Light & Wonder Inc (LNW) 2025 Q1 法說會逐字稿

Welcome to the Light & Wonder 2025 first quarter earnings conference call. (Operator Instructions).

歡迎參加 Light & Wonder 2025 第一季財報電話會議。（操作員指令）。

Thank you. I will now turn the call over to Nick Zangari, Senior Vice President, Investor Relations and Treasury. Please go ahead.

謝謝。現在我將把電話轉給投資者關係和財務部高級副總裁 Nick Zangari。請繼續。

Thank you, operator, and welcome, everyone, to our first quarter 2025 earnings conference call. With me today are Matt Wilson, our President and CEO; and Oliver Chow, our CFO. During today's call, we will discuss our first quarter results and operating performance, followed by a question-and-answer session. Today's call will contain forward-looking statements that may involve certain risks and uncertainties and that could cause actual results to differ materially from those discussed during the call.

謝謝接線員，歡迎大家參加我們 2025 年第一季財報電話會議。今天和我一起的還有我們的總裁兼執行長 Matt Wilson；以及我們的財務長 Oliver Chow。在今天的電話會議上，我們將討論第一季的業績和經營業績，然後進行問答環節。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，並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. 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 and earnings presentation located in the Investors section of our website.

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。我們也將討論某些非公認會計準則財務指標。在我們網站的「投資者」部分的收益報告和收益介紹中可以找到每個非 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。

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。

Thanks, Nick, and thank you all for joining us today to discuss our first quarter results. Our focus on a comprehensive product road map operational excellence and cross-platform strategy has enabled us to return to double-digit consolidated EBITDA growth, pacing us towards our year-end target. I would like to recognize our team that performance and relentless efforts to execute toward our financial and operational goals.

謝謝，尼克，也謝謝大家今天加入我們討論我們的第一季業績。我們專注於全面的產品路線圖、卓越營運和跨平台策略，這使我們能夠恢復兩位數的綜合 EBITDA 成長，並朝著我們的年終目標邁進。我要表彰我們團隊為實現財務和營運目標所做的出色表現和不懈努力。

As we outlined in the previous earnings call, growth in 2025 is expected to progress and way towards the second half of the year based on our visibility into the game sales funnel. We are focused on what we can control, and the teams are working diligently to adapt to the rapid shifts in the broader economic environment.

正如我們在上次收益電話會議上所概述的那樣，根據我們對遊戲銷售管道的了解，預計 2025 年的成長將會繼續，並持續到下半年。我們專注於我們能夠控制的事情，團隊正在努力適應更廣泛的經濟環境的快速變化。

Importantly, our game performance is reflected in industry chart and supported by our customers, showing we are on the right path. With uncertainty in the current markets, we will stay the course to reinvest into R&D for sustainable growth in the future. While this industry has proven to be resilient time after time, we are not immune to ripple effects from operators and the end consumers should we see a long-term structural shift in resulting in a softer macroeconomic environment.

重要的是，我們的遊戲表現反映在行業圖表中並得到客戶的支持，表明我們走在正確的道路上。鑑於當前市場的不確定性，我們將堅持重新投資於研發，以實現未來的永續成長。雖然事實證明這個行業具有很強的韌性，但如果長期結構性轉變導致宏觀經濟環境更加疲軟，我們也無法免受營運商和最終消費者的連鎖反應。

However, I remain optimistic about the future of the gaming industry and our position to capitalize on the opportunities with our product portfolio, which continues to be a key driver of our performance. Let’s turn now to the operational highlights. Our gaming team continues to leverage our product portfolio and content roadmap, driving yet another quarter of growth across all lines of business.

然而，我仍然對遊戲產業的未來以及我們利用產品組合機會的地位持樂觀態度，這仍然是我們業績的關鍵驅動力。現在讓我們來看看營運亮點。我們的遊戲團隊繼續利用我們的產品組合和內容路線圖，推動所有業務線再實現一個季度的成長。

During in the quarter, we added approximately 500 units sequentially to our North American installed base, bringing the number of added machines to over 2,900 units year-over-year and premium. Our North American gaming operations footprint is now over 34,000 units, with 51% of the fleet as premium. The diversity of our franchise is paying dividends and the most recent ALS chart reflects this with Light & Wonder Holdings 40% of the top 25 new premium and WAP games in the first quarter 2025.

本季度，我們在北美安裝基數上連續增加了約 500 台，使新增機器數量比去年同期增加超過 2,900 台。我們在北美的博彩業務足跡現已超過 34,000 台，其中 51% 為高階博彩機。我們特許經營的多樣性正在帶來紅利，最新的 ALS 圖表反映了這一點，Light & Wonder Holdings 在 2025 年第一季度佔據了前 25 款新優質遊戲和 WAP 遊戲的 40%。

Gain sales continues to be a highlight, with over 9,700 global units shipped in the quarter, driven by share gains that we’ve made since we started on this journey.

銷量成長持續成為一大亮點，本季全球出貨量超過 9,700 台，這得益於我們自踏上這一征程以來所取得的份額增長。

We exited 2024 as the number one ship share supply globally and carried that momentum into the first quarter. We're gaining the number one position in Australia underpinned by the variety of game franchises we have to offer. Such as Shenlong Unleashed and Lightning Gong as well as Huff and Even More Pup, which debuted as number one in Queensland clubs.

2024 年，我們成為全球第一大船舶份額供應國，並將這一勢頭延續到第一季。憑藉我們提供的各種遊戲系列，我們在澳洲佔據了第一的位置。其中包括《Shenlong Unleashed》和《Lightning Gong》以及《Huff》和《Even More Pup》，後者在昆士蘭俱樂部中首次亮相就名列第一。

In North America, gains from proven evergreen franchises such as Superhot Flaming Pots, Mr. Lee and Mrs. Wong, both ranked in the top five of new core games. And the Cosmic Upright Cabinet, the top performing Portrait Upright Cabinet, are prime examples of great performance during the quarter.

在北美，《Superhot Flaming Pots》、《Mr. Lee》和《Mrs. Wong》等久經考驗的常青系列遊戲均取得了不錯的成績，均位列新核心遊戲前五名。而宇宙直立式櫥櫃，性能最佳的肖像直立式櫥櫃，是本季出色表現的典範。

This improved game and hardware performance is evidenced through a 400 basis points share gain for North American game sales in 2024 year-over-year to 24%. Our systems and table business continue to experience and leadership position into sustainable growth across these products.

遊戲和硬體效能的提升體現在 2024 年北美遊戲銷售額份額年增 400 個基點至 24%。我們的系統和桌面業務繼續在這些產品中保持經驗和領導地位，實現永續成長。

We expect to drive further innovation through our experience and leadership position into sustainable growth across these product lines. Since the beginning of the year, our Chief Product Officer, Nathan Dray, has also turbocharged our game launches with a robust road map of games coming across cabinets on both the gaming operations and game sales categories globally. Anticipate the pipeline to continue to build upon itself and propel us forward as we execute our strategy for further upside in the gaming business.

我們希望透過我們的經驗和領導地位來推動進一步的創新，實現這些產品線的永續發展。自今年年初以來，我們的首席產品長 Nathan Dray 也透過強大的遊戲路線圖，大力推動我們的遊戲發布，該路線圖涵蓋了全球遊戲營運和遊戲銷售類別的遊戲。預計通路將繼續建造並推動我們向前發展，因為我們執行了遊戲業務進一步上升的策略。

On to SidePlay where we continue the trend of outperformance relative to the broader social casino market, year-over-year for three years and counting. Mobile gaming is a large market, and we will continue to find avenues to grow our portfolio sustainably. This quarter was impacted by a late quarter reacceleration from the Jackpot Party updated game economy highlighted in our previous earnings call.

談到 SidePlay，我們延續了相對於更廣泛的社交賭場市場表現優異的趨勢，三年來一直保持逐年成長。手機遊戲是一個巨大的市場，我們將繼續尋找途徑來持續擴大我們的產品組合。本季受到了我們在先前的收益電話會議上強調的 Jackpot Party 更新遊戲經濟在季度末重新加速的影響。

We have seen continued positive signs of player engagement with the new economy in March and feel confident in its growth trajectory and the return to growth in the second half of the year. Importantly, the significant insight into the performance and the information we gathered enables further opportunities to drive efficiency and leverage these learnings across other games.

3月份，我們看到玩家對新經濟的參與度持續呈現正面跡象，我們對其成長軌跡和下半年恢復成長充滿信心。重要的是，對我們收集的性能和資訊的深刻洞察為我們提供了進一步提高效率並在其他遊戲中利用這些經驗的機會。

Importantly, we saw growth in other games as Quick Hit Slots was able to achieve its 13 consecutive record revenue with 15 consecutive quarters of growth. While 88 Fortunes also reached three consecutive quarters of record revenues. More broadly, we are focused on the key SciPlay initiative, which includes user acquisition, monetization and direct-to-consumer.

重要的是，我們看到其他遊戲的成長，因為 Quick Hit Slots 連續 15 個季度實現成長，實現了連續 13 個創紀錄的收入。而88 Fortunes也連續三個季度創下了營收紀錄。更廣泛地說，我們專注於關鍵的 SciPlay 計劃，其中包括用戶獲取、貨幣化和直接面向消費者。

Regarding UA, our team is committed to staying fluid and maximizing the opportunity when it counts. We continue to scale by leveraging dynamic Livebox through the side play engine, with year-over-year growth reflected in average revenue per daily active user and average monthly revenue per paying user metric.

關於 UA，我們的團隊致力於保持流動性並在重要時刻最大限度地利用機會。我們持續利用側邊播放引擎的動態 Livebox 進行擴展，較去年同期成長反映在每日活躍用戶平均收入和付費用戶平均月收入指標。

We also have exciting updates to share on our DTC platform and how we plan to grow, which will further unpack at our upcoming Investor Day. More than a year ago, we introduced DTC to our players and have received very positive feedback since them. We've been cultivating the platform to ensure seamless and optimized customer experience and we'll continue rolling out this offering in phases and eventually onto our other games in the SidePlay portfolio.

我們還將分享有關我們的 DTC 平台的令人興奮的更新以及我們的發展計劃，這些將在即將到來的投資者日上進一步揭曉。一年多前，我們向玩家推出了 DTC，並收到了非常正面的回饋。我們一直在培育該平台，以確保無縫和優化的客戶體驗，我們將繼續分階段推出此產品，並最終推廣到 SidePlay 產品組合中的其他遊戲。

Looking forward, our team is committed to the fundamentals of the business and to the long-term sustainable growth. We will continue to focus on high-return prudent US spend while improving monetization in the core portfolio titles. This growth will be compounded by the methodical scaling of our DTC platform, supporting margin expansion in the business for years to come.

展望未來，我們的團隊致力於業務基礎和長期永續成長。我們將繼續專注於高回報的審慎美國支出，同時提高核心投資組合的貨幣化。這一成長將透過我們 DTC 平台的系統擴展而進一步增強，從而支持未來幾年業務利潤的擴大。

Turning to iGaming, where we see continued success in both first-party and third-party content marches, as well as added service capabilities, which further enhance the value proposition of our offering. Additionally, growth was accentuated and evidenced in all markets. led by market GGR increases of 30% and 11% in the US and Canada markets, respectively, year-over-year.

談到 iGaming，我們看到第一方和第三方內容行銷以及附加服務能力的持續成功，這進一步增強了我們產品的價值主張。此外，所有市場均出現了明顯的成長。其中，美國和加拿大市場的博彩總收入分別年增 30% 和 11%。

Content creation and cross-platform deployment is core to our strategy. We are building on the momentum in the US supported by strong new third-party game launches, including Huff N' Even More Puff and Wizards over the rainbow in the quarter. These are exclusive launches with Sander and BetMGM, respectively, and that set new single-game GGR records for both operators since their release. We expect these games to be more widely distributed as they come off exclusivity shortly.

內容創作和跨平台部署是我們策略的核心。我們在美國市場保持強勁勢頭，這得益於本季推出的強勁第三方遊戲，包括《Huff N' Even More Puff》和《Wizards over the rainbow》。這些遊戲分別是與 Sander 和 BetMGM 獨家推出的，自發布以來為兩家運營商創下了新的單場遊戲 GGR 記錄。我們預計這些遊戲很快就會脫離獨家銷售模式，並得到更廣泛的傳播。

Additionally, land-based stand favorite Huff N' Even More Puff achieved record North American GGR volume across the OGS on its initial 60-day release. A testament to the power of our game portfolio and brand exposure of a tested, proven franchise. We expect the runway for our third-party content to continue to broaden as the overall gaming market grows.

此外，最受歡迎的陸基遊戲 Huff N' Even More Puff 在最初 60 天的 OGS 上線後就創下了北美 GGR 交易量的新高。這證明了我們的遊戲組合的強大實力以及經過測試和驗證的特許經營的品牌曝光。我們預計，隨著整體遊戲市場的成長，我們的第三方內容的管道將繼續拓寬。

And as we expand our presence with the introduction of Elk games in the fast-growing Ontario market. In terms of our service offerings, we continue to see a proliferation of that business with operators. Recently, we launched marketing Jackpot in New Jersey with additional rollout plan.

隨著我們在快速成長的安大略市場推出 Elk 遊戲，我們的業務範圍也不斷擴大。就我們提供的服務而言，我們繼續看到與營運商的業務成長。最近，我們在新澤西州啟動了 Jackpot 行銷，並制定了額外的推廣計劃。

Furthermore, we see validation that our products provide substantial value to customers through securing the player account management and aggregation platform tender for the finished lottery.

此外，我們還看到，透過確保玩家帳戶管理和最終彩票的聚合平台招標，我們的產品為客戶提供了實質的價值。

Overall, I'm pleased with the vision strategy, execution and leadership Simon Johnson has brought to the business. We've made some important strategic decisions under his leadership that will ultimately bear fruit in the long term. The renewed focus on high-return initiatives such as cultivating first-party content and leveraging our deep pool of diversified game franchises is expected to drive share gains moving forward.

總的來說，我對西蒙約翰遜為公司帶來的願景策略、執行力和領導力感到滿意。在他的領導下，我們做出了一些重要的策略決策，最終將在長期內產生成果。重新關注高回報舉措，例如培育第一方內容和利用我們豐富的多元化遊戲特許經營權，預計將推動未來的份額成長。

Back in February, we announced the strategic acquisition of Grover Gaming's charitable gaming assets, which is expected to enhance our role as a leading cross-platform global games company by adding another growing regulated market to our portfolio. Licensing approvals are on track, and the transaction is anticipated to close by the end of the second quarter.

早在今年二月，我們就宣布了 Grover Gaming 慈善遊戲資產的策略性收購，此舉有望為我們的投資組合增添另一個不斷增長的受監管市場，從而增強我們作為領先的跨平台全球遊戲公司的地位。許可審批正在順利進行，預計交易將在第二季末完成。

Preliminary integration and planning efforts are proceeding as planned, and we are preparing to bring the team on board. We view this as a strategic growth driver for Light & Wonder, just recently, the State of Indiana legalized equal effective July 1 of this year. This is a welcome tailwind and incremental to our base case assumption.

初步整合和規劃工作正在按計劃進行，我們正準備讓團隊加入。我們將此視為 Light & Wonder 的戰略成長動力，就在最近，印第安納州於今年 7 月 1 日起將該法案合法化。這是一個令人欣喜的順風，並且對我們的基本情況假設有所補充。

We're excited about the sizable opportunity and intend to be competitive in the state with our R&D supported game and hardware. You will hear more from us on our integration and growth plans for Grover with the upcoming capital markets update.

我們對這個巨大的機會感到非常興奮，並打算利用我們研發支援的遊戲和硬體在該州保持競爭力。在即將發布的資本市場更新中，您將了解我們關於 Grover 的整合和成長計劃的更多資訊。

As it relates to an update on our ongoing litigation, back in early April, we engaged a third party expert who conducted an audit of holding spin gains released after mid-2021 to determine whether any of those gains presented similar issues to those identified with Dragon Train and Jewel of the Dragon.

因為這與我們正在進行的訴訟的最新情況有關，早在 4 月初，我們就聘請了第三方專家對 2021 年中期之後釋放的持有旋轉收益進行了審計，以確定這些收益中是否存在與《龍列車》和《龍之寶石》中發現的類似問題。

We found no evidence of Aristocrat Matters values being used in any of those games. We expanded our view to include Hold and Spin games released before mid-2021. We have now completed searches of math models for Hold and Spin games released between 2015 and mid-2021 and found no evidence that Aristocrat Matters values were used in any of those games.

我們沒有發現任何證據表明 Aristocrat Matters 價值觀被應用於任何這些遊戲中。我們擴大了視野，將 2021 年中期之前發布的 Hold and Spin 遊戲也納入其中。我們現在已經完成了對 2015 年至 2021 年中期發布的 Hold and Spin 遊戲的數學模型的搜索，沒有發現任何證據表明 Aristocrat Matters 價值觀在任何這些遊戲中被使用。

In closing, I’m very excited to be hosting our Investor Day in less than two weeks’ time. We will use the event as an opportunity to dig into the fundamentals of our business and strategy to help propel our growth in the coming years. We look forward to seeing many of you in New York on the 20.

最後，我很高興能在不到兩週的時間內舉辦我們的投資者日。我們將利用這次活動的機會深入挖掘我們的業務和策略基礎，以推動我們未來幾年的成長。我們期待 20 日在紐約見到你們。

With that, I’ll now turn it over to Oliver for a discussion on our financials.

好了，現在我將把話題交給奧利佛討論我們的財務狀況。

Thanks, Matt. Our commitment to operational excellence and continuous improvement is reflected in our first quarter performance, and we expect this to continue as we execute towards our 2025 targets. The initiatives and processes we have in place enable us to remain adaptable to changes. While the uncertainty in the current environment persists, we are focused on execution and sustainability in the long run.

謝謝，馬特。我們對卓越營運和持續改善的承諾體現在我們的第一季業績中，我們預計這種承諾將在我們實現 2025 年目標的過程中繼續延續。我們已採取的措施和流程使我們能夠適應變化。儘管當前環境的不確定性仍然存在，但我們專注於長期的執行和永續性。

This quarter marked our 16 consecutive quarter of consolidated revenue growth, a 2% increase to $774 million compared to the prior year, driven by our gaming and iGaming businesses. Net income was $82 million as increased revenue and margins were offset by higher restructuring and other expenses, primarily related to costs associated with pending acquisitions and discontinuation of live casino operations.

本季是我們連續第 16 季實現綜合營收成長，與前一年相比成長 2%，達到 7.74 億美元，這主要得益於我們的遊戲和 iGaming 業務。淨收入為 8,200 萬美元，因為增加的收入和利潤被更高的重組和其他費用所抵消，主要與即將進行的收購和停止現場賭場營運相關的成本有關。

This resulted in diluted net income per share of $0.94 compared with $0.88 in the prior year period. In line with guidance provided in the last earnings call, consolidated EBITDA in the first quarter grew double digits, increasing by 11% to $311 million compared to $281 million in the prior year.

這導致每股攤薄淨收益為 0.94 美元，而去年同期為 0.88 美元。根據上次收益電話會議上提供的指引，第一季綜合 EBITDA 成長兩位數，從去年同期的 2.81 億美元成長 11% 至 3.11 億美元。

Our continued business optimization led to increased revenue and expanded margins across all businesses resulting in a consolidated EBITDA margin of 40%, a 300 basis points increase over the prior year period.

我們持續的業務優化導致所有業務的收入增加和利潤率擴大，導致合併 EBITDA 利潤率達到 40%，比去年同期增加了 300 個基點。

Adjusted NPATA for the quarter was up 11% year-over-year to $117 million on revenue growth and margin expansion, partially offset by higher income taxes. Adjusted NPATA per share or EPSA, increased 21% to $1.35 compared to $1.12 in the prior year period.

本季調整後的 NPATA 年成長 11%，達到 1.17 億美元，原因是營收成長和利潤率擴大，但部分被更高的所得稅所抵銷。調整後每股 NPATA 或 EPSA 為 1.35 美元，較去年同期的 1.12 美元成長 21%。

Operating cash flow increased 8% to $185 million in the quarter, leading to a 19% increase in free cash flow to $111 million, reflective of strong earnings and lower CapEx partially offset by unfavorable changes in working capital, inclusive of higher cash income taxes paid of $24 million.

本季經營現金流增加 8% 至 1.85 億美元，導致自由現金流增加 19% 至 1.11 億美元，這反映出強勁的盈利和較低的資本支出，但被營運資本的不利變化部分抵消，其中包括支付的 2400 萬美元的更高現金所得稅。

Turning to our business segment performance. This quarter is another example of the efficacy of our core strategy of creating great content and a diverse product offering. Gaming revenue was $495 million in the quarter, a 4% uplift bolstered by growth across all business lines of particular strength in tables, gaming operations and systems.

談到我們的業務部門表現。本季再次證明了我們創造優質內容和提供多樣化產品的核心策略的有效性。本季博彩營收為 4.95 億美元，成長 4%，這得益於所有業務線的成長，尤其是在賭桌、博彩營運和系統方面。

EBITDA grew 9% to $254 million, a result of improving top line in conjunction with margin expansion of 200 basis points to 51% demonstrating our ability to increase margin while investing back into the business. Gaming operations delivered $173 million of revenue in the quarter, a 5% increase year-over-year. Our North American installed base increased by approximately 500 units sequentially while maintaining an average revenue per day of over $48, which was adversely impacted by weather, primarily in the Northeast.

EBITDA 成長 9%，達到 2.54 億美元，這是由於營業收入增加以及利潤率擴大 200 個基點至 51%，證明了我們有能力在投資業務的同時提高利潤率。本季博彩業務收入為 1.73 億美元，較去年同期成長 5%。我們的北美安裝基數環比增加了約 500 台，同時保持了每天平均 48 美元以上的收入，這受到了天氣（主要是在東北地區）的不利影響。

Internationally, the sequential installed base impact was attributed to lease to sale conversions, mainly in the LatAm region. Global gaming machine sales were $208 million in the quarter, up 1% year-over-year, primarily from strong performance in the North American replacement market, where we shipped 26% more units compared to the prior year period, closing in on 5,400 units.

在國際上，連續安裝基數的影響歸因於租賃到銷售的轉換，主要是在拉丁美洲地區。本季全球遊戲機銷售額為 2.08 億美元，年增 1%，主要得益於北美替代市場的強勁表現，該市場的出貨量與去年同期相比增長了 26%，接近 5,400 台。

Internationally, units were impacted by elevated sales in both AMZ and Asia in the prior year. As Matt mentioned earlier, we expect game sales this year to be back half weighted with ample opportunities for us to commercialize our expansive library of content and hardware. Importantly, our global average selling price of nearly $20,000 reflects the value and premium on our cabinets and games.

在國際上，銷售量受到上一年亞馬遜和亞洲地區銷售成長的影響。正如馬特之前提到的，我們預計今年的遊戲銷售額將回升一半，我們有充足的機會將我們廣泛的內容和硬體庫商業化。重要的是，我們全球平均售價近 20,000 美元，反映了我們的機櫃和遊戲的價值和溢價。

Systems revenue grew 5% year-over-year to $63 million on increased hardware sales in North America. We expect numerous opportunities in this line of business, and it will be a critical component of our future growth as our enhanced software modules continue to drive meaningful hardware upgrades.

由於北美硬體銷售額的成長，系統收入年增 5%，達到 6,300 萬美元。我們預計這一業務領域將有大量機遇，隨著我們增強的軟體模組繼續推動有意義的硬體升級，它將成為我們未來成長的關鍵組成部分。

Table products grew 9% compared to the prior year to $51 million on higher utility sales as we continue to develop and grow our pipeline of innovative products. Overall, I am pleased with the continued execution of our strategy, supported by the broad portfolio of games and products we have at our disposal.

隨著我們繼續開發和擴大創新產品線，桌面產品銷售額較上年同期成長 9%，達到 5,100 萬美元，這得益於實用銷售額的提高。總體而言，我很高興看到我們繼續執行策略，並得到我們擁有的廣泛的遊戲和產品組合的支持。

Turning to SidePlay. Revenue for the quarter was $202 million on a record performance by Quick Hit Slots and 88 Fortunes, games that grew 16% and 31%, respectively. -- within our expansive portfolio as we continue to outperform the broader social casino market. EBITDA grew 3% compared to the prior year period of $64 million, representing a margin of 32% or a 200 basis points increase.

轉向 SidePlay。本季營收為 2.02 億美元，Quick Hit Slots 和 88 Fortunes 創下歷史新高，遊戲收入分別成長 16% 和 31%。 ——在我們廣泛的投資組合中，我們繼續超越更廣泛的社交賭場市場。EBITDA 與去年同期的 6,400 萬美元相比增長了 3%，利潤率為 32%，即增加了 200 個基點。

Underlying this expansion is our direct-to-consumer platform, which generated $27 million over 13% of revenue in the quarter. This 750 basis points increase across the past 12 months is a testament to our commitment to scale this offering sustainably and prudently over time.

此次擴張的基礎是我們的直接面向消費者的平台，該平台在本季創造了 2,700 萬美元的收入，佔總收入的 13% 以上。過去 12 個月內 750 個基點的成長證明了我們致力於隨著時間的推移持續、審慎地擴大這項服務。

Importantly, we remain true to our principles on user acquisition spend. deploying in a responsible manner to enhance our acquisition, engagement and monetization flywheel opportunistically. We will continue to invest in UA spend as needed and reassess if we are not seeing the returns above our thresholds with current industry dynamics.

重要的是，我們始終堅持用戶獲取支出的原則。以負責任的方式進行部署，以機會主義地增強我們的收購、參與和貨幣化飛輪。我們將根據需要繼續投資 UA 支出，如果我們沒有看到超出當前行業動態閾值的回報，我們將重新評估。

Monetization continues to be a key focus and remains strong during the quarter as various key metrics grew meaningfully compared to the prior year. Average revenue per daily active user increased 5% to $1.06 and average monthly revenue per paying user was up 3% and approaching $117.

貨幣化仍然是重點，並且在本季度保持強勁，因為與去年相比，各種關鍵指標均有顯著增長。每日活躍用戶平均收入成長 5% 至 1.06 美元，付費用戶平均月收入成長 3% 至 117 美元。

Through this activity, payer conversion increased by roughly 20 basis points to 10.4%. The underlying foundation of the KPIs and performance in our broader portfolio reflects a business that can grow sustainably as we have stabilized Jackpot Party and see a return to growth moving forward.

透過此項活動，付款人轉換率提高了約20個基點，達到10.4%。我們更廣泛的投資組合中的 KPI 和業績的基礎反映出，隨著我們穩定 Jackpot Party 並看到未來恢復成長，業務可以持續成長。

I'm confident in the strategy and execution of our SidePlay game as we successfully navigated complex industry changes in the past, which has driven outperformance relative to the market year after year. We will continue to leverage our best-in-class SidePlay engine across an array of games with a focus on sustainable growth.

我對我們的 SidePlay 遊戲的策略和執行充滿信心，因為我們過去成功應對了複雜的行業變化，這使得它年復一年地表現出色。我們將繼續在一系列遊戲中利用我們一流的 SidePlay 引擎，並專注於永續成長。

On to iGaming. Revenue increased 4% year-over-year to $77 million, largely driven by continued market expansion and content launches. An EBITDA grew 8% compared to the prior year to a record $27 million on higher revenue flow-through and an EBITDA benefit from the discontinuation of the live casino business in the quarter.

進入 iGaming。營收年增 4% 至 7,700 萬美元，主要得益於持續的市場擴張和內容推出。由於收入流的增加以及本季停止現場賭場業務帶來的 EBITDA 收益，EBITDA 與上年相比增長了 8%，達到創紀錄的 2700 萬美元。

Our focus on investment reallocation and first-party content is expected to sustain this margin uplift over time. Importantly, we achieved another record quarter of GGR on our OGS with $25.2 billion of wages processed through the content aggregation platform, a 13% increase year-over-year.

我們對投資重新分配和第一方內容的關注預計將長期維持利潤率的提升。重要的是，我們的 OGS 的 GGR 本季再創紀錄，透過內容聚合平台處理的總薪資達 252 億美元，年增 13%。

Our studios continue to benefit from the scale of the network with light boxing GGR up 15% and 9%, respectively, driven by strong franchise performance from thundering Ag Link and Piros. Our first-party content deployment strategy is further enhanced with key game launches in the quarter such as Thunding Tiger from Lightning Box and Cygnus from Elk.

我們的工作室繼續受益於網路規模，輕型拳擊 GGR 分別成長 15％ 和 9％，這得益於 Ag Link 和 Piros 的強勁特許經營表現。我們的第一方內容部署策略在本季度得到了進一步增強，推出了一些關鍵遊戲，例如 Lightning Box 的《Thundering Tiger》和 Elk 的《Cygnus》。

With our resources now realigned aimed at building high-margin first-party content -- we expect to drive significant value underpinned by continued market growth and long-term expansion opportunities for years to come. As evidenced through my commentary on the business units, we continue to demonstrate a commitment to optimizing operations across the enterprise, ensuring every dollar spent impacts the bottom line. This includes managing corporate costs while executing top line growth initiatives.

現在，我們重新調整資源，旨在打造高利潤的第一方內容——我們預計，在持續的市場成長和未來幾年的長期擴張機會的支持下，我們將創造巨大的價值。正如我對業務部門的評論所證明的那樣，我們繼續致力於優化整個企業的運營，確保每一美元的支出都能影響到底線。這包括在執行營收成長計畫的同時管理企業成本。

Over the past year, margins have consistently improved, reaching a consolidated EBITDA margin of 40% in the quarter. While some of this is attributed to positive changes in the mix shift of our business, we have also been executing an in-depth analysis of our business and relevant costs over the past couple of years.

過去一年，利潤率持續提高，本季綜合 EBITDA 利潤率達 40%。雖然這在一定程度上歸因於我們業務組合轉變的積極變化，但在過去幾年中，我們也一直在對我們的業務和相關成本進行深入分析。

This includes ongoing business reviews around margin enhancement as well as the right shorten of resources and optimizing supply chain to ensure the most efficient and effective processes are in place. We expect to see these adjustments continuing over the coming years, which will ultimately set us up well for the long run.

這包括圍繞利潤率提高的持續業務審查以及資源的正確縮短和供應鏈的優化，以確保實施最有效的流程。我們預計這些調整將在未來幾年持續下去，最終將為我們的長期發展奠定良好的基礎。

On the topic of our supply chain and the uncertainty of where tariffs will land, it is important to note that we are a global company that operates in numerous product lines and business models, which are impacted to varying degrees by changing policies. For the applicable parts of our business, we are largely in line with the industry in terms of the magnitude of impact. This being said, this is a dynamic environment we are navigating and the plan that was previously implemented is absolutely crucial to our mitigation efforts.

關於我們的供應鏈以及關稅落地的不確定性，值得注意的是，我們是一家全球性公司，經營眾多產品線和商業模式，這些產品線和商業模式都會受到政策變化的不同程度的影響。對於我們業務的適用部分，就影響程度而言，我們與行業基本一致。話雖如此，我們正在處在一個動態的環境中，而先前實施的計畫對於我們的緩解努力絕對至關重要。

We have been executing on the longer-term plans to enhance our supply chain and operational efficiency. This ranges from onshoring of production, relocation of sourcing and utilization of agreements such as the USMCA. As we progress forward, we will remain nimble and reactive to the environment and continue consistent reevaluation of our supply chain and operational business.

我們一直在執行長期計劃，以增強我們的供應鏈和營運效率。這包括在岸生產、採購轉移和 USMCA 等協議的利用。在我們不斷前進的過程中，我們將保持靈活並對環境做出反應，並繼續對我們的供應鏈和營運業務進行持續的重新評估。

Our margin enhancement initiatives were implemented with the purpose of capital accretion to further enhance our cash conversion and reinvestment. We are well positioned to mitigate risks that could potentially pose disruptions so that the team can continue to execute and sustain our strategy and road map. We will continue to monitor the situation closely as we get further clarity over the coming months.

我們實施利潤率提高措施的目的是增加資本，進一步提高我們的現金轉換和再投資。我們已做好準備，以減輕可能造成乾擾的風險，從而讓團隊能夠繼續執行和維持我們的策略和路線圖。我們將在未來幾個月內繼續密切關注局勢，以獲得進一步的明朗。

We remain on track to deliver our 2025 consolidated EBITDA financial target of $1.4 billion and associated adjusted NPATA range despite the tariff headwinds given favorable trends in the business and our broader margin enhancement initiatives. As a reminder, this is excluding the contribution from our proposed Grover transaction.

儘管面臨關稅阻力，但鑑於業務的良好趨勢和我們更廣泛的利潤率提升舉措，我們仍有望實現 2025 年合併 EBITDA 14 億美元的財務目標和相關調整後的 NPATA 範圍。提醒一下，這不包括我們提議的 Grover 交易的貢獻。

In terms of free cash flow for the quarter, we delivered $111 million, a 19% increase compared to the first quarter of 2024 and while we continue to work through initiatives to scale our cash conversion on an annual basis. We see this quarter as a sign of progress, an indication that our business is capable of generating more meaningful free cash flow over the long term.

就本季的自由現金流而言，我們實現了 1.11 億美元，與 2024 年第一季相比成長了 19%，同時我們將繼續採取措施，逐年擴大現金轉換規模。我們將本季視為進步的標誌，表明我們的業務有能力在長期內產生更有意義的自由現金流。

I'm also pleased to share that we have received commitments on a three-year $800 million Term Loan A at leveraged based pricing in line with our current revolver for the financing of our pending Rover Charrabe Gaming acquisition. The commitments from our lender group far exceeded the $800 million request, a testament to the strength of our relationships with our bank partners and stability of our business.

我還很高興地告訴大家，我們已收到一筆為期三年、金額為 8 億美元的定期貸款 A 的承諾，該貸款的定價基於我們目前的循環信貸額度，用於我們即將進行的 Rover Charrabe Gaming 收購的融資。我們的貸款集團的承諾遠遠超過了 8 億美元的要求，證明了我們與銀行合作夥伴的關係的牢固性和我們業務的穩定性。

Upon full realization of the benefits of the acquisition, we do not anticipate this incremental debt to move us outside of our targeted net leverage range of 2.5 times to 3.5 times on a pro forma basis. One of the primary uses of capital during this quarter was our share repurchase program. We completed an additional 17% of our authorized $1 billion program, having purchased 1.9 million shares totaling $166 million.

在充分實現收購帶來的好處後，我們預期這筆增量債務不會使我們超出我們預期的 2.5 倍至 3.5 倍的目標淨槓桿範圍。本季資本的主要用途之一是我們的股票回購計畫。我們完成了授權的 10 億美元計劃的額外 17%，購買了 190 萬股，總額達 1.66 億美元。

We will continue to monitor the market and execute on share repurchase within the context of our capital allocation blueprint while staying mindful that preserving liquidity is also beneficial in a fluid market.

我們將繼續監測市場，並根據我們的資本配置藍圖執行股票回購，同時牢記在流動的市場中保持流動性也是有益的。

I'd like to close by reflecting on the foundation of excellence established here in Light & Wonder. Scaling our business units and generating incremental shareholder value over the long run can be accomplished by our focus on building sustainable and accretive business operations.

最後，我想回顧 Light & Wonder 所建立的卓越基礎。透過專注於建立可持續和增值的業務運營，我們可以擴大業務部門規模並在長期內創造增量股東價值。

We will now open up the call for your questions. Operator?

我們現在開始回答大家的提問。操作員？

We will now begin the question-and-answer session. (Operator Instructions) Barry Jonas, Truist.

我們現在開始問答環節。（操作員指示）Barry Jonas，Truist。

I was hoping you could talk a little bit more about how tariffs are impacting the business, that's both on the cost side, but I'm also interested to hear any thoughts on what you're seeing from customers around the replacement cycle or game ops trends.

我希望您能多談談關稅如何影響業務，這既涉及成本方面，也涉及您對客戶在更換週期或遊戲營運趨勢方面的看法。

Barry, dynamic situation to say the least changes by the day or the hour or the tweet. I would say at the moment, tariffs are looking mitigatable from where we're standing. I think it's evolving over time. If you go dial back three or four weeks when the policies first came out, it was a little bit scorched earth in terms of getting product into the US out of many of the Asian supply base.

巴里，動態情況至少可以說是隨著每天、每小時或推文的變化而變化。我想說，從目前的情況來看，關稅似乎是可以減輕的。我認為它會隨著時間的推移而發展。如果回溯到這些政策剛出台的三四周前，你會發現，在將產品從許多亞洲供應基地運到美國方面，政府採取了有點焦土政策的政策。

But over time, we found ways to mitigate that through reconfiguring the supply chain and also just with some of the pauses that we've seen on Paris coming through. So at this point, we see a pathway to mitigate that, recommit to our $1.4 billion target. I've said it many times before, back in 2022, there was no false precision about the way we'd get to the number.

但隨著時間的推移，我們找到了緩解這種情況的方法，透過重新配置供應鏈，以及在巴黎看到的一些停頓。因此，目前，我們看到了緩解這一問題的途徑，重新致力於實現 14 億美元的目標。我之前已經說過很多次了，早在 2022 年，我們就能以絕對精確的方式得出這個數字。

Every time we reforecast, is a different configuration of pathways to get there, the team has done that work to reforecast and we see line of sight to getting there. So I would say from a tariff perspective, it's a burden that the entire industry is going to have to manage through. It starts with what we can control and managing our cost base as effectively as possible.

每次我們重新預測，都會有不同的路徑配置來達到目標，團隊已經完成了重新預測的工作，我們也看到了到達目標的路線。因此，我想說，從關稅的角度來看，這是整個產業必須承受的負擔。首先我們要盡可能有效地控制和管理我們的成本基礎。

I think secondly, it's about suppliers really stepping up to the plate and shouldering their burden of those increased tariff costs. And then finally, as we saw with COVID, passing through what we can to customers, largely, we're going to try to mitigate that ourselves and through the supply base. But we saw our ability to pass-through some cost to customers through that COVID experience. So we see this as being no different, but it starts with us and us mitigating our cost as effectively as possible.

我認為其次，供應商必須真正承擔責任，承擔增加的關稅成本所帶來的負擔。最後，正如我們在 COVID 中看到的那樣，我們將盡力將我們能做的事情傳遞給客戶，在很大程度上，我們將嘗試自己和透過供應基地來減輕這種影響。但我們看到了透過 COVID 經歷將部分成本轉嫁給客戶的能力。因此，我們認為這沒有什麼不同，但它始於我們並讓我們盡可能有效地降低成本。

But Oliver, anything to add to that?

但是奧利佛，還有什麼要補充的嗎？

Yes. Just a couple of adds there. I think we spoke about this at the 4Q earnings call. We'll continue to be diligent in implementing the measures that Matt mentioned. It's really the diversification of the supply chain that we've been working on over the last couple of years.

是的。那裡只有幾處添加。我想我們在第四季財報電話會議上討論過這個問題。我們將繼續努力實施馬特提到的措施。過去幾年我們一直致力於實現供應鏈的多樣化。

So to Matt's point, this is a moving target. We've seen that over this past month. This current state is likely what we would kind of consider as worst-case scenario, and we believe it will improve as negotiations takes place with this current administration in the various different countries.

所以按照馬特的觀點，這是一個移動的目標。我們在過去的一個月裡已經看到了這一點。目前的狀態可能是我們認為的最壞情況，我們相信隨著各國與現任政府進行談判，情況將會改善。

But I think importantly, we are taking a very balanced approach to mitigating this. We're not overreacting to kind of the ever-changing policy and uncertainties that we see. So the focus for us will continue to be prioritizing the investments to support the achievement of 1.4 and then also supporting future growth.

但我認為重要的是，我們正在採取非常平衡的方法來緩解這種情況。我們不會對不斷變化的政策和不確定性反應過度。因此，我們的重點將繼續放在優先投資以支持實現 1.4，然後支持未來的成長。

Matt Ryan, Barrenjoey.

馬特·瑞安，巴倫喬伊。

I had a question on the US gaming ops yield in the first quarter. And maybe if you could just share some color on how we should read that in regards to the impact from macro or sort of coin in versus what you might have seen from mix through the portfolio?

我對第一季美國遊戲營運報酬率有疑問。也許您可以分享一些細節，說明我們應該如何解讀宏觀或某種貨幣的影響，以及您可能從投資組合中看到的影響？

Matt, kind of a multipart question there. I would say what we had committed to in Q1 was reversing a lot of the discounting we had seen in Q4 as a consequence of the Dragon trans situation. That has happened. That's actually unwound those discounts. So we see that base back to normalization.

馬特，這是一個多部分的問題。我想說的是，我們在第一季承諾要扭轉第四季度因 Dragon 交易情況而出現的大量折扣。那件事已經發生了。這實際上取消了那些折扣。因此我們看到基礎恢復正常化。

I think what you're seeing in the number in Q1 was really weather-related and mostly on our WAP product in the Northeast specifically. I think Oliver touched on that on the prerecorded remarks. Consistent with what we've heard from operators -- and we've heard from competitors in the marketplace.

我認為您在第一季看到的數字實際上與天氣有關，並且主要與我們在東北地區的 WAP 產品有關。我認為奧利弗在預先錄製的評論中提到了這一點。這與我們從營運商那裡聽到的以及從市場競爭對手那裡聽到的一致。

We also saw some of that in the Grover installed base. So kind of seasonal weather-related issues that have reversed themselves and we're back to kind of normal trading at the moment. So I would say what you're seeing in that is really weather-related and a onetime isolated event.

我們也在 Grover 安裝基數中看到了一些這樣的情況。因此，與季節性天氣有關的問題已經得到緩解，我們目前已恢復正常交易。所以我想說，你所看到的實際上與天氣有關，並且是一次性孤立事件。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Wanted to ask about the SidePlay business. There was a recent ruling with with Apple related to alternative payment methods, which could play into your DTC strategy. It could be I believe, a positive. Wondering if you could touch on how this can affect the business going forward when we could expect to see some change. And if there's any updated goals in terms of what that DTC percentage could get to for the business.

想詢問一下 SidePlay 業務。最近有一項與蘋果公司有關的裁決，涉及替代支付方式，這可能會影響您的 DTC 策略。我相信這可能是積極的。我想知道您是否可以談談當我們預期看到一些變化時這將如何影響未來的業務。以及關於 DTC 百分比對業務的影響是否有任何更新的目標。

Yes. We were excited to see that ruling be favorable. It does create a great tailwind from a margin perspective for the social casino industry. We've gone from 0% DTC, just a few short quarters ago to over 13%. We've been ramping that up in line with the rules and regulations related to Apple and Google. This does seem to give us a bit more oxygen in terms of pushing the agenda on direct-to-consumer.

是的。我們很高興看到該裁決是有利的。從利潤角度來看，它確實為社交賭場行業創造了巨大的順風。短短幾個季度前，我們的 DTC 比例還為 0%，如今已上升至 13% 以上。我們一直在按照與蘋果和谷歌相關的規則和規定加強這方面的工作。這確實似乎為我們推動直接面向消費者的議程提供了更多的動力。

So you should expect that from us through the remainder of the year. We're actually going to share some targets around that at the Investor Day in New York in a few days' time. So timely, we got that ruling. It was always going to be a driver of our long-term growth prospects of the EBITDA line. But I think this ruling gives us the opportunity to be a little bit more aggressive on the accelerator as it relates to direct-to-consumer. So we see that as a really nice tailwind from a margin perspective for the casino business.

因此，您應該會期待我們在今年剩餘時間內保持這種狀態。實際上，我們將在幾天後的紐約投資者日上分享一些相關目標。我們及時得到了該裁決。它始終是我們 EBITDA 長期成長前景的驅動力。但我認為這項裁決讓我們有機會在直接面向消費者方面採取更積極的加速措施。因此，從賭場業務的利潤角度來看，我們認為這是一個非常好的順風。

Andre Fromyhr, UBS.

瑞銀的 Andre Fromyhr。

I just wanted to ask about the international gaming business. We can see at least from a volume perspective, the installed base has declined a little bit sequentially. It's down 10% year-on-year, and the overall volume of unit sales has also slowed down in the last couple of quarters. Can you talk through what's going on in your international markets and what the prospects for the rest of the year look like?

我只是想問一下有關國際遊戲業務的問題。我們至少從數量角度來看，安裝基數較上季略有下降。與去年同期相比下降了 10%，而且過去幾季的整體銷售也有所放緩。您能談談目前國際市場的狀況以及今年剩餘時間的前景嗎？

Yes. Let me start there on the sales volumes and then maybe you just chime in on the game of some. I'd say there is some seasonality in Q1, 25% relative to the prior corresponding period. We had a large transaction that happened in the Asian market in Q1 of '24. So we're cycling over that which gives us a bit of a tough comp in Q1 from an international perspective.

是的。讓我從銷售量開始說起，然後也許你只是加入一些遊戲。我認為第一季存在一些季節性，與去年同期相比增長了 25%。2024 年第一季度，我們在亞洲市場發生了一筆大交易。因此，我們正在循環往復，從國際角度來看，這給我們在第一季帶來了一些困難。

We're also cycling over extremely elevated share numbers in Australia. We're proud to say we were still number one in the Australian market in Q1 from a share perspective, but not at those kind of all-time highs.

我們也正在關注澳洲極高的股票數量。我們很自豪地說，從市場份額的角度來看，我們在第一季仍然是澳洲市場的第一名，但並沒有達到歷史最高水平。

So a couple of tougher comps there for us to cycle over. We still see it as being a really strong contributor to our overall business momentum. We're seeing our product portfolio line up really nicely to the Australian market. You can see that with all the releases we've had. It actually huffened even more past the our number one game in the US went to number one in Queensland clubs in Australia, which just speaks to the depth and breadth of our portfolio.

因此我們需要克服一些更艱難的比賽。我們仍然認為它對我們的整體業務發展勢頭做出了巨大貢獻。我們發現我們的產品組合非常適合澳洲市場。您可以從我們發布的所有版本中看到這一點。事實上，它甚至超越了我們在美國排名第一的遊戲，成為澳洲昆士蘭俱樂部中排名第一的遊戲，這說明了我們產品組合的深度和廣度。

And also the feasibility of taking US star products in the Australian market, which hasn't always been the case, but we still see strong momentum in that part of our portfolio go forward. Do you want to just touch on Games? .

還有將美國明星產品引入澳洲市場的可行性，雖然情況並非總是如此，但我們仍然看到我們投資組合中這部分產品向前發展的強勁勢頭。您想談談遊戲嗎？。

Yes. This one is a pretty straightforward one from an international installed base perspective, there were some conversion to sales for leased units primarily happened in the LatAm markets. This is just a commercial model that happens from time to time. This is not, I would say, a regular kind of occurrence but will happen from time to time. So this was, I would call it a onetime event here at the moment, and we'll continue to kind of evaluate those opportunities as we move forward.

是的。從國際安裝基礎的角度來看，這是一個相當簡單的問題，租賃單位的銷售轉換主要發生在拉丁美洲市場。這只是時常發生的一種商業模式。我想說，這不是常見現象，但會時不時發生。所以，我目前稱之為一次性活動，我們將在未來繼續評估這些機會。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

You covered a lot of ground, but I noticed one issue I don't think you mentioned as the conversation that started a quarter ago around your listing. I wonder if you have any updated thoughts about that or any timing and any sort of perspectives on how you're thinking about that, given that since we last talked in a public call, quite a bit has happened.

您談了很多內容，但我注意到一個問題，我認為您沒有提到，因為這個討論在一個季度前圍繞您的清單開始。我想知道您對此是否有任何最新的想法，或者任何時間和任何關於您如何看待這個問題的觀點，因為自從我們上次在公開電話會議上談論這件事以來，已經發生了很多事情。

It certainly has, David. It certainly has, yes, last time we updated the investor base. I think it was in the Q4 call, we talked about exploring the avenues to accelerate the Australian listing. Our commitment was we'd go and engage with all stakeholders. So we've done that now, we've spoken with major shareholders to get their perspective potential shareholders to get their perspective.

確實如此，大衛。是的，上次我們更新了投資者基礎。我認為在第四季度電話會議上，我們討論了探索加速澳洲上市的途徑。我們的承諾是與所有利害關係人接觸。所以我們現在已經這樣做了，我們已經與主要股東進行了交談，以了解他們的觀點，也了解潛在股東的觀點。

I would say largely supportive of the idea of pushing the envelope with the Australian listing, which it's happening organically. We just printed our CDIs in Australia at 38.5% of our market cap. So to go from 0% approaching 40% so quickly, just speaks to the efficacy of this idea and pushing the agenda.

我想說的是，我非常支持在澳洲上市這項大膽嘗試，而這項舉措正在自然而然地進行。我們剛剛在澳洲發行了 CDI，占我們市值的 38.5%。因此，如此迅速地從 0% 接近 40%，恰恰說明了這個想法的有效性和推動議程的有效性。

I would say, given everything else that's happening in the world, we know there's a lot of investors' minds, whether it's the macro or tariffs or any number of things. And so in times of uncertainty, it's probably worth kind of taking the foot off the accelerator with this initiative for a period of time. We're still interested in continuing to push the agenda with the dual listing -- like I said, that's happening organically.

我想說，考慮到世界上正在發生的其他一切事情，我們知道很多投資者都在考慮宏觀經濟、關稅或其他任何事情。因此，在不確定的時期，可能值得透過此舉措暫時放鬆油門。我們仍然有興趣繼續推動雙重上市議程——正如我所說，這是自然而然發生的。

But for the moment, I don't expect a big announcement from us and a change in direction in terms of our strategy, just given all the uncertainty in the broader market, we still feel like it's the right thing to do, the right initiative, but we're going to be thoughtful at the pace at which we execute.

但目前，我並不期望我們會發布重大聲明或改變我們的策略方向，只是考慮到整個市場的所有不確定性，我們仍然認為這是正確的事情，正確的舉措，但我們會認真考慮執行的速度。

Rohan Gallagher, Jarden.

羅漢·加拉格爾，賈登。

Thank you. Matt, Oliver. I'd like to have one on the call. Matt, Oliver, a lot's changed since you put out your $1.4 billion EBITDA guidance three years ago. It's including litigation includes of the economy, including the tariffs, et cetera.

謝謝。馬特，奧利佛。我希望在通話中能有一個。馬特、奧利佛，自從三年前你們提出 14 億美元的 EBITDA 指導以來，很多事情都改變了。其中包括經濟方面的訴訟，包括關稅等等。

Obviously, the reiteration of that guidance highlights the sort of residence that you've built in the business. We've obviously got a lead further in two particular aspects to achieve that result given the recent adversities. Can you just articulate in terms of what do you need to ensure that you get to that $1.4 billion in terms of where you see gaming ops needing to get to, where do you see DTC needing to get to cost optimization, margin expansion, et cetera, that would be super helpful.

顯然，重申這項指導方針凸顯了您在業務中建造的住宅類型。考慮到最近的逆境，我們顯然在兩個特定方面取得了領先，從而取得了這一結果。您能否清楚地說明一下，您需要做什麼才能確保達到 14 億美元，您認為遊戲運營需要達到什麼程度，您認為 DTC 需要達到什麼程度以實現成本優化、利潤率擴大等，這將非常有幫助。

Yes. Thanks, Rohan. And I'll just kind of restate that there's no false precision in the pathways to get there. Go back to in 2022, the last Investor Day, we thought casual would play a big part of the growth expansion. We didn't think international would be as big a part of the gaming story. There's this multiple different things that have happened over the years that have changed the pathways.

是的。謝謝，羅漢。我只是想重申，實現這目標的途徑絕不會存在虛假的精確性。回顧 2022 年，即上一次投資者日，我們認為休閒裝將在成長擴張中發揮重要作用。我們不認為國際化會成為遊戲故事中如此重要的一部分。多年來發生的許多事情改變了這些道路。

And like I said earlier, our obligation is just to continue to reforecast what's the opportunity set in front of us, and we do that on a very regular basis. So we've done that just very recently. However, I might give you some of the building blocks, but to answer your question directly, I'd say from a game ops perspective, it's continuing this momentum of adding games in the range that we've been adding for the last few quarters. You've seen that kind of ebb and flow between 500 print, 850 last print. I think it was maybe more like 1,200 than before that.

正如我之前所說的，我們的義務就是繼續重新預測擺在我們面前的機遇，我們會定期這樣做。我們最近才這樣做。然而，我可能會給你一些基本原理，但為了直接回答你的問題，我想從遊戲營運的角度來看，它延續了我們在過去幾個季度中一直在增加的遊戲的勢頭。您已經看到第 500 版和上次第 850 版之間的這種起伏。我認為這個數字可能比之前的數字還要多，達到 1,200。

So I'd say a continuation of the product momentum translating into gaming ops growth. I think continuing to see that yield tick up from where it is here, given that we'll unwind some of that weather activity. Many of the businesses that are underlying kind of momentum star businesses. So think about social casino, SidePlay as an example, we see Jackpot Party reaccelerating into the second half to give us some tailwinds for SidePlay.

所以我想說產品動能的延續將轉化為遊戲營運的成長。我認為，鑑於我們將解除一些天氣活動，收益率將繼續從現在的位置上升。其中許多企業都屬於勢頭強勁的明星企業。因此，以社交賭場 SidePlay 為例，我們看到 Jackpot Party 在下半年重新加速，為 SidePlay 帶來一些順風。

I think iGaming seeing a bigger market in the US than we had probably anticipated. GGR remain very elevated. And we're seeing some strong momentum in our NPP content with things like huff-and-puff coming to market. So a number of different pathways to get there.

我認為 iGaming 在美國的市場比我們預期的要大。GGR 仍然很高。我們看到 NPP 內容呈現出強勁勢頭，例如 huff-and-puff 等產品正在進入市場。因此，有很多不同的途徑可以到達那裡。

I can't guide you on all the metrics, but we do see line of sight. We've done that reforecast. We see a solid pathway to get there, but Oliver anything to add.

我無法指導您了解所有指標，但我們確實看到了視線。我們已經做了重新預測。我們看到了一條通往那裡的堅實道路，但奧利佛還有什麼要補充的。

Yes. I just think to add on the top line, we do see solid momentum in the underlying business to Matt's point. So we do have line of sight to top line growth to get us to the $1.4 billion. I think you also saw this quarter, we grew 300 basis points year-over-year from a margin perspective to 40%. So we've been executing on this margin enhancement kind of strategy for the last couple of years.

是的。我只是想補充一點，我們確實看到了馬特所提到的基礎業務的強勁勢頭。因此，我們確實有望實現營收成長，達到 14 億美元。我想您也看到了本季度，從利潤率來看，我們的利潤率年增了 300 個基點，達到 40%。因此，過去幾年我們一直在執行這種提高利潤率的策略。

And our focus will be just to do that quarter and kind of quarter out. We know that we believe we can see sustained margins at the business unit line item, just even with some of the ebb and flows of the potential kind of market tilt that you see.

我們的重點將只是完成該季度以及該季度的其他工作。我們知道，我們相信，即使出現您所看到的潛在市場傾斜的一些起伏，我們也可以看到業務部門專案的持續利潤率。

And so I think for us, control, we can control. I think cash flow is a strong result for us. We're going to continue to drive improved cash flow over time. And to be clear, we're not going to cut our way to prosperity here. We're going to ensure that we remain nimble, obviously, with this administration kind of leaving and bobbing here.

所以我認為對我們來說，控制是可以控制的。我認為現金流對我們來說是一個強烈的結果。隨著時間的推移，我們將繼續推動現金流的改善。需要明確的是，我們不會透過削減開支來實現繁榮。顯然，我們要確保自己保持靈活，以因應本屆政府的頻繁變動。

But our goal is to continue to invest to support the $1.4 million, but more importantly, how do we invest for future growth aspirations that we'll talk to you in a couple of weeks.

但我們的目標是繼續投資以支持這 140 萬美元，但更重要的是，我們如何為未來的成長願望進行投資，我們將在幾週後與您討論。

Yes. And maybe just ONE build on that to address the first part of your question. Look, obviously, there is a lot of concern about the macroeconomic environment. I watch the same news that you do. It's all consuming. But I would say -- it's a reminder that the economy is not the gaming sector and the gaming sector is not Light & Wonder. I think we've got to look at the specific situational drivers for our business.

是的。也許只需在此基礎上建立一個就可以解決您問題的第一部分。顯然，人們對宏觀經濟環境非常擔憂。我和你看同樣的新聞。這一切都很耗​​時。但我想說——這提醒我們，經濟不是遊戲產業，遊戲產業也不是 Light & Wonder。我認為我們必須考慮我們業務的具體情境驅動因素。

I think the one number for everyone to kind of stay focused on is GGR. -- like GGR is the fuel that drives the engine of the gaming ecosystem. And if you look at those numbers, they're holding up really well in markets across the US. So that's the number to look for as a potential catalyst either to the upside or the downside.

我認為每個人都應該關注的數字是 GGR。 ——就像 GGR 是驅動遊戲生態系統引擎的燃料一樣。如果你看一下這些數字，你會發現它們在美國各地的市場上表現得非常好。因此，這個數字值得作為上行或下行的潛在催化劑。

We're watching it like hawks ourselves. I think operators are doing the same. Again, we're lucky that we go after many of our casino operator partners that publicly trade. They're saying constructive things about the consumer at this point in time, but it's something we watch very closely.

我們自己也在密切關注著此事。我認為運營商也在做同樣的事情。再次，我們很幸運能夠與許多公開交易的賭場營運商合作夥伴合作。他們目前正在對消費者發表建設性的評論，但我們會密切關注此事。

Jeff Stantial, Stifel.

傑夫·斯坦蒂爾（Jeff Stantial），Stifel。

I wanted to just follow up and dig a bit deeper on Barry's question from earlier or all whoever wants to take this, can you just help us think a bit more about how we should think about timing for the current tariff policies to start to impact your input cost? I assume pricing is fixed at this point through the contracted pipeline. But just how should we think about input cost variability and the timing for the tariffs to be influenced through COGS and CapEx, maybe net of some of the mitigation efforts that you talked to earlier in the call.

我想跟進並更深入地探討一下 Barry 之前提出的問題，或者所有想回答這個問題的人，您能否幫助我們更多地思考一下我們應該如何考慮當前關稅政策開始影響您的投入成本的時機？我認為此時定價已透過合約管道固定下來。但是，我們應該如何看待投入成本的變化以及關稅透過 COGS 和資本支出受到影響的時間，也許還要扣除您在電話會議早些時候談到的一些緩解措施。

Yes. Obviously, when this news landed, we activated the team very quickly to figure out what can we do to mitigate this as effectively as possible. So pulling forward inventory was a key part of that to make sure we get multiple quarters of inventory that's tariff unaffected. So we're in a solid position as it relates to that. We'll hit kind of the cash flows, obviously because pulling forward inventory we'll do that.

是的。顯然，當這個消息傳來時，我們迅速啟動了團隊，以找出我們可以採取哪些措施來盡可能有效地緩解這種影響。因此，提前庫存是其中的關鍵部分，以確保我們獲得多個季度不受關稅影響的庫存。因此，就此而言，我們處於穩固的地位。我們會達到某種程度的現金流，顯然是因為我們會提前庫存。

But we have a number of quarters here where we'll have unaffected inventory from a tariff perspective. And that is really about the mitigation efforts. And so dynamically reconfiguring the supply chain to circumvent the policies that are in place, bringing product through Mexico is one great example of that. I would say, as an industry, the big three suppliers -- we know pretty intimately from a supply chain perspective, we're all very similar in the way we configured this, not a huge amount of suppliers that supply the types of things that we need to build slot machines.

但從關稅角度來看，我們這裡有幾個季度的庫存不會受到影響。這確實與緩解措施有關。因此，動態地重新配置供應鏈以規避現行政策，將產品通過墨西哥運輸就是一個很好的例子。我想說，作為一個行業，三大供應商——從供應鏈的角度來看，我們非常了解，我們配置它的方式都非常相似，而不是大量的供應商提供我們製造老虎機所需的東西。

So you do see a pretty homogenized supply chain when it comes to the pathways to bring product into the US. So I would say multiple quarters where we don't have affected inventory. And then like I said in the opening remarks, go back four weeks ago, and it was a pretty core environment. You get tariffs in play, then you get reciprocal tariffs and it felt like things were always moving against us.

因此，當談到將產品運入美國的途徑時，你確實會看到一個相當同質化的供應鏈。所以我想說，多個季度我們的庫存都沒有受到影響。就像我在開場白中所說的那樣，回顧四周前，那是一個非常核心的環境。你先是要徵收關稅，然後又要徵收互惠關稅，感覺事情總是對我們不利。

But I would say for the last three to four weeks, standard seems to have prevailed and things have really calmed down. And for us to make strategic decisions about how to reconfigure our supply chain to optimize it. We need to understand consistently what is the lay of the land. I think we're getting better insight into what is the forward-looking situation going to be like? So I think that's pretty comprehensive.

但我想說，在過去的三到四周裡，標準似乎已經佔了上風，事情確實平靜下來了。並讓我們做出策略決策，關於如何重新配置​​我們的供應鏈以使其優化。我們需要不斷了解地形的狀況。我認為我們對未來情勢將會如何有了更好的了解？所以我認為這非常全面。

Oliver, anything you want to add to that? .

奧利佛，您還有什麼要補充的嗎？。

Yes. I mean I think that this is work that we've been doing for the last couple of years, and I probably mentioned this either in this call, on the last call, but Anthony Fermani and that team have been focused on diversifying the supply chain to Matt's point, we're looking at right showing operations, whether that's to Mexico and other areas to kind of utilize the USMCA or just any other trade agreements that are out there that could relever kind of tariff-related impacts.

是的。我的意思是，我認為這是我們過去幾年一直在做的工作，我可能在這次電話會議或上次電話會議中提到過這一點，但安東尼·費曼尼和他的團隊一直專注於實現供應鏈多樣化，正如馬特所說，我們正在研究正確的運營方式，無論是在墨西哥和其他地區利用 USMCA，還是任何其他可以緩解關稅相關影響的貿易協定。

And so I think for us, and I said this earlier, we're not going to be knee-jerk in this, right? We want to make sure that we're not overacting that we understand kind of where this all settles and ultimately, we'll come back to you all if there's an appropriate update to be provided to the broad market.

所以我認為，對我們來說，正如我之前所說的，我們不會對此做出下意識的反應，對嗎？我們希望確保我們不會反應過度，我們了解這一切最終會如何解決，如果有適當的更新可以提供給廣大市場，我們最終會通知大家。

Rohan Sundram, MST.

Rohan Sundram，MST。

Just one from me. And I know you've talked extensively about tariff impacts I just wanted to just -- and apologies if I missed this on the call earlier, but how do you see tariff impacts impacting not just -- you talked about COGS, but in terms of customer decision-making. And have you seen them pause? Or is there any reconsideration temporarily on their behalf? Or do you feel like the casino results were so robust? Is it very much a business as usual, but a bit more cautious type environment.

我只有一個。我知道您已經詳細討論了關稅的影響，我只是想——如果我在之前的電話會議中錯過了這一點，我很抱歉，但您如何看待關稅的影響，不僅僅是——您談到了銷貨成本 (COGS)，還談到了客戶決策方面的影響。你看見他們停下來了嗎？或是暫時為他們重新考慮？或者您覺得賭場的結果如此強勁嗎？這是否與往常一樣，但環境更加謹慎。

Yes. It kind of changes by a range of different factors. So you do have some customers pulling forward orders. You've got some that are pausing to see what the situation looks like. So I don't think there's a one size fits all scenario.

是的。它因一系列不同因素而改變。所以確實有一些客戶提前下訂單。有些人停下來看看情況如何。所以我不認為存在一種適合所有情況的方案。

I would point to the ISLIS survey that just came out with forward-looking intentions looking to tick down a little bit from a replacement perspective. But what I would say about that and the survey calls it out is that was filled out four weeks ago, right in the middle of the storm, where things were very, very uncertain.

我想指出的是，剛發布的 ISLIS 調查具有前瞻性，希望從替代的角度稍微降低一些。但我想說的是，調查表明，該調查是在四周前填寫的，當時正值風暴肆虐，情況非常非常不確定。

I think if you repulsed the customer base, again, given what we know now, you might see a different result there. But yes, I'd say customers are like snowflakes. They're all slightly different with slightly different drivers. You have publicly traded organizations that have a lot of scrutiny around that CapEx. You've got tribal budgets, which are a bit more set and forget for the year.

我認為，如果你拒絕客戶群，那麼根據我們現在所知道的情況，你可能會看到不同的結果。但是的，我想說顧客就像雪花一樣。它們都略有不同，並且驅動程式也略有不同。上市公司對資本支出進行了嚴格的審查。你有部落預算，這些預算對於年度來說有點固定，可以不用管。

So there's just a range of different customers out there. I don't think they're all acting in units and they're all kind of managing through this slightly differently. So to the extent that GGR holds up and the casino economy, which has proven to be resilient through the cycles over the last few decades, then I think that purchasing power will stay intact.

所以那裡有各種各樣的客戶。我認為他們並不是以單位形式行動，而且他們的管理方式略有不同。因此，只要博彩總收入能夠維持，並且賭場經濟在過去幾十年的周期中表現出了韌性，那麼我認為購買力將保持不變。

Obviously, the market is a function of price and quantity. So if pricing has to go up as a consequence of tariffs quantity is the offset there. I don't think the operators have infinite budget. So like I said earlier, our obligation is to mitigate all the costs as best we can leverage our supplier partners to shoulder their part of the burden and try not to pass cost on us as much as we possibly can to customers. So we keep the quantities where they we want them to be.

顯然，市場是價格和數量的函數。因此，如果價格因關稅而上漲，那麼數量就是抵銷額。我認為運營商的預算不是無限的。所以就像我之前說的，我們的義務是盡可能地減輕所有成本，我們可以利用我們的供應商合作夥伴承擔他們的那部分負擔，並儘量不將成本轉嫁給客戶。因此我們將數量保持在我們想要的水平。

Yes. And I think my only add to that is, obviously, if there are some puts and takes, broadly speaking, we always say this, right, content, the best content always wins at the end of the day. And if you look at even the most recent Eilers charts, right wonders still peppered all across both the for-sale market as well as the premium recurring revenue list. So I think for us, it positions us really well to be able to be dynamic and nimble whatever this market kind of comes to bear. .

是的。我認為我唯一要補充的是，顯然，如果存在一些得失，廣義上講，我們總是這麼說，對的，內容，最好的內容最終總是會獲勝。如果你看一下最新的 Eilers 圖表，你會發現，無論是在銷售市場還是在高端經常性收入榜上，右派奇蹟仍然隨處可見。因此我認為，對我們來說，無論市場如何變化，它都讓我們保持活力和靈活性。。

Adrian Lemme, Citigroup.

花旗集團的 Adrian Lemme。

I just wanted to note, the revenue growth in the last two quarters seems to have really slowed. And I know you've talked about some impacts with Wet and other stuff in terms of cycling some tough comps. But are you expecting to see that revenue growth really accelerate through the rest of this year to get to that guidance targets? It just seems like in the first quarter, there was a lot relying on margin expansion. So if you could just talk to that, please.

我只是想指出，過去兩季的營收成長似乎確實放緩了。並且我知道您已經談論過在騎行一些艱難的比賽時，濕氣和其他東西所帶來的一些影響。但是，您是否預計今年剩餘時間內營收成長會真正加速，以達到指導目標？看起來，第一季有很多業務依賴利潤率的擴張。所以如果你能談談這個的話，請。

Yes. I would say Q4 was a little bit light. We were obviously navigating through some situations there in Q4. And then I would say in the first quarter has been some tough comps on the gaming side, which will kind of unwind throughout the remainder of the year. The one to talk to directly, and we mentioned this on the fourth quarter was in SidePlay Jackpot Party a few issues in the -- very late in the second half of the year in '24, which kind of bled over into the first part of 2025.

是的。我想說 Q4 有點輕鬆。我們顯然在第四季度處理了一些情況。然後我想說，第一季遊戲的競爭有些艱難，但在今年剩餘時間內這種情況將會逐漸緩解。需要直接交談的是，我們在第四季度提到過，SidePlay Jackpot Party 中出現了一些問題——在 2024 年下半年的後期，這些問題一直延續到 2025 年上半年。

It was really an economy issue. These games, particularly the way that SidePlay runs them, which is really why they've been successful kind of a multifaceted from live ops perspective. And so when you're layering on multiple different bits of live ops functionality, you have the potential for the economy not to act the way it should.

這確實是經濟問題。這些遊戲，特別是 SidePlay 運行它們的方式，才是它們從即時操作角度來看多方面成功的真正原因。因此，當您對多個不同的即時操作功能進行分層時，經濟有可能無法以應有的方式運作。

Josh, not we. Josh actually rewrote the economy for Jackpot Party in the first quarter. I mentioned this on the Q4 earnings call that we had done that and it started to trend positively. I would say since then, we're seeing game really react the way it should and the way it has over the years. And so we see that rebounding throughout the remainder of the year.

喬希，不是我們。喬許實際上在第一季重寫了 Jackpot Party 的經濟格局。我在第四季財報電話會議上提到我們已經這樣做了，並且開始呈現正面的趨勢。我想說，從那時起，我們看到遊戲確實以應有的方式以及多年來的方式做出了反應。因此，我們預計今年剩餘時間內經濟將出現反彈。

I would say Jackpot Party had really strong Q1 and Q2 of '24. So it's having to cycle over a tough comp from a revenue perspective to get back to where it was. But we see the second half, given the trajectory of the game is now on given the rerun of the economy, that will be a big tailwind for SidePlay. And it's our biggest game -- so having that back in growth mode will be a key contributor to that market.

我想說 Jackpot Party 在 2024 年第一季和第二季表現非常強勁。因此，從收入角度來看，它必須經歷一段艱難的週期才能回到原來的水平。但我們看到了下半場，考慮到遊戲的軌跡現在考慮到經濟的重新運行，這將是 SidePlay 的一大順風。這是我們最大的遊戲——因此，讓它恢復成長模式將成為該市場的關鍵貢獻者。

But that's what I'd say about the revenue drivers. I think from a gaming perspective, there's a bit of a second half weighting to some of the game sales opportunities, particularly in Asia -- we have a big ETG opportunity in the second half that were locked in on sorry, -- anything you'd add to that, Oliver? .

但這就是我對收入驅動因素的看法。我認為從遊戲的角度來看，下半年會給一些遊戲銷售機會帶來一些壓力，特別是在亞洲——我們在下半年有一個巨大的 ETG 機會，抱歉——您還有什麼要補充的嗎，奧利弗？。

Yes. I said this earlier, I think the underlying parts of our business remain strong. I look at the recurring revenue piece of it. So we did grow 5% top line from gaming us per se. We added 500 units to our installed base.

是的。我之前就說過，我認為我們業務的基礎部分依然強勁。我查看了其中的經常性收入部分。因此，我們確實從遊戲本身獲得了 5% 的收入成長。我們的安裝基數增加了 500 台。

You're seeing the premium mix continue to kind of shift up. We had contributions from systems and tables and other parts of our businesses to help kind of bolster kind of sales. And I think the other piece that kind of kind of get kind of unnoticed here is that we shipped over 5,700 units in North America from a for sale perspective. So that's strong growth year-over-year. We have momentum in North America.

您會看到優質產品組合持續呈上升趨勢。我們得到了來自系統、表格和其他業務部分的貢獻，以幫助促進銷售。我認為另一個被忽略的因素是，從銷售角度來看，我們在北美的出貨量超過 5,700 台。因此，這是同比強勁的增長。我們在北美發展勢頭強勁。

We have strong execution from Brian Pearson and the teams there. And so -- like I said, we're confident in the execution of kind of returning back to normalized growth here as we move through this year.

Brian Pearson 和那裡的團隊表現出色，執行力很強。所以 — — 就像我說的，我們有信心在今年實現恢復正常成長。

Justin Barratt, CLSA.

里昂證券的賈斯汀·巴拉特（Justin Barratt）。

And so just following up on that last question then. I guess as we sort of think about more broadly the remainder of calendar year '25, should we expect more broadly, I guess, even contributions from revenue growth and, I guess, margin expansion as you push towards that $1.4 billion target?

那我們來繼續回答最後一個問題。我想，當我們更廣泛地考慮 25 年剩餘時間的情況時，我們是否應該更廣泛地期待收入成長和利潤率擴大帶來的貢獻，因為您正努力實現 14 億美元的目標？

Yes, I'm not going to give specific guidance when it comes to the revenue contribution and EBITDA. I would say you should expect a tick up in terms of the revenue growth throughout the remainder of the year for the reasons that I just mentioned. I'll also just take an opportunity to mention this because no one has asked yet, but in a matter of weeks, we will execute on the Grover transaction.

是的，我不會就收入貢獻和 EBITDA 給出具體的指導。我想說，由於我剛才提到的原因，你應該預期今年剩餘時間的收入成長會上升。我也藉此機會提一下這一點，因為還沒有人問過，但在幾週內，我們將執行 Grover 交易。

And while we said that's not part of our $1.4 billion guide. It's a nice, fast-growing recurring revenue business that will start to make a meaningful contribution to Light & Wonder over the remainder of the year. The business is performing at all-time records, performing better than when we signed the contract to acquire the Grover gaming assets. Indiana just got approved, which was not in any of our base case assumptions.

儘管我們說過這不在我們的 14 億美元指導範圍內。這是一項良好且快速成長的經常性收入業務，它將在今年剩餘時間內開始為 Light & Wonder 做出有意義的貢獻。業務表現創歷史新高，比我們簽訂收購 Grover 博彩資產的合約時還要好。印第安納州剛剛獲得批准，這不在我們的任何基本假設之內。

Given what we've experienced with iGaming and the kind of the slowness of regulations and markets opening up, we we've learned not to put those things into our base case. And so Indiana coming on, which is a very sizable market, just another tailwind for revenue. So I think to the extent that you follow the company, you need to start to think about how does grow the factor into forward-looking forecast because it's going to be a nice growth piece of recurring revenue for us.

鑑於我們在 iGaming 方面的經驗以及監管和市場開放的緩慢，我們學會了不要將這些因素納入我們的基本情況。因此，印第安納州的市場規模非常大，對收入來說又是一個利多。因此，我認為，就您關注公司的程度而言，您需要開始思考如何將這一因素發展為前瞻性預測，因為這將成為我們經常性收入的一個很好的成長點。

Paul Mason, Evans & Partners.

保羅梅森，埃文斯與合夥人。

I just wanted to get some comments on the three platform strategy and carbon platform and sort of where that's at. I know you're going to do more at the Investor Day, but just a lot of lots of questions around sort of costs and things like that. Like where are you guys at on sort of the efficiency that's meant to be coming from that around being able to deliver games across platforms simultaneously. And -- have you sort of already got a lot of the cost efficiencies from carbon and like simultaneous release? Or is that sort of something that's still coming?

我只是想聽聽三大平台策略和碳平台的一些評論，以及它們的現狀。我知道您將在投資者日做更多的事情，但只是圍繞成本和諸如此類的事情有很多問題。例如，你們對於同時跨平台發布遊戲的效率有何看法？並且—您是否已經從碳排放和同步排放中獲得了許多成本效益？或者這種事情還會發生？

It's -- I'm not here to sell Victor Blancos thunder from the Investor Day in a matter of days, he's going to give you a very detailed explanation of where we stand relating to carbon. Grover has accelerated our carbon investment. That gave us a really good use case for us to build games on a new platform for that market given that Grover has its own platform. So carbon will sit across Grover. And then it will give us that kind of Trojan horse to take that platform then across all the other three verticals.

我來這裡不是為了在幾天後的投資者日上推銷維克多·布蘭科斯的雷霆之勢，他會向你們非常詳細地解釋我們在碳排放問題上的立場。Grover 加速了我們的碳投資。鑑於 Grover 擁有自己的平台，這為我們在新平台上為該市場建立遊戲提供了一個非常好的用例。因此碳將位於 Grover 的兩端。然後它將為我們提供那種特洛伊木馬，以便將該平台擴展到所有其他三個垂直領域。

So I would say we're building it now. The only area that it shows up in our P&L is in the cost line. So we haven't really gotten to any of the synergies yet. Grover will be really the first game that go out built specifically on the carbon platform, but gave us a really good reason to accelerate that program of work, which is important for our future.

所以我想說我們現在正在建造它。它在我們的損益表中出現的唯一區域是成本線。所以我們還沒有真正實現任何協同效應。Grover 將是第一款真正在碳平台上專門建造的遊戲，但它給了我們一個很好的理由來加速這項工作計劃，這對我們的未來很重要。

The three businesses we have today are all on slightly different operating models and platforms. So having the Trojan horse in Grover to build this bespoke platform that we can take to the other businesses is just -- it was just another great reason why Grover acquisition just made a huge amount of sense for us across the financial contribution, the culture and value alignment, but also this kind of tech initiative gave the reason to accelerate that. So again, that's all in front of us from an efficiency perspective.

我們目前擁有的三項業務的營運模式和平台都略有不同。因此，擁有 Grover 這個特洛伊木馬來構建這個可以帶到其他業務的定制平台只是——這只是 Grover 收購對我們來說在財務貢獻、文化和價值觀一致性方面具有巨大意義的另一個重要原因，而且這種技術舉措也為加速這一進程提供了理由。所以，從效率的角度來看，這一切都擺在我們面前。

That does conclude the Q&A session. I would like to hand it back to Matt for some final closing comments.

問答環節到此結束。我想將其交還給馬特，請他發表一些最後的總結評論。

In closing, I'd like to again thank everyone for joining our call today. We look forward to seeing many of you at the Investor Day in New York. For those who cannot attend, we'll be live streaming the event and recording it for replay purposes. Have a great week, and thanks for joining us.

最後，我想再次感謝大家今天參加我們的電話會議。我們期待在紐約投資者日見到你們。對於那些無法參加的人，我們將對活動進行現場直播並錄製以供重播。祝您有個愉快的一周，感謝您的加入我們。

Thank you all for dialing in for the Light and Wonder first quarter 2025 earnings conference call.

感謝大家撥打 Light and Wonder 2025 年第一季財報電話會議。