Light & Wonder Inc (LNW) 2025 Q2 法說會逐字稿

Welcome to the Light & Wonder 2025 second quarter earnings conference call. (Operator Instructions) I will now turn the call over to Nick Zangari, Senior Vice President of Investor Relations and Treasury, to begin.

歡迎參加 Light & Wonder 2025 第二季財報電話會議。（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 開始。

Thank you, operator, and welcome everyone to our second 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 second quarter results and operating performance, followed by a question and answer session.

謝謝接線員，歡迎大家參加我們 2025 年第二季財報電話會議。今天與我一起的有我們的總裁兼執行長馬特威爾森 (Matt Wilson) 和我們的財務長奧利佛週 (Oliver Chow)。在今天的電話會議上，我們將討論第二季的業績和經營業績，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. For information regarding these risks and uncertainties, please refer to our earnings materials relating to this call hosted on our website and our filings with the SEC.

今天的電話會議將包含前瞻性陳述，其中可能涉及某些風險和不確定性，可能導致實際結果與電話會議期間討論的結果有重大差異。有關這些風險和不確定性的信息，請參閱我們網站上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 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 in earnings presentation located in the investors section of our website.

我們也討論了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收益報告中，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。

Hello, everyone, and thank you for joining us today. Our strong game performance and disciplined investments across our businesses enabled continued earnings growth for the quarter. Importantly, we delivered solid KPIs across key segments, driven by game content and thoughtful execution in a dynamic environment, which impacted the timing of game sales, underscoring the resilience of our business model, which continues to be driven by our R&D engine and expanding studio talent.

大家好，感謝大家今天加入我們。我們強勁的遊戲表現和對各業務的嚴格投資使本季的獲利持續成長。重要的是，我們在關鍵領域提供了可靠的關鍵績效指標 (KPI)，這由遊戲內容和動態環境中的周到執行所驅動，影響了遊戲銷售的時間，凸顯了我們商業模式的彈性，而這種彈性繼續受到我們的研發引擎和不斷壯大的工作室人才的驅動。

As announced, we closed the Grover Charitable Gaming acquisition on May 16. We see continued positive momentum in the industry, particularly in US states which are expanding electronic program.

正如宣布的那樣，我們在 5 月 16 日完成了對 Grover Charitable Gaming 的收購。我們看到該行業繼續保持積極勢頭，特別是在正在擴大電子計劃的美國各州。

We're excited by the opportunity and are already seeing positive early contribution. In fact, we added over 600 active units since we announced the acquisition in February. This highlights the benefits of our diversified business model and execution discipline, and we look forward to key Light & Wonder game launches into the Charitable Gaming market in early 2026, with differentiated titles that will be incremental to the current fleet.

我們對這個機會感到非常興奮，並且已經看到了積極的早期貢獻。事實上，自從我們二月宣布收購以來，我們已經增加了 600 多個活躍單位。這凸顯了我們多元化商業模式和執行紀律的優勢，我們期待在 2026 年初將關鍵的 Light & Wonder 遊戲推向慈善遊戲市場，並為現有遊戲陣容增添差異化的遊戲。

We're pleased with the progress of integration as onboarding and operational alignment have been seamless to date.

我們對整合的進展感到滿意，因為到目前為止，入職和營運協調都非常順利。

Our new office and studio in Raleigh, North Carolina will serve as the main hub for our future growth and operation.

我們位於北卡羅來納州羅利的新辦公室和工作室將成為我們未來發展和營運的主要樞紐。

We've also been working diligently on our expansion plan into Indiana, implementing the infrastructure in place to be ready from day one, and we currently expect to deploy our first units in the state this fall.

我們也一直在努力製定向印第安納州的擴張計劃，從第一天起就準備好現有的基礎設施，目前我們預計將於今年秋天在該州部署第一批設備。

Additionally, today marks an important day for light and wonder, as we're excited to announce the company's decision to transition to a sole ASX listing by the end of November 2025.

此外，今天對於光明與奇蹟來說也是一個重要的日子，因為我們很高興地宣布，公司決定在 2025 年 11 月底之前轉型為唯一的 ASX 上市。

Following an extensive diligence process undertaken with our advisors, including positive feedback from consultations with investors both in Australia and the US, the decision was clear that this path will deliver tremendous shareholder value over the long-term.

經過與我們的顧問進行的廣泛的盡職調查過程，包括與澳洲和美國投資者的諮詢的積極反饋，我們清楚地知道，這條道路將在長期內為股東帶來巨大的價值。

We continue to engage with index providers and other stakeholders across both markets with the objective of ensuring that the transition is conducted as smoothly as possible and will provide further details in the coming months.

我們將繼續與兩個市場的指數提供者和其他利益相關者合作，以確保過渡盡可能順利進行，並將在未來幾個月提供更多細節。

Further, as outlined in our recent investor day in May, we have exciting growth plans which should provide an attractive investment proposition for both existing as well as potential new shareholders.

此外，正如我們在五月最近的投資者日所概述的那樣，我們制定了令人興奮的成長計劃，這將為現有股東和潛在的新股東提供有吸引力的投資建議。

Turning to our operational highlights in the quarter. In gaming, our gaming operation segment, exclusive of Grover's contribution, continues to deliver strong results driven by the performance of our evergreen franchises and the success of our new content releases.

談談本季的營運亮點。在遊戲領域，我們的遊戲營運部門（不包括格羅佛的貢獻）繼續取得強勁業績，這得益於我們常青特許經營權的表現以及新內容發布的成功。

Sequentially, we added 845 units to the North American Install base and over 2,700 units compared to the prior year. We have achieved 20 consecutive quarters in North American premium install-based growth, with premium units holding at 52% of the North American fleet for the quarter, a true testament to the quality of our games underpinned by our unique R&D platform.

我們在北美的安裝基數上連續增加了 845 台，與前一年相比增加了 2,700 多台。我們連續 20 個季度實現北美優質遊戲安裝量的成長，本季優質遊戲數量佔北美總裝機量的 52%，這充分證明了我們獨特的研發平台所支撐的遊戲品質。

Our proprietary titles including Ultimate Firelink and Huff and Puff Games, continue to both excel on existing and new list game categories on the ILO chart.

我們的專有遊戲包括 Ultimate Firelink 和 Huff and Puff Games，在 ILO 排行榜的現有和新遊戲類別中繼續表現出色。

In fact, Light & wonder had garnered four out of the top five indexing new premium and wide area progressive games, and led the market with over 44% of the total top new games in the category with half an even more grand ranking number 1.

事實上，《光與奇幻》已佔據新優質遊戲和廣域漸進式遊戲排名前五名中的四席，並以超過 44% 的市場份額領先於同類新遊戲，其中一半甚至排名第一。

We are confident in our ability to further invest and nurture our homegrown franchises, which generate higher returns relative to life of titles, with clear line of sight to creating new, engaging scenes and games.

我們有信心進一步投資和培育我們的自主研發系列遊戲，這些遊戲將在遊戲生命週期內產生更高的回報，並且能夠清晰地創造新的、引人入勝的場景和遊戲。

Game sales has been and will continue to be a key driver of our success. We've gained meaningful share and cemented our standing over the past three years in core North American and international markets, as well as more recently across North American adjacencies.

遊戲銷售一直是並將繼續是我們成功的關鍵驅動力。過去三年來，我們在北美核心市場和國際市場以及最近在北美鄰近地區獲得了有意義的份額並鞏固了我們的地位。

Global sales for the quarter saw a decline, particularly across the international segment, primarily as a result of a new cabinet release in Australia, coupled with the timing of sales into Asia being waited to the fourth quarter compared to the prior year.

本季全球銷售額出現下滑，尤其是國際市場，主要原因是澳洲發布了新的內閣，再加上與去年相比，亞洲的銷售時間被推遲到第四季。

To North America, unit sales were down moderately year over year, where we experienced some operator apprehension on swap purchases early in the quarter and saw a push out of timing for some of our units sold into Canada.

對於北美地區，單位銷售額同比略有下降，因為在本季度初，我們遇到了一些運營商對掉期購買的擔憂，並且發現我們銷往加拿大的部分單位的銷售時間被推遲。

From a macroeconomic standpoint, as you are all aware, evolving tariff policies have contributed to a dynamic environment, and land-based operators are navigating a more complex capital decision cycle than normal circumstances. As we have seen improvement in the broader market, the tone from operators has also trended positively. We view these impacts as temporary in nature and not indicative of a long-term trend.

從宏觀經濟角度來看，眾所周知，不斷變化的關稅政策導致了動態環境的形成，陸基業者正在經歷比正常情況下更複雜的資本決策週期。隨著我們看到整體市場的改善，營運商的基調也呈現正面趨勢。我們認為這些影響是暫時的，並不代表長期趨勢。

Overall feedback from our operator partners affirms that light and Wonder's games continue to deliver strong performance and value amongst the competitive supplier landscape. We remain confident in our ability to execute with discipline and are well positioned to deliver a stronger growth trajectory as we progress through the second half of the year.

我們的營運商合作夥伴的整體回饋證實，Light and Wonder 的遊戲在競爭激烈的供應商環境中繼續提供強勁的性能和價值。我們對自己嚴格執行的能力充滿信心，並且有能力在今年下半年實現更強勁的成長軌跡。

Moving on to systems and tables, we continue to execute our strategy to grow the recurring revenue streams of these businesses year over year.

談到系統和表格，我們繼續執行我們的策略，逐年增加這些業務的經常性收入流。

As the leading industry supplier of both businesses, we also have enviable sales revenue streams that vary quarter to quarter, dependent on the timing of operator hardware refreshes and new contracts. During our investor day in May, we outlined the strategy for each of the respective businesses, and I'm confident in the direction that we are headed.

作為這兩項業務的領先行業供應商，我們還擁有令人羨慕的銷售收入流，這些收入流每個季度都會有所不同，取決於運營商硬體更新和新合約的時間。在五月的投資者日上，我們概述了各個業務的策略，我對我們的前進方向充滿信心。

Recently, we've bolstered our tables product segment with new leadership, and we expect to further build out our team soon to take advantage of the opportunities we are seeing in the space of obsidian, a refreshed ETG offering which has shown promise with solid early performance.

最近，我們透過新的領導層加強了我們的桌上型產品部門，並且我們希望很快進一步擴充我們的團隊，以利用我們在黑曜石領域看到的機會，黑曜石是一種更新的 ETG 產品，其早期的穩健表現已顯示出良好的前景。

I'm also pleased to announce the expansion of our production capabilities in Mexico to further service our customers globally.

我也很高興地宣布，我們將擴大在墨西哥的生產能力，以進一步為全球客戶提供服務。

We expect this facility to run at full capacity to meet demands for our cosmic upright and Cascada dual screen cabinets in Canada and Mexico as part of our business optimization initiative.

作為我們業務優化計劃的一部分，我們預計該工廠將滿載運轉，以滿足加拿大和墨西哥對宇宙直立式和 Cascada 雙屏櫃的需求。

Importantly, this enables us to fulfill the demand and timing shift of our Canadian units in the second half of the year. Our team has done an exceptional job executing on the blueprint we envisioned, and this is just one example of how we are staying nimble and adaptable to change.

重要的是，這使我們能夠在下半年滿足加拿大單位的需求和時間轉變。我們的團隊在執行我們設想的藍圖方面做得非常出色，這只是我們如何保持靈活並適應變化的一個例子。

Onto yo, where we continue to trend above industry average, with public market data estimating our market share at approximately 12%. In fact, we continue to see record revenues with quick hit slots and 88 fortunes in the quarter with double digit growth compared to the prior year.

接下來，我們繼續保持高於行業平均的趨勢，公開市場數據估計我們的市佔率約為 12%。事實上，我們本季繼續看到快速命中老虎機和 88 個財富創下創紀錄的收入，與去年相比實現了兩位數的成長。

Importantly, jackpot Party continues to stabilize as we saw sequential growth in July. Our focus has now shifted to segmenting monetization towards higher ROI players. We expect to further invest in new campaign as a new game economy reaches an optimized equilibrium.

重要的是，隨著 7 月出現連續增長，大獎派對繼續保持穩定。現在，我們的重點已轉向針對投資回報率更高的玩家進行細分盈利。隨著新遊戲經濟達到最佳化平衡，我們期望進一步投資新的活動。

Additionally, we are growing content and the game portfolio in a sustainable manner. This includes titles like Dancing Drum, which will leverage our site Algo strategy to acquire new players to a monetized games at lower cost and cross promote them into our higher value game segments.

此外，我們正在以可持續的方式增加內容和遊戲組合。其中包括《舞動的鼓》等遊戲，它將利用我們的網站 Algo 策略以較低的成本吸引新玩家加入貨幣化遊戲，並將他們交叉推廣到我們更高價值的遊戲領域。

We have confidence in our franchises as they pay dividends for us across various channels.

我們對我們的特許經營權充滿信心，因為它們透過各種管道為我們帶來紅利。

Importantly, we're also seeing significant progress in engaging high quality players with our direct to consumer platform, which grew materially, reaching 18% of revenue in the quarter. As we shared at Invest today, we see strong runway to continue to grow that platform as a percentage of revenue over the coming years driving margin uplifts for the business. Staying true to our core beliefs, we continue to evolve our games with new lives and game economy strategies to drive continued outperformance in the market.

重要的是，我們還看到透過我們的直接面向消費者的平台吸引高品質參與者方面取得了重大進展，該平台實現了實質性增長，達到本季度收入的 18%。正如我們今天在 Invest 上分享的那樣，我們看到該平台在未來幾年繼續增長的強勁勢頭，收入的百分比將推動業務利潤率的提升。我們始終堅守核心信念，不斷為遊戲注入新的活力，並採用遊戲經濟策略，以推動其在市場上持續取得優異表現。

While we have done so, we have seen a growing impact on the social casino market performance and the expansion of unregulated and untaxed sweep state casino games. Our internal analysis shows direct topline impact on the growth of sweepstakes gaming in states that they are currently operating in.

在我們這樣做的同時，我們看到社交賭場市場表現受到越來越大的影響，並且不受監管和免稅的橫掃州賭場遊戲也不斷擴張。我們的內部分析顯示，這對目前運營的州的抽獎遊戲的成長產生了直接的影響。

In states that have taken action to eliminate sweep, we have seen noteworthy uplifts in our performance.

在已經採取行動消除掃蕩的州，我們的表現有了顯著的提升。

As this issue is further addressed, we expect broader implementation of regulations will be a positive catalyst for growth in the social casino industry.

隨著這個問題進一步解決，我們預計更廣泛地實施法規將成為社交賭場產業成長的積極催化劑。

IPlay remains an integral part of our cross-platform strategy, and our teams continue to work diligently on data analytics and game development.

iPlay 仍然是我們跨平台策略不可或缺的一部分，我們的團隊將繼續努力進行數據分析和遊戲開發。

Turning to I gaming, our omni-channel strategy continues to drive success with Huff and Morear rank as the number one game on gross gaming revenue volume across our content aggregation OGS network in the quarter. In fact, our game performance and third-party network expansion enabled us to deliver record revenue and a data, supported by strong momentum in North American markets.

談到 I 遊戲，我們的全通路策略繼續推動成功，Huff and Morear 在本季度在我們的內容聚合 OGS 網路上的遊戲總收入中排名第一。事實上，在北美市場強勁勢頭的支持下，我們的遊戲表現和第三方網路擴展使我們能夠實現創紀錄的收入和數據。

I gaming in the US and Canada continues its strong growth trijective with over 25% growth in GGR year over year.

美國和加拿大的博彩業持續保持強勁成長勢頭，博彩總收入 (GGR) 年比成長超過 25%。

Importantly, our game performance reflects our ability to capitalize on that trend, where we saw four sequential quarters of GGR uplift on both first and third party content on our IGS platform.

重要的是，我們的遊戲表現反映了我們利用這一趨勢的能力，我們看到 IGS 平台上的第一方和第三方內容的 GGR 連續四個季度上升。

Consistent with our strategy to prioritize high return opportunities, we have sharpened our focus on proprietary content and formed successful exclusive partnerships, both of which are central to our plan to expand distribution and drive improved margin economics across the business.

與我們優先考慮高回報機會的策略一致，我們更加重視專有內容並建立了成功的獨家合作夥伴關係，這兩者對於我們擴大分銷和推動整個業務利潤率經濟改善的計劃至關重要。

Our ability to scale content is second to none, as we boast a leading content aggregation platform with one of the largest studio operator networks within the industry.

我們擴展內容的能力是首屈一指的，因為我們擁有領先的內容聚合平台和業內最大的工作室運營商網絡之一。

This is evidenced by our continued GGR records set at [Elk] and Lightning Box as our content continues to reach a wider audience, allowing franchises like Pyro and Thundering to thrive with even more game extension.

隨著我們的內容繼續覆蓋更廣泛的受眾，[Elk] 和 Lightning Box 持續創下的 GGR 記錄證明了這一點，這使得 Pyro 和 Thundering 等系列遊戲能夠透過更多的遊戲擴展而蓬勃發展。

We have a robust regionalized roadmap planned for the second half of the year to further extend our current market momentum in i gaming. We're also well positioned to execute in nascent international markets and new potential ones such as the Philippines to further extend our i gaming presence globally.

我們為今年下半年制定了強有力的區域化路線圖，以進一步擴大我們在 i 遊戲領域的當前市場動能。我們也有能力在新興國際市場和菲律賓等新的潛在市場中進一步擴大我們在全球的遊戲業務。

Our gaming, social, and i gaming portfolio is strategically expanding its market footprint globally.

我們的遊戲、社交和 i 遊戲產品組合正在全球策略性地擴大其市場覆蓋範圍。

We understand that content is at the center of our universe, and I want to reaffirm our focus at light and Wonder, delivering great games, deepening our player engagement across platforms, and executing on a robust content roadmap.

我們明白內容是我們宇宙的中心，我想重申我們對光和奇蹟的關注，提供精彩的遊戲，加深跨平台的玩家參與度，並執行強大的內容路線圖。

We remain committed to investing and expanding our studios and are excited for new talent like Kelsey Foster and Nate McGregor and their teams to debut new games in the North American and Australian markets respectively.

我們將繼續致力於投資和擴大我們的工作室，並期待像 Kelsey Foster 和 Nate McGregor 這樣的新人才及其團隊分別在北美和澳洲市場推出新遊戲。

While we continue to focus on executing our plan for 2025, we are investing with an eye to the future, as we laid out at our invest today.

在我們繼續專注於執行 2025 年計畫的同時，我們也著眼於未來進行投資，正如我們今天的投資所述。

I'm incredibly proud of our teams around the world for their commitment and dedication in shaping like wonder into the company it is today and will be in the future. I'll now turn it to Oliver for a look at the financial performance of the quarter.

我為我們遍布全球的團隊感到無比自豪，他們的承諾和奉獻為公司今天和未來的發展創造了奇蹟。現在我請奧利彿看一下本季的財務表現。

Thanks, Matt. This quarter demonstrated our resilience through earnings growth driven by the team's disciplined execution on our core business and operational efficiency.

謝謝，馬特。本季度，我們透過團隊對核心業務和營運效率的嚴格執行推動獲利成長，展現了我們的韌性。

We positioned the organization and its operation for long-term success as we continue to deliver on the milestones we set for ourselves.

我們致力於讓組織及其營運長期成功，並持續實現我們為自己設定的里程碑。

Revenue for the quarter was $809 million inclusive of partial quarters contribution from Grover and record revenue at iGaming, offset by modest declines at gaming and sci play.

本季收入為 8.09 億美元，其中包括 Grover 的部分季度貢獻和 iGaming 的創紀錄收入，但遊戲和科幻遊戲的適度下滑抵消了這一影響。

Net income increased 16% to $95 million driven by lower cost of revenue and operating expenses, as well as lower restructuring and other costs.

由於收入成本和營運費用降低以及重組和其他成本降低，淨收入成長 16%，達到 9,500 萬美元。

The comparable prior year quarter included a $32 million charge related to certain legal matters with the current quarter reflecting higher acquisition and related costs associated with the Grover acquisition, partially offset by higher depreciation and amortization.

去年同期包括與某些法律事務相關的 3,200 萬美元費用，本季度反映了與 Grover 收購相關的更高的收購和相關成本，但折舊和攤提的增加部分抵消了這一影響。

On a diluted per share basis, this was $1.11 for the quarter, an increase of 23% from the prior year period. Consolidated AE for the quarter was $352 million an increase of 7% against the second quarter of 2024.

以攤薄每股收益計算，本季每股收益為 1.11 美元，較去年同期成長 23%。本季合併 AE 為 3.52 億美元，較 2024 年第二季成長 7%。

Our margin optimization programs continue to progress as planned, with consolidated a margin reaching 44% for the quarter, a 400 basis points increase compared to the prior year period, supported by margin expansions across all businesses, revenue growth from iGaming, and contributions by Grover.

我們的利潤率優化計劃繼續按計劃進行，本季綜合利潤率達到 44%，比去年同期增加了 400 個基點，這得益於所有業務的利潤率擴大、iGaming 的收入增長以及 Grover 的貢獻。

Adjusted NPATA for the quarter was $135 million up 4% year over year, primarily benefiting from the contributions from Grover and expanded margins.

本季調整後的 NPATA 為 1.35 億美元，年成長 4%，主要受益於 Grover 的貢獻和利潤率的提高。

Adjusted NPATA per share increased 11% to $1.58 compared to $1.42 in the prior year period. Operating cash flow was $106 million in the quarter, primarily impacted by $73 million related to the previously announced legal settlement payment pertaining to our legacy tables business.

調整後的每股 NPATA 成長 11% 至 1.58 美元，去年同期為 1.42 美元。本季經營現金流為 1.06 億美元，主要受到先前宣布的與我們的遺留桌子業務相關的法律和解付款 7,300 萬美元的影響。

Absent this settlement, free cash flow saw a considerable year over year increase to over $100 million driven primarily by earnings growth, working capital, and capital spend efficiency.

如果沒有這項和解，自由現金流將年增至 1 億美元以上，這主要得益於獲利成長、營運資本和資本支出效率。

We remain committed to improving our quality of earnings through enhancing our current revenue business, in addition to driving further efficiency in our inventory position, CapEx, and working capital cycles to capture greater cash conversion over time.

我們將繼續致力於透過增強當前收入業務來提高獲利質量，同時進一步提高庫存狀況、資本支出和營運資本週期的效率，以便隨著時間的推移獲得更大的現金轉換率。

Turning to our business unit financial highlights.

談談我們業務部門的財務亮點。

Gaming revenue was $528 million in the quarter, with partial contributions of $21 million from Grover Charitable Gaming, which is now reported on the gaming operations line of business.

本季博彩收入為 5.28 億美元，其中 Grover Charitable Gaming 貢獻了 2,100 萬美元，現已列入博彩營運業務線。

A EBITDA was $280 million an increase of 3% with a margin of 53%, an improvement of 300 basis points against the prior year, both primarily driven by the addition of Grover and the growth of our North American install base.

EBITDA 為 2.8 億美元，成長 3%，利潤率為 53%，比上年提高 300 個基點，這主要得益於 Grover 的加入和北美安裝基數的成長。

We expect further investments into the charitable gaming business going forward as we expand our studio and facilities along with our planned entry into Indiana.

隨著我們擴大工作室和設施以及計劃進入印第安納州，我們預計未來將對慈善博彩業務進行進一步投資。

Gaming operations revenue was $209 million for the quarter.

本季博彩營運收入為 2.09 億美元。

Excluding Grover, we delivered a strong year by year revenue growth of 7% driven by the aforementioned unit increases in North America. Revenue per day excluding Grover grew year over year, returning back to normalized growth as we previously discussed.

除 Grover 外，受上述北美單位成長的推動，我們的營收年增 7%。不包括 Grover 的每日收入同比增長，恢復到我們之前討論過的正常增長。

Looking forward, we expect our momentum to continue in North America on the strong performance of our games and proliferation of light and wonder content into the charitable gaming business.

展望未來，我們預計憑藉我們遊戲的強勁表現以及光明和奇蹟內容向慈善遊戲業務的擴散，我們的發展勢頭將在北美繼續保持。

Global game sales in the quarter were $191 million primarily due to macroeconomic uncertainty impacting the timing of game sales, as well as year by year comps in the international business on the timing of hardware refresh cycle in Australia and 500 units of our entertain order in the prior year.

本季全球遊戲銷售額為 1.91 億美元，主要原因是宏觀經濟不確定性影響了遊戲銷售的時間，以及國際業務逐年與澳大利亞硬體更新周期的時間以及上一年 500 台娛樂訂單的時間相比較。

I would also like to note that the entertained shipments of approximately 3,500 units in the prior year will affect international game sales comparability in the third quarter this year, and we expect Asia sales to be weighted to the fourth quarter.

我還想指出的是，去年約 3,500 台的娛樂出貨量將影響今年第三季的國際遊戲銷售可比性，我們預計亞洲銷售將加權到第四季。

During the quarter, we shipped over 9,000 units globally, indicating that our share growth in key markets have established new baselines with solid demand of our products.

本季度，我們在全球的出貨量超過 9,000 台，這表明我們在主要市場的份額增長已建立新的基準，並且我們的產品需求強勁。

This pipeline will be supported by the exciting lineup that we will be showcasing next week at the Australasian Gaming Expo, along with additional game extensions from our Evergreen franchises.

我們將於下週在澳洲遊戲博覽會上展示令人興奮的遊戲陣容，以及來自 Evergreen 系列的更多遊戲擴展，為這條產品線提供支援。

Systems revenue was $73 million in a quarter, where the decline was driven by certain new placements and elevated hardware replacement sales in the prior year.

本季系統收入為 7,300 萬美元，下降是由於上一年某些新配置和硬體替換銷售額增加所致。

Our system software revenue continues to grow year over year, contributing to our recurring revenue increase in the business.

我們的系統軟體收入持續逐年成長，為我們業務的經常性收入成長做出了貢獻。

Cable products revenue was $55 million and slightly higher compared to the prior year period on higher sales in on MIA and ANZ offset by North America.

電纜產品收入為 5500 萬美元，與去年同期相比略有增長，這是由於 MIA 和 ANZ 地區的銷售額增加，但北美地區的銷售額有所抵消。

Turning to side play, revenue was $200 million in the quarter as we continue to outpace the broader social casino industry.

談到副業，本季營收為 2 億美元，我們繼續超越更廣泛的社交賭場產業。

Quick hit slots and 88 fortunes once again delivered record quarterly revenues as they continued to ramp with exciting slot content and features.

Quick hit slots 和 88 fortunes 再次創造了創紀錄的季度收入，因為它們繼續透過令人興奮的老虎機內容和功能不斷增長。

EBITDA was $74 million a 6% increase year by year and representing a margin of 37%, largely driven by our direct consumer platform, which generated $35 million or 18% of our total side play revenue for the quarter. We made meaningful progress in the quarter with our GTC offering as we strategically broadened the deployment of the platform.

EBITDA 為 7,400 萬美元，年增 6%，利潤率為 37%，這主要得益於我們的直接消費者平台，該平台創造了 3,500 萬美元，佔本季度我們總附加遊戲收入的 18%。隨著我們策略性地擴大平台的部署，本季我們的 GTC 產品取得了有意義的進展。

We expect this prudent process will continue margin uplift in a sustainable way over the long run.

我們預計，從長遠來看，這項審慎的流程將持續提高利潤率。

Moderation continues to be our focus with growth across key metrics. While average revenue for daily active user increased 4% to $1.08 we are confident that we have the right initiatives in place to stabilize daily active users as we recalibrate jackpot party player engagement to return to growth.

隨著關鍵指標的成長，我們繼續關注適度成長。雖然每日活躍用戶的平均收入成長了 4% 至 1.08 美元，但我們相信，我們已採取正確的舉措來穩定每日活躍用戶，同時我們重新調整大獎派對玩家參與度以恢復成長。

During the quarter we were able to achieve a pair conversion ratio of 9.8%. Of the players that were converted to payers, the average monthly revenue per paying user was up 10%, approaching $129.

本季我們實現了 9.8% 的貨幣對轉換率。在轉換為付費玩家的玩家中，每位付費用戶的平均月收入成長了 10%，接近 129 美元。

Earlier we spoke about external competitions such as sweepstakes gaming. Impacting the growth of our social casino business. We've identified some topline erosion and increased marketing costs in the states where sweepstakes gaming is currently unregulated, and the team has navigated the dynamic UA environment well.

之前我們談到了抽獎遊戲等外部競賽。影響我們的社交賭場業務的成長。我們發現，在抽獎遊戲目前不受監管的州，收入有所下降，行銷成本有所增加，但團隊已經很好地駕馭了動態的 UA 環境。

Going forward, we expect to benefit from a more favorable market environment in states that ban sweepstakes gaming.

展望未來，我們預計將受益於禁止抽獎遊戲的州更有利的市場環境。

The growth in quick hit slots and 88 fortunes reflects the strength of our game content and unrivaled player experiences that we can offer.

快速命中老虎機和 88 財富的增長反映了我們遊戲內容的強大以及我們所能提供的無與倫比的玩家體驗。

Over the years, the team has successfully navigated previous challenges in monetization softness and the IDFA environment driven by external factors, and we're confident that jackpot party and the broader portfolio will return to normalize sustainable growth as we continue to build the platform the right way, staying the course and investing in our team and capabilities.

多年來，團隊成功克服了貨幣化疲軟和受外部因素驅動的 IDFA 環境方面的挑戰，我們相信，隨著我們繼續以正確的方式構建平台，堅持下去並投資於我們的團隊和能力，大獎派對和更廣泛的投資組合將恢復正常的可持續增長。

Moving on to iGaming, where we delivered record revenue of $81 million a 9% increase over the prior year period on continued growth momentum in North America and the expansion of our partner network supported by strong game performance across first and third party content.

在 iGaming 領域，我們實現了創紀錄的 8,100 萬美元收入，比去年同期增長 9%，這得益於北美持續的增長勢頭以及合作夥伴網絡的擴展，這得益於第一方和第三方內容的強勁遊戲表現。

A EBITDA increased 17% to $28 million in the quarter as we have successfully pivoted from low profitability offerings with a focus on content, our core competence, which drives higher margins, which resulted in a 300 basis point improvement in the margin year by year to 35%.

本季度，EBITDA 成長 17%，達到 2,800 萬美元，因為我們成功地從低獲利能力產品轉向專注於內容，這是我們的核心競爭力，從而推動了更高的利潤率，導致利潤率逐年提高 300 個基點，達到 35%。

This performance was accompanied by another record in wages process of $26.6 billion on OGS, a 22% increase year over year.

同時，OGS 的薪資處理額也創下了新高，達到 266 億美元，年增 22%。

Importantly, we saw particularly strong growth in third party content with incremental opportunities and first party content on our robust roadmap as we close out this year with key launches in various markets.

重要的是，隨著我們在今年年底在各個市場推出重要產品，我們看到第三方內容成長尤為強勁，我們強大的路線圖上出現了增量機會和第一方內容。

We believe that there is still material runway for scanning this key part of our business for years to come as we prepare for market entry as new jurisdictions come online.

我們相信，隨著我們為進入新司法管轄區的市場做好準備，未來幾年我們業務的這一關鍵部分仍有充足的空間進行掃描。

Over the course of 2025, we have been able to identify efficiencies through targeted business reviews across the organization.

在 2025 年期間，我們已經能夠透過整個組織有針對性的業務審查來確定效率。

Our R&D investments remain intact as we continue to invest in game development and technology innovation.

我們持續投資於遊戲開發和技術創新，我們的研發投資保持不變。

Our margin enhancement initiatives are delivering meaningful results, eliminating unnecessary costs, and refocusing the organization on delivering on high performance, which matters most.

我們的利潤率提高措施正在產生有意義的成果，消除不必要的成本，並使組織重新專注於實現最重要的高績效。

Additionally, legal expenses were lower than anticipated in the quarter, and we expect an increase across the second half of the year.

此外，本季的法律費用低於預期，我們預計下半年將會增加。

Back in May, I also highlighted our cash enhancement program with incremental opportunities for upside potential to be realized.

早在五月份，我還強調了我們的現金增強計劃，其中提供了實現上升潛力的增量機會。

I am pleased with our progress on free cash flow in the first half, and we expect to further improve on a conversion basis while scaling free cash flow for the long term.

我對上半年自由現金流的進展感到滿意，我們期望在長期擴大自由現金流的同時，進一步改善轉換率。

This quarter our net debt leverage ratio remains within our 2.5 times and 3.5 times targeted range at 3.4 times on a combined basis following the Grover transaction, which is primarily financed through our $800 million term loan A and current pricing of sour plus 175 basis points.

本季度，在 Grover 交易之後，我們的淨債務槓桿率仍保持在 2.5 倍和 3.5 倍的目標範圍內，綜合為 3.4 倍，該交易主要透過我們的 8 億美元定期貸款 A 和當前的 SUR 利率加 175 個基點進行融資。

Our capital allocation strategy remains the same.

我們的資本配置策略維持不變。

Grover was a great opportunity that fits into our core competency and R&D strategy with Greenfield opportunities. It was a deal which required a temporary move to the higher end of our leverage range to create incremental value for our shareholders.

Grover 是一個很好的機會，它與我們的核心競爭力和研發策略以及 Greenfield 機會相契合。這筆交易要求我們暫時將槓桿率提高到較高水平，以便為股東創造增量價值。

In the meantime, we will look for opportunities to optimize our debt structure through our strategic refinancing opportunities when available.

同時，我們將尋找機會透過策略再融資來優化我們的債務結構。

Additionally, the $1 billion Shareur program that was authorized about a year ago is now 55% complete. We were purchased approximately $100 million worth of shares during this quarter, with a total of $266 million of capital returned in the first half of this year.

此外，大約一年前批准的 10 億美元 Shareur 計劃現已完成 55%。本季我們買了價值約 1 億美元的股票，今年上半年共返還了 2.66 億美元的資本。

Since the commencement of our Shareur programs in 2022, we have returned a total of $1.3 billion to our shareholders.

自 2022 年 Shareur 計畫啟動以來，我們已向股東返還了總計 13 億美元。

As mentioned by Matt and [Remfret] in today's release, we have decided to move to a sole ASX listing. We continue to work with our advisors on this exciting process and look forward to meeting with relevant stakeholders over the coming period.

正如 Matt 和 [Remfret] 在今天的新聞稿中提到的，我們已決定轉為單一 ASX 上市。我們將繼續與我們的顧問合作完成這一令人興奮的進程，並期待在未來一段時間內與相關利益相關者會面。

As part of this initiative, we have also announced an expanded capital management program which includes an increase in the previously approved $1 billion share purchase program to $1.5 billion of which approximately $550 million has been completed to date.

作為該計劃的一部分，我們還宣布了一項擴大的資本管理計劃，其中包括將先前批准的 10 億美元股票購買計劃增加到 15 億美元，其中迄今已完成約 5.5 億美元。

With the added $500 million capacity. We have approximately $950 million now available under the Shareur program, which enables us to be opportunistic and aggressive as opportunities arise.

新增產能 5 億美元。目前，我們在 Shareur 計劃下擁有約 9.5 億美元可用資金，這使我們能夠在機會出現時抓住機會並積極進取。

If we see dislocation in the market, we expect to use at least 50% of the remaining $950 million to repurchase shares traded on the Nasdaq prior to the delisting.

如果我們發現市場出現混亂，我們預計將使用剩餘 9.5 億美元中的至少 50% 來回購退市前在納斯達克交易的股票。

If we were to fully exhaust this $950 million capacity by the end of 2025, this would temporarily increase our leverage to slightly above the top end of our target range of 2.5times and 3.5 times.

如果我們在 2025 年底完全用盡這 9.5 億美元的產能，這將暫時提高我們的槓桿率，使其略高於我們的目標範圍的上限 2.5 倍和 3.5 倍。

We would expect to return to our target range over the near term and remain committed to executing through a disciplined capital allocation approach and continued earnings growth to create sustainable long term shareholder value.

我們預計短期內將回到我們的目標範圍，並繼續致力於透過嚴格的資本配置方式和持續的獲利成長來創造可持續的長期股東價值。

With the closing of the Grover transaction in the quarter, we are providing fiscal year 2025 consolidated.

隨著本季 Grover 交易的結束，我們將提供 2025 財年的合併數據。

AEBITDA guidance range to be between $1.43 billion and $1.47 billion with approximately $65 million of contribution from Grover and associated adjusted MADA guidance range to be between $550 and $575 million.

AEBITDA 指引範圍在 14.3 億美元至 14.7 億美元之間，其中 Grover 貢獻約 6,500 萬美元，相關調整後的 MADA 指引範圍在 5.5 億美元至 5.75 億美元之間。

As we work to execute through the end of the year, our focus remains to stay committed to our strategy and long-term goals while continuing to invest into the core of the business.

當我們努力執行到年底時，我們的重點仍然是堅持我們的策略和長期目標，同時繼續投資於業務核心。

We expect the third quarter year to year consolidated a growth to be in the low double digits with momentum building into the fourth quarter where we anticipate an acceleration in growth across the business and particularly in international game sales.

我們預計第三季的同比綜合成長率將達到兩位數的低位，而這一勢頭將在第四季度增強，我們預計整個業務的成長將會加速，尤其是國際遊戲銷售的成長。

I would like to conclude today by acknowledging the efforts of our team to continue to deliver world class products driving achievement of several of our key initiatives, including noteworthy progress from some of the most important KPIs we are focused on internally, such as our premium install-based growth and cash flow generation.

今天，我想最後感謝我們團隊的努力，繼續提供世界一流的產品，推動我們幾項關鍵舉措的實現，包括我們內部關注的一些最重要的關鍵績效指標的顯著進展，例如基於優質安裝的增長和現金流生成。

There is no team I'd rather work with than the one we have in place as we continue to work towards our milestones underpinned by a proven strategy and robust product roadmap that is built to be sustainable over the long term. With that, we'll turn to the operator for questions.

我最想和我們現有的團隊合作，因為我們將繼續努力實現我們的里程碑，這一里程碑以經過驗證的策略和強大的產品路線圖為基礎，旨在長期可持續發展。接下來，我們將向接線員詢問問題。

(Operator Instructions) Rohan Gallagher, Jardin.

（操作員指示）羅漢·加拉格爾，賈丁。

Good morning everybody. Just in relation to, the new information, and your decision to pursue a sole ASX listing, can you walk us through the investor engagement process, the timing decision, conscious of obviously material litigation afoot at the moment, and the mechanisms in place, to manage any volatile trading, please.

大家早安。關於新資訊以及您尋求在澳洲證券交易所單獨上市的決定，您能否向我們介紹投資者參與流程、時機決策、意識到目前顯然正在發生的重大訴訟以及現有的機制，以管理任何波動性交易？

Yeah, Ron, thanks for the question. Yeah, exciting day for us. This comes off the back of an extensive consultation process. We announced this back in February at the Q4 earnings call. We spent the subsequent 6 months engaging with investors and have finalized the decision here with the board to transition to a sole ASX listing by the end of November 2025.

是的，羅恩，謝謝你的提問。是的，對我們來說，這是令人興奮的一天。這是經過廣泛磋商後得出的結論。我們在今年二月的第四季財報電話會議上宣布了這一消息。我們花了隨後的 6 個月與投資者接觸，並與董事會最終決定在 2025 年 11 月底之前過渡到唯一的 ASX 上市。

As I said, the decision follows extensive diligence and investor engagement across Australia and the US, and we've received nothing but strong feedback from our major investors, as evidenced by many of them transmuting stock to the ASX to support the initiative. We think transitioning to a sole ASX listing will help consolidate liquidity into a deep and liquid market that has a comprehensive and deep understanding of the gaming sector, and we expect it to unlock maximum shareholder value in align with our growth plans that we outlined back in May at our investor day.

正如我所說，這一決定是在澳大利亞和美國進行了廣泛的盡職調查並徵求了投資者的意見後做出的，我們收到了主要投資者的強烈反饋，其中許多投資者將股票轉移到澳大利亞證券交易所以支持這一舉措。我們認為，過渡到單一 ASX 上市將有助於將流動性整合到一個對遊戲行業有全面深入了解的深度流動市場中，並且我們預計它將根據我們在 5 月份投資者日概述的增長計劃釋放最大的股東價值。

From a timing and transition perspective, we're targeting the ASX only listing by the end of November 2025. With completion expected in advance of the December S&P rebalance, we've been actively engaged with not just shareholders but also index providers and other stakeholders to make sure this process goes as seamlessly as possible.

從時間和過渡的角度來看，我們的目標是在 2025 年 11 月底之前在澳洲證券交易所上市。由於預計該流程將在 12 月標準普爾指數重新平衡之前完成，我們一直積極與股東、指數提供者和其他利益相關者接觸，以確保流程盡可能順利進行。

As we transition to a sole listing on the ASX, our market cap will go from circa $4.5 billion to $12.2 billion, and it'll take us from circa number [90] in the ASX 100 into the ASX 50 and importantly into the index, and we think that's an exciting initiative for us.

隨著我們轉型為在澳洲證券交易所 (ASX) 唯一上市，我們的市值將從約 45 億澳元增至 122 億澳元，並且將使我們在澳大利亞證券交易所 100 指數中的位置從約 [90] 位升至澳大利亞證券交易所 50 指數，更重要的是，進入該指數，我們認為這對我們來說是一項令人興奮的舉措。

It'll optimize shareholder value and we'll finalize the timelines and dates over the coming weeks and months. So yeah, exciting comes off the back of extensive consultation. With shareholders and we feel like now is the right time to get on and execute against that.

它將優化股東價值，我們將在未來幾週和幾個月內確定時間表和日期。是的，經過廣泛的諮詢後，令人興奮的事情發生了。我們和股東都認為現在是採取行動並實現這一目標的最佳時機。

Importantly, from a capital management perspective, we've increased our share buyback program from the authorized $1 billion by the board to $1.5 billion. So we've spent to date $550 million of that authorized share buyback, which leaves us remaining $950 million which represents about 12% of our current market cap. And we as a management team and board have really demonstrated over the years, to, really be great stewards of, shareholder capital and to, affect that buyback, when we see opportunities in the market and we anticipate to do the same today.

重要的是，從資本管理的角度來看，我們已將股票回購計畫從董事會授權的 10 億美元增加到 15 億美元。因此，迄今為止我們已經花費了授權股票回購中的 5.5 億美元，剩餘的 9.5 億美元約占我們目前市值的 12%。多年來，我們作為管理團隊和董事會已經真正證明，我們是股東資本的優秀管理者，當我們看到市場機會時，我們就會進行回購，我們預計今天也會這樣做。

We expect to utilize at least 50% of that 950 available capacity on buyback prior to the NASDAQ delisting. And if we exhaust the full 950 before the end of 2025, it'll take us briefly and temporarily out of our target leverage range of 2.5times to 3.5 times, but we've shown the business is highly cash generative and has the ability to get back into that range very quickly, and so that's what we intend to do. So yeah, with all those inputs from shareholders and other stake stakeholders, we felt like now is the time to move forward and execute. The board and I have approved this sole listing and we're excited about it. We think it's a bright future for the organization.

我們預計在納斯達克退市前回購時將利用至少 50% 的 950 個可用容量。如果我們在 2025 年底之前用盡全部 950，那麼我們將暫時超出 2.5 倍至 3.5 倍的目標槓桿範圍，但我們已經證明該業務具有很高的現金創造能力，並且有能力很快回到該範圍，所以這就是我們打算做的。所以，是的，在聽取了股東和其他利害關係人的所有意見後，我們覺得現在是繼續前進和執行的時候了。董事會和我已批准此次唯一上市，我們對此感到非常興奮。我們認為組織的未來一片光明。

Thank you, Matt, and just, it'd be remiss of me just not to ask obviously the timing, could you, obviously there's a process. Could you just give us any updates on the litigation at the moment?

謝謝你，馬特，只是，如果我不問時間，那顯然就是我的疏忽了，顯然這是一個過程。您能否向我們介紹目前訴訟的最新進展？

Yeah, not a huge number of updates in terms of litigation. Both the Nevada and the Australian Federal court cases are expected to head to trial in the first half of 2026. We had some very favorable rulings in June this year where the courts granted our motion to compel aristocrat to specifically identify their trade secrets with more detail. So, we won that motion.

是的，訴訟方面的更新並不多。內華達州和澳洲聯邦法院的案件預計將於 2026 年上半年開庭審理。今年 6 月，我們獲得了一些非常有利的裁決，法院批准了我們的動議，迫使貴族更詳細地具體標明其商業機密。所以，我們贏了該動議。

Also, Aristocrats motion that compelled us to. Provide all of our Holden spin math models, to aristocrat was denied. So both of those things moving in our Favor. We think that really kind of narrows the circumference of the case to the two games that are in question, Dragon Train and Jewel the dragon, and, really, wraps a bit of a bow around what we know the universe of, potential, for this case is, and then we just move forward and get this thing closed out, and get in the rearview rearview mirror. That's the update we have to share with you.

此外，貴族的議案也迫使我們這麼做。提供我們所有的霍爾頓旋轉數學模型，對貴族來說卻被拒絕了。因此，這兩件事都對我們有利。我們認為，這實際上將案件的範圍縮小到了所涉及的兩款遊戲《龍列車》和《寶石龍》，並且實際上圍繞著我們所了解的這個案件的潛力進行了一番概括，然後我們只需繼續前進，結束這件事，然後進入後視鏡。這就是我們要與您分享的最新消息。

Appreciate it. Thank you.

非常感謝。謝謝。

Barry Jonas, Truist Securities.

巴里·喬納斯（Barry Jonas），Truist Securities。

Hey guys. Just wanted to ask about the new guidance range. Can you maybe walk through the difference between the high and the low end and any more color you can give on general visibility that goes into your expected cadence, and then I guess just additionally just confirm, that nothing's changed to your recently issued 28 targets. Thank you.

嘿，大家好。只是想詢問有關新的指導範圍。您能否介紹一下高端和低端之間的差異，以及您可以提供的有關預期節奏的整體可見性的更多細節，然後我想再確認一下，您最近發布的 28 個目標沒有任何變化。謝謝。

Yes. Hey, Barry.

是的。嘿，巴里。

Now the way that we think about the business now is on a combined basis inclusive of Grover. Obviously we closed that transaction very recently. You can see Grover, business is performing exceptionally well, performing, ahead of our expectation. It'll deliver about $65 million in EBITDA for the full year, which will be a great contribution. And so now we've upgraded the range to include Grover. So the new guide is from [$1.43 to $1.47].

現在，我們對業務的思考方式是綜合考慮格羅弗 (Grover) 在內的因素。顯然，我們最近剛完成了這筆交易。您可以看到，格羅佛 (Grover) 的業務表現非常好，超出了我們的預期。全年 EBITDA 將達到約 6500 萬美元，這將是一個巨大的貢獻。因此現在我們已將產品範圍升級，包括 Grover。因此，新指南來自[1.43 美元到 1.47 美元]。

From a base business perspective, we're still targeting $1.4 billion. You can see that's in the range that plus the [$65] from Grover, but we wanted to provide a bit of a broader range just to give investors some visibility to some of the potential externalities that are at play, some of the risks that we're managing through, from tariffs and the broader macro, and also some investments we're planning to make in the second half that really do put us on.

從基礎業務角度來看，我們仍以 14 億美元為目標。您可以看到，這個範圍是在 Grover 加上 [65 美元] 的範圍內，但我們希望提供更廣泛的範圍，只是為了讓投資者了解一些正在發揮作用的潛在外部因素、我們正在管理的一些風險、關稅和更廣泛的宏觀因素，以及我們計劃在下半年進行的一些真正對我們有利的投資。

Path towards that 2028 guide for us now it's about closing out the year but then also importantly making the right investments that set us on a course to deliver the next commitment that we've made to the investment community, which is that $2 billion by 2028. Some of those investments are things like stand up costs to get into Indiana for Grover. That's an exciting opportunity.

對我們來說，現在邁向 2028 年指南的道路是結束這一年，但同樣重要的是進行正確的投資，讓我們走上履行對投資界做出的下一個承諾的道路，即到 2028 年投資 20 億美元。其中一些投資是格羅弗進入印第安納州所需的費用。這是一個令人興奮的機會。

We're going to front run some costs that will deliver fantastic results over the coming years as we access that market scaling studios in Australia and here in the US. We're also setting up the headquarters in North Carolina, so these are no regrets investments that we want to make.

我們將預先支付一些成本，以便在未來幾年內進入澳洲和美國的市場並擴大工作室規模時取得出色的成果。我們也將把總部設在北卡羅來納州，因此這些都是我們不會後悔的投資。

And so we thought we'd broaden the range just to give investors some context around the range of possibilities, but make no. Mistake, the $1.4 billion for the base business is what the team's chasing, and we're driving hard towards delivering on that commitment.

因此，我們想擴大範圍，以便讓投資者了解各種可能性，但我們沒有這樣做。錯誤，14 億美元的基礎業務是團隊所追求的，我們正在努力兌現這項承諾。

Yeah, just hey, Barry, how are you? And just to build on that, just, based on the commentary that we provided, earlier on our 3QA EPEA growth rate being low double digits, we do acknowledge the fact that for QA EPEA rate. Growth rate is sizable, and so ultimately we do have to Matt's point minus sight to the top end of the range with a more favorable comp set up, from last year's 4th quarter. But, as Matt said, there's always some puts and takes relates to kind of product sales, and we just wanted to give as transparent of a view as we possibly could to you all as investors. So, we'll continue to kind of work through kind of our base business that remains very healthy just underpinned by our content and. And just really just working through execution as we move forward, so we're confident in our trajectory. We look forward to executing zoom out for a second when we put that guide out back in 2022, the business was generating 913.

是的，嘿，巴里，你好嗎？在此基礎上，僅基於我們先前提供的評論，我們的 3QA EPEA 成長率為低兩位數，我們確實承認 QA EPEA 率的事實。成長率相當可觀，因此最終我們必須同意馬特的觀點，即從去年第四季開始，以更有利的競爭設定實現最高水準。但是，正如馬特所說，產品銷售總是會存在一些利弊，我們只是想盡可能透明地向各位投資者提供觀點。因此，我們將繼續開展我們的基礎業務，該業務仍然非常健康，僅以我們的內容為基礎。在我們前進的過程中，我們確實只是透過執行來努力，所以我們對我們的軌跡充滿信心。我們期待在 2022 年推出指南時執行縮小一秒鐘的操作，當時該業務產生了 913 個。

We just put out a range here of [$1.43 to $1.47]. Businesses set up with great momentum, great operating capacity, incredible R&D engine. We're in a great position to get on the ex against the next guy that we've laid out, so teams should be proud of what they've generated so far.

我們剛剛在這裡列出了[1.43 美元到 1.47 美元]。企業成立時勢頭強勁，營運能力強大，研發引擎令人難以置信。我們處於非常有利的位置來對抗我們派出的下一個對手，所以各支球隊應該為他們迄今為止所取得的成績感到自豪。

Thanks, Matt. Thanks, all the.

謝謝，馬特。謝謝大家。

Thank you.

謝謝。

Matt Ryan, Barrenjoey.

馬特·瑞安，巴倫喬伊。

Oh, thank you. Just wanted to H1 in on the additional 600 units that you, talked about with Grover, and maybe if you could just share some color on, if that's reflective of, I guess, natural growth in the business that you're seeing at the moment, or, anything one-off, and I guess just as part of that, just any update on how integrated you feel, you're getting within their business, or you're just sort of, taking things a bit slower, just sort of curious on how fast things are going, with that acquisition.

噢，謝謝。只是想簡單介紹一下您與 Grover 談到的新增 600 個單位，如果您可以分享一些細節，這是否反映了您目前看到的業務的自然增長，或者任何一次性的事情，我想作為其中的一部分，您可以更新一下您對融入他們業務的感受，或者您只是想讓事情慢一點，只是好奇這次收購的進展有多快。

Yeah, thanks, Matt. I'd say integration is off to a fantastic start. The business is performing really well, delivering on its financial commitments. The thing that I've been, uniquely surprised with is the cultural alignment. The team's fantastic. Brian Brown's doing a great job leading that business. Jimmy Forrest, the head of sales, running that sales organization, just two fantastic leaders that we have the benefit of working with.

是的，謝謝，馬特。我想說整合已經有了一個很好的開始。該公司的業務表現非常好，並履行了其財務承諾。令我特別驚訝的是文化的一致性。這支球隊太棒了。布萊恩·布朗在領導這項業務方面做得非常出色。負責該銷售組織的銷售主管 Jimmy Forrest 是兩位非常出色的領導者，我們很榮幸能與他們共事。

On a day in day out basis, the 600 net ads is really nice growth in the existing markets, and it's just organic growth that we see with the tailwinds that we see across the pool segments in the markets that we operate in today, and we see that continuing into the coming quarters and years. And then importantly, the team's doing a lot of work to get ready for Indiana market entry.

從日復一日的基礎來看，600 條淨廣告在現有市場中確實實現了良好的增長，而且這只是我們在當前運營的市場中泳池細分市場順風順水的有機增長，我們預計這種增長將持續到未來的幾個季度和幾年。重要的是，該團隊正在做大量工作為進入印第安納市場做準備。

So we think that happens in the fall. You'll see games installed later this year. Another great growth pathway for us wasn't in our base case, wasn't really fully contemplated as we did the acquisition, it's just one of these nice things that we picked up, through that, acquisition process.

所以我們認為這將在秋天發生。您將在今年稍後看到安裝的遊戲。對我們來說，另一個偉大的成長途徑並不在我們的基本情況中，在我們進行收購時並沒有真正充分考慮，這只是我們透過收購過程獲得的好東西之一。

So yeah, I'd say I'm really happy with the Grover team, how they're operating and delivering ahead of the expectations that we laid out. And then I think more exciting for me as a games person I've been around games my whole career, is we have the first L&W content operating on the Grover platform already. So it's on an LNW cabinet, it's a known brand, we'll take a number of games to the G2E show and we'll show the real underlying power of the Grover acquisition, that combination of incredible L&W content. And the fleet and network of games that Grover brings to us, so I'd say that's going better than expected and just really excited about the opportunity that Grover presents.

是的，我想說我對 Grover 團隊非常滿意，他們的運作和交付超出了我們的預期。然後，我認為，作為一名遊戲人士，我的整個職業生涯都圍繞著遊戲，更令人興奮的是，我們已經在 Grover 平台上運行了第一個 L&W 內容。因此，它在 LNW 機櫃上，它是一個知名品牌，我們將把一些遊戲帶到 G2E 展會上，我們將展示 Grover 收購的真正潛在力量，即令人難以置信的 L&W 內容的組合。Grover 為我們帶來了豐富的遊戲資源和網絡，因此我想說，這比預期的要好，我對 Grover 帶來的機會感到非常興奮。

Thank you.

謝謝。

David Fabrice, Macquarie.

麥格理銀行的戴維法布里斯。

Oh, hi, Matt. Hi, Oliver. Hey, I'm just trying to understand the guidance for 2025 with the $1.43billion to $1.47 billion EBITA range. Did I hear correctly that includes 65 mil for Grover? Cause wouldn't that assume that the underlying business is coming in below the [1.4]? And then just to follow that up, I mean, In the, release, you kind of spoke to the fact that, with your customers, you've seen some cautious purchasing and delayed CapEx.

哦，嗨，馬特。你好，奧利佛。嘿，我只是想了解 2025 年 EBITA 範圍為 14.3 億美元至 14.7 億美元的指導。我沒聽錯吧，其中包括給格羅佛的 6500 萬美元？因為那不是假設基礎業務低於[1.4]？然後只是為了跟進這一點，我的意思是，在發布會上，您談到了這樣一個事實，即您看到了客戶的謹慎購買和延遲的資本支出。

Can you maybe talk about how that plays out for the rest of 2025 and why that may change to support hitting the guidance range? And then just a little bit more color on those international sales through the second half. Can you maybe share the countries you're selling the units into and the quantum of sales so we can get, I guess, a better understanding of how to think about shaping 2025?

您能否談談 2025 年剩餘時間內的情況如何，以及為什麼可能會發生變化以支持達到指導範圍？然後稍微詳細介紹一下下半年的國際銷售情況。您能否分享您銷售產品到哪些國家以及銷售量，以便我們更了解如何塑造 2025 年？

Yes, absolutely a bit to unpack there, but we'll do our best. From a guidance perspective, like I said, we're targeting 1.4% in the base business, so the top end of that range, we're pushing hard towards that team's committed to delivering on it, but we have a range of outcomes where, should we see investments that would set us on a trajectory to get to that.

是的，確實有一些事情需要解決，但我們會盡力。從指導角度來看，就像我說過的，我們的基礎業務目標是 1.4%，因此，在這個範圍的高端，我們正在努力推動團隊致力於實現這一目標，但我們有一系列的結果，我們應該看到投資，這將使我們走上實現這一目標的軌道。

28 number in the second half, we'll make them, and that could mean that we missed that $1.4 billion by, a very minimal margin when you think about the context of where we've come from back in 2022. So we're running the business, optimizing it for the long term, still chasing that $1.4 billion dollar number. We're not going to do anything silly.

28 個數字，我們會實現的，這可能意味著我們與 14 億美元的差距非常小，如果你考慮到我們在 2022 年取得的成績，就會發現差距非常小。因此，我們正在經營這項業務，並對其進行長期優化，仍然追求 14 億美元的目標。我們不會做任何愚蠢的事。

In terms of taking cost out to manufacture a result, we'll take the best decision on balance. So yeah, that's what I want to say about that. I'd say about, operator apprehension in early Q2, I think that was a real thing. I think many investors spoke to operators back then. It was a tumultuous time in the market.

在降低製造成本以取得成果方面，我們將做出全面權衡的最佳決策。是的，這就是我想說的。我想說的是，關於第二季初運營商的擔憂，我認為這是真實存在的。我認為當時很多投資者都與營運商進行了交談。當時市場正處於動盪時期。

If you remember, Liberation Day escalating retaliatory tariffs, I will say things have largely turned positive in that light. Every operator that I speak to, and I've been speaking to a lot of them over the last few weeks, is ahead of their budget, which is where they all want to be. That means they deliver their bonuses, so that's important to them.

如果你還記得解放日昇級的報復性關稅，我會說從這個角度來看，情況基本上已經變得積極了。我接觸過的每一位運營商，以及過去幾週我接觸過的許多運營商，都超出了他們的預算，這也是他們想要達到的水平。這意味著他們會發放獎金，所以這對他們來說很重要。

GGR is solid. I think the operating environment is in a really good spot. So I think it's turned positive relative to where it was in early Q2, and if you cast your mind back. For that period for all of us it was a bit of a lot of unknowns in the marketplace. So I think net positive on markets. So I think that was reflected in the IAS survey yesterday.

GGR 很穩定。我認為營運環境非常好。因此，如果你回想一下的話，我認為相對於第二季初的情況，它已經變得積極了。對我們所有人來說，那段時期市場上充滿了許多未知數。因此我認為這對市場有利。所以我認為這在昨天的 IAS 調查中有所反映。

But in terms of the construct, Oliver of the forecasts go forward in terms of the markets, you want to touch on that? Yeah.

但就構造而言，奧利佛的預測在市場方面向前發展，您想談談這一點嗎？是的。

I think we've got some opportunities globally, and that's, I think that's the beauty of the international presence that we have. I think in the 3rd quarter, we'll see continue to kind of. Momentum here in North America. I think we've even in in the in the Q2 print still had a very strong overall total units sold and as we kind of move into the second half, Canada VLT as we as we really scale up the Mexico facility.

我認為我們在全球範圍內擁有一些機會，這就是我們國際影響力的魅力所在。我認為在第三季度，我們將繼續看到這種情況。北美的勢頭強勁。我認為，即使在第二季度，我們的整體銷售仍然非常強勁，隨著我們進入下半年，加拿大 VLT 也真正擴大了墨西哥工廠的規模。

Here we're already starting to ship those units out and I think that's going to be an opportunity for us here in the second half. We'll see an uptick in Asia, as we mentioned in Q4 that will be what I would say a combination of replacement units as well as some new openings and expansions both in that region as well as here in the US and so I think there's a couple of different avenues that we're going to work through. Ultimately what we have in our BMS is we have a target list of opportunities that we manage. So Shahan and the team are hyper focused on every single opportunity in the space between now and the end of the year, and that's what we're going to execute on between now and December 31.

現在我們已經開始將這些設備運出，我認為這將是我們下半年的機會。我們將看到亞洲出現上升趨勢，正如我們在第四季度提到的那樣，這將是替換單位以及在該地區和美國的一些新開業和擴張的組合，因此我認為我們將通過幾種不同的途徑來努力。最終，我們在 BMS 中擁有一個我們要管理的機會目標清單。因此，Shahan 和他的團隊高度關注從現在到年底該領域的每一個機會，這也是我們從現在到 12 月 31 日要執行的任務。

Got it thank you.

明白了，謝謝。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

Hey, good afternoon, guys. Want to move over to side play Social casino. You mentioned sweepstakes, but curious, you mentioned some of those states that are you're seeing more attractive dynamics as the states crack down and press back in sweepstakes. Is it possible to shift UA spend and marketing spend and really just resources specifically to those states that are regulated against.

嘿，大家下午好。想要轉到側面玩社交賭場。您提到了抽獎活動，但令人好奇的是，您提到了一些州，隨著各州嚴厲打擊和壓制抽獎活動，您看到了更具吸引力的動態。是否有可能將 UA 支出和行銷支出以及真正的資源轉移到受到監管的州。

With better seemingly ROI and dynamics in them and then secondly kind of in the quarter I guess how much of the margin benefit was a shift in spend versus the benefit from B2C kind of thinking as we look forward, from a modeling on what to think from a margin standpoint in that segment. Thanks.

由於投資回報率和動態似乎更好，其次，在本季度，我猜想利潤收益中有多少是支出的轉變，而不是 B2C 思維帶來的收益，正如我們展望未來一樣，從該細分市場的利潤角度進行建模。謝謝。

Yeah, we'll try to unpack all that too. I think the good news for Cyclo is we're outpacing the broader social casino market. We've got some very fast, growing games in quick hit slots and 88 fortunes. But as you kind of zoom out and you look at the sector more broadly, I think at this point it's undeniable to say that sweeps are having an impact on the social casino segment. It's definitely a substitute. I mean, in our mind, it's unregulated, untaxed, igaming.

是的，我們也會試著解開這一切。我認為對 Cyclo 來說好消息是我們正在超越更廣泛的社交賭場市場。我們在快速命中老虎機和 88 財富方面擁有一些非常快速、成長的遊戲。但當你把視野放遠，從更廣闊的角度來看待這個行業時，我認為現在無可否認的是，抽獎活動正在對社交賭場領域產生影響。這絕對是替代品。我的意思是，在我們看來，它是不受監管、不徵稅的網路遊戲。

There's no denying that and when we look at the data specifically around the markets where sweepstakes have been banned, you see a significant uptick in terms of social casinos. So for us from our vantage point, there's just no denying it's had an impact, on the social casino markets where sweepstakes, is active. But we like to focus on the things in our control at light and Wonder, that's outside of our control and we'll watch on as industry pundits like the rest of us.

不可否認的是，當我們查看專門針對禁止抽獎活動的市場的數據時，你會發現社交賭場的數量顯著上升。因此，從我們的角度來看，不可否認它對抽獎活動活躍的社交賭場市場產生了影響。但我們喜歡把重點放在我們在光與奇蹟上可以控制的事情上，這是我們無法控制的事情，我們會像其他人一樣以行業專家的身份關注。

But the things inside our control are really Getting jackpot party to where we need it to be. We've rewritten the economy there. We've got the A team working on it. Josh is in the cockpit himself driving a lot of the changes.

但我們可以控制的事情確實會讓大獎派對達到我們需要的程度。我們重塑了那裡的經濟。我們已派出 A 團隊致力於此事。喬許親自坐在駕駛艙裡推動了許多變革。

I believe that we'll get that game back to where it traditionally has been. I mean, the good news is for jackpot party is it's cycling over easier comps in the second half, and so, we see solid momentum from June into July. But we want to see that play through, and we've got the team working really hard to make sure that comes into effect. The other area that we can control is direct to consumer, and I'm proud to say the team's done a fantastic job. This quarter really ratcheting that up.

我相信我們會讓這項運動恢復到它的傳統狀態。我的意思是，對於大獎派對來說，好消息是它在下半年循環更容易的比賽，因此，我們看到從六月到七月的強勁勢頭。但我們希望看到這項計畫順利實施，並且我們的團隊已經非常努力地確保這項計畫能夠實現。我們可以控制的另一個領域是直接面向消費者，我很自豪地說團隊做得非常好。本季確實進一步加劇了這一情況。

They went from 13%, PTC in the first quarter to 18% in the second quarter. We've given out guidance in the '28. Guy that would get to 30% as a driver of the social casino business, clearly with the trajectory we're on we'll get there sooner than in 2028, hopefully a lot sooner, but I think the team's really lean leaned into the things that it can control, and, I'm proud of what they're doing and I see, continued momentum in the back half of the year, but do you want to just touch on UA and how we throttle that back? Yeah.

其 PTC 份額從第一季的 13% 上升至第二季的 18%。我們已經在 28 年給了指導。作為社交賭場業務的推動者，這個比例將達到 30%，顯然，按照我們現在的發展軌跡，我們將比 2028 年更早實現這一目標，希望能快得多，但我認為團隊真的專注於他們能夠控制的事情，我為他們所做的事情感到自豪，我看到他們在今年下半年繼續保持這種勢頭，但你想談談 UA 以及我們如何限制它嗎？是的。

It's a great question. So, obviously we, we've been talking about this over the last several years in terms of how we want to be able to scale monetization over time while still. Maintaining a relatively strong Dow base. You know what I would say is that Josh and his team are not kind of focused on, you would see some of this through some of the carnival partnerships that we've had through jackpot party as an example, very focused UA opportunities that are now starting to drive Dow back into the ecosystem, which is exactly what we want to do to be able to sustain level.

這是一個很好的問題。因此，顯然我們在過去幾年中一直在討論這個問題，即我們希望能夠隨著時間的推移擴大貨幣化規模。維持相對強勁的道瓊斯指數基礎。你知道我想說的是，喬希和他的團隊並沒有把重點放在，你可以從我們通過大獎派對建立的一些嘉年華合作夥伴關係中看到這一點，例如，非常集中的 UA 機會現在開始推動陶氏回到生態系統中，這正是我們想要做的事情，以便能夠維持水平。

Of growth over time. So Josh and the team, Noga and the team are looking for opportunities to deploy UA effectively here and ultimately, like I said, drive monetization of sustainably, and that's going to be something that we're going to be focused on over the coming years. So that's what the teams are working towards.

隨著時間的推移而增長。因此，Josh 和團隊、Noga 和團隊正在尋找機會在這裡有效地部署 UA，並最終像我說的那樣，推動可持續的貨幣化，這將是我們未來幾年要關注的事情。這就是團隊正在努力的目標。

Justin Barrett, CLSA.

里昂證券的賈斯汀·巴雷特（Justin Barrett）。

Hi guys, thanks very much for the opportunity today. I just had a question on free cash flow, again, a relatively another weak, quarter, and you call out reasons for that. But I appreciate that there's obviously targets to improve that free cash flow conversion over the long term. But is there anything, I guess in the real near term that we see that conversion, materially improve?

大家好，非常感謝今天給我這個機會。我剛才對自由現金流有一個疑問，又是一個相對較弱的季度，您說出了原因。但我很欣賞顯然有長期改善自由現金流轉換的目標。但我猜在短期內我們是否會看到這種轉變有實質的改善？

Yeah, thanks for the question. So when looking at free cash flow, I think it is important to kind of normalize that the impact of these one-offs, and so we did kind of call out this legacy litigation payment of $73 million. If you take that out normal as a free cash, we actually saw a considerable year over year increase to over $100 million.

是的，謝謝你的提問。因此，在查看自由現金流時，我認為將這些一次性事件的影響正常化非常重要，因此我們確實提到了 7,300 萬美元的遺留訴訟賠償金。如果將其作為自由現金正常扣除，我們實際上看到其同比增長顯著，達到 1 億美元以上。

We continue to kind of benefit from increased earnings, efficient working capital management as we work through the quarters, and obviously we think this normalized view is a reflection of kind of how we see growth and free cash flow and what we're capable of doing that as as a business. So overall, it stays positive and in fact, if you look at kind of a free cash flow to MA on adjusted basis, that represents a 77% conversion rate.

在我們整個季度的工作中，我們繼續受益於收益的增加和高效的營運資本管理，顯然我們認為這種正常化的觀點反映了我們如何看待成長和自由現金流，以及我們作為一家企業能夠做到這一點。因此總體而言，它保持正值，事實上，如果你看一下調整後的 MA 自由現金流，這代表著 77% 的轉換率。

Okay, on a normalized basis, so that's a 23 point improvement over the prior year. And actually if you look at a trailing 12 months, still kind of driving growth. So yeah, to your question, we are remaining focused on that. I think if you look at the base business and again the highly cash rate nature of our business now through Grover on top, this will certainly provide healthy sustainable cash flow generation and I would say if you look again, look at it from a normalized perspective, that's what we would expect as we move forward.

好的，以正常化標準來看，這比前一年提高了 23 個百分點。事實上，如果你看一下過去的 12 個月，你會發現它仍然在推動成長。是的，對於您的問題，我們將繼續關注這個問題。我認為，如果你看一下基礎業務，再看看我們現在透過 Grover 實現的高現金利率業務性質，這肯定會提供健康可持續的現金流，我想說，如果你再看一下，從正常化的角度來看，這就是我們未來所期望的。

Great, thank you.

太好了，謝謝。

Thank you.

謝謝。

David Katz, Jeffreys.

大衛‧卡茨，傑弗里斯。

Afternoon everyone. Thanks for taking my question or good morning depending on where you are.

大家下午好。感謝您回答我的問題，或根據您所在的地點，我問好。

So one of the things, the themes that's been coming up among op operator customers all earnings season is the updated the updated tax structure in the United States that appears to favor investment in, things of a shorter useful life, such as slot. Machine slot machines and associated equipment, are you having any of those conversations? Is that coming up at all and should we look at that as a tailwind for you?

因此，在整個收益季節，營運商客戶中出現的主題之一是美國更新的稅收結構，該結構似乎有利於投資使用壽命較短的事物，例如老虎機。機器老虎機和相關設備，您是否進行過這些對話？這是否會發生？我們是否應該將其視為您的順風？

Yeah, that's a great question, David. How are you doing? So yeah, the one big, beautiful bill, certainly there's a lot to unpack there. It's a pretty dynamic set of legislation, but I think to your point, there are really 3 main provisions that that will impact not only our business but also our customers that we're working through. So. So I think the 3 things are really around domestic R&D expensing.

是的，這是一個很好的問題，大衛。你好嗎？是的，對於這張巨大而美麗的鈔票來說，肯定有很多東西需要解開。這是一套相當動態的立法，但我認為，正如您所說，實際上有三個主要條款不僅會影響我們的業務，還會影響我們正在努力的客戶。所以。所以我認為這三件事其實都與國內研發費用有關。

I think the second one is bonus depreciation and the third is just kind of interest expense limitation changes. So let me just quickly unpack the 3, and we are certainly having conversations with our customers around these things, but I think on the. R&D side, that certainly now allows us on certain R&D investment investments to be expensed immediately. So if you think about kind of yesterday, that would have been advertised and capitalized over a five year period. We can now take that as an immediate depreciation.

我認為第二個是獎金折舊，第三個只是利息支出限制的變動。因此，讓我快速解釋一下這 3 個問題，我們當然正在與客戶討論這些問題，但我認為。研發方面，這當然使我們能夠立即將某些研發投資作為費用。所以，如果你想想昨天的情況，那將在五年內得到宣傳和資本化。我們現在可以將其視為立即貶值。

The bonus depreciation on the equipment. Now this is where it actually helps us and our customer base so. This gives us a bit of flexibility in terms of providing immediate tax deduction on our gaming ops business and then to your point from a CapEx's point of view on our operators side, they get to take some of that depreciation on the game sales and purchases that they make.

設備的獎金折舊。現在這確實對我們和我們的客戶群有幫助。這為我們在遊戲營運業務上提供即時稅收減免方面提供了一些靈活性，然後從營運商方面的資本支出角度來看，他們可以在遊戲銷售和購買中獲得一些折舊。

So that along with kind of tech cash tax savings will, in our estimation support demand in the second half and really not just this year but over the next several years. So. So I think by and large, we will continue to kind of obviously manage and monitor kind of the changes here, but the one last thing I'd call out here is the bill actually does drive and potentially drives an annual cash tax savings for us of about $40million to $50 million. So this bill certainly benefits not only like wonder but our operators. So I would expect this to drive some momentum here in the second half.

因此，我們估計，加上技術現金稅收節省，將支持下半年的需求，不僅是今年，而且是未來幾年的需求。所以。因此我認為，總的來說，我們將繼續管理和監控這裡的變化，但我最後要說的是，該法案確實為我們帶來了並有可能帶來每年約 4000 萬至 5000 萬美元的現金稅收節省。因此，這項法案不僅對 Wonder 有利，而且對我們的營運商也有利。因此我預計這會在下半年帶來一些動力。

Okay, noted.

好的，記下了。

Thank you. I say it.

謝謝。我說的是。

Rowan Sundram, MST Marquee.

Rowan Sundram，MST Marquee。

Thank you. Hi, Madam Oa. Just the one for me, can you please walk us through the revised NADA guidance? So I understand it's now [$550 to $575]. Apologies if I've missed it, but, it was [$560, $5,635] previous. I take on board the commentary around the increased investments, but just wondering what's, but that's in the AEBITDA line, and I just take on board your comments around the tax savings. So can you help us with what's changing at the below EBITDA line to get to the new guidance? Yeah. Thank.

謝謝。你好，Oa 女士。就我一個問題，您能向我們介紹一下修訂後的 NADA 指南嗎？所以我明白現在[550美元到575美元]。如果我錯過了，請原諒，但之前的價格是 [$560, $5,635]。我接受了有關增加投資的評論，但只是想知道那是什麼，但這是在 AEBITDA 範圍內，我只是接受了您關於稅收節省的評論。那麼，您能否幫助我們了解以下 EBITDA 線的變化，以獲得新的指導？是的。感謝。

You. Yeah, great question. Thanks. So I think a couple of things there, while Grover, and I'll start with Grover, is a strong driver of a about growth, as we've indicated in previous calls, it is modestly creative to MAA when you start to factor in things like DNA and interest expense. Soar Grover for a second. I. A couple of other items that we'd call out here, we took advantage of dislocations that we saw in the market with incremental share of purchases here in the first half, and that drove and will drive higher interest expense for the year. But more importantly, it's also contributing meaningfully to kind of the EPSA growth that we'll have by year end.

你。是的，很好的問題。謝謝。因此，我認為有幾件事，雖然 Grover（我先從 Grover 開始）是成長的強大推動力，但正如我們在之前的電話會議中所指出的那樣，當你開始考慮 DNA 和利息費用等因素時，它對 MAA 具有適度的創造性。格羅佛翱翔一秒鐘。一、我們在這裡要提到的其他幾點是，我們利用了市場上出現的錯位現象，在上半年增加了購買份額，這導致並將繼續導致今年的利息支出增加。但更重要的是，它也對我們在年底前實現的 EPSA 成長做出了有意義的貢獻。

And then based on kind of the momentum that you would have seen in our gaming ops business, DNA was elevated just based on the levels of of CapEx success-based CapEx that we put into the business. So I think those two items I would say are quite favorable to us from a business perspective, but also our shareholders over the long term.

然後，基於您在我們的遊戲營運業務中看到的勢頭，DNA 的提升僅基於我們投入業務中的基於成功的資本支出水平。因此，我認為這兩項從業務角度來看對我們非常有利，而且從長遠來看對我們的股東也非常有利。

And then, a couple of other pieces. There's a slight income tax headwind that was primarily related to our tax rate, and that's really driven by some SBC timing and then the price at which those vested, as well as our geographic income tax mix that will obviously have varying rates, depending on the jurisdiction where we are a global company at the end of the day, so. That will certainly have what I would say more impacts on the MATA range relative to to AAA.

然後，還有其他幾件作品。存在輕微的所得稅阻力，主要與我們的稅率有關，這實際上是由一些 SBC 時機以及這些 SBC 的既得價格以及我們的地理所得稅組合所驅動的，這些組合顯然會有不同的稅率，具體取決於我們作為一家全球性公司所在的司法管轄區。我認為這肯定會對 MATA 範圍產生比 AAA 更大的影響。

And then lastly, we had talked about the AAA, the new ADA range that Matt mentioned earlier, and that certainly then calls out the potential risk that we have. Just acknowledging the fact that 4th quarter growth rate is fairly sizable, and though we have line of sight to it and then we're in that point, we are executing to the top end of that range, and we just want to be more transparent about that. So those are, I would say, over the long run of the business, we feel like these are just great examples of how we drive a creative impact over time, but yeah, we'll work through that.

最後，我們討論了 AAA，即 Matt 之前提到的新 ADA 範圍，這無疑表明了我們面臨的潛在風險。只是承認第四季度的成長率相當可觀，儘管我們已經看到了這一點，並且我們正處於這一點，但我們正在執行該範圍的最高端，我們只是希望對此更加透明。所以我想說，從長期業務來看，我們覺得這些都是很好的例子，說明了我們如何隨著時間的推移產生創造性的影響，是的，我們會努力解決這個問題。

And then I think in terms of the one big beautiful bill, I think that the primary impacts that we'll see is actually not at the MPAA line will be the cash tax savings that we'll have so that'll actually drive free cash flow more so than MATA at this point.

然後我認為，就一項美麗的大法案而言，我認為我們將看到的主要影響實際上不是在 MPAA 線上，而是我們將擁有的現金稅收節省，因此這實際上將比 MATA 更多地推動自由現金流。

Thanks, Oliver.

謝謝，奧利佛。

Andre fromyhr, UBS.

瑞銀的 Andre fromyhr。

Thank you. I just want to ask about margins and in particular the margin optimization initiatives that you've been talking about. I see, year on year R&Ds come down and corporate costs have come down, just curious to understand. You know how sustainable is that, or is it more a seasonality question or how much more opportunity is there, to make savings on those lines? And then also related to margins, is it reasonable to expect that there'd be pressure on gross margins at the moment? I see, you've reported average sales price, up 2% year on year, but would cost be growing faster than that at the moment?

謝謝。我只是想問一下利潤率，特別是您一直在談論的利潤率優化舉措。我看到，研發費用逐年下降，企業成本也下降了，只是好奇想了解。您知道這種做法的可持續性如何嗎？或者這更多的是一個季節性問題，或者還有有多少機會可以透過這種做法來實現節約？然後也與利潤率有關，預計目前毛利率會面臨壓力是否合理？我明白了，您報告的平均銷售價格年增了 2%，但目前成本的成長速度會比這更快嗎？

Yeah, thanks for the question. So yeah, obviously margins and margin enhancement, near and dear cash flow enhancement, the sister program now in place, near and dear to my heart, clearly as a finance guy, we grew margins to your.40 basis points you at 44% in the quarter. So we continue and we'll continue to focus on optimization across the business. I think Matt made a critical point there that we're not cutting investments.

是的，謝謝你的提問。所以，是的，顯然利潤率和利潤率的提高，以及現金流的提高，姊妹計畫現在已經到位，對我而言非常重要，顯然作為一名金融人士，我們將利潤率提高到了 0.40 個基點，即本季度的 44%。因此，我們將繼續並將繼續專注於整個業務的最佳化。我認為馬特提出了一個關鍵的觀點，那就是我們不會削減投資。

And R&D to kind of make near term targets. So we'll continue to kind of focus on these things as an organization to drive sustained levels over the next several years. I think for the balance of the year, I would, I would expect margins to remain relatively stable here, through 2025. I think if you think about the game, the Grover gaming contributions, gaming.

並透過研發制定近期目標。因此，作為一個組織，我們將繼續關注這些事情，以在未來幾年內保持持續的水平。我認為，就今年的餘額而言，我預計利潤率將保持相對穩定，直到 2025 年。我認為如果你考慮一下遊戲、Grover 遊戲貢獻、遊戲。

Opps continuing to scale that's going to drive higher margins, for us, Matt mentioned DTC uplift 18% for the for the quarter. We see that scaling prudently here over the coming quarters and years, kind of the shift of one PP and and really the focus that Nathan and the teams have driven in the i gaming space will help us again drive higher margins. So I think we've got Ample room to continue to invest. Nate McGregor and not mention again, Nate McGregor, Kelsey Foster, we're going to continue to kind of drive the right levels of investments to be able to sustain our growth trajectories and.

Opps 繼續擴大規模將帶來更高的利潤率，對我們來說，Matt 提到本季 DTC 成長了 18%。我們看到，在未來幾季和幾年內，我們在這裡謹慎地擴大規模，有點像 PP 的轉變，而 Nathan 和團隊在 i 遊戲領域所推動的重點將幫助我們再次提高利潤率。所以我認為我們有足夠的空間繼續投資。內特·麥格雷戈，不用再提了，內特·麥格雷戈、凱爾西·福斯特，我們將繼續推動適當的投資水平，以維持我們的成長軌跡。

We have no intention of scaling back R&D. If anything, we're just really focused on making sure we maximize ROI in every dollar that we spend. We have very clear investment thresholds and we make sure that the studios are meeting those. I think you can see in the new premium release games in the Isless charts we have a seasonally high 44% of the new games. In that report, so the R&D engines firing on all cylinders a testament to Nathan Dra, all the work that he's doing, and we want to scale that over time.

我們無意縮減研發規模。無論如何，我們真正關注的是確保我們花費的每一美元都能實現投資回報率最大化。我們有非常明確的投資門檻，並確保工作室能夠達到這些門檻。我想您可以在 Isless 排行榜上的新發行付費遊戲中看到，新遊戲的比例達到了當季最高的 44%。在該報告中，研發引擎全速運轉，證明了 Nathan Dra 以及他所做的所有工作，我們希望隨著時間的推移擴大其規模。

Yeah, and just one last point, I think you brought up corporate earlier, obviously that's an area that we also focus in on, but that's also due to some timing of legal expenses. It's a bit lighter here in the 2nd quarter, which could continue to potentially ebb and flow here between now and the end of the year. So we'll continue to monitor that.

是的，最後一點，我想你之前提到了公司，顯然這也是我們關注的一個領域，但這也與法律費用的一些時間有關。第二季這裡的經濟稍微輕鬆一些，從現在到年底，這裡的經濟可能會繼續起伏。因此我們會繼續監控。

Great, thank you.

太好了，謝謝。

Thomas Fort, Maxim Group.

托馬斯‧福特 (Thomas Fort)，馬克西姆集團 (Maxim Group)。

Great, thanks, Manu Oliver. So one question as it pertains to play, any updates on changes in economics following the Apple Epic Games legal battle and consumers being able to pay ci play outside of Apple's platform? Are you seeing any changes in consumer purchase frequency when they pay you directly versus using Apple Pay as an example?

太好了，謝謝，Manu Oliver。所以關於遊戲的一個問題，在 Apple Epic Games 法律糾紛之後，以及消費者能夠在 Apple 平台之外支付 ci play 之後，有什麼關於經濟變化的最新消息嗎？與使用 Apple Pay 相比，當消費者直接向您付款時，您是否發現消費者的購買頻率有任何變化？

Yeah, well, obviously that's a very favorable ruling for the entire games industry and kind of opens up new pathways and avenues. One to optimize margins so you're able to kind of capture some of the value, through those platform fees, but also have a more direct and intimate relationship, with the users. So we mentioned at the Invested today in May, our VIP portal that we're building, which is as much about having that, player intimacy as it is about, transacting.

是的，顯然這對整個遊戲產業來說是一個非常有利的裁決，並且開闢了新的途徑和管道。一是優化利潤率，這樣你就可以透過平台費用獲取部分價值，同時也與用戶建立更直接、更親密的關係。因此，我們在 5 月的 Invested 大會上提到了我們正在建立的 VIP 門戶，它不僅是為了交易，也是為了與玩家建立親密關係。

We watch it very closely. We're trying to obviously capture more value when they come and purchase directly, but we mimic some of those offers and we're not trying to, exacerbate the frequency of purchases. We're trying to maximize long term engagement. So, we see that ruling as favorable for margin enhancement, but also for player engagement over the longer term.

我們非常密切地關注著它。當他們直接來購買時，我們顯然試圖獲得更多價值，但我們模仿了其中一些優惠，我們並沒有試圖加劇購買頻率。我們正在努力最大限度地提高長期參與。因此，我們認為該裁決有利於提高利潤率，也有利於長期提高玩家的參與度。

Thank you, Matt.

謝謝你，馬特。

Adrian Lam, Citigroup.

花旗集團的 Adrian Lam。

Oh, hi, Matt and Oliver. Yeah, I just wanted to focus on the premium lease space in the US. You obviously do have a number of gas firing at the moment. Can I focus on Huff and puff? Because I think that was the main replacement for Dragon Train.

哦，嗨，馬特和奧利佛。是的，我只是想關注美國的優質租賃空間。顯然，您現在確實有大量的天然氣燃燒。我可以集中精力於 Huff 和 puff 嗎？因為我認為那是 Dragon Train 的主要替代品。

The IAS survey looks to show it fading in terms of performance and units installed. So I'm just wondering, is that what you're actually seeing in the business? And if that is the case, what are the plans to reinvigorate that game, please?

IAS 調查顯示其在性能和安裝量方面正在衰退。所以我只是想知道，這就是您在業務中實際看到的嗎？如果確實如此，有什麼計劃來重振這款遊戲呢？

I'm glad you asked that question. 845 incremental ads. It was an exceptional result. I know the others survey didn't reflect that yesterday. There was a little bit of panic in the market, but we are very confident in the momentum of our gaming ops business, proud of that number. It's, one of the kinds of top five quarters we've had in terms of net ads, and it really just comes back to game performance and and game design. And we've got a broad range of of games that are performing really well.

我很高興你問了這個問題。 845 個增量廣告。這是一個非凡的結果。我知道昨天其他的調查沒有反映這一點。市場上出現了一些恐慌，但我們對遊戲營運業務的發展勢頭非常有信心，並對這個數字感到自豪。就網路廣告而言，這是我們經歷過的五個最佳季度之一，而這實際上取決於遊戲表現和遊戲設計。我們擁有一系列表現非常出色的遊戲。

A huff and puff hard hat did a really fantastic job for us in terms of making sure we maintain that track and train fleet. It, it's like many other games, atrophies over time, but it's one game amongst the huge arsenal of games. I'll point you to that 44% of new games, new performing games, industry leading. I'll point you to Huff and puff Grand, number one hap game in the marketplace, to Monopoly Express. We've got a lineup of games coming to G2E that the industry has never seen. Really next frontier stuff, a product called Lightwave. Some people would have seen it.

一頂充氣安全帽在確保我們維護軌道和列車車隊方面發揮了非常出色的作用。它就像許多其他遊戲一樣，隨著時間的推移而萎縮，但它是眾多遊戲中的一個。我要指出的是，44% 的新遊戲、新表演遊戲在業界處於領先地位。我會向你推薦市場上排名第一的快樂遊戲「Huff and puff Grand」和「Monopoly Express」。我們在 G2E 上推出了一系列業界從未見過的遊戲。真正前沿的產品，叫做 Lightwave。有些人可能已經看到了。

At the Investor day with the new Frankenstein game on that, a new jackpot party game on that, we are very excited about the direction of travel for gaming operations and, we're pleased to be able to print the number today and just quell any calm, any nerves out there about gaming ops. It's a powerhouse in our portfolio. We've just added 11,000 units for Grover. We're on a great trajectory and yeah, Huff and puff Hart had one game amongst many, but we, we're off to the races when it comes to install based growth. Yeah.

在投資者日上，我們推出了新的弗蘭肯斯坦遊戲和新的大獎派對遊戲，我們對遊戲運營的發展方向感到非常興奮，我們很高興能夠在今天公佈這個數字，平息任何關於遊戲運營的平靜和緊張情緒。它是我們投資組合中的一支強者。我們剛剛為 Grover 增加了 11,000 個單位。我們正處於良好的發展軌跡中，是的，哈夫和哈特 (Huff and puff Hart) 有很多遊戲，但當談到基於安裝的成長時，我們已經開始了比賽。是的。

And just one out there, obviously it's a mass point about global portfolios and just depth and breadth that we have. It's, it gets maybe perhaps lost in the shuffle here, but I just want to reemphasize a point from an RPD perspective, revenue per day. If you normalize that and just put the Grover aside for a second, where our RPD from a base recurring revenue perspective has grown. And back to what I would say is normalized growth rates that we talked about over the last couple of quarters. So great momentum not only from an install-based perspective, but the quality to match point, and that's what gives us a lot of comfort and really, we're excited about what's to come, especially at T28.

顯然，這只是關於全球投資組合以及我們所擁有的深度和廣度的一個重點。它可能在這裡被忽略了，但我只想從 RPD 的角度再次強調一點，即每日收入。如果你將其標準化，並將 Grover 放在一邊，那麼從基本經常性收入的角度來看，我們的 RPD 就會成長。回到我想說的，我們在過去幾季討論過的正常化成長率。因此，這不僅從安裝角度來看是一個強勁勢頭，而且質量也達到了匹配點，這給了我們很大的安慰，我們真的對即將發生的事情感到興奮，特別是在 T28。

Okay, great. Thank you very much.

好的，太好了。非常感謝。

You're welcome.

不客氣。

Thank you. I can confirm that does conclude the Q&A session. I'd like to hand it back to Matt for some closing comments.

謝謝。我可以確認問答環節確實結束了。我想將其交還給馬特，請他發表一些結束語。

In closing, I want to thank our teams around the world for their continued strong execution and unwavering commitment to performance. The industry backdrop remains healthy, and we expect to leverage the strength across our business to capture growth opportunities in the quarters ahead. We're particularly excited with our recent acquisition of Grover, which we believe will be a transformative addition, bringing new capabilities, deepening our customer relationships, and expanding our global reach.

最後，我要感謝我們遍佈全球的團隊持續強大的執行力和對績效的堅定承諾。產業背景依然健康，我們期望利用整個業務的優勢來抓住未來幾季的成長機會。我們對最近收購 Grover 感到特別興奮，我們相信這將是一次變革性的補充，帶來新的能力，深化我們的客戶關係，並擴大我們的全球影響力。

Finally, our transition to a sole listing on the ASX marks an exciting new chapter for the company as Continue to execute to our initiatives to create shareholder value over time. We're also looking forward to showcasing our innovation and connecting with customers and partners at AGE next week and G2E in October, and we hope to see you there. Thank you again for your continued support, and I look forward to speaking with you soon.

最後，我們轉型為在澳洲證券交易所 (ASX) 唯一上市的公司，標誌著公司開啟了令人興奮的新篇章，我們將繼續執行我們的計劃，隨著時間的推移為股東創造價值。我們也期待在下週的 AGE 和 10 月的 G2E 上展示我們的創新並與客戶和合作夥伴建立聯繫，我們希望在那裡見到您。再次感謝您一直以來的支持，並期待很快與您交談。

Thank you, that does conclude today's call. Thank you for participating. You may now disconnect.

謝謝，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。