Light & Wonder Inc (LNW) 2023 Q3 法說會逐字稿

Good afternoon. Thank you for attending today's Light & Wonder Third Quarter 2023 Earnings Conference Call. My name is Alexis and I'll be your moderator for today's call. (Operator Instructions) I would now like to pass the call over to Nick Zangari, you may proceed.

午安.感謝您參加今天的 Light & Wonder 2023 年第三季財報電話會議。我叫亞歷克西斯，我將擔任今天電話會議的主持人。 （接線員指示）我現在想將電話轉接給 Nick Zangari，您可以繼續。

Thank you, operator, and good afternoon, everyone. Welcome to our third quarter 2023 earnings conference call. With me today are Matt Wilson, our President and CEO; and Oliver Chow, our Interim CFO.

謝謝接線員，大家下午好。歡迎參加我們的 2023 年第三季財報電話會議。今天與我在一起的有我們的總裁兼執行長 Matt Wilson；以及我們的臨時財務長 Oliver Chow。

During today's call, we will discuss our third quarter 2023 results and operating performance followed by a question-and-answer session.

在今天的電話會議中，我們將討論 2023 年第三季的業績和營運業績，然後進行問答環節。

Today's call will contain certain forward-looking statements that may involve certain risks and uncertainties that could cause actual results to differ materially from those discussed during the call. For information regarding these risks and uncertainties, please refer to our earnings materials relating to this call posted on our website and our filings with the SEC.

今天的電話會議將包含某些前瞻性陳述，這些陳述可能涉及某些風險和不確定性，可能導致實際結果與電話會議期間討論的結果有重大差異。有關這些風險和不確定性的信息，請參閱我們網站上發布的與本次電話會議相關的盈利材料以及我們向 SEC 提交的文件。

We will also discuss certain non-GAAP financial measures. A description of each non-GAAP measure and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our earnings release as well as in the Investors section on our website.

我們也將討論某些非公認會計準則財務指標。您可以在我們的收益報告以及我們網站的投資者部分找到每項非公認會計準則衡量標準的描述以及每項非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節表。

In 2022, we completed the sale of the Lottery business to Brookfield Business Partners in the second quarter and the sale of the sports betting business to Endeavor in the third quarter. Accordingly, we have reflected these businesses as discontinued operations in our consolidated statements of operations for comparable prior periods.

2022年，我們在第二季度完成了將彩票業務出售給Brookfield Business Partners的交易，並在第三季度完成了將體育博彩業務出售給Endeavour的交易。因此，我們已將這些業務作為已終止經營業務反映在我們可比較前期的合併經營報表中。

We are reporting our results of continuing operations in 3 business segments: Gaming, SciPlay and iGaming. Amounts and disclosures referring to combined include both our continuing and discontinued operations.

我們正在報告 3 個業務部門的持續營運表現：遊戲、SciPlay 和 iGaming。涉及合併的金額和揭露包括我們的持續經營業務和已終止經營業務。

As a reminder, this conference call is being recorded. A replay of this webcast and accompanying materials will be archived in the Investors section of our website. With that, I will now turn the call over to Matt.

謹此提醒，本次電話會議正在錄音中。此網路廣播的重播和隨附資料將存檔在我們網站的投資者部分。現在，我將把電話轉給馬特。

Thank you, Nick. Good afternoon, everyone, and good morning and evening for those on the call around the globe. Thanks for joining us on the heels of a very successful third quarter, both financially and operationally. As Light & Wonder continues to capitalize on a resilient gaming industry, once again delivering double-digit growth across all 3 of our businesses, with consolidated revenue growing 13% year-over-year to $731 million. bringing us to 10 consecutive quarters of year-over-year top line growth.

謝謝你，尼克。大家下午好，世界各地的來電者早安、晚上好。感謝您在第三季在財務和營運方面都非常成功之後加入我們。隨著 Light & Wonder 繼續利用充滿活力的遊戲產業，我們的所有 3 項業務再次實現兩位數成長，綜合收入年增 13% 至 7.31 億美元。使我們的收入連續 10 個季度同比增長。

I continue to be pleased with the performance that we've consistently delivered since we announced the company's transformation strategy. This includes 2 new key milestones which we achieved recently. First, as part of our secondary listing on the Australian Stock Exchange, or ASX, we have been targeting inclusion on the ASX 200 index, and this has now come to fruition with our addition into the index on October 18.

自從我們宣佈公司轉型策略以來，我對我們持續交付的業績仍然感到滿意。這包括我們最近實現的兩個新的關鍵里程碑。首先，作為我們在澳洲證券交易所 (ASX) 二次上市的一部分，我們致力於納入 ASX 200 指數，隨著我們於 10 月 18 日加入該指數，這一目標現已實現。

As feedback from the Australian investor community continued to exceed our expectations, the index inclusion enables exposure to a broader base of investors. further solidifying our position in the Australian capital market. Our assets have not gone unnoticed, and this achievement marks an important step towards gaining additional global exposure for the company.

由於澳洲投資者群體的回饋持續超出我們的預期，該指數的納入使我們能夠接觸到更廣泛的投資者群體。進一步鞏固我們在澳洲資本市場的地位。我們的資產並沒有被忽視，這項成就標誌著公司朝著獲得更多全球曝光度邁出了重要一步。

Second, we closed the SciPlay transaction on October 23, finalizing a critical piece of our strategic road map, welcoming the SciPlay team back to the family and fostering greater collaboration amongst the team to execute on our cross-platform strategy.

其次，我們在 10 月 23 日完成了 SciPlay 交易，最終確定了我們策略路線圖的關鍵部分，歡迎 SciPlay 團隊回歸大家庭，並促進團隊之間加強合作，以執行我們的跨平台策略。

As highlighted previously, our data-driven, social-first and A/B testing approach enables us to leverage our studio network, brands and expertise across the entire Light & Wonder platform to enhance operating efficiencies and improve our hit rate.

正如之前所強調的，我們的數據驅動、社交優先和 A/B 測試方法使我們能夠利用整個 Light & Wonder 平台上的工作室網路、品牌和專業知識來提高營運效率並提高命中率。

And we're not stopping here. We executed a number of strategic initiatives that continue to strengthen our focus on who we are as a company, a leader in games and platforms with a commitment to accelerating R&D investments to build great games and put them across our 3 channels.

我們不會就此止步。我們執行了多項策略舉措，持續加強我們作為一家公司、遊戲和平台領導者的關注度，並致力於加快研發投資，打造出色的遊戲並將其投放到我們的 3 個管道。

In addition to recalibrating and investing in our global game design studio, we are keeping our foot on the pedal as we acquire more industry talent. In fact, we recently announced the addition of industry-recognized studio head Kelsy Foster to our team. Known for her wildly successful premium and wide area progressive games, she will be leading a new U.S. studio starting in 2024.

除了重新調整和投資我們的全球遊戲設計工作室之外，我們還在不斷吸引更多行業人才。事實上，我們最近宣布業界認可的工作室負責人凱爾西福斯特 (Kelsy Foster) 加入我們的團隊。她以其極其成功的優質和廣域漸進式遊戲而聞名，她將從 2024 年開始領導一個新的美國工作室。

The significant progress we are making strategically is fueling our operational execution and is reflected in our performance. At this point, I'd like to share some highlights from each of our businesses.

我們在策略上取得的重大進展正在推動我們的營運執行，並反映在我們的業績中。此刻，我想分享我們每個業務的一些亮點。

First, in Gaming, where we continue to execute on our robust product road map, building great games, which led to share gains and momentum and adjacent market expansion. Gaming operations continues to be driven by our North American premium installation which grew for the 13th consecutive quarter. Looking at our progress in optimizing the global installed base, we expect some of the planned removals to wind down in certain U.S. markets as well as the EMEA and Lat Am markets over the coming months.

首先，在遊戲領域，我們繼續執行穩健的產品路線圖，打造出色的遊戲，從而帶來份額收益和動力以及鄰近市場的擴張。遊戲業務繼續受到北美優質設施的推動，該設施已連續第 13 個季度增長。考慮到我們在優化全球安裝基礎方面取得的進展，我們預計未來幾個月美國某些市場以及歐洲、中東和非洲和拉丁美洲市場的部分計畫移除將逐漸減少。

Revenue per day in North America remains elevated as our WAP games such as Monsters - Frankenstein, Journey to Planet Moolah and Ultimate Fire Link franchise continue to top the chart on the back of our successful COSMIC and Mural cabinets. In fact, the success we are seeing in our evergreen franchise extension gives us the confidence to further explore new licenses.

由於我們的 WAP 遊戲（如 Monsters - Frankenstein、Journey to Planet Moolah 和 Ultimate Fire Link 系列）在我們成功的 COSMIC 和 Mural 櫥櫃的支持下繼續位居榜首，北美地區的每日收入仍然保持增長。事實上，我們在常青特許經營擴展中所看到的成功讓我們有信心進一步探索新的許可。

In this respect, we are proud to be the first company in the industry to partner with Netflix on the popular Squid Game series and bring this groundbreaking show to life across multiple casino platforms. And we'll continue to invest in licensed titles as part of our strategy, where we can point to our very successful Willy Wonka, Wizard of Oz and MONOPOLY games that have consistently demonstrated their longevity on casino floors.

在這方面，我們很自豪能夠成為業內第一家與 Netflix 合作製作熱門 Squid Game 系列的公司，並將這一開創性的節目在多個賭場平台上呈現出來。作為我們策略的一部分，我們將繼續投資授權遊戲，其中我們可以提到我們非常成功的《威利旺卡》、《綠野仙蹤》和《地產大亨》遊戲，這些遊戲在賭場大廳中始終證明了它們的長壽性。

In game sales, we shipped over 8,600 units globally with strength again in North America and international sales as unit shipments grew by 5% and 41% year-over-year, respectively. We saw share gains in the North American market in the second quarter, excluding adjacencies. And based on the latest MAX gaming report we reached a record 26% share in Australia this quarter and 33% in September alone. With the benefit from the release of Dragon Train, the game is performing strongly with its 4 titles making to top 4 spots in the New South Wales market in September.

在遊戲銷售方面，我們的全球出貨量超過 8,600 份，北美和國際銷售再次強勁，出貨量較去年同期分別成長 5% 和 41%。我們看到第二季北美市場（不包括鄰近地區）的市佔率有所成長。根據最新的 MAX 遊戲報告，本季我們在澳洲的市佔率達到創紀錄的 26%，光是 9 月就達到了 33%。受惠於《龍之列車》的發布，該遊戲表現強勁，4款遊戲躋身9月份新南威爾斯市場前四名。

Earlier this year, we partnered with Oregon Lottery as we target expansions in adjacencies. This marks the first release of the Kascada Dual Screen multi-game domestically. And post trial, I'm happy to share that we will be deploying 1,175 of these VLTs statewide over the next 12 months.

今年早些時候，我們與俄勒岡州彩票公司合作，目標是在鄰近地區擴張。這標誌著卡斯卡達雙螢幕多遊戲在國內的首次發布。試用後，我很高興地告訴大家，我們將在未來 12 個月內在全州部署 1,175 台此類 VLT。

Through another value partnership with Betsson, we will be also entering the Georgia coin-operated amusement machine, or COAM market, we will be offering our games on the Kascada cabinet in the first quarter of next year, of which the Kascada Dual Screen has been the top indexing multiscreen cabinet for over 12 months straight. We are pleased with the strong performance of our games and cabinets, giving us the confidence to capitalize on opportunities in the various Canadian VLT markets.

透過與 Betsson 的另一項價值合作，我們還將進入喬治亞州投幣式遊藝機（COAM）市場，我們將於明年第一季度在 Kascada 機櫃上提供我們的遊戲，其中 Kascada 雙屏機已經在連續超過12 個月成為頂級索引多螢幕櫃。我們對遊戲和機櫃的強勁表現感到滿意，這讓我們有信心抓住加拿大各個 VLT 市場的機會。

Turning to systems. We had a strong showing at the Global Gaming Expo or G2E where we are bolstering and enhancing our core capabilities, such as our system-agnostic global platform Engage. which enables operators to leverage data to execute a cohesive, curated customer journey at every touch point regardless of location, vertical or platform.

轉向系統。我們在全球遊戲博覽會或 G2E 上表現出色，我們正在加強和增強我們的核心能力，例如我們與系統無關的全球平台 Engage。這使得營運商能夠利用數據在每個接觸點執行有凝聚力的、精心策劃的客戶旅程，無論位置、垂直行業或平台如何。

Lastly, in tables, where we continue to lead the trend of proprietary table games in shuffles as well as invest in talent and our product offering. Dr. Mark Yoseloff, former Chairman and CEO of Shuffle Master, is now on boarded as a consultant of Light & Wonder and will assist in the ideation of game design across all platforms with a particular focus on felt-based games, electronic table games and cross-platform content.

最後，在賭桌方面，我們繼續引領洗牌專有賭桌遊戲的趨勢，並投資於人才和我們的產品。 Shuffle Master 前董事長兼執行長 Mark Yoseloff 博士現加入 Light & Wonder 擔任顧問，將協助構思跨所有平台的遊戲設計，特別關注毛氈遊戲、電子桌面遊戲和跨平台內容。

Turning to SciPlay. I'm thrilled with our performance and execution in the social casino space. The team has done an incredible job of growing the business with another record revenue of $196 million, once again outpacing the market and taking share, which is now over 10%. We continue to leverage and deploy our SciPlay engine across our portfolio of games, which led to double-digit growth in our 4 largest games, Jackpot Party, Quick Hit Slots, Goldfish Casino and 88 Fortunes.

轉向 SciPlay。我對我們在社交賭場領域的表現和執行感到興奮。該團隊在業務成長方面取得了令人難以置信的成績，營收再創新高，達到 1.96 億美元，再次超越市場並佔據市場份額，目前市場份額已超過 10%。我們繼續在我們的遊戲組合中利用和部署我們的 SciPlay 引擎，這使得我們的 4 款最大遊戲（Jackpot Party、Quick Hit Slots、Goldfish Casino 和 88 Fortunes）實現了兩位數的成長。

The keys to our success at SciPlay lie in the following: we adopt a player first approach with consistent delivery of new content, timely features and dynamic community engagement tailored for our players. We're also nimble and adaptive to the ever-evolving landscape, managing the business with a rigorous financial focus on returns on investment.

SciPlay 成功的關鍵在於：我們採用玩家至上的方法，持續交付新內容、及時的功能以及為玩家量身定制的動態社群參與。我們也能夠靈活地適應不斷變化的情況，以嚴格注重投資回報的財務方式來管理業務。

To that extent, we were able to achieve record monetization metrics in average monthly revenue per paying user and average revenue per daily active user yet again on a steady base of daily active users with payer conversion approaching 11%. We will continue to invest in our platform, adding automation, standardization, development and AI integration tools and process development to drive organizational efficiencies, effectiveness and scalability on a fully integrated global scale.

從這個意義上說，我們能夠在每日活躍用戶的穩定基礎上再次實現創紀錄的每付費用戶月平均收入和每每日活躍用戶平均收入創紀錄的盈利指標，付款人轉換率接近 11%。我們將繼續投資我們的平台，增加自動化、標準化、開發和人工智慧整合工具和流程開發，以在完全整合的全球範圍內提高組織效率、有效性和可擴展性。

Additionally, our direct-to-consumer platform will be another key focus in the next phase of execution, ensuring security and ease of use to enable a seamless customer onboarding experience. So far, the player feedback, KPIs and operability of D2C is encouraging, and we'll continue to take a measured approach to introducing and migrating players to the platform. This will be a multiyear build for us, but I'm excited about the potential margin lift down the road from this initiative.

此外，我們的直接面向消費者的平台將是下一階段執行的另一個重點，確保安全性和易用性，以實現無縫的客戶入門體驗。到目前為止，D2C 的玩家回饋、KPI 和可操作性都令人鼓舞，我們將繼續採取謹慎的方法來將玩家引入和遷移到該平台。這對我們來說將是一個多年的建設，但我對這項舉措未來潛在的利潤提升感到興奮。

Like many other companies, we have a global presence. And for our SciPlay team that means the presence in Israel. Let me first say our thoughts go out to those affected by the recent tragic events in the region. As always, our first priority is ensuring the safety of our colleagues and their families at this time. We have been in close contact with our team members and our operations have not been impacted to date. We are continuing to closely monitor the situation and are committed to doing whatever is necessary to support our colleagues and their families.

與許多其他公司一樣，我們的業務遍及全球。對我們的 SciPlay 團隊來說，這意味著在以色列的存在。首先我要說的是，我們對那些受該地區最近發生的悲劇影響的人們表示慰問。一如既往，我們目前的首要任務是確保同事及其家人的安全。我們一直與團隊成員保持密切聯繫，迄今為止我們的營運尚未受到影響。我們將繼續密切關注事態發展，並致力於採取一切必要措施來支持我們的同事及其家人。

As mentioned previously, we've closed the SciPlay transaction, further fueling a seamless collaboration among the teams that will drive momentum to the company's already robust cross-platform strategy. I'm eager to see what we can further achieve under a more effective operating model, which enables further game development synergies under one- unified strategy and culture.

如前所述，我們已經完成了 SciPlay 交易，進一步促進了團隊之間的無縫協作，這將為公司本已強大的跨平台策略帶來動力。我渴望看到我們在更有效的營運模式下能夠進一步實現什麼，從而在統一的策略和文化下實現進一步的遊戲開發協同效應。

On to iGaming, where we maintained a record $70 million in revenue for the quarter. Our core market revenue was up double digits, with total GGR up 16% and U.S. GGR up 22% year-over-year, boosted by the launch of Rich Little Piggies Meal Ticket which set records in the U.S. and U.K. in the first 30 days, and the launch of 2 new games from the Coin Combo family, Perfect Peacock and Marty Monkey, Once again validating our cross-platform approach, bringing the best land-based titles to the iGaming channel.

至於 iGaming，本季我們維持了創紀錄的 7,000 萬美元收入。我們的核心市場收入實現兩位數成長，總GGR 年成長16%，美國GGR 年成長22%，這得益於Rich Little Piggies Meal Ticket 的推出，該餐券在前30 天內在美國和英國創下了記錄，以及 Coin Combo 系列的 2 款新遊戲 Perfect Peacock 和 Marty Monkey 的推出，再次驗證了我們的跨平台方法，將最好的陸基遊戲引入 iGaming 渠道。

Internationally, we saw record GGR volumes in Europe and Canada GGR grew for the eighth sequential quarter or 22% above the prior year period. Our content aggregation platform OGS and its ability to scale is second to none as we continue to see solid year-over-year growth from Lightning Box and Elk, with the ladder up an astounding 64% versus the prior period, driven by strong performance from year-to-date launches, including Pirots, Nitropolis 4, Rabbit Royale and Tropicool 2.

在國際上，我們看到歐洲和加拿大的 GGR 量連續第八個季度實現創紀錄的成長，比去年同期成長 22%。我們的內容聚合平台OGS 及其擴展能力是首屈一指的，因為我們繼續看到Lightning Box 和Elk 的同比強勁增長，在來自Lightning Box 和Elk 的強勁表​​現的推動下，與上一時期相比，梯子上升了驚人的64%今年迄今為止推出的遊戲，包括 Pirots、Nitropolis 4、Rabbit Royale 和 Tropicool 2。

I'm also pleased to announce the recent launch of our Live Casino product in Michigan. This marks another important step in our cross-platform strategy as we look to leverage our proven proprietary table games IP into the digital space, providing a differentiated experience for players online with games they are familiar with in bricks and mortar casinos.

我還很高興地宣布我們最近在密西根州推出了真人娛樂場產品。這標誌著我們跨平台策略的又一個重要步驟，因為我們希望將我們經過驗證的專有桌面遊戲 IP 運用到數位領域，為線上玩家提供他們在實體賭場熟悉的遊戲的差異化體驗。

Overall, we are well positioned in all parts of the iGaming value chain, underpinned by strong product portfolio and content road map with experienced leadership. We will continue to be a thought leader in this space through our strategy of leveraging new IP with our Wonka franchise launch in the U.K., omnichannel offerings such as Shared Jackpot as well as further expansion of our original content.

總體而言，我們在 iGaming 價值鏈的各個部分都處於有利地位，這得益於強大的產品組合和內容路線圖以及經驗豐富的領導層。我們將透過在英國推出 Wonka 特許經營權、利用新 IP 的策略、共享大獎等全通路產品以及進一步擴展我們的原創內容，繼續成為該領域的思想領袖。

Since we were last in front of you on an earnings call, we've been able to showcase the exceptional work our team has been doing at 2 large industry gatherings. The Australian Gaming Expo held in Sydney in August, more recently G2E in Las Vegas last month where I understand this year's attendance to past last year, another validating factor that more people than ever are playing games and that the industry is on solid footing. L&W always has a large presence at G2E, and this year was no exception as our customer-centric innovation and stellar player experience were highlighted by customers at the booth.

自從我們上次在財報電話會議上與您見面以來，我們已經能夠在兩次大型行業聚會上展示我們的團隊所做的出色工作。 8 月在雪梨舉行的澳洲遊戲博覽會，以及上個月在拉斯維加斯舉行的G2E，我了解到今年的出席人數超過了去年，這是另一個驗證因素，顯示玩遊戲的人比以往任何時候都多，而且該產業基礎穩固。 L&W 一直在 G2E 上佔據重要地位，今年也不例外，展位上的客戶強調了我們以客戶為中心的創新和出色的玩家體驗。

As I previously mentioned, we announced our partnership with Netflix with this taboo of new Squid game slot machine come into life on our newest large screen cabinet, Horizon, which we view as the next evolution of our highly successful jumbo cabinet after the V75. We also received great feedback on our wide range of cabinets and games on the floor.

正如我之前提到的，我們宣布與Netflix 合作，新Squid 遊戲老虎機的這一禁忌在我們最新的大屏幕機櫃Horizo​​​​n 上得以實現，我們認為它是繼V75 之後我們非常成功的巨型機櫃的下一代發展。我們也收到了關於地板上各種櫥櫃和遊戲的良好回饋。

Additionally, we've also been intentional in aligning our portfolio strategy and commercial execution with market trends, focusing on product segmentation and understanding what customers want. As you can see, key investments in games and hardware are driving our success, and we have ample opportunities ahead of us given the growing demand for our games, which we're responding to with continued investment in our robust R&D engine.

此外，我們也有意使我們的產品組合策略和商業執行與市場趨勢保持一致，專注於產品細分並了解客戶的需求。正如您所看到的，對遊戲和硬體的關鍵投資正在推動我們的成功，鑑於對我們遊戲的需求不斷增長，我們面前有充足的機會，我們正在透過對強大的研發引擎的持續投資來應對這一需求。

And with that, I'll hand it over to Oliver to provide more details on our financial performance. .

接下來，我將把它交給奧利弗，以提供有關我們財務表現的更多詳細資訊。 。

Thanks, Matt, and hello, everyone. It's great to join you today on my first earnings call as interim CFO of Light & Wonder and to be able to report results that continue to reflect strength across all 3 businesses and our enviable financial profile.

謝謝馬特，大家好。今天很高興能以 Light & Wonder 臨時財務長的身份參加我的第一次財報電話會議，並能夠報告繼續反映所有 3 項業務實力和我們令人羨慕的財務狀況的業績。

Throughout this quarter, our teams were able to deliver both strategically and operationally, illustrating the continuity and bench strength within the organization. Importantly, Light & Wonder boasts high recurring, cash-generative businesses with solid margins, underpinned by a healthy balance sheet, and we capitalized on these strengths this quarter with continued top line growth as consolidated revenue increased 13% to $731 million year-over-year.

在整個季度中，我們的團隊能夠在策略和營運上交付成果，這說明了組織內的連續性和後備力量。重要的是，Light & Wonder 擁有高經常性、現金生成業務和穩健的利潤率，並以健康的資產負債表為基礎，本季度我們充分利用了這些優勢，營收持續增長，綜合收入同比增長13 % 至7.31 億美元。年。

Operating income was $147 million in the third quarter, an increase of 65% year-over-year, while consolidated AEBITDA grew 22% to $286 million for the quarter, once again driven by double-digit top line growth across all businesses and margin expansion, demonstrating our commitment to growing AEBITDA faster than revenue.

第三季營業收入為 1.47 億美元，年增 65%，而本季綜合 AEBITDA 成長 22%，達到 2.86 億美元，這再次受到所有業務兩位數營收成長和利潤率擴張的推動，體現了我們對AEBITDA 成長速度快於營收成長的承諾。

Consolidated AEBITDA margin during the quarter was 39% compared to 36% in the prior year, an increase of 300 basis points, again, evidence that we remain committed to driving sustainable growth and investment in the R&D engine, while also maintaining profitability through various margin-enhancement initiatives.

本季綜合AEBITDA 利潤率為39%，與去年同期的36% 相比，增加了300 個基點，再次證明我們仍致力於推動永續成長和對研發引擎的投資，同時透過各種利潤率維持獲利能力－強化措施。

Last quarter, we introduced a new non-GAAP financial measure referred to as adjusted NPATA. This non-GAAP measure is provided as supplemental information and is fully described and reconciled in our earnings release. Adjusted NPATA was $99 million for the quarter. And please note that this metric is not comparable to the prior year period due to the materially different debt and tax profile of the company prior to the completion of the investitures.

上季度，我們推出了一項新的非公認會計準則財務指標，稱為調整後的 NPATA。這項非公認會計原則衡量標準作為補充資訊提供，並在我們的收益發布中進行了充分描述和協調。本季調整後的 NPATA 為 9,900 萬美元。請注意，由於公司在投資完成之前的債務和稅務狀況存在重大差異，因此該指標與去年同期不具可比性。

Consolidated operating cash flow was $204 million in the quarter, primarily due to revenue and earnings growth, with prior year period cash flows largely impacted by $465 million in cash taxes paid related to the divestiture of the Lottery business.

本季合併營運現金流為 2.04 億美元，主要是由於收入和獲利成長，而去年同期現金流主要受到與剝離彩券業務相關的 4.65 億美元現金稅的影響。

Turning to the business units. In Gaming, revenue grew 11% year-over-year to $465 million, led by another strong quarter of game sales revenue, which increased 23%. We continue to see growth across all 4 business lines year-over-year, a true testament to the investments we've made in developing great games and platforms.

轉向業務部門。在遊戲領域，營收年增 11% 至 4.65 億美元，其中遊戲銷售收入成長 23%，季度表現強勁。我們繼續看到所有 4 個業務線逐年成長，這真正證明了我們在開發優秀遊戲和平台方面所做的投資。

AEBITDA once again outpaced revenue growth, up 16% to $235 million and AEBITDA margin increased 300 basis points to 51% compared to the prior period, primarily driven by a favorable game sales mix in international as well as supply chain initiatives and our continued focus on operational efficiencies.

AEBITDA 再次超過營收成長，成長 16% 至 2.35 億美元，AEBITDA 利潤率較上一期成長 300 個基點至 51%，這主要是由於國際和供應鏈計劃中有利的遊戲銷售組合以及我們持續關注營運效率。

Gaming operations revenue was up 3% year-over-year on growth in the North American installed base and average daily revenue up 2% and 4%, respectively, as a result of strong content performance and the continued success in placements of Mural and COSMIC cabinets.

由於內容表現強勁以及 Mural 和 COSMIC 投放的持續成功，遊戲營運收入年增 3%，北美安裝量成長，平均每日收入分別成長 2% 和 4%櫥櫃。

Global game sales momentum continues with North American and international replacement unit shipments increasing 23% and 20%, respectively, year-over-year. validating our product road map strategy with further share gains in Australia and elevated sales into Asia in the quarter.

全球遊戲銷售動能持續，北美和國際替換單位出貨量較去年同期分別成長 23% 和 20%。本季澳洲市場佔有率的進一步成長以及亞洲銷售額的增加，驗證了我們的產品路線圖策略。

Turning to Systems. Revenue increased slightly year-over-year primarily as we saw higher iVIEW hardware sales in the quarter, coupled with managed services growth as we continue to expand our recurring revenue stream with the increase partially offset by elevated international sales in the prior year period.

轉向系統。營收較去年同期略有成長，主要是因為我們看到本季 iVIEW 硬體銷售額增加，加上我們持續擴大經常性收入流，託管服務也有所成長，但成長部分被去年同期國際銷售額的成長所抵銷。

Lastly, in Tables, revenue was up 17% year-over-year as we benefited from shuffler and utility sales as well as elevated replacement opportunities in Macau and new sales into the Philippines. The strong product execution and operational prowess we are seeing enables us to optimize the investments we've made in this business and drive sustainable long-term growth.

最後，在表格中，收入同比增長 17%，這得益於洗牌機和公用事業銷售以及澳門替換機會的增加和菲律賓的新銷售。我們所看到的強大的產品執行和營運能力使我們能夠優化我們在該業務中的投資並推動可持續的長期成長。

On to SciPlay, where we reported another quarter of record performance as revenue in the quarter grew 15% to $196 million, driven by strong year-over-year double-digit growth in the core social casino business. In fact, I want to provide some context on how well these games are performing with some impressive stats.

至於 SciPlay，我們報告了另一個季度業績創紀錄的表現，在核心社交賭場業務同比強勁兩位數增長的推動下，該季度收入增長 15% 至 1.96 億美元。事實上，我想透過一些令人印象深刻的統計數據來介紹這些遊戲的表現如何。

Beginning with our largest game, Jackpot Party, which grew 15% year-over-year and has seen 5 consecutive quarters of revenue growth, surpassing the $100 million mark this quarter. Quick Hit Slots, Goldfish Casino and 88 Fortunes all grew by double digits and achieved record revenues, fully optimizing the power of the SciPlay engine with our proven evergreen game franchises.

從我們最大的遊戲 Jackpot Party 開始，遊戲年增 15%，並已連續 5 個季度實現營收成長，本季突破 1 億美元大關。 Quick Hit Slots、Goldfish Casino 和 88 Fortunes 均實現了兩位數成長，並實現了創紀錄的收入，透過我們經過驗證的常青遊戲系列充分優化了 SciPlay 引擎的強大功能。

AEBITDA was up 42% to $61 million year-over-year, underpinned by strong revenue growth and lower UA spend compared to the prior year quarter which was impacted by elevated marketing campaign spend. AEBITDA margin increased 600 basis points compared to the prior year to 31% in the quarter, a reflection of our disciplined and productive UA spend and the outcome of our strategic investments leading to the performance and growth you're seeing today.

AEBITDA 年成長 42%，達到 6,100 萬美元，這得益於強勁的收入成長以及受行銷活動支出增加影響的 UA 支出較上年同期下降的支撐。本季 AEBITDA 利潤率較上年同期增長 600 個基點，達到 31%，這反映了我們嚴謹且富有成效的 UA 支出以及我們戰略投資的成果，帶來了您今天所看到的業績和增長。

Given we've signaled opportunities to drive incremental high-return UA investments on the last call, you can expect to see some of that take place in the fourth quarter.

鑑於我們在上次電話會議上表示有機會推動增量高回報普遍獲取投資，您可以預期其中一些會在第四季度發生。

Our performance continues to reflect strong player engagement and monetization, leveraging engaging game content, dynamic LiveOps and effective marketing strategies. Average revenue per daily active user grew 20% year-over-year to a record $0.96. And average monthly revenue per paying user grew 12% compared to the prior year, approaching a record of approximately $107.

我們的表現繼續反映了強大的玩家參與度和獲利能力，利用了引人入勝的遊戲內容、動態的 LiveOps 和有效的行銷策略。每個每日活躍用戶的平均收入年增 20%，達到創紀錄的 0.96 美元。每個付費用戶的平均月收入與前一年相比成長了 12%，接近創紀錄的約 107 美元。

We continue to trend above 600,000 monthly paying users with a payer conversion rates now approaching 11%. With the SciPlay transaction complete, we expect duplicative public company cost synergies to be realized over the next 12 months. The access to cash on SciPlay's balance sheet allows for greater capital allocation opportunities and day-to-day working capital efficiencies. With the strong momentum we're seeing in the business, I'm thrilled that we will all be working together as one team moving forward.

我們的月付費用戶數量持續維持在 60 萬以上，付款人轉換率目前接近 11%。隨著 SciPlay 交易的完成，我們預計在未來 12 個月內將實現重複的上市公司成本綜效。 SciPlay 資產負債表上的現金可提供更大的資本配置機會和日常營運資本效率。憑藉我們在業務中看到的強勁勢頭，我很高興我們將作為一個團隊共同努力前進。

Turning to iGaming. We held record revenue levels at $70 million, a 21% increase year-over-year, driven by continued momentum in the U.S. market and strength of our original content launches. U.S. revenue was up 25% year-over-year with growth across all states.

轉向 iGaming。在美國市場持續成長動能和原創內容發布力度的推動下，我們的營收維持在 7,000 萬美元的創紀錄水平，年增 21%。美國各州的收入年增 25%。

Internationally, we saw revenue growth across all regions, driven by original content launches in the U.K., the ramp of Ontario and scaling of third-party content across Europe.

在國際上，我們看到所有地區的收入都在成長，這得益於英國原創內容的推出、安大略省的成長以及整個歐洲第三方內容的擴展。

Wagers processed through our open gaming system were $20.2 billion, an increase of 15% compared to the prior year period. AEBITDA increased 25% to a record $25 million in the quarter, primarily driven by our strong revenue growth in all regions, resulting in an AEBITDA margin benefiting from scale while also investing in content and our live casino product.

透過我們的開放遊戲系統處理的賭注為 202 億美元，比去年同期成長 15%。本季AEBITDA 成長25%，達到創紀錄的2500 萬美元，這主要是由於我們在所有地區的強勁收入增長推動的，從而使AEBITDA 利潤率受益於規模，同時還投資於內容和我們的真人娛樂場產品。

As Matt mentioned earlier, we launched our live casino operations in Michigan, reaching a significant market expansion milestone for our iGaming business and expect that business to scale over time. We're in a great place to continue expanding our iGaming business with our leading position, best-in-class aggregation platform and ability to continue to scale with our robust product portfolio.

正如馬特之前提到的，我們在密西根州推出了真人賭場業務，為我們的 iGaming 業務實現了一個重要的市場擴張里程碑，並預計該業務將隨著時間的推移而擴大規模。憑藉我們的領先地位、一流的聚合平台以及透過我們強大的產品組合繼續擴展的能力，我們處於繼續擴展 iGaming 業務的絕佳位置。

Our performance this quarter across all 3 segments reflects the team's commitment to growing the business while maintaining profitability. Over the course of the year, we've implemented and executed several cost optimization initiatives supporting the robust margins you see in the quarter. We are constantly evaluating areas to drive continuous improvement as the business scales. As an example, the supply chain and sourcing initiatives that we previously implemented continue to support the healthy margins you see in our gaming business.

我們本季所有 3 個細分市場的表現反映了團隊在保持獲利能力的同時發展業務的承諾。在這一年中，我們實施並執行了多項成本優化舉措，支持您在本季看到的強勁利潤。我們不斷評估各個領域，以隨著業務規模的擴大推動持續改善。例如，我們先前實施的供應鏈和採購計劃繼續支持您在我們的遊戲業務中看到的健康利潤。

As we continue to refine our R&D engine, it will be guided by a strategic and prudent approach, ensuring optimized output with a rigorous assessment of product-level ROI.

隨著我們不斷完善我們的研發引擎，它將以策略性和審慎的方法為指導，透過對產品級投資回報率的嚴格評估來確保優化產出。

At the corporate level, we strive to deliver further integration and efficiency within the organization.

在公司層面，我們努力在組織內提供進一步的整合和效率。

To update our prior commentary on the legacy litigation costs within corporate, we now expect a modest amount in the fourth quarter with approximately $10 million shifting into 2024. All things considered, we will continue to stay laser-focused on improving processes and driving sustainable long-term profitability through value-enhancing projects.

為了更新我們先前對企業內部遺留訴訟成本的評論，我們現在預計第四季度的金額將不大，大約1000 萬美元將轉移到2024 年。考慮到所有因素，我們將繼續專注於改進流程和推動可持續的長期發展- 透過增值項目實現長期獲利。

In addition to our operational focus, we have a healthy balance sheet and closed the quarter with a strong liquidity profile with approximately $1.8 billion of total available liquidity, including roughly $900 million of cash on our balance sheet prior to closing the SciPlay transaction.

除了我們的營運重點之外，我們還擁有健康的資產負債表，並在本季度結束時擁有強勁的流動性狀況，可用流動性總額約為18 億美元，其中包括在完成SciPlay 交易之前資產負債表上約9 億美元的現金。

Given the interest rate environment, we were able to refinance our $550 million 2025 8.625% note in August and replaced them with a new offering of equal amount priced at 7.5% due 2031, which saw strong oversubscription reflecting our improved credit profile. Our fixed interest cost is expected to decrease by approximately $6 million annually, and the next significant maturity is now 5 years away in 2028.

鑑於利率環境，我們能夠在8 月份對5.5 億美元的2025 年利率為8.625% 的票據進行再融資，並以2031 年到期、定價為7.5% 的等額新發行取代它們，超額認購強勁，反映出我們的信用狀況有所改善。我們的固定利息成本預計每年減少約 600 萬美元，下一個重要到期日距 2028 年還有 5 年。

On to free cash flow where we reported consolidated free cash flow of $123 million in the quarter, primarily due to strong business performance and timing of working capital. While a portion of the conversion strength in the quarter was attributable to favorable timing, we continue to see progress in several cash-related initiatives, including reducing DSOs and expect to improve our annual free cash conversion rate over time.

關於自由現金流，我們報告本季綜合自由現金流為 1.23 億美元，這主要是由於強勁的業務業績和營運資金的時機。雖然本季的部分轉換強度歸因於有利的時機，但我們繼續看到多項與現金相關的舉措取得進展，包括減少 DSO，並預計隨著時間的推移將提高我們的年度自由現金轉換率。

More importantly, you now see the flow-through of our cash generation ability as we move past the strategic and into the execution chapter of Light & Wonder. Generating free cash flow remains one of our key priorities, and we will benefit from our strong growth profile, our solid balance sheet and flow-through of operational efficiency benefits.

更重要的是，當我們越過策略部分並進入 Light & Wonder 的執行部分時，您現在可以看到我們現金產生能力的流動。產生自由現金流仍然是我們的首要任務之一，我們將受益於我們強勁的成長狀況、穩健的資產負債表和營運效率效益的流動。

Turning to capital management. Our philosophy remains the same as we continue to maintain a balanced and opportunistic framework in the context of a healthy balance sheet. We remain committed to our targeted net leverage range of 2.5 to 3.5x ending the quarter at 2.8x.

轉向資本管理。我們的理念保持不變，繼續在健康的資產負債表背景下保持平衡和機會主義的框架。我們仍致力於 2.5 至 3.5 倍的目標淨槓桿範圍，本季結束時為 2.8 倍。

With the close of the SciPlay deal in October, leverage is expected to be impacted by approximately 0.5 turn, still well within our range providing us with flexibility to further advance our capital allocation initiatives.

隨著 10 月 SciPlay 交易的完成，槓桿率預計將受到約 0.5 倍的影響，但仍在我們的範圍內，這為我們提供了進一步推進資本配置計劃的靈活性。

With the completion of the SciPlay transaction, we now have greater access to the cash generated by SciPlay and we'll deploy this capital across the combined organization in the most value accretive way for our shareholders.

隨著 SciPlay 交易的完成，我們現在可以更好地獲得 SciPlay 產生的現金，我們將以為股東帶來最大價值增值的方式在合併後的組織中部署這些資本。

We will continue to monitor the interest rate environment and look for opportunities to further optimize our capital structure. We've returned substantial capital to the shareholders with our 3-year $750 million share repurchase authorization and have executed approximately 73% of the stock repurchase program in just 17 months through Q3.

我們將持續關注利率環境，尋找進一步優化資本結構的機會。我們透過 3 年期 7.5 億美元的股票回購授權向股東返還了大量資本，並在截至第三季的短短 17 個月內執行了約 73% 的股票回購計畫。

Share repurchases were $112 million in the quarter, as we continue to be opportunistic while weighing value dislocations in the market against other initiatives. Importantly, we will continue to invest diligently, leveraging our core capabilities to enhance long-term growth and bolster our leadership positions. As we invest, we are committed to driving high ROI to enhance shareholder value. We will remain disciplined and scale investments only to the extent they exceed our return thresholds.

本季的股票回購金額為 1.12 億美元，因為我們在權衡市場價值錯位與其他措施的同時繼續保持機會主義。重要的是，我們將繼續勤奮投資，利用我們的核心能力來促進長期成長並鞏固我們的領導地位。在我們投資時，我們致力於提高投資報酬率，以提高股東價值。我們將保持紀律，僅在投資超出我們的回報門檻時擴大投資規模。

Light & Wonder is well positioned with a solid financial profile and capital structure, enabling us to navigate through the current environment and our growth trajectory, providing us with flexibility to invest as we execute toward our strategic and financial goals.

Light & Wonder 處於有利地位，擁有堅實的財務狀況和資本結構，使我們能夠應對當前的環境和成長軌跡，為我們在執行策略和財務目標時提供投資的靈活性。

At this time, I would like to open the call to the Q&A session. Operator?

這時，我想打開問答環節。操作員？

Absolutely. (Operator Instructions) Our first slide -- our first question comes from the line of Chad Beynon with Macquarie.

絕對地。 （操作員說明）我們的第一張投影片－我們的第一個問題來自 Chad Beynon 與 Macquarie 的對話。

Matt, Oliver, thanks for all the comments. So looking on a trailing 12-month basis, you've now generated a little bit under $1.1 billion of EBITDA. So as we think about kind of the path or the milestones to get to the $1.4 billion in 2025, so that's about $300 million or about 30%.

馬特、奧利佛，感謝您的所有評論。因此，從過去 12 個月的情況來看，您現在的 EBITDA 略低於 11 億美元。因此，當我們考慮到 2025 年達到 14 億美元的路徑或里程碑時，這大約是 3 億美元，即 30% 左右。

Can you talk about if you're still on track for that, what is going ahead of expectations, behind expectations? And then more importantly, as we kind of look over the 12-month period, if the growth should be linear or if a lot of the extra growth will come in '25?

您能否談談您是否仍在朝著這個目標前進，哪些事情超出了預期，哪些落後於預期？更重要的是，當我們回顧 12 個月期間時，成長是否應該是線性的，或者大量額外成長是否會在 25 年出現？

Chad, thanks for being with us. From the outset, any Light & Wonder creators listening on the line, congratulations on what is an exceptional quarter, well done. Congratulations.

查德，謝謝你和我們在一起。從一開始，所有在線收聽的《光與奇蹟》創作者都祝賀這是一個出色的季度，幹得好。恭喜。

Yes, I think on the $1.4 billion target. It's really one quarter at a time. When we put those in May of '22, we needed 15% CAGR to get us to the $1.4 billion. We've delivered 22% growth this quarter. We've delivered 26% growth year-to-date. So clearly, we're trending above the target line. We needed 15%. I think from where we're right now, we need about 12% CAGR to get us to the $1.4 billion.

是的，我認為是 14 億美元的目標。確實是一次四分之一。當我們把這些放在 22 年 5 月時，我們需要 15% 的複合年增長率才能達到 14 億美元。本季度我們實現了 22% 的成長。今年迄今為止，我們實現了 26% 的成長。很明顯，我們的趨勢高於目標線。我們需要 15%。我認為從我們目前的情況來看，我們需要大約 12% 的複合年增長率才能達到 14 億美元。

So, feel very encouraged about the direction of travel. We've just refreshed our long-range plan, and we're still on track to deliver on that $1.4 billion target. We've also built a cost optimization program into our plans as a mitigant against any potential headwinds. But yes, we're trending above the target line at the moment, and we're on a path to deliver the $1.4 billion, and we feel highly convicted. But Oliver, anything you want to add to that?

所以，對旅行的方向感到非常鼓舞。我們剛剛更新了長期計劃，並且仍有望實現 14 億美元的目標。我們還在計劃中製定了成本優化計劃，以緩解任何潛在的不利因素。但是，是的，我們目前的趨勢正在高於目標線，並且我們正在交付 14 億美元的道路上，我們感到非常有罪。但是奧利佛，你還有什麼要補充的嗎？

Yes, Matt, as you mentioned, we've got incredible momentum in the business right now. In fact, we just posted our fourth consecutive quarter of year-over-year revenue growth across all 3 business units, which gives us a lot of confidence.

是的，馬特，正如您所提到的，我們現在的業務發展勢頭令人難以置信。事實上，我們剛剛公佈了所有 3 個業務部門連續第四個季度的營收年增，這給了我們很大的信心。

In gaming, for us to achieve our commitments, we really need 3 things: one, modest share gains in our core Class III business, so that's across both game sales and gaming operations. The second is proliferation and adjacencies. So we've talked about markets like VLT, Georgia COAM, HHR and Class II. And then three is really continued investments in our R&D engine with a focus on talent, which should drive share gains for us over time.

在遊戲領域，為了實現我們的承諾，我們確實需要三件事：第一，在我們的核心第三類業務中獲得適度的份額增長，這涉及遊戲銷售和遊戲運營。第二是擴散和鄰接。我們討論了 VLT、Georgia COAM、HHR 和 Class II 等市場。第三是對我們研發引擎的持續投資，重點是人才，這應該會隨著時間的推移為我們帶來份額成長。

From a SciPlay perspective, we continue to drive record revenues and grow share, where we landed at over 10% share according to Eilers in Q3 and we'll also continue to scale ARPDAU like we've done over the last couple of years. We also made significant UA investments and we'll continue to do so efficiently and effectively while also still seeing stability in our player base and we continue to lead the market in player retention.

從 SciPlay 的角度來看，我們繼續推動創紀錄的收入和成長份額，根據 Eilers 的數據，我們在第三季度的份額達到了 10% 以上，我們還將像過去幾年那樣繼續擴大 ARPDAU。我們也進行了大量的用戶獲取投資，我們將繼續有效率、有效地進行投資，同時我們的玩家基礎仍然穩定，並且我們在玩家保留方面繼續領先市場。

From an iGaming perspective, expanding our content offering through our core business and then scaling our product portfolio over time will drive sustainable growth into the future. And on top of all that business execution that we just mentioned, to Matt's point, we continue to post healthy margins in the quarter and have opportunities to expand that over time as we continue to be laser-focused on our margin-enhancement initiatives.

從 iGaming 的角度來看，透過我們的核心業務擴大我們的內容供應，然後隨著時間的推移擴大我們的產品組合將推動未來的永續成長。除了我們剛才提到的所有業務執行之外，就馬特而言，我們在本季度繼續保持健康的利潤率，並且隨著我們繼續專注於提高利潤率計劃，我們有機會隨著時間的推移擴大利潤率。

So the long and short of it, our momentum and the performance in this quarter and really year-to-date that we've seen really gives us confidence in our ability to capture the opportunities we see ahead, but also deliver on the $1.4 billion commitment.

因此，無論長短，我們在本季度以及今年迄今所看到的動力和表現確實讓我們對抓住未來機會的能力充滿信心，同時也實現了 14 億美元的目標承諾。

The next question comes from the line of Barry Jonas with Truist.

下一個問題來自巴里·喬納斯和 Truist 的台詞。

I wanted to ask about gaming specifically visibility. We're starting to hear operators talk about macro softness, I'd say at least for parts of their player base. So with that, are you seeing any of this today in game ops or as you hear about CapEx budgets for next year?

我想問一下遊戲的具體可見性。我們開始聽到電信商談論宏觀疲軟，我想說至少是針對他們的部分玩家群。那麼，您今天在遊戲營運或聽到明年的資本支出預算時是否看到了這些？

Yes. Thanks, Barry. I think we live with a healthy level of paranoia as everyone in the industry does, and we look daily at the metrics that point to any macro softness. But from our vantage point, on balance, I think the industry is proving to be very resilient. We've got a number of different windows into consumer behaviors. I think if you look at RPDs in premium gaming ops as an example, they're up year-on-year, they're up sequentially. I think if you look at SciPlay's monetization, which is really kind of a manifestation of consumers' willingness to pay, again, up year-on-year, up sequentially, I think, in iGaming. Domestically, you're seeing kind of market growth in the mid-20s in a lot of these kind of newer markets.

是的。謝謝，巴里。我認為，正如業內每個人一樣，我們生活在一種健康的偏執狀態中，我們每天都會專注於指向任何宏觀疲軟的指標。但從我們的角度來看，總的來說，我認為這個行業被證明是非常有彈性的。我們有許多不同的窗口來了解消費者的行為。我認為，如果您以高級遊戲營運中的 RPD 為例，它們會逐年上升，並且連續上升。我認為，如果你看看 SciPlay 的貨幣化，這確實是消費者支付意願的體現，我認為，在 iGaming 中，消費者的支付意願再次逐年上升，連續上升。在國內，你會看到許多這類新市場在 1920 年代中期出現了市場成長。

So yes, we keep looking for the recession that's supposed to be coming. We've been waiting for 2 years for it. It hasn't arrived yet. We always say to use a gaming parlance play the hand that you dealt, not the hand that's in the shoe. And at the moment, we see very healthy signs of growth and lots of things that are within our control. Building better games is the antidote to any macro softness, and that's where we put a lot of our effort and energy.

所以，是的，我們一直在尋找即將到來的經濟衰退。我們已經等了2年了。還沒到。我們總是說用遊戲術語來說，玩你發的牌，而不是牌盒裡的牌。目前，我們看到了非常健康的成長跡象，並且許多事情都在我們的控制範圍內。打造更好的遊戲是解決宏觀問題的良藥，這也是我們投入大量精力和精力的地方。

I think importantly, we've got good visibility into the pipeline. We see a solid pipeline for Q4 and beyond. So again, I think prior with -- or consistent with the prior quarters, from our vantage point, the industry still looks very healthy on balance.

我認為重要的是，我們對管道有很好的了解。我們看到第四季及以後的管道很穩固。因此，我再次認為，從我們的角度來看，在之前或與前幾季一致的情況下，該行業總體上看起來仍然非常健康。

Yes. Just one thing to build on your point, Matt, is we do continue to see encouraging data points with our coin in trends. So that's really backed by our high-performing titles such as Monsters - Frankenstein, Journey to the Planet Moolah or even UFL franchises. So we are encouraged by the trends that we're seeing not only in our performance, but to Matt's point, the healthy GGR levels and the resilient gaming consumer overall. So, we'll continue to monitor this closely, while to Matt's point, what we do best, which is providing great products, services and experiences to our customers.

是的。馬特，基於您的觀點的一件事是，我們確實繼續在趨勢中看到令人鼓舞的數據點。因此，這得到了我們的高效能遊戲的支持，例如 Monsters - Frankenstein、Journey to the Planet Moolah 甚至 UFL 系列。因此，我們不僅對我們的業績趨勢感到鼓舞，而且就 Matt 的觀點而言，健康的 GGR 水平和整體遊戲消費者的彈性也讓我們感到鼓舞。因此，我們將繼續密切關注這一點，而就馬特而言，我們最擅長的是為我們的客戶提供出色的產品、服務和體驗。

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

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

Maybe just following up on that, curious conversations how they compare to G2E this year as people are thinking about current spend, next year spend. But also in the context of Squid Games was the big unveil.

也許只是跟進這一點，好奇的對話如何與今年的 G2E 進行比較，因為人們正在考慮當前的支出和明年的支出。但也是在 Squid Games 的背景下，這次盛大的揭曉也隨之而來。

Curious how you think about that game. I guess, historically, there's been pretty quick turnover from FAD type content and so curious what Ted and you guys see in this game specifically that has you excited and what you're hearing from potential buyers of the game and putting it on the floor?

好奇你如何看待這款遊戲。我想，從歷史上看，FAD 類型的內容更新率相當快，所以很好奇Ted 和你們在這款遊戲中具體看到了什麼讓您興奮的內容，以及您從遊戲的潛在買家那裡聽到了什麼並將其放在地板上？

Yes. Great question. I think from the outset, I'll say G2E was very well attended this year, which again, I think, points to the resiliency of the industry. People are more interested in what's coming in terms of product than they've ever been.

是的。很好的問題。我認為從一開始，我就會說今年 G2E 的參與人數非常多，我認為這再次表明了該行業的彈性。人們比以往任何時候都對產品的未來更感興趣。

I think what we showed at G2E was a really focused portfolio, focused around brands and franchises that are really targeted at growing that core player. So it's really about bringing these brands that we have in the portfolio back to life coupled with, yes, some interesting investments in IP like Squid Game.

我認為我們在 G2E 上展示的是一個真正專注的產品組合，專注於真正旨在發展核心參與者的品牌和特許經營權。所以，這其實是為了讓我們投資組合中的這些品牌重新煥發活力，再加上一些有趣的 IP 投資，像是《Squid Game》。

So yes, I think that was a big unveil. It's something different. I think what consumers or customers told us about that specific brand. I think the thing that drew us to that brand was the gamification elements to the show itself. It just lends itself to building a great slot product.

所以，是的，我認為這是一個重大的揭曉。這是不同的東西。我認為消費者或客戶告訴我們有關該特定品牌的資訊。我認為吸引我們加入該品牌的是節目本身的遊戲化元素。它恰好有助於建造出色的老虎機產品。

So yes, I mean, Ted has a history of bringing these types of brands to market. He built a product called The Walking Dead in a prior life, which was a GGB Game of the Year, a very successful game has similar characteristics in terms of the type of brand.

所以，是的，我的意思是，泰德有將這些類型的品牌推向市場的歷史。他前世做了一款產品，叫《陰屍路》，是GGB年度遊戲，非常成功的遊戲，在品牌類型上也有類似的特色。

So yes, I think what you're seeing from us is a portfolio of games at target, different players, different brands, different franchises. We want to be a player in all of those segments.

所以，是的，我認為您從我們這裡看到的是 Target 的遊戲組合，不同的玩家、不同的品牌、不同的特許經營權。我們希望成為所有這些領域的參與者。

I think one really positive sign for our showing at G2E. Todd Eilers had a virtual roundtable the week after G2E and asked the panel of 3 who was the best in show and 2 out of 3 panelists chose Light & Wonder as the best in show. I think (inaudible) said it's 2 out of 3 ain't bad. So we're pretty happy with that output, really a reflection of operators seeing the momentum in Light & Wonder the things that we're building.

我認為我們在 G2E 上的表現有一個非常積極的跡象。 Todd Eilers 在 G2E 後一周舉行了一次虛擬圓桌會議，詢問 3 名小組成員誰是展會上最好的，三分之二的小組成員選擇 Light & Wonder 作為展會上最好的。我認為（聽不清楚）說三分之二還不錯。所以我們對這個輸出非常滿意，這實際上反映了運營商看到了我們正在構建的 Light & Wonder 的勢頭。

The next question comes from the line of Andrew Tam with Redburn Atlantic.

下一個問題來自 Redburn Atlantic 的 Andrew Tam。

So the question is mainly on SciPlay. I was just wondering, just given the internalization, can you talk through just in a bit of detail on some of the benefits that internalization will have? I think you mentioned just access to the cash and capital allocation. But in terms of collaboration. And then is there anything material to call out from a cost synergies perspective, corporate cost savings that we should be aware of as well?

所以問題主要是關於SciPlay。我只是想知道，鑑於內部化，您能否詳細談談內部化將帶來的一些好處？我想你提到的只是獲得現金和資本配置的機會。但在合作方面。那麼，從成本綜效的角度來看，有什麼值得我們注意的重要內容，也就是企業成本節約嗎？

Yes. Great question. I think you've teased out kind of the 3 critical areas where we should focus this question around. I'll say first and foremost, the operating momentum in SciPlay has never been stronger, another record for them, it's amazing. They're the fastest-growing social casino business in the industry. And so Josh and the whole SciPlay team, you should feel very encouraged about the performance this quarter.

是的。很好的問題。我認為您已經梳理出了我們應該重點關注這個問題的 3 個關鍵領域。我首先要說的是，SciPlay 的營運勢頭從未如此強勁，他們又創造了一項紀錄，這真是太棒了。他們是業界成長最快的社交賭場企業。因此，Josh 和整個 SciPlay 團隊，您應該對本季的表現感到非常鼓舞。

So yes, our top 4 games in SciPlay also set records. That's really been underpinned by the investments we've made in the SciPlay engine and kind of targeted UA. So yes, the reintegration is going really well. It's gone as well as we could have expected. It feels like they never left. So yes, it's gone very seamlessly. So thanks to the entire SciPlay team.

是的，我們的 SciPlay 前 4 名的遊戲也創下了紀錄。這確實得到了我們在 SciPlay 引擎和有針對性的 UA 方面的投資的支持。所以，是的，重返社會進展得非常順利。正如我們所期望的那樣，它已經消失了。感覺他們從來沒有離開過。所以是的，一切都非常順利。感謝整個 SciPlay 團隊。

Yes, I think there are those 3 elements that you touched on. Oliver might dig into some of the details around the cost. But I think from the collaboration standpoint, this is one of the key drivers that really led us down this strategic initiative about reintegrating SciPlay in totality. It's unlocking the full potential of the B2C business in the broader context of R&D. It allows us to be a lot more precise with A/B testing, social surveying.

是的，我認為您提到了這三個要素。奧利佛可能會深入研究一些有關成本的細節。但我認為從合作的角度來看，這是真正引導我們實施全面重新整合 SciPlay 策略措施的關鍵驅動因素之一。它在更廣泛的研發背景下釋放了 B2C 業務的全部潛力。它使我們能夠更精確地進行 A/B 測試、社會調查。

So yes, it's really about bringing them back in so we can fully unlock that. I guess one thing we can point to as a demonstration of that we had our best games workshop this week in Florida, where we had all of our designers from SciPlay, from iGaming and from the land-based gaming team working together to dream up the next wave of great industry-leading content.

所以，是的，這確實是為了讓他們回來，這樣我們就可以完全解鎖它。我想我們可以指出一件事來證明我們本週在佛羅裡達州舉辦了最好的遊戲研討會，在那裡我們有來自 SciPlay、iGaming 和陸地遊戲團隊的所有設計師一起工作，共同構思出下一波業界領先的精彩內容。

And I think this business now is Light & Wonder kind of lives and breathes up the quality of the content, but the entire ecosystem does better when we build better games. So really starting to see the collaboration coming to fruition.

我認為現在這個業務就像 Light & Wonder 一樣充滿活力，並提高了內容的質量，但是當我們開發更好的遊戲時，整個生態系統會做得更好。因此，我們真正開始看到合作取得成果。

Yes. And just at a high level, over the next 12 months, we will realize some corporate cost synergies, and it's going to be primarily around the duplicative public company costs.

是的。就高水準而言，在未來 12 個月內，我們將實現一些企業成本協同效應，而這將主要圍繞重複的上市公司成本。

But, more importantly, I think you hit it, is it gives us access to the cash on SciPlay's balance sheet. And couple that with just a highly cash-generative business that they have, we'll be able to then fuel other strategic initiatives over time. So yes, we feel great about SciPlay's ability to grow long term, and we're going to continue to invest in our core capabilities. And yes, we're thrilled to have them back home with Light & Wonder.

但更重要的是，我認為你做到了，它讓​​我們能夠獲得 SciPlay 資產負債表上的現金。再加上他們擁有的高現金產出業務，隨著時間的推移，我們將能夠推動其他策略舉措。所以，是的，我們對 SciPlay 的長期發展能力感到非常滿意，我們將繼續投資我們的核心能力。是的，我們很高興他們能與光與奇蹟一起回家。

The next question comes from the line of Joe Stauff with Susquehanna.

下一個問題來自喬·斯托夫 (Joe Stauff) 與薩斯奎哈納 (Susquehanna) 的對話。

I wanted to ask about kind of the status of the North American game ops turnaround. Matt, I think you had some commentary saying that in terms of, say, the mix, the switch out, whatever the right terminology is to kind of get the right balance of premium into the installed base is coming to an end that you'll be there in the near term.

我想問北美遊戲營運週轉的狀況。馬特，我想你有一些評論說，就混合、轉換而言，無論什麼正確的術語是什麼，為了在安裝基礎上獲得適當的溢價平衡，你將結束短期內會在那裡。

I guess what I wanted to ask is what's the right way possibly to think about upside for the revenue per day unit. What can that get to? It's kind of tough to estimate. But I was wondering like how much, say, pricing power as -- again, as you sort of hit that inflection point and what it could mean for the revenue per day?

我想我想問的是考慮每日收入單位的上升空間的正確方法是什麼。那能達到什麼目的呢？有點難以估計。但我想知道，比如說，當你達到這個轉折點時，定價能力有多大，這對每天的收入意味著什麼？

Yes. Great question. There's a few things to unpack there. I think if you think about our gaming ops installed base at the most macro level, there's the U.S. business and then there's the international business. So then if you double-click on the U.S. business specifically, there's kind of 2 component parts of that. There's the premium gaming ops installed base, which is the largest profit pool in the gaming industry anywhere in the world. And then you have these public markets, which is really the New York lottery market, the Delaware lottery market.

是的。很好的問題。那裡有一些東西需要打開。我認為，如果你從最宏觀的層面考慮我們的遊戲營運安裝基礎，那就是美國業務，然後是國際業務。因此，如果您專門雙擊美國業務，您會發現其中有兩個組成部分。這裡有優質的遊戲營運安裝基礎，這是世界上遊戲產業最大的利潤池。然後還有這些公共市場，這其實是紐約彩券市場、德拉瓦州彩券市場。

So in the public markets, there has been a shift, there's been some new entrants that entered that market. So we've naturally had some of the installed base eroded. We knew about that. It was a moment in time when via RFP some allotment was awarded. So that's all factored into our long-range plan.

因此，在公開市場上，發生了轉變，有一些新進入者進入了該市場。因此，我們自然會侵蝕一些安裝基礎。我們知道這一點。正是在這個時刻，透過 RFP 授予了一些撥款。因此，這一切都已納入我們的長期計劃中。

I guess the biggest thing we're most excited about is our premium gaming operations installed base. We've grown it for 13 consecutive quarters in a row now. We just had a nice little pickup in Q3 in terms of net adds.

我想我們最興奮的是我們的優質遊戲營運安裝基礎。我們現在已經連續 13 個季度實現成長。我們在第三季的淨增量方面剛剛有了一個不錯的小幅回升。

So I think the economics that drive that premium gaming operations business are 2 things, adding more premium units into the installed base in great locations and then driving RPDs through great locations, but also better games. And I think you're seeing sequentially those RPDs up, you're seeing it year-over-year, those RPDs are up.

因此，我認為推動優質遊戲營運業務的經濟因素有兩點：在絕佳地點的安裝基礎上增加更多優質遊戲單位，然後透過絕佳地點推動 RPD，同時也帶來更好的遊戲。我認為你會看到這些 RPD 連續上升，你會看到這些 RPD 逐年上升。

So yes, we think we can continue to add more and more games over the coming quarters. And as we introduce better games, the yield should go up as well. So it's a powerful combination driving that business. I know it's in some ways distorted in the numbers because we kind of roll these things up collectively. But underlying that premium gaming of installed base and business at large is a lot of operating momentum. So we're feeling good about that.

所以，是的，我們認為我們可以在未來幾季繼續添加越來越多的遊戲。當我們推出更好的遊戲時，產量也應該會上升。因此，這是推動該業務發展的強大組合。我知道數字在某種程度上是扭曲的，因為我們把這些東西匯總在一起。但優質遊戲的安裝基礎和整個業務的背後是巨大的營運動力。所以我們對此感覺良好。

Yes. And we also -- we continue to optimize our installed base globally. So as we fine-tune our legacy fleet, driving longevity on the floor for some of these units, that will scale ROI for us in the long term. So to your point, in North America, we do expect the public gaming removals to wind down here in the fourth quarter. And then internationally, we did have the removals in both Europe and Latin America. The Lat Am removals relates to really one specific customer of approximately 2,000 units, and we expect the European removals to also wind down here in the coming months.

是的。我們也繼續優化我們的全球安裝基礎。因此，當我們微調我們的舊機隊，延長其中一些設備的使用壽命時，從長遠來看，這將擴大我們的投資回報。因此，就您的觀點而言，在北美，我們確實預計公共遊戲的移除將在第四季度結束。然後在國際上，我們確實在歐洲和拉丁美洲進行了拆除。拉丁美洲的拆除實際上涉及大約 2,000 台的一個特定客戶，我們預計歐洲的拆除也將在未來幾個月內逐漸結束。

So moving forward, we do expect to grow share and our RPDs in part due to just the continued success of our great titles and content. So Frankenstein from Studio X is an example. But we're definitely not going to stop there, and we're going to continue to capitalize just on the franchise extensions and new IPs such as Squid Game as well as new cabinets like Horizon, which received really strong interest at G2E. So over all, we've made some really great progress in optimizing our installed base and we view our increased investment in R&D and talent as an opportunity for us to go really on the offensive from a gaming operations perspective.

因此，展望未來，我們確實希望份額和 RPD 能夠成長，部分原因在於我們出色的遊戲和內容的持續成功。 Studio X 的科學怪人就是一個例子。但我們絕對不會就此止步，我們將繼續利用特許經營權擴展和新 IP（例如 Squid Game）以及新櫥櫃（例如 Horizo​​​​n），後者在 G2E 上受到了濃厚的興趣。總的來說，我們在優化我們的安裝基礎方面取得了一些真正的巨大進步，我們認為我們在研發和人才方面增加的投資是我們從遊戲營運角度真正發動攻擊的機會。

The next question comes from the line of Jeff Stantial with Stifel.

下一個問題來自 Jeff Stantial 和 Stifel 的對話。

Starting off here, I wanted to hit on free cash flow conversion. It looks like headline was about 43% during the quarter, closer to 37% if you strip out the impact of working capital, long-term targets for 2025, if I recall correctly, were 45%. So you do seem to be approaching that target quite rapidly. And I guess my question is, has anything changed incrementally that impacts those prior free cash flow conversion targets, whether positively or negatively, or should we continue to expect to see kind of low to mid-40% type levels from here on out as 2025 approaches?

從這裡開始，我想探討自由現金流轉換。看起來本季的整體成長率約為 43%，如果剔除營運資本的影響，則接近 37%，如果我沒記錯的話，2025 年的長期目標是 45%。所以你看起來確實很快就接近這個目標了。我想我的問題是，是否有任何增量變化會影響之前的自由現金流轉換目標（無論是正面還是負面），或者我們是否應該繼續期望從現在到2025 年看到40% 的低至中水平水平方法？

Yes. Thank you for that question. I mean, listen, we delivered incredible results in the quarter. To your point, you called out there, our Q3 free cash flow conversion rate was strong, very strong at 43%, and that yielded $23 million in free cash flow. The team did a tremendous job in managing DSO in gaming and iGaming businesses. In addition, we did have some timing benefits related to working capital more broadly. That said, this will continue to be a focus of ours going forward.

是的。謝謝你提出這個問題。我的意思是，聽著，我們在本季取得了令人難以置信的業績。就您的觀點而言，您在那裡指出，我們第三季度的自由現金流轉換率很高，達到 43%，這產生了 2300 萬美元的自由現金流。團隊在管理遊戲和 iGaming 業務的 DSO 方面做得非常出色。此外，我們確實有一些與更廣泛的營運資本相關的時機優勢。也就是說，這將繼續成為我們未來的重點。

Now that we've moved past our strategic transactions and we are executing here in Q4, we do expect the free cash flow conversion to trend over 30% here, and then we'll scale that over time. There is no doubt that generating free cash flow absolutely remains one of our key priorities. And listen, we're just firm believers that free cash flow is one of the key drivers of shareholder value. So we'll continue to benefit from our strong growth profile and then solid balance sheet, but also the flow-through of any operational efficiency benefits that we see.

現在我們已經完成了戰略交易，並且正在第四季度執行，我們確實預計這裡的自由現金流轉換趨勢將超過 30%，然後我們將隨著時間的推移擴大這一規模。毫無疑問，產生自由現金流絕對仍是我們的首要任務之一。聽著，我們堅信自由現金流是股東價值的關鍵驅動因素之一。因此，我們將繼續受益於我們強勁的成長狀況和穩健的資產負債表，以及我們看到的任何營運效率優勢的流動。

Yes, I think you said that well. I won't miss the chance to give the team another plug. But if you look at these results, it's growth, it's margin expansion, and you see it flowing through to free cash flow. So I mean, they were some of the highlights of this quarter, both the margins and the cash flow.

是的，我認為你說得很好。我不會錯過為球隊提供另一次機會的機會。但如果你看看這些結果，你會發現它是成長，是利潤率擴張，你會看到它流向自由現金流。所以我的意思是，它們是本季的一些亮點，無論是利潤率還是現金流。

That's great. And if I could just squeeze in one more question in for you, Matt. So live dealer launch, now that you've gotten that off the ground, had a little bit of time to wrap your head around it, any kind of insights, anything that caught you by surprise, whether on the technology, or kind of otherwise at that as that product continues to ramp?

那太棒了。如果我能再問你一個問題，馬特。所以，現場荷官發布，現在你已經開始了，有一點時間來思考它，任何類型的見解，任何讓你驚訝的東西，無論是技術方面還是其他方面隨著該產品繼續增長？

And then can you just kind of walk us through how you see the ramp progressing, bringing more customers in, kind of getting higher and higher GGR share for your games? Just any sort of thoughts on the phasing of the ramp would help as well.

然後您能否向我們介紹一下您如何看待業務成長的進展、如何吸引更多的客戶以及您的遊戲的 GGR 份額越來越高？關於坡道分階段的任何想法也會有所幫助。

Yes, I think it's a very exciting segment. We know it's going to get to 30% of the iGaming TAM over time. So this is a multiyear opportunity for us. It's a segment that we belong in. If you think about the Shuffle Master IP, the things that we can bring to this sector, our -- yes, our ability to execute in that space. So yes, we're just in the very, very early innings, so we're excited about the future, but it will take time to ramp.

是的，我認為這是一個非常令人興奮的部分。我們知道隨著時間的推移，iGaming TAM 的比例將達到 30%。所以這對我們來說是一個多年的機會。這是我們所屬的一個細分市場。如果你考慮一下 Shuffle Master IP，我們可以為這個領域帶來什麼，我們——是的，我們在該領域的執行能力。所以，是的，我們還處於非常非常早期的階段，所以我們對未來感到興奮，但需要時間來提升。

I think the thing that probably surprised us most was the time line to get compliance in this first state. I think when regulators look at anyone doing anything for the first time, it takes a little longer than you anticipate to get full approval, but we have that now.

我認為最讓我們驚訝的可能是在第一個狀態下獲得合規的時間線。我認為，當監管機構第一次審查任何人做某事時，獲得完全批准所需的時間比您預期的要長一些，但我們現在已經做到了。

And so I think the fact that we're live in the U.S., that gives us confidence that we can move into other states over time. We want to do it in a very capital efficient way. So we're not in a huge hurry to accelerate our plans. We want to get Michigan up and running at scale before we move into other markets. But yes, like I said, it's a multiyear plan, but we're comfortable with where we're at and the opportunity that's in front of us.

所以我認為我們生活在美國這一事實讓我們有信心隨著時間的推移我們可以搬到其他州。我們希望以一種非常資本有效的方式來做到這一點。因此，我們並不急於加快我們的計劃。我們希望在進入其他市場之前先在密西根州建立並大規模運作。但是，是的，就像我說的，這是一個多年計劃，但我們對我們所處的位置和擺在我們面前的機會感到滿意。

The next question comes from the line of David Katz with Jefferies.

下一個問題來自大衛·卡茨和傑弗里斯的對話。

I wanted to just go back over capital allocation and the different alternatives. Obviously, the buybacks are important on an ongoing basis. There's been some tuck-in activity periodically. What can we expect and how do you think about the boundaries looking forward in terms of how you might allocate choices?

我想回顧一下資本配置和不同的選擇。顯然，回購在持續的基礎上很重要。定期會有一些折騰活動。我們可以期待什麼？您如何看待未來分配選擇的界線？

Yes. I'll let Oliver kind of walk through the waterfall of priority for us. I know coming out of the G2E show, there was a lot of industry discussion about potential consolidation. I just -- from the outset, I'll say M&A is interesting for us but probably falls lower on the priority list. We've just done a huge amount of work to divest some pretty large-scale assets to focus the platform to reduce complexity, so we wouldn't be in a huge hurry to do a big piece of M&A that would throw more complexity back into the platform.

是的。我會讓奧利佛為我們走過優先權的瀑布。我知道 G2E 展會結束後，業界對潛在的整合進行了許多討論。我只是——從一開始，我會說併購對我們來說很有趣，但可能在優先列表中排名較低。我們剛剛做了大量的工作來剝離一些相當大規模的資產，以集中平台來降低複雜性，因此我們不會急於進行大規模的併購，這會導致更多的複雜性重新回歸該平台。

For us, it's really about executing against the vision now. So if we saw some tuck-in opportunities that help accelerate our vision, help propel us towards this cross-platform vision that we have, then we'd absolutely do it. But I think M&A falls lower in our prior waterfall.

對我們來說，現在真正重要的是執行願景。因此，如果我們看到一些有助於加速我們的願景、幫助推動我們實現跨平台願景的機會，那麼我們絕對會這麼做。但我認為併購在我們之前的瀑布中下降得較低。

Hi, David. So yes, I mean, listen, our capital management strategy, broadly speaking, really remains intact. The SciPlay transaction was a significant milestone for us as a business. And we continue to see the benefit of our strong balance sheet. It really does position us well to take on value-accretive opportunities as they arise.

嗨，大衛。所以，是的，我的意思是，聽著，從廣義上講，我們的資本管理策略確實保持不變。 SciPlay 交易對我們企業來說是一個重要的里程碑。我們繼續看到強勁的資產負債表帶來的好處。這確實使我們處於有利地位，可以在出現增值機會時抓住它們。

In terms of leverage, we are comfortably within our targeted range of 2.5 and 3.5x even after an approximate 0.5 turn increase from funding the SciPlay transaction.

就槓桿而言，即使在 SciPlay 交易融資增加了約 0.5 倍之後，我們仍然輕鬆地處於 2.5 至 3.5 倍的目標範圍內。

We continued to be active in the share repurchase program through Q3. And you saw us take advantage of what we think is an important value creation opportunity, and we repurchased $112 million worth of shares in the quarter. But given that uptick in leverage from a -- from the SciPlay transaction, you may see us a bit more conservative in the near term with the share repurchase program. But make no mistake about it, long term, we feel this is absolutely a significant value creation opportunity for us.

我們在第三季繼續積極參與股票回購計畫。您看到我們利用了我們認為重要的價值創造機會，並在本季回購了價值 1.12 億美元的股票。但考慮到 SciPlay 交易槓桿率的上升，你可能會發現我們在短期內對股票回購計畫會更加保守。但毫無疑問，從長遠來看，我們認為這對我們來說絕對是一個重要的價值創造機會。

So moving forward, we will continue to advance our other capital allocation priorities in a very disciplined manner. So you'll see as we see business continue to grow, this creates additional capacity for further investments in R&D, talent, CapEx, which we believe will provide excellent returns for us down the road.

因此，展望未來，我們將繼續以非常嚴格的方式推進其他資本配置優先事項。因此，您會看到，隨著我們看到業務持續成長，這為研發、人才、資本支出的進一步投資創造了額外的能力，我們相信這將為我們帶來豐厚的回報。

And then after investing in these organic opportunities in the context of a healthy balance sheet, we will then deploy any excess capital that we have in the most a value-creating way for our shareholders, whether that's the share repurchase program I mentioned earlier, additional debt reduction or just disciplined accretive M&A.

然後，在健康的資產負債表的背景下投資這些有機機會後，我們將以最能為股東創造價值的方式部署我們擁有的任何多餘資本，無論是我之前提到的股票回購計劃，還是其他債務削減或只是有紀律的增值併購。

So we have significant optionality just given where we are from a cash flow perspective and balance sheet point of view. So yes, we are well positioned to drive sustainable growth into the future.

因此，從現金流的角度和資產負債表的角度來看，我們有很大的選擇空間。所以，是的，我們有能力推動未來的永續成長。

The next question comes from the line of Paul Mason with E&P.

下一個問題來自 E&P 的 Paul Mason。

Great results. This is on Australia. I just wanted to ask a bit about like the performance they've had a couple of quarters in row where you're doing really, really well. And I could like I wanted to ask like how much do you think is that attributable to sort of the actions you guys have taken versus competitive environment or specifically like Dragon Train, which obviously you've said has been doing really well out the gates. Like how would you sort of decompose the performance there?

很好的結果。這是在澳洲。我只是想問他們連續幾個季度的表現，你們做得非常非常好。我想問一下，您認為這在多大程度上歸因於您在競爭環境中採取的行動，或者特別是像《龍之列車》這樣的行動，顯然您說過，它在大門外表現得非常好。例如你會如何分解那裡的表演？

I'm glad you asked this question, Paul. Yes. I think like all markets, Australia, the gaming market is very Darwinistic. They buy -- operators buy the best games. And so -- over the last few quarters, we've been able to put out some really credible titles in the Australian market, I think the latest of which was Dragon Train, we showed you that at the AG show in August.

我很高興你問這個問題，保羅。是的。我認為像所有市場一樣，澳洲的遊戲市場非常達爾文主義。他們購買——運營商購買最好的遊戲。因此，在過去的幾個季度中，我們已經能夠在澳洲市場上推出一些真正可信的遊戲，我認為最新的一個是《龍列車》，我們在8 月的AG 展會上向您展示了這一點。

And while we like our chances with that product, given the caliber of talent that was building it and the way the game was designed, you never really know until you get the players to vote with their dollars, and they are voting with their dollars in a pretty profound way. We have the top 4 games in New South Wales and the top 4 games in Queensland, the 2 markets that we're live in. We've just got approval in Victoria.

雖然我們喜歡該產品的機會，但考慮到構建該產品的人才素質以及遊戲的設計方式，你永遠不會真正知道，直到你讓玩家用他們的錢投票，而他們正在用他們的錢投票一個相當深刻的方式。我們在新南威爾斯州擁有排名前 4 的遊戲，在昆士蘭州擁有排名前 4 的遊戲，這兩個市場都是我們所在的市場。我們剛剛獲得了維多利亞州的批准。

So I think Dragon Train is in the very, very early innings of what could be a multiyear opportunity for us. So yes, very excited about that. For those Australian team members on the line, it's been a long time coming. We've been a sub-10% player down there for a long time. We're now in the mid-20s. We shipped 33% in September. So it's just outstanding performance in the Australian market, and we've come a long way. But like I always say, the best is yet to come.

所以我認為《龍列車》正處於非常非常早期的階段，這對我們來說可能是一個多年的機會。所以是的，對此非常興奮。對於那些在線上的澳洲團隊成員來說，這已經是很久以前的事了。很長一段時間以來，我們一直是低於 10% 的玩家。我們現在20多歲了。 9 月我們的出貨量為 33%。所以這只是在澳洲市場的出色表現，我們已經取得了長足的進步。但就像我常說的，最好的尚未到來。

(Operator Instructions) The next question comes from the line of Rohan Gallagher with Jarden.

（操作員說明）下一個問題來自 Rohan Gallagher 和 Jarden 的線路。

I'd like to focus on gaming, if I may. Outright sales, typically, replacement demand, we're looking at about 80,000 units a year, 20 share, 16,000 units for you guys, that's 4,000 a quarter. First of all, Matt, is that sort of scalable and ratable? But second of all, adjacency opportunities. You've got the Canadian provinces, Oregon, Illinois, HHR. Can you sort of unpack what the potential opportunity that is for the next 12 months, please?

如果可以的話，我想專注於遊戲。直接銷售，通常是替換需求，我們預計每年約 80,000 台，20 份，為你們提供 16,000 台，即每季 4,000 台。首先，馬特，這種方式是否具有可擴展性和可評價性？但其次，是鄰近的機會。您有加拿大各省、俄勒岡州、伊利諾州、HHR。您能透露一下未來 12 個月的潛在機會嗎？

Rohan, I think Siobhan Lane, our gaming CEO, did a fantastic presentation in relation to the adjacencies at the G2E, really kind of laying out what this opportunity looks like, and it's significant for us. We're just going back into these markets that we haven't been in for a very long time. So by definition, every incremental unit that we sell in these adjacent markets is incremental share.

Rohan，我認為我們的遊戲執行長 Siobhan Lane 在 G2E 上做了有關鄰接的精彩演講，確實闡述了這個機會的樣子，這對我們來說意義重大。我們剛剛回到這些我們已經很久沒有進入的市場了。因此，根據定義，我們在這些相鄰市場銷售的每個增量單位都是增量份額。

So the biggest one that we've really kicked off with is OSL with a significant order there. But Oliver, you might want to just touch on kind of the makeup of those adjacent categories.

因此，我們真正開始的最大的一個項目是 OSL，那裡有一個重要的訂單。但是奧利弗，您可能只想談談這些相鄰類別的組成。

Yes. To your point, we did sign that contract with OSL for just over 1,100 units and those units will be distributed over the next 12 months. In addition, we -- our recent announcement on the entrance in the Georgia COAM market through our distributor, Betsson. We also expect to enter that market in 2024. So we'll have share expansion opportunities in other adjacent markets such as Canada VLT, HHR and Class II markets.

是的。就您的觀點而言，我們確實與 OSL 簽署了 1,100 多個單位的合同，這些單位將在未來 12 個月內分發。此外，我們最近宣布透過我們的經銷商 Betsson 進入喬治亞州 COAM 市場。我們也預計在 2024 年進入該市場。因此，我們將在其他相鄰市場（例如加拿大 VLT、HHR 和 II 類市場）獲得份額擴張機會。

Lastly, what I'd say is if you were at G2E, you would have seen a very targeted section in our booth dedicated to our adjacent markets, which was very well received by our customers. And we're going to continue to invest R&D dollars to support this critical space. And the Gaming team has just done an incredible job of creating a strong product road map that will not only support the core Class III growth, but then the proliferations into the adjacent markets.

最後，我想說的是，如果您參加 G2E，您會在我們的展位上看到一個非常有針對性的區域，專門針對我們的鄰近市場，這受到了我們客戶的好評。我們將繼續投入研發資金來支持這一關鍵領域。遊戲團隊剛剛完成了一項令人難以置信的工作，創建了強大的產品路線圖，該路線圖不僅支援核心 III 類成長，而且還支援向鄰近市場的擴散。

And just if you indulge on, I'm looking at your operating leverage on Gaming. You've had some nice margin expansion despite the fact that you had a disproportionate increase in revenues in outright sales, which is typically lower margin. So clearly, there's some good work being done behind the scenes around supply chain, operating efficiencies, et cetera. Oliver, can you sort of shed some light in terms of what we could see in terms of operating leverage going forward, taking into consideration mix effects?

如果您沉迷於此，我正在研究您在遊戲方面的營運槓桿。儘管直接銷售收入的成長不成比例（通常利潤率較低），但您的利潤率還是取得了不錯的成長。很明顯，在供應鏈、營運效率等方面，幕後正在做一些很好的工作。奧利佛，考慮到混合效應，您能否透露一下我們在未來營運槓桿方面可以看到的情況？

Yes. Thank you, Rohan. Yes, we delivered exceptional numbers and we continue to post really healthy margins as we demonstrated here in the quarter. We did benefit from some revenue mix in the quarter, but we also do have opportunities to expand margins over time as we work through our margin-enhancement initiatives across the business.

是的。謝謝你，羅漢。是的，我們交付了出色的數字，並且我們繼續保持真正健康的利潤率，正如我們在本季度所展示的那樣。我們確實從本季度的一些收入組合中受益，但隨著時間的推移，當我們在整個業務範圍內實施利潤提高計劃時，我們也確實有機會擴大利潤。

Our performance this quarter across all 3 segments really reflects the team's commitment to growing the business while maintaining profitability. And over the course of the year, we have implemented and executed several cost optimization initiatives and some examples there are supply chain, sourcing initiatives that were previously implemented but then support the healthy margins you see in Gaming.

我們本季所有 3 個細分市場的表現確實反映了團隊在保持獲利能力的同時發展業務的承諾。在這一年中，我們實施並執行了多項成本優化舉措，其中包括供應鏈、採購舉措等一些例子，這些舉措之前已實施，但隨後支持了您在遊戲領域看到的健康利潤。

But you also see the efficient management of UA expenses and marketing expenses from a SciPlay perspective. Even at the corporate level, we're going to be driving further integration and efficiency within the organization.

但您也可以從 SciPlay 的角度看到 UA 費用和行銷費用的有效管理。即使在公司層面，我們也將推動組織內部的進一步整合和效率。

So all things considered, we'll continue to improve process and systems while driving sustainable long-term profitability. And I said -- as I said earlier, we are incredibly pleased with the team's execution this quarter.

因此，綜合考慮，我們將繼續改進流程和系統，同時推動可持續的長期獲利能力。我說過，正如我之前所說，我們對團隊本季的執行感到非常滿意。

Yes. I think Anthony Firmani deserves some public recognition. I think the supply chain team in gaming, specifically as an industry, were kind of the most hard pressed coming through the COVID years and to manage through that chaos and then come out of the other side, really driving some efficiency programs is showing up in the numbers, the margins in Gaming were exceptional this quarter.

是的。我認為安東尼·菲爾馬尼值得公眾認可。我認為遊戲產業的供應鏈團隊，特別是作為一個產業，在新冠疫情期間受到的壓力最大，要管理好這種混亂，然後走出困境，真正推動一些效率計劃的體現是從數字來看，本季度遊戲的利潤率非常高。

Thank you for your question. That concludes the question-and-answer session. I will now turn the line back to Matt for any closing or additional remarks.

謝謝你的問題。問答環節到此結束。我現在將把電話轉回給馬特，詢問任何結束語或補充意見。

Thank you. In conclusion, I'd like to express my gratitude to all employees for their unwavering commitment to making each day at Light & Wonder a resounding success. Our dedicated teams continue to work passionately, expanding our game library, enhancing our technology, ensuring that our games deliver unparalleled performance and exceptional experiences.

謝謝。最後，我要向所有員工表示感謝，感謝他們堅定不移地致力於讓 Light & Wonder 的每一天都取得巨大成功。我們的專業團隊繼續充滿熱情地工作，擴大我們的遊戲庫，增強我們的技術，確保我們的遊戲提供無與倫比的性能和卓越的體驗。

The SciPlay team and the strong social casino business are now fully in the fold and we look forward to further amplifying our success together as one. iGaming is just hitting its stride as we continue to expand our content portfolio. We are uniquely positioned with our 3 complementary businesses integrated through our cross-platform approach, supported by a robust R&D engine, solid balance sheet and increasing cash flow.

SciPlay 團隊和強大的社交賭場業務現在完全融合在一起，我們期待共同進一步擴大我們的成功。隨著我們不斷擴大我們的內容組合，iGaming 才剛剛起步。我們擁有獨特的定位，我們的 3 項互補業務透過跨平台方法整合在一起，並得到強大的研發引擎、穩健的資產負債表和不斷增加的現金流的支持。

As I reflect on what is now my 20th year in the industry, I'm thrilled with the excitement for the promising future that lies ahead for Light & Wonder and the entire gaming industry. We've achieved some very significant milestones and through our team's desire to continuously improve and stretch the limits of innovation, Light & Wonder can reach new heights.

當我回顧自己進入這個行業的第 20 年時，我對 Light & Wonder 和整個遊戲產業充滿希望的未來感到興奮不已。我們已經實現了一些非常重要的里程碑，透過我們團隊不斷改進和拓展創新極限的願望，Light & Wonder 可以達到新的高度。

Thank you to everyone who's joined us for the call today. Your support is greatly appreciated, and we extend our best wishes to all of you as we enter the holiday season.

感謝今天參加我們電話會議的所有人。非常感謝您的支持，在假期到來之際，我們向大家致以最良好的祝愿。

That concludes the Light & Wonder Third Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.

Light & Wonder 2023 年第三季財報電話會議到此結束。感謝您的參與。現在您可以斷開線路。