Meridian Holdings Inc (MRDN) 2025 Q2 法說會逐字稿

Thank you and good morning everyone. Welcome to Golden Matrix Group's Q2 2025 earnings call. We appreciate you joining us today. On today's call are Brian Goodman, CEO of Golden Matrix Group; Zoran Milosevic, CEO of MeridianBet; Rich Christensen, CFO of Golden Matrix Group.

謝謝大家，早安。歡迎參加 Golden Matrix Group 2025 會計年度第二季（Q2）財報電話會議。感謝各位今天撥冗加入。今天與會者包括 Golden Matrix Group 執行長 Brian Goodman；MeridianBet 執行長 Zoran Milosevic；以及 Golden Matrix Group 財務長 Rich Christensen。

At the conclusion of this call, the recording and supporting resources will be available on Golden Matrix Group's IR website. 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, these statements are based on various assumptions about future events, including market and economic conditions, business prospects, technological developments, and regulatory changes.

本次電話會議結束後，錄音與相關支援資料將公布於 Golden Matrix Group 的投資人關係（IR）網站。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）可能構成前瞻性資訊。依適用證券法之定義，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、技術發展及法規變動。

While we believe these assumptions are reasonable, they are subject to risks and uncertainties that could cause. Actual results to differ materially. 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.

雖然我們認為這些假設屬合理，但仍可能受到風險與不確定性影響，進而導致。實際結果出現重大差異。關於上述因素的完整討論，請參閱我們最新提交的 10-K 年報及其他公開揭露文件。我們也將討論非 GAAP 指標，相關數字的調節表亦可在我們近期提交的 10-K 以及已於網站發布的財報新聞稿中查閱。

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。

Good morning, everyone, and thank you for joining us to review Golden Matrix Group second quarter, fiscal 2025 results. Q2 was a challenging quarter with revenue growth of only 10% year-over-year, below our expectation of roughly double that rate. This shortfall was driven by unusual customer friendly sports outcomes in our European business where favorite teams won more often than historical averages.

各位早安，感謝各位加入我們，一同回顧 Golden Matrix Group 2025 會計年度第二季業績。第二季是一個充滿挑戰的季度，營收年增僅 10%，低於我們原先預期約為該增速兩倍的水準。此一落差主要源自我們歐洲業務中出現對客戶較有利的體育賽事結果：熱門隊伍勝出頻率高於歷史平均。

Excluding this temporary impact, we would have remained on track to meet our full year revenue guidance. Our analysis, supported by July's strong performance, confirms that this volatility is random and not indicative of underlying trends. With slower quarterly revenue growth, coupled with continued investment to grow our active user base, our earnings declined. The operating leverage we have previously enjoyed worked against us during the quarter.

若排除此一短期影響，我們原本仍可維持達成全年營收指引的進度。我們的分析（並由 7 月的強勁表現佐證）確認，這種波動屬隨機現象，並不代表基本面趨勢。在季度營收成長放緩、同時持續投入以擴大活躍用戶基礎的情況下，我們的獲利下滑。我們過去享有的營運槓桿在本季度反而對我們不利。

While we were able to identify and eliminate costs, they will reduce our operating expenses by roughly $500,000 per quarter, it was not in time to benefit this quarter. We have recently built and deployed new state of the art systems to support our rattled ticket businesses, and the implementation of this new technology is already showing excellent results. Our largest raffle ticket business, R Kings Competitions, delivered several standout milestones this quarter.

雖然我們已能辨識並削減成本，預計每季可使營運費用降低約 50 萬美元，但未能及時反映在本季度。我們近期已建置並部署最先進的新系統，以支援我們的抽獎券（raffle ticket）業務，而這項新技術的導入已展現極佳成效。我們最大的抽獎券業務 R Kings Competitions 本季達成多項亮眼里程碑。

Setting a new all-time daily revenue high of over $315,000 surpassing the next best day of $281,000. And more recently, last week on the August 1, posted a remarkable all-time record in daily sales of over $440,000 for the day, which was driven by over 30,000 orders in one day. Additionally, gross profit in the month of July for R Kings was over 26%. This performance underscores the resilience, strong engagement, growing monetization potential of our raffle ticket businesses, and the massive potential that these businesses provide.

單日營收創下歷史新高，超過 31.5 萬美元，並超越先前最佳單日 28.1 萬美元。更近期地，上週 8 月 1 日，單日銷售額再創歷史紀錄，當日超過 44 萬美元，主要由單日逾 30,000 筆訂單所帶動。此外，R Kings 在 7 月的毛利率超過 26%。此一表現凸顯我們抽獎券業務的韌性、強勁的用戶參與度、日益提升的變現潛力，以及這些業務所帶來的巨大成長空間。

I'll now hand you over to our CFO, Rich Christensen, to walk you through the financial performance for the quarter.

接下來我將把時間交給我們的財務長 Rich Christensen，為各位說明本季度的財務表現。

Thank you, Brian, and good morning everyone. I'll provide a summary of our second quarter of 2025's performance, and then turn the call over to Zoran to discuss our operational highlights from MeridianBet. Please note that all income statement measures discussed except for non-gap adjusted EBITDA are on a GAAP basis. First, let's start with revenue.

謝謝你，Brian，各位早安。我將先概述我們 2025 年第二季的表現，接著把電話會議交給 Zoran，說明 MeridianBet 的營運重點。請注意，除「非 GAAP 調整後 EBITDA」外，本次討論的所有損益表衡量指標皆依 GAAP 編製。首先，從營收開始。

Total revenue for the second quarter was $43.2 million representing a 9.6% growth over last year. Foreign exchange was a benefit of 4.5%. This was roughly 10% weaker than what we'd anticipated and was primarily due to the impact of customer friendly outcomes within our European sports betting business. As Brian mentioned, we see this as an anomaly and have since seen July return to our expected growth trends. If we were to exclude the impact of our prior year acquisition of Classics for a Cause and to were to remove the 4.5% positive impact of foreign exchange, revenue is flat for 2024.

第二季總營收為 4,320 萬美元，較去年成長 9.6%。外匯帶來 4.5% 的正面貢獻。此結果約較我們預期低 10%，主要因我們歐洲體育博彩業務出現對客戶較有利的賽果影響。如 Brian 所提，我們認為這屬異常情況，且 7 月已回到我們預期的成長趨勢。若排除我們去年收購 Classics for a Cause 的影響，並剔除外匯 4.5% 的正面影響，則 2024 年的營收為持平。

Moving to gross profits. Gross profit reached $24.4 million in the second quarter of 2025, reflecting a gross margin of approximately 56%. This is a 135 basis points improvement over the prior year. Our MeridianBet segments, gross margin of 70% was lower by 270 basis points compared to last year, primarily due to additional taxes assessed on gaming in Serbia.

接著看毛利。2025 年第二季毛利達 2,440 萬美元，毛利率約 56%。較去年提升 135 個基點。我們 MeridianBet 分部毛利率為 70%，較去年下降 270 個基點，主要因塞爾維亞博彩業被課徵額外稅負。

With the transition of our core operations to Atlas, our fifth generation sports betting and iGaming platform, and releasing the second generation of sports recommender, we are now realizing meaningful economies of scale. This migration has markedly enhanced operational efficiency, unlocked greater scalability, and elevated the user experience, delivering a seamless, intuitive, and increasingly personalized journey for our players across markets.

隨著我們將核心營運轉移至 Atlas（我們第五代體育博彩與 iGaming 平台），並推出第二代體育推薦系統，我們正開始實現顯著的規模經濟。此一遷移大幅提升營運效率、釋放更高的可擴展性，並改善用戶體驗，為各市場玩家提供順暢、直覺且日益個人化的使用旅程。

Turning to the other two segments, GMAG improved 444 basis points due to improved supplier terms and product mix, and our raffle ticket businesses, which include R Kings and Classics for a Cause, had a gross margin improvement of 546 basis points from the acquisition of Classics for a cause which carries a higher gross profit.

再看另外兩個分部：GMAG 因供應商條件改善與產品組合優化，毛利率提升 444 個基點；而我們的抽獎券業務（包括 R Kings 與 Classics for a Cause）毛利率提升 546 個基點，主要來自收購 Classics for a Cause（其毛利較高）的貢獻。

Turning to operating expenses grew $5.1 million to $26.7 million in the second quarter of 2025. This included $1 million from the Classics for a Cause acquisition and $1 million in foreign currency from a weakening US dollar. The remaining $3.1 million was primarily tied to our MeridianBet that segments and reflects strategic investments to expand geographically, grow market share, and enhance gaming technology. Specifically, they include first startup expenses for our Brazilian launch. Second, marketing spend, including social media campaigns and team sponsorship aimed at player acquisition and retention.

接著看營運費用：2025 年第二季營運費用增加 510 萬美元至 2,670 萬美元。其中包含 Classics for a Cause 收購帶來的 100 萬美元，以及因美元走弱導致的 100 萬美元外幣影響。其餘 310 萬美元主要與 MeridianBet 分部相關，反映我們為地理擴張、提升市占率及強化博彩技術所做的策略性投資。具體而言，包括：第一，巴西市場上線的前期啟動費用。第二，行銷支出，包括社群媒體活動與球隊贊助，以推動玩家獲取與留存。

Third, regulatory cost increases from higher minimum wages and taxes primarily in Serbia, and finally depreciation on our Atlas platform, which was deployed late last year. Additionally, we've made cost reductions that will reduce our operating expense burden by roughly 500,000 a quarter starting in the third quarter of 2025.

第三，主要在塞爾維亞因最低工資與稅負提高而導致的法規相關成本上升；最後，為去年底部署的 Atlas 平台所提列的折舊。此外，我們已進行成本削減，預計自 2025 年第三季起，每季可使營運費用負擔降低約 50 萬美元。

We had a net loss of $3.6 million or $0.03 a share. This was the decline of $3.6 million and $0.03 a share from prior year, and this was due to the increase in interest expense of $1.5 million driven by our debt pre-payment, which accelerated the amortization of debt discounts as well as accrued interest. This, in addition to our operating costs growing by $2.4 million more than the incremental gross profit generated in the quarter gave rise to this loss. Excluding the additional interest expense, adjusted EBITDA declined by $2 million or 37%, the $3.4 million.

我們淨損為 360 萬美元，或每股 0.03 美元。相較去年，淨損增加 360 萬美元、每股減少 0.03 美元，主要因利息費用增加 150 萬美元；該增加係由我們提前償還債務所致，進而加速攤銷債務折價並計提應計利息。此外，本季度營運成本增加 240 萬美元，增幅高於本季度新增毛利的增量，亦導致此一虧損。若排除額外利息費用，調整後 EBITDA 下降 200 萬美元或 37%，至 340 萬美元。

Turning to liquidity, at quarter end, we had $22 million in cash and cash equivalents, and our net debt leverage ratio continues to improve, now under 1.5 turns.

談到流動性，截至季度末，我們持有2,200萬美元的現金及約當現金，且我們的淨負債槓桿比率持續改善，目前已降至1.5倍以下。

Now I'll hand it over to Zoran Milosevic, our CEO of MeridianBet, to discuss operational highlights.

接下來我將把時間交給MeridianBet的執行長Zoran Milosevic，請他分享營運亮點。

Thank you, Rich. MeridianBet delivered solid operational performance in Q2, with revenue growing 16% year-over-year to USD29.2 million. Online revenue, which represents our strategic focus, increased 20%, demonstrating strong momentum in our core growth channels.

謝謝你，Rich。MeridianBet在第二季交出穩健的營運表現，營收年增16%至2,920萬美元。線上營收（為我們的策略重點）成長20%，展現我們核心成長通路的強勁動能。

Our casino vertical was the standout performer. GGR surged 29%, with turnover reaching USD434 million, up 30% year-over-year. We expanded our content library by 2,500 games, and the impact is clear. Casino turnover per player jumped 50% quarter-over-quarter to nearly USD4,000. This validates our content strategy and player engagement initiatives.

我們的線上賭場（casino）垂直業務是表現最突出的項目。GGR年增29%，投注額（turnover）達4.34億美元，年增30%。我們將內容庫擴充了2,500款遊戲，成效十分明顯。每位玩家的賭場投注額較上季跳增50%，接近4,000美元。這驗證了我們的內容策略與玩家互動推進措施。

The operational metrics remains strong. Active users expanded 15% year-over-year. New registrations climbed 124%, driven primarily by our Brazil launch. First deposits increased 165% quarter-over-quarter showing quality acquisition. Sports revenue per player grew 28% despite challenging conditions.

營運指標仍然強勁。活躍用戶年增15%。新註冊數攀升124%，主要由我們在巴西的上線所帶動。首次存款較上季增加165%，顯示獲客品質良好。儘管環境具挑戰性，每位玩家的體育博彩營收仍成長28%。

In Brazil, we are now fully operational. We licensed through 2029. This is projected to be $5.6 billion market by 2025. Our experience in emerging markets across Africa and the Balkans give us a playbook to capture share efficiently.

在巴西，我們目前已全面投入營運。我們已取得牌照，有效期至2029年。預計到2025年，該市場規模將達56億美元。我們在非洲與巴爾幹等新興市場的經驗，為我們提供一套可高效率取得市占的作戰手冊。

When it comes to sports betting margins, June was a particularly tough month for all sports globally. When top soccer leagues finish in May. We are left with smaller leagues where favorites won more than usual. Players hit the pars. For example, in June, our sports margin came in at 9.9% versus historical average of 13.3% as we had the convergence of major leagues endings, and unusual pattern of favorites winning in remaining competitions. What is important is that we are positioned exceptionally well to offset this.

就體育博彩毛利率而言，6月對全球所有體育項目來說都是特別艱難的一個月。當主要足球聯賽在5月結束後，剩下的多是較小型聯賽，而熱門隊伍的勝出比例高於往常。玩家押中串關（parlay）。例如，6月我們的體育毛利率為9.9%，低於歷史平均的13.3%，原因是主要聯賽收官與剩餘賽事中熱門隊伍異常頻繁勝出兩者同時發生。重要的是，我們具備非常好的條件來抵消這些影響。

Our diversified model means casino growth offset sports margin pressure, and we are not dependent on any single vertical or outcome. We continue investing in our technology platform. Sports recommended version two is now live. Our new loyalty system connects all retail touch points, and we have enhanced our streaming capabilities. They have the latest evolution of our proprietary technology.

我們的多元化模式意味著賭場業務的成長可抵消體育毛利率壓力，我們不依賴任何單一垂直業務或單一結果。我們持續投資於技術平台。體育推薦系統第二版現已上線。我們新的忠誠度系統串聯所有線下零售接觸點，同時也強化了串流能力。這些都是我們自有技術的最新演進。

No need to expand studios, where the story is one of the exceptional execution. Revenue jumped 652% year-over-year. We reached nearly 500,000 unique players, up 449%. This is our most profitable quarter to date.

至於No need to expand studios，這是一個卓越執行的故事。營收年增652%。我們觸及近50萬名不重複玩家，成長449%。這是我們迄今最具獲利的一季。

Key achievements include established 13 partnerships in US social casino segment, positioning us for the next regulation wave, crossed 1,000 B2B partner milestone, giving us one of the widest distribution networks in the industry. We cured certifications in Brazil, Peru, Croatia, and Romania. Launched successful new title Gates of Olympia. The underlying metrics are equally strong. GGR surged 557%, and the game's spins increased 273%. This shows real player engagements, not just distribution growth.

主要成果包括：在美國社交賭場（social casino）領域建立了13項合作夥伴關係，使我們能掌握下一波監管浪潮；B2B合作夥伴數突破1,000家里程碑，讓我們擁有業界最廣泛的分銷網路之一。我們取得巴西、秘魯、克羅埃西亞與羅馬尼亞的認證。成功推出新遊戲《Gates of Olympia》。基礎指標同樣強勁。GGR暴增557%，遊戲轉動次數（spins）增加273%。這顯示是真實的玩家參與度，而不僅僅是分銷成長。

The Q2 demonstrate exactly what we've built a resilient, diversified business that performed through cycles. Gross margin will normalize as always do. Meanwhile, our casino vertical is accelerating. Brazil is ramping, and expense is hitting extent velocity. We operate with discipline, we invest with purpose, and we are building for the long term. The fundamentals are strong and getting stronger.

第二季的表現正好證明我們打造的是一個具韌性、且多元化的業務，能在不同景氣循環中維持表現。毛利率將如同以往回歸常態。同時，我們的賭場垂直業務正在加速。巴西業務正在爬坡，費用也正以相應速度投入。我們以紀律營運、以目的投資，並以長期為目標建設。基本面強勁，且正持續轉強。

Thank you. Back to you Rich.

謝謝。交回給你，Rich。

Thanks, Zoran. As we look at our performance so far during 2025 and the impact of customer friendly outcomes experienced in the second quarter, we're reducing our full year revenue to between $185 million and $188 million representing a 22% to 24% growth rate over 2024.

謝謝你，Zoran。綜觀我們在2025年至今的表現，以及第二季出現對客戶較有利的賽果所帶來的影響，我們將全年營收下修至1.85億至1.88億美元，較2024年成長22%至24%。

We have seen July revenue growth from our European business recover as expected, up both sequentially and over 2024 by roughly 25% in constant currency terms. This is a return to our expected trends and consistent with our transactional volumes.

我們看到歐洲業務的7月營收成長如預期回升，以固定匯率計算，無論較前一月或較2024年均約成長25%。這回到我們預期的趨勢，並與我們的交易量一致。

We remain focused on expanding our presence in regulated markets, enhancing our proprietary technology stack, and driving shareholder value through disciplined capital allocation. We are well positioned to build on our success with a strong balance sheet and significant opportunities across both existing and new markets. In closing, I want to thank our global teams for their continued dedication and execution. We look forward to updating you on our progress in the quarters of ahead.

我們仍專注於擴大在受監管市場的布局、強化自有技術堆疊，並透過有紀律的資本配置來提升股東價值。憑藉強健的資產負債表，以及在既有與新市場的重大機會，我們已做好準備在成功基礎上再接再厲。最後，我要感謝我們全球團隊持續的投入與執行力。我們期待在未來幾季向各位更新我們的進展。

With that, I'll turn over the call to Brian to wrap things up.

接下來我將把電話會議交給Brian作結。

Thank you, Rich, and thank you, Zoran. Golden Matrix is entering the next phase of its evolution as a leading force in the global iGaming market. The underlying businesses are healthy and robust. Leveraging our consistent performance, operational strength, innovative platforms, and expanding international footprints, we are well positioned to drive the company's continued growth.

謝謝你，Rich，也謝謝你，Zoran。Golden Matrix正邁入下一階段的演進，成為全球iGaming市場的領導力量之一。各項基礎業務健康且穩健。憑藉我們一貫的表現、營運實力、創新平台與持續擴張的國際版圖，我們已具備推動公司持續成長的良好條件。

Today's results underscore our financial resilience, consistency, and ability to deliver scalable, sustainable growth. With a focus on long-term success, we remain committed to profitable expansion while maintaining operational excellence. Looking ahead, we are excited about the opportunities in front of us, and we will continue to drive shareholder value through technology, leadership, strategic market expansion, and superior execution.

今日的結果凸顯我們的財務韌性、一致性，以及交付可擴展、可持續成長的能力。以長期成功為核心，我們仍致力於在維持卓越營運的同時，推動具獲利性的擴張。展望未來，我們對眼前的機會感到振奮，並將持續透過技術、領導力、策略性市場擴張與卓越執行來提升股東價值。

Thank you again for your continued support and we look forward to an exciting year ahead.

再次感謝各位持續的支持，我們期待迎來令人振奮的下一年。