Inspired Entertainment Inc (INSE) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Inspired Entertainment second-quarter 2024 conference call.

大家早安，歡迎參加 Inspired Entertainment 2024 年第二季電話會議。

(Operator Instructions)

（操作員說明）

Please note that today's event is being recorded.

請注意，今天的活動正在錄製中。

Please refer to the company's safe harbor statement that appears in the second-quarter 2024 earnings press release, which is also available in the Investors section of the company's website at www.inseimc.com.

請參閱該公司 2024 年第二季財報新聞稿中的安全港聲明，該聲明也可在該公司網站 www.inseimc.com 的投資者部分取得。

The safe harbor statement also applies to today's conference call is the company's management will be making certain statements that will be considered forward-looking under securities laws and rules of the SEC.

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。

These statements are based on management's current expectation, our beliefs and are subject to risks, uncertainties and changes in circumstances.

這些陳述是基於管理層目前的預期和我們的信念，並受到風險、不確定性和情況變化的影響。

In addition, please note that the company will discuss both GAAP and non-GAAP financial measures.

此外，請注意，公司將討論 GAAP 和非 GAAP 財務指標。

A reconciliation is included in the earnings press release.

收益新聞稿中包含了調節表。

With that completed, I would now like to turn the conference call over to Lorne Weil.

完成後，我現在想將電話會議轉給洛恩·韋爾 (Lorne Weil)。

The company's Executive Chairman, Mr. Weil, please go ahead.

公司執行主席韋爾先生，請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning and thanks for tuning into our second-quarter conference call.

早安，感謝您收聽我們的第二季電話會議。

Joining me this morning are CEO Brooks Pierce; CFO Marilyn Jentzen and VP of Corporate Development Eric Carrera.

今天早上和我一起來的是執行長布魯克斯·皮爾斯 (Brooks Pierce)；財務長 Marilyn Jentzen 和企業發展副總裁 Eric Carrera。

I'll start with an overview trying to frame how we're thinking about the second quarter and then turn it over to Brooks to elaborate on a number of very interesting and exciting initiatives that will be driving growth in the second half of this year and beyond that.

我將首先概述我們對第二季度的看法，然後將其交給布魯克斯詳細闡述一些非常有趣和令人興奮的舉措，這些舉措將推動今年下半年的增長，除此之外。

Our first quarter conference call we shared that we thought our second quarter EBITDA would grow sequentially by at least 50% from the first quarter, and we ended up the quarter about 56.5% ahead, which I think is ahead of consensus as well and reflects the fact that pretty much all areas of the business are hitting on eight cylinders.

我們在第一季電話會議上表示，我們認為第二季 EBITDA 將比第一季連續成長至少 50%，本季結束時我們領先了約 56.5%，我認為這也領先於共識，並反映了事實上，幾乎所有業務領域都在八個氣缸上工作。

The interactive business was once again the star of the show with revenue and EBITDA, 40% and 69%, respectively, ahead of Q2 2023, meaningfully outpacing the growth in the market, market share gains were driven by new customers, new geographies and most importantly, the launch of new products.

互動業務再次成為展會的明星，到2023 年第二季度，營收和EBITDA 分別成長40% 和69%，明顯超過了市場的成長速度，市場佔有率的成長是由新客戶、新地區和大多數人推動的。

In a moment, Brooks will discuss in some detail our hybrid dealer initiative, which we forecast will grow to become by far the largest component of our interactive portfolio as we add new products to the category, broaden our customer base, expand into new geographies throughout the world, again, which Brooks will discuss in a moment.

稍後，布魯克斯將詳細討論我們的混合經銷商計劃，隨著我們向該類別添加新產品、擴大我們的客戶群、擴展到新的地區，我們預計該計劃將成為迄今為止我們互動產品組合中最大的組成部分佈魯克斯稍後將討論這個世界。

In terms of profitability and cash flow, Virtual Sports continues to be our highest performing business with EBITDA margins in excess of 80% and cash conversion even higher.

在獲利能力和現金流方面，虛擬運動仍然是我們表現最好的業務，EBITDA 利潤率超過 80%，現金轉換率甚至更高。

I don't think I have ever seen another business perform at these levels in all my years of doing this following a lengthy period of sustained growth.

在我從事這項工作的這些年裡，我認為在經歷了長期的持續成長之後，我還沒有見過其他企業能夠達到這樣的水平。

Revenues recently have been treading water due in part to the absence of meaningful product and geographic expansion, along with a user base optimization exercise, which we have discussed previously but as Brooks will elaborate upon in a moment.

最近的收入一直停滯不前，部分原因是缺乏有意義的產品和地理擴張，以及用戶群優化活動，我們之前已經討論過，但布魯克斯稍後將詳細闡述。

And as mentioned in the press release, we anticipate that revenue and EBITDA in the second half of this year will exceed the first half.

正如新聞稿中所提到的，我們預計今年下半年的收入和 EBITDA 將超過上半年。

As we begin to see the impact of recent product and geographic expansion.

當我們開始看到最近產品和地理擴張的影響。

There were so many one-time or nonrecurring events in our core gaming business in the second quarter of both '23 and '24 as nearly impossible to understand the strong underlying momentum in this part of the business.

在 23 年和 24 年第二季度，我們的核心遊戲業務中出現了許多一次性或非經常性事件，幾乎不可能理解這部分業務的強勁潛在動力。

Two of our three largest betting shop operators Betfred and Paddy Power are showing strong year-to-year growth pattern, and we now expect to see replicated with William Hill as we begin to deliver the first 5,000 new Vantage cabinets in the fourth quarter of this year.

我們三個最大的博彩店營運商Betfred 和Paddy Power 中的兩家都呈現出強勁的同比增長模式，我們現在預計將在今年第四季度開始交付首批5,000 個新Vantage 機櫃時與William Hill 一起複製。

So this is an important growth driver for 2025.

所以這是2025年的重要成長動力。

Similarly, the injection of significantly more advantage cabinets into the top tier pubs sets in motion a cascading replacement process throughout the entire pub estate.

同樣，在頂級酒吧中註入更具優勢的櫥櫃會在整個酒吧莊園啟動級聯更換過程。

That will be an important driver of revenue and EBITDA as well.

這也將成為收入和 EBITDA 的重要驅動力。

Lastly, I should mention that our plan to rectify the below-average profitability of our holiday park business is well on the way to fruition, and hopefully we will have more to discuss in the coming weeks.

最後，我應該提到，我們糾正假日公園業務低於平均水平的盈利能力的計劃正在順利實現，希望我們在未來幾週內能有更多討論。

As mentioned previously, this is a key component of our plan to get our overall EBITDA margins comfortably into the forecasts.

如前所述，這是我們將整體 EBITDA 利潤率輕鬆納入預測的計劃的關鍵組成部分。

And with that, I'll hand it over to Brooks.

有了這個，我會把它交給布魯克斯。

Okay, thank you, Lorne.

好的，謝謝你，洛恩。

And I'll give a little bit more color on the individual business segments and some perspective on the second-half of 2024 and the drivers for the business going into 2025, the interactive segment continued its strong growth trajectory and increasing revenue by 40% year over year and [16%] adjusted EBITDA growth year over year and sequential quarter over quarter growth in revenue of 16% and adjusted EBITDA growth of 39%, showing the operating leverage that exists in this segment of the business.

我將對各個業務部門進行更多介紹，並對 2024 年下半年以及進入 2025 年的業務驅動因素進行一些展望，互動部門繼續保持強勁的增長軌跡，收入同比增長 40%同比和調整後EBITDA 增長[ 16%] 營收年增16%，調整後EBITDA 成長39%，顯示了該業務部門存在的營運槓桿。

The momentum is carried through with July being our highest revenue in history and the first week of August actually being the highest individual revenue we've ever recorded.

這一勢頭得以延續，7 月是我們歷史上最高的收入，而 8 月的第一周實際上是我們有史以來最高的個人收入。

There are several factors that are leading to this performance, including a great content road map with consistent delivery of high-quality games, the addition of key customers and markets and our ability to gain market share in mature markets like the UK.

導致這一業績的因素有很多，包括出色的內容路線圖和持續交付的高品質遊戲、主要客戶和市場的增加以及我們在英國等成熟市場獲得市場份額的能力。

So let me give some examples of what I'm talking about.

讓我舉一些例子來說明我正在談論的內容。

We introduced 40% more games and Q2 versus Q1 with many exclusive games with key customers.

與第一季相比，第二季我們推出的遊戲數量增加了 40%，其中有許多針對主要客戶的獨家遊戲。

In the quarter, we launched FanDuel in Connecticut and now serve 100% of that market and have added Fanatics and parks in key states and serve above 90% of customers in the three biggest markets of New Jersey, Pennsylvania and Michigan, and we expect to go live in both West Virginia and Delaware before the end of the year,.

本季度，我們在康乃狄克州推出了FanDuel，目前服務於該市場100%，並在關鍵州增加了Fanatics 和公園，為新澤西州、賓州和密西根州這三個最大市場的90% 以上的客戶提供服務，我們預計年底前將在西弗吉尼亞州和特拉華州上線。

We reached 8% market share for slots in the UK, the highest we've ever been and quadruple what we were just several years ago and grew our blended share of table games and slots in the UK from 5.4% a year ago to 7% in Q2, representing 30% growth in a very mature market.

我們在英國的老虎機市場份額達到了8%，這是有史以​​來的最高水平，是幾年前的四倍，並且我們在英國的桌面遊戲和老虎機的混合份額從一年前的5.4% 增長到了7 %第二季度，在一個非常成熟的市場中，成長了 30%。

The largest component of this increase is due to the success of our content across the FanDuel.

這一增長的最大組成部分是由於我們的內容在 FanDuel 上的成功。

We've also recently introduced our first progressive game in the North American market with Rush Street and expect to roll out more of our content in this key game mechanic to all of our customers in the North American market.

我們最近也在北美市場推出了第一款漸進式遊戲《Rush Street》，並希望向北美市場的所有客戶推出更多關於這項關鍵遊戲機制的內容。

We're encouraged by the performance of this segment, but still see plenty of runway for growth opportunities, both in product innovation and performance in key new geographies like Brazil and South Africa.

我們對該細分市場的表現感到鼓舞，但仍看到大量的成長機會，無論是在產品創新還是在巴西和南非等主要新地區的表現方面。

So let's talk about hybrid dealer.

那我們來談談混合經銷商。

So hybrid dealer, which will report in the interactive segment, is really starting to hit its stride after its full launch in New Jersey in Q1, in New Jersey, the monthly turnover has doubled since going live and the number of active players has increased more than 50% in that period.

因此，將在互動部分進行報告的混合經銷商在第一季度在新澤西州全面推出後，確實開始大踏步前進，在新澤西州，自上線以來每月營業額翻了一番，活躍玩家數量也增加了更多同期超過50%。

And repeat players is the highest we've seen since launch.

重複玩家數量是我們自推出以來所見過的最高水平。

We think that proves that this product appeals across a broad spectrum of the player base and is sticky and BetMGM has been great and supporting this with marketing and great placement on the site.

我們認為這證明了該產品對廣泛的玩家群具有吸引力並且具有黏性，BetMGM 表現出色，並透過行銷和網站上的出色展示位置來支持這一點。

We went live with our second state with BetMGM in Michigan.

我們在密西根州的 BetMGM 上線了我們的第二個州。

And although it's still early days, the results have been terrific.

儘管現在還處於早期階段，但結果已經非常了不起。

We're seeing active players and turnover in Michigan that's significantly higher than what we saw in New Jersey and the average stakes are 40% larger in Michigan than what we're seeing in New Jersey.

我們看到密西根州的活躍玩家和營業額明顯高於新澤西州，並且密西根州的平均賭注比新澤西州高 40%。

Interestingly, we're seeing increased play overtime with Bonus city, whereas most slot games tend to drop off after launch and over time.

有趣的是，我們發現 Bonus city 的加班遊戲數量有所增加，而大多數老虎機遊戲在發布後和隨著時間的推移往往會下降。

Needless to say, it's early days in both markets, but we're very encouraged by the results we are seeing.

不用說，這兩個市場都還處於早期階段，但我們對所看到的結果感到非常鼓舞。

As we've discussed on previous calls, we fully expect to relet to be more successful than our real games.

正如我們在之前的電話中討論過的那樣，我們完全希望轉租會比我們的真實遊戲更成功。

And we'll be launching multiple versions of this game to customers in North America and the UK and the rest of the world over the next couple of quarters.

我們將在接下來的幾個季度內向北美、英國以及世界其他地區的客戶推出該遊戲的多個版本。

We'll launch a generic roulette game, a double zero roulette game, a bespoke branded roulette game and an area we're super excited about with some unique side bet games that only can be created through the hybrid dealer technology we deploy.

我們將推出通用輪盤遊戲、雙零輪盤遊戲、定製品牌輪盤遊戲以及我們非常興奮的一些獨特的邊注遊戲領域，這些遊戲只能透過我們部署的混合荷官技術創建。

We expect that the rest of 2024 will be about getting these customers and products live and believe that this part of the interactive segment will be a meaningful contributor to the company in 2025.

我們預計 2024 年剩餘時間將致力於讓這些客戶和產品上線，並相信這部分互動細分市場將在 2025 年為公司做出有意義的貢獻。

The other segment of our digital business Virtual Sports continued to see some headwinds, primarily with our largest customer and delays in going live with some other customers with some of our latest content, including the NBA and NFL, we plan to have these products in a number of customers throughout Q3 and Q4 and in the North American, UK and Brazil markets and expect that to improve performance in the second half of the year versus the first half of the year.

我們數位業務虛擬體育的其他部分繼續遇到一些阻力，主要是我們最大的客戶以及我們的一些最新內容（包括 NBA 和 NFL）與其他一些客戶一起上線的延遲，我們計劃將這些產品納入整個第三季度和第四季以及北美、英國和巴西市場的客戶數量，預計下半年的業績將較上半年有所改善。

In terms of both revenue and EBITDA contribution, we recently launched our e-sports virtual game with a tunnel and have seen very positive uptake with turnover approaching the same levels that we would see on a single stream of soccer.

就收入和 EBITDA 貢獻而言，我們最近推出了帶有隧道的電子競技虛擬遊戲，並看到了非常積極的採用，營業額接近我們在單一足球直播中看到的相同水平。

We plan to roll this out to additional markets and see this as a potential new source of attracting a different type of player than perhaps we've seen in the past, we remain bullish on Virtual Sports, even with this small dip in performance moving over to the land-based businesses.

我們計劃將其推廣到更多市場，並將其視為吸引與過去不同類型玩家的潛在新來源，我們仍然看好虛擬體育，即使表現略有下降到陸上企業。

So the gaming segment included two significant events in Q2 with the signing of a new service agreement with our long-term partner of Oak, formerly William Hill, and we'll be installing approximately 5,000 finished terminals across their betting shops in the UK starting in Q4 and expect to complete the install by April of 2025.

因此，遊戲領域包括第二季的兩件重大事件，即與我們的長期合作夥伴Oak（前身為William Hill）簽署了新的服務協議，我們將從2017 年開始在他們位於英國的投注店安裝約5,000 個成品終端。

We believe the combination of the new deal structure as well as the performance uplift we've seeing from Vantage terminals being deployed and our other two largest customers in the UK will improve this segment of the business in a meaningful way in 2025.

我們相信，新的交易結構以及我們從正在部署的 Vantage 終端和我們在英國的其他兩個最大客戶所看到的業績提升相結合，將在 2025 年以有意義的方式改善該業務領域。

Second, big event was the successful completion of a rigid performance based evaluation of 150 terminals with Alberta, so AGLC in Canada that converted into a sale in the quarter.

其次，大事件是與艾伯塔省成功完成了對 150 個終端的嚴格性能評估，因此加拿大的 AGLC 在本季度轉化為銷售。

This is our second Canadian province and we think validates our competitive position in [G2S] markets, and we expect to AGLC to be a meaningful customer going forward.

這是我們在加拿大的第二個省份，我們認為這驗證了我們在 [G2S] 市場中的競爭地位，我們希望 AGLC 成為未來有意義的客戶。

We also have seen our performance with our installed base of customers in Illinois indexing at the highest levels since we went live there.

我們也看到，自從我們在伊利諾伊州上線以來，我們的客戶群指數達到了最高水平。

We believe that's in large part due to the new content we have deployed in that market and it validates our view that a subscription based content deployment strategy on a recurring basis is key to sustainable growth and healthy markets.

我們認為，這在很大程度上是由於我們在該市場部署的新內容，它驗證了我們的觀點，即基於訂閱的定期內容部署策略是永續成長和健康市場的關鍵。

Finally, we're in final discussions with open up our large customer agrees to replace some of our original cabinets with Vantage cabinets as well as a newly developed Slant cabinet and leisure segment is in the midst of their large seasonal period, particularly in the holiday parks part of the business.

最後，我們正在與 open open 進行最後的討論，我們的大客戶同意用 Vantage 櫥櫃以及新開發的 Slant 櫥櫃替換我們原來的一些櫥櫃，休閒部分正處於旺季期間，特別是在假期期間公園業務的一部分。

We're seeing a mix of performance across the segment with some of the customers overperforming and some facing headwinds.

我們看到整個細分市場的表現參差不齊，有些客戶表現出色，而有些則面臨阻力。

But with strong bookings in August and September, we're rolling out more advantage terminals to the pub sector of the business.

但隨著八月和九月的預訂量強勁，我們正在向酒吧行業推出更多優勢終端。

And this cabin is proving to be the highest performer in pubs just as it has been in the betting shop business.

事實證明，這個小屋是酒吧中表現最好的，就像它在博彩店業務中一樣。

Moving over to little bit to the cost side, in terms of operating efficiencies and cost reductions that we discussed in our first quarter call, we continue to make good progress towards improving our margins.

轉向成本方面，就我們在第一季電話會議中討論的營運效率和成本削減而言，我們在提高利潤率方面繼續取得良好進展。

We've completed plans to move fully to outsource manufacturing, and we'll be shutting down our facility in Wales by the end of the year.

我們已經完成了全面轉向外包製造的計劃，我們將在今年年底關閉我們在威爾斯的工廠。

With annualized savings of approximately $3 million and are also consolidating our logistics facilities into a shared facility with our contract manufacture close to our operating headquarters in the Midlands in the UK, which we expect to generate meaningful savings.

每年節省約 300 萬美元，並且還將我們的物流設施整合為與我們的合約製造商共享的設施，靠近我們位於英國中部地區的營運總部，我們預計這將產生有意義的節省。

Lastly, we've leveraged our purchase power in a number of areas to reduce costs across the business.

最後，我們在多個領域利用了我們的購買力來降低整個業務的成本。

Overall, we saw very good momentum in the second quarter from Q4 from Q1, with EBITDA performance across the business up by 57%.

總體而言，我們從第一季到第四季度看到了第二季度的良好勢頭，整個業務的 EBITDA 業績增長了 57%。

And we're excited about some of the initiatives that are being deployed in the second half of the year, particularly in Interactive, including hybrid dealer and obviously with William Hill that we think will benefit not only H2 but moving strongly into 2025.

我們對今年下半年部署的一些舉措感到興奮，特別是在 Interactive 方面，包括混合經銷商，顯然還有 William Hill，我們認為這些舉措不僅會令下半年受益，而且會在 2025 年強勁推進。

So with that, I'll now hand it back to Lorne for final remarks before opening up to Q&A.

因此，現在我將把它交還給洛恩，在開始問答之前做最後的評論。

Thanks, Brooks.

謝謝，布魯克斯。

I don't really have any further remarks at this time.

目前我確實沒有任何進一步的評論。

So operator if you could please open the program to Q&A.

所以接線員如果可以的話請打開程式進行問答。

Yes, certainly.

是的，當然。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Barry Jonas, Truist Securities.

巴里·喬納斯 (Barry Jonas)，Truist 證券公司。

M&A and specifically take privates happening in the gaming tech space right now.

目前遊戲技術領域正在發生併購，特別是私有化。

Really curious to hear your thoughts on how you see Inspire's positioning here.

真的很想聽聽您對 Inspire 在這裡的定位有何看法。

Barry, can you ends for some reason you got cut off at the beginning of the question?

巴里，你能因為某些原因在問題開始時被打斷而結束嗎？

I think we got to just -- Would you mind just repeating.

我想我們必須──你介意重複一遍嗎？

Just wanted to get your take on all the M&A and take privates happening in the space now and you know it inspires positioning and all this.

只是想了解您對目前該領域發生的所有併購和私有化的看法，您知道這會激發定位和所有這些。

Our positioning is to run the business as well as we possibly can and focus on kind of performance and creation of initiatives that and Brooks and I talked about just now and we're not really worrying about for the M&A and take-private activity other than we continue, obviously to look at acquisition for ourselves, but -- our focus is on growing the business.

我們的定位是盡可能地經營業務，並專注於我和布魯克斯剛才談到的績效和舉措的創建，我們並不真正擔心併購和私有化活動，除了顯然，我們繼續為自己考慮收購，但是——我們的重點是發展業務。

Got it, make sense.

明白了，有道理。

And then, you know, obviously, it is a lot of exciting initiatives into next year, but curious how you're thinking about capital allocation here, specifically share repurchases?

然後，你知道，顯然，明年會有很多令人興奮的舉措，但很好奇你如何考慮這裡的資本配置，特別是股票回購？

Yeah, it will.

是的，會的。

Obviously we think our stock is almost laughable, really undervalued and buying back stock is something we want to.

顯然，我們認為我們的股票幾乎是可笑的，確實被低估了，而回購股票是我們想要的。

I think we all know that our liquidity it has been significantly impacted by the whole this whole restatement masks that, Thank God we're done with, but we'd probably by now have something close to $20 million more cash on the balance sheet than we have the second.

我想我們都知道，我們的流動性受到了整個重述的重大影響，謝天謝地，我們已經完成了，但我們現在資產負債表上的現金可能比以前多了近 2000 萬美元。 。

So I think right now, prudence would say two to focus capital allocation on rebuilding our cash.

因此，我認為現在，出於謹慎的考慮，我們會說兩點，將資本配置的重點放在重建我們的現金上。

Our internal forecast is as we get into the fourth quarter, maybe latter part of the third quarter, we'll see a very, very significant increase in our cash balances because of the businesses are performing beautifully and we're coming into our strongest period.

我們的內部預測是，當我們進入第四季度，也許是第三季後半段時，我們的現金餘額將出現非常非常顯著的成長，因為業務表現出色，我們正在進入最強勁的時期。

So I think as we get into the latter part of the year and if our cash builds the way our forecasts are indicating that it is then without question, our capital allocation focus, would you would shift to lush going back to share repurchase.

因此，我認為，當我們進入今年下半年時，如果我們的現金成長方式符合我們的預測，那麼毫無疑問，我們的資本配置重點將轉向大量的股票回購。

Great.

偉大的。

Thanks so much.

非常感謝。

Appreciate it.

欣賞它。

Jordan Bender, JMP.

喬丹·本德，JMP。

Good morning, everyone.

大家早安。

Thanks for taking my question and nice to see you launch content agreements with several companies during the quarter.

感謝您提出我的問題，很高興看到您在本季度與幾家公司簽署了內容協議。

Can you help us frame how much more runway do you have with customers or operators that you're currently not working with in the US gaming market?

您能否幫助我們確定您與目前在美國遊戲市場上尚未合作的客戶或經營者還有多少合作機會？

Yeah, not too many to be ours on Jordan, when I when I mentioned in my remarks that you are now 100% in Connecticut and over 90% in all the other big three markets is not a there's not a lot of customers left and those that are relatively small that we're not live with.

是的，在約旦，我們的客戶並不多，當我在發言中提到您現在100% 在康乃狄克州，超過90% 在所有其他三大市場時，並不是說剩下的客戶不多了，那些它們相對較小，我們無法忍受。

So this has been something we've talked about for quite a while.

所以這是我們已經討論了一段時間的事情。

We wanted to get the coverage of the markets.

我們希望覆蓋市場。

So we're pretty close to being there.

所以我們已經很接近了。

Now, obviously, that doesn't talk about some of the new geographies, particularly like Brazil, where the operators are starting to grow, get there licensing in line.

現在，顯然，這並沒有談論一些新的地區，特別是像巴西，那裡的運營商開始成長，並排隊獲得許可。

And obviously, we'll do the same kind of thing that we've done in the States, which is we want to cover all of that market as it goes live.

顯然，我們將做與在美國所做的相同的事情，即我們希望在其上線時覆蓋所有市場。

But yes, in the States, we're pretty close to being where we need to be.

但是，是的，在美國，我們已經非常接近我們需要達到的目標了。

Great.

偉大的。

And then just kind of a follow-up in maybe a consumer market related question, but I think Greece has been kind of a headwind for the company, at least it was in the 1Q.

然後可能是與消費者市場相關的問題的後續行動，但我認為希臘對該公司來說是一種阻力，至少在第一季是如此。

Is there any update there in terms of what you're seeing from a market perspective?

從市場角度來看，您所看到的情況有什麼更新嗎？

Yeah, I think it has been a headwind for everybody.

是的，我認為這對每個人來說都是一個逆風。

We're still the number one by performance in Greece, but kind of everybody has seen a little bit of softening in the Greek market.

我們在希臘的表現仍然排名第一，但每個人都看到希臘市場略有疲軟。

One of the things that I talked about was we expect to be installing some new equipment in Greece.

我談到的一件事是我們預計在希臘安裝一些新設備。

Some of our competitors have actually already put some new equipment into it a little bit of time, but we'll be putting in some new equipment in Greece on end of this year, the beginning of next year that we hope will actually propel our share of the market to maybe even a bigger lead.

我們的一些競爭對手實際上已經投入了一些新設備一段時間，但我們將在今年年底、明年初在希臘投入一些新設備，我們希望這將真正推動我們的份額市場的領先優勢可能更大。

But that's probably the biggest driver.

但這可能是最大的驅動力。

But yes, Greece in general has just been a little bit soft, kind of circa EUR4, EUR5 a day and what we call inspired share of the last kind of six months.

但是，是的，希臘總體上有點疲軟，每天大約 4 歐元、5 歐元，我們稱之為過去六個月的激勵份額。

Great, thank you very much.

太好了，非常感謝。

Sure.

當然。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Brooks on the hybrid dealer and Lorne, you kind of touched on this as well, just in terms of it being potentially the biggest component of growth and maybe long term, kind of the biggest contributing factor for your earnings, how should we expect for this to ramp?

布魯克斯關於混合經銷商和洛恩，你也談到了這一點，只是就其潛在的成長最大組成部分而言，也許是長期的，對你的收入最大的貢獻因素，我們應該如何期待這一點斜坡？

Do you think this will be a, you know, an evolution for a few years in terms of customer acceptance, where do you think hybrid dealer adjacent to live dealer can become as big of a component of maybe North American revenues?

您認為這會是幾年來客戶接受度方面的演變嗎？

I think in the United Kingdom and some other European markets, it's 30%.

我認為在英國和其他一些歐洲市場，這個比例是 30%。

But how do you see the evolution for the segment?

但您如何看待該細分市場的演變？

And then more importantly for you guys?

那麼對你們來說更重要的是呢？

Yeah.

是的。

I mean that's an interesting question.

我的意思是這是一個有趣的問題。

I think in the short term, we probably have more demand than we have capacity right now.

我認為在短期內，我們的需求可能超過我們目前的產能。

Obviously, we've we're rolling out that BetMGM into multiple markets, and we've announced the deal with Caesars.

顯然，我們正在將 BetMGM 推廣到多個市場，並且我們已經宣布了與凱撒的交易。

But quite frankly, the pipeline of deals that we've got across the business not only in North America but around the world is more than we can actually handle because we're also building product.

但坦白說，我們不僅在北美，而且在世界各地的業務中的交易管道都超出了我們的實際處理能力，因為我們也在建立產品。

As we talked about, we've got the roulette product and multiple variations of the roulette product.

正如我們所討論的，我們已經有了輪盤產品和輪盤產品的多種變體。

But from a strategy standpoint, we ultimately want to get to a fairly generic on roulette product and a fairly generic side, but roulette product.

但從策略的角度來看，我們最終希望獲得一個相當通用的輪盤產品和一個相當通用的輪盤產品。

And so we don't have to spend as much time on the bespoke side but going forward.

因此，我們不必在定制方面花費太多時間，而是繼續前進。

So Q3 and Q4 of this year is going to be all about getting these games built and getting these customers live on.

因此，今年第三季和第四季的重點將是開發這些遊戲並讓這些客戶繼續生存。

And then I think rolling into 2025.

然後我想進入 2025 年。

There's kind of endless opportunities for us, both in derivatives of the roulette game.

對我們來說，無論是輪盤遊戲的衍生性商品還是無窮無盡的機會。

We hope to do a craps game will obviously broaden our distribution to customers.

我們希望做一款擲骰子遊戲能夠明顯地擴大我們對客戶的分銷範圍。

And I think that's part of what, both Lorne and I have talked about having this be such a meaningful contributor on the sequencing was developing the product, getting it out there.

我認為這是洛恩和我都談到的讓這個對測序如此有意義的貢獻者開發產品並將其推出的一部分。

Seeing if there's customer acceptance and seeing if the take-up is what we'd hoped for and that it was sticky and that players return to it.

看看是否有客戶接受，並看看接受情況是否是我們所希望的，是否有黏性，以及玩家是否會返回。

And all of that, we've kind of checked all those boxes.

所有這些，我們都檢查了所有這些框。

So now it's really all about building the product as fast as we can and rolling it out as fast as we can.

所以現在我們要做的就是盡快建立產品並儘快推出。

To one other point to add there Chad, is in terms of your question about, you know, how big can the hybrid dealer business be relative to the in all the traditional live dealer business?

乍得要補充的另一點是，就你的問題而言，你知道，混合荷官業務相對於所有傳統的現場荷官業務有多大？

You know, there are dozens, if not hundreds of online gaming operators around the world who simply cannot afford that the traditional our live dealer product just because it's the cost of producing it is just so much higher than ours.

您知道，世界各地有數十家甚至數百家線上遊戲營運商根本無法負擔我們傳統的真人荷官產品，因為其生產成本比我們高得多。

So right now, obviously, we're focused on the top tier operators because they are the ones that want it.

所以現在，顯然，我們關注的是頂級運營商，因為他們是想要它的人。

But and as Brooks talks about that as we develop a generic product that's not mono-branded for BetMGM or branded for Caesars spin.

但是，正如布魯克斯所說，我們正在開發一種通用產品，該產品既不是 BetMGM 的單一品牌，也不是凱撒旋轉的品牌。

Now for the very first time, there is a product that's available to, you know, the second and third tier operators who simply don't participate in that business right now.

現在，這是第一次有一種產品可供目前不參與該業務的二線和三線營運商使用。

So we see that as a huge potential to expand the overall size of the market.

因此，我們認為這是擴大市場整體規模的巨大潛力。

Helpful.

有幫助。

Thank you both, and then shifting to the lottery segment.

謝謝兩位，然後轉向抽獎部分。

Any updates in terms of what you guys are doing there or how you kind of view the opportunities within that category.

有關你們在那裡做什麼或如何看待該類別中的機會的任何更新。

Yeah, I mean a couple of things there.

是的，我的意思是有幾件事。

We're working pretty actively with a number of lotteries.

我們正在非常積極地與許多彩票合作。

You probably saw that we announced a deal with Sci-Games to get our content through their content integration hub, obviously, Lauren, in particular.

您可能已經看到我們宣布與 Sci-Games 達成協議，透過他們的內容整合中心獲取我們的內容，顯然，尤其是 Lauren。

But me included have a lot of experience in the lottery industry and we think our product would work very well and frankly, we think hybrid dealer would work very well in the lottery segment as well on a company of our size.

但我在彩票行業擁有豐富的經驗，我們認為我們的產品會運作得很好，坦白說，我們認為混合經銷商在彩票領域以及像我們這樣規模的公司都會運作得很好。

There's only so many of these things that you can do simultaneously.

您可以同時做的事情只有這麼多。

But we are very bullish on the lottery market and we think we'll have some announcements about some additional customers in that segment.

但我們非常看好彩票市場，我們認為我們將發布一些關於該領域的一些額外客戶的公告。

Yes, coming out for the next quarter or two.

是的，下一兩個季度就會推出。

Thanks, Brooks.

謝謝，布魯克斯。

Appreciate it.

欣賞它。

Okay, Chad.

好吧，查德。

Thanks.

謝謝。

Ryan Sigdahl, Craig Hallum.

瑞恩·西格達爾，克雷格·哈勒姆。

Good morning, guys.

早安，夥計們。

Two on Interactive, one you guys have had strong growth.

其中兩個是在 Interactive 上，一個是你們取得了強勁的成長。

A lot of that is market expansion, customer expansion, et cetera.

其中很多是市場擴張、客戶擴張等等。

Through most of that in the US, you have hybrid dealer now coming in, but what's your confidence to maintain this level of revenue growth for the next several quarters?

在美國，混合經銷商現在已經加入其中，但您對在未來幾季保持這種收入成長水準的信心有多大？

And then secondly, on hybrid dealer, do you have any player insights on kind of demographics and who is playing the game thus far?

其次，關於混合荷官，您對玩家的人口統計數據以及迄今為止誰在玩遊戲有什麼見解嗎？

I know it's a small sample size, but is it the traditional live dealer player that's now playing both?

我知道樣本量很小，但是傳統的真人荷官玩家現在同時玩這兩種遊戲嗎？

Is it once someone that didn't play live dealer and RNG player, et cetera, et cetera.

是不是曾經沒有玩過真人荷官和RNG選手等等等等。

But any other player I help you can give would be good.

但我可以幫助你的任何其他球員都會很好。

Thanks.

謝謝。

Sure, in terms of the of the gaming stuff.

當然，就遊戲而言。

As you know, like I mentioned, July's been the highest month we've ever had in last week, which August is typically them actually a slower period was the highest revenue we've ever had.

如你所知，就像我提到的那樣，七月是我們上周有史以來收入最高的月份，而八月通常是我們有史以來收入最高的時期，實際上是一個較慢的時期。

So I'm encouraged by that.

所以我對此感到鼓舞。

And as I also mentioned in my remarks, we're now rolling out progressive games for the first time, and we think there's some more headway or there's some more opportunity there.

正如我在演講中提到的，我們現在首次推出漸進式遊戲，我們認為還有更多進展或有更多機會。

Clearly, Brazil is a big market that's going to come on.

顯然，巴西是一個即將出現的大市場。

So we see the growth trajectory of circa 30% or higher on to be sustainable here for the at least for the foreseeable future.

因此，我們認為至少在可預見的未來，大約 30% 或更高的成長軌跡是可持續的。

In terms of your question about hybrid dealer and so the interesting thing about the mix of hybrid dealer is that the main thing we wanted our players returning, but we have a we have a very interesting mix of players that are betting lots of money, so called whales.

就你關於混合荷官的問題而言，混合荷官組合的有趣之處在於，我們希望我們的玩家回歸，但我們有一個非常有趣的玩家組合，他們下了很多錢，所以稱為鯨魚。

But we also have a huge number of players that are playing on an everyday basis.

但我們也有大量每天都在玩的玩家。

So the granularity of what else those customers are doing, that's really with our operators and frankly, and we probably need to sit down with BetMGM in particular and talk about that because that will probably drive a little bit of product enhancement

因此，這些客戶正在做的其他事情的粒度，實際上是我們的運營商，坦率地說，我們可能需要特別與 BetMGM 坐下來討論這個問題，因為這可能會推動一些產品增強

But what we're seeing that we care about the most is the number of players, active players and the number of returning players and the mix of how they play big players versus small players.

但我們發現，我們最關心的是玩家數量、活躍玩家和回歸玩家的數量，以及他們與大玩家和小玩家的比賽方式。

That's kind of exactly what we would hope for it goes really across the full spectrum.

這正是我們所希望的，它能夠真正跨越整個範圍。

Thanks, guys.

謝謝，夥計們。

Good luck.

祝你好運。

Thanks, Ryan.

謝謝，瑞安。

That concludes the question-and-answer session.

問答環節到此結束。

And this concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。