Light & Wonder Inc (LNW) 2025 Q3 法說會逐字稿

Thank you all for standing by for today's conference call with light and wonder. Today's call is going to be starting momentarily. Thank you for your patience today

感謝各位帶著輕鬆愉悅的心情參加今天的電話會議。今天的電話會議馬上開始。感謝您今天的耐心等待。

Yeah. Welcome to the Light & Wonder 2025 third quarter earnings conference call. (Operator Instructions) Thank you.

是的。歡迎參加 Light & Wonder 2025 年第三季財報電話會議。（操作說明）謝謝。

I will now turn the call over to Rohan Gallagher, Executive Vice President, Global Chief Corporate Affairs. Please go ahead.

現在我將把電話交給全球首席企業事務執行副總裁羅漢·加拉格爾。請繼續。

Thank you operator, and welcome, everyone, to our third quarter 2025 earnings conference call. Joining me today in Sydney are Matt Wilson, our President and CEO; and Oliver Chow, our CFO.

謝謝接線員，歡迎各位參加我們2025年第三季財報電話會議。今天與我一同來到雪梨的有我們的總裁兼執行長 Matt Wilson 和我們的財務長 Oliver Chow。

During today's call, we will discuss our third quarter results and operating performance, where we will refer to our earnings presentation. This will then be followed by a question-and-answer session. Today's call will contain forward-looking statements that may vile certain risks and uncertainties that could cause actual results to differ materially from those discussed during the call. For information regarding these risks and uncertainties, please refer to our earnings materials relating to this call posted in the Investors section of our website and our filings with the SEC and the ASX.

在今天的電話會議上，我們將討論我們第三季的業績和營運表現，屆時我們將參考我們的收益報告。接下來將進行問答環節。今天的電話會議將包含一些前瞻性陳述，這些陳述可能存在某些風險和不確定性，導致實際結果與電話會議中討論的結果有重大差異。有關這些風險和不確定性的信息，請參閱我們網站投資者關係部分發布的與本次電話會議相關的收益材料以及我們向美國證券交易委員會和澳大利亞證券交易所提交的文件。

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

我們也將討論一些非GAAP財務指標。有關每項非GAAP指標的說明以及每項非GAAP指標與最直接可比較的GAAP指標的調節表，請參閱我們網站「投資者」部分的盈利報告和盈利演示文稿。

With that, I will now turn the call over to Matt to discuss the third quarter results and operational highlights on slide 3.

接下來，我將把電話交給 Matt，讓他討論幻燈片 3 中的第三季業績和營運亮點。

Thank you, Rohan. Hello, everyone. Thank you all for tuning today for our third quarter results. I'm pleased to share that our strong execution on our product road map and game performance enabled us to deliver robust earnings growth and cash flow. Consolidated revenue for the quarter increased 3% year-over-year to $841 million. Importantly, consolidated EBITDA grew double digits year-over-year to $375 million, an 18% increase supported by record margin expansion across all three businesses. Additionally, adjusted NPATA for the quarter grew 25% year-over-year and adjusted NPATA per share or EPSA, increased 35% year-over-year to $1.81.

謝謝你，羅漢。大家好。感謝大家今天收看我們的第三季業績報告。我很高興地告訴大家，我們強有力的產品路線圖執行和遊戲表現使我們能夠實現強勁的獲利成長和現金流。本季綜合營收年增 3%，達到 8.41 億美元。值得注意的是，合併後的 EBITDA 年成長兩位數，達到 3.75 億美元，增幅達 18%，這得益於三大業務板塊利潤率的創紀錄擴張。此外，本季調整後的 NPATA 年增 25%，調整後的每股 NPATA 或 EPSA 年增 35% 至 1.81 美元。

Pleasingly, we continue to improve our quality of earnings with gaming operations once again emerging as an area of strength. Our teams delivered meaningful sequential installed base growth of over 850 units, including Grover. Additionally, recurring revenue grew 14% year-over-year, which accounts for approximately 69% of our consolidated revenue in the quarter. This high flow-through business is a key driver of our cash flow flywheel, which we expect to further enhance through our continued investment and execution on our road map. We remain intentional and committed to our capital allocation strategies.

令人欣慰的是，我們的獲利品質持續提高，遊戲業務再次成為我們的優勢領域。我們的團隊實現了超過 850 台設備的顯著連續安裝量成長，其中包括 Grover 設備。此外，經常性收入年增 14%，約佔本季合併收入的 69%。這種高週轉率的業務是我們現金流飛輪的關鍵驅動力，我們期望透過持續投資和執行我們的路線圖來進一步增強這一驅動力。我們將繼續堅持既定的資本配置策略。

This quarter, we returned $111 million of capital to our shareholders through share repurchases remaining nimble in the face of any near-term opportunities as we transition to a sole standard listing on the ASX, scheduled to take effect on November 14 in Australia, where we have been listed since May of 2023. I want to thank all of our stakeholders and advisers for their hard work and support during this transition. We are confident our move to the ASX will provide significant shareholder value in the next step of our company's journey and enable us to enhance Light & Wonder's profile in a market that is attuned to the gaming industry.

本季度，我們透過股票回購向股東返還了 1.11 億美元的資本，同時保持靈活，以應對任何近期機會。我們正在過渡到在澳洲證券交易所 (ASX) 的唯一標準上市，預計將於 11 月 14 日生效。我們自 2023 年 5 月以來一直在澳洲上市。我要感謝所有利害關係人和顧問在此次過渡期間的辛勤工作和支持。我們相信，進軍澳洲證券交易所（ASX）將為公司發展歷程的下一步帶來顯著的股東價值，並使我們能夠在與遊戲產業緊密相關的市場中提升 Light & Wonder 的知名度。

Turning to slide 4 for an update on our Grover Charitable Gaming integration. We have now seen a full quarter's worth of contribution from Grover with over $40 million in revenue and 229 incremental unit added sequentially. Since we announced the acquisition, over 830 units were added to the fleet, bringing the Grover install base to over 11,250 years. Our focus remains on the seamless integration of Grover into game development and technology platforms, and we are pleased with the progress the Grover team has made in building out its team in anticipation of the growth ahead.

請翻到第 4 張投影片，了解我們 Grover Charitable Gaming 整合的最新進展。目前，Grover 已經貢獻了整整一個季​​度的收入，超過 4000 萬美元，並且環比新增了 229 台設備。自我們宣布收購以來，車隊新增了 830 多台設備，使 Grover 的安裝基礎超過 11,250 年。我們仍然專注於將 Grover 無縫整合到遊戲開發和技術平台中，我們很高興看到 Grover 團隊在組建團隊以應對未來成長方面的進展。

Our new office and studio in Raleigh, North Carolina, which will serve as Grover's headquarters, soft opened in late October, and we expect to complete the build-out later this year. The Indiana market launch as our sixth operational state is progressing well, and importantly, build out a dedicated and experienced team locally to be fully prepared for launch needs. We remain incredibly excited about the vast potential of Grover and its contributions to our diversified business model and look forward to key Light & Wonder game launches into the charitable gaming market in early 2026.

我們在北卡羅來納州羅利的新辦公室和工作室（將作為 Grover 的總部）於 10 月下旬試營業，預計今年稍後完成裝修。印第安納州作為我們的第六個營運州，市場啟動進展順利，更重要的是，我們正在當地組建一支敬業且經驗豐富的團隊，為啟動需求做好充分準備。我們對 Grover 的巨大潛力及其對我們多元化商業模式的貢獻仍然感到無比興奮，並期待在 2026 年初將 Light & Wonder 的重要遊戲推向慈善遊戲市場。

Moving along to slide 5. We've continued to deliver on our core strategy by leveraging and prioritizing our robust R&D engine across complementary channels to deliver engaging content experiences as one of the leading cross-platform global games companies. We foster a high-performance culture with talent and a deep bench led by a leadership team with a proven track record, a highly valued asset in this industry. Our financial profile is aggressive with high margins and cash generating recurring revenue streams that enable meaningful capital creation. We execute on a disciplined capital allocation blueprint to create sustainable shareholder value. We are truly unique among our peers in both structure and operations, operating across multiple industries that have high barriers to entry.

接下來是第5張投影片。作為領先的跨平台全球遊戲公司之一，我們透過利用和優先發展我們強大的研發引擎，在互補管道上提供引人入勝的內容體驗，從而繼續貫徹我們的核心策略。我們創造了高績效文化，擁有人才濟濟的後備力量，並由一支業績卓著的領導團隊帶領，這在業界是一項非常寶貴的資產。我們的財務狀況積極進取，擁有高利潤率和能夠產生現金流的經常性收入，從而能夠創造可觀的資本。我們嚴格執行資本配置計劃，以創造可持續的股東價值。無論在組織架構或運作方式上，我們都與同業截然不同，我們的業務遍及多個進入門檻很高的產業。

I will now take you through our segment results and highlights. On slide 7, you will see that we provided a summary of our revenue and profitability by business. What are most impressed with in this quarter is the margin expansion across all verticals. Oliver will provide more details into the growth drivers and outlook later on the call.

接下來我將帶您了解我們各部分的業績和亮點。在第 7 張投影片中，您將看到我們按業務劃分的收入和獲利能力總表。本季最令人印象深刻的是所有垂直領域的利潤率擴張。Oliver將在稍後的電話會議上詳細介紹成長動力和前景。

Turning now to the gaming business performance on slide 8. You will see that gaming revenue was primarily driven by strong gaming operations performance, which increased 38% year-over-year to $241 million on North American units installed and $40 million on growth contribution. Looking ahead, we expect momentum to continue in North America on strong game and hardware releases introduced at AGA and G2E as well as the continued expansion of the Charitable Gaming business with our entry into Indiana in the coming months. The decline in gaming machine sales was largely in the international market, which was adversely impacted by the large Entain order of 3,600 units in the prior year and our out-of-cycle hardware churn in Australia.

現在來看看第 8 頁的遊戲業務業績。你會發現，遊戲收入主要得益於強勁的遊戲營運業績，北美地區新增遊戲設備收入年增 38% 至 2.41 億美元，成長貢獻為 4,000 萬美元。展望未來，我們預計在北美，隨著 AGA 和 G2E 上推出的強勁遊戲和硬體產品，以及慈善遊戲業務的持續擴張（我們將在未來幾個月進入印第安納州），我們的發展勢頭將繼續保持。遊戲機銷售的下滑主要發生在國際市場，這主要是由於前一年 Entain 向我們下了 3600 台的大訂單，以及我們在澳洲的非週期性硬體更新換代造成的。

Going to the fourth quarter, we expect a subtle order of SSBT or sports betting terminals in the UK as well as previously discussed Asia demand that has shifted in timing. Our systems and table businesses both saw modest growth in the quarter with systems supported by higher international outright sales. We expect the business to continue its growth trajectory underpinned by customer-centric innovation. Cables revenue increased on higher utility sales in North America as we continue to expand our product offerings and pipelines. We received strong feedback on our Obsidian offering and the new team led by John Hanlon is well equipped to capital on domestic and international electronic table games opportunities over the coming years.

進入第四季度，我們預計英國的 SSBT（體育博彩終端）訂單將略有增長，此前討論過的亞洲需求也已出現時間上的變化。本季度，我們的系統業務和桌子業務均實現了小幅成長，其中系統業務的成長得益於國際直接銷售額的提高。我們預計，在以客戶為中心的創新驅動下，公司將繼續保持成長動能。由於我們不斷擴大產品供應和管道，北美地區的公用事業銷售成長，電纜業務收入也隨之成長。我們收到了 Obsidian 產品的強烈回饋，由 John Hanlon 領導的新團隊已做好充分準備，在未來幾年內抓住國內外電子桌面遊戲的機會。

Here is an in-depth look at our gaming KPIs on slide 9. We now have 47,240 installed base units in North America. Excluding the 11,255 units at Grover, North American premium units have grown for 21 consecutive quarters and now accounts for 52% of the total North American installed base. This is a true testament to our game performance and pricing decision of our commercial strategy. In North America, average daily revenue per unit declined on a reported basis due to the inclusion of Grover units. However, including Grover, our North American installed base revenue per day increased 5% year-over-year, primarily driven by wide area progressive performance amid a resilient gaming backdrop and strong GGR.

第 9 頁詳細介紹了我們的遊戲 KPI。目前我們在北美已安裝47240台基礎設備。除格羅佛的 11,255 台設備外，北美高階設備銷量已連續 21 個季度成長，目前佔北美總裝置數量的 52%。這充分證明了我們遊戲的出色表現和我們商業策略的定價決策是正確的。在北美，由於納入了 Grover 單元，按報告數據計算，平均每日每單元收入有所下降。然而，包括 Grover 在內，我們在北美的每日安裝基礎收入同比增長 5%，這主要得益於在強勁的遊戲市場環境和強勁的 GGR 下，廣泛的區域漸進式表現。

Importantly, we continue to lead in the new game Index with 3 out of the top 5 indexing new premium leased and WAP games with our Ultimate Fire Link and Huff N' Puff franchises. North American gaming machine sales remained strong with over 2,000 units shipped in the quarter despite the difficult year-over-year comparison and softness within the International segment. Light & Wonder's scale and global presence enabled us to be a meaningful participant in all markets.

重要的是，我們在新遊戲指數中繼續保持領先地位，前 5 名新高級租賃和 WAP 遊戲指數中，我們的 Ultimate Fire Link 和 Huff N' Puff 系列遊戲佔據了 3 個席位。儘管年比數據不佳，且國際市場疲軟，但北美遊戲機的銷售依然強勁，本季出貨量超過 2000 台。Light & Wonder 的規模和全球影響力使我們能夠成為所有市場的重要參與者。

Just recently, we entered the Nebraska skill in market and commenced trials in the Eastern European dynamic market. We see ample opportunities for our products to reach new markets that will be coming online and available to us. In the latest sales report, we saw piggy banking break in debut at number one as the top indexing new video real game and Dragon Spin Saga Fire and Water rounding out the top 5, reflecting our continued commitment to building greater sale gains.

最近，我們進入了內布拉斯加州的技能市場，並開始在東歐充滿活力的市場進行試驗。我們看到，我們的產品有很多機會進入即將上線並向我們開放的新市場。在最新的銷售報告中，我們看到存錢罐遊戲一舉奪得排名第一，成為銷量最高的全新視頻遊戲，而龍之旋轉傳奇之火與水位列前五，這反映了我們持續致力於實現更大銷售增長的承諾。

We showcased an exciting lineup of Q2, as shown on slide 10. The feedback and games from our operator partners was encouragingly positive. I am thrilled with the launch of and expect our Cosmic cabinet, along with our proven extension to fuel our installed base and game sales growth, other player differentiated R&D engine.

我們展示了第二季的一系列精彩內容，如幻燈片 10 所示。來自運營商合作夥伴的反饋和遊戲體驗令人鼓舞地積極。我對 Cosmic 遊戲機櫃的推出感到非常興奮，並期待它能與我們成熟的擴展功能一起，推動我們的裝機量和遊戲銷售增長，以及其他玩家差異化的研發引擎。

Turning to slide 11. Quickest slots and 88 Fortunes once again delivered record quarterly revenues, their fifth and -- fifth consecutive quarters, respectively, as they continue to ramp with exciting block content and features. The year-over-year revenue decline in the quarter was primarily attributed to the decreased number of average monthly payers at Jackpot Party. Despite the softness, we're able to grow the other games within this game portfolio, and we continue to invest in building and deploying engaging games through our omnichannel strategy. Monetization remains strong with average monthly revenue per paying user up 11% year-over-year to over $126 and average revenue per daily after user maintaining a record level at $1.08, with 4% year-over-year growth.

翻到第11張幻燈片。Quickest Slots 和 88 Fortunes 再次創下季度營收紀錄，分別是連續第五個和第五個季度創下紀錄，它們不斷推出令人興奮的方塊內容和功能。本季營收年減的主要原因是 Jackpot Party 的平均每月付費用戶數量減少。儘管市場疲軟，我們仍然能夠發展該遊戲組合中的其他遊戲，並且我們將繼續透過我們的全通路策略投資於建構和部署引人入勝的遊戲。獲利能力依然強勁，每位付費用戶的平均月收入年增 11%，超過 126 美元；每位用戶每日的平均收入維持創紀錄的 1.08 美元，較去年同期成長 4%。

From a profitability perspective, we continue to see significant progress in our direct-to-consumer platform, which grew to 20% of site place revenue, up from just 12% a year ago and putting us well on track to reach our 30% target by 2028. There is continued runway for wider deployment and adoption, which we expect to further expand margins going forward. Regarding Jackpot Party, we have seen stabilization and opportunities to return to growth with a revamped game economy and increased efforts around unregulated switch-based gaming. There is reason to believe the general environment will improve as initial data from states where the banners in effect becomes available. At the same time, we'll return to our roots and execute on our success drivers over the past three years. Fine-tuning our acquisition, engagement and monetization flywheel, as you can see here on Slide 12, which will enable us to get back on track.

從獲利能力的角度來看，我們的直接面向消費者的平台繼續取得顯著進展，其收入佔網站總收入的 20%，高於一年前的 12%，這使我們能夠順利實現到 2028 年達到 30% 的目標。未來仍有進一步擴大部署和應用的空間，我們預計這將進一步擴大利潤率。關於 Jackpot Party，我們已經看到它趨於穩定，並且隨著遊戲經濟的改進和對不受監管的 Switch 遊戲的加大投入，它有機會恢復成長。有理由相信，隨著橫幅廣告生效所在州的初步數據公佈，整體環境將會改善。同時，我們將回歸初心，繼續執行過去三年來取得成功的關鍵因素。正如您在第 12 張投影片中看到的那樣，我們將對用戶獲取、互動和變現的飛輪進行微調，這將使我們能夠重回正軌。

In terms of UA, we will remain efficient and continue to focus on ROI opportunities through innovative marketing efforts. Engagement will also be closely assessed and enhanced with meta features and more land-based games to drive cross-platform play. Ultimately, we plan to take a prudent approach to monetization while providing our players with a robust game experience they enjoy. This is a process we will continue to navigate over time. but we remain confident in our teams and the broader portfolio of great games to drive a return to sustainable growth.

在用戶獲取方面，我們將保持高效，並透過創新的行銷舉措繼續專注於投資報酬率機會。我們也將密切評估並加強用戶參與度，透過元功能和更多陸基遊戲來推動跨平台遊戲。最終，我們計劃採取謹慎的獲利方式，同時為玩家提供他們喜愛的優質遊戲體驗。這是一個我們將持續探索的過程，但我們對我們的團隊以及我們豐富的優秀遊戲產品組合充滿信心，相信它們能夠推動公司重返永續成長軌道。

Moving to iGaming on slide 13. We delivered record revenue of $86 million in the quarter, up 16% year-over-year. driven by continued strong momentum in North America, underpinned by first-party content proliferation in the US market and growth in our partner network. In fact, 7 out of the top 10 games across our OGS network were third-party game types, that by PAR4 in the number one slot, followed by three Hukou games ranking second, third and fourth on the list, reflecting the strength of our omnichannel strategy and durability of our franchise expansion. Margin expansion was evident with the proliferation of first-party content as EBITDA increased 42% year-over-year to $34 million, with EBITDA margins up 800 basis points over the same period. This also accounted for our strategic initiatives and realignment of resources. Wages processed through ADS grew 23% over the prior period to $28 billion with record volumes across all regions and content type demonstrating the growth potential of our platform and the industry.

第 13 頁進入 iGaming 部分。本季我們實現了創紀錄的 8,600 萬美元收入，年增 16%。這主要得益於北美市場持續強勁的成長勢頭，而北美市場第一方內容的激增以及合作夥伴網路的成長又為此提供了支撐。事實上，在我們 OGS 網路中排名前 10 的遊戲中，有 7 款是第三方遊戲類型，其中 PAR4 位居榜首，其次是三款 Hukou 遊戲，分別位列第二、第三和第四，這反映了我們全通路策略的實力和特許經營擴張的持久性。隨著第一方內容的激增，利潤率擴張顯而易見，EBITDA 年成長 42% 至 3,400 萬美元，同期 EBITDA 利潤率提高了 800 個基點。這也解釋了我們的策略舉措和資源重新調整。透過 ADS 處理的工資比上一時期增長了 23%，達到 280 億美元，所有地區和內容類型的交易量均創歷史新高，這表明我們的平台和行業具有增長潛力。

We remain committed to capitalizing on our high gaming road map, as you can see on Slide 14. There is genuine player affinity for our game franchises, and we are committed to bringing those game into the iGaming platform broadly. We are slated to launch more player favorite land-based franchise extensions in the fourth quarter. such as big hot flaming tasty treasures, Huff N' Puff extra pass, ultimate filing, Cash Falls, flocer Gold and Rainbow Riches road to even more Riches to just to name a few. Our OGS is regarded as one of the most mature iGaming content aggregation platforms in the industry, connecting studios and operated in over 40 regulated markets and over 7,500 operated connections.

我們將繼續致力於實現我們的高水準遊戲路線圖，正如您在第 14 張投影片中所看到的那樣。玩家對我們的遊戲系列有著真正的喜愛，我們致力於將這些遊戲廣泛引入 iGaming 平台。我們計劃在第四季度推出更多玩家喜愛的實體特許經營擴展項目，例如：巨型火辣美味寶藏、Huff N' Puff 額外通行證、終極歸檔、現金瀑布、Flocer Gold 和 Rainbow Riches 通往更多財富之路等等。我們的 OGS 被認為是業內最成熟的 iGaming 內容聚合平台之一，連接了眾多工作室，並在 40 多個受監管市場運營，擁有超過 7,500 個營運連接。

Its reach has enabled studios to scale their games across various jurisdictions and then with Lightning Box, whose GGR has grown over the years. Elk Studios in the process of expanding its US presence with a pending license in Michigan as we expand the audience for these digital native duty open gaps. International management remains an opportunity for growth. We recently received approval to go live in the Philippines as the first licensed iGaming supplier, and we are very exposed about the prospects given that we are one of the leading land-based slot suppliers in the region. We are confident that investments in the iGaming portfolio will be further accentuated with the support of our team's focused execution.

其影響力使工作室能夠跨越不同的司法管轄區擴展其遊戲，然後藉助 Lightning Box，其 GGR 多年來不斷增長。Elk Studios 正在擴大在美國的業務，目前正在申請密西根州的許可證，以擴大這些數位原生產品的受眾群體，填補市場空白。國際管理領域仍蘊藏發展機會。我們最近獲准在菲律賓上線，成為首家獲得許可的 iGaming 供應商，鑑於我們是該地區領先的實體老虎機供應商之一，我們對前景非常樂觀。我們相信，在團隊專注執行的支持下，對 iGaming 投資組合的投資將進一步增強。

We will continue to leverage our leadership position and expand our robust portfolio to capitalize on the opportunities available to us. As we close out the year, I want to commend the team on their resilience and dedication as executed on several key operational and financial initiatives simultaneously. It's quite a foot to navigate the broader environment this year, but we're able to deliver growth and profitability supported by a solid business model underpinned by differentiated R&D mode.

我們將繼續發揮我們的領先地位，並擴大我們強大的產品組合，以掌握擺在我們面前的機會。值此年末之際，我要表揚團隊在同時執行多項關鍵營運和財務措施時所展現出的韌性和奉獻精神。今年要應對大環境確實充滿挑戰，但我們憑藉差異化的研發模式所支撐的穩健商業模式，實現了成長和獲利。

I will now hand it over to Oliver to go over our financials. Oliver?

現在我將把財務報表交給奧利佛來審核。奧利佛？

Thanks, Matt. First, I'd like to note that we've expanded our financial reporting this quarter to include a detailed reconciliation of non-GAAP profitability metrics aligned with the Australian market on Slide 16. We expect to provide this level detail on an ongoing basis as we transition to a sole standard listing on the ASX.

謝謝你，馬特。首先，我想指出，本季度我們擴大了財務報告的範圍，在第 16 頁幻燈片中詳細列出了與澳洲市場一致的非 GAAP 獲利能力指標的調節表。隨著我們過渡到在澳洲證券交易所 (ASX) 進行單一標準上市，我們預計將持續提供這種程度的詳細資訊。

Turning to the results. This quarter reflected continued earnings growth driven by our disciplined execution. Consolidated revenue growth was driven by strong gaming revenue with contributions from Grover and another record iGaming quarter, fully demonstrating the performance of our game portfolio. Net income increased 78% year-over-year, primarily driven by revenue growth and continued focus on operating efficiencies as evidenced by an EBITDA margin expansion across all businesses. This led to consolidated EBITDA and adjusted NPATA growth of 18% and 25%, respectively, year-over-year. On a per share basis, net income per share on a diluted basis increased by 89% to $1.34 compared to $0.71 in the prior year period. Adjusted NPATA per share or EPSA increased 35% to $1.81 compared to $1.34 in the prior year period.

接下來看一下結果。本季獲利持續成長，這得益於我們嚴謹的執行力。綜合收入成長主要得益於強勁的遊戲收入，其中 Grover 貢獻顯著，而 iGaming 又創下季度新高，充分展現了我們遊戲產品組合的優異表現。淨利潤年增 78%，主要得益於收入成長和持續關注營運效率，所有業務的 EBITDA 利潤率均有所提高。這使得合併 EBITDA 和調整後 NPATA 分別年增 18% 和 25%。以每股計算，稀釋後每股淨收益成長 89% 至 1.34 美元，而去年同期為 0.71 美元。調整後的每股淨利潤 (NPATA) 或 EPSA 成長 35%，達到 1.81 美元，而去年同期為 1.34 美元。

Our continued focus on operational excellence and disciplined execution once again drove meaningful year-over-year consolidated EBITDA and adjusted MDA growth you see here on slide 17. In gaming, margin expansion in the quarter was primarily driven by North American gaming operations unit installs and higher revenue per day led by the performance of our wide-area progressive units as well as the contributions from Grover. Product mix was also a factor in the quarter on higher gaming machine sales in the prior year. Looking forward, we expect our gaining EBITDA margin inclusive of Grover to trend in the low 50% range based on product mix and currently estimated mid- to high single-digit million dollar range of quarterly tariff impact starting in the fourth quarter and into 2026.

我們持續專注於卓越營運和嚴謹執行，再次推動了年度合併 EBITDA 和調整後 MDA 的顯著成長，正如您在第 17 頁幻燈片中看到的那樣。在遊戲業務方面，本季利潤率的擴張主要得益於北美遊戲營運部門的安裝量增加以及每日收入的增長，這主要得益於我們廣域漸進式博彩設備的出色表現以及 Grover 的貢獻。產品組合也是本季業績的影響因素，因為去年遊戲機的銷售量較高。展望未來，我們預計，包括 Grover 在內的 EBITDA 利潤率將根據產品組合以及目前估計的從第四季度開始到 2026 年每季數百萬美元的關稅影響，在 50% 左右的範圍內增長。

Side flight continues to drive meaningful profitability, evidenced by DTC growth to 20% of the revenue in the quarter. The team has formulated a solid blueprint around our user acquisition initiatives and we'll deploy efforts prudently based on the potential ROI and seasonality. Historically, the fourth quarter is more of a competitive market for ad spend and therefore, it is likely we will ramp UA spend back up in 2026. We continue to see solid performance at iGaming as both revenue and EBITDA were at record levels for the quarter. Our decision to realign resources to the most import areas of the business is paying off with revenue and first-party content growth contributing to margin expansion.

側向飛行業務持續帶來可觀的獲利能力，本季直接面向消費者 (DTC) 的收入增長至 20% 便證明了這一點。團隊已經圍繞用戶獲取計劃制定了完善的藍圖，我們將根據潛在的投資回報率和季節性因素謹慎地部署這些計劃。從歷史數據來看，第四季是廣告支出競爭較激烈的市場，因此，我們可能會在 2026 年重新增加用戶獲取支出。iGaming業務持續保持穩健成長勢頭，本季營收及EBITDA均創歷史新高。我們決定將資源重新分配到業務中最重要的領域，這項決定正在取得成效，收入和第一方內容的成長促進了利潤率的提高。

I'd also like to note that the now discontinued live casino business had approximately $3 million of EBITDA impact in the prior year and will have a residual impact into the first quarter of 2026 from a comparability standpoint. Our corporate and other expenses are also realigned to better fit our business needs, and we expect this to scale proportionately as we continue to grow the business with some legal expense potentially shifting into 2026.

我還想指出，現已停止的真人娛樂場業務在上一年對 EBITDA 產生了約 300 萬美元的影響，並且從可比性的角度來看，其影響將持續到 2026 年第一季。我們的公司及其他費用也進行了調整，以更好地適應我們的業務需求，我們預計隨著業務的持續增長，這些費用將按比例增加，一些法律費用可能會推遲到 2026 年。

From an adjusted NPATA perspective, the 25% growth was largely driven by an EBITDA increase with record margins across all businesses. This was partially offset by increased depreciation and amortization from the inclusion of Grover units and success-based gaming operations capital expenditures as well as interest expense as a result of higher outstanding debt associated with the Grover acquisition and share buybacks.

從調整後的 NPATA 角度來看，25% 的成長主要得益於 EBITDA 的成長，所有業務的利潤率均創歷史新高。部分抵銷了因納入 Grover 單位和基於成功的博彩業務資本支出而增加的折舊和攤銷，以及因 Grover 收購和股票回購相關的未償債務增加而產生的利息支出。

I would like to provide some color on some of the nonoperational items that are expected to impact adjusted NPATA as we close out the year given the listing transition quarter. We expect amortization of intangibles and interest expense to continue to trend up year-over-year on the Grover acquisition with interest volatility also driven by our share buyback program in the fourth quarter as we transition to a sole listing on the ASX. From a tax perspective, our effective tax rate is expected to remain between the 21% to 24% range. Overall, we remain confident to land within both our full year 2025 targeted consolidated EBITDA and adjusted NPATA range accounting for Grover, which we provided on the previous call.

鑑於上市過渡季度，我想就一些預計會影響調整後 NPATA 的非經營性項目提供一些背景信息，以便我們在年底之際做出更準確的評估。我們預計，隨著我們過渡到在澳洲證券交易所 (ASX) 獨家上市，第四季度股票回購計畫也將推動 Grover 收購帶來的無形資產攤銷和利息支出同比持續上升，從而加劇利息波動。從稅收角度來看，我們的實際稅率預計將保持在 21% 至 24% 的範圍內。總體而言，我們仍然有信心實現 2025 年全年合併 EBITDA 和調整後 NPATA 的目標範圍，該範圍已計入 Grover 的收益，我們在上一次電話會議上提供了相關資訊。

Turning to Slide 18. Cash flow continues to be a focus of the organization as we generated operating cash flows of $184 million in the quarter. Free cash flow was $136 million, a 64% year-on-year increase led by earnings growth and lower cash tax payments. Importantly, we intend to drive further improvement in our working capital cycles, inventory position and capital expenditures to improve cash conversion or time. In addition to growing our top line and managing our cash tax payments and interest efficiently in response to broader environmental changes. Our goal is to continuously improve free cash flow through the quality of earnings on growth of our recurring revenue business. amplified by continued execution on our key cash enhancement initiatives.

翻到第18張幻燈片。現金流仍然是本組織的重點，本季我們實現了 1.84 億美元的營運現金流。自由現金流為 1.36 億美元，年增 64%，主要得益於獲利成長和現金稅款支出減少。重要的是，我們打算進一步改善營運資金週轉週期、庫存狀況和資本支出，以提高現金週轉率或時間。除了增加收入、有效管理現金稅和利息支出以應對更廣泛的環境變化之外，我們還致力於提高收入。我們的目標是透過提高經常性收入業務的獲利品質和成長速度，不斷改善自由現金流，並透過持續執行關鍵的現金增值計畫來強化這一目標。

Here, you will see that we've trended positively over the past 9 months from a cash conversion perspective. and ended the quarter with a 36% conversion rate based on consolidated EBITDA, translating to an 89% cash conversion over adjusted M&A metric, both up significantly from the prior year. We remain committed to meaningful capital generation over the long term as we continue to scale and optimize efficiency across the company.

從現金轉換率的角度來看，過去9個月我們一直保持著正面的趨勢。本季末，基於合併EBITDA的轉換率為36%，換算成經調整的併購指標的現金轉換率為89%，皆較上年同期顯著成長。我們將繼續致力於長期創造有意義的資本，同時不斷擴大公司規模並優化公司效率。

Moving to our capital structure on slide 19. Our net debt leverage ratio for the quarter remained within the targeted range at 3.3 times a combined basis following completion of the Grover acquisition was financed through our $800 million term loan A. We recently issued new $1 billion, 6.25% senior unsecured notes due in 2033. With the proceeds, we redeemed the 7% senior unsecured notes due in 2028. We paid our outstanding revolver credit facility borrowings with related fees and expenses and added cash to our balance sheet for general corporate purposes, which include providing available fund day for our share repurchase program as we maintained $1.2 billion of available liquidity. This enabled us to further optimize our existing debt structure with an average tenor of five years by extending bond maturity from 2028 to 2033, while also reducing the interest rate from 7% to 6.25%. Our effective net interest rate is approximately 7.2% with fixed versus floating debt mix at 55% versus 45%. We will continue to strategically look for avenues to optimize our capital structure through opportunities when available.

第 19 頁，我們將介紹我們的資本結構。本季我們的淨債務槓桿率在完成對 Grover 的收購後仍保持在目標範圍內，為 3.3 倍（合併基準），該收購是透過我們的 8 億美元 A 類定期貸款融資的。我們最近發行了新的 10 億美元、票面利率為 6.25% 的優先無抵押票據，該票據將於 2033 年到期。我們用所得款項贖回了 2028 年到期的 7% 優先無擔保票據。我們償還了未償還的循環信貸借款及相關費用和支出，並將現金添加到資產負債表中，用於一般公司用途，其中包括為我們的股票回購計劃提供可用資金，因為我們保持了 12 億美元的可用流動性。這使我們能夠進一步優化現有債務結構，平均期限為五年，將債券到期日從 2028 年延長至 2033 年，同時將利率從 7% 降至 6.25%。我們的實際淨利率約為 7.2%，固定利率與浮動利率債務比例為 55% 與 45%。我們將繼續從策略角度尋找機會，優化我們的資本結構。

Our capital allocation framework remains the same, as you see here on slide 20. R&D is the engine of our business, and we remain committed to investing in our growth initiatives with targeted R&D and CapEx allocation of 17% of our consolidated revenue. This enables us to continue developing our content across our verticals to drive sustainable growth over the long term without compromising our short-term targets. We also remain committed to returning capital to shareholders. with $111 million of shares repurchased or approximately 1.2 million shares during the quarter.

我們的資本配置框架保持不變，正如您在第 20 頁投影片上看到的那樣。研發是我們業務的引擎，我們將繼續致力於投資我們的成長計劃，將合併收入的 17% 用於有針對性的研發和資本支出。這使我們能夠繼續在各個垂直領域開發內容，從而在不影響短期目標的前提下，推動長期永續成長。我們也始終致力於向股東返還資本，本季已回購價值 1.11 億美元的股票，約 120 萬股。

Subsequent to the end of the third quarter, we repurchased an additional $101 million of shares with residual buyback capacity of $735 million remaining on our existing authorized program as of October 31, 2025. The company completed $765 million of its total authorized $1.5 billion share repurchase program as of the end of the third quarter. And since the initiation of the prior share repurchase program in March of 2022 through October 31, 2025.

第三季結束後，我們回購了價值 1.01 億美元的股票，截至 2025 年 10 月 31 日，我們現有授權計畫的剩餘回購額度為 7.35 億美元。截至第三季末，該公司已完成總額為 15 億美元的授權股票回購計畫中的 7.65 億美元。自 2022 年 3 月啟動之前的股票回購計畫以來，一直持續到 2025 年 10 月 31 日。

Overall, the company has returned $1.5 billion to shareholders to the repurchase of approximately 19.9 million shares, representing approximately 21% of the total outstanding shares prior to the commencement of the programs. We retain discretion to accelerate purchase activity to capitalize on opportunities to deliver enduring value creation for shareholders and currently expect to utilize a meaningful share of the remaining available capacity prior to the end of 2025, while observing a healthy liquidity position. Pending the expense of the share repurchases, our leverage may move slightly above the high end of the range in the near term.

總體而言，該公司已向股東返還了 15 億美元，用於回購約 1,990 萬股股票，約佔該計畫開始前已發行股票總數的 21%。我們保留加快收購活動的酌情權，以抓住機會為股東創造持久價值，目前預計在 2025 年底之前利用剩餘可用產能的相當一部分，同時保持健康的流動性狀況。考慮到股票回購的費用，我們的槓桿率在短期內可能會略高於區間的上限。

However, we would expect to quickly return within our targeted range, underpinned by the strong cash generation of our business. Importantly, we maintain a highly flexible capital structure, which allows us to deploy balance sheet capacity opportunistically when appropriate, with flexibility to undertake buybacks on both the NASDAQ prior to the list and the ASX with intentions to be active, subject to regulatory approvals. Absent any capital allocation opportunities, we aim to position at the lower end of the target range over the long run.

然而，憑藉公司強勁的現金流，我們預計很快就能回到目標範圍內。重要的是，我們保持著高度靈活的資本結構，這使我們能夠在適當的時候靈活運用資產負債表能力，並可在上市前在納斯達克和澳大利亞證券交易所進行股票回購，並有意積極開展回購活動，但須獲得監管部門的批准。在沒有任何資本配置機會的情況下，我們的目標是長期維持在目標範圍的下限。

Overall, our priorities will be thoroughly planned through a disciplined capital allocation approach, which we expect will create a sustainable long-term shareholder value. As we close 2025, I would like to thank our team for their continuous efforts executing on the various initiatives we have in place. We will continue to deliver exciting and engaging new games across our channels, leveraging the latest technologies and create an exceptional customer experience.

整體而言，我們將透過嚴謹的資本配置方式對各項優先事項進行周密規劃，我們預期這將創造可持續的長期股東價值。在2025年即將結束之際，我要感謝我們的團隊為執行我們已製定的各項計劃所付出的持續努力。我們將繼續透過我們的管道推出令人興奮、引人入勝的新遊戲，利用最新技術，創造卓越的客戶體驗。

With that, I'll turn it over to the operator for your questions. Operator?

那麼，我就把電話交給接線員，回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Barry Jonas, Truist.

Barry Jonas，Truist。

Great, thanks.

太好了，謝謝。

Hey guys, We are a bit over a month into the fourth quarter. Curious how you see the quarter shaping up to hit your 2025 guidance. What are the key building blocks or opportunities as you see them?

各位，現在已經進入第四季一個多月了。很好奇您如何看待本季業績能否達到您2025年的預期目標。您認為關鍵的組成部分或機會是什麼？

(interpreted) Yeah. Thanks. 2,800 year-on-year to coffers driving growth in the business. I think US sale to as the highlight of the show to get contributions from the adjacent markets grow at looking like a thing. Now another 220 in quarter grew very high over that period and made a full contribution in the quarter of $40 million. I think margins business, and that all added up to a cap cash -- regarding Q3, it has with less work to do in the fourth quarter than we had. So yes, a I think third quarter, 60% of the business was renature, very predictable in terms of our earnings. But obviously, a few things to close down as we do the year over the next 8 weeks. Maybe I want to fill in a couple of the blanks there.

（翻譯）是的。謝謝。年增2800美元，為公司資金注入，推動業務成長。我認為美國市場的銷售是本次展會的亮點，從鄰近市場獲得貢獻並使其成長成為可能。現在，另一家公司 220 在該季度增長非常快，並在該季度貢獻了 4000 萬美元的全部收入。我認為利潤率業務，所有這些加起來就形成了現金上限——就第三季而言，第四季需要完成的工作比之前少。所以，是的，我認為第三季度，60%的業務是自然再生，就我們的收益而言，這是非常可預測的。但很顯然，在接下來的 8 周里，隨著我們即將結束這一年，還有一些事情需要告一段落。或許我想補充幾個空白。

(interpreted) Yes. Thanks, Matt. And I think as you said, it kind of starts with our recurring revenue businesses. So that remains very strong in the with our gaming ops growth, the addition of Grover here. And we just continue to see momentum as we head into the fourth quarter. So great tailwinds there. I think North American outright sales performance remains strong for us, and that's really driven by the game performance that we've seen over the last several quarters, and we expect that to begin to the fourth quarter. You would have remembered very last quarter, we kind of preview that Canadian VLT workers are shifting into the second half.

（翻譯）是的。謝謝你，馬特。正如你所說，我認為這要從我們的經常性收入業務說起。因此，隨著我們遊戲營運的成長，以及 Grover 的加入，這一優勢仍然非常強勁。進入第四季度，我們依然看到這種勢頭。那裡的順風非常好。我認為我們在北美的銷售業績依然強勁，這主要得益於過去幾季遊戲銷售的良好表現，我們預計這種勢頭將持續到第四季度。你可能還記得，上個季度我們曾預測加拿大視訊彩票終端機（VLT）從業人員將進入下半年。

And so ultimately, that will help kind of drive the outcomes for us. International game sales, that's going to be, I would say, slightly impacted by timing of certain Asia NOE being into 2026 in the Philippines. But we still maintain kind of our share in Asia, and we expect our share to get back to kind of its gains here as we head into 2026. And then I would say on the other side of the recurring revenue, we expect to continue scaling from a DTC perspective in SciPlay. We had very strong MPP share performances in the quarter. We expect that to continue as we close out the year. And then I think lastly, you heard me say this on the prepared remarks, but the tariff impact is expected to be call it mid- to high single digit, but that impact started in Q4 and something that we'll continue to kind of work here.

因此，最終這將有助於推動我們取得成果。國際遊戲銷售，我認為，會受到某些亞洲NOE（網絡歐洲版）在菲律賓要到2026年才能發售的影響。但我們仍然保持在亞洲的市場份額，我們預計到 2026 年，我們的市場份額將恢復到先前的成長水準。另一方面，就經常性收入而言，我們預計 SciPlay 將繼續從 DTC 的角度擴大規模。本季我們的MPP股票表現非常強勁。我們預計這種情況將在年底前持續下去。最後，我想你們也聽到我在準備好的發言稿中提到過，關稅的影響預計會達到個位數中高段，但這種影響從第四季度開始，我們將繼續努力應對。

So that all said, we expect a strong fourth quarter with line of sight to '25 target range that Matt kind of mentioned, and it's going to drive another double-digit growth year for us. So that's going to be performance relative to the broader industry. And we certainly expect to continue to execute against our strategies. And lastly, what I'd say is -- and I want to be very latin this, we're not going to compromise the long-term growth of this business to hit short-term goals. So we're going to continue to invest into the business and to the quality of the earnings that we're going to be delivering over time. So still some work to be done, but the line of sight to a lot great momentum across this.

綜上所述，我們預計第四季度業績強勁，預計將實現 Matt 提到的 2025 年目標，這將推動我們實現另一個兩位數的成長年。所以，這將是相對於整個產業而言的業績表現。我們當然會繼續執行我們的策略。最後，我想說的是——而且我想用非常拉丁式的語言來說——我們不會為了實現短期目標而犧牲公司的長期發展。因此，我們將繼續投資於業務，並提高我們未來將帶來的獲利品質。所以還有一些工作要做，但前景一片光明，我們看到了巨大的發展勢頭。

Matt Ryan with Barrenjoey.

馬特·瑞安和巴倫喬伊。

I was just hoping to get an update on Grover. It looks like you've added some more boxes in the quarter. Just can you tell us about, I guess, the integration with the London content? And just also just more specifics on Indiana over launch.

我只是想了解一下格羅佛的近況。看起來你在這個季度又增加了一些盒子。您能否談談與倫敦內容整合的情況？另外，還需要更多關於印第安納州發射的具體細節。

(interpreted) Yes, I'll take that. Yes, I think, great quarter for Grover added 229 games for the period. The first full quarter of contribution from Grover in the third quarter, I think the team is doing a fantastic job integrating into the broader Light & Wonder, family that had a great showing at G2E. Matt, I know you were there and a number of other people in line where the business is performing very well. You'll start to see our game under game show up on the Grover installed base early in '26. And then we are getting ready for Indiana market entry. It looks like it may have shifted into the first quarter. Just the regulations taking a little bit longer than we had anticipated, but we don't see any issue to the long-term nature of that market. It's still going to be a big and vibrant market, and we'll start to scale the installed base over '26. We opened the Raleigh, North Carolina head office in the period, which is great. We're starting to staff up there, there's content and technology teams. -- going into that facility led by Brian Brown, obviously, we've opened up an integration center in the Indiana market. So things are set up really nicely as we turn the page to 2026. You're seeing that nice sequential addition of gains quarter-after-quarter Indiana will be a growth driver for us in the first quarter. So yes, looking like at this point, a great piece of M&A and a part of the portfolio, that belongs in the broader ecosystem of really encouraged with where we stand with Grover. .

（翻譯）好的，我要了。是的，我認為，格羅佛本賽季表現出色，本賽季新增了 229 場比賽。Grover 在第三季首次做出完整貢獻，我認為團隊在融入更廣泛的 Light & Wonder 大家庭方面做得非常出色，他們在 G2E 上表現出色。馬特，我知道你當時也在那裡，還有其他一些人也在那裡排隊，而這家公司業績非常好。您將在 2026 年初開始在 Grover 的安裝基礎中看到我們的遊戲下遊戲。接下來，我們將為進入印第安納州市場做好準備。看起來比賽可能已經進入第一季了。只是監管方面比我們預期的要花更長時間，但我們認為這不會對該市場的長期發展造成任何問題。這仍然會是一個龐大且充滿活力的市場，我們將在 2026 年開始擴大安裝基礎。在此期間，我們在北卡羅來納州羅利開設了總部，這很棒。我們正在那裡開始配備人員，包括內容團隊和技術團隊。 ——顯然，在布萊恩布朗的領導下，我們已經在印第安納州市場開設了一個整合中心。所以，展望2026年，一切都準備得非常充分。你可以看到，印第安納州的業績每季都在穩定成長，它將成為我們第一季的成長動力。所以，是的，目前看來，這是一筆很棒的併購交易，也是投資組合的一部分，它屬於更廣泛的生態系統，我們對與 Grover 的合作感到非常鼓舞。。

Chad Beynon with Macquarie.

Chad Beynon 任職於麥格理集團。

Matt and Oliver, I know the original guide for Q3 was for low double digits. So you clearly exceeded that. It looks like most of the -- or a lot of the beat came from the gaming margin, more in the mid-50s versus the low 50s. So can you double-click a little bit just to that flow through for Q3 in gaming. I know there's some noise, obviously, integrated integrating Grover, but anything to help there would be helpful for us?

Matt 和 Oliver，我知道第三季的最初指導目標是一個較低的兩位數。所以你顯然超出了那個目標。看起來大部分的差距（或者說很多差距）都來自遊戲方面的差距，差距在 50 分中段，而不是 50 分低段。所以，你只需雙擊一下，就能讓遊戲第三季的流程順利進行。我知道這其中肯定存在一些問題，例如整合 Grover 系統時產生的噪音，但任何有助於解決這些問題的方法對我們來說都會有所幫助？

(interpreted) Yes, I thought it was a fantastic quarter again from the entire team. We guided to low double digits in the third quarter. We delivered 18% growth. So clearly pacing ahead of our expectations and what we've committed to the market. And a big driver of that was gaming. And in particular, the gaming operations business, which was added a lot of games in the period, 639 in the period to over 2,800 year-on-year. So it's a powerhouse of a bid for us and great tailwinds there, driven by great gain performance. So we think that can continue in fourth quarter and beyond. We've got a lot of momentum there. But maybe, Oliver, you want to touch on the margins and the mix and maybe the fee per day.

（譯）是的，我認為全隊這一季又表現得非常出色。我們預計第三季將實現兩位數低成長。我們實現了18%的成長。顯然，我們的進展速度超過了預期，也超過了我們對市場的承諾。而遊戲是推動這現象的重要因素。特別是遊戲營運業務，該業務在此期間新增了大量遊戲，從去年同期的 639 款增加到超過 2800 款。所以，這對我們來說是一次強而有力的競標，而且由於良好的收益表現，我們有很大的順風。所以我們認為這種情況可以延續到第四季及以後。我們在那方面勢頭很強勁。但是，奧利佛，或許你想談談利潤率、組合以及每日費用。

Yes. Thanks, Matt. So yes, I think broadly speaking, as we kind of head into the fourth quarter, the one thing I did miss actually in the last question is the sizable SSBT order that we're going to have in Europe. And so certainly, that's going to have a product mix impact, even though we're continuing to scale our recurring revenue businesses. So we grew our RPD 5% year-over-year. And so the quality of our recurring revenue business continues to be very strong. And so ultimately, product mix will play a part into kind of broader mix. But I think overall, with tariffs including kind of the gaming sales mix, I think you'll start to see a more normalized kind of gaming margin as we move forward.

是的。謝謝你，馬特。所以，總的來說，我認為隨著我們進入第四季度，我在上一個問題中確實漏掉了一點，那就是我們將在歐洲獲得相當可觀的 SSBT 訂單。因此，即使我們正在繼續擴大經常性收入業務的規模，這肯定會對產品組合產生影響。因此，我們的 RPD 年成長了 5%。因此，我們的經常性收入業務品質依然非常強勁。因此，最終產品組合將在更廣泛的組合中發揮作用。但我認為總體而言，隨著關稅納入遊戲銷售組合，隨著時間的推移，你會看到遊戲利潤率逐漸趨於正常化。

Andre Fromyhr with UBS.

瑞銀集團的 Andre Fromyhr。

I was just wondering if you could talk about the level of demand that you're seeing at the moment and conversations you're having with customers as they build their budgets for next year. For example, tax incentives on accelerated depreciation entering those conversations, what's been the response and uptake on Lightwave, just curious to hear how that sort of demand environment is shaping up. .

我想請您談談您目前看到的需求水平，以及您在客戶制定明年預算時與他們進行的溝通。例如，關於加速折舊的稅收優惠政策正在被納入討論範圍，Lightwave 的反應和接受度如何？我很好奇這種需求環境的發展。。

(interpreted) Yes. lean to say the market is proven to be very resilient. I think it wobbled a little bit there in the second quarter after liberation data for obvious reasons. But given where GGR levels are at, the reinvestment levels seem really high from a customer perspective. I saw the islands not out today just talking about forward-looking intentions for replacement cycle ticking up. I think that's just a function of the quality of games that the market is producing. And I think operators know to compete, you got to have the best games on your floor. So we're seeing that through a solid replacement rate across the market. And then I think you're also saying that constant tick up of the percentage of the float is premium. So I think that ticked up to 15% or 16% in this latest slot survey. So I mean that's a great tailwind for the industry. We continue to put our best games into that category. And I think customers know that the best players want to play best games and so having those available on the floor is a great thing.

（翻譯）是的，傾向於認為市場已經證明具有很強的韌性。我認為，由於顯而易見的原因，在解放數據公佈後的第二季度，它出現了一些波動。但考慮到目前的 GGR 水平，從客戶的角度來看，再投資水平似乎真的很高。我今天沒看到島上的人們出來，只是在談論即將到來的更新換代週期的展望性計劃。我認為這完全取決於市場上游戲的品質。我認為運營商都知道，要參與競爭，就必須提供最好的遊戲。因此，我們從市場上穩定的更換率中可以看到這一點。而且我認為你的意思是，不斷提高流通股比例是溢價。所以我覺得在最新的老虎機調查中，這個比例上升到了 15% 或 16%。所以我的意思是，這對產業來說是一個巨大的利好因素。我們一直將我們最好的遊戲歸入這一類別。我認為顧客都知道，最好的球員都想打最好的比賽，所以讓這些比賽在球場上進行是一件好事。

So I think all in all, where we stand today, the consumer looks resilient, particularly in the gaming consumer looks resilient. That's flowing through into GGR and the good forward intentions for purchasing demand. So I think as we turn the page into '26, we intend to see if that flows through the one big beautiful bill, accelerated depreciation dynamic flow through in the budgets. We've heard from a number of customers that they're thinking about how do they best take advantage of that to maybe potentially accelerate some of the replacement market. But each customer is different, and they're thinking about it differently. So we'll monitor that closely as we on the page here into 2026 for us. It's really focus on the controllables, build great gain to take share in the market. I think it looks like we did take share again here in the third quarter, which was fantastic with over 6,000 units ships. So a testament to entire gaming team. Anything to add, Oliver?

所以總的來說，我認為就目前的情況來看，消費者表現出強烈的韌性，尤其是在遊戲領域，消費者表現出強烈的韌性。這些因素都反映在了GGR上，並且預示著良好的未來採購需求。所以我認為，當我們翻開 2026 年這一頁時，我們打算看看這是否會通過一項龐大而美好的法案，即加速折舊的動態機制，在預算中得到體現。我們從一些客戶那裡了解到，他們正在考慮如何才能最好地利用這一點，或許可以加速一些替換市場的發展。但每個顧客都不一樣，他們的想法也不同。所以我們會密切關注，直到 2026 年。關鍵在於專注於可控因素，取得巨大收益，從而在市場份額中佔有一席之地。我認為我們在第三季度再次取得了市場份額，這非常棒，出貨量超過 6000 艘。這是對整個遊戲團隊的肯定。奧利佛，還有什麼要補充的嗎？

No. I think you said we spent some time with customers at G2E and exactly to your point, Matt. Some kind of indicated opportunities for accelerated depreciation such as some of the bigger regionals we'll continue to kind of work with our customer base to ensure they understand kind of the benefits of those components. But also to your point, Matt, product road map, not only just on the software side, but also the hardware that we're coming up with will continue to spur kind of opportunities for us to gain share.

不。我想你說過我們在 G2E 展會上花了一些時間和客戶交流，馬特，你說的完全正確。對於一些較大的區域性項目，我們可能會發現一些加速折舊的機會，我們將繼續與客戶群合作，確保他們了解這些項目的優勢。但正如你所說，Matt，產品路線圖不僅包括軟體方面，還包括我們正在研發的硬件，這將繼續為我們創造獲得市場份額的機會。

David Katz with Jefferies.

David Katz，傑富瑞集團員工。

I wanted to ask about iGaming and side play both -- when we look at the setup, right, with revenues that aren't growing, but there is a benefit of DTC mix in there that's driving some profitability with it. How far does that really go? I know you've talked about a DTC target mix, but can, at some point, the revenues start to grow again? Or how are we thinking about that longer term?

我想問一下關於 iGaming 和輔助遊戲的問題——當我們審視目前的狀況時，收入並沒有增長，但是其中 DTC 組合帶來的好處正在推動一定的盈利能力。這種做法究竟能走多遠？我知道你們討論過 DTC 目標客戶群組合，但是，在某個時候，收入能否再次開始成長呢？或者，我們是如何考慮長遠發展的？

Yeah. So I'll address the side play question that you laid out there. Yes, it was a quarter where we didn't grow the top line to our expectations. And it's a portfolio of games, David, as you know. We've got some very fast-growing games, Quickits 88 Fortunes monopoly all grew nicely in the quarter. Really, the drag on the portfolio has been Jackpot Party and Gold Fish. These are big mature games that have been in the portfolio for over a decade, have been growing ahead of market for the last 10 years. The good news is we've stabilized those gains. And so as we can get those back into growth mode, it kind of lifts the time for the entire portfolio across social center. But I'll say it from the outset, Jackpot Party particular where we want it to be, and we need to work hard to get that back in the growth mode, and Josh is doing a lot of work to focus on that. We've been fairly public about the impact of sweeps on this category. We see some data in markets where sweeps is being eliminated, and we're seeing subsequent uptick in the social casino market. So we think that manifest over time and the deregulation of the sweepstacks, I guess, happens over time, and that will be a tailwind for the social casino sector. We don't really control that. So what we can control is the economies that we can optimize in our game. So we do think we get revenue back to growth mode in 2026 as we get those games dive in, and we have the benefit from St. The direct-to-consumer benefit is real. A year ago, we were at 12% of revenues were direct-to-consumer, it's 20% now. In May, we guided to 30% by 2028. So clearly, we're pacing well ahead of the direct-to-consumer mix and we feel like we can accelerate beyond that target over time. So there's a real tailwind from a margin perspective on direct-to-consumer. We've got to focus on getting the top line growing again, and that is like for the team at the moment.

是的。那麼，我將回答你提出的關於支線任務的問題。是的，這個季度我們的營收成長沒有達到預期。大衛，你知道的，這是一個遊戲組合。我們有一些成長速度非常快的遊戲，Quickits 88 Fortunes 大富翁在本季度都取得了不錯的成長。實際上，拖累投資組合的是 Jackpot Party 和 Gold Fish。這些都是已經發展了十多年的成熟大型遊戲，並且在過去 10 年中一直保持著領先於市場的成長速度。好消息是我們已經鞏固了這些成果。因此，當我們能讓這些產品重新進入成長模式時，就能縮短整個社交中心投資組合的週期。但我一開始就要說，Jackpot Party 的具體發展方向是我們想要達到的，我們需要努力讓它重回成長軌道，而 Josh 也正在為此付出很多努力。我們已經相當公開地談到了抽獎活動對這一類別的影響。我們看到一些市場的數據表明，在掃蕩式博彩被取消後，社交賭場市場出現了隨後的成長。所以我們認為這種情況會隨著時間的推移而顯現，而隨著博彩公司監管的放鬆，我想，這也會隨著時間的推移而發生，這將對社交賭場行業產生積極影響。我們對此無能為力。因此，我們能夠控制的就是遊戲中可以優化的經濟系統。所以我們認為，隨著這些遊戲的推出，以及聖路易紅雀隊帶來的收益，我們將在 2026 年恢復收入成長。直接面向消費者的收益是實實在在的。一年前，我們直接面向消費者的收入佔比為 12%，現在已經達到 20%。5月份，我們預測2028年將達到30%。顯然，我們在直接面向消費者的銷售組合方面進展順利，而且我們感覺隨著時間的推移，我們可以加速超越這個目標。因此，從利潤率的角度來看，直接面向消費者的模式確實存在利多因素。我們必須專注於讓營收再次成長，這也是目前團隊的首要任務。

Yeah. And maybe just one quick add just from a monetization perspective. I mean that continues to improve year-over-year. So David, I think the fundamentals seem to still be there, which is growing and Josh didn't know how to run and grow games to Matt's point. So if you look at ARPDAU, that grew 4%, almost 4% year-over-year. Our Amap grew almost 11%. So if you look and just peel the onion back, there's certainly some favorable trends that we're going to continue to try to build on. But I mean you called it, I mean, that's going to be an area that we're going to continue to focus to drive this back to growth over time.

是的。或許還可以從獲利的角度快速加入一項功能。我的意思是，這個數字逐年提高。所以大衛，我認為基本功似乎還在，而且還在發展，而喬許不知道如何像馬特一樣運作和發展比賽。因此，如果您看一下 ARPDAU，它增長了 4%，同比增長了近 4%。我們的 Amap 成長了近 11%。所以，如果你仔細觀察，一層層剝開表象，就會發現確實存在一些有利的趨勢，我們將繼續努力鞏固這些趨勢。但你猜對了，這將會是我們繼續關注的領域，以期隨著時間的推移推動其恢復成長。

Rohan Sundram with MST America.

Rohan Sundram，MST America。

Just the one for me. Oliver, can we please just revisit your commentary around the gaming EBITDA margins where the expectation is to trend towards 50%. Just the timing of that. And within that, you mentioned Grover, are you saying that Grover is a negative mix shift? Or did I get that wrong? And on the tariff side of it, where do you see scope for mitigations, if not already?

就給我一個。Oliver，我們能否再回顧一下你先前關於遊戲產業 EBITDA 利潤率的評論，預計該利潤率將趨向 50%。只是時機不對。其中，你提到了格羅弗，你是說格羅弗是負面的組合變化嗎？還是我理解錯了？那麼在關稅方面，如果還沒有採取緩解措施，您認為還有哪些方面可以採取緩解措施？

(interpreted) Yeah, I think the benefit that we got in the quarter. Certainly, as Matt mentioned before, was product mix. And so as we go to the fourth proven sorry, get a little feedback. With the SSBT orders and game sales, probably a bit more prominent in the quarter, we should see a more normalized kind of ex-Grover gaming is not a detriment to our margins. In fact, it's a margin enhancer for us is a free cash flow driver for us at the end of the day. And so as our recurring revenue, and I think Matt mentioned it a in Q3 of mix of recurring revenue as that continues to kind of scale over time, that's just going to drive even better margin and free cash flow outcomes for us. So yes, I would expect that to condo over the coming periods. And then it will just be kind of timing of game sales international, et cetera, that will kind of fluctuate margins from time on.

（翻譯）是的，我認為我們本季獲得的收益。當然，正如 Matt 之前提到的，產品組合也是一個重要因素。因此，當我們進入第四個經過驗證的抱歉環節時，請提供一些回饋。SSBT 訂單和遊戲銷售在本季可能會更加突出，我們應該會看到一種更正常的局面，前 Grover 遊戲不會對我們的利潤率造成不利影響。事實上，歸根結底，它能提高我們的利潤率，並增加我們的自由現金流。因此，隨著我們的經常性收入（我認為 Matt 在第三季也提到過），經常性收入的組成會隨著時間的推移而不斷擴大，這將為我們帶來更好的利潤率和自由現金流。所以，是的，我預計這種情況會在接下來的一段時間內持續下去。然後，遊戲在國際市場的銷售時機等等因素，就會隨著時間的推移而導致利潤率波動。

To your question regarding tariffs, yes, listen, I think Anthony Fromyhr and the team have just done an incredible job of mitigating our way through most of this year. The reality is we've kind of worked through the majority of the pre-tariff inventory at this point. And so we will now start to see of that mid- to low -- sorry, mid- to high single-digit millions as we go forward. That's something that we and the team are going to continue to look at through the margin enhancement initiatives to see what we can mitigate. But we wanted to just be open to fourth right with you all about what we see at the moment.

關於您提出的關稅問題，是的，聽著，我認為 Anthony Fromyhr 和他的團隊在今年大部分時間都出色地完成了緩解關稅的工作。事實上，我們目前已經基本消化了大部分關稅前庫存。因此，隨著我們繼續前進，我們將開始看到數百萬至數百萬美元——抱歉，是數百萬至數百萬美元的個位數。這是我們和團隊將繼續透過利潤提升計畫來研究的問題，看看我們可以採取哪些措施來緩解這個問題。但我們只想坦誠地和大家分享我們目前所看到的情況。

Ryan Sigdahl with Craig Hallum.

Ryan Sigdahl 與 Craig Hallum 合影。

To ask about iGaming. You organized the business a little bit. I think you saw the best growth in nearly 2 years. What do you think is going to be the major driver for this going forward? And how do you feel about your positioning now versus where it might have been a few years ago?

詢問網路遊戲（iGaming）的問題。你稍微整理了一下公司事務。我認為這是近兩年來成長最快的時期。你認為未來推動這趨勢的主要因素是什麼？那麼，您覺得您目前的市場定位與幾年前有何不同？

Yeah. Great question. A real bright spot for the quarter. Actually, they grew 18% revenue, 42% EBITDA. So great translation of the operating momentum in the financial results. It's really about the simplification of the business. We went back to basics. This business has really driven off great content, great 1 PP content in particular. That's what drives the lion's share of margin in this business, and we've really focused on that. We saw the launch of Huff N' Puff family into the channel in the U.S. It's got a 5% of the entire market in the U.S. is Huff N' Puff in the period, which just is a testament to how great high-quality land-based games can translate into great success in the digital gaming market. So very encouraged by that. We've reorganized the business into one team across all the channels, led by Nathan Dan, they're really ticking up all of those content teams across the globe to bring that content to bear on the iGaming market. So great performance from Huff N' Puff in the U.S. And then one of our digital native products called Pirates 4 had a record result in the period as well. That's kind of in the European market. So just a testament to the quality of games and what that can do for the portfolio. So simplification of the strategy, I think, is really about charging iGaming, really pleased with that result and the team's delivery.

是的。問得好。這是本季的一大亮點。實際上，他們的收入成長了 18%，EBITDA 成長了 42%。財務業績很好地體現了營運勢頭。實際上，關鍵在於簡化業務流程。我們回歸了基本原則。這家公司確實催生了許多優質內容，尤其是優質的1PP內容。這是推動該產業利潤成長的主要因素，也是我們一直以來重點關注的領域。我們看到 Huff N' Puff 系列遊戲在美國頻道推出。該系列遊戲在美國市場佔有 5% 的份額，這充分證明了高品質的實體遊戲能夠轉化為數位遊戲市場的巨大成功。這讓我深受鼓舞。我們已經將業務重組為一個涵蓋所有管道的團隊，由 Nathan Dan 領導，他們正在全力提升全球各地的內容團隊，以便將這些內容應用於 iGaming 市場。Huff N' Puff 在美國取得了巨大的成功。此外，我們的一款名為《海盜4》的原生數位產品在同一時期也取得了創紀錄的成績。這在歐洲市場比較常見。這足以證明遊戲的品質以及它對產品組合的重要性。所以我認為，簡化策略的真正目的是為了向 iGaming 收費，我對這個結果和團隊的交付成果非常滿意。

Justin Barrett with CLSA.

里昂證券的賈斯汀·巴雷特。

Just noting your comments, I guess, around that mid- to high single-digit millions of increase in terms of costs due to directly to tariffs. I want to understand what you think you can do to mitigate those costs? And particularly, I guess, from the pricing side of things, should we sort of see a subsequent or a partially offsetting increase in ASPs to help there?

我注意到您的評論，您指的是由於關稅直接導致的成本增加數百萬至數千萬美元。我想了解您認為可以採取哪些措施來降低這些成本？特別是從定價方面來看，我們是否應該看到平均售價 (ASP) 出現隨後的或部分抵銷性的成長來對此有所幫助？

(interpreted) Yeah. Thanks for the question. Yes, I think we're kind of evaluating as we kind of move into 2026. Part of that is our kind of pricing structure, but also our hardware strategy and content strategy. So putting out new content, new hardware that gives us ability to price up as well as some of our existing kind of legacy cabinets. I think we'll work with our partners and our customers to make sure that we have an optimal outcome for the industry, first and foremost. This is not a light and wonder specific issue. This is going to be an issue that many industries and many companies within gaming as well we'll have to deal with them. And we've got the best team kind of working through that led by Anthony for money led by Michael the strategy team as we kind of navigate through other opportunities to drive margin enhancement. We're doing this for now several years, right? And so I think we've proven that this is a strong skill set for us as an organization, and we'll continue to find ways to try and mitigate that. But again, as I said earlier, we just wanted to provide that visibility all. And yes, Matt and I are going to charge the team hard to figure out ways to compensate for these increases, whether that's the pricing or whether that's through cost opportunities.

（翻譯）是的。謝謝你的提問。是的，我認為我們正在對即將到來的 2026 年進行評估。一部分原因是我們的定價結構，另一部分原因是我們的硬體策略和內容策略。因此，我們推出了新的內容和新的硬件，這使我們能夠提高價格，同時也能對我們現有的一些傳統機櫃進行價格調整。我認為我們會與合作夥伴和客戶共同努力，確保首先為產業帶來最佳結果。這並非光與奇蹟特有的問題。這將是許多產業以及遊戲產業內許多公司都必須面對的問題。我們有最優秀的團隊正在努力解決這個問題，資金方面由安東尼領導，策略團隊由麥可領導，我們正在探索其他機會來提高利潤率。我們已經這樣做了好幾年了，對吧？因此，我認為我們已經證明，這是我們組織擁有的一項強大技能，我們將繼續尋找方法來減輕這種影響。但正如我之前所說，我們只是想讓所有人都能了解這些資訊。是的，我和 Matt 將要求團隊努力想辦法彌補這些成長，無論是透過定價還是透過其他成本控制機會。

Jeff Stantial with Stifel.

Jeff Stantial 與 Stifel 合作。

I wanted to double click on David's question from earlier on SciPlay. Matt or Oliver, can you just maybe unpack for us or explain for us a little bit more some of the actual blocking and tackling that goes in, in terms of stabilizing Jackpot Party, the monetization gets disrupted, some players on that experience? How do you actually go back out and sort of bring them back in after reverting some of those changes. And that's a corollary to this, are there sort of learnings going to this experience that you could take kind of moving forward?

我想雙擊查看 David 之前在 SciPlay 上提出的問題。Matt 或 Oliver，你們能否為我們詳細解釋一下 Jackpot Party 在穩定營運、獲利模式受到影響以及部分玩家體驗方面所面臨的一些實際阻礙和應對措施？在撤銷某些變更之後，你究竟該如何將它們重新引入？由此引申出一個問題：從這次經驗中，我們能學到哪些經驗教訓，並運用在未來的工作中呢？

(interpreted) Yeah. So it's really a jackpot party specific issue. Like you can see quick hits, 88 Fortunes Monopoly all growing really well in the period. So it's not about the team's inability to drive games at specific jackpot party, which is a very mature game with a pretty complicated otomy that's been built over time with the kind of laddering up of live ops fees. And so what this is really about is getting kind of our large players reengaging and spending at the levels that's spent out previously. So Josh is driving changes to all logic, and some of the live ops to just get that reengagement back to levels that we've seen previously. Like I said, it's a pretty convoluted set of live off that kind of entangled into the economy. So it's really about making sure as we change one thing, we're not breaking another. Josh is working on this specifically. And we're seeing stabilization of that game over time. So we're going to continue to work on optimizing the store logic to kind of reengage those players the way that I mentioned earlier. But again, also taking some of these learnings into our other games, Quicks it and Fortune Monopoly and making sure that the simplicity of the way we design these things is the most important thing. So I guess to say all that game has stabilized. It's set to return to growth in 2026, but we've got a portfolio of games like everyone does in the space. Some are growing at faster levels than others. So this is really a kind of a Jackpot specific issue that we're facing. .

（翻譯）是的。所以這其實是某個特定政黨的問題。正如你所看到的，88 Fortunes Monopoly 等熱門遊戲在這段期間發展得非常好。所以問題不在於團隊無法在特定的獎金派對上推動遊戲，這是一個非常成熟的遊戲，其機制相當複雜，是隨著時間的推移，透過不斷提高的即時營運費用而建立起來的。所以，這件事的真正意義在於讓我們的大玩家重新參與進來，並恢復到以前的消費水準。所以 Josh 正在推動所有邏輯和一些即時操作的改變，以使用戶參與度重新回到我們以前看到的水平。就像我說的，這是一種相當複雜的生活方式，與經濟體系緊密交織在一起。所以關鍵在於確保我們在改變一件事的同時，不會破壞另一件事。喬許正在專門負責這項工作。我們看到隨著時間的推移，比賽逐漸趨於穩定。因此，我們將繼續努力優化商店邏輯，以我之前提到的方式重新吸引這些玩家。但同樣地，我們也會將這些經驗運用到我們的其他遊戲《Quicks it》和《Fortune Monopoly》中，並確保我們設計這些遊戲的方式簡單易懂是最重要的。所以我覺得可以說，整個遊戲的局勢已經穩定下來了。預計到 2026 年將恢復成長，但我們和其他業內公司一樣，也擁有一系列遊戲產品。有些品種的成長速度比其他品種快。所以這其實是我們目前面臨的一個與 Jackpot 項目相關的特定問題。。

Ellen with City Group.

艾倫在城市集團工作。

Matt and Oliver, very strong margin improvement across the businesses. I was interested in the R&D spending being down 6% to $62 million in the quarter. Can you talk to what drove this and where we should expect to see that in future quarters and whether you see any impact on the future pipeline, please?

Matt 和 Oliver，各業務部門的利潤率均有顯著提升。我對本季研發支出下降 6% 至 6,200 萬美元這一數據很感興趣。您能否談談促成這一現象的原因，以及我們應該在未來幾季看到哪些方面出現這種情況，並說明您是否認為這會對未來的產品線產生任何影響？

Yeah. No. Like I said earlier, R&D, CapEx, that's the core of our business, the foundation of our business. If you actually look at what we've cost guided to say 17% of our revenues going to R&D and CapEx. Some of that will flow between the 2. So if you actually take the 2 pieces and add those together, pretty much right at 17% actually for Q3. So it's going to be an area that we continue to lean in on. Nathan continues to kind of reevaluate kind of his structure, what he needs to be able to sustain growth in all segments of the business. So -- and I don't think Matt and I have said now a Nathan yet as he's brought really strong high ROI investment assets over the years, and we'll continue to kind of work through really just efficient capital allocation strategy, which hasn't really shifted. So CapEx, R&D, 17%. We're going to continue to kind of drive to that and as our revenue grows every single year through this kind of 2028 period and beyond, that just gives the teams much more ammunition to be able to execute on our long-term strategy.

是的。不。正如我之前所說，研發和資本支出是我們業務的核心，也是我們業務的基礎。如果你仔細看看我們的成本，你會發現我們預期收入的 17% 將用於研發和資本支出。其中一部分會在兩者之間流動。所以，如果你把這兩部分加起來，第三季其實差不多是 17%。所以這將是我們繼續重點關注的領域。內森繼續重新評估他的組織結構，以及他需要做些什麼才能在業務的各個方面保持成長。所以——而且我認為我和馬特還沒有提到內森，因為多年來他帶來了非常強勁的高投資回報率的投資資產，我們將繼續努力，制定真正有效的資本配置策略，而這個策略並沒有真正改變。所以資本支出、研發支出佔17%。我們將繼續朝著這個方向努力，隨著我們的收入在 2028 年及以後每年增長，這將為團隊提供更多資源來執行我們的長期策略。

Liam Robinson with Jon.

利亞姆·羅賓遜和喬恩。

Just quickly on the quantum and velocity of bringing new games to market. It sounds like you've got plenty of confidence moving forward from what I understand, your new carbon platform has been operational for about 3 months. Can you just talk to how that improves your ability to deliver new games across both land-based and iGaming?

簡單談談新遊戲上市的數量和速度。據我了解，你對未來充滿信心，你的新碳平台已經運作了大約 3 個月。您能否談談這如何提高您在實體賭場和網路賭場推出新遊戲的能力？

(interpreted) Yeah, Carbon is an initiative we've been working on for some time, really kind of the catalyst for us to accelerate that was grow a be able to get our games onto the Grover platform very quickly. And so Victor, who I think is the best CTO in the industry is driving that initiative. But it's more broadly just getting on the driver, building it once and then being able to deploy it. across all the channels that we operate in. I'd say we're still very early innings. There's been a bit of a rebuild of the carbon platform to adopt some best-in-class AI tools. they're going to help us go faster and further with carbon. So yes, that will manifest over time. I think the lineup again is stronger than it's ever been. We launched more games this year than we have in our history. We also launched 4 new variants and hardware at the G2E show. So yes, the R&D teams are bringing a very great game content across all channels, great hardware. You're seeing that show up in the ILS charts. We had a record level of number of high-performing gain on the premium charts as an example, we took the #1 spot call for sale, this chart. So yes, really comfortable with the quality of the games coming out of the R&D organization. And then the efficiencies we'll get as Victor scales the Carbon platform over time will really play very nicely across all those channels. So thanks for the question.

（翻譯）是的，Carbon 是我們已經努力了一段時間的計劃，它真正成為了我們加速發展並能夠很快將我們的遊戲放到 Grover 平台上的催化劑。因此，我認為業內最優秀的首席技術長 Victor 正在推動這項計畫。但更廣泛地說，就是要掌握驅動程序，建置一次，然後就能部署到我們營運的所有管道。我認為我們現在還處於非常早期的階段。碳平台進行了一些重建，採用了一些一流的人工智慧工具。這些工具將幫助我們更快、更深入地利用碳資源。是的，隨著時間的推移，這種情況會顯現出來。我認為今年的陣容比以往任何時候都更強大。今年我們推出的遊戲數量比公司歷史上任何一年都多。我們在 G2E 展會上也推出了 4 款新機型和硬體。是的，研發團隊正在各個管道推出非常優秀的遊戲內容和優秀的硬體。您可以在ILS圖表中看到它。例如，我們在高級圖表上獲得了創紀錄數量的高收益，我們以排名第一的現貨看漲期權為例，即這張圖表。所以，是的，我對研發部門推出的遊戲品質非常滿意。隨著 Victor 逐步擴展 Carbon 平台，我們將獲得的效率提升將在所有這些管道中發揮非常好的作用。謝謝你的提問。

(Operator Instructions)

（操作說明）

Sriharsh Singh with Bank of America.

Sriharsh Singh，任職於美國銀行。

A couple of questions from my side. One, can you talk about the sustainable margin levels in iGaming. Do you think it's issuing above the 40% levels in future as well or close to that? And secondly, can we -- can you help us update on the international business outlook into Q4 and next year? And what's the pipeline looking for Australia?

我這邊有幾個問題。第一，可以談談iGaming產業的可持續利潤水準嗎？你認為未來它的發行水準還會高於或接近40%嗎？其次，您能否幫助我們更新第四季和明年的國際業務展望？那麼，這條輸油管在澳洲尋找什麼呢？

I'll take the iGaming margin question. So I think the iGaming margin that we referenced earlier was really a combination of kind of structural as well as operational levers. We did -- and I believe I called this out in the prepared remarks, but we did benefit from the live dealer business and exiting that life business dealers. So the comp kind of from a year-over-year perspective helped us, I think there was about a $3 million drag in the prior year. So if you kind of normalize that out. Yes. The 1 PP share aspirations that we have over the next several years will help us sustain those kind of normalized margins as we move forward. And that's obviously a focus of ours, as Matt mentioned, in terms of getting the right content in place and then proliferating those across the region. Matt, I don't know if you want to touch on the other items .

我來回答關於網路博彩利潤率的問題。所以我認為我們之前提到的 iGaming 利潤率實際上是結構性和營運性因素共同作用的結果。我們確實從真人荷官業務中受益，我相信我在準備好的演講稿中也提到了這一點，但我們確實從真人荷官業務中受益，並退出了真人荷官業務。所以從同比角度來看，這對我們有所幫助，我認為上一年大約有 300 萬美元的下滑。所以如果你把這種情況正常化的話。是的。我們未來幾年內實現 1PP 份額目標將有助於我們維持這種正常的利潤率。正如 Matt 所提到的，這顯然是我們的重點，即確保內容的正確性，然後在整個地區推廣這些內容。馬特，我不知道你是否想談談其他事項。。

Yeah. International sales, yes, this is a tough thing for analysts on pack compliance because you don't get the same visibility in the international markets as you do in the aisles analysis in the U.S. So probably 3 parts of the international story. The first one being the EMEA region. And there's a little bit of noise in that result in the prior corresponding period, we had a large Entain order, which we've spoken about a number of times in that period in the prior year, which we didn't get in this period, although we do get this SSBT order in the fourth quarter, in the EMEA region. So I think that's a little bit of the kind of the building blocks to how to think about the EMEA region. I think from an ANZ perspective, we're cycling over a very tough corresponding period last year. We were recurrent elevated share levels in the PCP. We -- our share level is a little bit renin Australia at the moment. It's really a function of getting kind of the content and hard line up dialed in. And we showed that at AGA. We've got a lot of strong feedback on the lineup for A&D. So I think as we turn the quarter into '26. We set up to kind of grow share in that market again over time, the team is excited to get their hands on those new games coming through. And then thirdly, all the biggest impact is the cyclicality of the Asia region. As you know, over the years, it's been very kind of new openings and expansion driven, but there was a bit of noise in the calendar year and some things pushed out into 2026. -- not a share issue. We're holding share nicely in that market. It's just really a function of the cycle. So there are a few of the building blocks around international to help you kind of think about how to model that.

是的。國際銷售方面，是的，這對包裝合規性分析師來說是個難題，因為在國際市場上，你無法像在美國進行貨架分析那樣獲得相同的可見性。所以，國際市場的情況可能分為三個部分。第一個是歐洲、中東和非洲地區。上年同期業績中存在一些波動，我們曾多次提到 Entain 的大筆訂單，但本年度並未收到，不過我們在第四季度獲得了 SSBT 在歐洲、中東和非洲地區的訂單。所以我認為這算是理解 EMEA 地區的基本要素之一。我認為從澳新銀行的角度來看，我們正在經歷去年同期非常艱難的時期。我們在 PCP 中反覆觀察到較高的份額水準。我們——我們目前的股份水平在澳洲有點低。這其實取決於能否把內容和陣容安排妥當。我們在AGA上證明了這一點。我們收到了很多關於A&D陣容的正面回饋。所以我覺得，當我們把季度變成「26」的時候。我們計劃逐步擴大在該市場的份額，團隊非常期待體驗即將推出的新遊戲。第三，最大的影響因素是亞洲地區的周期性波動。如你所知，多年來，公司的發展主要依靠新店開業和擴張，但今年出現了一些波動，一些事情被推遲到 2026 年——這不是股票發行問題。我們在該市場保持著不錯的份額。這其實只是周期的一個功能而已。所以，國際化有一些基本要素可以幫助你思考如何建構模型。

I can confirm that does conclude the question-and-answer session. And now I would like to hand it back to Matt Wilson for some final closing comments.

我可以確認問答環節到此結束。現在我想把麥克風交還給馬特·威爾遜，讓他做最後的總結發言。

I might actually just go back to Barry Jonas' question earlier on. I know there was an audio issue that came through the line. So apology for that. Let's readdress that one. So Barry asked a question about Q4 and the building blocks to get there. So I guess starting there, Q3 was a fantastic result by the team. We grew 18% EBITDA for the quarter. We guided the market to low double digits. So clearly, the team outperformed our expectations in the period, which leaves kind of need a glide path into the fourth quarter. So we've reiterated guidance both at the EBITDA and NPATA line. Like Oliver said earlier, 69% of our revenues in this period were recurring. So good predictability as we turn into the fourth quarter. We've got 2 months to go. So there are some big items we need to get over the finish line SSBT or order is a good example of that. But Oliver, do you want to just give us some of the puts and takes and building blocks to think about that Q4 results.

我或許應該回到之前巴里·喬納斯提出的問題上來。我知道線路傳輸過程中出現了音訊問題。對此我深表歉意。我們重新討論一下這個問題。所以巴里問了一個關於第四季以及實現第四季目標的基本要素的問題。所以我覺得，從這裡開始，Q3 對車隊來說是個非常棒的成績。本季我們的 EBITDA 成長了 18%。我們引導市場實現了兩位數的低點成長。顯然，球隊在這一階段的表現超出了我們的預期，這讓我們需要順利進入第四節。因此，我們重申了 EBITDA 和 NPATA 的績效指引。正如奧利佛之前所說，我們在此期間的收入中有 69% 是經常性收入。因此，進入第四季後，預測結果仍然相當準確。還有兩個月時間。所以，我們需要完成一些大事，例如 SSBT 或訂單就是一個很好的例子。但是奧利佛，你能否跟我們講一些關於第四季業績的分析想法和基本要素？

(interpreted) Yes. We'll try to you guys can hear me. But yes, I think to Matt's point, it is the recurring revenue scaling. That's going to give us tailwinds as we head into the fourth quarter. I think RPDs grew 5% year-over-year. So again, we go to bed and wake up in the morning, and that's incremental revenues every single day. The North American outright sales, we continue to have great momentum in that space over 6,000 units. I would expect that momentum to continue into the fourth quarter. We had talked about this Canada VLT order shifting from the first half now into the second half, so that will provide, again, some opportunities for us. And that kind of just talked about the international markets, the SSBT orders. And then it's really DTC and then scaling 1 PP share from an iGaming perspective. So I think those are the kind of the building blocks that we're working to get to get another double-digit growth for us and which will be outperforming the broader market. So we're really excited about what's to come.

（翻譯）是的。我們會盡量讓你們聽得到我說話。但是，是的，我同意 Matt 的觀點，關鍵在於經常性收入的規模化。這將為我們進入第四節比賽帶來順風。我認為RPD年增了5%。所以，我們每天睡覺，早上醒來，每天都能獲得增量收入。北美地區的銷售方面，我們繼續保持強勁的成長勢頭，銷量超過 6000 輛。我預計這種勢頭將延續到第四季。我們之前討論過加拿大VLT訂單從上半年轉移到下半年，這將再次為我們帶來一些機會。剛才我們主要談到了國際市場和 SSBT 訂單。然後，真正的重點就變成了 DTC，然後從 iGaming 的角度擴大 1PP 份額。所以我認為，這些正是我們正在努力實現的基石，這將幫助我們再次實現兩位數的成長，並跑贏大盤。所以我們對未來充滿期待。

Yeah. Thanks, Oliver. And a bearing with us with some of the audio we're in City doing this for the first time for down here. So we'll dial this in as we move forward. Once again, I'd like to express my sincere gratitude to all of our employees and day covers across the globe, we wouldn't be here without the collective efforts of all of you and the flawless execution and our support from all of you. our U.S. shareholders, this is not the end. We would love to have you continue on this journey with -- on the ASX moving forward. And looking ahead, and we're looking forward to speaking to all of you in the near future. So thank you again for tuning in, and have a great day.

是的。謝謝你，奧利佛。我們正在用一些音訊設備進行測試，這是我們第一次在這裡進行這樣的測試。所以我們會邊推進邊調整。我再次衷心感謝我們全球所有員工和臨時工，沒有你們的共同努力、完美執行和支持，就沒有我們今天的成就。致我們美國的股東們，這並非終點。我們非常希望您能繼續與我們一起踏上這段旅程—在澳洲證券交易所 (ASX) 繼續前進。展望未來，我們期待在不久的將來與大家交流。再次感謝您的收看，祝您有美好的一天。

Thank you all for joining today's conference call with Light & Wonder. I can confirm today's call has now concluded. Thank you all for your participation. You may now disconnect, and please enjoy the rest of your day.

感謝各位參加今天與 Light & Wonder 的電話會議。我可以確認今天的電話會議已經結束。感謝各位的參與。現在您可以斷開連接了，請享受餘下的時光。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。