Meridian Holdings Inc (MRDN) 2024 Q4 法說會逐字稿

Thank you, and good morning, everyone. Welcome to Golden Matrix Group's fourth-quarter and full-year 2024 earnings call. We appreciate you joining us today.

謝謝，大家早安。歡迎參加 Golden Matrix Group 2024 年第四季與全年財報電話會議。感謝各位今天撥冗參與。

On today's call are Brian Goodman, CEO of Golden Matrix Group; Zoran Milošević, CEO of Meridianbet; Rich Christensen, CFO of Golden Matrix Group. Brian and Zoran will provide an operational and strategic update, while Rich will walk through our financial performance and capital allocation strategy. At the conclusion of this call, the recording and support resources will be available on Golden Matrix Group's IR website.

今天與會者包括 Golden Matrix Group 執行長 Brian Goodman；Meridianbet 執行長 Zoran MiloÅ¡ević；以及 Golden Matrix Group 財務長 Rich Christensen。Brian 與 Zoran 將提供營運與策略更新，Rich 則將說明我們的財務表現與資本配置策略。本次電話會議結束後，錄音與支援資源將可於 Golden Matrix Group 的投資人關係（IR）網站取得。

As a reminder, today's call will contain forward-looking statements. Certain statements made on this conference call, including our responses to questions, may constitute forward-looking information within the meaning of applicable securities laws.

提醒各位，今天的電話會議將包含前瞻性陳述。本次電話會議中所作的若干陳述（包括我們對提問的回應）可能構成適用證券法意義下的前瞻性資訊。

These statements are based on various assumptions about future events, including market and economic conditions, business prospects, technological developments, and regulatory changes. While we believe these assumptions are reasonable, they are subject to risks and uncertainties that could cause actual results to differ materially.

這些陳述係基於對未來事件的各項假設，包括市場與經濟狀況、業務前景、技術發展以及法規變動。雖然我們認為這些假設屬合理，但仍存在風險與不確定性，可能導致實際結果出現重大差異。

For a complete discussion of these factors, please refer to our most recent 10-K filing and other public disclosures. Non-GAAP measures will be discussed, and reconciliation of these numbers can also be found in our recently filed 10-K and earnings press release available on our website.

如需完整討論上述因素，請參閱我們最新提交的 10-K 申報文件及其他公開揭露資訊。我們也將討論非 GAAP 指標，相關數字的調節表亦可於我們近期提交的 10-K 與財報新聞稿（可於本公司網站取得）中查閱。

I will now hand it over to Brian Goodman, CEO of Golden Matrix Group.

接下來我將把時間交給 Golden Matrix Group 執行長 Brian Goodman。

Thank you and welcome, everyone. I'm pleased to be here today to discuss Golden Matrix Group's fourth-quarter and full-year financial results for 2024 and to share updates on our strong growth momentum and market expansion.

謝謝，歡迎各位。我很高興今天在此討論 Golden Matrix Group 2024 年第四季與全年財務結果，並分享我們強勁的成長動能與市場擴張的最新進展。

Joining me today are Zoran Milošević, CEO of Meridianbet, who will discuss Meridianbet's performance; and Rich Christensen, our new CFO, who will provide a detailed overview of our financial results and capital strategy. Today's discussion will focus on operational highlights, marketing expansion and strategic execution, divisional performance, financial results and capital allocation, and lastly, our 2025 outlook.

今天與我一同出席的有 Meridianbet 執行長 Zoran MiloÅ¡ević，他將說明 Meridianbet 的表現；以及我們新任財務長 Rich Christensen，他將就我們的財務結果與資本策略提供更詳細的概述。今天的討論將聚焦於營運亮點、行銷擴張與策略執行、各事業部表現、財務結果與資本配置，最後則是我們對 2025 年的展望。

Starting with operational and marketing expansion updates. 2024 has been a transformational year for Golden Matrix, reflecting broad-based growth, strong execution, and continued momentum as we scale our iGaming and online sports betting operations globally. Despite a high competitive landscape, we have a distinct advantage provided by our diversity, increasing global footprint, state-of-the-art technology, AI-driven product enhancements, and customer acquisition efficiencies which have strengthened our market position, revenues, and profitability.

先從營運與行銷擴張的更新開始。2024 年對 Golden Matrix 而言是具轉型意義的一年，展現全面性的成長、強勁的執行力，以及在我們於全球擴大 iGaming 與線上運動博彩營運規模時持續累積的動能。儘管競爭環境激烈，我們仍具備明顯優勢，來自於業務多元性、持續擴大的全球版圖、最先進的技術、AI 驅動的產品強化，以及更高效率的客戶獲取能力，進一步鞏固了我們的市場地位、營收與獲利能力。

Additionally, our strategic acquisitions of Meridianbet and Classics for a Cause have enhanced our brand value, expanded our revenue base, and reinforced our competitive positioning in high-growth iGaming markets. Financial year 2024 has also been a year of unprecedented scalability, driven by our next-gen technology and AI-powered optimization tools. As we continue to expand our footprint in high-growth regulated markets, we remain well positioned to capitalize on digital megatrends, increase player acquisition efficiency, and solidify our leadership in the global iGaming and sportsbook ecosystem.

此外，我們策略性收購 Meridianbet 與 Classics for a Cause，提升了品牌價值、擴大了營收基礎，並強化我們在高成長 iGaming 市場的競爭定位。2024 財年同時也是前所未有的可擴展性之年，主要受惠於我們的次世代技術與 AI 驅動的最佳化工具。隨著我們持續在高成長的受監管市場擴張版圖，我們仍具備良好定位以掌握數位巨趨勢、提升玩家獲取效率，並鞏固我們在全球 iGaming 與運動博彩生態系中的領導地位。

We are pleased to have Rich Christensen join us as our CFO. Rich is a seasoned finance executive with over 25 years of experience in corporate finance, capital markets, M&A, and financial operations at multi-billion-dollar companies, most recently at TrueBlue Incorporation. He led global finance, accounting, and treasury functions, implementing global cloud-based ERP technology; and drove strategic restructuring initiatives as well as financial automation.

我們很高興 Rich Christensen 加入並擔任財務長。Rich 是資深財務主管，擁有超過 25 年的企業財務、資本市場、併購（M&A）與財務營運經驗，曾任職於數十億美元規模的公司，最近任職於 TrueBlue Incorporation。他曾領導全球財務、會計與資金管理職能，導入全球雲端 ERP 技術，並推動策略性重整計畫以及財務自動化。

I'll now hand you over to Rich to discuss our financial performance and capital strategy.

接下來我將把時間交給 Rich，請他說明我們的財務表現與資本策略。

Thank you, Brian, and thank you for the kind words. I look forward to working with you and your team to drive profitable growth, enhance our internal and external customer service, and partner with our operations teams to create value.

謝謝你，Brian，也謝謝你的美言。我期待與你及你的團隊合作，推動獲利性成長、提升我們對內與對外的客戶服務，並與營運團隊攜手創造價值。

Good morning, everyone. I'm excited to be part of Golden Matrix Group and to present our fiscal 2024 financial results and capital allocation strategy. This has been a transformational year with strong revenue growth, disciplined cost management, and exciting developments in our product portfolios. Our focus remains on profitability, operational efficiency, and maximizing shareholder value.

各位早安。我很高興加入 Golden Matrix Group，並向各位報告我們 2024 財年的財務結果與資本配置策略。這是一個具轉型意義的一年，營收強勁成長、成本管理嚴謹，且我們的產品組合也有令人振奮的進展。我們的重點仍放在獲利能力、營運效率，以及股東價值最大化。

First, let's go to the financial performance for fiscal 2024. Revenue grew by 63% to $151 million. Our organic revenue growth rate was 17%, reflecting strong contributions from all of our businesses. Gross profit increased 30% year over year to $89 million, supported by our higher margin gaming products and AI-driven customer engagement.

首先，我們來看 2024 財年的財務表現。營收成長 63%，達到 1.51 億美元。我們的有機營收成長率為 17%，反映各項業務皆有強勁貢獻。毛利年增 30% 至 8,900 萬美元，主要受惠於較高毛利的遊戲產品以及 AI 驅動的客戶互動。

Net income declined 111% year over year to a net loss of $1.5 million, primarily due to the amortization of acquisition-related intangible assets of $4.5 million, stock-based compensation of $4.7 million, interest expense of $3.5 million, and restructuring expense of $2.2 million. Adjusting for these costs, adjusted EBITDA rose 4% to $22.2 million.

淨利年減 111%，轉為淨損 150 萬美元，主要原因包括：與收購相關的無形資產攤銷 450 萬美元、股份基礎給付 470 萬美元、利息費用 350 萬美元，以及重整費用 220 萬美元。剔除上述成本後，調整後 EBITDA 成長 4% 至 2,220 萬美元。

Turning to the fourth quarter, revenue grew by 81% to $46 million, with an organic revenue growth rate accelerating to 20%. Gross profit also improved in the fourth quarter, increasing by 45% year over year to $26.8 million, demonstrating improving profitability as our offerings continue to scale.

再看第四季，營收成長 81% 至 4,600 萬美元，有機營收成長率加速至 20%。第四季毛利亦有所改善，年增 45% 至 2,680 萬美元，顯示隨著我們的產品持續擴大規模，獲利能力正在提升。

Net income declined 207% year over year to a net loss of $2 million, primarily due to acquisition-related interest expense of $2.7 million, amortization of $1.5 million, and restructuring costs of $1.2 million, as well as stock-based compensation of $1.5 million. Adjusting for these costs, adjusted EBITDA grew 69% to $6.5 million, demonstrating strong operating leverage as we finish the year.

淨利年減 207%，轉為淨損 200 萬美元，主要原因包括：與收購相關的利息費用 270 萬美元、攤銷 150 萬美元、重整成本 120 萬美元，以及股份基礎給付 150 萬美元。剔除上述成本後，調整後 EBITDA 成長 69% 至 650 萬美元，顯示在年度收官之際，我們展現出強勁的營運槓桿。

We continue to have a strong balance sheet. Cash and cash equivalents stood at $30 million, reflecting healthy liquidity and financial flexibility; and our net debt leverage ratio of 1.8 positions us for continued investment in high growth opportunities. These results demonstrate our ability to scale efficiently while delivering profitable growth.

我們持續維持強勁的資產負債表。現金及約當現金為3,000萬美元，反映出健康的流動性與財務彈性；而我們1.8的淨負債槓桿比率，使我們得以持續投資於高成長機會。這些成果展現了我們在實現獲利成長的同時，亦能高效率擴張的能力。

We remain committed to deploying capital in a disciplined manner to support, first, our strategic growth initiatives by expanding into high-value gaming verticals and new geographies; second, our technology innovation through investing in AI-driven personalization and live betting experiences; third, operational efficiencies from expanding margins and leveraging cost synergies across acquisitions and creating operating leverage; and, of course, maximizing shareholder returns through maintaining a balanced approach to our use of free cash flow and leverage to support growth, invest in our offerings, and reduce net interest and cash taxes paid.

我們仍致力於以嚴謹自律的方式配置資本，以支持：第一，透過拓展至高價值的博彩垂直領域與新地理市場，推進我們的策略性成長計畫；第二，透過投資AI驅動的個人化與即時投注平台體驗，推動技術創新；第三，透過擴大利潤率、在併購間發揮成本綜效並創造營運槓桿，以提升營運效率；當然，也包括透過在自由現金流使用與槓桿水準之間維持平衡，來最大化股東報酬，以支持成長、投資我們的產品與服務，並降低淨利息與已支付的現金稅負。

With a strong balance sheet and positive free cash flow, we are well-positioned to drive sustainable growth and maximize long-term shareholder value.

憑藉強勁的資產負債表與正向的自由現金流，我們已具備推動永續成長並最大化長期股東價值的有利條件。

I will now hand you back to Brian Goodman to discuss divisional performance. Brian?

接下來我把時間交還給Brian Goodman，請他說明各事業部門的表現。Brian？

Thanks, Rich. Golden Matrix's success is built on the strength of our diverse business units, each contributing to our broad-based growth and market expansion. A multi-pronged and diversified approach ensures we are well-positioned across multiple verticals, allowing us to capitalize on high growth opportunities in both B2B and B2C segments.

謝謝你，Rich。Golden Matrix的成功建立在我們多元事業單位的實力之上，各單位共同推動我們廣泛的成長與市場擴張。多管齊下且多元化的策略，使我們能在多個垂直領域中保持良好布局，得以把握B2B與B2C兩大區隔中的高成長機會。

Each of our core divisions delivered strong results in 2024, reflecting the effectiveness of our strategic execution and operational resilience. Taking a closer look at each division's performance, starting with our UK-operating RKings Competitions and its record-breaking performance.

我們各核心事業部在2024年皆交出強勁成績，反映出我們策略執行的有效性與營運韌性。接下來更深入檢視各事業部表現，先從我們在英國營運的RKings Competitions及其破紀錄的表現談起。

RKings has once again delivered an exceptional year of growth, setting new all-time records across sales and profitability. We continue to see strong engagement and increasing ticket sales, reinforcing RKings as a leading tournament platform in the UK.

RKings再次交出卓越的成長年度，在銷售與獲利能力方面創下新的歷史紀錄。我們持續看到高度參與度與不斷增加的售票量，進一步鞏固RKings作為英國領先競賽平台的地位。

Our organic revenue in fiscal 2024 surged 30%, reaching $36 million, up from $28 million in the comparable prior year. RKings awarded an impressive $22 million in prizes in 2024. Gross profit also saw a significant boost, climbing to $6.3 million from $5.8 million(sic - see slide 13, "$6 million from $5.6 million") in 2023.

我們在2024會計年度的有機營收大增30%，達到3,600萬美元，高於前一可比年度的2,800萬美元。RKings於2024年發放了令人印象深刻的2,200萬美元獎金。毛利亦顯著提升，從2023年的580萬美元（原文誤植—見投影片13，「從560萬美元增至600萬美元」）上升至630萬美元。

One of our recent competitions, offering the choice between £400,000 in cash or a four-bedroom house and a rare Lamborghini, sold 116,000 tickets, generating $665,000 in total revenue for one single tournament. With growing player demand and a highly scalable model, RKings is positioned for continued expansion and record-breaking success in 2025.

我們近期的一項競賽，提供在40萬英鎊現金或一棟四房住宅加上一輛稀有藍寶堅尼之間的選擇，共售出116,000張票，單一賽事即創造總營收665,000美元。在玩家需求持續成長且商業模式高度可擴展的帶動下，RKings有望在2025年持續擴張並再創破紀錄佳績。

GMAG, our seamless B2B gaming platform. GMAG has delivered outstanding growth this year, reinforcing Golden Matrix's market-leading position in the industry. In just Q4 alone, wagering volume grew by 27% to $1.14 billion, contributing towards a total of $4.7 billion for the year, an impressive growth of 84% over 2023. This exciting growth reflects strong demand for our platform and a highly scalable infrastructure.

GMAG，我們無縫整合的B2B博彩平台。GMAG今年實現亮眼成長，進一步鞏固Golden Matrix在產業中的市場領先地位。僅在第四季，投注量即成長27%至11.4億美元，推動全年總額達47億美元，較2023年大幅成長84%。這波令人振奮的成長反映出市場對我們平台的強勁需求，以及高度可擴展的基礎架構。

We have also seen strong margin expansion, driven by high demand, gaming offerings, and a more diversified content portfolio. To further enhance sales penetration and strengthen customer retention, we continue to expand our game portfolio, onboarding more game providers to offer a wider selection of high-performing titles. With our commitment to innovation, GMAG is perfectly positioned to drive sustained growth and maximize value for operations and players alike.

我們也看到利潤率顯著擴張，主要受高需求、博彩產品組合，以及更為多元的內容組合所帶動。為進一步提升銷售滲透率並強化客戶留存，我們持續擴充遊戲組合，導入更多遊戲供應商，以提供更廣泛的高表現遊戲標題選擇。憑藉我們對創新的承諾，GMAG已處於理想位置，可推動持續成長，並為營運商與玩家創造最大價值。

Classics for a Cause, our newest Australian acquisition. Classics for a Cause has had an outstanding year, achieving new milestones in membership and revenue. We have broken the ceiling of 10,000 active VIP members, collectively generating over $300,000 per month in recurring revenue.

Classics for a Cause，我們最新的澳洲收購案。Classics for a Cause今年表現出色，在會員數與營收方面達成新里程碑。我們已突破10,000名活躍VIP會員門檻，合計每月帶來超過30萬美元的經常性收入。

Additionally, we are set to surpass 2 million orders in just a few months, an achievement that underscores the incredible momentum behind this platform and the potential that lies ahead. Beyond growth, our commitment to giving back to our military, veteran, charity partners, and other charitable organizations remains a core pillar of our success.

此外，我們預計在短短幾個月內就將突破200萬筆訂單，這項成就凸顯了該平台背後驚人的動能與未來潛力。除了成長之外，我們回饋軍人、退伍軍人、慈善合作夥伴及其他慈善組織的承諾，仍是我們成功的核心支柱。

Looking ahead, expansion remains a top priority. In just six months of ownership, we've launched a fully enhanced next-gen website to elevate the user experience and to drive further engagement. With a strong foundation in place, we are well positioned to grow Classics for a Cause significantly in the coming year.

展望未來，擴張仍是首要任務。在持有僅六個月內，我們已推出全面升級的次世代網站，以提升使用者體驗並帶動更高的互動參與。在穩固基礎到位之下，我們已具備良好條件，於來年大幅推動Classics for a Cause的成長。

MexPlay, our Mexican operating casino. MexPlay continues to establish itself as a fast-growing brand in LatAm, showing strong revenue momentum despite fluctuations in wagering volume. In 2024, cash deposits rose to [$5.1 million, a 273% increase of $1.9 million] over 2023, reflecting consistent play engagement and delivering high margins.

MexPlay，我們在墨西哥營運的線上賭場。MexPlay持續在拉丁美洲建立其快速成長品牌的地位，儘管投注量有所波動，營收動能仍然強勁。2024年現金存款增至[510萬美元，較2023年增加190萬美元、增幅273%]，反映出穩定的玩家參與度並帶來高利潤率。

Gross gaming revenue for the year grew 318% to $2.1 million, up from $600,000 in 2023, underscoring our ability to optimize and maximize player value. As we continue to expand MexPlay's market presence, our strategy remains focused on enhancing player acquisition, refining promotional offerings, and leveraging AI-driven engagement, as well as loyalty tools to drive sustainable long-term growth.

全年博彩毛收入（GGR）成長318%至210萬美元，高於2023年的60萬美元，凸顯我們優化並最大化玩家價值的能力。隨著我們持續擴大MexPlay的市場能見度，我們的策略仍聚焦於強化玩家獲取、精進促銷方案、運用AI驅動的互動機制，以及忠誠度工具，以推動可持續的長期成長。

I'll now hand you over to Zoran to discuss Meridian Bet's performance.

接下來我把時間交給Zoran，請他說明Meridian Bet的表現。

Thank you, Brian. 2024 has been an exceptional year for Meridianbet, with strong performance across both online and retail gaming verticals.

謝謝你，Brian。2024年對Meridianbet而言是非凡的一年，無論線上或實體零售博彩垂直領域皆有強勁表現。

Key highlights include total revenue increased by 14% year over year, rising from $93 million in 2023 to $106 million in 2024. Online revenue grew by 18%, reaching $80 million, up from $68 million; while retail revenue increased by 4% to $23 million compared to $22 million last year.

重點亮點包括：總營收年增14%，由2023年的9,300萬美元提升至2024年的1.06億美元。線上營收成長18%，達8,000萬美元，高於先前的6,800萬美元；而零售營收則較去年2,200萬美元成長4%至2,300萬美元。

Online casino GGR surged by 24%, rising from $34 million in 2023 to $43 million in 2024, driven by addition of over 2,800 new games and increased player activity. Turnover also saw strong growth, reaching to $1.35 billion in 2024, up 29% from $1 billion in 2023.

線上賭場 GGR 大增 24%，由 2023 年的 3,400 萬美元上升至 2024 年的 4,300 萬美元，主要受新增逾 2,800 款新遊戲及玩家活躍度提升所帶動。投注額（Turnover）亦強勁成長，2024 年達 13.5 億美元，較 2023 年的 10 億美元成長 29%。

Sports betting revenue rose by 8%, increasing from $44 million in 2023 to $48 million in 2024, supported by improved GGR margin, which expanded by 140 basis points year over year from 8.3% to 9.7%. Retail casino and slot machine revenue increased by 13%, rising from $11 million in 2023 to $13 million in 2024, with retail sports achieving GGR margin of 12% in 2024, accelerating to 14% in Q4.

體育博彩收入上升 8%，由 2023 年的 4,400 萬美元增至 2024 年的 4,800 萬美元，受惠於 GGR 利潤率改善，年增 140 個基點，由 8.3% 擴大至 9.7%。實體賭場與吃角子老虎機收入成長 13%，由 2023 年的 1,100 萬美元增至 2024 年的 1,300 萬美元；其中實體體育博彩於 2024 年達成 12% 的 GGR 利潤率，並於第四季加速至 14%。

Here is a closer look into our operational milestones in full year 2024 comparing to last year. Meridianbet's performance in 2024 delivered impressive results across the board.

以下將更深入檢視我們 2024 全年相較去年之營運里程碑。Meridianbet 於 2024 年的表現全面繳出亮眼成果。

Total deposits rose 13% year-over-year, while new registrations jumped 16%, signaling strong user acquisition. Our active player base grew by 14%, reinforcing solid retention and sustained engagement. At the same time, online revenue per player increased 16% year on year, translating directly into higher monetization efficiency and long-term value creation.

總存款年增 13%，新註冊用戶大增 16%，顯示用戶獲取動能強勁。活躍玩家基數年增 14%，強化了穩健留存與持續參與度。同時，每位玩家的線上收入年增 16%，直接轉化為更高的變現效率與長期價值創造。

In the casino gaming segment, engagement continued to rise, with the average monthly number of online casino spins increased by 12% year over year, reaching $216 million in 2024, up from $193 million in 2023. This sustained growth reflects the strong appeal of our content and effectiveness of our strategy.

在賭場遊戲業務方面，參與度持續提升，線上賭場每月平均轉輪（spins）次數年增 12%，2024 年達 2.16 億次，高於 2023 年的 1.93 億次。此一持續成長反映我們內容的強大吸引力與策略的有效性。

Expanse Studios. In 2024, we made significant progress in expanding our proprietary gaming portfolio through Expanse Studios, our in-house iGaming studio. We achieved a $174 year-over-year increase in total revenue, reflecting the success of partnerships and new game launches. Our active player base grew by 120% year over year, while total spins rose by 145% year over year, indicating strong user retention and engagement.

Expanse Studios。2024 年，我們透過 Expanse Studios（我們的內部 iGaming 工作室）在擴展自有遊戲產品組合方面取得重大進展。總收入年增 174 美元，反映合作夥伴關係與新遊戲上線的成功。活躍玩家基數年增 120%，同時總轉輪次數年增 145%，顯示用戶留存與參與度強勁。

The game portfolio has expanded to 52 proprietary games, with a strong emphasis on social casino compatible titles to capture the growth demand in this segment. We also added over 100 new partners, extending our reach and market influence in multiple regions.

遊戲產品組合已擴展至 52 款自有遊戲，並著重於可相容社交賭場的作品，以掌握該細分市場的成長需求。我們亦新增逾 100 家合作夥伴，將觸角與市場影響力延伸至多個地區。

The studio has launched several successful titles, including Beach Penalties, optimized for US sweepstakes and social casino markets; and Super Heli, a high-engagement crash game. Both titles quickly emerged as top performers, demonstrating our capability to deliver highly engaging content that resonates with players globally.

工作室已推出多款成功作品，包括針對美國抽獎（sweepstakes）與社交賭場市場最佳化的 Beach Penalties，以及高互動性的 crash 遊戲 Super Heli。兩款作品迅速成為頂尖表現者，展現我們提供高度吸引人內容、並能與全球玩家產生共鳴的能力。

Atlas platform rollout. Technology is at the heart of everything we do, and in 2024, we completed the full transition of our core operations to Atlas, our fifth-generation sports betting and iGaming platform. This migration has optimized operational efficiency, enhanced scalability, and significantly improved the user experience, ensuring a seamless and more personalized journey for our customers.

Atlas 平台上線推行。科技是我們一切工作的核心；2024 年，我們完成將核心營運全面轉移至 Atlas——我們第五代體育博彩與 iGaming 平台。此次遷移優化了營運效率、提升可擴展性，並顯著改善使用者體驗，為客戶提供更順暢且更個人化的旅程。

AI-powered innovation. We also reaffirmed our position among top five gaming companies globally by investing heavily in proprietary AI-driven technology. Our AI casino recommender has been a game-changer, increasing monthly engagement by 10% and improving game interactions by 9%, helping us drive better cross-sell and up-sell opportunities across our platforms.

AI 驅動的創新。我們亦透過大力投資自有 AI 驅動技術，再次鞏固我們位居全球前五大遊戲公司之列的地位。我們的 AI 賭場推薦系統帶來顛覆性成效，使每月參與度提升 10%，並將遊戲互動提升 9%，協助我們在各平台推動更佳的交叉銷售與向上銷售機會。

Similarly, our AI bet recommender is revolutionizing personalized betting experiences, delivering real-time bet suggestions based on extensive sports data. This has led to stronger user segmentation, higher retention rates, and an increase in overall bet frequency. These AI innovations are not just improving engagements; they are shaping the future of how players interact with our platform.

同樣地，我們的 AI 投注推薦系統正在革新個人化投注體驗，基於大量體育數據提供即時投注建議。這帶來更強的用戶分群、更高的留存率，並提升整體投注頻率。這些 AI 創新不僅改善參與度，也正在塑造玩家與我們平台互動方式的未來。

Supporting communities worldwide. Beyond business growth, we are committed to driving meaningful social impact. In 2024 alone, we launched 258 CSR initiatives across Europe, Africa, and Latin America, focusing on healthcare, education and responsible gaming, and sustainability.

支持全球社群。除了業務成長之外，我們亦致力於創造具意義的社會影響力。僅在 2024 年，我們就在歐洲、非洲與拉丁美洲推動 258 項企業社會責任（CSR）倡議，聚焦於醫療保健、教育與負責任博彩，以及永續發展。

Key initiatives included donations to healthcare centers and breast cancer awareness campaigns; global scholarships awarded by Meridianbet Foundation for fifth year; Euro 2024 and 2024 Olympics, donations for every goal scored and medal won; and March 8 campaign, advocacy against violence towards women. We also expanded social impact initiatives, securing sponsorships for professional and grassroots sports clubs, and introduced the Meridian Donate Button and Scan and Help tools to simplify the charitable giving. True success is measured by the impact we create.

重點倡議包括：捐助醫療中心與乳癌防治宣導活動；Meridianbet Foundation 連續第五年頒發全球獎學金；於 2024 歐洲盃與 2024 奧運期間，為每一顆進球與每一面獎牌進行捐款；以及 3 月 8 日活動，倡議反對對女性的暴力。我們亦擴大社會影響力計畫，為職業與基層體育俱樂部取得贊助，並推出 Meridian Donate Button 與 Scan and Help 工具，以簡化慈善捐贈流程。真正的成功以我們所創造的影響力來衡量。

With that, I hand it back to Brian.

接下來我把時間交回給 Brian。

Thank you very much, Zoran. Looking ahead, Golden Matrix remains well positioned to accelerate growth and enhance profitability.

非常感謝你，Zoran。展望未來，Golden Matrix 仍具備良好條件以加速成長並提升獲利能力。

Our key priorities for 2025 include continued expansion into new markets, including Brazil and additional high growth jurisdictions; optimizing our capital structure to drive long-term shareholder value; enhancing AI-driven personalization to increase customer attention and engagement; expanding our product portfolio, including high margin, live betting, and next-gen gaming experiences.

我們 2025 年的關鍵優先事項包括：持續拓展新市場（包含巴西及其他高成長司法管轄區）；優化資本結構以推動長期股東價值；強化 AI 驅動的個人化以提升客戶關注度與參與度；擴大產品組合，包括高利潤率的即時投注（live betting）與次世代遊戲體驗。

I'll now hand you back to Rich for our 2025 financial guidance.

接下來我把時間交回給 Rich，請他說明我們 2025 年的財務指引。

Thank you, Brian. For the first quarter of 2025, we anticipate revenue of $42 million to $45 million. This represents a year-over-year growth rate of between 69% and 81%.

謝謝你，Brian。針對 2025 年第一季，我們預期營收為 4,200 萬至 4,500 萬美元。這代表年增率介於 69% 至 81%。

Thanks, Rich; and thank you, everyone, for joining today's call. We appreciate your continued support and look forward to another record-setting year in 2025 and beyond.

謝謝你，Rich；也謝謝各位參與今天的電話會議。我們感謝各位持續的支持，並期待在 2025 年及往後再創新高的一年。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議至此結束。感謝您出席今天的簡報。您現在可以中斷連線。