Inspired Entertainment, Inc (INSE) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Inspired Entertainment fourth quarter and full year 2025 conference call. (Operator Instructions)

各位早安，歡迎參加 Inspired Entertainment 2025 年第四季暨全年財報電話會議。(接線員指示)

Please note that today’s event is being recorded. Before we begin, please refer to the company’s forward-looking statements that appear in the fourth-quarter 2025 earnings press release and in the accompanying slide presentation, both of which are available in the investor section of the company’s website at www.inseinc.com.

請注意，今天的活動將被錄音。在開始之前，請參閱公司在 2025 年第四季財報新聞稿及隨附簡報中所載之前瞻性陳述；兩者皆可於公司網站 www.inseinc.com 的投資人專區取得。

These also apply to today’s conference call. Management will be making forward-looking statements within the meaning of the United States securities laws. These statements are based on the management’s current expectations and beliefs and are subject to various risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied in such statements. For a discussion of these risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission.

上述內容同樣適用於今天的電話會議。管理層將依據美國證券法之定義作出前瞻性陳述。這些陳述係基於管理層目前的預期與信念，並受各種風險、不確定性及其他因素影響，可能導致實際結果與該等陳述所明示或暗示者出現重大差異。關於這些風險與不確定性的討論，請參閱公司向美國證券交易委員會提交的文件。

During today’s call, the company will discuss both GAAP and non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in today’s earnings release and slide presentation, which are both available on the website.

在今天的電話會議中，公司將同時討論 GAAP 與非 GAAP 財務衡量指標。非 GAAP 指標與最直接可比之 GAAP 指標的調節表，可於今日的財報新聞稿與簡報中查閱，兩者皆可在公司網站取得。

With that, I would now like to turn the call over to Lorne Weil, the company’s Executive Chairman. Mr. Weil, please go ahead.

接下來，我想把電話會議交給公司執行董事長 Lorne Weil。Weil 先生，請開始。

Thank you, operator. Good morning, everyone, and thank you for participating in our year-end conference call.

謝謝，接線員。各位早安，感謝各位參與我們的年終電話會議。

As it happens, Brooks and I are doing this call from a major lottery conference in Florida, where there is a lot of buzz about the things we have going on in the lottery space, including the amazing cloud-based lottery platform we launched a few weeks ago that you may have read about in a recent press release.

剛好 Brooks 和我正在佛羅里達州的一場大型彩券會議現場進行本次電話會議；在彩券領域，我們正在推動的事項引起了相當多的討論，包括我們在幾週前推出、您可能已在近期新聞稿中讀到的令人驚豔的雲端彩券平台。

We won’t have much more to say about lottery today in our prepared remarks, but we’re happy to elaborate in the Q&A, and we certainly expect to be talking more about it in the coming quarters. That said, I’ll begin the call today with a few introductory remarks considering the fourth quarter and full year and then hand it over to Brooks to discuss the quarter in detail.

在今天的事先準備發言中，我們不會就彩券業務再多談，但我們很樂意在問答環節進一步說明，且我們也確實預期在接下來幾個季度會更常談到這部分。話雖如此，我將先就第四季與全年做幾點開場說明，接著交由 Brooks 詳細討論本季表現。

Beginning with slide 3, I think we can look at the quarter as an important milestone in the steady transformation that’s been occurring in the company. As we’ve discussed previously, hopefully not ad nauseam, the transformation continues to be led by the interactive business, which grew revenue and EBITDA by 53% and 60% respectively in the fourth quarter.

先看投影片 3，我認為本季可視為公司持續轉型過程中的一個重要里程碑。如同我們先前所討論的（希望沒有講到讓大家厭煩），這項轉型仍由互動式業務所帶動；該業務在第四季的營收與 EBITDA 分別成長 53% 與 60%。

In a moment, Brooks will discuss the nature of the tremendous resilience we have built into this business together with the steps we’re taking to ensure that at the same time we continue to drive growth. These kinds of growth rates were moderately interesting a few years ago when we were growing off a base of a couple of million dollars, but on a base upwards of $50 million at present, it’s a whole other story, obviously.

稍後 Brooks 將說明我們如何在此業務中建立了極強的韌性，以及我們為了在持續推動成長的同時所採取的措施。幾年前，當我們是以幾百萬美元的基礎在成長時，這樣的成長率或許只是「還算有趣」；但在目前超過 5,000 萬美元的基礎之上，顯然就是完全不同的故事了。

In our last conference call, we talked about targeting to get our company-wide EBITDA margin into the mid-40s. Our margin for the full year 2025 was 37%, but in the fourth quarter it reached 42%, a record for any single quarter in our company’s history.

在上一次電話會議中，我們談到目標是將公司整體 EBITDA 利潤率提升至 40% 中段。2025 全年利潤率為 37%，但第四季達到 42%，創下公司史上單一季度的最高紀錄。

As noted in the slide, we’re comfortable with 2026 EBITDA guidance of $112 million to $118 million, with the midpoint of $115 million representing low double-digit growth over 2025 if we exclude the [divestiture] in Holiday Parks EBITDA. This would put our full year company-wide margin squarely into the mid-40s. And as I’ll touch on at the end of the program, we’re comfortable that this momentum for the company as a whole will continue through into 2027.

如投影片所示，我們對 2026 年 EBITDA 指引 1.12 億至 1.18 億美元感到有信心，其中中位數 1.15 億美元，若排除 Holiday Parks EBITDA 的[剝離]影響，將較 2025 年呈現低雙位數成長。這將使公司全年整體利潤率穩健落在 40% 中段。而正如我在最後會再提到的，我們也有信心公司整體的這股動能將延續至 2027 年。

While the interactive business follows its growth trajectory, our Equipment businesses are continuing to move in an asset-light direction, and these together are positively impacting free cash flow. As noted in the slide, we expect to be deleveraging through 2026, targeting to be at 2.5 to 3 times net leverage by year-end. This will lead in turn to a step-down on our interest rate and perhaps other financing options as well.

在互動式業務沿著其成長軌跡前進的同時，我們的設備業務也持續朝向輕資產方向調整；兩者共同對自由現金流帶來正面影響。如投影片所示，我們預期將在 2026 年持續去槓桿，目標在年底將淨槓桿降至 2.5 至 3 倍。這也將進一步帶來利率下調，並可能帶來其他融資選項。

And on that note, I’ll turn things over to Brooks.

基於以上，我把時間交給 Brooks。

Okay, thanks, Lorne. So moving to slide 4, we’re gratified to see the results in the fourth quarter to justify the key premise that we’ve been discussing over the course of the year. That is, the combination of the mix of our business becoming more and more digital, and particularly with the strong growth in our interactive segment, and also the disposal of the lower-margin Holiday Parks business, would drive our EBITDA margins over 40%, and our fourth-quarter results strongly validate that thesis.

好的，謝謝你，Lorne。接著看投影片 4，我們很欣慰看到第四季的成果，足以印證我們在今年一整年反覆討論的核心前提。也就是：隨著我們的業務組合愈來愈數位化，尤其是互動式部門的強勁成長，再加上處分低毛利的 Holiday Parks 業務，將推動 EBITDA 利潤率超過 40%；而第四季的結果強力驗證了這項論點。

Moving to slide 5. So this slide visually depicts the progress we’ve made in our mix and its impact on our EBITDA margins, but it goes beyond that. We’ve made a conscious decision to focus on CapEx-light business.

接著看投影片 5。這張投影片以視覺方式呈現我們在業務組合上的進展及其對 EBITDA 利潤率的影響，但其意義不僅止於此。我們已做出有意識的決策，將重點放在資本支出較低（CapEx-light）的業務。

Combining this with our significantly reduced headcount discussed last quarter, we'll prove to materially improve the cash flow of the business on a going-forward basis. We expect these trends to continue throughout 2026, and we’re targeting EBITDA margins in the mid-40s with significant improvement in cash flow.

再結合我們在上季所提到的大幅縮減人力，我們將能在未來顯著改善公司的現金流。我們預期這些趨勢將在 2026 年持續，並以 EBITDA 利潤率達到 40% 中段、同時大幅改善現金流為目標。

Moving to slide 6. It’s important as well to note that our focus is not solely on improving the EBITDA margins and cash flow, but also in growing each of the segments of the business. More than 80% of our revenue is recurring. So along with growth, we need to continue to renew contracts with our key customers, and we are very proud of the long-term relationships we’ve had with customers like bet365 and Entain and the faith they put in us to continue to innovate our products and enhance player engagement.

接著看投影片 6。同樣重要的是，我們的重點不僅在於提升 EBITDA 利潤率與現金流，也在於推動各業務部門的成長。我們超過 80% 的營收為經常性收入。因此，在追求成長的同時，我們也必須持續與主要客戶續約；我們也非常以與 bet365、Entain 等客戶建立的長期合作關係為傲，並感謝他們信任我們能持續創新產品、提升玩家參與度。

I’ve discussed on previous calls the importance I place on getting access to the North American market for our Virtuals business and having the product fully integrated in the sportsbook section of the site rather than in the casino section. I’m excited to announce the successful launch with BetMGM as our first Tier 1 customer to have launched with three sports, including our NFL licensed game, now live in New Jersey and hopefully going live in additional states in the near term.

我在先前的電話會議中曾談到，我非常重視讓我們的 Virtuals 業務進入北美市場，並讓產品完整整合在網站的體育博彩（sportsbook）區塊，而非放在娛樂城（casino）區塊。我很高興宣布，我們已與 BetMGM 成功上線；BetMGM 是我們第一家 Tier 1 客戶，首波上線三項運動內容，包括我們取得 NFL 授權的遊戲，目前已在新澤西州上線，並希望在短期內於更多州陸續上線。

We’ve had success with BetMGM in Ontario and have worked with their team on this development, and I believe this will be the start of utilizing some of the key licenses we have with the NFL, the NBA, and the NHL in getting broader distribution in the North American market. We’re in discussions with several other sports betting operators, but BetMGM has the market to themselves for now. Getting this launched in time for the World Cup is ideal, and we believe this will provide a good proof point for other operators.

我們在安大略省已與 BetMGM 合作取得成功，並與其團隊共同推動這次開發；我相信，這將是我們運用 NFL、NBA 與 NHL 等關鍵授權、在北美市場取得更廣泛通路的起點。我們也正與其他數家體育博彩營運商洽談，但目前 BetMGM 暫時仍享有獨家優勢。能在世界盃前及時上線是最理想的，我們相信這將為其他營運商提供良好的驗證案例。

Moving on to slide 7. So we’ve now had 10 quarters in a row of more than 40% EBITDA growth in our Interactive segment, and that shows no sign of slowing down. We just had the single highest day and the single highest weekend of GGR in this segment over the last weekend in February.

接著看第 7 張投影片。因此，我們的互動式（Interactive）業務已連續 10 個季度實現超過 40% 的 EBITDA 成長，而且看起來完全沒有放緩的跡象。就在 2 月最後一個週末，我們在該業務板塊創下單日與單一週末 GGR 的歷史新高。

I’m also happy to announce, just based on this morning’s results, that we had the best week we’ve ever had last week. We’re laser-focused on keeping this performance going and are expanding our brands, our unique game mechanics, and adding studio capacity that will come online in the second half of the year and increase the output of titles to support this high-growth segment.

我也很高興宣布，根據今天早上的結果，我們上週創下了史上最佳單週表現。我們高度聚焦於延續這樣的表現，並正在擴展我們的品牌、獨特的遊戲機制，同時增加工作室產能；這些產能將在今年下半年上線，並提高遊戲作品的產出，以支援這個高成長板塊。

Alongside this organic growth, we have several opportunities to expand our footprint geographically, and we still believe that it’s a matter of when and not if that additional states will legalize iGaming in their states, as we’ve seen with Maine and progress in other larger states like we’re seeing in Virginia. Although it’s difficult to forecast when this will happen and which states will add this capability, we do believe that it’s an underappreciated potential step change for Inspired.

除了這些內生成長之外，我們也有多項機會在地理版圖上擴張；我們仍然相信，更多州將在其州內合法化 iGaming 只是時間問題，而不是會不會發生的問題——正如我們在緬因州所見，以及在其他更大的州（例如維吉尼亞州）所看到的進展。雖然很難預測何時會發生、以及哪些州會新增這項能力，但我們確實認為，這對 Inspired 而言是一個市場低估的、可能帶來躍升式變化的機會。

The upside is not limited to Interactive either, as we are excited to see the growth potential for our North American gaming machine sales with the recent changes in Illinois to expand into Chicago. We’re now indexing at our highest levels since we went into the market and have strong relationships with key customers like J&J and Accel.

上行空間也不僅限於互動式業務；隨著伊利諾州近期的變更、得以擴展至芝加哥，我們也很期待北美遊戲機銷售的成長潛力。我們目前的指標已達到自進入該市場以來的最高水準，並且與 J&J、Accel 等關鍵客戶建立了穩固關係。

We’re confident that we’ll grow our footprint over the next 12 to 18 months in Illinois substantially and believe that the Illinois model can be replicated in other states. Distributed gaming is in our DNA. It’s where content is the key differentiator, and that’s what we do best.

我們有信心在未來 12 到 18 個月內大幅擴大在伊利諾州的布局，並相信伊利諾州的模式可以在其他州複製。分散式博彩（Distributed gaming）是我們的 DNA。在這個領域，內容是關鍵差異化因素，而這正是我們最擅長的。

Moving on to slide 8. We prepared slide 8 just to show that our iGaming performance isn’t driven by just recent momentum or one-hit wonders. This graph shows how our games produced even earlier than 2022 continue to generate a consistent base of revenue year over year.

接著看第 8 張投影片。我們準備第 8 張投影片，是為了說明我們的 iGaming 表現並非僅由近期動能或一兩款爆款所驅動。這張圖表顯示，即使是 2022 年以前推出的遊戲，仍能逐年帶來穩定一致的營收基礎。

Each year’s new games simply build on top of that foundation. We’re not starting from zero every year. We continue to grow and sustain that growth by building on brands and game families that resonate with players as well as unique game mechanics. The key is to continue to innovate and add capacity on top of that foundation.

每一年推出的新遊戲，都是在這個基礎之上持續堆疊。我們並不是每年都從零開始。我們透過打造能引起玩家共鳴的品牌與遊戲系列，以及獨特的遊戲機制，持續成長並維持成長動能。關鍵在於持續創新，並在既有基礎上增加產能。

Moving on to slide 9. Our proprietary game titles and mechanics create multiple important advantages. Firstly, they build strong brand recognition and loyalty with players. Players know and trust brands like Wolf It Up, which allows us to do multiple iterations and extensions faster and more cost-efficiently.

接著看第 9 張投影片。我們自有（proprietary）的遊戲作品與機制帶來多項重要優勢。首先，它們能在玩家之間建立強大的品牌辨識度與忠誠度。玩家熟悉並信任像 Wolf It Up 這樣的品牌，讓我們能以更快速度、且更具成本效益地進行多次迭代與延伸。

We’re using this to expand our Hybrid Dealer portfolio as well and are looking forward to the release of our Wolf It Up Roulette game to build on the momentum we’re seeing in Hybrid Dealer, where turnover is up 51% quarter-over-quarter and 39% increase in customers live. We just went live yesterday with the Flutter brands like Paddy Power and Betfair in the UK, and we’ll be adding both DraftKings and Betfred in the next quarter.

我們也正運用這一點來擴展我們的 Hybrid Dealer 產品組合，並期待推出 Wolf It Up Roulette，以延續我們在 Hybrid Dealer 所看到的動能——其投注額（turnover）季對季成長 51%，上線客戶數增加 39%。我們昨天剛在英國與 Flutter 旗下品牌（如 Paddy Power 與 Betfair）正式上線，並將在下一季加入 DraftKings 與 Betfred。

These proprietary brands strengthen our relationships with our operator customers. When they know our game families and mechanics will consistently perform well, they place the games in the most desirable positions on their sites and keep them there longer. This benefits everyone in the ecosystem and creates opportunities for us to do creative commercial arrangements with key operators for exclusivity and promotions. A true win-win for all.

這些自有品牌也強化了我們與營運商客戶的關係。當他們知道我們的遊戲系列與機制能持續穩定地表現良好時，就會把遊戲放在其網站最理想的位置，並且更長時間地保留在那裡。這讓生態系中的每一方都受益，也為我們與關鍵營運商在獨家合作與促銷方面，創造更具創意的商業安排機會。真正的多贏。

Moving on to slide ten. As noted in the past few slides and then on slide ten, this is really all about building a scalable and sustainable Interactive business. Typically, adding more games comes at the expense of revenue per title. As the portfolio grows, performance per game often declines, but that’s not the case with our Interactive portfolio. We’ve been able to expand the number of games while also increasing revenue per title.

接著看第 10 張投影片。如前幾張投影片所提到、以及第 10 張投影片所示，這一切的核心在於打造可擴展且可持續的互動式業務。通常，增加更多遊戲會以單款遊戲營收下降為代價。隨著產品組合擴大，每款遊戲的表現往往會下滑，但我們的互動式產品組合並非如此。我們在擴增遊戲數量的同時，也提高了每款遊戲的營收。

That’s why we’ve been able to deliver the kind of growth that you’ve seen in the segment, improving overall digital mix for Inspired and ultimately higher EBITDA margins. Of course, that’s why we’re adding another high-quality studio to our network.

這也是為什麼我們能在該板塊交出你們所看到的成長，提升 Inspired 的整體數位占比，並最終帶來更高的 EBITDA 利潤率。當然，這也是我們要在網絡中再新增一間高品質工作室的原因。

Moving on to slide 10. Whether it’s Interactive, whether it’s Virtuals or gaming machines, we’ve consistently stated that content drives everything we do at Inspired. Our recent success in the rollout of Vantage cabinet to the William Hill estate and our improvement and leading position in Greece, which we’ve maintained for years now, is a testament to not only the content, but also leveraging our industrial design to build high-performing cabinets at a fraction of the cost that you would see for a Class III casino floor in North America.

接著看第 10 張投影片。無論是互動式（Interactive）、虛擬（Virtuals）或遊戲機（gaming machines），我們一直強調內容驅動 Inspired 所做的一切。我們近期在 William Hill 據點導入 Vantage 機台（cabinet）的成功，以及我們在希臘多年來維持的改善與領先地位，都證明了不僅是內容本身，也包括我們運用工業設計，以北美 Class III 賭場地面機台成本的一小部分，打造高效能機台。

We’re proving that we can replicate our success in the UK and Greece further in North America with our performance in Illinois, as well as our continuing share gain in key VLT markets in Canada. Moving to slide 12.

我們正證明，我們可以把在英國與希臘的成功進一步複製到北美——包括我們在伊利諾州的表現，以及我們在加拿大關鍵 VLT 市場持續提升市占。接著看第 12 張投影片。

Finally, slide 12 gives some of the latest data on the size and scale of iGaming compared to sports betting GGR. In states where they go head-to-head with sports betting, iGaming is more than three times the size of sports betting. Extrapolating that to other states is a big outsized opportunity for us that we don’t include in our forecast, but believe that it is inevitable and would be transformative for Inspired as the flow-through margins and cash contribution would be very significant.

最後，第 12 張投影片提供了 iGaming 相較於運動博彩 GGR 的規模與量級最新數據。在 iGaming 與運動博彩正面競爭的州，iGaming 的規模是運動博彩的三倍以上。將此推廣外推到其他州，對我們而言是一個非常可觀的機會；我們並未將其納入預測，但我們相信這是不可避免的，且將對 Inspired 具有變革性影響，因為其邊際貢獻（flow-through margins）與現金貢獻將非常顯著。

With that, I’ll hand it back over to Lorne.

接下來，我把時間交回給 Lorne。

Thanks, Brooks. That was a terrific deep dive. Before I move into a discussion of the guidance, let’s take a minute to recap where we ended 2025 on slide 13. Our EBITDA was $111 million, a little ahead of consensus in both revenue and EBITDA, 11% up over 2024, with an EBITDA margin of 37% of revenue.

謝謝，Brooks。這是一個非常精彩的深入解析。在我開始討論財測指引之前，我們先花一點時間回顧第 13 張投影片中 2025 年的收官情況。我們的 EBITDA 為 1.11 億美元，營收與 EBITDA 均略高於市場共識，較 2024 年成長 11%，EBITDA 利潤率為營收的 37%。

Our digital business accounted for 51% of EBITDA and leverage was 3.3. Turning now to slide 14, we see 2026 and 2027 evolving as shown. As mentioned earlier, we’re projecting 2026 EBITDA at the midpoint to be low double digits ahead of 2025, excluding the divested holiday parks EBITDA. From midpoint to midpoint, this growth rate should continue comfortably through 2027. At the same time, we’re projecting that our digital business will grow from 51% of EBITDA to more than 60%. EBITDA margin to expand to 45% plus, and the leverage to be 2.5 approaching 2.

我們的數位業務貢獻了 EBITDA 的 51%，槓桿倍數為 3.3。現在看第 14 張投影片，我們看到 2026 與 2027 年將如圖所示演進。如先前所提，我們預估 2026 年 EBITDA 以中位數計將較 2025 年呈低雙位數成長（不含已出售的假日公園業務 EBITDA）。以中位數對中位數來看，這個成長率可望在 2027 年仍能穩健延續。同時，我們預估數位業務的 EBITDA 占比將由 51% 提升至 60% 以上。EBITDA 利潤率將擴張至 45% 以上，槓桿倍數將降至 2.5，並朝 2 靠近。

Finally, with reference to slide 15, I’d like to announce at this time a change in the way we will be reporting going forward, which we think simplifies our story and much more accurately reflects the operating characteristics of the businesses.

最後，參考第15頁投影片，我想在此宣布我們未來報導方式的一項變更；我們認為這將簡化我們的敘事，並更精準地反映各項業務的營運特性。

As we have explained before, our leisure segment, until very recently, comprised two very different businesses. A server-based machine business focused on pubs, motorway service, bingo halls, et cetera, whose business model is very similar in nature to what we’ve been calling gaming. The recently divested holiday parks business that was predominantly an amusement machine business with a very different business model.

如同我們先前所說，直到不久之前，我們的休閒事業部由兩個截然不同的業務所組成。其一是以伺服器為基礎的機台業務，聚焦於酒吧、高速公路服務區、賓果廳等，其商業模式在本質上與我們一直稱為「遊戲」的業務非常相似。其二是近期已處分的假日公園業務，主要是娛樂機台業務，商業模式則大不相同。

Now that we have divested Holiday Parks, we’ll be combining gaming and the remaining leisure businesses into one reporting entity to be called Retail Solutions. We think this will reflect our current management structure and make the company more easily understood, as well as generate some interesting operating synergies.

既然我們已處分假日公園業務，我們將把遊戲業務與剩餘的休閒業務合併為一個申報單位，稱為「零售解決方案」（Retail Solutions）。我們認為這將反映我們目前的管理架構，使公司更容易被理解，並帶來一些有趣的營運綜效。

Now looking at slide 16. Finally, let’s touch on our investment thesis, which is very simple and which is being pretty well validated at this time. The swing in the business mix to higher growth, higher margin, less capital intensity is having the intended result. Revenue is overwhelmingly recurring in nature and growing. EBITDA margins in the forties and moving higher. Capital expenditure showing meaningful decline despite growing revenue and EBITDA, and steady declines in leverage and interest expense.

現在看第16頁投影片。最後，我們來談談我們的投資論點；這非常簡單，而且目前也正被相當程度地驗證。業務組合轉向更高成長、更高毛利、資本密集度更低，正產生預期的效果。營收在本質上絕大多數為經常性收入，且持續成長。EBITDA 利潤率在40%區間並持續走高。儘管營收與 EBITDA 成長，資本支出仍呈現顯著下降，同時槓桿與利息費用也穩定下滑。

At this point, operator, we’re happy to turn the program over to Q&A.

此時，接線員，我們很樂意把流程交給問答環節。

(Operator Instructions) Chad C. Beynon, Macquarie.

(接線員指示) Chad C. Beynon，Macquarie。

Hi, good morning. Thanks for all the additional commentary on the deck and the guidance, guys. Just wanted to start with UK. I know last quarter you talked about how well you navigated the triennial review a couple of years ago. It doesn’t appear that any of your partners have really made any changes ahead of the upcoming tax change, but just wondering how that’s factored into your guidance, maybe your discussions with them, and if you expect you know, any mitigation either by you guys or your partners when that’s rolled out. Thank you.

嗨，早安。謝謝你們在簡報資料與指引上提供的額外說明，各位。我想先從英國談起。我知道上季你們提到，幾年前你們在三年一次的審查中應對得很好。看起來你們的合作夥伴在即將到來的稅制變更之前並沒有真的做出任何調整，但我想了解這在你們的指引中是如何反映的、你們與他們的討論情況，以及當政策在推出時，你們或你們的合作夥伴是否預期會採取任何緩解措施。謝謝。

Yeah. Hi, Chad. Yeah, I think we are seeing that. I mean, if you go down the laundry list of customers in the UK, many of them are going to adjust their RTP to reflect the increase in taxes, and I think they’re also going to adjust their bonusing structures and how they bonus players because of that. I think, frankly, with the conversations we’ve had with them and the --

是的。嗨，Chad。是的，我想我們確實看到這個情況。我的意思是，如果你把英國客戶名單逐一看過，很多客戶會調整他們的 RTP（返還率）以反映稅負增加，我也認為他們會因此調整他們的獎勵（bonusing）結構，以及他們如何給玩家發放獎勵。坦白說，根據我們與他們的對話以及--

The target that we’ve said in terms of what we think the impact of taxes, we feel better about that now than we did even before, just because now the operators are certainly going forward and implementing their plans. We’ll know here in a few weeks once it goes in in April. I suspect there’ll be some impact in the beginning like there always is, but we expect to be able to mitigate that. We’re comfortable with the impact as we’ve talked about in the last quarter.

我們先前所說、就稅負影響的目標而言，我們現在對此比之前更有信心，因為營運商顯然正往前推進並落實他們的計畫。等到4月正式上路後，幾週內我們就會知道結果。我猜一開始會有一些影響，就像一向如此，但我們預期能夠加以緩解。我們對影響程度仍然感到放心，正如我們在上一季所談到的。

Great. Thanks, Brooks. Then in terms of the capital allocation strategy across the entire digital sector globally, we’ve just seen some valuations come down, I think, mainly because of the threat of prediction markets, and it might give you guys an interesting opportunity to either repurchase stock or execute on that bolt-on acquisition that we had talked about in the past on conference calls. Wanted to get your update on that, Lorne and Brooks, how you kind of see the market at these valuations. Thank you.

很好。謝謝你，Brooks。接著就全球整個數位產業的資本配置策略而言，我們看到一些估值下滑，我認為主要是因為預測市場（prediction markets）的威脅；這可能給你們帶來一個有趣的機會，要嘛回購股票，要嘛執行我們過去在電話會議中談到的補強型併購（bolt-on acquisition）。想請 Lorne 和 Brooks 更新一下你們的看法：在目前這些估值水準下，你們如何看待市場。謝謝。

Sure. I mean, it’s Chad, it’s actually a complicated and multifaceted question. Like, let me comment for a second first on the root of your question, which is about the prediction market. I mean, we know right now the overwhelming majority of prediction market handle is on sports. I think for calls, I think it’s upwards of 90%. There’s a lot of talk about people betting on the fall of the regime in Iran and when some famous Hollywood actress is going to get pregnant. The fact is, it’s almost entirely about sports. What you’re seeing in terms of valuations is whether it makes sense or not, it’s pretty much focused on people whose business is primarily in the sports business.

當然。我的意思是，Chad，這其實是一個複雜且多面向的問題。我先針對你問題的根源，也就是預測市場，簡單評論一下。我們知道目前預測市場的絕大多數交易量（handle）都在體育。我想就電話會議的說法，比例超過90%。外界有很多討論，像是有人押注伊朗政權何時垮台，或某位好萊塢知名女演員何時會懷孕。但事實是，幾乎完全都與體育有關。你在估值上看到的變化，不管合不合理，基本上都聚焦在那些主要做體育業務的人身上。

We’re not only completely insulated from that, but there’s actually an interesting case to be made that it will accelerate the growth in iGaming and in iGaming states because of the impact on state revenues of the swing and the sports betting handle from the sports betting operators to the prediction markets.

我們不僅完全不受其影響，而且其實還有一個有趣的論點：由於體育博彩交易量從體育博彩營運商轉向預測市場，對州政府稅收造成影響，反而可能加速 iGaming 以及 iGaming 州份的成長。

We’ll have to see how that plays out, but it would be an interesting irony that we would actually benefit from the prediction markets. In terms of the second part of the question, which is the impact on valuations. Yeah, for sure. I mean at our current valuations even though, as I said a number of times before, for a variety of reasons, strategically, we’re probably more focused on deleveraging than we are on share repurchase.

我們得看看後續如何發展，但如果我們真的因預測市場而受益，那將會是一個有趣的諷刺。至於問題的第二部分，也就是對估值的影響。是的，確實如此。以我們目前的估值來看，儘管我之前多次提到，基於多種原因與策略考量，我們可能更專注於去槓桿（deleveraging），而不是回購股票。

At a certain point in valuations, it’s too ridiculous to not do everything we can to take advantage of that opportunity. Since we have a pretty good buyback plan in place, and we have a significant headroom in our credit agreements to buy back stock, I think it’s safe to say that we’ll be putting stock valuation in proper perspective in our asset allocation, at least for the present time, Chad.

但當估值到某個程度時，如果不盡一切所能把握這個機會，就太不合理了。由於我們已經有一個相當完善的回購計畫，而且在信貸協議中也有相當可觀的額度空間可用於回購股票，我想可以很有把握地說，至少在目前這段時間，Chad，我們會在資產配置中把股票估值放在適當的位置來考量。

Jordan Bender, Citizens JMP.

Jordan Bender，Citizens JMP。

Everyone, good morning. Thanks for the question. If I compare your targets that you gave a couple of months ago to what you have in the deck today, the 27 targets, even adjusting for the UK taxes, appears to be better than what you had put out previously. You know, you guys have you kind of went through the prepared remarks and talked through the digital business and the positive momentum you’re seeing there. Can you just kind of help us unpack what you’re seeing, if I’m reading this correctly, that your expectations are maybe lifted from what you were seeing before? Thank you.

各位早安。謝謝讓我提問。如果我把你們幾個月前給的目標，和今天簡報資料中的目標（27項目標）相比，即使把英國稅負因素調整進去，看起來也比你們先前提出的更好。你們在事先準備的發言中談到數位業務，以及你們在那裡看到的正向動能。你們能否協助我們拆解一下你們看到的情況：如果我解讀正確，你們的預期是否相較之前有所上調？謝謝。

I mean, I think I guess to answer your question is, and I’m not sure exactly what the reference is to 27. I know Lorne just mentioned it in the remarks. We’re not seeing anything that would tell us that the momentum is not going to continue.

我的意思是，我想回答你的問題是——而且我不太確定你提到的「27」具體指的是什麼。我知道 Lorne 剛才在發言中提到了。我們沒有看到任何跡象顯示這股動能不會延續。

As I mentioned in my remarks, because I just happened to get them this morning the last week we had was the best week we’ve ever had. We’re seeing the momentum continue certainly in the interactive business. We have a number of drivers in the Virtual Sports business staying in the digital space that we think are just about to come upon us. Obviously, the North American launch. Certainly, we’ve got some opportunities in Brazil that we are pretty excited about. The World Cup is coming up here in the next couple of months.

如我在發言中提到的，因為我剛好今天早上才拿到資料，上週是我們有史以來表現最好的一週。我們確實看到互動式業務的動能持續。我們在虛擬運動業務方面有多項驅動因素，仍維持在數位領域，我們認為這些因素即將開始發酵。顯然，包括北美的上市推出。當然，我們在巴西也有一些讓我們相當振奮的機會。世界盃將在接下來幾個月內到來。

We don’t see anything on the horizon that tells us anything other than this momentum is going to continue.

我們看不出地平線上有任何跡象顯示動能會停止；相反地，除了動能將持續之外，沒有其他訊號。

Okay. Yeah, that was in reference to your EBITDA targets in 2027, but that answered that. Thank you. And then just on the follow-up, in the press release, you kind of talked about your iGaming market share in the U.S. improving quarter-over-quarter and the results that led to. Can you just kind of talk to what you’re seeing there from a customer perspective, and I guess also a spend perspective from those customers? Thank you.

好的。是的，那是針對你們在2027年的EBITDA目標提問，但你已經回答了。謝謝。接著追問一下，在新聞稿中，你們提到在美國的iGaming市占率季對季提升，以及由此帶來的結果。你能否談談你們從客戶角度看到的情況，以及我想也包括這些客戶的支出角度？謝謝。

Yeah, I mean, it’s kind of an interesting dynamic going on with what’s called the big three customers, DraftKings, FanDuel, and BetMGM. You know, we talked a little bit about the game mechanics and some some titles that we have using this thing that we call CashBank.

是的，我的意思是，所謂三大客戶（DraftKings、FanDuel和BetMGM）目前出現了一個挺有意思的態勢。你知道，我們稍早談到一些遊戲機制，以及我們有一些作品使用我們稱為CashBank的這個東西。

So it’s kind of morphed into each one of the big three have kind of taken under their wings an individual brand. DraftKings is really strong with Wolf It Up!. FanDuel is really strong with this new Kong It Up!. And so what’s happening is the big three are continuing to grow for us from a share perspective, and we’re getting better placement, et cetera, et cetera.

所以它有點演變成三大客戶各自扶植了一個單一品牌。DraftKings在Wolf It Up!上非常強。FanDuel在這個新的Kong It Up!上非常強。因此目前的情況是，三大客戶在市占角度持續為我們帶來成長，我們也獲得更好的版位等等。

We’re also doing extremely well with companies like Rush Street Interactive and Fanatics and so on and so forth. It really is. It’s kind of across the whole board, but I’d say probably the biggest driver in terms of the share gain is our game with the top three operators.

我們在Rush Street Interactive、Fanatics等公司那邊也表現得非常好，諸如此類。確實是如此。整體來看是全面性的，但我會說，就市占提升的最大驅動因素而言，主要是我們與前三大營運商合作的遊戲。

Ryan Sigdahl, Craig-Hallum.

Ryan Sigdahl，Craig-Hallum。

Hey, good morning, guys. Want to say on the UK, you mentioned kind of from a tax increase on the digital side and strategies changing. Curious if you’ve heard anything from a retail standpoint if any of your key customers are planning to shift promotions, marketing, et cetera, back to the retail side, just given the balance between online and retail.

嗨，早安，各位。關於英國，你提到數位端稅負上調以及策略調整。我想了解你是否從零售端聽到任何消息：你們的關鍵客戶是否計畫把促銷、行銷等等轉回零售端，考量到線上與零售之間的平衡？

Yeah, I mean, I think they look at it holistically, as you know, as we’ve talked about before, kind of a whole ecosystem. I I think it’s pretty clear that from a margin standpoint, that they would be benefiting with some of this business moving to retail from online. Certainly the sense that we get from the the operator customers is that they’re trying to mitigate the online tax thing as much as possible.

是的，我的意思是，我認為他們會以整體角度來看待，正如你所知、我們之前談過的，算是一個完整的生態系。我認為很明顯，從毛利率角度來看，如果部分業務從線上移到零售，他們會受益。我們從營運商客戶那邊感受到的是，他們正盡可能設法降低線上稅負的影響。

Obviously the more business that flows through the retail channel, is certainly better for them from a margin perspective. It’s interesting one of the things we’ve talked about is the some of the shop closures with William Hill.

顯然，越多業務流向零售通路，從毛利率角度對他們越有利。很有意思的是，我們談過的一件事是William Hill的一些門市關閉。

One of the questions people ask, "Well what do you do with those machines that are going to be coming out of the shops?" Ryan, as you know, we’ve talked a lot about the shop closures are generally on the long end of the tail. So they’re the least performing shops. But ironically, a number of these shops are being secured by other independent operators that are also customers of ours. So we’ve had the ability to be able to take the machines that would be coming out of the William Hill shops, and either somebody else, another operator will buy the shop themselves or they’re expanding on their own, and we’ll move the machines into that part of the business.

人們會問的一個問題是：「那些要從門市撤出的機台要怎麼處理？」Ryan，如你所知，我們談過很多次，這些門市關閉通常發生在長尾端。所以它們是表現最差的門市。但諷刺的是，其中不少門市被其他獨立營運商接手，而這些營運商也同樣是我們的客戶。因此，我們有能力把原本要從William Hill門市撤出的機台，移轉到其他地方：要嘛是其他營運商直接買下該門市，要嘛是他們自行擴張，而我們就把機台移到那一塊業務中。

I think obviously, nobody likes to hear anything about shop closures, but I think ironically, at the end of the day, we might actually be better served with the reconfiguration across the portfolio of LBO companies in the UK with some of the lower performing shops going to other operators.

我想很明顯，沒有人樂見任何門市關閉的消息，但諷刺的是，最終來看，英國LBO公司的整體門市組合重新配置，讓一些表現較差的門市轉由其他營運商經營，反而可能更有利於我們。

Virtual Sports, last quarter, you expected growth year-over-year from a revenue standpoint in Q4. That didn’t happen. I’m just curious what changed versus your expectations, but you did see very nice margin expansion. I guess, is that sustainable? What happened on the top line? What happened on EBITDA? And should we expect kind of that higher level of EBITDA margin to be sustainable going forward?

虛擬運動方面，上季你們原本預期第四季營收會年增。但結果並沒有發生。我想了解相較於你們的預期，究竟是什麼改變了；不過你們確實看到非常不錯的利潤率擴張。我想問，這是否可持續？營收端發生了什麼？EBITDA發生了什麼？以及我們是否應該預期這種較高的EBITDA利潤率水準在未來能夠持續？

And then maybe last point on Virtual Sports, just the Bet Builder product. I know it’s very, very early, and OPAP launched it, but curious if you can quantify any kind of uplift, what you’ve seen there, and then how you plan to if you do accelerate that pipeline ahead of the World Cup. Thanks.

另外，虛擬運動最後一點，關於Bet Builder產品。我知道現在還非常、非常早，且OPAP已經推出，但想請問你能否量化任何提升幅度、你們目前看到的情況，以及你們是否計畫在世界盃前加速推進這條產品管線。謝謝。

Yeah. I mean, we’re certainly racing to answer your second question first. We’re racing to get everybody we announced the contract extensions with bet365 and Entain, both of which are very big customers of ours, and we’ve got long-term extensions with them. We’ve secured our future, I think, in the Virtual Sports business on a going forward basis. The Bet Builder product has shown modest growth in OPAP, and I don’t think there should be an expectation that this is going to be anything more than a high single-digit increase.

是的。我的意思是，我們先回答你的第二個問題：我們確實正在全力衝刺。我們正加速推進，讓我們宣布已完成合約延長的所有客戶都能到位，包括bet365與Entain，兩者都是我們非常大的客戶，而且我們與他們簽了長期延約。我認為，在虛擬運動業務方面，我們已經確保了未來的發展基礎。Bet Builder產品在OPAP那邊呈現溫和成長，我認為不應期待它會超過高個位數的增幅。

To be perfectly honest, in the the first quarter, we’ve seen a little bit of softening in the Brazil market in Virtual Sports, and which we think is probably a little bit of the seasonality and a little bit of a lag pre-World Cup.

坦白說，在第一季，我們看到巴西虛擬運動市場有些許走弱，我們認為這可能部分是季節性因素，部分是世界盃前的時間落差。

In Virtual Sports, we’ve got a lot of things going on in that space that we hope will be able to drive the top-line revenue. I think we are comfortable with the margin expansion that you saw in the in the fourth quarter. Obviously, a big part of that is can we get the revenue going, in the way that we’d like to see it go. Kind of a little bit of a mixed bag so far that we’ve seen in the first part of the first quarter. We’ll obviously be reporting on that here coming up in the not-too-distant future.

在虛擬運動方面，我們在該領域有很多事情正在進行中，希望能帶動營收（top line）。我們對你在第四季看到的利潤率擴張感到有信心。顯然，其中很大一部分取決於我們能否讓營收如我們希望的那樣成長。到目前為止，第一季前段我們看到的情況有點好壞參半。我們當然會在不久的將來對此進行揭露與報告。

Barry Jonas, Truist Securities.

Barry Jonas，Truist Securities。

Hey, guys. I wanted to start with the Iran conflict. You know, I think a lot of investors are wondering how we should be thinking about any potential impacts to your business. Specifically, maybe talk about any historical sensitivity to higher oil and gas prices. Thank you.

嗨，各位。我想先從伊朗衝突談起。你知道，我想很多投資人都在想，我們應該如何看待這件事對你們業務可能造成的任何影響。具體來說，或許可以談談你們過去對油氣價格上漲的敏感度。謝謝。

Well over the course of the few years that we’ve been in this business and the many, many years that we’ve been in this industry in other companies, we’ve had a number of crazy gyrations in the energy market, and I don’t think, at least in my personal experience, Barry, I’ve seen much of an impact of that on our business. I mean, I suppose if the price of oil were to go up high enough, long enough that and that it impacted you know, players’ disposable incomes, that might show itself up in in our business. But I don’t I haven’t seen much evidence of that in the past, and I’m at least right now, it’s not something that we’re focused on.

在我們經營這門生意的這幾年，以及我們在其他公司於這個產業累積的很多很多年裡，能源市場出現過多次瘋狂的劇烈波動；至少以我個人的經驗來看，Barry，我不覺得那對我們的業務有太大的影響。我的意思是，我想如果油價上漲到夠高、且維持夠久，以至於影響到玩家的可支配所得，那可能會在我們的業務上反映出來。但我過去並沒有看到太多這方面的證據，而且至少就目前而言，這不是我們關注的重點。

There is sort of some issue, I suppose, in some businesses of supply chain disruption associated with this, let’s call it a situation since the president’s not calling it a war. Our supply chains are in terrific shape right now. You know, we had this thing with a memory chip shortage, but we have fixed that. I think right now I’m cautiously optimistic that we’re pretty well insulated from this. You know, it’s a crazy volatile world and anything is possible.

我想，某些企業可能會有一些問題，例如與此事相關的供應鏈中斷；姑且稱之為一種「情勢」，因為總統並沒有稱之為戰爭。我們目前的供應鏈狀況非常好。你知道，我們之前遇到記憶體晶片短缺的問題，但已經解決了。我想目前我抱持審慎樂觀，認為我們相當能夠隔離這些影響。你知道，這是個瘋狂且高度波動的世界，任何事都有可能發生。

Great. Just Lorne, you teased it in the opening remarks, so I’ll bite. Can you maybe talk more about the Strata lottery platform? I think you’ve been working on this for a while, right?

很好。Lorne，你在開場致詞時有稍微提到，所以我就接著問。你能否多談一些 Strata 彩票平台？我想你們已經做這個一段時間了，對吧？

Yeah.

對。

SkillTech acquisition. We’d love to get your thoughts on the market opportunity and maybe potential timelines given how lengthy RFP processes are usually.

SkillTech 併購案。我們很想聽聽你對市場機會的看法，以及考量到 RFP 流程通常很冗長，可能的時程會是如何。

Sure.

當然。

Thank you.

謝謝。

Yeah. We’ve spent probably two and a half years developing this. We developed it completely from scratch with a complete clean sheet of paper. You know, we’ve done this. I think the first lottery system I personally was involved in developing was back in the seventies when I was working with a company who put in the very first digital lottery system in the world. We did it again very, very successfully at Scientific Games, and now we’ve just done it yet again. It seems like a life sentence. We assembled probably the best team of developers in the lottery industry. The system is completely cloud-based.

是的。我們大概花了兩年半的時間開發這個。我們完全從零開始、以一張白紙的方式開發。你知道，我們做過這種事。我個人第一次參與開發的彩票系統，是在七○年代，當時我在一家公司工作，那家公司建置了全球第一套數位彩票系統。我們在 Scientific Games 又做了一次，而且非常、非常成功；現在我們又再做了一次。感覺像是終身刑。我們組建了可能是彩票產業裡最強的開發團隊。這套系統是完全雲端化的。

It was designed to be integrated retail and online, and it’s running flawlessly in a very commercially successful lottery in North America with about 2,500 retailers. This system could go to 25 million retailers if we ever had to. We’ve had very significant reaction to it in the market. I think probably our focus in terms of the market opportunity for it is going to be outside the United States, at least for the first few years. These are customers and markets, again, going back to our Scientific Games days that we’re very familiar with. The architecture of the system and the functionality of the system is, let’s say, geared to those kinds of markets.

它的設計是要整合零售與線上，而且目前在北美一個商業上非常成功的彩票業務中運行得非常順暢，約有 2,500 家零售商。如果我們有需要，這套系統可以擴展到 2,500 萬家零售商。市場對它的反應非常熱烈。我想就市場機會而言，我們的重點在至少最初幾年會放在美國以外。這些客戶與市場，我們從 Scientific Games 時期就非常熟悉。系統的架構與功能可以說是針對那類市場而設計的。

I wouldn’t right now want to try to predict when we’ll begin to see. I mean, we’re getting significant revenues a few million a year from the system right now in the Dominican Republic. But as we begin to expand that throughout the Caribbean, Latin America, and probably Europe, I certainly, over the course of the next couple of years, we should start to see significant revenue and again, that’s something that’s not factored at all into the guidance that we gave earlier.

我現在不太想去預測我們何時會開始看到（更明顯的成果）。我的意思是，我們目前在多明尼加共和國，這套系統一年就帶來數百萬美元的可觀營收。但當我們開始把它擴展到整個加勒比海、拉丁美洲，以及可能還有歐洲時，我確信在接下來幾年內，我們應該會開始看到顯著的營收；而且再次強調，這完全沒有納入我們先前給出的財測指引之中。

Yeah. Barry, just to add maybe one more point. I think that’s as Lorne said, our focus over the next couple of years is primarily outside the US, and that’s generally a sales market as opposed to recurring revenue market. We certainly have had a number of people that are interested when they’ve seen the results of what we’ve done in the DR. You know, we’re going to start building a pipeline, hopefully of opportunities that we’ll be able to talk about coming up. But it’s not like bidding for a big US state. That’s a completely different kind of business.

對。Barry，我再補充一點。我想如同 Lorne 所說，我們未來幾年的重點主要在美國以外，而那通常是「銷售型市場」，而不是「經常性收入市場」。我們確實有不少人在看到我們在多明尼加共和國（DR）所做出的成果後表達興趣。你知道，我們會開始建立一個機會管線，希望之後能跟大家分享。但這不像競標美國某個大型州政府案。那是完全不同型態的生意。

Josh Nichols, B. Riley Securities.

Josh Nichols，B. Riley Securities。

Yeah. Thanks for taking my question. Great to see very strong quarter yet again for the interactive business. I was just curious, when you look at the north of 50% growth that you’re seeing here, what’s your expectations in terms of sustainability when you kind of look at the pipeline for 2026, 2027 to maintain that type of pace of growth? I know the UK tax increase may have some impact on margins, but I’m just curious, like, where you think the trajectory for that type of growth rate is likely to level out over the next 12 months or so.

是的。謝謝讓我提問。很高興再次看到互動式業務又交出非常強勁的一季。我只是好奇，當你看到這裡超過 50% 的成長時，對於可持續性你們的預期是什麼？尤其是看 2026、2027 年的機會管線，是否能維持這樣的成長速度？我知道英國加稅可能會對利潤率有些影響，但我想了解的是，你認為這種成長率的軌跡在未來 12 個月左右，可能會在什麼地方趨於平緩？

Yeah, that one is hard to say. I think if you had asked me several years ago if we would have more 10 quarters in a row of more than 40% EBITDA growth in this segment, would we have predicted that? I’d say no. You know, every time I look at the numbers, I keep wondering if we’re going to start hitting a wall, and that doesn’t seem to be the case, certainly through as of this morning. I think in the UK in particular, and you’ve probably seen it, I know Entain in their results talked about this a lot, is I think the stronger both operators and suppliers are going to tend to thrive in this environment.

是的，這個很難說。我想如果你幾年前問我，我們是否能在這個業務板塊連續 10 個季度 EBITDA 成長都超過 40%，我們會不會預測得到？我會說不會。你知道，每次我看這些數字，我都一直在想我們是不是快要撞牆了，但至少到今天早上為止，看起來並不是這樣。我想特別是在英國，你可能也看到了，我知道 Entain 在他們的業績中談了很多：在這樣的環境下，越強的營運商與供應商往往越能茁壯。

I would. You know, we’re more than 10% share in the UK, and I fully expect, even with the tax situation, that we’ll be increasing our share because there’s going to be some providers that just don’t have enough scale to be able to make it. All I can say is we’re not seeing any indications of slowing yet. But certainly, mathematically, it’s not possible to sustain this forever. But we’re seeing nothing that would lead us to believe that it’s going to slow down anytime soon, both in North America and in the UK.

我會這麼說。你知道，我們在英國的市占率超過 10%，而且我完全預期，即使有稅務因素，我們仍會提高市占，因為會有一些供應商規模不夠大，撐不下去。我只能說，我們目前還沒有看到任何放緩的跡象。但當然，從數學上來說，不可能永遠維持這樣的速度。不過我們沒有看到任何理由讓我們相信它會在短期內放慢，無論是在北美或英國都是如此。

Don’t forget, we’re also adding. We’ve talked about this, we’re adding additional geographies. We’re going into South Africa, and we’ll go into another couple of geographies. Our hope is that if there’s any softening in the two biggest markets, that we can fill that gap with new geographies, to just continue to keep this going.

別忘了，我們也在擴張。我們已經談過了，我們正在新增更多地理市場。我們將進入南非，並且還會進入另外幾個地區。我們希望，如果兩個最大市場出現任何放緩，我們可以用新市場來填補缺口，讓這股動能持續下去。

Just one other point on that, Josh. You mentioned the impact of the tax on margins, but just to be clear, the way the tax works, it actually we shouldn’t have any effect on our margins because our revenue is a % of our customers’ GGR. Certainly, the increase in the tax would have the effect of reducing our customers’ GGR, but our margin on the revenue that we get from that customer shouldn’t have any impact at all. Obviously, it’ll impact the revenue, but not the margin.

Josh，關於這點我再補充一點。你提到稅負對毛利率的影響，但為了說清楚，依照這個稅制的運作方式，它其實不應該對我們的毛利率造成任何影響，因為我們的營收是客戶 GGR 的一個百分比。當然，稅率提高會降低我們客戶的 GGR，但我們從該客戶取得的營收之毛利率應該完全不會受到影響。顯然，它會影響營收，但不會影響毛利率。

Yeah, thanks for clarifying. On that front, I think just one more follow-up. I mean, a pretty big shift. You go into a very asset-light model here. The headcount is already down pretty significantly, and we’re expecting to see CapEx step down as well too. I know it looks like there was some outsized CapEx, right, in 4Q. Is everything now on a more normalized, asset-light, digital-focused basis going forward as we start with 1Q of 2026? Or is there a little bit more work to be done to get to some of those targets that you kind of laid out for 2026 and 2027?

好的，謝謝澄清。就這方面，我想再追問一個問題。我是說，這是一個相當大的轉變。你們在這裡轉向非常輕資產的模式。人力編制已經大幅下降，我們也預期資本支出（CapEx）會同步下滑。我知道看起來第四季（4Q）有一些偏高的 CapEx，對吧。從 2026 年第一季（1Q）開始往後看，一切是否都已回到較正常化、輕資產、以數位為核心的基礎？還是說，為了達成你們為 2026 與 2027 所提出的那些目標，仍需要再做一些工作？

No, I think the targets are solid. The composition’s going to be slightly different because one of the things that we’re doing from a CapEx perspective we’ve talked a lot about this morning about the Dominican Republic lottery. We’ve replaced the system, and now we’re in the process over the next couple of years of replacing the terminals down there because this is a long-term contract. I think the total amount of CapEx is going to be as we’ve laid out for everyone. I think the composition will be slightly differently because there’ll be some investment over the next two years in lottery terminals and then

不，我認為那些目標是穩健的。組成結構會略有不同，因為從 CapEx 的角度來看，我們今天早上談了很多多明尼加共和國彩券的事情。我們已經更換了系統，接下來幾年我們正在進行更換當地終端機的工作，因為這是一份長期合約。我認為 CapEx 的總額會如同我們向各位說明的那樣。我認為組成會稍微不同，因為未來兩年會有一些對彩券終端機的投資，然後

You know, going out to year three and four, we would hope to have a step down even further other than potential expansion opportunities. I think the model, Eric or Amy can jump in if they feel or if they have anything else, but I think what we’ve laid out for you guys from a CapEx perspective, we feel very good about.

你知道，到了第三年與第四年，我們希望在沒有潛在擴張機會的情況下，CapEx 還能再進一步下降。我認為這個模式——Eric 或 Amy 如果覺得需要補充也可以加入——但我認為我們就 CapEx 角度向各位所說明的內容，我們感覺非常良好。

Yeah. The only thing I’ll add to that, this is Eric, Josh, is when you look at our reporting, the CapEx will include sort of all our gross CapEx. It. In our presentation on slide 14, we have a cash CapEx number, which we footnoted. It excludes any purchases of PP&E that are customer funded, effectively where we receive the cash up front. So if you look at it through that perspective, 2025 is about $44 million as opposed to, I think the number is, like, upwards of $55 million to $56 million just from our financial statements. So just wanted to make sure you understood that caveat, and we can chat later offline if not.

是的。我唯一要補充的是，我是 Eric，Josh，當你看我們的揭露時，CapEx 會包含我們所有的總資本支出（gross CapEx）。它。在我們簡報第 14 頁，我們有一個現金 CapEx（cash CapEx）數字，並在註腳中說明。它排除了任何由客戶出資的 PP&E（不動產、廠房及設備）購置，基本上是我們先收到現金的情況。所以如果從那個角度來看，2025 年大約是 4,400 萬美元，而不是我想財報上那個大概 5,500 萬到 5,600 萬美元的數字。只是想確保你了解這個但書；如果還不清楚，我們之後也可以私下再聊。

No, I think I’m good. I’m right around, like, I think the 46 number. Appreciate it. Thanks, both.

不，我想我沒問題。我大概就是抓在 4,600 萬那個數字附近。感謝。謝謝你們兩位。

That concludes our Q&A session. I’ll now turn the conference back over to Mr. Weil, Executive Chairman, for closing remarks.

我們的問答環節到此結束。接下來我把電話會議交回給執行董事長 Weil 先生作結語。

Thanks, operator. I don’t really have much more to add to what we said already. As I said in my remarks earlier, I think the fourth quarter was a very important milestone in terms of the transformation or the evolution that we’re going through. We feel pretty good that it will continue in that direction into the first quarter of 2026 and through 2026.

謝謝，接線員。我其實沒有太多要補充我們先前已經說過的內容。如同我先前在致詞中提到的，我認為第四季在我們正在進行的轉型或演進方面，是一個非常重要的里程碑。我們相當有信心，這個方向會延續到 2026 年第一季並貫穿 2026 年。

Thank you for your support. We’ll look forward to speaking to you again in a few months. Thanks.

感謝各位的支持。我們期待在幾個月後再次與各位交流。謝謝。

This concludes today’s conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。