PLAYSTUDIOS Inc (MYPS) 2023 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the PLAYSTUDIOS's second-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to Samir Jain, Head of Investor Relations and Treasurer.

大家下午好，歡迎參加 PLAYSTUDIOS 的 2023 年第二季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。我現在想將電話轉給投資者關係主管兼財務主管 Samir Jain。

Mr. Jain, you may begin.

傑恩先生，您可以開始了。

Thank you, operator. Good afternoon and thank you for joining us for PLAYSTUDIOS's second-quarter 2023 earnings call. Joining me on the call today are our Chairman and CEO, Andrew Pascal; and our CFO, Scott Peterson.

謝謝你，接線生。下午好，感謝您參加 PLAYSTUDIOS 的 2023 年第二季財報電話會議。今天和我一起參加電話會議的是我們的董事長兼執行長安德魯‧帕斯卡 (Andrew Pascal)；和我們的財務長史考特·彼得森。

Before we begin, let me remind you that during the course of this call, we will make forward-looking statements. These statements are based on our current expectations and beliefs and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a discussion of the risks and uncertainties that may affect our future results.

在我們開始之前，請允許我提醒您，在本次電話會議期間，我們將做出前瞻性陳述。這些陳述是基於我們目前的預期和信念，並受到可能導致實際結果產生重大差異的風險和不確定性的影響。請參閱我們向 SEC 提交的文件，以了解可能影響我們未來業績的風險和不確定性的討論。

We will also discuss certain non-GAAP financial measures during this call. These measures should not be considered as a substitute for financial results prepared in accordance with GAAP. Our results are prepared in accordance with GAAP, and a reconciliation to comparable GAAP measures will be provided in our second-quarter earnings release and in our SEC filings.

我們也將在本次電話會議中討論某些非公認會計準則財務指標。這些措施不應被視為替代根據 GAAP 編制的財務業績。我們的業績是根據 GAAP 編制的，並將在我們的第二季度收益發布和向 SEC 提交的文件中提供與可比 GAAP 衡量標準的對帳。

With that, I'll pass the call to Andrew.

這樣，我會將電話轉給安德魯。

Thank you, Samir, and welcome to our second-quarter 2023 earnings call. Earlier today, we published a press release containing our financial results and commentary for the second quarter of fiscal year 2023. As always, our release contains considerable financial disclosures and management thoughts on topics we believe are pertinent to our company. I hope you've had a chance to read the release, and if not, would encourage you to do so.

謝謝您，Samir，歡迎參加我們的 2023 年第二季財報電話會議。今天早些時候，我們發布了一份新聞稿，其中包含2023 財年第二季度的財務業績和評論。與往常一樣，我們的新聞稿包含大量財務披露和管理思想，涉及我們認為與我們公司相關的主題。我希望您有機會閱讀該新聞稿，如果沒有，我會鼓勵您這樣做。

Rather than rehash what is contained there. Scott and I will spend a few minutes highlighting key developments and save the majority of today's time for your questions.

而不是重複其中包含的內容。史考特和我將花幾分鐘重點介紹關鍵進展，並節省今天的大部分時間來回答大家的問題。

We had another strong quarter topping analysts' forecasts and showing material gains for most of our key metrics. Similar to last quarter, adjusted EBITDA margins expanded meaningfully year over year. As we've discussed before, reaching margin parity with our peers is a primary goal of ours and something we'll continue to advance as we balance our focus on operational improvements with our ongoing investments in future growth.

我們又一個強勁的季度超出了分析師的預測，並顯示我們的大多數關鍵指標都取得了實質進展。與上季類似，調整後的 EBITDA 利潤率較去年同期大幅成長。正如我們先前所討論的，實現與同業的利潤率持平是我們的主要目標，我們將在平衡對營運改善的關注與對未來成長的持續投資之間取得平衡時繼續推進這一目標。

Our playGAMES business division continues to benefit from the momentum in our growth portfolio. While our core business is trending in line with the industry as a whole. Tetris continues to be a standout. We remain excited about the collection of game initiatives we're pursuing.

我們的 playGAMES 業務部門繼續受益於我們的成長投資組合的勢頭。而我們的核心業務趨勢與整個產業一致。俄羅斯方塊仍然表現出色。我們對我們正在追求的一系列遊戲計劃仍然感到興奮。

As I've shared on past calls, we continue to work diligently on optimizing the Tetris Prime product, while we invest in new core casual versions of this puzzle format. In addition, we're also making progress across the remainder of our growth portfolio and remain encouraged by the potential of these games.

正如我在過去的電話中分享的那樣，我們將繼續努力優化 Tetris Prime 產品，同時投資這種拼圖格式的新核心休閒版本。此外，我們在其餘的成長產品組合中也取得了進展，並且仍然對這些遊戲的潛力感到鼓舞。

As for our playAWARDS business division, we continue to evolve the core technologies, tools, and services, which enable the growth and impact of our myVIP loyalty program. We've also been testing the waters with external game publishers to qualify their interests in our loyalty-as-a-service solutions.

至於我們的 playAWARDS 業務部門，我們不斷發展核心技術、工具和服務，從而促進 myVIP 忠誠度計劃的發展和影響。我們也一直在與外部遊戲發行商進行測試，以確定他們對我們的忠誠度即服務解決方案的興趣。

As I've reinforced on prior calls, we are the pioneers in rewarded play, and remain enthusiastic about the assets yet untapped potential of this unique and valuable business opportunity. We continue to believe that the validation from third parties can unlock an entirely new dimension of value, which we don't believe is fully reflected in our stock price today.

正如我在之前的電話中強調的那樣，我們是獎勵遊戲的先驅，並且對這一獨特且有價值的商業機會的資產但尚未開發的潛力保持熱情。我們仍然相信，第三方的驗證可以釋放全新的價值維度，但我們認為這一點並未完全反映在我們今天的股價中。

I'll now turn the call over to Scott to provide some additional comments. Scott?

我現在將把電話轉給斯科特，以提供一些額外的評論。史考特？

Good afternoon, everyone. In addition to today's press release, our Form 10-Q will be filed shortly. As such, I'll add a few comments here, but would direct you to those filings for a comprehensive summary of the second quarter's results.

大家下午好。除了今天的新聞稿外，我們的 10-Q 表格也將很快提交。因此，我將在這裡添加一些評論，但會引導您查看這些文件以獲取第二季度業績的全面摘要。

Similar to our first quarter, our higher adjusted EBITDA margins versus last year were primarily the result of the addition of Verenium, higher overall revenues, and lower UA spend. We do expect adjusted EBITDA margins to continue to be above prior year levels in the second half of the year. However, we do anticipate an increase in UA spending in the second half of the year in order to support our growth portfolio. And we also expect royalties as a percentage of revenue to increase, but still to be below prior year levels.

與第一季類似，與去年相比，我們調整後的 EBITDA 利潤率較高，主要是由於 Verenium 的增加、整體收入的增加以及用戶獲取支出的減少。我們預計下半年調整後的 EBITDA 利潤率將持續高於去年同期水準。然而，我們確實預期下半年普遍獲取支出將會增加，以支持我們的成長投資組合。我們也預期特許權使用費佔收入的百分比將會增加，但仍低於去年的水平。

Both DAU and MAU in the quarter were heavily skewed by the inclusion of Verenium, which we purchased in October of last year. Excluding Verenium, both DAU and MAU were up double-digit percentages versus a year ago, driven by the momentum of our growth portfolio. ARPDAU was down due to the impact of Tetris in Verenium, both of which are advertising-driven games that generally reflect lower ARPDAU but higher margins than our in-app purchase driven games.

本季的 DAU 和 MAU 都因包含我們去年 10 月購買的 Verenium 而嚴重扭曲。不包括 Verenium 在內，在我們成長投資組合動能的推動下，DAU 和 MAU 均較去年同期成長了兩位數百分比。 ARPDAU 下降是由於 Verenium 中俄羅斯方塊的影響，這兩款遊戲都是廣告驅動型遊戲，通常反映出 ARPDAU 較低，但利潤率高於我們的應用程式內購買驅動型遊戲。

Adjusting for these advertising-driven games, ARPDAU increased by approximately 8% on a year-over-year basis. Our financial position remained strong. We ended the quarter with approximately $128 million in cash, no borrowings, and full availability of our $81 million Revolver. We purchased $10 million of shares during the quarter and have $30 million remaining on our stock repurchase authorization.

調整這些廣告驅動型遊戲後，ARPDAU 年比成長約 8%。我們的財務狀況依然強勁。截至本季末，我們擁有約 1.28 億美元的現金，沒有借款，並且 8,100 萬美元的左輪手槍完全可用。我們在本季購買了 1000 萬美元的股票，我們的股票回購授權還剩 3000 萬美元。

Finally, we are increasing our 2023 adjusted EBITDA guidance to a range of $55 million to $60 million versus the previous range of $50 million to $60 million. Our 2023 revenue guidance of $305 million to $325 million remains unchanged. The guidance assumes an uptick in spending to support our growth games and continued industry and economic stress.

最後，我們將 2023 年調整後 EBITDA 指引值提高至 5,500 萬美元至 6,000 萬美元，而先前的範圍為 5,000 萬美元至 6,000 萬美元。我們 2023 年 3.05 億至 3.25 億美元的營收指引保持不變。該指引假設支出增加以支持我們的成長遊戲以及持續的工業和經濟壓力。

I will now turn the call back to Andrew for some closing remarks.

現在我將把電話轉回給安德魯，讓他發表一些結束語。

Thank you, Scott. And to everyone who has dialed in for today's call, we appreciate your interest and look forward to updating you on our progress in the coming months. As always, I want to close by thanking my colleagues, fellow play makers, and partners that work tirelessly to help us advance our business. It's through their commitment and contributions that we're able to learn, adjust, and grow.

謝謝你，斯科特。對於所有撥打今天電話會議的人，我們感謝您的關注，並期待向您通報我們在未來幾個月的最新進展。像往常一樣，我想最後感謝我的同事、遊戲製作人和合作夥伴，他們孜孜不倦地幫助我們推進業務。正是透過他們的承諾和貢獻，我們才能夠學習、調整和成長。

I'll now turn the call over to the operator to take your questions. Operator?

我現在將把電話轉給接線員回答您的問題。操作員？

(Operator Instructions) Ryan Sigdahl, Craig-Hallum Capital Group.

（操作員說明）Ryan Sigdahl，Craig-Hallum Capital Group。

Good afternoon, Andrew and Scott.

下午好，安德魯和斯科特。

Hey, Ryan. How are you?

嘿，瑞安。你好嗎？

Hi. Good, good. I want to start with the guidance. So it implies the midpoint that revenue growth slows margins decline because you're going to spend more on UA. I guess, my head thinks if you spend more on UA, should accelerate revenue growth. So I guess just help me reconcile the midpoints of the revenue guidance and the decline in EBITDA margin?

你好。好好。我想從指導開始。因此，這意味著營收成長減緩利潤率下降的中點，因為你將在用戶獲取上花費更多。我想，我的頭腦認為，如果你在用戶獲取上花費更多，應該會加速收入成長。所以我想只是幫我協調收入指導的中點和 EBITDA 利潤率的下降？

I mean, look, I'll offer a quick reaction. And certainly, Scott can weigh in as well.

我的意思是，聽著，我會做出快速反應。當然，斯科特也可以參與其中。

I think it's safe to say that we offered a range, and we didn't tighten up the range from a revenue perspective. Because as we do start to lean into and invest in some of the newer products that we have, we would certainly expect to see some increases in revenue. It's hard to predict at this stage. So we just felt that we would leave the band in the range of revenue guidance where it is, but felt a bit more comfortable tightening up that band from an EBITDA perspective.

我認為可以肯定地說，我們提供了一個範圍，並且我們沒有從收入角度收緊該範圍。因為當我們確實開始傾向並投資於我們擁有的一些新產品時，我們肯定會期望看到收入的一些成長。現階段很難預測。因此，我們只是覺得我們會將這一區間保留在收入指導範圍內，但從 EBITDA 的角度來看，收緊該區間會更舒服一些。

So and I think your point is clear. And I generally agree with you. But just wanted to leave ourselves some flexibility.

所以我認為你的觀點很明確。我基本上同意你的觀點。但只是想給我們自己留下一些彈性。

Sure. Yeah, that makes sense. Curious how you think about ARPDAU growth versus adding new users, and maybe thinking more of the core games versus the new games you're going to launch. But competitors are clearly focused on the ARPDAU. But how do you think about the balance between those two?

當然。是的，這是有道理的。很好奇您如何看待 ARPDAU 成長與增加新用戶，也許更多地考慮核心遊戲與您將要推出的新遊戲。但競爭對手顯然把注意力集中在 ARPDAU 上。但您如何看待這兩者之間的平衡呢？

Look, I mean, ARPDAU obviously is a function of audience scale and revenue. So if products or companies are in a position where they have the benefit of being able to scale up their audience, which a lot obviously has been made of how difficult that is in the current environment. To be able to scale audience and ARPDAU at the same time is challenging but that can be achieved.

我的意思是，ARPDAU 顯然是觀眾規模和收入的函數。因此，如果產品或公司處於能夠擴大受眾範圍的優勢，那麼這在很大程度上是因為當前環境下這是多麼困難。能夠同時擴大受眾群體和 ARPDAU 具有挑戰性，但這是可以實現的。

So assuming ARPDAU remains constant, well, then clearly there are opportunities to drive revenue by converting more of your audience and increasing the amount of value extract from your audience. So increases in both PPU and our [RPU], which we focus on very intensely with our core products, the more mature games that have fairly stable audiences.

因此，假設 ARPDAU 保持不變，那麼顯然有機會透過轉換更多受眾並增加從受眾中提取的價值來增加收入。因此，PPU 和我們的 [RPU] 都在增加，我們非常關注我們的核心產品，即擁有相當穩定受眾的更成熟的遊戲。

So I would say going forward, as we continue to lean into the new casual products in our portfolio and some of the newer products that we're going to be launching and scaling, we're going to be increasing our audience. And so those players that do convert and spend, they'll be earlier in their lifecycle of spending. So the RPUs from that audience tend to be a bit smaller, which would blend down overall our PPU and they also blend down ARPDAU.

因此，我想說，展望未來，隨著我們繼續專注於我們產品組合中的新休閒產品以及我們將要推出和擴展的一些新產品，我們將增加我們的受眾。因此，那些進行轉換和消費的玩家，他們將處於消費生命週期的早期。因此，來自該受眾的 RPU 往往要小一些，這會降低我們的整體 PPU，並且還會降低 ARPDAU。

But over time, we would expect those cohorts to mature and to start monetizing much like the more mature older cohorts that we have, in which case we would expect to see that ARPDAU left. So, it's a bit of a tough question to answer because there's just so many factors that come into play when you're looking at ARPDAU. But hopefully, that color helps.

但隨著時間的推移，我們預計這些群體會成熟並開始貨幣化，就像我們擁有的更成熟的老年群體一樣，在這種情況下，我們預計會看到 ARPDAU 離開。所以，這是一個很難回答的問題，因為當你查看 ARPDAU 時，有很多因素在起作用。但希望這種顏色能有所幫助。

Yes. Nice job on the margins and execution, guys. Goodluck.

是的。夥計們，在邊緣和執行方面做得很好。祝你好運。

Thank you, Ryan.

謝謝你，瑞安。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Thank you. Wondering -- I mean, I know this will be in the 10-Q. But can you just let us know the relative contribution in the quarter, virtual currency versus advertising? And then I want to see if you could provide some incremental detail on your core social casino portfolio in the quarter.

謝謝。我想知道——我的意思是，我知道這會出現在 10-Q 中。但您能否讓我們知道本季虛擬貨幣與廣告的相對貢獻？然後我想看看您是否可以提供有關本季核心社交賭場投資組合的一些增量細節。

You did highlight in the press release a focus investment on myKONAMI and myVEGAS. Maybe contrast a bit what's going on there relative to POP! Slots, which you didn't mention, and I'm assuming maybe has better performance.

您確實在新聞稿中強調了對 myKONAMI 和 myVEGAS 的重點投資。也許可以將那裡發生的事情與 POP 進行對比！老虎機，你沒有提到，我猜它可能有更好的性能。

Yeah. I mean, we don't typically break out or speak to the specific performance of each of the products. So I'll just generalize or share that part of what precipitated the changes that we made last quarter and some of the restructuring that we did, was to really align the core leadership and talent that we have within our casino genre with those two core franchises, reset them, feel like there's a still unrealized potential with those products.

是的。我的意思是，我們通常不會突破或談論每種產品的特定性能。因此，我將概括或分享促使我們上季度做出的改變以及我們所做的一些重組的部分原因，即真正使我們賭場類型中的核心領導力和人才與這兩個核心特許經營權保持一致，重置它們，感覺這些產品仍有未實現的潛力。

And so we went through and conducted those changes and transitions through the last quarter that we just concluded, and they're still ongoing. And we are encouraged and feel like there's an opportunity for us to unlock that value, as we advance through this quarter and into the fourth. So that's the color commentary on both myVEGAS and myKONAMI specifically. POP! has always been more of the standout performer within the casino portfolio for us in terms of its scale and its capacity to convert and monetize audience.

因此，我們在剛結束的最後一個季度經歷並進行了這些變革和過渡，而且它們仍在進行中。隨著我們進入本季度並進入第四季度，我們感到受到鼓舞，並感覺我們有機會釋放這一價值。這就是 myVEGAS 和 myKONAMI 的色彩評論。流行音樂！就其規模以及觀眾轉化和貨幣化的能力而言，它一直是我們賭場投資組合中表現最出色的公司。

And so we look to it and to the teams that have managed it, to really help inform how it is that we approach improving the execution and performance of both myVEGAS and myKONAMI. So those are those are some of the fundamental reasons why we ended up realigning within those products. There's also obviously a pretty meaningful improvement and just the overall cost structure of those products, as we made those changes.

因此，我們期待它以及管理它的團隊，真正幫助了解我們如何改進 myVEGAS 和 myKONAMI 的執行和效能。這些就是我們最終在這些產品中重新調整的一些根本原因。當我們做出這些改變時，顯然還有一個非常有意義的改進以及這些產品的整體成本結構。

As far as -- so that's on the casino portfolio. Hopefully some additional detail that's helpful. With respect to the composition of revenue and the mix between in-app purchase and advertising, I'll give that to you, Scott.

就賭場投資組合而言。希望一些額外的細節有幫助。關於收入的組成以及應用程式內購買和廣告之間的組合，我將告訴你，斯科特。

Yes. The virtual currency was roughly 80%, advertising was 18%. and we had 2% of other revenue.

是的。虛擬貨幣約佔80%，廣告佔18%。我們有 2% 的其他收入。

Thank you.

謝謝。

Awesome. Thank you, David.

驚人的。謝謝你，大衛。

(Operator Instructions) David Payne, Stifel.

（操作員說明）David Payne，Stifel。

Okay. Thanks, guys. I just had a question on playAWARDS. I think you mentioned earlier that you had some early testing with external partners. I was curious to hear what the early feedback has been thus far? And how should we think about the potential business model for playAWARDS as a service for external partners?

好的。多謝你們。我剛剛有一個關於 playAWARDS 的問題。我想您之前提到過您與外部合作夥伴進行了一些早期測試。我很想知道到目前為止的早期回饋是什麼？我們該如何思考 playAWARDS 作為外部合作夥伴服務的潛在商業模式？

So we -- as I alluded to in the release, we've started to engage with some select partners to just share what our intentions are and providing loyalty-as-a-service solutions. They have preliminary conversations. We do it to test the waters, get feedback, and see how people react to the overall idea and proposition of incorporating loyalty into some of their core franchise products.

因此，正如我在新聞稿中提到的，我們已經開始與一些選定的合作夥伴合作，分享我們的意圖並提供忠誠度即服務解決方案。他們進行了初步交談。我們這樣做是為了試水溫、獲得回饋，並了解人們對將忠誠度納入其一些核心特許經營產品的整體想法和主張有何反應。

I would say, overall, for the select conversations that we've had, people see it as unique and interesting and they're curious to learn a lot more. And so the learning of a lot more has to do with what does it mean in terms of the potential impact that it can have and their overall performance. So what can and should they expect in terms of lift in some of the key metrics, and how does that relate to the way programs designed and the mechanics within the programs that we emphasize.

我想說，總的來說，對於我們進行的精選對話，人們認為它是獨特且有趣的，並且他們很好奇想要了解更多。因此，學習更多內容與它可能產生的潛在影響及其整體績效的含義有關。那麼他們可以並且應該期望在一些關鍵指標上獲得什麼提升，以及這與我們強調的專案設計方式和機制有何關係。

And then they have a bunch of questions around the execution. So how much resource will it actually consumed to actually integrate. And then ultimately, service and manage over time, so they can enjoy those benefits. They can then assess the returns relative to the complexity and cost of implementing it.

然後他們對執行有很多問題。那麼實際整合到底會消耗多少資源呢？最終，隨著時間的推移進行服務和管理，這樣他們就可以享受這些好處。然後他們可以評估相對於實施它的複雜性和成本的回報。

So that's exactly the conversations that we want to be having. So we understand what the sensitivities are. They obviously have a lot of our own information and data that we use to help eliminate those conversations and provide some clarity. But there's -- I would characterize it still as being very early. And then as far as -- I, hopefully, addressed the questions on just generally the nature, the conversations.

這正是我們想要進行的對話。所以我們了解敏感度是什麼。他們顯然擁有我們自己的大量資訊和數據，我們可以使用這些資訊和數據來幫助消除這些對話並提供一些清晰度。但我認為這仍然是非常早期的。然後就——我希望能夠大致解決有關性質和對話的問題。

As for the commercial model, we have a bunch of different alternatives and ideas that we are also starting to socialize. There's different ways for us to monetize and extract value out of our whole loyalty proposition, given that it's a marketplace. There's three different parties that benefit from it. There's, not only the players obviously that are enjoying these free benefits, but there's the game makers and publishers on one side of the market.

至於商業模式，我們有很多不同的選擇和想法，我們也開始將它們社交化。鑑於這是一個市場，我們有不同的方式來貨幣化並從我們的整個忠誠度主張中提取價值。三個不同的面向都從中受益。顯然，不僅是玩家在享受這些免費福利，而且市場一側的遊戲製造商和發行商也正在享受這些好處。

And there's the rewards partners and providers that really leverage it as a channel to go and acquire new consumers or reactivate dormant ones. Or really leverage and get better yields out of whatever inventory they have. And so we've engaged, and we've had conversations about different pricing models. But it's really way too early for us to converge on anyone. But as we do, and we get a bit more clarity, we're happy to share what our company is.

還有一些獎勵合作夥伴和提供者真正利用它作為獲取新消費者或重新激活休眠消費者的管道。或者真正利用他們擁有的任何庫存並獲得更好的收益。因此我們進行了接觸，並就不同的定價模式進行了對話。但現在要我們對任何人達成共識還為時過早。但當我們這樣做時，我們的情況變得更加清晰，我們很樂意分享我們公司的情況。

Yeah. Those are very helpful. And then just as a follow-up to your comments on myVEGAS and myKONAMI. I was wondering what changes that are being implemented or being expected to be implemented in game, specifically for those two games?

是的。這些非常有幫助。然後作為您對 myVEGAS 和 myKONAMI 的評論的後續行動。我想知道遊戲中正在實施或預計將實施哪些更改，特別是針對這兩款遊戲？

So they're a bit different. The myVEGAS product, its overall position is it's a very easy, and accessible, and engaging product in terms of its presentation, and creative direction, and the types of games that we craft for it. Whereas KONAMI is really for more of the casino or slot purists. Those players that really enjoy in traditional play, slot machines and casinos.

所以他們有點不同。 myVEGAS 產品的整體定位是，就其演示、創意方向以及我們為其製作的遊戲類型而言，它是一款非常簡單、易於訪問且引人入勝的產品。而 KONAMI 確實適合更多賭場或老虎機純粹主義者。那些真正喜歡傳統遊戲、老虎機和賭場的玩家。

And so their expectations from the product are very different. And so things that we need to do to optimize each of them are different.

因此他們對產品的期望有很大不同。因此，我們需要做的事情來優化它們是不同的。

In the case of myVEGAS, we see an opportunity to convert more of the audience and then drive up our PPU, when we look at the methods with which we do that. In our POP! Slots product and some of our other products that are successful, it calls for some of economy adjustments, which are rather complicated.

就 myVEGAS 而言，當我們研究實現這一目標的方法時，我們看到了轉換更多受眾並提高 PPU 的機會。在我們的POP！老虎機產品和我們其他一些成功的產品，它需要一些經濟調整，這是相當複雜的。

The economies refer to the way we manage the delivery and how we inject the free currency into the cycle, the players' experience, versus where we introduce friction and actually drain that currency from economy. So the rate and pace with which we do those things and how that's balanced, it's something that we'll be visiting actually in both of those products, but probably more so, myVEGAS.

經濟體指的是我們管理交付的方式以及我們如何將自由貨幣注入循環、玩家的體驗，以及我們在哪裡引入摩擦並實際上從經濟體中耗盡貨幣。因此，我們做這些事情的速度和節奏以及如何平衡，這是我們將在這兩種產品中實際訪問的內容，但可能更是如此，myVEGAS。

And then how we go about segmenting our audience and then adjusting and tailoring both complexity and difficulty in gaining experience; and how it is that we go about promoting different offers; and how those offers are priced, in light of what we know about the players, the specification that we employ in doing that, is something that we're advancing and evolving.

然後我們如何細分受眾，然後調整和自訂獲得經驗的複雜性和難度；以及我們如何推廣不同的優惠；根據我們對玩家的了解以及我們在這方面採用的規範，這些優惠的定價方式是我們正在推進和發展的事情。

And so, we believe that there's an opportunity for us to both convert more players to payers and drive up the RPU in the case of myVEGAS.

因此，我們相信我們有機會將更多玩家轉化為付費玩家，並提高 myVEGAS 的 RPU。

And our KONAMI products, we think that there's also an opportunity to convert more of our audience. But even though we have fairly healthy RPUs with that product when compared to the other games, social games that are based upon existing real-world casino content, we believe we like the market. So we think the methods that we employ in order to encourage and motivate our players that are paying to actually spend a bit more, we think there's headroom there.

對於我們的 KONAMI 產品，我們認為還有機會轉換更多的受眾。但儘管與其他遊戲、基於現有現實世界賭場內容的社交遊戲相比，我們的產品 RPU 相當健康，但我們相信我們喜歡這個市場。因此，我們認為我們採用的方法是為了鼓勵和激勵我們的玩家真正花更多的錢，我們認為那裡還有空間。

And again, it comes down to how the features are all integrated and balanced and the adjustments you're making here at KONAMI. And then the sophistication, your segmentation, and the way that you leverage it those dial in the difficulty of the game, and all the different types of offers that are going to extend in order to drive and promote more spending.

再說一次，這取決於如何整合和平衡所有功能以及您在 KONAMI 所做的調整。然後是複雜性、細分以及利用它的方式，這些都決定了遊戲的難度，以及將擴展的所有不同類型的優惠，以推動和促進更多的支出。

So both -- those are things that both teams are pretty intensely focused on.

所以這兩件事都是兩個團隊都非常關注的事情。

Great. Thanks.

偉大的。謝謝。

Yeah. Thank you, David.

是的。謝謝你，大衛。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Hey, good afternoon. Thanks for taking the questions. Regarding your intention to increase user acquisition spend in the coming quarters. What's the reasoning there? Are you expecting maybe to see a proved payback on that spend going forward? Or is it specifically to target like certain games, like Tetris? Just wanted to dive in a little bit deeper on the strategy there.

嘿，下午好。感謝您提出問題。關於您在未來幾季增加用戶獲取支出的意圖。這裡面有什麼道理呢？您是否期望看到未來的支出得到證實的回報？或者它是專門針對某些遊戲（例如俄羅斯方塊）的？只是想更深入地了解那裡的策略。

Yeah, it really has more to do with the portfolio of core growth and new development products that we have. We have, right now, four or five different new products that are in development, all that are in the markets at varying stages where we're qualifying them. And so as the core metrics get to a place where they start to want to justify our spending a bit more, or ultimately getting into a more general launch of those products, more global launch, although require a lot more resource in UA allocation.

是的，這確實與我們擁有的核心成長和新開發產品組合有更多關係。目前，我們有四到五種不同的新產品正在開發中，所有這些產品都處於不同的市場階段，我們正在對它們進行資格認證。因此，當核心指標達到一定程度時，他們開始想要證明我們多花一點錢是合理的，或者最終更廣泛地推出這些產品，更多地在全球範圍內推出，儘管在用戶獲取分配方面需要更多的資源。

And then within our growth portfolio, the same is true. The growth products all tend to be earlier in their lifecycle. We feel that they have the capacity to grow in terms of audience revenue and profit contribution. And so we'll lean into those, as they continue to mature and evolve. And of course, in both cases, we're holding all of our products both categories.

在我們的成長投資組合中，情況也是如此。成長型產品往往都處於生命週期的早期。我們認為他們有能力在觀眾收入和利潤貢獻方面實現成長。因此，隨著它們的不斷成熟和發展，我們將傾向於這些。當然，在這兩種情況下，我們都持有這兩個類別的所有產品。

But all the gains within those categories, we hold to very specific and tight performance metrics, and around payback horizons and returns on ad spend. And so, I would say across our portfolio, the performance of our current UA investments is really solid.

但這些類別中的所有收益，我們都堅持非常具體和嚴格的績效指標，並圍繞投資回收期和廣告支出回報。因此，我想說，在我們的投資組合中，我們目前的普遍獲取投資的表現非常穩健。

And so, as again, some of these growth products and the development stage products mature and want to justify investing more in them and scaling and growing them, we will. And so we're certainly hoping and anticipating that that will be true as we advance and move into the fourth quarter this year.

因此，同樣，這些成長型產品和開發階段產品中的一些已經成熟，並且希望證明對它們進行更多投資以及擴展和發展它們是合理的，我們會的。因此，我們當然希望並預計，隨著我們進入今年第四季度，這將成為現實。

Great. That's helpful, Andrew. I wanted to follow up on the restructuring. Maybe regarding the cost savings that you're seeing as a result of that. How much was reflected in Q2? I know it was like a couple of quarter long process.

偉大的。這很有幫助，安德魯。我想跟進重組的情況。也許是關於您由此看到的成本節省。第二季反映了多少？我知道這就像幾個季度長的過程。

Should we see an additional improvement, maybe in margins as a result of that in Q3? Or would you say most of the cost savings are fully reflected at this point?

我們是否應該看到第三季的額外改善，也許是利潤率的改善？或者說，大部分成本節省此時是否已充分體現？

There's still some benefits to be realized in Q3? I'll let Scott speak to it. But we instituted the changes really in Q2. And we had all kinds of transition plans and programs and retention plans, where we carried some of the expense into and through the second quarter.

第三季還有一些好處可以實現嗎？我會讓斯科特來談談。但我們在第二季度真正實施了這些變化。我們制定了各種過渡計劃、計劃和保留計劃，我們將部分費用轉入第二季並貫穿第二季。

But Scott, you want to shed some light on that topic?

但是史考特，你想解釋一下這個話題嗎？

Sure. I mean, Andrew, is right. I mean, really, there wasn't too much savings in Q2, maybe a little bit towards the tail end. We expect to see the bulk of the savings that we will experience in the middle of Q3, as we're exiting some leases and other things like that. So yeah, you'll see a little bit more savings.

當然。我的意思是，安德魯是對的。我的意思是，實際上，第二季度並沒有太多節省，也許接近尾聲時有一點節省。我們預計將在第三季中期看到大部分節省，因為我們將退出一些租賃和其他類似的事情。所以，是的，您會看到更多的節省。

I'm not being terribly specific but there will be some in Q3 or in Q4. By Q4, we'll have realized all of them basically on a normalized basis.

我不是很具體，但第三季或第四季會有一些。到第四季度，我們基本上將在標準化的基礎上實現所有這些目標。

Okay. Great. And yeah, that's helpful. Just trying to get a sense of the timing there. I think, lastly for me, and I know you already spoke a lot about the early efforts and the improvements that you're working on for myKONAMI and myVEGAS slots.

好的。偉大的。是的，這很有幫助。只是想了解那裡的時間安排。我想，最後對我而言，我知道您已經談到了很多關於 myKONAMI 和 myVEGAS 老虎機的早期努力和改進。

But I guess, I just wanted to follow up regarding, like a rough timeline on that. Like, when would we start to see those efforts on -- you mentioned the economy adjustments within the games and then like targeted segmenting. When would we maybe see those improvements take place? Do you have a rough timeline?

但我想，我只是想跟進一下，例如一個粗略的時間表。就像，我們什麼時候開始看到這些努力——你提到了遊戲中的經濟調整，然後是有針對性的細分。我們什麼時候才能看到這些改進發生？你有一個大概的時間表嗎？

Yeah. I mean, it isn't like there's a big body of work that once it's completed, then there's this key moment where all of a sudden you start to enjoy all those benefits. There's a very comprehensive set of adjustments and a roadmap that will extend even beyond this calendar year for those products. I didn't mean to imply we don't do a lot of those things. We're constantly looking at refining and tweaking the economies in our segmentation practices.

是的。我的意思是，並不是說有大量的工作一旦完成，就會在這個關鍵時刻突然開始享受所有這些好處。這些產品有一套非常全面的調整和路線圖，甚至會延續到今年之後。我並不是想暗示我們不做很多這樣的事。我們不斷地在細分實踐中尋求改進和調整經濟。

But to do the more fundamental changes to the tools that we use, and the applications are -- themselves, and the degree to which they can accommodate the flexibility that we know we need more of in our products, that tends to be more foundational and requires a bit more work and time. And it's the work where you're really -- I refer to it as being foundational. It's like you're jacking up the building and addressing some of the core infrastructure.

但是，要對我們使用的工具和應用程式本身以及它們能夠適應我們產品中所需的更多靈活性的程度進行更根本的改變，這往往更加基礎和需要更多的工作和時間。這就是你真正要做的工作——我稱之為基礎性工作。這就像你正在加高建築物並解決一些核心基礎設施的問題。

And so until you get into it, particularly in light of the fact that these are fairly longstanding products, you're not entirely sure some of the issues that you're going to confront and get into. So we expect that we're going to start to see and enjoy some of the benefits of this quarter into the fourth quarter. But there's no question that work will extend on into the early part of next year.

因此，在您投入使用之前，特別是考慮到這些都是相當長期的產品，您並不完全確定您將要面對和遇到的一些問題。因此，我們預計我們將在第四季度開始看到並享受本季的一些好處。但毫無疑問，工作將持續到明年初。

Got it. That makes sense. I appreciate it, guys.

知道了。這就說得通了。我很感激，夥計們。

Yeah, thank you.

是的，謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Andrew Pascal for closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給安德魯·帕斯卡（Andrew Pascal）進行總結評論。

Thank you. Again, just to really appreciate everybody's time and interest. And we just look forward to continuing to update you on our progress, as we advance through the balance of the year. So thank you very much, everyone.

謝謝。再次強調，非常感謝大家的時間和興趣。我們期待在今年剩下的時間裡繼續向您通報我們的進展。非常感謝大家。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。