我認為我們已經在預算和預測中考慮到了這一點的任何影響，這聽起來不像破紀錄，但同樣，第一季度的同等增長勢頭顯然非常顯著。最近，投注店和互動業務達到了創紀錄的水平。正如斯圖爾特所說，我們在假日公園業務中獲得的新客戶的實力讓我們感到非常放心，隨著我們度過這一年，我們將恢復休閒業務的增長，以及 22% 的收入增長和第一季度 26% 的 EBITDA 勢頭是在休閒活動減少之後產生的，我們非常確定這種情況將會扭轉。因此，我認為，如果我們將所有這些內容放在一起，我可能會不誠實地簡單地重申我們在第四季度末所說的話，即我們對共識感到滿意。我認為，你不能在考慮所有這些澄清因素之後——而不得出這樣的結論：我們現在對我們可以打破今年的共識感到滿意。但我希望在我們開始考慮建立一個量化範圍之前至少再領先一個季度。但毫無疑問，我們對今年最後三個季度的業績感覺更加出色，而且由於第一季度和全年的表現比幾個月前更加強勁。

So given the EBITDA growth mix, CapEx light, the free cash flow, no -- or sorry, low net leverage, that dynamic. How are you viewing capital allocation, particularly as it relates to share repurchase? I know we're active. But in light of what you just discussed, too and the dynamic I did, what other capital allocations? Or just how are we thinking about buybacks going forward relative to what you've done to date?

因此，考慮到 EBITDA 增長組合、資本支出較少、自由現金流，沒有——或者抱歉，淨槓桿率較低，這種動態。您如何看待資本配置，特別是與股票回購相關的資本配置？我知道我們很活躍。但根據您剛才討論的內容以及我所做的動態，還有哪些其他資本配置？或者，相對於您迄今為止所做的事情，我們如何考慮未來的回購？

Yes. Well, we haven't been able to buy any stock back lately because we've been in an extended blackout period. But I I think I can comfortably say that as soon as we're allowed to resume share buybacks, we intend to start doing so. Absolutely.

是的。嗯，我們最近無法回購任何股票，因為我們處於長期的禁售期。但我想我可以輕鬆地說，一旦我們被允許恢復股票回購，我們就打算開始這樣做。絕對地。

Your next question comes from the line of Chad Beynon with Macquarie.

你的下一個問題來自查德·貝農 (Chad Beynon) 與麥格理 (Macquarie) 的對話。

Wanted to ask a 2-parter on Interactive. I guess, firstly, can you kind of help frame out how important the integration and partnership with FanDuel you mentioned that's going to happen in the near term in Michigan and kind of how revenues could potentially build throughout the year? And then the second part of that is just related to the overall content that you have. If your games are successful, I'm guessing your partners will want a bigger menu of games. How are you feeling with just the overall content delivery that you have and if it makes sense to bulk up or potentially acquire an additional studio.

想在 Interactive 上詢問兩人。我想，首先，您能否幫助說明一下您提到的與 FanDuel 的整合和合作夥伴關係在密歇根州近期將發生的重要性，以及全年收入可能如何增加？第二部分與您擁有的整體內容相關。如果您的遊戲取得成功，我猜您的合作夥伴會想要更多的遊戲。您對現有的整體內容交付感覺如何，以及擴大規模或可能收購一個額外的工作室是否有意義。

Sure, Chad. So in terms of FanDuel, so we're live with them now in Michigan, and we're seeing the results exactly as we expected as we roll games out to them, and so it's resonating with their players just as we had hoped it would. So we're -- I think we're at like 93% market penetration now in Michigan. But in Pennsylvania and New Jersey, we're still kind of 70% because of not having FanDuel. So clearly, when we go with FanDuel in Pennsylvania and New Jersey, we would expect to get the same uplift that we're seeing out of Michigan. So that's -- obviously, that's kind of the biggest customer that we don't have across all of our markets. The second part of your question in terms of content, yes, I think we certainly aren't going to forsake the quality of our content because it's clearly resonating with players and there's a limit as we're currently constructed with how many games how many very good games that we can get out the door. So I think it's a natural -- certainly, our customers would like to have more content from us, and we're either going to have to figure out a way to either build or buy to provide more content because that seems to be the thing that's kind of, I guess, maybe not necessarily missing but would be additive and help even further enhance the growth in the Interactive business. So yes, you're spot on with that.

當然，查德。就 FanDuel 而言，我們現在在密歇根州與他們一起生活，當我們向他們推出遊戲時，我們看到的結果完全符合我們的預期，因此正如我們所希望的那樣，它與他們的玩家產生了共鳴。所以我認為我們現在在密歇根州的市場滲透率約為 93%。但在賓夕法尼亞州和新澤西州，由於沒有 FanDuel，我們的比例仍然是 70%。很明顯，當我們在賓夕法尼亞州和新澤西州與 FanDuel 合作時，我們希望得到與密歇根州相同的提升。顯然，這是我們在所有市場上都沒有的最大客戶。你問題的第二部分是內容，是的，我認為我們當然不會放棄內容的質量，因為它顯然會引起玩家的共鳴，而且我們目前構建的遊戲數量是有限的。非常好的遊戲，我們可以走出去。所以我認為這是很自然的——當然，我們的客戶希望從我們這裡獲得更多內容，我們要么必須找到一種方法來構建或購買以提供更多內容，因為這似乎就是問題所在我想，這可能不一定會缺失，但會有所補充，並有助於進一步促進互動業務的增長。所以是的，你說得對。

And then looking at margins, you said excluding the items that you called out, I believe margins were actually up year-over-year and a lot of that just comes down to the segment growth. So I'm assuming if digital continues to grow, you should have some overall margin lift for the company. But anything else for us to just be aware of when we're thinking about margins, whether it's inflation, component cost, et cetera? Or do you think the expense side of the business, is that a good place? And as the revenues grow, we could actually see margins expand?

然後看看利潤率，你說排除你提到的項目，我相信利潤率實際上同比增長，其中很大一部分歸因於細分市場的增長。因此，我假設如果數字化繼續增長，公司的整體利潤率應該會有所提升。但是，當我們考慮利潤時，我們還需要注意什麼，無論是通貨膨脹、零部件成本等等？或者您認為業務的費用方面是一個好地方嗎？隨著收入的增長，我們實際上可以看到利潤率擴大嗎？

Yes. I think they're there are elements on either side of the scale exactly as you said, Chad. All the supply chain stuff has still not completely worked its way through the system. I for one think it's actually the most important reason why we still have inflation in the United States, and it will take the fixing of the supply chain thing once and for all to bring inflation back to where it needs to be. So we're seeing that, and we certainly have inflation in our costs in the U.K. But at the same time, the operating leverage, particularly in our digital businesses is so huge. And with the growth rates that we're seeing in the digital revenue we're pretty comfortable that the benefit to margins from the operating leverage in the growth of the digital businesses will continue to outweigh the negative drag of supply chain and inflation. So net-net, I think as our revenues continue to grow without getting into any quantification, we're pretty comfortable that our margins will be growing at (inaudible).

是的。我認為天平兩側都有一些元素，正如你所說的，查德。所有供應鏈的內容還沒有完全通過系統發揮作用。我認為這實際上是美國仍然存在通貨膨脹的最重要原因，而只有一勞永逸地解決供應鏈問題才能使通貨膨脹回到需要的水平。所以我們看到了這一點，我們在英國的成本肯定會上漲。但與此同時，運營槓桿，特別是在我們的數字業務中，是如此巨大。鑑於我們在數字收入中看到的增長率，我們非常確信數字業務增長中的運營槓桿帶來的利潤率收益將繼續超過供應鍊和通貨膨脹的負面拖累。因此，我認為，隨著我們的收入在沒有進行任何量化的情況下繼續增長，我們對我們的利潤率將以（聽不清）增長感到非常滿意。

Your next question comes from the line of Jordan Bender with JMP.

您的下一個問題來自 JMP 的 Jordan Bender。

So Interactive and Virtual, those segments continue to grow nicely. I think the last kind of (inaudible) of online opportunity comes from the iLottery segment that you guys have spoken about. Can you just kind of update us on some of the conversations you're having there? It seems like legalization of that is just maybe a little bit slower than (inaudible) expected. So anything you can kind of add color there?

因此，互動和虛擬，這些細分市場繼續良好增長。我認為最後一種（聽不清）在線機會來自你們談到的 iLottery 部分。您能否向我們介紹一下您在那裡進行的一些對話的最新情況？看起來合法化可能比（聽不清）預期的要慢一點。那麼有什麼可以添加顏色的嗎？

Yes. Well, so maybe 2 things. One is we had mentioned on the last call that we were about to go live with our online iLottery product in the Dominican Republic, and we have subsequently done that. And that's -- so that's a nice achievement for us, and we'll start seeing some more growth out of the existing DR business. But in terms of the iLottery expansion opportunities in the States, obviously, we're following some of this very closely, Massachusetts, in particular, looks like it seemingly has some momentum to add that. It's kind of like handicapping what states in iGaming will also get legalized. So we're preparing and building product with the idea that both from an iGaming and iLottery perspective that there'll be more and more states coming down the pipe, but we just don't know exactly when that's going to happen. So we want to be prepared for us on... Yes, I did... I did mention Massachusetts.

是的。嗯，也許有兩件事。一是我們在上次電話會議中提到，我們即將在多米尼加共和國推出在線 iLottery 產品，我們隨後也做到了這一點。這對我們來說是一項很好的成就，我們將開始看到現有災難恢復業務的更多增長。但就 iLottery 在美國的擴張機會而言，顯然，我們正在非常密切地關注其中的一些，特別是馬薩諸塞州，看起來似乎有一些動力來增加這一點。這有點像阻礙 iGaming 的哪些州也將合法化。因此，我們正在準備和構建產品，我們的想法是，從 iGaming 和 iLottery 的角度來看，將會有越來越多的州出現，但我們只是不知道具體什麼時候會發生。所以我們希望為我們做好準備……是的，我做到了……我確實提到了馬薩諸塞州。

Your next question comes from the line of Edward Engel with ROTH.

你的下一個問題來自愛德華·恩格爾和羅斯的台詞。

The gross win per day continues to -- on the gaming side continues to impress. It looks like it was up Q-on-Q again. Just curious, I mean, is Vantage really move the (inaudible) at all yet? Or is it still such a small part of the (inaudible). I guess, can you just remind us the number of Vantage units you're expecting to deploy as a part of your two big deals over the next two quarters?

遊戲方面的每日總贏額繼續令人印象深刻。看起來又Q-on-Q了。我只是好奇，Vantage 真的在移動（聽不清）嗎？或者它仍然是（聽不清）的一小部分。我想，您能否提醒我們，作為未來兩個季度兩筆大交易的一部分，您預計部署的 Vantage 設備數量是多少？

Yes. So thank you. So Vantage has only been on trial that it's been for over a year, and that's the 13% uplift number that we referenced. So Vantage is -- there aren't Vantage terminals out live other than the trial machines, but through the rest of this -- really the second and the third quarter, maybe bleeding a little bit into the fourth quarter. we'll have 6,000 units out in the field, in the Bedding shop business. So with Paddy Power and Betfred -- so they'll be fully converted by the time we get into the fourth quarter and then William Hill subsequently. So we're certainly expecting -- we see no reason -- it's a smaller sample size on the 13%. So there'll be a little bit of dilution. But we're certainly expecting the cash box to lift by the Vantage term owners. Our customers feel that way, and the players are very engaged. So yes, we're fully expecting once Vantage is fully deployed to get an uplift in the cash box.

是的。所以謝謝。因此，Vantage 只進行了一年多的試用，這就是我們引用的 13% 的提升數字。所以，Vantage 是——除了試用機之外，沒有任何 Vantage 終端上線，但在接下來的時間裡——實際上是第二季度和第三季度，也許第四季度會有點出血。我們將在床上用品商店業務領域擁有 6,000 個單位。帕迪·鮑爾（Paddy Power）和貝特弗雷德（Betfred）也是如此，所以當我們進入第四節時，他們將完全轉變，然後是威廉·希爾（William Hill）。因此，我們當然期望——我們看不出任何理由——樣本量會比 13% 更小。所以會有一點稀釋。但我們當然希望 Vantage 期限所有者能夠打開錢箱。我們的客戶有這樣的感覺，玩家也非常投入。所以，是的，我們完全期待 Vantage 全面部署後現金箱會有所增加。

We should also just add to that, that I think what Brooks was saying about the gaming or the betting shop business is exactly right. But we're also -- we're very sanguine about what the impact of the Vantage CATC version or the the pub and AGC version of Vantage will be. And so we're really expecting a double-pronged impact of that in the market.

我們還應該補充一點，我認為布魯克斯關於遊戲或博彩店業務的說法是完全正確的。但我們也對 Vantage CATC 版本或 Vantage 的 pub 和 AGC 版本的影響非常樂觀。因此，我們確實預計這會對市場產生雙重影響。

And then for the Greece agreement that you announced today, is that more in line with your legacy structure where you're going to do the CapEx to yourself in place? Or is it more like some of these new contracts where it's more of an asset (inaudible)?

那麼，對於您今天宣布的希臘協議，這是否更符合您將自行進行資本支出的遺留結構？或者它更像是一些新合同，它更像是一種資產（聽不清）？

So it's (inaudible). So it's in line with how we've done before. So it tend shows as our CapEx. I think as we've said previously, we get a significant upfront contribution. So from an accounting point of view, we see the CapEx, but we don't see the big cash hit.

所以它是（聽不清）。所以這與我們之前的做法是一致的。所以它往往顯示為我們的資本支出。我認為正如我們之前所說，我們獲得了大量的預付款。因此，從會計的角度來看，我們看到了資本支出，但沒有看到大量現金損失。

Your next question comes from the line of Ryan Sigdahl with Craig-Hallum.

你的下一個問題來自 Ryan Sigdahl 和 Craig-Hallum 的對話。

Lorne, Brooks, Stuart. Just one for us. Otherwise, everything has been covered. Just a follow-up on Greece. I guess, I think I caught a 2,500 new placements. I guess, are those new placements expansions or are you displaying competitors in that market? And then can you remind us kind of where your market share stands today?

洛恩、布魯克斯、斯圖爾特。只為我們準備了一份。否則一切都被掩蓋了。只是希臘的後續行動。我想，我想我抓住了 2,500 個新的展示位置。我想，這些新的展示位置是擴張還是您在該市場上展示競爭對手？那麼您能提醒我們一下您目前的市場份額嗎？

Sure. It's actually replacement terminals. So we have just over 9,000 terminals there, and I think we're 10% or 15% in terms of placements higher than anybody else in the market. But the 2,500 terminals that are going in, which will be a combination of both VALOR and Vantage, our replacement terminals that are -- those terminals are probably 5 years old. So as part of the -- again, with -- in concert with our customer, OPAP and trying to make sure that we maintain our edge and can do everything to drive the cash box numbers up because that's how we participate. Putting in new content, and as Stewart just mentioned, we get an upfront fee from them in doing so. So it's to our advantage to have the newest best highest-performing content in the market. So that's more or less what we're doing with the 2,500 terminals.

當然。它實際上是替換終端。因此，我們在那裡擁有 9,000 多台終端，我認為就投放量而言，我們比市場上任何其他公司都高 10% 或 15%。但是即將投入使用的 2,500 台終端將由 VALOR 和 Vantage 組合而成，我們的替換終端可能已經有 5 年曆史了。因此，作為與我們的客戶 OPAP 合作的一部分，我們努力確保我們保持優勢，並儘一切努力提高錢箱數量，因為這就是我們參與的方式。添加新內容，正如斯圖爾特剛才提到的，我們會從他們那裡獲得預付費用。因此，擁有市場上最新、最佳、性能最高的內容對我們有利。這或多或少就是我們對 2,500 個終端所做的事情。

I will now turn the call back to Lorne for any closing remarks.

我現在將把電話轉回給洛恩，請其發表結束語。

Thanks, operator. I don't have anything to say really at this point that we haven't said already. I think we're all very pleased with where we are at the end of the first quarter. I think everything is pretty much clicking on all cylinders. We're looking forward to a very strong second quarter, and we look forward to talking to you again in 3 months at the conclusion of that. So thanks again.

謝謝，接線員。在這一點上我真的沒什麼可說的，我們還沒有說過。我認為我們都對第一季度末的表現感到非常滿意。我認為一切都在全力以赴。我們期待第二季度的強勁表現，並期待在 3 個月後再次與您交談。所以再次感謝。

That will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連接。