PLAYSTUDIOS Inc (MYPS) 2023 Q3 法說會逐字稿

Greetings and welcome to the PLAYSTUDIOS's third-quarter 2023 earnings call. (Operator's Instructions)

大家好，歡迎參加 PLAYSTUDIOS 的 2023 年第三季財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Samir Jain, Head of Treasury and Investor Relations. Thank you. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹財務和投資者關係主管 Samir Jain。謝謝。你可以開始了。

Thank you, operator. Good afternoon and thank you for joining us for PLAYSTUDIOS's third-quarter 2023 earnings call. Joining me on the call today are 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 年第三季財報電話會議。今天與我一起參加電話會議的是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 discussion of the risks and uncertainties that may affect our future results. 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 third-quarter earnings release and in our SEC filings.

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。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，並將在我們的第三季度收益發布和向 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, everyone, to our third-quarter 2023 earnings call. Earlier today, we published a press release containing our financial results along with commentary for the recently completed third quarter. As always, our release contains considerable financial disclosures as well as our 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 Samir，歡迎大家參加我們的 2023 年第三季財報電話會議。今天早些時候，我們發布了一份新聞稿，其中包含我們的財務業績以及最近完成的第三季的評論。與往常一樣，我們的新聞稿包含大量的財務披露以及我們對我們認為與我們公司相關的主題的想法。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's contained there, Scott and I will spend a few minutes highlighting some key developments and save the majority of today's time for your questions.

史考特和我不會重複其中包含的內容，而是花幾分鐘強調一些關鍵進展，並節省今天的大部分時間來回答你們的問題。

Adjusted EBITDA and more importantly, EBITDA margins increased meaningfully versus year-ago results. A number of initiatives that contributed to this, including our focus on operating efficiency and a more diversified business model that now sees nearly 25% of our revenues coming from higher margin advertising sales. We believe there's still more opportunities to improve our cost structure and optimize productivity, which will further improve margin gains going forward.

調整後的 EBITDA，更重要的是，EBITDA 利潤率與去年同期相比顯著增加。許多措施促成了這一目標，包括我們對營運效率的關注和更加多元化的業務模式，現在我們有近 25% 的收入來自更高利潤的廣告銷售。我們相信還有更多機會來改善我們的成本結構和優化生產力，這將進一步提高未來的利潤率效益。

As we've discussed before, our margins are a bit leaner due to our ongoing investments in new products, our playAWARDS platform, and other growth initiatives. However, it's our view that we can achieve margin parity with our peers as these efforts mature and contribute to our revenues.

正如我們之前討論的，由於我們對新產品、playAWARDS 平台和其他成長計畫的持續投資，我們的利潤率有所下降。然而，我們認為，隨著這些努力的成熟並為我們的收入做出貢獻，我們可以實現與同行同等的利潤率。

Our playGAMES group continues to benefit from momentum in our growth portfolio with DAU and ARPDAU increasing throughout the year. Player interest in Tetris remains high with many of the key performance metrics improving steadily. In addition to scaling our existing Tetris prime product, we continue to advance the development of our new casual titles. With that said, I'm thrilled to share that we recently executed a new agreement with the Tetris company, extending our exclusive rights to this important intellectual property through at least August of 2029. With this renewed commitment, we can now confidently pursue a more comprehensive and long-term growth strategy for this beloved gaming franchise.

我們的 playGAMES 團隊繼續受益於我們的成長勢頭，DAU 和 ARPDAU 全年都在成長。玩家對俄羅斯方塊的興趣仍然很高，許多關鍵性能指標穩步提高。除了擴展我們現有的俄羅斯方塊主要產品外，我們還繼續推動新休閒遊戲的開發。話雖如此，我很高興地告訴大家，我們最近與俄羅斯方塊公司簽署了一項新協議，將我們對這一重要知識產權的專有權至少延長到2029 年8 月。有了這一新的承諾，我們現在可以充滿信心地追求更多為這個深受喜愛的遊戲系列制定全面和長期的成長策略。

We're also optimistic about other products in our growth portfolio, where early tests of new features and capabilities have been promising. Most notable are the enhancements to some of our Brainium games, which have lifted our advertising revenues and contributed to our Internet work cross-promotion, reaffirming our initial acquisition thesis. We plan to incorporate these changes along with our myVIP program into the full collection of Brainium products throughout the remainder of this year and the early part of 2024. In doing so, we expect the portfolio as a whole will generate higher revenues in the coming year.

我們也對我們的成長產品組合中的其他產品持樂觀態度，這些產品的新特性和功能的早期測試一直很有希望。最值得注意的是我們的一些 Brainium 遊戲的增強，這增加了我們的廣告收入，並有助於我們的網路工作交叉推廣，重申了我們最初的收購論點。我們計劃在今年剩餘時間和 2024 年初將這些變化與 myVIP 計劃一起納入 Brainium 產品的完整系列中。透過這樣做，我們預計整個產品組合將在來年產生更高的收入。

We also remain committed to creating and publishing new games. As a result, we'll further diversify our portfolio, expand our player network, and position the company for continued growth. Of course, crafting new games is more art than science. And as such, the timing and ultimate success of each is hard to predict. Having said that, I'm happy to share that we're making solid progress with our new game initiatives and anticipate launching at least one new title within the next 6 to 12 months.

我們也繼續致力於創建和發布新遊戲。因此，我們將進一步豐富我們的產品組合，擴大我們的玩家網絡，並為公司的持續成長做好準備。當然，製作新遊戲更多的是藝術而不是科學。因此，每個人的時機和最終成功都很難預測。話雖如此，我很高興與大家分享，我們的新遊戲計劃正在取得紮實進展，並預計在未來 6 到 12 個月內推出至少一款新遊戲。

The trends in our core portfolio remain consistent with the broader social casino industry. While we remain hopeful that the conditions will improve for the genre as a whole, we're undertaking numerous initiatives to drive organic growth, lift revenue, and continue to expand margins. At the top of the list of the gains, we transitioned to new operating teams as part of our restructuring back in March. As a reminder, the team's overseeing games now include key product leaders from top slots, our top-performing social casino title. Given our experience, we continue to believe that both myKONAMI and myVEGAS can achieve meaningful improvements in payer conversion and spend per payer.

我們核心投資組合的趨勢與更廣泛的社交賭場產業保持一致。雖然我們仍然希望該類型的整體狀況會有所改善，但我們正在採取許多措施來推動有機成長、提高收入並繼續擴大利潤率。最重要的收穫是，作為三月重組的一部分，我們轉向了新的營運團隊。提醒一下，該團隊的監督遊戲現在包括來自頂級老虎機（我們表現最好的社交賭場遊戲）的關鍵產品領導者。根據我們的經驗，我們仍然相信 myKONAMI 和 myVEGAS 都可以在付款人轉換和每位付款人支出方面實現有意義的改進。

Other initiatives focused on improving the performance of our core titles include enhancing our direct sales capabilities, new advertising products, and improved capabilities with incentivized cross-promotions.

其他旨在提高核心產品績效的措施包括增強我們的直接銷售能力、新的廣告產品以及透過激勵性交叉促銷來提高能力。

Now, turning to playAWARDS, we continue to advance the technologies program, features, and benefits of our myVIP program and underlying platform. We're also making strides in our plan to launch our loyalties and service solution to external partners and continue to believe loyalty will be integral to the mobile gaming industry's future. We remain enthusiastic about the as yet untapped potential of this unique strategic asset and look forward to more fully realizing its value.

現在，轉向 playAWARDS，我們繼續推進 myVIP 計劃和底層平台的技術計劃、功能和優勢。我們還在向外部合作夥伴推出忠誠度和服務解決方案的計劃中取得了長足進步，並繼續相信忠誠度將成為行動遊戲產業未來不可或缺的一部分。我們仍然對這一獨特戰略資產尚未開發的潛力充滿熱情，並期待更充分地實現其價值。

Before I hand the call over to Scott to discuss our financials, I wanted to reaffirm our interest and focus on M&A. We continue to actively search for and qualify compelling opportunities that are in keeping with our overall strategy and expansion plans. We have a history of growth driven by both internally crafted games, along with acquired game assets. And I expect that to continue into the foreseeable future. We've been thoughtful stewards of our capital, opportunistically accumulating our own stock while maintaining substantial cash reserves to enable strategic acquisitions. While the public markets will always be unpredictable, we'll remain focused on optimizing returns for our shareholders.

在我將電話轉交給斯科特討論我們的財務狀況之前，我想重申我們對併購的興趣和關注。我們將繼續積極尋找並篩選符合我們整體策略和擴張計劃的引人注目的機會。我們的成長歷史是由內部製作的遊戲以及收購的遊戲資產所推動的。我預計這種情況將持續到可預見的未來。我們一直是我們資本的周到管理者，機會主義地累積我們自己的股票，同時保持大量現金儲備以實現策略性收購。儘管公開市場總是難以預測，但我們將繼續專注於優化股東回報。

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？

Thanks, Andrew. Good afternoon, everyone. In addition to today's press release, our Form 10-Q will be filed shortly. Please look to those filings for a comprehensive summary of our quarterly results.

謝謝，安德魯。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。請查看這些文件，以了解我們季度業績的全面摘要。

As Andrew mentioned, we were able to generate strong adjusted EBITDA performance again this quarter. As a reminder, Brainium was acquired in October of 2022 and wasn't part of our company the third quarter last year. Both DAU and MAU in the quarter were heavily skewed by the inclusion of Brainium. Fourth-quarter results will be more comparable, and a full annualization will happen in the first quarter of 2024.

正如安德魯所提到的，我們本季再次實現了強勁的調整後 EBITDA 業績。提醒一下，Brainium 於 2022 年 10 月被收購，去年第三季不屬於我們公司。本季的 DAU 和 MAU 均因 Brainium 的加入而嚴重扭曲。第四季的業績將更具可比性，完整的年化結果將在 2024 年第一季進行。

Excluding Brainium, organic growth in DAU and MAU was up double-digit percentages versus a year ago. This growth was driven by our casual portfolio that more than offset the declines in our core social casino users, which we believe are in line with the industry. These declines translated to lower-paying users and lower DPU this quarter.

不包括 Brainium，DAU 和 MAU 的有機成長比一年前增加了兩位數百分比。這一增長是由我們的休閒產品組合推動的，該產品組合遠遠抵消了我們核心社交賭場用戶的下降，我們認為這與行業一致。這些下降導致本季付費用戶和 DPU 降低。

Excluding the impact of our advertising-driven games, Tetris and Brainium, ARPDAU was up mid-single digits. The growth in ARPDAU was broad-based across our social casino portfolio. We ended the quarter with approximately $130 million in cash, no borrowings and full availability of our $81 million revolver. We did not repurchase any shares during the quarter and continue to have $30 million remaining in our stock repurchase authorization. Our broader capital allocation goals remain the same, investing in our games, building this gaming playAWARDS, pursuing strategic and accretive M&A, and investing in our public equity.

排除我們廣告驅動的遊戲《俄羅斯方塊》和《Brainium》的影響，ARPDAU 成長了中個位數。 ARPDAU 的成長在我們的社交賭場投資組合中具有廣泛的基礎。本季結束時，我們擁有約 1.3 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。我們在本季度沒有回購任何股票，我們的股票回購授權中仍然剩餘 3000 萬美元。我們更廣泛的資本配置目標保持不變，投資我們的遊戲，建立遊戲獎項，追求策略性和增值性併購，以及投資我們的公共股權。

Looking ahead, we are adjusting our annual guidance given that there's only one quarter remaining in 2023. Our adjusted EBITDA guidance increases to $60 million versus the previous range of between $55 million and $60 million. We are tightening our full-year revenue guidance to be between $305 million and $315 million versus prior guidance of between $305 million and $325 million. As discussed last quarter, our guidance assumes a pickup in spending to support our growth and development gains, as well as continued industry and economic stress.

展望未來，鑑於 2023 年僅剩四分之一，我們正在調整年度指引。調整後的 EBITDA 指引增至 6,000 萬美元，而先前的範圍為 5,500 萬美元至 6,000 萬美元。我們將全年收入指引收緊至 3.05 億美元至 3.15 億美元之間，而先前的指引為 3.05 億美元至 3.25 億美元之間。如上季所討論的，我們的指導假設支出增加以支持我們的成長和發展收益，以及持續的產業和經濟壓力。

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 thanks to everyone participating in today's call. While not without its challenges, I'm very encouraged by the progress we've made this year, and I'm quite optimistic about the many developments underway. Our efforts to increase profitability are working. And I believe we're on a path to margin parity with our peers. Our growth portfolios adding meaningfully to our total revenues, and I expect the contributions to grow into 2024. I'm also excited about new games in development and hopeful that one or more of them will be in the marketplace in the coming year. Alongside these internal efforts, we continue to scour the market for acquisitions that can accelerate our growth and expand our overall opportunity.

謝謝斯科特，也謝謝參加今天電話會議的所有人。雖然並非沒有挑戰，但我對我們今年的進展感到非常鼓舞，我對正在進行的許多進展非常樂觀。我們提高盈利能力的努力正在發揮作用。我相信我們正走在利潤與同業持平的道路上。我們的成長投資組合對我們的總收入產生了有意義的成長，我預計這種貢獻將持續到2024 年。我也對正在開發的新遊戲感到興奮，並希望其中一款或多款遊戲能夠在來年上市。除了這些內部努力之外，我們還繼續在市場上尋找能夠加速我們成長並擴大我們整體機會的收購。

Before I conclude the call and take your questions, I want to address the ongoing conflict in Israel. As you know, we have a significant presence in the region with a number of our playmakers based in Tel Aviv. Like the rest of the world, we were horrified by the events on October 7 and profoundly saddened by what's transpired since.

在結束通話並回答大家的問題之前，我想先談談以色列持續不斷的衝突。如您所知，我們在該地區擁有重要的影響力，我們的許多組織核心都駐紮在特拉維夫。與世界其他地區一樣，我們對 10 月 7 日發生的事件感到震驚，並對此後發生的事情深感悲痛。

While we have comprehensive business continuity measures in place and a collection of services aimed at supporting our employees during this turbulent and complicated time, you know that we'll continue to do everything possible to minimize the impact to our company and safeguard our team members and their families. And above all, we hope that someday soon, these cycles of violence and suffering lend in a narrow tolerance, justice, and stability will come to this beautiful and sacred land. I'll now turn the call over to the operator to take your questions. Operator?

雖然我們採取了全面的業務連續性措施和一系列服務，旨在在這個動盪和複雜的時期為我們的員工提供支持，但您知道，我們將繼續盡一切可能最大程度地減少對我們公司的影響，並保護我們的團隊成員和員工。他們的家人。最重要的是，我們希望在不久的將來，這些暴力和苦難的循環將為這片美麗而神聖的土地帶來狹隘的寬容、正義和穩定。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.

（操作員說明）Ryan Sigdahl，Craig-Hallum。

Good afternoon, Andrew, Scott.

下午好，安德魯，史考特。

Hey, Ryan.

嘿，瑞安。

Hi.

你好。

I think, Scott, I did not catch it exactly about the measures. What was organic revenue growth, excluding Brainium in the quarter?

史考特，我想我並沒有完全理解這些措施。本季不包括 Brainium 的有機收入成長是多少？

Organic revenue growth -- something like that. Just me give a second, Ryan.

有機收入成長—類似的事情。請稍等一下，瑞安。

Sure. If you want to look, I can keep moving.

當然。如果你想看，我可以繼續前進。

Yes, that's okay. But the answer is it's pretty close to being flat quarter over quarter.

是的，沒關係。但答案是，季度環比幾乎持平。

Okay. Then you mentioned a focus on and you have been making good progress on the margin expansion, focused on getting to margin parity with peers. Can you do that without a reacceleration in revenue growth, or do you need some of these growth initiatives to really hit you get there?

好的。然後您提到了重點，並且您在利潤擴張方面一直取得了良好進展，重點是與同行實現利潤平齊。您能否在不重新加速收入成長的情況下做到這一點，或者您是否需要其中一些成長計劃才能真正實現這一目標？

Well, there's one or two things, right? And then we have a number of initiatives that are in their development stage, where we're investing, substantially, that aren't contributing at all to revenues. So as they mature, they're going to contribute to revenues and result in that margin expansion, or they're not going to work. In which case, we, as a company, have a strategic choice to make, to redeploy that capacity into new development efforts that will drive future growth or to adjust the cost structure of our business in order to achieve what we believe to be more mature margins.

嗯，有一兩件事，對吧？然後，我們有許多處於開發階段的舉措，我們正在大量投資，但根本沒有對收入做出貢獻。因此，隨著它們的成熟，它們將為收入做出貢獻並導致利潤率擴張，否則它們就不會發揮作用。在這種情況下，作為一家公司，我們需要做出策略性選擇，將這些能力重新部署到新的開發工作中，以推動未來的成長，或調整我們業務的成本結構，以實現我們認為更成熟的目標邊距。

When we kind of look at and evaluate our business and we look at the core portfolio, we are at margin parity with our peers, even burdening it with the overhead, the more G&A and other expenses outside of that portfolio. And so really, our margins are compressed by the investments we're making in our new development opportunities. And then, of course, the investments we continue to make in playAWARDS as a platform and its capabilities so that we can leverage it more fully as a service beyond just supporting our own products.

當我們審視和評估我們的業務以及核心投資組合時，我們與同行的利潤率持平，甚至承受管理費用、更多的一般管理費用和投資組合之外的其他費用。事實上，我們在新的發展機會上的投資壓縮了我們的利潤。當然，我們也會繼續對 playAWARDS 作為一個平台及其功能進行投資，以便我們能夠更充分地利用它作為一項服務，而不僅僅是支持我們自己的產品。

So I hope that addresses your question, either going to enjoy the benefits of these investments or we're going to adjust our overall cost structure or we're going to redeploy that capacity into other future opportunities that we think are going to drive growth.

因此，我希望這能解決您的問題，要么享受這些投資的好處，要么我們將調整我們的整體成本結構，或者我們將把這些產能重新部署到我們認為將推動增長的其他未來機會中。

Helpful. Yeah. I was getting at the structural margin of the business, excluding all those growth initiatives, which you answered. My last question, you mentioned you've been testing the waters on external parties and partners using playAWARDS. You mentioned in the press release of the growth driver now. Curious kind of how that pipeline is progressing, what you're hearing. And then maybe any timeline around when we might hear something more formalized?

有幫助。是的。我正在了解業務的結構性利潤，不包括您回答的所有那些成長計劃。我的最後一個問題，您提到您一直在使用 playAWARDS 向外部各方和合作夥伴試水。您現在在新聞稿中提到了成長動力。你所聽到的內容令人好奇該管道的進展。然後也許我們什麼時候可以聽到更正式的消息？

Yes. I mean, I think it's still premature for us to kind of speak more specifically to what the overall shape of that opportunity looks like. And we've talked about our vision, which is to provide loyalty solutions to other key strategic partners or players in the industry. We've had a number of conversations. That feedback generally is pretty constructive and positive. I mean, they see it as a really unique asset and, particularly, given the dynamics of the industry today and how difficult it is to acquire players, retaining them becomes all the more important. And so our loyalty program is really aimed very specifically at retaining players over a longer period of time as a result driving up LTV.

是的。我的意思是，我認為我們現在更具體地談論這個機會的整體情況還為時過早。我們已經討論了我們的願景，即為行業中的其他關鍵策略合作夥伴或參與者提供忠誠度解決方案。我們進行了多次交談。這種回饋通常是相當有建設性和正面的。我的意思是，他們認為這是一項真正獨特的資產，特別是考慮到當今行業的動態以及獲取玩家的難度，留住他們變得更加重要。因此，我們的忠誠度計畫實際上是為了在更長的時間內留住玩家，從而提高生命週期價值。

So for early feedback, people appreciate and see the value of it. And we're in the early stages, just qualifying of what does that mean. So how to really support a third-party partner with not only the underlying technology solution, but all the other services that it might provide. And so it's been super helpful because it's refined our thinking, and it helped us understand how to better approach, exploiting that opportunity. So again, I would characterize the conversations as still being quite preliminary, but really instructive for us.

因此，對於早期回饋，人們會欣賞並看到它的價值。我們正處於早期階段，只是確定這意味著什麼。那麼如何真正支援第三方合作夥伴，不僅提供底層技術解決方案，還提供其可能提供的所有其他服務。所以它非常有幫助，因為它完善了我們的思維，幫助我們了解如何更好地利用這個機會。再次強調，我認為這些對話仍處於初步階段，但對我們確實具有啟發性。

Great. Thanks, Andrew, Scott. Good luck, guys.

偉大的。謝謝，安德魯，斯科特。祝大家好運。

Awesome. Thanks, Ryan.

驚人的。謝謝，瑞安。

(Operator Instructions) David Pang, Stifel.

（操作員說明）David Pang，Stifel。

Thanks, everyone. Can you talk about the puts and takes on guidance, which implies a fairly wide range in 4Q revenue, and what gives you confidence in your EBITDA outlook given this revenue range?

感謝大家。您能否談談指導中的看跌期權和看跌期權，這意味著第四季度收入的範圍相當廣泛，考慮到這一收入範圍，是什麼讓您對 EBITDA 前景充滿信心？

I mean, we did tighten the bandwidth of our revenue, so $305 million to $315 million, midpoint at $310 million. We felt that was just the appropriate thing, given the general uncertainty that we experienced in the market, which that may, again, that's why we reduce it. From an EBITDA perspective, we've been pretty consistent with our EBITDA projections, and we just kind of leaned into be a single number. We've already kind of accounted for the additional UA than we expected to spend in the fourth quarter. Did I answer the question?

我的意思是，我們確實收緊了收入範圍，從 3.05 億美元到 3.15 億美元，中間值為 3.1 億美元。考慮到我們在市場上經歷的普遍不確定性，我們認為這是適當的事情，這也可能是我們減少它的原因。從 EBITDA 的角度來看，我們的 EBITDA 預測非常一致，而且我們只是傾向於單一數字。我們已經計算了第四季度超出預期支出的額外用戶獲取。我回答問題了嗎？

Yeah.

是的。

The clarity on EBITDA, just remember, it also includes quite a bit on the expense side, which we do have probably a lot more control over. Also, like the mix shifts that you can sort of see towards the casual games, Tetris. So there's probably a little bit more of a line of sight with that as opposed to the revenues, which are, as Scott mentioned, much more based on how the broader economy is doing, how the category's doing. So that's why there's a little bit more precision in that number than in the revenues.

EBITDA 的清晰度，請記住，它還包括相當多的費用方面，我們對此可能有更多的控制權。此外，就像您可以看到的休閒遊戲《俄羅斯方塊》的混合轉變一樣。因此，與收入相比，可能有更多的視線，正如斯科特提到的那樣，收入更多地基於更廣泛的經濟表現，該類別的表現。這就是為什麼這個數字比收入更精確一些。

Got it. And separately, how do your players engage with playAWARDS during periods of economic weakness or uncertainty?

知道了。另外，在經濟疲軟或不確定時期，您的玩家如何參與 playAWARDS？

They become more active in the rewards program because they're playing games for free and accumulating all of these real-world benefits that they didn't get to take advantage of. So where in a tighter and more distressed economy and people are being a little a little more frugal, they take greater advantage of the program.

他們在獎勵計劃中變得更加積極，因為他們免費玩遊戲並累積了所有這些他們無法利用的現實世界的好處。因此，在經濟更加緊縮和更加困難的情況下，如果人們更加節儉一點，他們就會更好地利用該計劃。

Great. And lastly, on the initiatives that you ran for Solitaire, what were some of the key learnings from that?

偉大的。最後，關於您為 Solitaire 發起的舉措，您從中學到了哪些重要經驗？

There's a lot of opportunities still within Solitaire game category, at least with our execution of it. And we think across the broader casual portfolio that we have. So the things that we're doing that are impacting the fill rates of kind of our various impressions and ad products that we're being very careful in how we insert them into the products translated into revenue lift. And so those -- as we prove them out in one game, we believe that can be pulled through and extend it to the others. And there's a whole roadmap of other features and developments, some of which are very subtle and some of which are pretty material like the introduction of the myVIP loyalty program to those products. So and that's why we feel like it's been a great source of growth over the past couple of quarters, and we think it will continue to be.

紙牌遊戲類別中仍然存在著許多機會，至少在我們的執行方面是如此。我們考慮了我們擁有的更廣泛的休閒產品組合。因此，我們正在做的事情正在影響我們各種印象和廣告產品的填充率，我們非常小心地將它們插入轉換為收入提升的產品中。因此，當我們在一場比賽中證明它們時，我們相信這些可以通過並擴展到其他比賽。還有其他功能和開發的完整路線圖，其中一些非常微妙，另一些則非常重要，例如在這些產品中引入 myVIP 忠誠度計劃。因此，這就是為什麼我們認為它是過去幾個季度成長的重要來源，並且我們認為它將繼續如此。

If you'll recall, too, David, when we purchased Brainium, we talked a lot about the synergies that were available that we just weren't able to quantify at that point. So I think what you're seeing now is that there was always a plan in place. But we've, I mean, obviously with the restructure, like a lot of stuff that happened in the interim since we bought the company roughly a year ago. And we're finally starting to address a lot of those opportunities that we saw at the point of purchase. So we've had a long time to think about this, and we're just starting to implement it now.

David，如果您還記得，當我們購買 Brainium 時，我們談論了很多當時我們無法量化的可用協同效應。所以我認為你現在看到的是總是有一個適當的計劃。但我的意思是，顯然我們進行了重組，就像大約一年前我們收購該公司以來在此期間發生的許多事情一樣。我們終於開始解決我們在購買時看到的許多機會。所以我們已經考慮了很長一段時間，現在才開始實施。

And what I would say now and you think about it, but we've been implementing a lot of the core infrastructure and these titles, casual titles, generally, don't have the same kind of underlying infrastructure and back-end capabilities that allow you to deliver a lot of the core aspects of a loyalty program. So there was quite a bit of just infrastructure work that we had to do and put in place in service of now launching. There might be actually programming of those products, and that's what's coming up here shortly.

我現在要說的是，你想一下，我們已經實現了很多核心基礎設施，而這些遊戲，休閒遊戲，通常不具備相同類型的底層基礎設施和後端功能，無法讓您需要提供忠誠度計劃的許多核心方面。因此，我們必須做相當多的基礎設施工作並將其落實到位，以供現在啟動使用。實際上可能會對這些產品進行編程，這就是很快就會出現的內容。

That's it. David, you good?

就是這樣。大衛，你好嗎？

Oh yeah, thank you.

哦，是的，謝謝。

Okay. Awesome. All right.

好的。驚人的。好的。

Greg Gibas, Northland Securities.

吉巴斯 (Greg Gibas)，北國證券。

Great. Thanks, Andrew and Scott, appreciate you taking my questions. I'm wondering if you could speak to the timing. You commented on some new formats to come under the Tetris banner. I wonder if you could just speak to -- maybe what some of those similar games or new formats would be and the kind of the timing of those launches?

偉大的。謝謝安德魯和斯科特，謝謝你們回答我的問題。我想知道你能否談談時間安排。您對俄羅斯方塊旗幟下的一些新格式發表了評論。我想知道您是否可以談談 - 也許一些類似的遊戲或新格式是什麼以及這些遊戲的發佈時間是什麼？

Sure. I mean, our vision is that we're going to have a portfolio of Tetris products. Today, we have won our Tetris Prime product. It's really focused on the players that are wanting -- that kind of more purist, traditional players that want that basic form of Tetris. We've actually introduced some features that I think make even the basic game play kind of unique and different. And we're seeing how that translates to both scaling our audience and the performance that we're seeing out of that product.

當然。我的意思是，我們的願景是我們將擁有俄羅斯方塊產品組合。今天，我們贏得了俄羅斯方塊 Prime 產品。它真正關注的是那些想要的玩家——那些想要俄羅斯方塊基本形式的更純粹、傳統的玩家。實際上，我們已經引入了一些功能，我認為這些功能甚至使基本的遊戲玩法變得獨特和不同。我們正在看到這如何轉化為擴大我們的受眾以及我們從該產品中看到的表現。

We intend to then complement that game with several other Tetris products, each of which is a bit more casual in its nature. And so as we shared, when we first stepped into the rights for Tetris and now that we have this longer-term relationship, our belief is that there's an execution of Tetris that will make it a bit more approachable and appeal to the more traditional mobile casual and puzzle game audience. And that if we can arrive at a solution that appeals to that audience will then there's the opportunity to scale up a product that would be a perfect complement to the Tetris Prime product.

然後，我們打算用其他幾個俄羅斯方塊產品來補充遊戲，每個產品本質上都更加休閒。因此，正如我們所分享的，當我們第一次獲得俄羅斯方塊的權利時，現在我們已經建立了這種長期關係，我們相信俄羅斯方塊的執行將使其更平易近人，並吸引更傳統的行動裝置休閒和益智遊戲的受眾。如果我們能夠找到一個吸引受眾的解決方案，那麼就有機會擴大產品規模，成為俄羅斯方塊 Prime 產品的完美補充。

So we have a couple of different game teams that are actively advancing, what I would characterize as more casual version of the Tetris game. And then it is our intention to craft a version of Tetris that even more than Prime, really appeals to the purest that it delivers the traditional purest form of Tetris so that for those people that's what they want to engage with in play, they'll get it. We'll, of course, complement it with some of the other aspects of our value proposition like playAWARDS. But we have a vision where we can see a world, 12, 18 months from now where we have a portfolio of products from the classic Tetris game to these casual alternatives that are rich with meta features, and the mechanics make it a bit more approachable and easier to play and engage with. So that's what we have in mind.

因此，我們有幾個不同的遊戲團隊正在積極推進，我將其描述為俄羅斯方塊遊戲的更休閒版本。然後，我們的目的是製作一個比Prime 更能真正吸引最純粹的俄羅斯方塊的版本，因為它提供了傳統的最純粹的俄羅斯方塊形式，這樣對於那些他們想要在遊戲中參與的人來說，他們會得到它。當然，我們會用我們價值主張的其他一些面向（例如 playAWARDS）來補充。但我們的願景是，從現在起 12、18 個月後，我們將擁有一系列產品，從經典的俄羅斯方塊遊戲到這些富含元功能的休閒遊戲，其機制使其更容易上手並且更容易玩耍和互動。這就是我們的想法。

Well, that's good to hear. And I wanted to follow up on your previous comments related to your Tel Aviv studio. From, I guess, a high level, curious if there are any disruptions there? And I ask because I know that you recently transitioned to a few studios there and are working on improving some games at that studio. So I'm just curious if there's whether it's an operational and financial impact or item visibility is tough, but I'm curious if you are seeing disruption there?

嗯，很高興聽到這個消息。我想跟進您之前有關特拉維夫工作室的評論。我想，來自高層，好奇那裡是否有任何干擾？我問這個問題是因為我知道您最近轉到了那裡的幾個工作室，並且正在努力改進該工作室的一些遊戲。所以我只是好奇這是否會對營運和財務產生影響，或者專案可見性是否很困難，但我很好奇您是否看到了那裡的破壞？

Well, we're certainly having to adjust to the current conditions. We don't anticipate any real meaningful adverse financial impact, and that's because we have in place a crisis management practices that we activated in the case of our game portfolio. One of the primary things is to decentralize the leadership, such that each of the different products is directed and managed by people that while they still have a very tight connection to our core leadership team in Tel Aviv, they're not as dependent on that core leadership team in Tel Aviv.

嗯，我們當然必須適應當前的情況。我們預計不會產生任何真正有意義的不利財務影響，這是因為我們已經針對我們的遊戲組合啟動了危機管理實踐。主要的事情之一是分散領導權，這樣每個不同的產品都由人員指導和管理，雖然他們仍然與我們在特拉維夫的核心領導團隊保持著非常緊密的聯繫，但他們並不那麼依賴於此特拉維夫的核心領導團隊。

Over the last couple of years, we've invested quite a bit in development capacity and production support out of markets like Belgrade, which is really a companion studio to our Tel Aviv team and in Asia, which also serves to support from a production perspective, a lot of the other products in our portfolio. So we're really not that dependent on the production capacity that's based in Tel Aviv. That capacity tends to be concentrated on just a few products. And there are a bunch of measures, as I just alluded to, that we've taken to ensure that we can maintain our continuity and support each of our products without any meaningful disruption.

在過去的幾年裡，我們在貝爾格萊德等市場的開發能力和製作支持方面投入了大量資金，貝爾格萊德實際上是我們特拉維夫團隊和亞洲的姊妹工作室，也從製作角度提供支持，我們產品組合中的許多其他產品。因此，我們其實不那麼依賴特拉維夫的生產能力。這種產能往往集中在少數產品。正如我剛才提到的，我們採取了一系列措施來確保我們能夠保持我們的連續性並支持我們的每一款產品，而不會造成任何有意義的中斷。

So that's a fairly general description of what we put in place. There's obviously beyond that, a very comprehensive and detailed plan byproducts where the bulk of the entire teams are mapped. And there's kind of redundant capacity in other markets that we can activate the moment's notice if mid. And with all that said, I really want to highlight the extraordinary resilience on the part of our team that's in Israel. They care deeply about the company. They've obviously invested deeply in the products they're attached to, and they feel this deep sense of responsibility to kind of support and maintain the business. And so even though there's this extraordinary event that's happening there, that is, as you can only imagine, it should be all consuming. They remain really focused and supportive of all the company's efforts and very flexible as far as adopting and supporting whatever the solutions are that we think are appropriate for an interim period of time.

這是對我們所實施的內容的相當籠統的描述。顯然除此之外，還有一個非常全面和詳細的計劃副產品，其中映射了整個團隊的大部分內容。其他市場存在某種冗餘產能，我們可以在中期啟動通知。話雖如此，我真的想強調我們以色列團隊非凡的韌性。他們非常關心公司。顯然，他們對自己所喜愛的產品進行了深入投資，並且對支援和維護業務有強烈的責任感。因此，即使那裡正在發生這種非同尋常的事件，也就是說，正如你只能想像的那樣，它應該是非常消耗精力的。他們仍然真正專注並支持公司的所有努力，並且在採用和支持我們認為適合過渡時期的任何解決方案方面非常靈活。

So I couldn't be more proud of that team and their overall mindset. And of course, we're all deeply concerned about them and wanting to do everything we can to ensure that they have the flexibility to focus on their primary responsibilities, which is their own safety and the stability of their families and the security of their families. So it's complicated, but I think that we've got all the right practices in place to ensure that we can continue to operate our business. And as we sit here today, when we look at the performance across the portfolio, it feels like we're managing pretty well.

所以我為這個團隊和他們的整體心態感到無比自豪。當然，我們都深切關心他們，並希望盡一切努力確保他們能夠靈活地專注於自己的首要責任，即他們自己的安全、家人的穩定和家人的安全。 。所以這很複雜，但我認為我們已經採取了所有正確的做法來確保我們能夠繼續經營我們的業務。當我們今天坐在這裡時，當我們查看整個投資組合的表現時，感覺我們的管理得相當不錯。

There are no other questions in the queue. I'd like to hand it back to Mr. Pascal for closing remarks.

隊列中沒有其他問題。我想把它交還給帕斯卡先生做總結發言。

Well, I just appreciate those of you that have dialed in. Thank you for your continued interest in the company. We look forward to continuing to close out this year. We've had some pretty meaningful improvements in our performance growth year over year, which we're excited about from an EBITDA perspective and a bunch of efforts that we alluded to and touched upon that we believe we're going to drive top-line growth in the coming quarters. And so we'll just look forward to revisiting with you once we get on the other side of the new year, how well we can talk about more about those things. So again, thanks for tuning in, and look forward to our next call.

好吧，我只是感謝那些撥打電話的人。感謝您對公司的持續關注。我們期待今年繼續結束。我們的業績逐年成長取得了一些相當有意義的進步，從 EBITDA 的角度來看，我們對此感到興奮，並且我們提到並談到了一系列努力，我們相信我們將推動營收成長未來幾個季度的增長。因此，一旦我們進入新年的另一邊，我們將期待與您再次訪問，我們可以如何更好地談論更多這些事情。再次感謝您的收聽，並期待我們的下一次通話。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路並度過美好的一天。