Light & Wonder Inc (LNW) 2024 Q3 法說會逐字稿

Hello, and welcome to the Light & Wonder 2024 Third Quarter Earnings Conference Call.

您好，歡迎參加 Light & Wonder 2024 年第三季財報電話會議。

(Operator Instructions) I will now turn the call over to Nick Zangari, Senior Vice President of Investor Relations and Treasury.

（操作員指示）現在我將把電話轉給投資者關係和財務高級副總裁 Nick Zangari。

Thank you, operator, and welcome, everyone, to our third quarter 2024 earnings conference call.

謝謝接線員，歡迎大家參加我們 2024 年第三季財報電話會議。

With me today are Matt Wilson, our President and CEO; and Oliver Chao, our CFO.

今天與我在一起的有我們的總裁兼執行長 Matt Wilson；以及我們的財務長 Oliver Chao。

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

在今天的電話會議上，我們將討論第三季的業績和營運業績，然後進行問答環節。

Today's call will contain forward-looking statements that may involve certain risks and uncertainties that could cause actual results to differ materially from those discussed during the call.

今天的電話會議將包含前瞻性陳述，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。

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.

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收益資料以及我們向美國證券交易委員會提交的文件。

We will also discuss certain non-GAAP financial measures.

我們也將討論某些非公認會計準則財務指標。

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 located in the Investors section of our website.

每項非 GAAP 指標的描述以及每個非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表可在我們網站「投資者」部分的收益報告中找到。

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

A replay of this webcast and accompanying materials will be archived in the Investors section of our website.

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。

With that, I will now turn the call over to Matt.

說完這些，我現在將電話轉給馬特。

Thank you, Nick, and hello, everyone.

謝謝你，尼克，大家好。

Thanks for joining us today.

感謝您今天加入我們。

Before diving into the third quarter results, I'd like to congratulate the team for another strong showing at G2E, where we showcased Light & Wonder's strongest-ever content road map earlier last month with over 80 unique game titles across our high-performing [Cabot.] We've gotten great feedback from our customers and across the industry that we've certainly come a long way since the transformation, with games and offerings that are market-tested with an power.

在深入介紹第三季的業績之前，我想先祝賀團隊在 G2E 上再次取得優異成績。

Importantly, the success you are seeing is attributed to the diligent recalibration of our R&D engine, identifying and aligning resources to the most impactful initiatives that drive game performance.

重要的是，您所看到的成功歸功於我們對研發引擎的認真重新校準，確定並將資源分配給推動遊戲性能的最有影響力的舉措。

Just recently, we launched our newest studio in Reno, which will support our sustained growth aspirations well past 2025.

就在最近，我們在裡諾推出了最新的工作室，這將支持我們在 2025 年以後的持續成長願望。

And I'll be on my way to Light & Wonder's annual Best Games workshop shortly, an event where we all gather our game designers in a collaborative environment to experiment and innovate new ideas for the future.

我很快就要去參加 Light & Wonder 的年度最佳遊戲研討會了，在這個活動中，我們所有的遊戲設計師都會聚集在一個協作的環境中，為未來嘗試和創新新的想法。

This is the culture we are fostering, and the teams are excited to have the opportunity to engage with other game developers across the organization to support the next chapter of our growth.

這就是我們正在培養的文化，團隊很高興有機會與組織內的其他遊戲開發商合作，支持我們成長的下一章。

Now turning to the quarter.

現在轉向本季。

We continue to see stability and resilience both industry-wide and within our operations.

我們繼續看到整個產業和我們的營運內部的穩定性和彈性。

Our results for the third quarter can confirm our success as evidenced by our 12% increase in consolidated revenue year-over-year, representing our 14th consecutive quarter of consolidated revenue growth and 9th consecutive quarter of double-digit consolidated revenue growth.

第三季的業績可以證實我們的成功，我們的綜合收入年增 12%，這是我們連續第 14 個季度實現綜合收入增長，連續第 9 個季度實現兩位數的綜合收入增長。

Our global scale and the breadth and depth of our diverse portfolio positions us as a true end-to-end casino solutions provider, allowing us to capitalize on growth opportunities across land-based, social and iGaming channels.

我們的全球規模以及多元化產品組合的廣度和深度使我們成為真正的端到端賭場解決方案提供商，使我們能夠利用實體、社交和 iGaming 管道的成長機會。

To that end, I'm also pleased to highlight that our growth has propelled us into the ASX 100 in Australia, as we continue to be one of the fastest growing companies with further prospects to growth on the horizon.

為此，我也很高興地強調，我們的成長推動我們進入澳洲 ASX 100 指數，因為我們繼續成為成長最快的公司之一，未來還有進一步的成長前景。

And now, on to our operational highlights.

現在，我們來談談我們的營運亮點。

In gaming, we continue to see strong momentum in our Slots business, executing to our commercial strategy.

在遊戲方面，我們繼續看到老虎機業務的強勁發展勢頭，並執行我們的商業策略。

Our operator partners recognize the value in our diverse cabin and franchise lineups, along with our robust road map, and that translated into the results we have posted throughout this year.

我們的營運合作夥伴認識到我們多樣化的客艙和特許經營陣容以及我們強大的路線圖的價值，並且這轉化為我們今年全年公佈的業績。

Our North American premium installed base has grown to 17 consecutive quarters and holding steady at approximately 50% of our total North American installed base as of the end of the quarter.

我們的北美高階安裝基數已連續 17 個季度成長，截至本季末，穩定在北美總安裝基數的約 50%。

We were able to convert approximately 25% of the footprint associated with approximately 2,200 Dragon Train units that were impacted by the preliminary injunction on the floor with gains from our deep portfolio of Evergreen franchises.

我們能夠利用我們豐富的長榮特許經營權組合所帶來的收益，將受到初步禁令影響的約 2,200 輛龍列車車廂的約 25% 的佔地面積進行轉換。

Additionally, we added 600 incremental units to the installed base compared to the prior quarter.

此外，與上一季相比，我們的安裝基數增加了 600 個增量單位。

This is a testament to the value proposition of our cabinets and games offer, and we will continue to work diligently to ensure the longevity and sustainability of our products.

這證明了我們的機櫃和遊戲所提供的價值主張，我們將繼續努力工作，以確保我們產品的壽命和可持續性。

Revenue per day in North America remained strong at over $49, maintaining the step-up you have seen as our game performance trended positively over the last two years through continued investment and optimization of our R&D engine.

北美地區的每日收入仍然保持強勁，超過 49 美元，保持了大家所看到的成長勢頭，因為透過持續的投資和對研發引擎的優化，我們的遊戲性能在過去兩年中呈現積極趨勢。

Game sales continues to fire on all cylinders, both domestically and internationally on record global shipments of over 13,000 units.

遊戲銷售在國內外持續火爆，全球出貨量創下超過 13,000 台的紀錄。

I would also like to note that Light & Wonder held the number one ship share in North America in the second quarter, a segment that Dragon Train is not commercialized in any way.

我還想指出的是，Light＆Wonder 在第二季度佔據了北美最大的船舶份額，而 Dragon Train 在這一領域尚未以任何方式商業化。

This performance is reflective of the power of our brands and portfolio as well as our expected commercialization strategy.

這一表現體現了我們的品牌和產品組合的實力以及我們預期的商業化策略。

As we continue to expand our presence in adjacent markets, we recently announced our entry into the Manitoba VLT market.

隨著我們繼續擴大在鄰近市場的影響力，我們最近宣布進入曼尼托巴 VLT 市場。

We expect our momentum to continue as we further proliferate in the adjacent and international markets, with a strong total product lineup that we have on offer.

我們預計，隨著我們在鄰近和國際市場的進一步擴張以及我們提供的強大的全系列產品，我們的發展勢頭將繼續下去。

Our strategy is simple, and that is to build and expand our suite of brands and franchises with engaging game mechanics that players enjoyed.

我們的策略很簡單，那就是透過玩家喜歡的引人入勝的遊戲機制來建立和擴展我們的品牌和特許經營權。

Many of the legacy plans you see such as Dancing Drum, Ultimate Fire Link, and (inaudible) and Planet Mora, Rising 777 and Quick Hit are just some of the staples you see on slot floors, and they continue to rank a top the performance chart.

您看到的許多傳統計劃，例如 Dancing Drum、Ultimate Fire Link 和（聽不清楚）以及 Planet Mora、Rising 777 和 Quick Hit 只是您在老虎機場上看到的一些主要遊戲，它們繼續在性能排行榜上名列前茅。

Most recently, you saw us bring the number one core title, Huff N' More Puff over to a lease model under the money management extension, and initial performance is phenomenal.

最近，您看到我們將頭號核心遊戲《Huff N' More Puff》帶入資金管理擴展下的租賃模式，其初始表現非常出色。

Debuting is the number one top indexing new premium leased WAP game.

首次亮相的是排名第一的全新優質租賃 WAP 遊戲。

With that, we're also introducing a Huff N' Puff Hard Hat addition, which we plan to offer on the highly successful (inaudible) cabinet.

除此之外，我們還將推出 Huff N' Puff 安全帽附加產品，我們計劃將其提供給非常成功的 (聽不清楚) 內閣。

Additionally, the in-demand Cosmic cabinet is also recognized as one of the most sought after in the industry.

此外，熱門的 Cosmic 櫥櫃也被公認為業界最受追捧的櫥櫃之一。

And we followed up with the COSMIC upright, which will be supported by our array of player favorite franchises.

我們隨後推出了 COSMIC 直立式鋼琴，它將得到我們一系列玩家最喜歡的系列鋼琴的支持。

Importantly, our continued improvement in R&D strategy has enhanced the heat rate of our games dramatically, and the robust product road map we have laid out ensures sustainability and optimal value with Light & Wonder's offerings.

重要的是，我們在研發策略方面的持續改進大大提高了我們遊戲的熱度，而我們制定的強大的產品路線圖確保了 Light＆Wonder 產品的可持續性和最佳價值。

We are still in the very early inning and just starting to see the fruits of our investment over the past couple of years, and I'm excited for what's to come in the future.

我們仍處於早期階段，剛開始看到過去幾年投資的成果，我對未來充滿期待。

Our customer-centric focus is also bringing significant commitments and reinvestment back into the systems business.

我們以客戶為中心的理念也為系統業務帶來了重大的承諾和再投資。

Year-to-date, we've secured 10 deals with our most recent announcement highlighted by a suite of enhanced capabilities, adopted by our operator partners to complement their existing CMS.

年初至今，我們已達成 10 筆交易，最近宣布的重點是一系列增強功能，我們的營運商合作夥伴採用了這些功能來補充他們現有的 CMS。

These wins show an increased level of confidence in Light & Wonder as a provider and our ability to deliver products that play a meaningful role for customers.

這些勝利表明，人們對 Light & Wonder 作為供應商的信心增強，並表明我們有能力提供對客戶具有重要作用的產品。

As a matter of fact, you are seeing us bring the same approach to electronic table games, with continued innovation on our Obsidian product as we roll out Auto Roulette in the hybrid stadium format.

事實上，您會看到我們將相同的方法應用於電子桌面遊戲，並在我們推出混合體育場格式的自動輪盤時對 Obsidian 產品進行持續創新。

We are also reinforcing our leadership position in both shufflers and tables with a focus on building our recurring revenue bulk program where customers can enjoy our portfolio of engaging table games IP.

我們還加強了在洗牌機和賭桌領域的領導地位，重點是建立我們的經常性收入批量計劃，讓客戶可以享受我們引人入勝的賭桌遊戲 IP 組合。

My personal favorite is the double-down (inaudible) Blackjack and exciting twist on the traditional game, which we've recently launched.

我個人最喜歡的是我們最近推出的雙倍下注（聽不清楚）二十一點以及傳統遊戲的激動人心的改編。

To sum it up, I'm very excited with the progress and outlook in our gaming business, and the consistent execution on our diverse portfolio gives me confidence that will drive sustainable growth in the gaming business over the long term.

總而言之，我對我們的遊戲業務的進展和前景感到非常興奮，我們多元化投資組合的持續執行讓我有信心推動遊戲業務的長期可持續增長。

Turning to SidePlay, where we continue to be a growth leader in social casino underpinned by our array of land-based franchises and cross-platform strategy.

談到 SidePlay，我們繼續成為社交賭場領域的成長領導者，這得益於我們一系列的陸基特許經營權和跨平台策略。

This quarter proves to be the same with our continued execution on our strategy as we delivered record monetization metrics.

本季證明，我們繼續執行我們的策略，實現了創紀錄的貨幣化指標。

Growth was evident again across our four largest games, with quick hit lots and 88 Fortunes, both once again achieving record revenue.

我們的四大遊戲再次呈現明顯的成長勢頭，其中 quick hit lots 和 88 Fortunes 均再次實現了創紀錄的收入。

Last quarter, we highlighted opportunities for incremental marketing spend, and that's reflected in what we've seen with engagement from new players as we build out new cohorts.

上個季度，我們強調了增加行銷支出的機會，這反映在我們在建立新群體時看到的新玩家的參與度。

Our team is one of the best in the industry in deploying the right amount of user acquisition resources to optimize return, with a focus on engagement and monetization to extend player lifetime value.

我們的團隊是業內最優秀的團隊之一，能夠部署適量的用戶獲取資源來優化回報，並專注於參與度和貨幣化，以延長玩家的終身價值。

In fact, we continue to see healthy year-over-year growth across average revenue per daily active user and average monthly revenue per paying user, both key metrics driving the outsized growth we have seen over the last two years.

事實上，我們繼續看到每日活躍用戶平均收入和付費用戶平均月收入同比健康成長，這兩個關鍵指標都是推動我們在過去兩年中看到的超額成長的。

Food and game feature and player management is essential, and we've managed these assets well, staying nimble to changes in trends.

食品和遊戲功能以及玩家管理至關重要，我們已經很好地管理了這些資產，並對趨勢的變化保持靈活。

We are adaptable to use the preferences with real-time updates, focused on delivering the best gaming experience to play.

我們靈活地使用即時更新的偏好設置，專注於提供最佳的遊戲體驗。

Data analytics is our strength, and we will continue to cross pollinate across SidePlay portfolio of games through our proprietary algorithm.

數據分析是我們的優勢，我們將繼續透過我們的專有演算法對 SidePlay 遊戲組合進行交叉授粉。

With regards to direct-to-consumer platform, I'm pleased to say that we continue to progress steadily in the direction we had planned for.

關於直接面向消費者的平台，我很高興地說，我們繼續按照我們規劃的方向穩步前進。

As previously mentioned, this is a phase release, which we will continuously assess the repeat player engagement with broader rollout expected over the long term.

如前所述，這是一個階段性發布，我們將不斷評估重複玩家的參與度，並期望長期內進行更廣泛的推出。

Overall, the confidence is high in our ability to optimize the SidePlay engine.

整體而言，我們對優化 SidePlay 引擎的能力充滿信心。

In addition to executing to our core competencies, we will also want to introduce the scale of Newgate that are accretive and complementary to the portfolio for sustainable growth.

除了發揮我們的核心競爭力之外，我們還希望引入 Newgate 的規模，以增值和補充投資組合，實現永續成長。

On to iGaming, a segment we continue to cultivate with the expansion of our game content and services portfolio, and where we took the number one U.S. Slot GGR share in the quarter on the back of our franchise.

在 iGaming 領域，我們不斷拓展遊戲內容和服務組合，並憑藉特許經營權，在本季度佔據了美國老虎機 GGR 市場份額的首位。

While we expect future market opportunities, we understand that execution on our product road map is key, and that is done by leveraging our vast library of land-based and digital native content as well as by scaling our aggregation platform to our advantage.

雖然我們期待未來的市場機會，但我們明白，執行我們的產品路線圖才是關鍵，而這可以透過利用我們龐大的陸基和數位原生內容庫以及擴展我們的聚合平台來發揮我們的優勢來實現。

I would note that comparisons were impacted by certain termination fees that benefited prior year quarter.

我要指出的是，比較結果受到了去年同期受益的某些終止費用的影響。

Overall, industry growth was strong in North America on record GGR levels and we capitalize on the opportunities with several key game launches, including Thundering Bay and Richie hand.

整體而言，北美的產業成長強勁，GGR 水準創下歷史新高，我們抓住機遇，推出了幾款關鍵遊戲，包括 Thundering Bay 和 Richie hand。

We also launched World of Walker Pure Imagination, the second game in the series with Dangul by the (inaudible) platform.

我們也推出了《World of Walker Pure Imagination》，這是與 Dangul 在 (聽不清楚) 平台上合作推出的系列第二款遊戲。

Following outstanding performance from the initial (inaudible) release in the first quarter.

自第一季首次（聽不清楚）發布以來，表現十分出色。

Looking at the content spectrum broadly, our digital native studios continue to benefit from new game launches and the scale of our platform with Lightning Box GGR, up 38% year-over-year.

廣義上看內容範圍，我們的數位原生工作室繼續受益於新遊戲的發布以及我們平台的規模（Lightning Box GGR），同比增長 38%。

Elk Studio once again capitalized on the successful Pirates franchise with its best ever released pirates through, which led to 30% GGR growth compared to the prior year period.

Elk Studio 再次借助《加勒比海盜》系列的成功，推出了有史以來最好的海盜遊戲，與去年同期相比，GGR 成長了 30%。

With the expansion of our portfolio and game services capabilities, we aspire to be more than just a leading slot content provider in the gaming space.

隨著我們的產品組合和遊戲服務能力的擴展，我們立志成為不僅僅是遊戲領域領先的老虎機內容提供者。

Additionally, we also introduced our first cross-platform marketing Jackpot product, super carnotype with Loto-Quebec.

此外，我們也與 Loto-Quebec 合作推出了首款跨平台行銷 Jackpot 產品超級 carnotype。

We are well positioned with our leading products and services to capitalize on this rapidly growing sector and we will continue to innovate to position ourselves for future success and growth.

憑藉著領先的產品和服務，我們佔據了這個快速成長產業的有利位置，並將繼續創新，為未來的成功和成長做好準備。

As we close out the year, I would like to express my sincerest gratitude to our commercial team and operator partners for their unwavering support over the past few months.

在新年即將來臨之際，我要向我們的商業團隊和營運商合作夥伴在過去幾個月給予的堅定支持表示最誠摯的感謝。

We are very fortunate to have a dedicated team focused on solving problems at hand and long-lasting meaningful partnerships we have built with our customers over the past several years.

我們非常幸運，擁有一支專注於解決當前問題的專業團隊，並在過去幾年中與我們的客戶建立了長期而有意義的合作關係。

I'm confident that we will grow together moving forward stronger than ever as a team.

我堅信，作為一個團隊，我們將共同成長，比以往更強大。

Looking forward, the outlook remains promising.

展望未來，前景依然樂觀。

Our global presence and suite of products gives us confidence in our ability to navigate challenges while continuing to grow and innovate.

我們的全球影響力和產品系列讓我們有信心應對挑戰，同時繼續發展和創新。

Most importantly, we have the right group of people to execute on the collective vision to grow the business sustainably one step at a time through our strategy and product road map.

最重要的是，我們擁有合適的人才團隊來執行共同願景，透過我們的策略和產品路線圖一步步實現業務的永續發展。

Above all, we will continue to invest in talent to drive future growth.

最重要的是，我們將繼續投資人才以推動未來成長。

We are truly just scratching the surface of our potential, and I'm excited for what's to come.

我們的潛力才剛開始發揮，我對未來充滿期待。

With that, I'll hand it over to Oliver to review the quarterly financials.

說完這些，我將把季度財務報表交給奧利佛進行審查。

Thanks, Matt.

謝謝，馬特。

It's great to be with you all today.

今天能和大家在一起我感到非常高興。

Our third quarter results reflect the collective hard work and dedication from our business units.

我們的第三季業績體現了我們業務部門的共同努力和奉獻精神。

Nearing the end of the third quarter, our team is working diligently to ensure stability and continuity throughout the organization and with external stakeholders to ensure minimal disruptions to the business, and our key performance metrics reflect our efforts.

接近第三季末，我們的團隊正在努力確保整個組織以及外部利害關係人的穩定性和連續性，以確保對業務的干擾最小，我們的關鍵績效指標反映了我們的努力。

As Matt mentioned, we are galvanized and expect continued year-over-year growth going forward as we march towards our 2025 consolidated AEBITDA target.

正如馬特所提到的，我們已經做好準備，並預計在向 2025 年合併 AEBITDA 目標邁進的過程中，未來將繼續逐年增長。

That said, we continue to deliver on key financial performance metrics in the quarter, with consolidated revenue, up 12% year-over-year to $817 million, driven by performance across all three businesses.

儘管如此，我們本季持續實現關鍵財務績效指標，在三大業務表現的推動下，綜合營收年增 12% 至 8.17 億美元。

Operating income was $159 million in the quarter, an increase of $12 million over the prior year, primarily due to higher revenue and strong margins.

本季營業收入為 1.59 億美元，較上年增加 1,200 萬美元，主要由於收入增加和利潤率強勁。

Net income attributed to L&W's per share, was $0.71 compared to $0.81 in the prior year period on higher restructuring and other costs, which included charges in the current year period related to certain legal matters.

L&W 每股淨利潤為 0.71 美元，而去年同期為 0.81 美元，原因是重組和其他成本增加，其中包括本年度與某些法律事務相關的費用。

Consolidated AEBITDA increased 12% to $319 million compared to prior year, resulting in consolidated AEBITDA margin of 39% for the quarter on sustained double-digit top line growth and stable margin contributions across the business.

合併 AEBITDA 較上年同期成長 12%，達到 3.19 億美元，得益於持續的兩位數營收成長和整個業務的穩定利潤貢獻，本季合併 AEBITDA 利潤率達到 39%。

Adjusted NPATA increased 23% year-over-year to $122 million in the quarter, primarily on revenue growth across our businesses.

本季調整後的 NPATA 年增 23% 至 1.22 億美元，主要得益於我們各項業務的營收成長。

Adjusted NPATA per share increased 24% to $1.34 compared to $1.08 in the prior year period.

調整後每股 NPATA 上漲 24% 至 1.34 美元，去年同期為 1.08 美元。

On to our business segments.

談到我們的業務部門。

We continue to make significant progress in the gaming business with deliberate execution of our commercial strategy and a diverse product road map.

我們透過慎重執行商業策略和多樣化的產品路線圖，繼續在遊戲業務中取得重大進展。

Revenue grew 15% year-over-year to $537 million in the quarter, once again led by global gaming machine sales growth of 38%.

本季營收年增 15% 至 5.37 億美元，這再次得益於全球遊戲機銷售額 38% 的成長。

AEBITDA was up 14% to $267 million compared to the prior year, driven by revenue growth in the period.

由於本期營收成長，AEBITDA 較上年同期成長 14%，達到 2.67 億美元。

Gaming AEBITDA margin was 50% in the quarter as we further optimize operations for margin opportunities, which is partially offset by product sales mix, including the impact from the Entain order that we previewed last quarter.

由於我們進一步優化營運以獲得利潤機會，本季遊戲 AEBITDA 利潤率為 50%，但產品銷售組合（包括我們上個季度預覽的 Entain 訂單的影響）部分抵消了這一利潤率。

This really highlights our optionality to leverage our optimization efforts for reinvestment or take it to the bottom line.

這確實凸顯了我們利用優化努力進行再投資或將其轉化為利潤的選擇權。

Gaming operations revenue increased 5% year-over-year as we continue to see growth in the North American installed base, up 7% to 33,151 units, led by the continued expansion in our premium footprint.

遊戲營運收入年增 5%，因為我們看到北美安裝基數持續成長，成長 7% 至 33,151 台，這得益於我們高端業務的持續擴張。

Despite the adverse preliminary injunction impact to the last week of September, North American revenue per day increased 1% over the prior year period, reflecting the strong performance of our collective portfolio of games.

儘管初步禁令對 9 月最後一周產生了不利影響，但北美每日收入仍比去年同期增長了 1%，這反映了我們遊戲組合的強勁表現。

We expect some impact to North American revenue per day and installed base growth in our fourth quarter post-Dragon Train game conversions.

我們預計第四季《龍之列車》遊戲轉換後將對北美每日營收和安裝基數成長產生一定影響。

However, we do expect continued growth in the North American installed base on tie-in units impacted by the injunction.

然而，我們確實預期受禁令影響的北美連接裝置安裝基數將持續成長。

Global game sales was once again the standout performer as we continue to proliferate into all markets.

隨著我們繼續向所有市場擴張，全球遊戲銷售再次表現出色。

Revenue was up 38%, primarily driven by growth in international sales as well as further expansions into the adjacencies, partially offset by some new and expansion units we shipped into Asia in the prior year period.

營收成長了 38％，主要得益於國際銷售額的成長以及向鄰近地區的進一步擴張，但被去年同期我們運往亞洲的一些新產品和擴產產品部分抵消。

North American units were up 31% year-over-year, approaching 6,100 units, a record high in North America, while international increased 72%, primarily on the previously mentioned Entain deal, which had an impact on our global average sales price in the quarter and has a long tail recurring revenue component, making this an attractive deal for the company.

北美銷量年增31%，接近6,100台，創下北美歷史新高，而國際銷量增長72%，主要得益於前面提到的Entain交易，該交易對我們本季度的全球平均銷售價格產生了影響，並且具有長尾經常性收入成分，因此對公司來說這是一筆很有吸引力的交易。

Systems revenue was flat in the quarter, primarily impacted by revenue timing, which we expect to realize in the fourth quarter.

系統營收本季持平，主要受到營收時機的影響，我們預期營收將在第四季實現。

In addition to the deals we signed, the quality of our hardware is driving further upgrades which allows for enhanced all-around systems capabilities, maximizing our software's value proposition to optimize operator floors.

除了我們簽署的協議之外，我們的硬體品質也在推動進一步的升級，從而增強全方位的系統功能，最大限度地發揮我們軟體的價值主張，以優化操作員樓層。

Lastly, with respect to our cable products business, revenue growth was impacted by elevated utility sales to an international customer in the prior year period.

最後，就我們的電纜產品業務而言，收入成長受到去年同期對國際客戶的公用事業銷售增加的影響。

Turning to SidePlay.

轉向 SidePlay。

Revenue increased 5% year-over-year to $206 million, driven by the strong ongoing performance of our social casino games with record revenues from Quick Hit and 88 Fortunes.

營收年增 5% 至 2.06 億美元，這得益於我們的社交賭場遊戲持續強勁的表現，其中 Quick Hit 和 88 Fortunes 的收入創下了歷史新高。

This is the 11th consecutive quarter that we outperformed the market as the team continues to execute the strategy.

在團隊繼續執行該策略的背景下，這是我們連續第 11 個季度跑贏大盤。

Further, our direct-to-consumer platform generated $25 million in revenue, accounting for over 12% of SidePlay's revenue in the quarter, contributing to an 8% increase in AEBITDA year-over-year to $66 million, and driving a AEBITDA margin expansion.

此外，我們的直接面向消費者的平台創造了 2,500 萬美元的收入，佔本季 SidePlay 收入的 12% 以上，推動 AEBITDA 同比增長 8% 至 6,600 萬美元，並推動 AEBITDA 利潤率擴大。

SidePlay margin was up 100 basis points versus prior year to 32%, with the lift from DTC, partially offset by the increased marketing costs that we previewed on our last call.

SidePlay 的利潤率較上年同期上漲了 100 個基點，達到 32%，其中 DTC 業務的推動作用部分被我們在上次電話會議上預測的營銷成本增加所抵消。

We continue to roll out our DTC offering in phases, setting the stage for significant long-term growth and sustainable market presence for this channel.

我們將繼續分階段推出我們的 DTC 產品，為該通路的長期顯著成長和可持續的市場地位奠定基礎。

We continue to achieve strong monetization metrics across the board, maintaining record high average revenue per daily active users at $1.04 in the quarter, up 8% year-over-year.

我們持續全面實現強勁的貨幣化指標，本季每日活躍用戶平均營收維持創紀錄的 1.04 美元，較去年同期成長 8%。

While average monthly revenue per paying user was approximately $113, a 6% increase over prior year period.

每個付費用戶的平均月收入約為 113 美元，比去年同期成長 6%。

Payer conversion rate continues to approach 11%, as we consistently deliver the best gaming experiences to our players to the breadth and depth of content and the diversity of our portfolio.

付費轉換率持續接近 11%，因為我們始終如一地透過內容的廣度和深度以及產品組合的多樣性為玩家提供最佳的遊戲體驗。

We will continue to reinvest in user acquisition to expand our player base with a focus on our engagement and monetization initiatives with the opportunity for further deployment on high-return marketing spend in the fourth quarter.

我們將繼續在用戶獲取方面進行再投資，以擴大我們的玩家基礎，重點關注我們的參與度和貨幣化計劃，並有機會在第四季度進一步部署高回報的行銷支出。

SidePlay's proven track record and exceptional execution give me full confidence in the team's ability to drive sustainable growth.

SidePlay 的成功經驗和卓越的執行力讓我對團隊推動永續成長的能力充滿信心。

By capitalizing on our strong portfolio of game franchises and strategically reinvesting in the business, we are well positioned to maintain our leadership in this space.

透過利用我們強大的遊戲特許經營權組合併策略性地對業務進行再投資，我們完全有能力保持在該領域的領導地位。

On to iGaming, where we maintained record revenues of $74 million, up 6% year-over-year, driven by continued growth in the North American and European markets and successful content launches.

在 iGaming 方面，我們維持了 7,400 萬美元的創紀錄收入，年增 6%，這得益於北美和歐洲市場的持續成長以及成功的內容發布。

AEBITDA was $24 million in the quarter, with AEBITDA margins of 32%, reflecting continued investment in our studios to increase game volume and scale the business.

本季 AEBITDA 為 2,400 萬美元，AEBITDA 利潤率為 32%，反映了我們對工作室的持續投資，以增加遊戲數量和擴大業務規模。

As previously discussed, revenue and AEBITDA in the prior year period benefited from $3 million in certain termination fees, impacting revenue and AEBITDA growth by 4% and 12%, respectively.

如前所述，去年同期的收入和 AEBITDA 受益於 300 萬美元的某些終止費，分別影響收入和 AEBITDA 成長 4% 和 12%。

Importantly, GGR on our OGS aggregation platform continues to expand across the board, with Canada up 29% against prior year and North America at record levels in the quarter.

重要的是，我們OGS聚合平台上的GGR繼續全面擴大，其中加拿大同比增長29％，北美在本季度創下了歷史新高。

Wages processed through our iGaming platform totaled $22.8 billion during the quarter, another record high.

本季度，透過我們的 iGaming 平台處理的總薪資達到 228 億美元，再創歷史新高。

We will continue to scale the iGaming business, leveraging our cross-platform strategy.

我們將利用跨平台策略，繼續擴大 iGaming 業務。

With the extensive scale of our platform and the depth of our network as well as our growing portfolio of innovative offerings and market-centric content road map, we are uniquely positioned to capitalize on the opportunities ahead of us.

憑藉我們平台的廣泛規模和網路的深度，以及不斷增長的創新產品組合和以市場為中心的內容路線圖，我們擁有獨特的優勢來利用我們面前的機會。

As you look around the success stories in the gaming industry, you will see that this is a culture and R&D-centric business where sustainable growth is not achieved through subtraction.

縱觀遊戲產業的成功案例，你會發現這是一個以文化和研發為中心的產業，永續成長不是透過減法來實現的。

We understand it is important for us to stay focused on our long-term aspirations without compromising what's core to the strategy, plus every decision we make here goes through a rigorous planning and decision process.

我們明白，專注於我們的長期願望而不損害戰略核心是很重要的，而且我們在這裡做出的每一個決定都經過嚴格的規劃和決策過程。

Staying nimble and adaptive is a hallmark of our organization.

保持靈活和適應能力是我們組織的標誌。

As a matter of fact, we've navigated dynamic environments and consistently delivered strong financial performance, as evidenced by the strong growth and larger outcomes that we achieved quarter after quarter.

事實上，我們在動態環境中前進並持續實現強勁的財務業績，這一點從我們每季實現的強勁成長和更大的成果就可以看出。

That said, we continue to identify and execute on margin enhancement initiatives as part of our regular business review.

儘管如此，作為定期業務審查的一部分，我們將繼續確定並執行提高利潤率的措施。

Our key focus for us in optimizing operations by eliminating redundancies, accelerating system migrations for long-term efficiencies and prioritizing key initiatives by right-shoring and allocating resources to high-value projects to fuel top and bottom line growth.

我們的重點是透過消除冗餘來優化運營，加速系統遷移以實現長期效率，並透過正確外包和將資源分配給高價值項目來優先考慮關鍵舉措，以促進營收和利潤的成長。

One of our key advantages is our healthy balance sheet.

我們的主要優勢之一是健康的資產負債表。

At quarter end, we had approximately $1.1 billion of available liquidity, including approximately $350 million of cash on hand, enabling us to be strategic on multiple facets as we move forward.

截至季末，我們擁有約 11 億美元的可用流動資金，其中包括約 3.5 億美元的現金，這使我們能夠在未來的發展中在多個方面採取策略性措施。

Consolidated operating cash flow was $119 million in the quarter, and free cash flow was $83 million in the quarter, primarily on changes in working capital including the timing of collections of receivables related to long-term financing agreements such as the Entain deal.

本季綜合營運現金流為 1.19 億美元，本季自由現金流為 8,300 萬美元，主要由於營運資本變化，包括與 Entain 交易等長期融資協議相關的應收帳款收取時間。

Overall, we expect annual cash conversion to trend positively over time as we continue to scale and optimize for efficiency.

總體而言，隨著我們不斷擴大規模並優化效率，我們預計年度現金轉換率將隨著時間的推移呈現正面趨勢。

We move towards the lower end of our targeted net debt leverage ratio range of 2.5x to 3.5x, ending at 2.9x in the quarter, and we continue to preserve the options and flexibility to execute on our capital allocation blueprint.

我們正向目標淨債務槓桿率範圍 2.5 倍至 3.5 倍的低端邁進，本季結束時為 2.9 倍，並且我們繼續保留執行資本配置藍圖的選擇權和靈活性。

We remain opportunistic with share repurchases in addition to programmatic buybacks we have previously implemented.

除了我們先前實施的計畫回購之外，我們仍會抓住機會進行股票回購。

During the quarter, we returned approximately $44 million of capital to shareholders through buybacks.

本季度，我們透過回購向股東返還了約 4,400 萬美元的資本。

And we believe there is a tremendous amount of value to be realized here as we continue to grow our earnings and free cash flow.

我們相信，隨著我們的獲利和自由現金流不斷增長，這裡可以實現巨大的價值。

Additionally, we will continue to reinvest into the business through R&D and CapEx.

此外，我們將繼續透過研發和資本支出對業務進行再投資。

And enhancing our capabilities to drive sustainable growth and bolster our industry leadership positions.

並增強我們推動永續成長和鞏固行業領導地位的能力。

As for M&A, our position remains consistent.

至於併購，我們的立場維持不變。

We will continue to look at options that are complementary to our core business with a disciplined approach to the extent that these opportunities are accretive and exceed our return thresholds.

我們將繼續以嚴謹的方式尋找與我們的核心業務相補充的選擇，只要這些機會能夠增值並超過我們的回報門檻。

With some of the recent announcements and developments, I would like to provide some clarity as we're nearing the end of 2024.

隨著最近的一些公告和發展，我想在 2024 年即將結束之際提供一些澄清。

We expect growth in consolidated EBITDA to be above 10% for the full year, even with the near-term impact of the Dragon Train injunction.

我們預計，即使受到「龍列車」禁令的短期影響，全年合併 EBITDA 成長率仍將超過 10%。

Our mitigation efforts position us well for an expected return to our growth trajectory in 2025, remaining on track for our firmed $1.4 billion consolidated EBITDA target, underpinned by our high-performing games and robust road map, which continues to gain traction, both domestically and internationally.

我們的緩解措施使我們預計在 2025 年重回成長軌跡，繼續實現 14 億美元的綜合 EBITDA 目標，這得益於我們出色的遊戲和強大的路線圖，並將在國內和國際上繼續獲得關注。

Corporate costs will be impacted by timing of legal developments, and we do not anticipate any material changes from what we discussed last quarter.

公司成本將受到法律發展時間的影響，我們預計與上個季度討論的內容相比不會發生任何重大變化。

I'm also happy to introduce a target adjusted NPATA range for 2025 of $565 million to $635 million to supplement our 2025 consolidated EBITDA target of $1.4 billion, for our diverse set of investors that are tuned to a range of financial and business performance metrics.

我也很高興推出 2025 年調整後的 NPATA 目標範圍，即 5.65 億美元至 6.35 億美元，以補充我們 2025 年 14 億美元的合併 EBITDA 目標，以滿足我們多元化的投資者對一系列財務和業務績效指標的關注。

The highly cash-generative nature of the business, combined with a healthy balance sheet and strategic capital allocation program has proven to be a strong framework to drive shareholder value creation.

業務的高度現金創造特性，加上健康的資產負債表和策略資本配置計劃，已被證明是推動股東價值創造的強大框架。

I am encouraged to be working with the best in the business and remain highly confident in our journey as a compounder of growth over the long run.

我很高興能與業內最優秀的人才一起工作，並對我們長期實現複合成長的旅程充滿信心。

And now, we'll turn it over to the operator for your questions.

現在，我們將把時間交給接線員來回答您的問題。

(Operator Instructions) Barry Jonas, Truist.

（操作員指示）Barry Jonas，Truist。

Guys, I was wondering if you could talk more about how the Dragon Train mitigation efforts are going for both the domestic and international markets.

夥計們，我想知道您是否可以詳細談談「龍列車」緩解措施在國內和國際市場的進展。

Yes.

是的。

Thanks, Barry.

謝謝，巴里。

First of all, I like to thank the team.

首先我要感謝團隊。

We had a big disruption happened late in the quarter.

我們在本季末遇到了一次重大混亂。

And you can see here the team pulled together and delivered another outstanding set of results, 12% revenue growth, 12% (inaudible) growth.

您可以看到，團隊齊心協力，又取得了一組出色的成果，營收成長 12%，成長 12%（聽不清楚）。

I think it's a testament to the quality of the team and the culture that we're building.

我認為這證明了我們正在建立的團隊品質和文化。

I think that there's two kind of universes that we should talk about when it comes to the Dragon Train mitigation assets.

我認為，當談到龍列車緩解資產時，我們應該討論兩種情況。

The first is the North American premium gaming ops installed base.

首先是北美優質遊戲營運安裝基數。

We said we had about 2,200 units installed in the U.S. We've been able to convert 95% of those games to new titles, titles like Ultimate Filing and Invaders.

我們表示，我們在美國安裝了大約 2,200 台設備。

We've got some more games coming to support that base.

我們也會推出更多遊戲來支援該基礎。

So we've lost less than 100 units in the North American installed base, which I think is a great outcome.

因此，我們在北美安裝基數上損失的單位不到 100 台，我認為這是一個很好的結果。

I think it's a testament to the customer support of Light & Wonder.

我認為這是 Light & Wonder 客戶支援的證明。

They want a healthy competitive environment.

他們想要一個健康的競爭環境。

That's what we're providing, and so you want to publicly thank our customer base for supporting us through this.

這就是我們所提供的，因此您要公開感謝我們的客戶群對我們的支持。

So yes, like I said, a good range of gains coming into that installed base to make sure we keep those in the field.

所以是的，就像我說的，我們將在該安裝基礎上獲得一系列的收益，以確保我們能夠將這些收益保留在該領域。

We had a game in submission called Huff N' Puff Hard Hat Edition.

我們提交了一款名為「Huff N' Puff Hard Hat Edition」的遊戲。

That's an extension of our number one performing game, Huff' N 'EVEN Puff.

這是我們表現最好的遊戲 Huff' N'EVEN Puff 的延伸。

So that will go into the installed base.

因此這將進入已安裝的基礎。

So I'm confident we can maintain so base goes forward and then we grow off the back of the new product introductions that we showed at G2E.

因此，我相信我們能夠保持這一基礎並繼續前進，然後藉助 G2E 上展示的新產品實現成長。

The second kind of universe of mitigation efforts is really the Australian market.

第二種緩解措施其實是澳洲市場。

That's the sale market where Dragon Train is really dominated our pipeline.

這就是 Dragon Train 真正主導我們通路的銷售市場。

Happy to say we've shifted our focus in the pipeline to some new games.

很高興地說，我們已將重點轉移到一些新遊戲。

We launched a product at AGE earlier this year called Shenlong Unleash.

我們今年稍早在 AGE 推出了一款名為 Shenlong Unleash 的產品。

It got a lot of kudos from the market, was clearly a best-in-show type product.

它獲得了市場的許多讚譽，顯然是一款最佳展示型產品。

It's gone live in Australia right now and it's performing very well.

目前它已在澳洲上線，並且表現良好。

Happy to say through the midpoint of November, we're the number one ship share provider in the Australian market still, and we haven't commercialized a single Dragon Train product down there.

很高興地說，截至 11 月中旬，我們仍然是澳洲市場上排名第一的船舶共享提供商，但我們還沒有在那裡商業化任何一款 Dragon Train 產品。

So lots of momentum is still underway.

因此，許多勢頭仍在繼續。

I think it just speaks to the depth and the breadth of the portfolio.

我認為這只是說明了投資組合的深度和廣度。

Dragon Train was 1 game of 130 that we make every year, but we've got this diverse portfolio of designers, building great games in lots of segments across the gaming globe.

《龍列車》是我們每年製作的 130 款遊戲中的一款，但我們擁有多元化的設計師團隊，在全球遊戲領域的許多領域中打造出精彩的遊戲。

So I feel confident about that.

所以我對此很有信心。

Yes.

是的。

And Matt, just to kind of build on that.

馬特，只是想以此為基礎。

Yes, just quickly, Barry, just from a Q3 perspective.

是的，Barry，只是從 Q3 的角度來看。

Obviously, we saw minimal impact there just based on the timing of when the injunction actually went in place in the last, last week of September.

顯然，根據禁令實際生效的時間（九月最後一週），我們看到的影響微乎其微。

They were, let's say, modest kind of conversion costs that will impact Q4.

可以說，這些是會影響第四季的適度轉換成本。

we will likely have a slight RPD impact just based on the timing of the conversions.

僅根據轉換的時間，我們可能會受到輕微的 RPD 影響。

But as Mattias mentioned, we'll continue to kind of monitor performance at collaborate with our customers here over the next to months to ensure that we retain the spots on the floor.p I think in terms of legal expenses, corporate costs will obviously be impacted just based on the timing of the developments on the legal front.

但正如馬蒂亞斯所提到的，我們將在接下來的幾個月繼續監控與客戶合作的表現，以確保我們保住席位。

But as I mentioned earlier, we don't anticipate any major material changes to the numbers that we guided to late last year.

但正如我之前提到的，我們預計去年年底預期的數字不會有重大變化。

So I think overall, we expect, I think, a low single-digit year-over-year EBITDA growth during Q4, but that's going to be driving over 10% growth from a full year point of view, and we'll return back to kind of this normalized growth rate in 2025, just underpinned by all the great games that Matt mentioned earlier.

因此，我認為總體而言，我們預計第四季度的 EBITDA 同比成長將達到個位數的低位，但從全年的角度來看，這將推動超過 10% 的成長，並且到 2025 年，我們將回到這種正常化的成長率，而這得益於 Matt 之前提到的所有精彩遊戲。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

I just wanted to follow on to that and you talk about sort of the timing of new intros particularly in the premium categories.

我只是想繼續討論這個問題，你談到了新產品推出的時機，特別是在高端類別中。

Specifically, if we could get maybe some update on Huff N' Puff, which is, again, we've heard some stuff about out in the market.

具體來說，我們是否可以獲得有關 Huff N' Puff 的一些最新消息，也就是說，我們再次聽到了有關市場的一些消息。

Yes, happy to take that one.

是的，很高興接受這個。

Thanks, David.

謝謝，大衛。

Yes.

是的。

So we were building a diverse portfolio beyond Dragon train, like I said, one game in the portfolio.

因此，我們正在建立一個超越「龍之列車」的多元化投資組合，就像我說的，投資組合中只有一款遊戲。

I think what you saw (inaudible) 2, and I know you were there as many of us were on display, it and under both was really a manifestation of who we are as an organization.

我想你所看到的（聽不清楚）2，我知道你在場，因為我們很多人都在展示，這兩者都真正體現了我們作為一個組織的身份。

If you think about Light & Wonder, we came together through M&A.

如果您想到了 Light & Wonder，我們是透過併購走到一起的。

So really types of industries, companies like valleys and WMS and Shuffle Master.

所以實際上存在著矽谷、WMS 和 Shuffle Master 等類型的行業和公司。

And each one of these companies had a great set of franchises under the hood.

這些公司中的每一家都擁有一系列優秀的特許經營權。

I think you saw that on full display at G2E.

我想您在 G2E 上已經充分看到了這一點。

So you saw new versions of dancing drones, you saw a new burden of Ultimate filing, new versions of in betas and Planet Woowa.

因此，您看到了舞動無人機的新版本，看到了終極歸檔的新負擔，並看到了測試版和 Planet Woowa 的新版本。

And importantly, the one that you mentioned a Half N' Puff from what we've been able to do to kind of build that franchise beyond just the original game.

重要的是，您提到的 Half N' Puff 就是我們能夠做到的，可以將此系列拓展到原版遊戲之外。

I think this is what our team does best.

我認為這是我們團隊最擅長的事。

The best in the industry are at taking Huff N' Puff, which is a 10-year-old game reinvigorating that into an even more part became the number one game in the facile market in North America, making a new incarnation of that called Huff N' Puff money mansion, which is now the number one performing game in the premium gaming ops installed base.

業內佼佼者正在將 Huff N' Puff 這款已有 10 年歷史的遊戲重新打造為北美移動市場上的頭號遊戲，並將其更名為 Huff N' Puff 金錢大廈，如今已成為高端遊戲運營安裝基數中表現最好的遊戲。

And you saw many more versions of that on the show floor at G2E.

您也可以在 G2E 展位上看到更多類似版本。

We feel like this is the type of franchise that can be a contributor for a decade in the portfolio in lots of different ways.

我們覺得這種類型的特許經營能夠以多種不同方式為投資組合帶來十年的貢獻。

We actually have our test games workshop on at the moment down in Southern California, where the teams getting together to think about how do they bring that brand to life in lots of different creative ways across all of our channels, not just land based, but also social casino and iGaming.

事實上，我們目前正在南加州舉辦測試遊戲研討會，團隊聚在一起思考如何在我們所有的管道中，以各種不同的創意方式讓這個品牌煥發生機，不僅僅是實體管道，還包括社交賭場和 iGaming。

So G2E, for us, was a selling show.

所以對我們來說，G2E 是一場銷售展會。

A lot of what you saw on the floor is actually ready for commercialization now.

您在現場看到的很多東西實際上現在已經準備好商業化了。

We launched a new cabinet at the show.

我們在展會上推出了一款新櫥櫃。

So this is COSMIC Upright.

這就是 COSMIC Upright。

It's an extension of the (inaudible) porter.

它是（聽不清楚）搬運工的延伸。

The (inaudible) been the number one cabinet in the marketplace. -- for about the last year.

(聽不清楚) 一直是市場上排名第一的內閣。 —— 大約是去年。

So we're going to launch that late in Q4.

因此我們將在第四季末推出該產品。

We're going to build momentum on that into the first quarter of next year.

我們將在明年第一季繼續保持這一勢頭。

So I think between the combination of holding on to the fleet that we have that was Dragon Train with new games and then really leveraging this new investment in COSMIC Upright and these brands that we showed at the G2E showing means we'll kind of continue that gaming ops installed base growth throughout 2025.

因此，我認為，透過保留我們現有的 Dragon Train 系列遊戲和新遊戲，並真正利用對 COSMIC Upright 的新投資以及我們在 G2E 展會上展示的這些品牌，我們將在 2025 年繼續保持遊戲營運安裝基數的成長。

So really confident that the portfolio is well set up for success as we roll into '25 here.

因此，我們有信心，隨著我們進入2025年，我們的投資組合已經為成功做好了準備。

David Fabris, Macquarie.

麥格理的大衛法布里斯 (David Fabris)。

Look, I was wondering if you could comment on discussions with customers in the North American market at an industry level?

瞧，我想知道您是否可以從產業層面評論與北美市場客戶的討論？

I mean, firstly, can you provide any insights on customer budgets?

我的意思是，首先，您能否提供有關客戶預算的任何見解？

I guess I'm curious to understand where the volumes are sustainable at current level.

我很好奇，想知道在目前的水平上產量是否可以持續。

And then secondly to that, just within gaming off, there's been a lot of debate whether premium gaming ops are fully penetrated at casinos.

其次，在博彩業中，關於高級博彩營運是否已完全滲透到賭場存在著許多爭論。

So your thoughts on whether this can increase or maybe it reduces as part of the floors going forward?

那麼，您認為未來這個數字是否會上升或下降呢？

Yes, great question.

是的，很好的問題。

Obviously, the macro is something we've been talking about on earnings goals for the last I'd say, three years.

顯然，在過去三年裡，我們一直在談論宏觀獲利目標。

I mean we all look at it with a healthy level of paranoia to see how the map are going to impact the gaming segment.

我的意思是我們都以健康的偏執態度看待它，看看地圖將如何影響遊戲領域。

I think what we see from our vantage point, the macro is largely supportive of a replacement market, consistent with '24 as we move into '25.

我認為，從我們的角度來看，宏觀經濟在很大程度上支持替代市場，與24年和25年的情況一致。

That's what we're hearing from customers.

這就是我們從客戶那裡聽到的。

Obviously, not all customers are made alike.

顯然，並非所有顧客都是一樣的。

There's corporate customers and tribal customers.

有企業客戶和部落客戶。

But in the aggregate, we feel like the '25 replacement market is set up nicely.

但總體而言，我們感覺 25 年替代市場已經建立得很好了。

And our job really is to take maximum share from that market.

我們的職責實際上是從該市場奪取最大份額。

Proud to say, in the second quarter, we were the number one supplier in the U.S.

自豪地說，在第二季度，我們是美國第一大供應商。

from a ship share perspective.

從船舶份額的角度來看。

We'll see where everyone puts in Q3, but we feel like we might have maintained that in Q3 as well.

我們將會看到每個人在第三季的表現，但我們覺得我們在第三季也可能保持這樣的表現。

I think importantly, we've worked really hard as a team to diversify our business away from purely a Class III replacement business.

我認為重要的是，我們作為一個團隊非常努力地實現業務多元化，不再僅限於單純的 III 類替換業務。

This is the adjacency that we've spoken about.

這就是我們談到的鄰接關係。

So bringing new addressable markets online like Oregon State Lottery, Canadian, VLPs, Georgia Callan, HHR.

因此，將新的可尋址市場帶入線上，例如俄勒岡州彩票、加拿大、VLPs、喬治亞卡蘭、HHR。

These are all discrete unique addressable markets that we can get into and take share in.

這些都是我們可以進入並佔據份額的獨立且獨特的可尋址市場。

So that really is part of what you're seeing in terms of the shift share improvements for our organization is a laddering up for these opportunities.

所以，就我們組織的輪班份額改進而言，這確實是您所看到的部分內容，是對這些機會的提升。

I think also, importantly, the diversification across geographies, you can see a really big order here for our U.K. business, which is a unique thing for us.

我還認為，重要的是跨地域的多元化，您可以看到我們英國業務的訂單非常大，這對我們來說是一件獨一無二的事情。

So making a big contribution to this quarter's game sales numbers.

因此對本季的遊戲銷售做出了巨大貢獻。

Also, we've got a market leadership position in Asia.

此外，我們在亞洲市場佔有領先地位。

Like I said, through the midpoint of November, we're the number one ship share provider in Australia.

正如我所說，到 11 月中旬，我們是澳洲第一大船舶共享提供者。

So I think the U.S. Class III replacement market is really important for the health of the industry.

所以我認為美國 III 類替代品市場對於產業健康確實非常重要。

We see that being positive for us into '25, but we've worked really hard Savona Nepenthe Mail team diversify the business across geographies, across product lines, across adjacencies.

我們認為這對我們25年來說是有利的，但我們也非常努力地讓 Savona Nepenthe Mail 團隊實現跨地域、跨產品線、跨相鄰領域的業務多元化。

I think that strategy is really coming to fruition at the moment.

我認為這項戰略目前確實正在取得成果。

I think the second part of your question has been a curious one, and we've had a lot of dialogue about this investors about what's driving the expansion in gaming ops in terms of the installed base in North America?

我認為你問題的第二部分令人好奇，我們就這些投資者進行過很多對話，關於推動北美遊戲營運安裝基數擴張的因素是什麼？

I think the logic that's really driving that expansion is, I think operators realize that their best players want to play the best games.

我認為真正推動這種擴張的邏輯是，營運商意識到他們最好的玩家想要玩最好的遊戲。

And it's kind of false economics to constrain the amount of the best piles on the floor to preserve costs when your best players won't play those games.

當你最好的球員不願意參加比賽時，為了節省成本而限制場上最佳球員的數量是一種錯誤的經濟。

And so I think you're seeing operators expanding the footprint of their highest performing games, and I think that's driving that business forward.

因此，我認為你會看到運營商正在擴大其表現最佳的遊戲的足跡，我認為這正在推動該業務的發展。

So we see that maintaining at these levels or maybe even ticking up, but we think that's a net positive just for the economics in the sector.

因此，我們認為該水準將維持不變，甚至可能上升，但我們認為，這對該行業的經濟而言，是一件淨利好。

Rohan Gallagher, Jarden.

羅漢·加拉格爾，賈登。

Matt, I'll like to all the Neste on the call.

馬特，我非常感謝 Neste 的所有來電。

I was going to ask about car allocation, but in the results just released, you provided two new pieces of guidance, I suppose, EBITDA guidance and the introduction of an NPATA guidance for FY25?

我本來想問有關汽車分配的問題，但在剛發布的結果中，您提供了兩條新的指導，我想，就是 EBITDA 指導和針對 FY25 的 NPATA 指導？

Can you clarify and confirm the Q4 or unpack the moving parts associated with the Q4 AEBITDA guidance and the motivation behind the new NPATA guidance for FY25, please?

您能否澄清並確認 Q4 或解讀與 Q4 AEBITDA 指導相關的活動部分以及 FY25 新 NPATA 指導背後的動機？

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

I appreciate the question.

我很感謝你提出這個問題。

So as I mentioned earlier, we're kind of working through the mitigation and strategic reviews.

正如我之前提到的，我們正在進行緩解和策略審查工作。

We knew there would be some near-term impacts from the Dragon Train injunction perspective.

我們知道從「龍列車」禁令的角度來看，短期內會產生一些影響。

And the team has just done, as Matt said, an incredible job working with our customers ensure we Ring fence the majority of the impact to 2024.

正如馬特所說，我們的團隊與客戶合作完成了一項令人難以置信的工作，確保我們將大部分影響隔離到 2024 年。

And then we could turn the page to not only execute our 2025 goals, but how do we continue to build the foundation for kind of -- to be a kind of a compounder of growth for years to come.

然後，我們不僅可以翻開新的一頁，實現我們的 2025 年目標，而且可以繼續奠定基礎，為未來幾年的複合成長奠定基礎。

If I think about the Q4 specific impacts, if you look at gaming, it's really in the North American gaming ops perspective, where we hit some of the associated kind of conversion costs as well as some of the customer collaboration on commercial terms.

如果我考慮第四季度的具體影響，如果你看看遊戲，它實際上是從北美遊戲營運的角度來看的，我們遇到了一些相關的轉換成本以及一些商業條款上的客戶合作。

From an international point of view, we had some game sales markets, especially in Australia that we're working through as we continue to build that funnel as we head into 2025.

從國際角度來看，我們有一些遊戲銷售市場，尤其是澳大利亞，我們正在努力建立這個管道，邁向 2025 年。

I think outside of the gaming segment, I think I'll start with the social casino market, that remains, I would say, the market remains relatively flat.

我認為在遊戲領域之外，我將從社交賭場市場開始，我想說，這個市場仍然相對穩定。

But I think we have the best team in the industry to continue to drive growth with the best-in-class product that we have, the monetization fly where we put into place as well as kind of the GCC progress that we've made quarter after quarter.

但我認為，我們擁有業內最好的團隊，能夠繼續利用我們擁有的一流產品、我們所實施的貨幣化以及我們每個季度所取得的 GCC 進展來推動成長。

I mentioned on the call, this was our 11th consecutive quarter of growth, and really outpacing the social casino segment.

我在電話會議上提到，這是我們連續第 11 個季度實現成長，並且成長速度確實超過了社交賭場部門。

So we feel really good, and Josh and the team will continue that progress as we had not only from a fourth quarter perspective, but into next year.

所以我們感覺非常好，喬希和團隊將繼續這一進展，不僅從第四季的角度，而且到明年。

And then finally, from a gaming point of view, we did have that slight headwind kind of second tired talking about this termination fee.

最後，從遊戲的角度來看，我們在談論終止費用時確實遇到了一點阻力。

We luckily this is the last quarter that we'll talk about these term fees.

幸運的是，這是我們討論這些學期費用的最後一個季度。

So we had $1 million termination fee last year as we cycle through that to next year, it will be a cleaner comp.

去年我們的終止費用是 100 萬美元，而到了明年，我們的補償金額將會更加清晰。

But if you look at the North American market, that continues to grow at a very sizable pace, and we're just really setting ourselves out for just continued execution in that space.

但如果你看看北美市場，它繼續以非常可觀的速度成長，我們只是準備好繼續在這個領域執行。

So all these factors really contributed to what I would call a modest kind of EBITDA growth rate here in Q4, and then we'll kind of refocus ourselves and reinvigorate ourselves towards future growth.

因此，所有這些因素確實促成了第四季度 EBITDA 的適度成長率，然後我們將重新調整重點，為未來的成長注入新的活力。

And then in terms of your second question, I think from an NPATA point of view, I figured you might appreciate that.

然後關於您的第二個問題，我想從 NPATA 的角度來看，您可能會理解這一點。

But we have kind of looked to kind of bolster reporting to include adjusted NPATA here over the last 12 or so months.

但在過去 12 個月左右的時間裡，我們一直試圖加強報告功能，將調整後的 NPATA 納入其中。

This is really just simply translation of the 1.4 EBITDA target.

這其實只是 1.4 EBITDA 目標的簡單翻譯。

So this is a measure that's obviously widely used by our investor base, particularly in Australia.

因此，這項措施顯然被我們的投資者廣泛採用，尤其是在澳洲。

So we'll start to incorporate not only the overall financial reporting of that Pad A, but obviously, will work to kind of the guidance framework as we move forward.

因此，我們不僅會開始納入 Pad A 的整體財務報告，而且顯然還會在我們前進的過程中納入指導框架。

So over the next, I would say, fivequarters, what we've done is we've made some reasonable kind of assumptions based on the current forecast the team has provided.

所以我想說，在接下來的五個季度裡，我們所做的就是根據團隊提供的當前預測做出一些合理的假設。

And that's assumptions around floating interest rates, tax rates, investments in CapEx that obviously would drive variability in D&A assumption.

這是圍繞著浮動利率、稅率、資本支出投資的假設，這些假設顯然會導致 D&A 假設的變化。

So I think the range that we provide then gives us a bit more variability, flexibility, just given that this is a forecast.

因此我認為，我們提供的範圍會為我們帶來更多的變化和靈活性，因為這只是預測。

And this is what we'll start to kind of provide this translation as we move on.

這就是我們接下來將開始提供這種翻譯的內容。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

(inaudible) When wanted to circle back to Dragon Train quick.

（聽不清楚）當想快速回到龍列車時。

When should we expect the second iteration of that?

我們什麼時候可以期待第二次迭代？

And how do you feel about the pipeline going into 2025?

您對 2025 年的管道建設有何感想？

Yes, I'll start with the pipeline broadly.

是的，我將從廣泛的管道開始。

Like I said, we're a diverse organization with lots of games, lots of franchises, Drive Train was one of 130 that we make.

就像我說的，我們是一個多元化的組織，擁有很多遊戲、很多特許經營權，《Drive Train》是我們製作的 130 個遊戲之一。

Annually, we've made over 1,000 games in the last years.

在過去幾年裡，我們每年製作超過 1,000 款遊戲。

So that's what we do.

這就是我們要做的。

And what you're investing in, when you invest in Light & Wonder is a platform, an R&D organization that can continue to build great games after quarter across a diverse set of markets and a diverse set of franchises.

當您投資 Light＆Wonder 時，您投資的是一個平台、一個研發機構，它可以在不同的市場和不同的特許經營中不斷創造出優秀的遊戲。

Dragon Train the original, is clearly, again, the players wanted to play and customers wanted to buy, and that's what we're about building.

顯然，《龍之列車》原版是玩家想玩、顧客想買的遊戲，這就是我們要打造的。

What was contested in Dragon Train was a very narrow part of the game.

《龍列車》中所爭議的只是遊戲中非常狹窄的一部分。

So we're actively working on building number of different variations of Dragon Train for the portfolio.

因此，我們正在積極致力於為投資組合建立多種不同的 Dragon Train 變體。

We won't tip our hand exactly to when we're going to launch those gains.

我們不會透露何時實現這些成果。

Here publicly, we know many of our competitors dial into these calls.

我們公開地知道，我們的許多競爭對手都撥打了這些電話。

So we'll keep our cards close to our chest on that.

因此我們對此保持保密。

But it is a franchise that will be in the market that competitors will have to compete with going forward.

但這是一個特許經營權，未來競爭對手將不得不在市場上競爭。

We see this as being the type of franchise like Dancing Drums like Huff N' Puffs, like Quick Hits, that will be a sustainable contributor to our organization over the long term.

我們認為這是像《Dancing Drums》和《Huff N' Puffs》以及《Quick Hits》那樣的特許經營類型，從長遠來看，它們將為我們的組織做出可持續的貢獻。

So yes, you'll see it back in the portfolio in short order here. and we're excited about that.

是的，您很快就會在投資組合中看到它。我們對此感到非常興奮。

But I just want to underscore the fact that we're more than just Dragon Train.

但我只想強調一點，我們不只是龍列車。

We are an organization that's decades old with lots of firepower when it comes to franchises, and the strong lineup of games as we roll into '2025, and we chased down that $1.4 billion guide that we've given the marketplace so many times over the last three years.

我們是一家擁有數十年歷史的組織，在特許經營方面擁有強大的火力，並且在邁向2025年時擁有強大的遊戲陣容，並且我們追逐了過去三年中多次向市場提供的14億美元指導價。

So thanks for your question.

感謝您的提問。

Thank you.

謝謝。

The next question, go to Justin Barrett of CLSA.

下一個問題請問里昂證券的賈斯汀·巴雷特 (Justin Barrett)。

I just wanted to ask about margins.

我只是想問一下利潤率。

And specific to your FY25 target, how important is margin expansion to that target?

具體到您的 FY25 目標，利潤率擴大對於該目標有多重要？

And then, look, I just feel like I need to ask a question just around Dragon Train and the progress on the litigation in Australia.

然後，看，我覺得我需要問一個有關龍列車和澳洲訴訟進展的問題。

Is there at all any risk that you will need to, I guess, remove the drag on trains that have already sold in Australia from the floors as a result of that litigation progress.

我猜，是否存在任何風險，您需要由於訴訟的進展而消除對澳洲已售出火車票的拖累？

Justin, thanks for the question.

賈斯汀，謝謝你的提問。

Yes, I think from a margin perspective, if you look at the nature of our businesses across all three segments, it really does lend itself to having really robust margin performance quarter in quarter.

是的，我認為從利潤率的角度來看，如果你看看我們三個部門的業務性質，它確實有助於實現每個季度都非常強勁的利潤率表現。

I don't think we've proven that and shown that over the last several quarters.

我認為我們還沒有證明這一點，也沒有在過去幾個季度中展示這一點。

And this is for us an absolutely key element for us in terms of Creating value -- and really, if we look at the stability of those margins, I think we can keep those current levels and really scale that over the next several years.

對我們來說，這是創造價值的絕對關鍵因素——而且，如果我們看一下利潤率的穩定性，我認為我們可以保持當前水平，並在未來幾年真正擴大規模。

We expect gaming perspective, as we head into next year, we expect gaming to trend in line.

我們預計，從遊戲的角度來看，隨著明年的到來，我們預計遊戲趨勢將保持一致。

And that's obviously barring any significant product mix shifts, but we're going to continue to optimize the business for efficiencies while we continue to invest for the future growth of this business.

顯然，除非發生任何重大的產品組合轉變，否則我們將繼續優化業務以提高效率，同時繼續為該業務的未來成長進行投資。

And we've done that over the last several quarters, and we're going to continue to do that as we move forward.

我們在過去幾個季度中已經這樣做了，並且在未來我們將繼續這樣做。

So over the long term, especially as we start to scale our gaming operations installed base on and we expect that margin to expand.

因此從長遠來看，特別是當我們開始擴大我們的遊戲營運安裝基礎時，我們預計利潤率將會擴大。

I think from a side play point of view, we mentioned or talked about kind of UA spend and a guide in the second half.

我認為從側面來看，我們在下半場提到或討論了 UA 支出和指南。

We've partially realized that in the quarter, and we expect us to continue to kind of lean into UA where it makes sense to, and we see high returns.

我們在本季度已經部分實現了這一點，我們預計我們將繼續在合理的範圍內傾向於 UA，並且我們看到了高回報。

But I wouldn't necessarily expect any major shifts in kind of margin going forward..As

但我並不認為未來利潤率會出現任何重大變化。

we head into next year and DTC continues to scale, there's no doubt that's going to be a margin tailwind for us for many years to come.

進入明年，DTC 將繼續擴大規模，毫無疑問，這將成為我們未來許多年的利潤順風。

And then I think lastly, from an iGaming point of view, I would expect that to kind of stay relatively consistent here as we invest and continue to invest in kind of the growth of this business And this business will scale over the next several years.

最後，我認為從 iGaming 的角度來看，我預計這種趨勢會保持相對穩定，因為我們將繼續投資於這項業務的成長，而這項業務將在未來幾年擴大規模。

And I did mention kind of this impact of determination fees once we kind of cycle over that for next year, I think it will be a much compare for us.

我確實提到過這種確定費用的影響，一旦我們明年將其循環起來，我認為這對我們來說將是一個很大的比較。

So I think all of that coupled with margin enhancement really gives us an ability to drive really significant margin growth here over the next several years.

因此，我認為所有這些加上利潤率的提高確實使我們有能力在未來幾年推動利潤率的大幅成長。

Yes.

是的。

I'll address the litigation question.

我將討論訴訟問題。

As a policy, we don't talk publicly about litigation.

根據一項政策，我們不會公開談論訴訟。

But what I will say specifically about your question to address it is, those games are under the ownership of our customers.

但關於你的問題，我要具體說的是，這些遊戲歸我們的客戶所有。

This injunction is against Light in London, not against any customer globally.

這項禁令針對的是倫敦的 Light，而不是全球任何客戶。

We don't see a scenario where those games that are owned by our customers are impacted, but that's what we'll say publicly about that.

我們不認為我們的客戶擁有的遊戲會受到影響，但我們會公開表示這一點。

The next question goes to be Rohan Sundram of MST. -- an -- just one for me, and it's around the medium-term growth outlook, Matt, you might have touched on it earlier, but I appreciate you've reiterated the $1.4 billion EBITDA guidance again.

下一個問題由 MST 的 Rohan Sundram 提出。對我來說只有一個問題，那就是關於中期成長前景，馬特，你可能之前已經提到過它，但我很欣賞你再次重申了 14 億美元的 EBITDA 指引。

But after that, once you've achieved that, how would you describe the growth runway ahead across your businesses beyond that?

但是，一旦您實現了這一目標，您將如何描述您業務未來的成長前景？

Yes, it's a key question, one we get asked quite often, what's the future beyond 2025, there's no visible finish line at 2025, we hear for a transformation journey that extends well beyond 2025.

是的，這是一個關鍵問題，也是我們常被問到的問題，2025 年以後的未來會怎樣，2025 年沒有明顯的終點線，我們聽說轉型之旅將延伸到 2025 年以後。

Obviously, annually, we build a strategic plan that takes our business out another three to five years.

顯然，我們每年都會制定一個策略計劃，使我們的業務在未來三到五年內能夠繼續發展。

And so we have visibility to growth engine in perpetuity.

因此，我們永遠可以看到成長引擎。

I would say I'm excited about the future of Light & Bonder beyond 2025.

我想說我對 2025 年以後 Light & Bonder 的未來感到興奮。

We think there's a significant amount of growth drivers in play.

我們認為，有大量的成長動力在發揮作用。

We think there's more share to be had in all of our global markets.

我們認為，我們在全球所有市場上都有更大的市場份額。

There are some adjacencies that we're just getting into in its infancy at the moment.

目前，我們剛進入一些相鄰領域，它們處於起步階段。

So we see a continuation of that.

因此，我們預見到這種情況將會持續下去。

Importantly, we'll likely come back to the investor base sometime next year, and kind of reframe how to think about what an beyond 2025.

重要的是，我們可能會在明年某個時候回到投資者群體，並重新思考如何看待 2025 年以後的事情。

It will be a growth story.

這將會是一個成長故事。

There's no doubt about that, and we're excited to come back and share more details about the specifics of this business beyond 2025.

對此毫無疑問，我們很高興能夠回來分享有關 2025 年以後這項業務的具體細節。

And at the moment, it's all eyes are focused on delivering on that guide and then setting this business up to success beyond that, but more to count.

目前，所有人的目光都集中在如何貫徹這項指南，並為這項業務的成功奠定基礎，但還有更多工作要做。

And the final question goes to Paul Mason of Evans and Partners.

最後一個問題問的是 Evans and Partners 的 Paul Mason。

I just wanted to ask about sort of medium-term international outright sales opportunities.

我只是想詢問一些中期國際直接銷售機會。

There's regulatory stuff that's happening in Macau, and I think in the Philippines.

澳門正在發生一些監管問題，我認為菲律賓也是。

And I believe there's like a big expansion opportunity in the UAE coming up in a couple of years.

我相信幾年後阿聯酋將會出現巨大的擴張機會。

But could you give us a bit of a color on sort of like the magnitude and timing of those sort of things?

但您能否向我們稍微介紹一下這些事情的規模和時間？

And any other big events internationally that might be sort of helpful catalysts?

還有其他國際重大事件可能成為有益的催化劑嗎？

Yes.

是的。

The (inaudible) The Philippines, we've spoken about pretty extensively.

關於（聽不清楚）菲律賓，我們已經討論得相當廣泛了。

That's a near-term opportunity that's been active last year.

這是去年就已活躍的一個近期機會。

Its active again into in '24, '25.

它在 24、25 年再次活躍起來。

There's some big, ambitious plans for that market in terms of GGR and then competing kind of on a global scale as a casino operation.

在博彩總收入 (GGR) 方面，我們針對該市場制定了一些宏偉而雄心勃勃的計劃，然後作為賭場運營在全球範圍內進行競爭。

So and we're a big participant in that.

所以，我們是這個領域的重要參與者。

We're the number one player in the Philippines.

我們是菲律賓排名第一的球員。

The Macau regulatory churn is going to happen over a number of years.

澳門的監管變革將持續數年。

So that will be a good opportunity for us, again it's.

所以這對我們來說又是一個很好的機會。

It's pretty much a to outrate that market these days in there actually for five years.

實際上，五年來，現在的市場表現基本上是高於平均的。

So I know that market well.

所以我很了解那個市場。

I'm very fond of it.

我非常喜歡它。

It's really restrain us that are going to participate in that regulatory churn.

這確實限制了我們參與監管變革。

And then beyond that, there's some really exciting, kind of new geographies expanding.

除此之外，還有一些非常令人興奮的新地域正在擴張。

So the is a very interesting one, one in us 2020.

因此，這是一個非常有趣的問題，它出現在 2020 年。

One. Obviously, wins license there now.

一。顯然，現在已經贏得了許可證。

We're in the process of getting regulatory compliance -- these new markets are quite interesting.

我們正處於獲得監管合規的過程中——這些新市場相當有趣。

They are like a bit of a RubiCube.

它們有點像 RubiCube。

Trying to figure out which market the players are going to be pulled from?

想要弄清楚這些球員將會被從哪個市場拉出來？

Is it going to be a European player, an Asian player.

是歐洲球員還是亞洲球員？

And I think that really lends itself to global operators like Light & Wonder who can bring to bear an amazing set of content from -- we've got games from the U.K., from the European market, from Asia, from Australia, from all over the U.S. So we can bring to bed our portfolio to help operators like when and the others that are ultimately licensed in that market be successful.

我認為這對 Light＆Wonder 這樣的全球營運商來說非常有幫助，他們可以帶來一系列令人驚嘆的內容——我們的遊戲來自英國、歐洲市場、亞洲、澳洲和美國各地。

So we're excited about trying to figure out that Roque and helping them along the way to be successful, but we see that as a kind of a multisite expansion opportunity probably over the kind of '27, '28 time frame is when we see that really coming to life.

因此，我們很高興能夠了解 Roque 的情況並幫助他們取得成功，但我們認為這是多站點擴展的機會，可能在 27、28 年的時間範圍內，我們將看到它真正變為現實。

You've also got Thailand the process of dealing with their expansion opportunities.

您也了解了泰國處理其擴張機會的過程。

You've got Japan on the horizon.

你已經看到日本出現在地平線上了。

So a really unique set of opportunities coming online in the international market.

因此，國際市場上出現了一系列真正獨特的機會。

I think, we're very well positioned as a team.

我認為，作為一個團隊，我們的定位非常出色。

We've got some great leadership in that market in the international markets to help propel our store and get us set up to success.

我們在國際市場上擁有一些出色的領導力，可以幫助我們推動商店的發展並取得成功。

So all of that to come back to, I'd say, Macau and the Philippines more of a near-term opportunity.

所以總而言之，我想說，澳門和菲律賓更多的是一個短期機會。

And then if you think about Thailand, Japan, UAE, probably more like '27 beyond.

然後如果你想想泰國、日本、阿聯酋，可能更像 27 年以後。

So yes, I think some meaningful catalysts on the horizon for the gaming business.

所以是的，我認為遊戲業務即將出現一些有意義的催化劑。

We have no further questions.

我們沒有其他問題了。

I'll hand back to Matt for any closing comments.

我將把最後的發言權交給馬特。

Thank you, operator.

謝謝您，接線生。

Before we wrap up, I'd like to take a moment to reflect on the incredible feedback we received at G2E this year regarding our new products and initiatives.

在結束之前，我想花點時間來回顧我們今年在 G2E 上收到的有關我們的新產品和新舉措的令人難以置信的反饋。

It was truly affirming to see the positive recession both from those customers and industry leaders further reinforcing our belief that we are on the right path towards innovation and growth.

看到客戶和產業領袖的正面表現確實令人欣慰，這進一步增強了我們的信念：我們正走在創新和成長的正確道路上。

We remain on track to achieve our 2025 consolidated EBITDA target despite some challenges along the way.

儘管一路上面臨一些挑戰，但我們仍有望實現 2025 年合併 EBITDA 目標。

Our ability to stay focused, execute and adapt is a testament to the strength and resiliency of the Light & Wonder team.

我們保持專注、執行和適應的能力證明了 Light＆Wonder 團隊的實力和韌性。

Thank you again for your continued support.

再次感謝您一直以來的支持。

On behalf of the entire Light & Wonder team, we're excited about the journey ahead and the milestones yet to come as we continue creating value for all of our stakeholders.

我代表整個 Light＆Wonder 團隊，對未來的旅程和即將到來的里程碑感到興奮，因為我們將繼續為所有利害關係人創造價值。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

This now concludes today's call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect your lines.

現在您可以斷開線路了。