Inspired Entertainment, Inc (INSE) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Inspired Entertainment first quarter 2026 conference call. (Operator Instructions)

各位早安，歡迎參加 Inspired Entertainment 2026 年第一季財報電話會議。(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 first quarter 2026 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..inse@inc.com.

請注意，今天的活動將被錄音。在開始之前，請參閱公司於 2026 年第一季財報新聞稿及隨附簡報中所載的前瞻性陳述，兩者皆可於公司網站投資人專區取得：www..inse@inc.com。

This also applies to today's conference call. Management will be making forward-looking statements within the meaning of United States security laws.

此亦適用於今天的電話會議。管理層將在美國證券法意義下作出前瞻性陳述。

These statements are based on 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.

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存在重大差異。

For a discussion on these risks and uncertainties, please refer to the company's filing with the Securities and Exchange Commission.

關於上述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（SEC）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. With that.

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。這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，可於今日的財報新聞稿與簡報中查閱，兩者皆可於公司網站取得。那麼。

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 thanks for joining our first quarter conference call. Once again, we've prepared a slide deck to help focus the conversation, and Brooks and I will be using that for the balance of the program. So beginning with slide 3.

謝謝，接線員。各位早安，感謝參加我們第一季的電話會議。我們再次準備了一份投影片簡報以協助聚焦討論，接下來的議程我和 Brooks 將以此為主。那麼從第 3 頁投影片開始。

We continued in the first quarter to see the benefits of steps taken in 2025 has been reported previously, we took two important actions in 2025 to alter the balance of our portfolio. We sold the Holiday Park business, which we've discussed a number of times, and we restructured the pubs business to significantly reduce both capital and labor requirements.

我們在第一季持續看到 2025 年所採取措施帶來的效益；如先前所報告，我們在 2025 年採取了兩項重要行動，以調整我們投資組合的平衡。我們出售了 Holiday Park 業務（我們已多次討論），並重整酒吧（pubs）業務，以大幅降低資本與人力需求。

Overall, we've reduced company headcount by about a one-third from over $1,500 to around $950 and cut our annualized capital spending from the mid $40 millions to the low $30 millions.

整體而言，我們將公司員工人數從超過 1,500 人削減約三分之一至約 950 人，並將年化資本支出從 4,000 多萬美元區間降至 3,000 多萬美元的低段。

Adjusting for the one-time impact of the holiday park and pub restructuring, which I'll discuss a little bit more in a moment, our continuing revenue grew by 15% year-to-year.

若排除 Holiday Park 出售與酒吧業務重整的一次性影響（我稍後會再多談一些），我們的持續性營收年增 15%。

Driven in large part by 38% revenue growth in Interactive, our Q1 reported EBITDA grew by 29%. Our EBITDA margin expanded by 1,100 basis points. We paid down $13 million in debt, and we bought back close to 400,000 shares. So it was a very busy quarter.

在互動式（Interactive）營收成長 38% 的帶動下，我們第一季公告的 EBITDA 成長 29%。EBITDA 利潤率擴張 1,100 個基點。我們償還了 1,300 萬美元的債務，並回購了接近 40 萬股股票。因此這是一個非常忙碌的季度。

Slide 4 illustrates a little more clearly what's going on with revenue.

第 4 頁投影片更清楚地說明了營收的情況。

The actions taken in Holiday Parks and Pub Together had the effect of reducing revenue in the first quarter of 2025 by about $10 million from $60 million to $50 million, as illustrated in the slide, and then driven importantly, but by no means exclusively by interactive growth, this continuing revenue of $50 million grew by 15% to a little more than $57 million in the first quarter of 2026.

Holiday Parks 與 Pub Together 所採取的行動，使 2025 年第一季營收如投影片所示減少約 1,000 萬美元，從 6,000 萬美元降至 5,000 萬美元；接著在互動式成長的重要帶動下（但絕非唯一因素），這 5,000 萬美元的持續性營收於 2026 年第一季成長 15%，至略高於 5,700 萬美元。

Interactive is certainly the primary growth driver, but as Brooks will discuss in more detail in a minute, our retail business has been performing very well in all its worldwide markets.

互動式業務無疑是主要成長動能，但正如 Brooks 稍後將更詳細說明，我們的零售（retail）業務在全球各市場的表現也非常出色。

The sustained interactive growth illustrated in slide 5 has, in turn, been driven, importantly, by superior content development, as has the retail business, though obviously to a lesser extent.

第 5 頁投影片所示的互動式持續成長，反過來主要是由更優異的內容開發所驅動；零售業務亦同，雖然程度較小。

In the retail business, the markets themselves are growing less quickly, and particularly in the UK and Greece, our market share is much higher.

在零售業務方面，市場本身的成長速度較慢，尤其在英國與希臘，我們的市占率高得多。

In just a moment, Brooks will elaborate on our content strategy, including the bringing on stream of the new studio. But along with the focus on content development, we've been entering new markets, winning new customers, strengthening our accounts management team in order to maximize the benefit of our content.

再過一會兒，Brooks 將進一步闡述我們的內容策略，包括新工作室的上線。但除了聚焦內容開發之外，我們也在進入新市場、贏得新客戶，並強化我們的客戶管理團隊，以最大化內容帶來的效益。

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

那麼，我把時間交給 Brooks。

Okay, great. Thanks, Lauren. And moving to slide 6 and to build on the points you made.

好的，很棒。謝謝，Lauren。接著看第 6 頁投影片，並延伸你剛才提到的重點。

Our core strength and focus is on developing the best content and delivering it wherever it's consumed, including retail, online, or in any number of geographies worldwide.

我們的核心優勢與重點在於開發最優質的內容，並在內容被消費的任何地方交付，包括零售、線上，或全球各地的多種市場。

One of our key markets is North America, which is now over 30% of our interactive GGR overall and continuing to grow and as you can see on slide 6, we continue to climb the ladder in the ILR's US Online report, moving up to fourth in the April report from number eight just a year ago. We're continuing to increase our share in both North America and the UK.

我們的關鍵市場之一是北美，目前已占我們互動式整體 GGR 的 30% 以上，且仍在成長；如第 6 頁投影片所示，我們在 ILR 的《美國線上》報告中的排名持續攀升，從一年前的第八名上升至 4 月報告的第四名。我們在北美與英國的市占率都持續提升。

This is driven not just by content alone, but by a consistent roadmap of high-performing new game releases. We've also enhanced our account management teams to work more closely with our operator partners on securing prime placements and supporting promotional activity for exclusives as a key part of our offering.

這不僅由內容本身所驅動，也來自於一套穩定的路線圖，持續推出表現強勁的新遊戲。我們也強化了客戶管理團隊，與營運商夥伴更緊密合作，以爭取黃金版位，並支援獨家內容的促銷活動，作為我們產品供給中的關鍵一環。

On slide 7, you can clearly see that we've built a portfolio of high-performing content across the last few years, with growth accelerating since January of 2025.

在第 7 頁投影片中，你可以清楚看到，過去幾年我們已建立起一個高表現內容組合，且自 2025 年 1 月以來成長加速。

We've seen these trends continue into April, where we ended the month on a high note with our highest ever single-day total value played.

我們看到這些趨勢延續到 4 月，並在月底以亮眼表現作結，創下我們史上單日總投注金額（total value played）最高紀錄。

These continuing results validate our strategy, and we're excited to bring an additional studio online in the second-half of the year to continue to feed our operator partners with more great content that they've come to count on.

這些持續的成果驗證了我們的策略；我們也很期待在今年下半年讓另一間工作室上線，持續為我們的營運商夥伴提供更多優質內容，這也是他們一直以來所倚賴的。

Turning to the UK, as of April 1, the increased tax rate from 21% to 40% came into effect in our interactive business. With just over a month of data, the impact we are seeing tracks exactly with what we had forecast.

轉到英國市場，自 4 月 1 日起，我們互動式業務的稅率由 21% 提高至 40% 已正式生效。在僅有一個多月的數據下，我們所觀察到的影響與我們先前的預測完全一致。

Importantly, despite the step-up, we saw our UK interactive revenue grow in April, driven by our continuing share gains.

重要的是，儘管稅率上調，我們在 4 月仍看到英國互動式營收成長，主要由我們持續提升的市占率所帶動。

Our UK GGR in April was more than 40% higher than a year ago, offsetting the tax increase and net-net, resulting in our revenue growing by more than 10%.

我們 4 月的英國 GGR 較一年前高出逾 40%，抵銷了稅率上調；整體而言，使我們的營收仍成長超過 10%。

Where we see others retrenching in the UK Market, we see opportunity to continue to grow our share, and we're committed to the resources to leverage this opportunity. Even with the tax headwind, the UK continues to demonstrate strength and resilience of this segment.

當我們看到其他人在英國市場縮減時，我們看到的是持續擴大市占的機會，並且我們承諾投入資源以把握這個機會。即使面臨稅負逆風，英國仍持續展現該業務區隔的強勁與韌性。

Moving to slide 8, we're seeing the benefits of both strong content and the rollout of new machines across several key customers and geographies in our retail solutions business, proving that this phenomenon exists beyond interactive.

轉到第 8 張投影片，在我們的零售解決方案業務中，我們看到強勁內容以及在多個關鍵客戶與地區推出新機台所帶來的效益，證明這種現象不僅存在於互動式業務。

In the UK, William Hill in particular, but frankly, our entire UK LBO business, showed positive momentum in the first quarter, and we expect that to continue.

在英國，尤其是 William Hill，但坦白說，我們整個英國 LBO 業務在第一季展現正向動能，我們預期這將會延續。

We also added two new customers, Jennings Bed and Corbett's, and signed a multi-year contract extension with Paddy Power early in the second quarter.

我們也新增了兩位新客戶 Jennings Bed 與 Corbett's，並在第二季初與 Paddy Power 簽署多年期合約延長。

In Greece, our WIN per unit per day increased 11%, led by our recently introduced Valor Slant top machine, and we will continue upgrading over the rest of 2026 and into 2027.

在希臘，我們每台每日 WIN 提升 11%，主要由我們近期推出的 Valor Slant top 機台帶動；我們將在 2026 年剩餘期間並延續至 2027 年持續進行升級。

We believe that this machine refresh will continue to drive growth in the retail solution segment in North America, we're cautiously optimistic about the expansion into Chicago and see the broader Illinois market as a good opportunity for us over the next 12 to 18 months and combined with our growing footprint across several Canadian provinces, starting to see the beginning of providing the scale that we really need in North America.

我們相信這次機台更新將持續帶動北美零售解決方案業務區隔的成長；我們對於拓展至芝加哥抱持審慎樂觀，並將更廣泛的伊利諾州市場視為未來 12 到 18 個月的良好機會；再加上我們在加拿大多個省份持續擴大的據點，開始看到我們在北美真正需要的規模效益正在形成。

So moving to slide 9, as we've talked about over the last year, we've seen stabilization in virtual sports despite the ongoing headwinds in Brazil, which remains a key market for us.

接著轉到第 9 張投影片，如同我們在過去一年所談到的，儘管巴西仍有持續的逆風（巴西仍是我們的關鍵市場），我們已看到虛擬運動業務趨於穩定。

Unfortunately, growth we are seeing in other regions is currently being offset by performance in Brazil. However, we see a clear path to growth supported by additional key customers and upcoming product releases, as well as the tailwind from the World Cup.

不幸的是，我們在其他地區看到的成長目前正被巴西的表現所抵銷。然而，在新增關鍵客戶與即將推出的產品發佈支持下，加上世界盃帶來的順風，我們看到一條清晰的成長路徑。

Moving to slide 10, which I think really validates what we've been talking about for some time. The optimizing our portfolio is delivering the outcome we expected, divesting the lower margin, more capital-intensive.

轉到第 10 張投影片，我認為這確實驗證了我們一段時間以來所談的內容。最佳化我們的投資組合正在帶來我們預期的結果，透過剝離低毛利、資本密集的業務。

Lorne, keep your phone off.

Lorne，把你的手機關掉。

Divesting the lower margin, more capital-intensive and less strategic holiday parks business. Along with the restructuring of our pubs estate to be less capital and labor intensive, has had the exact impact we are expecting.

剝離低毛利、資本密集且策略性較低的假日公園（Holiday Parks）業務。再加上我們對酒吧資產組合的重整，使其降低資本與人力密集度，已產生我們所預期的完全相同影響。

As a result, the shift to higher margin digital businesses, combined with improved retail performance, is leading to overall growth in EBITDA, margin expansion and significant improvement in cash flow, and all of this is underpinned by our continued focus on delivering the best content to support this strategy.

因此，轉向高毛利的數位業務，再加上零售表現改善，正帶動整體 EBITDA 成長、利潤率擴張以及現金流顯著改善；而這一切都建立在我們持續專注於提供最佳內容以支持此策略之上。

So I'll turn it back over to Lauren.

那我把時間交回給 Lauren。

Thanks, Brooks. Just to refocus a little on the numbers, slide 11 is once again a snapshot of where we were at the end of the first quarter year-to-year growth in EBITDA was 29%.

謝謝，Brooks。回到數字面，第 11 張投影片再次呈現我們在第一季末的狀況：年對年 EBITDA 成長為 29%。

Digital accounted for about 60% of our EBITDA, and our leverage had declined to three times more importantly, slide 12 analyses what happened with cash. We generated about $16 million in free cash flow, which we use to both repurchase stock and repay debt.

數位業務約占我們 EBITDA 的 60%，而我們的槓桿倍數已下降至 3 倍；更重要的是，第 12 張投影片分析了現金的變化。我們產生約 1,600 萬美元的自由現金流，用於回購股票與償還債務。

Obviously, this won't occur every quarter because every other quarter, we have a semi-annual cash interest payment to make.

顯然，這不會每一季都發生，因為每隔一季我們需要支付一次半年期的現金利息。

But over the course of a year, with cash generation being fairly steady and annual cash interest in the mid-30s and declining as we deleverage.

但以一年來看，在現金產生相對穩定、年度現金利息約在 3,000 多萬美元中段，且隨著我們去槓桿而下降的情況下。

Our leveraged free cash flow conversion as a percent of EBITDA is comfortably in the 20s and hopefully growing. Cash flow conversion and other key metrics are summarized in the targets on slide 13.

我們的槓桿後自由現金流轉換率（占 EBITDA 的百分比）穩健地落在 20% 多的區間，並希望能持續提升。現金流轉換率與其他關鍵指標彙總於第 13 張投影片的目標中。

As we move through this year, we're projecting the underlying trends we've been seeing will continue we expect to see steady sequential growth in EBITDA from Q1 onward now that most of the seasonality has been removed with the Holiday Park sale and in parallel.

隨著今年推進，我們預測目前看到的基本趨勢將會延續；在出售 Holiday Park 並移除大部分季節性因素後，我們預期自第一季起 EBITDA 將呈現穩定的逐季成長，同時。

We're targeting strong cash flow conversion and declining leverage, driven by both the paydown of debt and growing EBITDA. In terms of asset allocation, we will look to continue to bolt debt repayment and share repurchase.

我們的目標是強勁的現金流轉換率與下降的槓桿倍數，這將由償還債務與 EBITDA 成長共同驅動。在資本配置方面，我們將尋求持續兼顧償債與股票回購。

And with that. We'll open the program up to questions.

那麼就到這裡。我們將開放提問。

(Operator Instructions) Barry Jonas, Truist Securities.

(接線員指示) Barry Jonas，Truist Securities。

Hey, guys. Thank you for all the really helpful caller. So far, just a couple for me. I think we've heard from some competitors about macro and geopolitical issues impacting the topline and perhaps the cost environment. But just I think I asked this last quarter, but I wanted to see if you had any updated thoughts there you could share?

嗨，各位。謝謝你們提供所有非常有幫助的說明。我這邊只有幾個問題。我想我們聽到一些同業提到，總體與地緣政治議題正在影響營收，並可能影響成本環境。不過我想我上季也問過，但想看看你們是否有任何更新的看法可以分享？

No, I think we're probably aligned with pretty much everyone else, and that's something that we're watching very closely.

沒有，我想我們大概和其他人差不多一致，這也是我們非常密切關注的事情。

We're not seeing the impact of it thus far, but we're obviously mindful of it. And I think the first quarter is kind of positively reinforcing that, but as we all know, you kind of have to keep your head on a swivel about this stuff.

到目前為止我們還沒有看到其影響，但我們顯然保持警覺。我認為第一季某種程度上也正向地強化了這點，但如同大家都知道的，對這類事情你必須隨時保持高度警惕。

Got it, and then I think the ramp of Interactive has been fairly impressive over the past few years, but the virtual business is one where I think years ago we maybe had higher expectations and maybe just wanted to kind of get your thoughts. I think before we saw some of the near-term challenges, we were thinking kind of like a mid-teens.

了解，另外我認為互動式（Interactive）業務在過去幾年的爬坡相當令人印象深刻，但虛擬業務則是我覺得多年前我們可能有更高的期待，所以想請教你們的看法。我想在我們看到一些短期挑戰之前，我們原本的想法大概是中十位數（mid-teens）左右。

Percentage of OSB handle was a decent long-term target for virtual, but curious if you have any updated thoughts about the longer-term opportunity here.

虛擬業務占 OSB 投注額（handle）的百分比，作為長期目標似乎還不錯；但想了解你們對於這裡長期機會是否有任何更新的看法。

Yes, I think it's an interesting question. I think I would say that we're probably a little frustrated at the growth that we would have expected from virtual sports. Just to put it in a little bit of context.

是的，我覺得這是個有意思的問題。我想我會說，我們對虛擬運動原本預期的成長沒有實現，可能有點失望。我稍微提供一些背景脈絡。

At least as it relates to North America. Obviously, online sports betting is in 39 states, and right now, we're... Technically only allowed to go in a couple of states. So, obviously, one of the things that we would hope is to add both additional states, but also additional operators.

至少就北美而言。顯然，線上運動博彩已在 39 個州合法，而目前我們……技術上只被允許在少數幾個州上線。所以，很明顯，我們希望能增加更多州，同時也增加更多營運商。

Look, I think we have some product initiatives that are coming out that will help. We obviously expect to get some tailwind from the World Cup that might have been aggressive to think that it was going to be a mid-teens percentage as a part of.

你看，我認為我們有一些即將推出的產品計畫會有所幫助。我們也確實預期世界盃會帶來一些順風；但若認為它會成為其中一部分的中十位數占比，可能是比較激進的想法。

Online sports betting, it's probably more like maybe mid to high single-digits is probably the right number to think about.

線上體育博彩，我認為大概以中到高個位數的百分比作為思考的合理數字。

I think there's another issue that I think is very important, Barry, too, which is that the opportunity for virtual sports is, certainly in North America, is not limited to basically a companionship with online sports betting, and that is in the lottery space.

我認為還有另一個同樣非常重要的議題，Barry，就是虛擬體育的機會——至少在北美——並不僅限於與線上體育博彩的搭配，而是在彩券領域。

Without going into a lot of detail right now, I can tell you that we're seeing some very interesting developments with some of the most important lotteries in North America regarding the opportunity for virtual sports there and I think definitely as we move through this year, we'll see a couple of very meaningful developments that I think will be a tipping point for the virtual sports.

不在此刻展開太多細節，但我可以告訴你，我們正看到北美一些最重要的彩券機構在虛擬體育機會方面出現一些非常有意思的發展；我也確信，隨著今年的推進，我們會看到幾項非常有意義的進展，我認為那將成為虛擬體育的轉折點。

Awesome. All right. Thank you very much.

太棒了。好。非常感謝。

Sure. Thanks, Barry.

當然。謝謝你，Barry。

Ryan Siegel, Craig Hillum Capital.

Ryan Siegel，Craig Hillum Capital。

Hey, good morning. This is Will on for Ryan. Thanks for taking our questions. First, I wanted to ask on the guide, you reiterated adjusted EBITDA, but increased the margin, so it implies that.

嗨，早安。我是 Will，代 Ryan 發問。謝謝你們回答我們的問題。首先我想問一下指引，你們重申了調整後 EBITDA，但提高了利潤率，所以這意味著。

Revenue a little bit lower than you expected. Curious what's the main factor going into that? Is it mostly U.K. IGaming taxes, virtual, or is it something else entirely?

營收可能比你們原先預期的略低。想請教主要原因是什麼？主要是英國 iGaming 稅、虛擬（業務），還是完全是其他因素？

I think it's -- I guess how I would characterize it is just a slight tweak. We're seeing the margins continue to increase and obviously, you've done the math on the revenue, but I think that it's just a guide.

我想——我猜我會這樣描述：只是做了些微調整。我們看到利潤率持續提升，當然你也已經把營收算過了，但我認為這只是指引。

But we certainly feel very confident, and that's why we've upped the EBITDA margin targets. But I don't see this as a big fundamental shift by any stretch of the imagination.

但我們當然非常有信心，這也是為什麼我們上調了 EBITDA 利潤率目標。不過我不認為這在任何意義上代表重大的基本面轉變。

That's fair, and then just a quick follow-up: wanted to ask sort of on the interactive expansion you ended up launching in South Africa fanatics in West Virginia. Curious what the future expansion, opportunities look like and how much more you think you have to run. Thanks, guys.

了解。接著快速追問一下：想問互動式業務的擴張，你們最後在南非上線，並在西維吉尼亞與 Fanatics 上線。想了解未來擴張的機會看起來如何，以及你們認為還有多少成長空間。謝謝各位。

Yeah, sure I think, we've talked about this, a number of times and Loren may want to add to my commentary because I know he talks about it a lot is, look, we're going into the regulated markets where we think it makes sense expanding in markets like West Virginia and South Africa, but I think what we feel.

好的，當然。我想我們已經談過很多次了，Loren 也許會補充，因為我知道他常談這個：你看，我們會進入我們認為合理的受監管市場，在像西維吉尼亞和南非這樣的市場擴張，但我想我們的感受是。

Over the longer-term is there's going to be a large opportunity for expansion of iGaming in North America, particularly with everything that's happening in terms of the states not getting the kind of support from the federal government that they've gotten in the past and we think that there's going to be an opportunity for more and more states obviously, there was a whole big thing about this in DC.

從更長期來看，北美 iGaming 的擴張會有很大的機會，特別是考量到各州在聯邦政府支持方面不像過去那樣獲得同等程度的支援；我們認為會有機會讓越來越多的州加入。顯然，華盛頓特區之前就有一大段討論。

Recently Virginia has talked about it. So I think it's an underappreciated. No one knows what the timing of that is going to be, but we feel like there's going to be more states that will come on board.

最近維吉尼亞也談到這件事。所以我認為這個機會被低估了。沒有人知道時間點會是什麼，但我們覺得會有更多州加入。

And frankly, if that were the case, that really takes no more for us from an infrastructure or cost standpoint to deliver these additional states other than a little bit of bandwidth cost. So we see that, we don't know when, but we see that as a huge opportunity to be transformative for us.

坦白說，如果真是如此，從基礎設施或成本角度來看，除了些許頻寬成本之外，我們幾乎不需要額外投入就能服務這些新增州。所以我們認為——雖然不知道何時——這會是一個巨大的機會，對我們而言可能具有轉型意義。

Thanks, Brooks.

謝謝你，Brooks。

My pleasure.

不客氣。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Good morning. Thanks for taking my question. Brooks and Lorne, I wanted to stick on interactive, just given how important this is and the growth that you highlighted here in the first quarter, just thinking about the new studio, new game launches and how AI can build upon that.

早安。謝謝讓我提問。Brooks 和 Lorne，我想繼續問互動式業務，考量到這部分的重要性，以及你們在第一季強調的成長；我在想新工作室、新遊戲上線，以及 AI 如何在此基礎上加乘。

Could you help us think about maybe some of the tried and true games that have done well? And then with this new studio, will that all be incremental in how we use AI to just get games quicker to market for your partners? Thanks.

你們能否協助我們理解一些已被驗證、表現良好的遊戲類型？另外，有了這個新工作室，是否都會是增量，並且我們會如何運用 AI 讓遊戲更快推向市場、提供給合作夥伴？謝謝。

Yeah, no, thanks, Chad. That's a great question. And I think the reality is, yeah, I think the single biggest thing from the interactive side that we've been talking about for a while, and I think we've talked about this.

好的，謝謝你，Chad。這是個很好的問題。我想現實是——是的——互動式這邊我們談了一段時間、而且我想我們也提過的最大一件事是。

We've looked long and hard for potential acquisitions in the space as a tuck-in to add more capacity and didn't find anything that made sense for us and finally decided that we were going to build the studio ourselves and that's well down the path and we'll start producing games in the second-half of the year.

我們長時間、非常仔細地尋找該領域可能的併購標的，作為補強以增加產能，但沒有找到對我們而言合理的案子；最後我們決定自行建立工作室，目前已經推進到相當後段，今年下半年就會開始產出遊戲。

And on your comment on and AI, yeah, I mean, for sure, the utilization of AI across the business, but certainly in the game development side of things, accelerates the ability for us to deliver games faster, which is something that I think is going to be important for us as we go forward. So adding capacity, adding kind of different.

至於你提到 AI 的部分，是的，AI 在整個業務中的運用當然很重要，但尤其在遊戲開發端，確實能加速我們更快交付遊戲的能力；我認為這會是我們未來前進時很重要的一點。所以增加產能、增加某種不同的。

Types and styles of games to broaden our portfolio and getting more games out faster through utilizing AI is clearly a big strategy of ours.

遊戲類型與風格以擴大我們的產品組合，並透過運用 AI 更快推出更多遊戲，顯然是我們的一項重要策略。

Okay, great, thanks. And then on the retail business, focusing on units in North America, I know there were a few bills to.

好的，很棒，謝謝。接著問零售業務，聚焦北美的機台數量，我知道有幾項法案原本要。

To grow the distributed gaming markets in a few states that didn't get across the end line, but you mentioned Chicago, which I think is coming in the fourth quarter.

推動幾個州的分散式遊戲市場成長，但最後沒有通過；不過你們提到芝加哥，我想應該會在第四季上線。

Where else can you go in the US? Are you looking to get licensed in other markets? I know Louisiana, Georgia, Nebraska, et cetera, have similar types of markets that are growing on a same-store basis. But I just wanted to know if you could help us on the TAM in that market. Thanks.

在美國你們還能去哪裡？你們是否在其他市場尋求取得牌照？我知道路易斯安那、喬治亞、內布拉斯加等也有類似型態的市場，而且同店基礎上也在成長。但我想請你們協助我們理解該市場的 TAM（總可服務市場）。謝謝。

Yeah, I think what we've consciously tried to do here is to build at the right pace for us. We obviously mentioned in the release, we've got multiple Canadian provinces that are now kind of ordering machines on a yearly basis, and that's very important for us, Illinois and in particular Chicago.

好的，我想我們在這裡有意識地做法是，以對我們而言合適的節奏來建置。我們在新聞稿中也提到，目前有多個加拿大省份現在大致上每年都會下單購買機台，這對我們非常重要；伊利諾伊州，尤其是芝加哥。

Assuming everything goes as expected, we'll start in the fourth quarter and then we'll be a bigger part of next year.

假設一切如預期進行，我們將在第四季開始，然後在明年會成為更大的一部分。

And I think we mentioned on a prior call that we had done, or at least in a press release, that we've developed in concert with Gaming Arts, a game that will go on their Class 3 cabinet. So we think that should be a proof point hopefully for us that our content will work.

而且我想我們在先前的一次電話會議上提到過，我們已經完成了——或者至少在新聞稿中提到——我們與 Gaming Arts 合作開發了一款遊戲，將會上架到他們的 Class 3 機台。因此我們認為，這應該能成為一個驗證點，希望能證明我們的內容是可行的。

In Class 3, and then obviously that opens up a number of opportunities across Class 3 and Class 2. And then specifically on the distributed question that you had, we kind of have to take it on a market-by-market basis.

在 Class 3，然後很明顯地，這會在 Class 3 與 Class 2 之間開啟許多機會。另外，針對你提到的分散式（distributed）問題，我們必須以各個市場逐一評估。

So each one has its own nuances.

因為每個市場都有其自身的細微差異。

Montana, Nevada, Louisiana, each have their own kind of unique attributes. So we went with what we thought was. The best and most likely place for success first, but we certainly are looking at not only the North American market for distributed gaming, but frankly, distributed gaming on a worldwide basis.

蒙大拿、內華達、路易斯安那，各自都有一些獨特的特性。所以我們選擇了我們認為——最適合、也最有可能率先成功的地方，但我們當然不僅在關注北美的分散式博彩市場，坦白說，我們也在以全球範圍來看分散式博彩。

Thanks, Brooks. Appreciate it.

謝謝你，Brooks。很感謝。

No problem, Chad. Operator?

不客氣，Chad。接線員？

(Operator Instructions) Josh Nichols of B. Riley Securities. Please go ahead.

（接線員指示）B. Riley Securities 的 Josh Nichols。請開始。

Hi, this is [Matthew] on for Josh Nichols from B. Riley. I guess just on the virtual sports side, I was wondering how should we think about the Playtech deal alongside the World Cup? Is the timing going to allow you guys to have content live on Playtech's network ahead of the tournament or maybe during it? Or is that more of like a second half and 2027 for the new driver?

嗨，我是 B. Riley 的 [Matthew]，代 Josh Nichols 發問。我想先問虛擬體育這一塊，我們應該如何把 Playtech 的合作案與世界盃放在一起看？時程上是否能讓你們在賽事開始前、或賽事期間，就在 Playtech 的網路上線內容？還是說這比較像是下半年、以及 2027 年才會成為新的成長動能？

Yeah, I'd say it's more of a second half. We look, we think this is a great opportunity for us to get our product into the Playtech network. I think our first customer should go live here shortly, but I would say it's much more of a second half and going into 2027 opportunity for us.

是的，我會說比較偏向下半年。我們認為這是讓我們的產品進入 Playtech 網路的一個很好的機會。我想我們的第一個客戶應該很快就會上線，但我會說，這更像是下半年並延伸到 2027 年的機會。

Got it, thanks. And then also, I guess in terms of like BetMGM's sports book tab integration in New Jersey, I'm pretty sure it's been live for a couple months now. I'm wondering, like, is there any early reads that you see there on player engagement and how that can possibly lead to future operators signing with you guys?

了解，謝謝。另外，我想就 BetMGM 在新澤西的體育博彩分頁整合而言，我很確定已經上線幾個月了。我想問的是，你們是否看到任何早期跡象，例如玩家參與度，並且這可能如何帶動未來其他營運商與你們簽約？

Yeah, I mean, I think it's probably a mixed bag. I think the results from BetMGM in Ontario have been very good.

是的，我的意思是，我覺得可能是好壞參半。我認為 BetMGM 在安大略的結果非常好。

Probably not quite as good as we had hoped so far in New Jersey, but we're working with BetMGM in particular about where we're positioned on the site and some promotional stuff.

到目前為止在新澤西可能沒有我們原先希望的那麼好，但我們正與 BetMGM（特別是）合作，討論我們在網站上的位置以及一些促銷活動。

So I think it's a little early. I think maybe it's four to six weeks that we've been out with them. So it doesn't happen overnight, but we certainly feel very bullish, and we're having some conversations.

所以我覺得現在下結論還有點早。我想我們跟他們上線大概才四到六週。這不會一夕之間發生，但我們當然非常看多，也正在進行一些對話。

Some of the other big sports betting operators, I think, that are looking to broaden their portfolio and to just add on to Lauren's comment, we do think both on an online basis and importantly in a retail basis that virtual sports or monitor gaming, as they call it in the lottery industry, is a very big opportunity for us that's underappreciated.

與其他一些大型體育博彩營運商的對話，我想他們正在尋求擴大產品組合；另外補充 Lauren 的評論，我們確實認為，不論是線上，且更重要的是在實體零售端，虛擬體育——或彩券產業所稱的螢幕遊戲（monitor gaming）——對我們而言是一個非常大的、但被低估的機會。

So we would expect over the next kind of 6 to 12 to 18 months having some pretty meaningful contribution coming from that as well. So even though the virtual sports business is relatively flat, there's a number of opportunities that we see that we think can get that business back to growing.

因此我們預期在接下來大約 6 到 12 到 18 個月內，這一塊也會帶來相當有意義的貢獻。所以即使虛擬體育業務相對持平，我們仍看到許多機會，並認為可以讓這項業務恢復成長。

Thanks for that. Last question for me, just on the interactive side. Mainly on the hybrid dealer pipeline, if I remember correctly, I think Jack Kings and Best Fred were expected soon to be signed. I'm wondering where that stands and how the rest of the funnel is shaping up.

謝謝你的說明。我最後一個問題是互動式（interactive）業務這邊。主要是混合荷官（hybrid dealer）的產品管線，如果我沒記錯的話，我想 Jack Kings 和 Best Fred 原本預期很快就會簽下。我想了解目前進度如何，以及其餘漏斗的狀況。

Yeah, you're right about both of those I would have expected that we would have them live at this point, but it's probably going to be June for that, so we'll start and as we talked about before, this is the games that have the combination with our slot content that is done very well.

是的，你對這兩個的記憶沒錯；我原本也預期此時它們應該已經上線了，但可能會延到 6 月，所以我們會開始——如同我們之前談到的——這些遊戲是與我們的老虎機內容結合的組合，而表現非常好。

The Wolf It Up game is the first one that will go out, and we'll be rolling it out to a number of customers starting in June. So when we have our next call in August, I guess, we'll be able to talk about that in a little bit more detail.

Wolf It Up 這款遊戲會是第一個推出的，我們將從 6 月開始向多家客戶逐步上線。所以等到我們下一次在 8 月的電話會議時，我想我們就能更詳細地談談。

Great. Thanks. That was all for me. Thanks for taking my questions.

很好。謝謝。我這邊就這些。謝謝回答我的問題。

You're welcome. Thanks.

不客氣。謝謝。

There's no other questions in queue at this time, and that concludes our Q&A session. I will now turn the conference back over to Lorne Weil for closing remarks. Please go ahead.

目前佇列中沒有其他問題，問答環節到此結束。我現在把電話會議交回給 Lorne Weil 做結語。請開始。

Thank you very much, operator, and again, thanks, everyone, for joining the call this morning. I think you can tell we're feeling very positive about where the business is the one issue that had been a concern had been this issue of the UK tax.

非常感謝，接線員，也再次感謝各位今天早上參與電話會議。我想你們可以看得出來，我們對業務目前的狀況感到非常正面；先前唯一令人擔憂的問題是英國稅負的議題。

But at least so far in the second quarter, we've been able to more than offset the impact of the tax by our growth in gaming revenue in the UK. So the business is really in very good shape.

但至少到目前為止，在第二季，我們已能透過英國博彩收入的成長，將稅負影響不僅抵銷、甚至超過抵銷。因此整體業務確實處於非常良好的狀態。

We're buying back stock the leverage is coming down, the markets are going up, all the things that have been our objectives for a while. So hopefully, this will continue through the second quarter, and we'll look forward to reporting in three months. Thank you.

我們正在回購股票、槓桿正在下降、市場正在上升，這些都是我們一段時間以來的目標。所以希望這樣的趨勢能在第二季持續下去，我們也期待三個月後向各位報告。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。