PLAYSTUDIOS Inc (MYPS) 2024 Q3 法說會逐字稿

Greetings and welcome to the PLAYSTUDIOS third quarter, 2024 earnings call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎來到 PLAYSTUDIOS 2024 年第三季財報電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to turn the call over to Sameer Jain, head of Treasury and Investor Relations. Sameer, please go ahead.

現在我很高興將電話轉給財務和投資者關係主管 Sameer Jain。薩米爾，請繼續。

Thank you, operator. Good afternoon and thank you for joining us for PLAYSTUDIOS's third quarter, 2024 earnings call. Joining me on the call today are Chairman and CEO Andrew Pascal and our CFO Scott Peterson. Before we begin, let me remind you that during the course of this call, we will make forward-looking statements.

謝謝你，接線生。下午好，感謝您參加 PLAYSTUDIOS 2024 年第三季財報電話會議。今天與我一起參加電話會議的還有董事長兼執行長安德魯·帕斯卡 (Andrew Pascal) 和我們的財務長 Scott Peterson。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。

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. I would like to remind everyone that we will 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.

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出現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，了解可能影響我們未來結果的風險和不確定性的討論。我想提醒大家，我們將在這次電話會議中討論某些非公認會計原則財務指標，這些指標不應被視為替代根據公認會計原則編制的財務結果。

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. With that I will pass the call to Andrew.

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 SEC 文件中提供與可比 GAAP 衡量標準的對帳。這樣我就會把電話轉給安德魯。

Great. Thank you, Samir, and welcome everyone to our third quarter, 2024 earnings call. As always, our commentary today is in addition to the financial disclosures we made in our press release. So, I encourage you to take a look at the release for a summary of our recent performance.

偉大的。謝謝 Samir，歡迎大家參加我們的 2024 年第三季財報電話會議。與往常一樣，我們今天的評論是我們在新聞稿中披露的財務資訊的補充。因此，我鼓勵您查看該版本，以總結我們最近的表現。

I will begin with a few thoughts on the quarter and the company's outlook after which Scott will follow with a discussion of our financials. We will then open the call up for your questions.

我將首先對本季和公司前景進行一些思考，然後斯科特將討論我們的財務狀況。然後我們將打開電話詢問您的問題。

Revenues and adjusted EBITDA in the quarter were ahead of consensus estimates. And generally, in line with our expectations on a year over year basis, revenues were down 6% while adjusted EBITDA increased 8%. We remain focused on stabilizing revenue and increasing profitability.

該季度的營收和調整後的 EBITDA 超出了市場普遍預期。總體而言，與我們的同比預期一致，收入下降了 6%，而調整後的 EBITDA 則增加了 8%。我們仍然專注於穩定收入和提高盈利能力。

After carefully evaluating the potential impact of retooling our business on both revenues and profitability. We concluded that the resetting of our cost structure is critical to our success going forward.

在仔細評估了業務重組對收入和獲利能力的潛在影響之後。我們的結論是，重新調整成本結構對於我們未來的成功至關重要。

This reinvention plan if you will, which was launched in October consists of a reduction in our total workforce of over 30% the suspension of select subscale games, the consolidation of key functions and a new technology strategy focused on improving the productivity of R&D capacity.

這項重塑計畫於 10 月啟動，內容包括將員工總數減少 30% 以上、暫停部分小型遊戲、整合關鍵職能以及專注於提高研發能力生產力的新技術策略。

While we are providing more visibility into the overall financial impact of this plan. When we provide guidance for the coming year, I can share that we expect these changes to result in a normalized annual cost savings of approximately $25 million to $30 million.

同時我們正在提供更多關於該計劃的整體財務影響的可見性。當我們為來年提供指導時，我可以告訴大家，我們預計這些變化將帶來約 2500 萬至 3000 萬美元的標準化年度成本節省。

Consistent with this focus, I was encouraged that our adjusted EBITDA to margins of 20.5% grew 270 basis points versus a year ago and 100 basis points compared to the second quarter, gains were driven by efficiencies, lower cost of sales and reduced user acquisition spend. I believe the more recent measures we have taken will further improve our profitability, bringing us closer to the margin profile of our peers.

與此重點一致，令我感到鼓舞的是，我們的調整後EBITDA 利潤率為20.5%，與一年前相比增長了270 個基點，與第二季度相比增長了100 個基點，收益是由效率、銷售成本降低和用戶獲取支出減少所推動的。我相信我們最近採取的措施將進一步提高我們的獲利能力，使我們更接近同業的利潤狀況。

Now let us dig deeper into our play games division where we continue to focus on three key initiatives. First, stabilizing our social casino portfolio and returning it to positive sales growth. Second, scaling and expanding our portfolio of growth games which include Tetris and premium and third, expanding the breadth of our offering through acquisitions and new categories.

現在讓我們更深入地研究我們的遊戲部門，我們繼續專注於三個關鍵舉措。首先，穩定我們的社交賭場投資組合併使其恢復正銷售成長。其次，擴大和擴大我們的成長遊戲組合，包括俄羅斯方塊和高級遊戲；第三，透過收購和新類別擴大我們產品的廣度。

We are making progress in all fronts. In social casino year, over year, up down and revenue per paying user have been increasing in both myVegas and myKONAMI since the beginning of the year. As popular games with a significant base of daily and monthly players increasing these metrics is the key to improving results. It has been a more challenging year for POP! Slots.

我們在各方面都在取得進展。在社交賭場中，自年初以來，myVegas 和 myKONAMI 的每位付費用戶的收入逐年上升。作為擁有大量每日和每月玩家基礎的熱門遊戲，提高這些指標是改善結果的關鍵。對於 POP 來說，這是更具挑戰性的一年！老虎機。

However, there are a number of reasons why, but I believe we have made the appropriate changes to get the game back on course. So early compared to the second quarter, POP showed sequential increases in revenue and ARPDAU we are looking to build on this momentum and return the game back to growth. Our direct-to-consumer business still represents a significant untapped opportunity.

然而，原因有很多，但我相信我們已經做出了適當的改變，讓遊戲回到正軌。因此，與第二季度相比，POP 的營收和 ARPDAU 出現連續成長，我們希望在此勢頭的基礎上繼續努力，讓遊戲恢復成長。我們的直接面向消費者的業務仍然代表著一個尚未開發的重大機會。

Accounting for 7.2% of total revenues this quarter up from 4.5% last quarter. Our goal is to continue to increase the complement of revenues attributed to this channel with an ultimate target of over 20% and continue to make progress.

佔本季總營收的 7.2%，高於上季的 4.5%。我們的目標是繼續增加該管道的收入補充，最終目標是超過 20%，並繼續取得進展。

Optimizing games in our growth portfolio had another strong quarter, posting year over year growth in revenues and ARPDAU higher sales are being driven by the introduction of the advertising formats such as banners and rewarded video. While increased profitability is a function of operating leverage.

我們的成長組合中的優化遊戲又迎來了一個強勁的季度，收入同比增長，並且 ARPDAU 銷售額的增長是由橫幅和獎勵視頻等廣告格式的引入推動的。雖然獲利能力的提高是營運槓桿的函數。

Results within our Petros franchise were mixed in the quarter as the brand's 40th anniversary had a more muted effect than we anticipated. Similarly, we continue to test and assess user acquisition strategies for Tetris block which is still in the early stages of its optimization cycle.

我們的 Petros 特許經營權在本季度的業績好壞參半，因為該品牌 40 週年紀念日的影響比我們預期的要小。同樣，我們繼續測試和評估俄羅斯方塊塊的用戶獲取策略，該塊仍處於優化週期的早期階段。

Lastly, let us quickly touch on new initiatives. Integration of our recent acquisition pixel is progressing smoothly. The team has begun work to combine pixel's highly engaging block puzzle game with the Tetris brand. As a reminder, pixel uses the proven raid and defend mechanic that has been popularized in super scaled games such as Coin Master and Monopoli go by leveraging the Tetris brand.

最後，讓我們快速談談新措施。我們最近採集的像素的整合進展順利。團隊已開始致力於將 Pixel 極具吸引力的方塊益智遊戲與俄羅斯方塊品牌結合。提醒一下，Pixel 使用了經過驗證的突襲和防禦機制，該機制已在 Coin Master 和 Monopoli go 等超大規模遊戲中利用俄羅斯方塊品牌而流行。

We believe this game has the potential to substantially upend the block puzzle category. We are still in the early days of development, but our hope is to have a game ready for some time in 2025. We are also working to better understand the rapidly growing sweepstakes promotional model and how it can potentially revitalize our social casino portfolio.

我們相信這款遊戲有可能大幅顛覆方塊拼圖類別。我們仍處於開發初期，但我們希望能在 2025 年的某個時間點準備好遊戲。我們也致力於更了解快速成長的抽獎促銷模式以及它如何可能振興我們的社交賭場投資組合。

Given its increasing popularity along with our unique and relevant collection of strategic assets. We've elected to incubate our own sweepstakes solution and evolve our rewarded pay and promotional capabilities.

鑑於其日益受歡迎以及我們獨特且相關的戰略資產集合。我們選擇孵化我們自己的抽獎解決方案，並發展我們的獎勵薪酬和促銷能力。

Now let's turn our attention to play awards.

現在讓我們把注意力轉向比賽獎項。

Our product teams have been dedicated to integrating our refreshed myVIP loyalty program into our primary titles by year end leveraging our industry leading collection of rewards and benefits. The program enriches the value proposition for our players and creates a strategic point of difference for our games.

我們的產品團隊一直致力於利用我們領先業界的獎勵和福利系列，在年底前將更新的 myVIP 忠誠度計劃整合到我們的主要遊戲中。該計劃豐富了我們玩家的價值主張，並為我們的遊戲創造了戰略差異點。

This quarter, we added 11 new partners including brands such as Hoover, Atlantis, Bahamas, Borgata and a collection of national theme parks. At quarter end, we had 133 partners offering nearly $2.3 million in retail rewards per day. No other game publisher offers anything close once fully integrated, we look for myVIP to further enhance the lifetime value of our players and drive greater long-term value.

本季度，我們新增了 11 個合作夥伴，包括 Hoover、Atlantis、Bahamas、Borgata 等品牌以及一系列國家主題樂園。截至季末，我們有 133 個合作夥伴每天提供近 230 萬美元的零售獎勵。一旦完全集成，沒有其他遊戲發行商可以提供任何接近的東西，我們希望 myVIP 能夠進一步提高玩家的終身價值並推動更大的長期價值。

Lastly, I want to discuss our capital position and plans for investing our available cash.

最後，我想討論一下我們的資本狀況以及可用現金的投資計劃。

We restarted our share repurchase program in the third quarter and including transactions we completed in the spring. We have repurchased nearly 10% of our total issued stock this year. We continue to believe that the intrinsic value of our company is greater than its public valuation and buying back our stock rates value for all shareholders.

我們在第三季重新啟動了股票回購計劃，包括我們在春季完成的交易。今年我們回購了近10%的已發行股票。我們仍然相信，我們公司的內在價值大於其公開估值以及為所有股東回購我們的股票的利率價值。

At the same time, our large cash holdings annual cash generation allows us to invest in our businesses and pursue external acquisitions. On the latter, we remain committed to pursuing strategic and agree to M&A transactions and are actively searching for compelling opportunities. I am now turning the call over to Scott to discuss the quarterly results and our outlook for the year. Scott,

同時，我們持有的大量現金每年產生的現金使我們能夠投資於我們的業務並尋求外部收購。對於後者，我們仍然致力於追求策略並同意併購交易，並積極尋找引人注目的機會。我現在將電話轉給斯科特，討論季度業績和我們對今年的展望。斯科特，

Thanks Andrew. 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 third quarter results.

謝謝安德魯。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，以了解我們第三季業績的全面摘要。

Net revenues in the quarter were $71.2 million. A 6% decrease versus a year ago, our portfolio of social games accounted for the majority of the decline due to continued weakness in the category while we do not expect industry trends to reverse anytime soon.

該季度淨收入為 7,120 萬美元。與一年前相比，我們的社交遊戲組合下降了 6%，由於該類別的持續疲軟，我們的社交遊戲組合佔了下降的大部分，而我們預計行業趨勢不會很快逆轉。

We are hopeful that the rate of pressure will ease in the coming quarters. Similarly, we were encouraged that our Social Casino portfolio showed sequential revenue growth versus the second quarter, particularly in our largest game POP! Slots.

我們希望壓力在未來幾季有所緩解。同樣，我們的社交賭場產品組合顯示與第二季度相比收入連續增長，特別是在我們最大的遊戲 POP！老虎機。

Our longer-term focus in social casino remains on improving performance of our game to drive growth regardless of the industry backdrop, performance in our casual portfolio was mixed this quarter with some slowing in touchless and continued strength at brain in some of the drivers of these results included the scaling of advertising product updates and full adoption of our loyalty offering.

無論行業背景如何，我們對社交賭場的長期關注仍然是提高遊戲的性能以推動增長，本季度我們的休閒產品組合的表現好壞參半，其中一些驅動因素中非接觸式遊戲有所放緩，而大腦的持續強勢結果包括擴大廣告產品更新規模和全面採用我們的忠誠度服務。

Third quarter consolidated, adjusted EBITDA but that was $14.6 million, an 8% increase versus $13.5 million a year ago adjusted EBITDA margins of 20.5% expanded 270 basis points versus a year ago and 100 basis points versus last quarter games were driven by an increase in direct-to-consumer sales. A higher mix of advertising revenues and lower user acquisition spend as discussed in previous calls.

第三季合併、調整後的EBITDA 為1,460 萬美元，與去年同期的1,350 萬美元相比成長了8%。上季相比增加了100 個基點，這是由於直接面向消費者的銷售。如同先前的電話會議中所討論的，廣告收入的更高組合和用戶​​獲取支出的降低。

We believe there is an opportunity to increase our margins considerably and that we can eventually reach a consolidated adjusted EBITDA margin closer to our peers. DAU was $3 million, and MAU was $12.7 million in the third quarter, down 16% and 8%, respectively. From the same period last year.

我們相信，我們有機會大幅提高利潤率，並且最終可以達到更接近同業的綜合調整後 EBITDA 利潤率。第三季 DAU 為 300 萬美元，MAU 為 1,270 萬美元，分別下降 16% 和 8%。從去年同期來看。

DAU declines were broad based but largely driven by social casino and brainium. ARPDAU out for the quarter was $0.26 up 13% from year ago results, continuing a trend we have seen since the beginning of the year, we saw a double-digit year over year percentage ARPDAU games in myVegas, myKONAMI and brainium also encouraging with a double-digit year over year and sequential ARPDAU game for POP! Slots. We are hopeful that these early results can lead to positive long-term momentum.

DAU 下降幅度廣泛，但主要是由社交賭場和 Brainium 推動的。本季的ARPDAU 支出為0.26 美元，比去年同期成長13%，延續了我們自今年年初以來看到的趨勢，我們看到myVegas、myKONAMI 和Brainium 中的ARPDAU 遊戲同比增長率達到兩位數，這也令人鼓舞， POP! 的逐年兩位數連續 ARPDAU 遊戲！老虎機。我們希望這些早期結果能帶來正面的長期動能。

Turning to play awards, we continue to make progress, expanding the functionality and scope of the platform. We closed the quarter with 532 available rewards and 133 rewards partners brands added this quarter include Universal Studios, Hoover Atlantis, Bahamas and Brigada. Nearly 450,000 rewards were purchased during the quarter at a retail value of $25 million.

在玩獎項方面，我們不斷取得進步，擴大了平台的功能和範圍。本季結束時，我們提供了 532 個可用獎勵，本季新增了 133 個獎勵合作夥伴品牌，包括環球影城、胡佛亞特蘭提斯、巴哈馬和 Brigada。本季購買了近 45 萬份獎勵，零售價值為 2,500 萬美元。

As Andrew mentioned in October, we began the process of resetting our cost structure to a plan which consists of a reduction in our total workforce, the suspension of select subscale games, the consolidation of key functions and a new technology strategy.

正如安德魯在 10 月所提到的，我們開始重新調整成本結構，制定一項計劃，其中包括減少員工總數、暫停部分小型遊戲、整合關鍵職能和一項新技術策略。

As a result of this reset, we will be recording a charge in the fourth quarter of between $14 million and $16 million. Approximately half of which is related to severance and contract termination payments with the other half related to non-cash charges for the impairment of capitalized software costs and fixed assets.

由於此次重置，我們將在第四季度記錄 1,400 萬至 1,600 萬美元的費用。其中約一半與遣散費和合約終止付款有關，另一半與資本化軟體成本和固定資產減損的非現金費用有關。

We ended the year with approximately $105 million in cash, no borrowings and full availability of our $81 million revolver. As Andrew mentioned, we restarted our share repurchase program and year-to-date have bought back $29.2 million of our stock or 10% of our total issued stock through the end of the quarter.

到年底，我們擁有大約 1.05 億美元的現金，沒有借款，並且 8100 萬美元的左輪手槍完全可用。正如安德魯所提到的，我們重新啟動了股票回購計劃，今年迄今已回購了 2,920 萬美元的股票，截至本季末已發行股票總額的 10%。

Our share repurchase authorization currently stands at $45 million beyond repurchases, our capital allocation goals remain the same, investing in our businesses and pursuing strategic and a creative M&A.

目前，我們的股票回購授權為回購之外的 4,500 萬美元，我們的資本配置目標保持不變，投資於我們的業務並追求策略性和創造性的併購。

Our 2024 financial guidance of revenues in the range of $285 million and $295 million and consolidated adjusted EBITA between $55 million and $65 million remain unchanged. I will now turn the call back to Andrew for some closing remarks.

我們的 2024 年財務指引收入在 2.85 億美元至 2.95 億美元之間，綜合調整後 EBITA 在 5,500 萬美元至 6,500 萬美元之間保持不變。現在我將把電話轉回給安德魯，讓他發表一些結束語。

Thanks Scott. Before we end our prepared remarks and open the call for questions. I would like to touch on a few highlights. We recently launched a comprehensive restructuring which will simplify our business, focus our talent and drive further margin improvements in profitability despite continued industry pressures which are impacting our sales.

謝謝斯科特。在我們結束準備好的演講並開始提問之前。我想談幾個要點。儘管持續的行業壓力影響了我們的銷售，但我們最近啟動了全面重組，這將簡化我們的業務，集中我們的人才，並推動盈利能力的進一步提高。

We were able to grow adjusted but do by 8% versus a year ago and increase our margin by 270 basis points over the same period, increased monetization efforts in myVegas and branding are working for the third quarter in a row. We saw double digit year over year game in ARPDAU cross both titles. We look for momentum to continue to 2025.

我們能夠實現調整後的成長，但與一年前相比成長了 8%，同期利潤率提高了 270 個基點，myVegas 的貨幣化努力和品牌推廣連續第三季度取得了成效。我們在 ARPDAU 中看到這兩款遊戲的年同比比賽均達到兩位數。我們期待這種勢頭能夠持續到 2025 年。

Pix has been integrated into our operations and we are making progress on our new Tetris title. Our goal remains to have the new game complete and in the market at some point in 2025. And we formally constituted our sweepstakes promotions initiative and look forward to leveraging this promotional mechanic to reinvigorate our social casino portfolio.

Pix 已整合到我們的營運中，我們的新俄羅斯方塊遊戲正在取得進展。我們的目標仍然是在 2025 年的某個時候完成新遊戲並推向市場。我們正式製定了抽獎促銷計劃，並期待利用這項促銷機制來重振我們的社交賭場產品組合。

With that. I will turn it over to the operator. Operator, please open the line for questions.

就這樣。我會把它交給接線生。接線員，請開通提問線。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Our first question is coming from Aaron Lee from Macquarie. Your line is now live.

謝謝。我們現在將進行問答環節。（操作員說明）我們的第一個問題來自麥格理的 Aaron Lee。您的線路現已上線。

Hey, good afternoon. Thanks for taking my question.

嘿，下午好。感謝您提出我的問題。

Hey Aaron, how are you?

嘿，亞倫，你好嗎？

Good, good. I wanted to start with, you know, the double digit ARPDAU increases for myVegas and Brainium them and some of the titles you talked about. Can you comment on what the drivers of this growth were and whether you think these gains are sustainable over the coming quarters?

好，好。我想從 myVegas 和 Brainium 以及您談論的一些遊戲的 ARPDAU 兩位數增長開始。您能否評論一下這種成長的驅動因素是什麼？

Sure. In the casual portfolio, which is the branium portfolio as we alluded to the increases are being driven by new ad units that we have incorporated into those games. And so, we hope and expect that we'll continue to enjoy that lift in performance there are still yet even more ad products and opportunities that we feel we've not yet exploited within that portfolio.

當然。在休閒產品組合中，也就是我們提到的 branium 產品組合，成長是由我們納入這些遊戲的新廣告單元所推動的。因此，我們希望並期望我們將繼續享受業績的提升，但我們認為該產品組合中還有更多的廣告產品和機會尚未利用。

And we will in the coming months within the Social Casino portfolio, the improvements are being driven primarily by increases in both conversion PPU which is up slightly as well as improvements in our people. So, we agree to which people that are converting are actually spending. So that is translated to the list that we need to.

我們將在未來幾個月內，在社交賭場投資組合中，這些改進主要是由轉化 PPU 的增加（略有上升）以及我們員工的改進所推動的。因此，我們同意哪些正在轉化的人實際上在消費。這樣就可以將其轉換為我們需要的清單。

Okay. Got you. That is helpful. And then just going turning to sweepstakes for a second, you touched on this in your prepared remarks briefly, but any more color you can provide on the initiatives that you're working on to kind of reverse some of those headwinds that you're seeing in the myVIP loyalty program. I think you talked about some sweepstakes promotional initiatives, but just any more color on what you're working on there.

好的。明白你了。這很有幫助。然後，我們暫時轉向抽獎活動，您在準備好的發言中簡要提到了這一點，但是您可以就您正在採取的舉措提供更多的信息，以扭轉您所看到的一些不利因素在myVIP 忠誠度計劃中。我想你談到了一些抽獎促銷活動，但只是對你正在做的事情有更多的了解。

Sure, as we alluded to on the last call, we believe that the emergence of sweepstakes as a promotional mechanic and a driver of monetization is proving to be significant. The scale and magnitude of the games and services that are exploiting sweepstakes is very substantial today. I believe it is a $3 billion plus market. And if you look at the games and the underlying services that are being provided, the content, they're free to play social casino products.

當然，正如我們在上次電話會議中提到的那樣，我們相信抽獎作為促銷機制和貨幣化驅動力的出現被證明具有重要意義。如今，利用抽獎活動的遊戲和服務的規模和規模非常巨大。我相信這是一個價值 30 億美元以上的市場。如果你看看遊戲和正在提供的基礎服務、內容，他們可以免費玩社群賭場產品。

And so, what we recognize is that there's an opportunity for us to leverage and exploit our games and our content and our large network of players and use the sweepstakes promotional mechanic to reinvigorate them, drive a higher level of engagement, activation and monetization.

因此，我們認識到，我們有機會利用我們的遊戲、內容和龐大的玩家網絡，並利用抽獎促銷機制來重振他們，推動更高水準的參與、活化和貨幣化。

And so, we've recently more formally constituted our own effort where we're building out our own systems and tools and enriching what we've already had in place through play awards, which is our capacity to deliver sweepstakes style mechanics and rewards for in exchange for our players deeper engagement. We're going to enrich the set of capabilities that we have there.

因此，我們最近更正式地做出了自己的努力，我們正在建立自己的系統和工具，並透過遊戲獎勵豐富我們已經擁有的內容，這是我們為玩家提供抽獎式機制和獎勵的能力以換取我們玩家更深入的參與。我們將豐富我們在那裡擁有的能力。

So, we have a formal team that we've now constituted internally that's advancing all the underlying technology tools that we'll be using to take advantage of that emotional opportunity going forward.

因此，我們現在在內部組建了一個正式團隊，該團隊正在推進所有基礎技術工具，我們將使用這些工具來利用未來的情感機會。

Okay, great. Appreciate the color. Sounds very interesting.

好的，太好了。欣賞顏色。聽起來很有趣。

Cool. Yeah, we are pretty excited about it.

涼爽的。是的，我們對此感到非常興奮。

Thank you. Next question is coming from Ryan Sigdahl from Craig Hallam. Your line is now live.

謝謝。下一個問題來自 Craig Hallam 的 Ryan Sigdahl。您的線路現已上線。

Good afternoon. This is Will on for Ryan. Thanks for taking our questions. Just wanted to follow up quickly on sort of what you saw with Pop! Slots during the quarter. Sounds like a little bit of sequential improvement. Curious maybe going into October and Q4, how the whole portfolio has trended so far?

午安.這是瑞安的威爾。感謝您回答我們的問題。只是想快速跟進您在 Pop 中看到的情況！本季的時段。聽起來像是一點連續改進。也許好奇進入 10 月和第四季度，到目前為止整個投資組合的趨勢如何？

Look, I think overall what we've highlighted is that within the portfolio, there have been mixed results for the past few quarters that while we saw some improved performance from Myvegas and KONAMI, it was more than offset by some of the erosion that we were seeing within Pop! Slots.

看，我認為總體而言，我們強調的是，在投資組合中，過去幾個季度的結果好壞參半，雖然我們看到Myvegas 和KONAMI 的業績有所改善，但它被我們的一些侵蝕所抵消。老虎機。

We do not typically break out and speak more specifically to the metrics for each product. But as we alluded to in the opening of the call, we have seen things stabilize with Pop! Slots, a lot of the reinvention exercise that we just went through, and I alluded to is about bringing a different level of focus and simplicity to the teams that are focused on advancing that product.

我們通常不會對每種產品的指標進行更具體的討論。但正如我們在電話會議開頭提到的那樣，我們已經看到 Pop! 的情況穩定下來了！Slots，我們剛剛經歷的許多重塑活動，我提到的是為專注於推進該產品的團隊帶來不同程度的關注和簡單性。

And so, you know, our outlook, we're encouraged by some of the performance that we're seeing and the opportunities that we have ahead of us to continue to improve its performance.

因此，您知道，我們的前景，我們看到的一些業績以及我們面前繼續提高其業績的機會感到鼓舞。

So, you know, once we get through this quarter and, and provide a bit more guidance as to our outlook in the coming year, we'll, we'll provide a bit more cover.

所以，你知道，一旦我們度過了這個季度，並就我們來年的前景提供更多指導，我們將提供更多資訊。

Sounds great and then maybe following up a bit on sort of monetizing play awards to a greater scale, maybe through a partnership and how negotiations sort of gone with any potential partners and any update there would be great.

聽起來不錯，然後也許會在更大範圍內對遊戲獎項的貨幣化進行一些跟進，也許透過合作夥伴關係以及與任何潛在合作夥伴的談判如何進行以及任何更新都會很棒。

Sure, thank you. So, as we have alluded to in the past few quarters, we went out into the market and started to test the overall interest in our loyalty program and providing a service.

當然可以，謝謝。因此，正如我們在過去幾個季度中提到的那樣，我們進入市場並開始測試人們對我們的忠誠度計劃和提供服務的整體興趣。

The response was very instructive people universally recognized how unique the program is to us. And we are intrigued and wanted to learn more. They also provided fairly specific feedback about some of the points of friction that we'd have to overcome in order to provide it as a service.

反應非常有啟發性，人們普遍認識到該計劃對我們來說是多麼獨特。我們很感興趣並想了解更多。他們也就我們必須克服的一些摩擦點提供了相當具體的回饋，以便將其作為服務提供。

And the Play Awards team has been working pretty diligently on advancing the platform and its capabilities so that we can in fact provide it as a service to third parties. With that said, what I will tell you is that we are pumping the brakes a bit on the whole Play Awards as a service opportunity. We have invested a lot in it. We still believe it as a long-term driver of our value.

Play Awards 團隊一直在非常努力地推進平台及其功能，以便我們實際上可以將其作為服務提供給第三方。話雖如此，我要告訴您的是，我們正在將整個 Play Awards 作為一項服務機會稍微踩一下煞車。我們在這方面投入了很多。我們仍然相信它是我們價值的長期驅動力。

But in keeping with the whole refocusing of the company and simplification and really bearing down on the core franchises that are the more immediate drivers of performance and your term growth. We are going to moderate the investments that we make in generalizing and leveraging Play awards as a platform, at least in the relative midterm. We will revisit that as we get deeper into the coming year.

但與公司的整體重新調整和簡化保持一致，並真正對核心特許經營權產生影響，這是績效和長期成長的更直接的驅動力。我們將調整我們在推廣和利用 Play 獎勵作為平台方面所做的投資，至少在相對中期是如此。隨著明年的深入，我們將重新審視這一點。

Good to know. Thanks guys.

很高興知道。謝謝你們。

(Operator instructions) our next question is coming from Mike Hickey from Benchmark is now live.

（操作員說明）我們的下一個問題來自 Benchmark 的 Mike Hickey，現已上線。

Hey, Andrew Scott. Samir, thanks for taking our questions. Just curious on the risk here. Pretty meaningful. How is that going to impact your existing live services are a pipeline. When we think about 25 revenue growth. I think we have an idea of where you want EBITDA margin to be about. How is this going to impact your, your revenue growth in 25 in your existing games.

嘿，安德魯·斯科特。薩米爾，感謝您提出我們的問題。只是對這裡的風險感到好奇。蠻有意義的。這將如何影響您現有的即時服務管道。當我們考慮 25 的收入成長時。我認為我們知道您希望 EBITDA 利潤率達到多少。這將如何影響您現有遊戲的 25 收入成長。

Well, that is an excellent question. And I think, you know, it has always been very tough to predict. We have certainly worked very hard in the whole redesign of the company and eliminating what is effectively heard of the team in our capacity.

嗯，這是一個很好的問題。我認為，你知道，預測一直非常困難。當然，我們在公司的整個重新設計過程中付出了很大的努力，並消除了我們團隊中有效聽到的內容。

We've done everything we can to ensure that we minimize the adverse impact that that will have on our revenue performance. But it's difficult to predict what we believe is that while there may be some very near term, a lack of predictability or some instability that the moves and the changes that we've now implemented.

我們已盡一切努力確保盡量減少這對我們收入表現的不利影響。但很難預測我們所相信的是，雖然我們現在實施的措施和變革可能會在短期內缺乏可預測性或不穩定。

Are going to ultimately translate to our bringing even more focus to the light products and initiatives with the best of our talent that is then able to bring about the performance that we think is possible, the unrealized performance and growth that we see within the portfolio.

最終將轉化為我們將更多的注意力集中在輕型產品和計劃上，並利用我們最優秀的人才，從而能夠實現我們認為可能的性能，以及我們在產品組合中看到的未實現的性能和增長。

So, it's along with the way of saying hard to really understand what the more immediate adverse impact might be. But we pretty firmly believe that the changes we've now instituted are going to ultimately enable us to perform better and then have more resources that we can then invest in our future growth.

因此，很難真正理解更直接的不利影響可能是什麼。但我們非常堅信，我們現在所實施的變革最終將使我們能夠表現得更好，然後擁有更多的資源，可以投資於未來的成長。

So, as we get into the new year, I think we'll have a much clearer line of sight on you know, the overall impact of this restructuring.

因此，當我們進入新的一年時，我認為我們將對重組的整體影響有更清晰的認識。

Okay. Thank you, and then on the rewards.

好的。謝謝，然後說獎勵。

Sorry. I just want to -- hi, this is Scott, I just wanted to add this, that everything Andrew just said obviously is true, but we still were confident enough to not change our guidance, our year end guidance. So, we are, we are still feeling like between what we previously published is, still we feel like we are going to make it.

對不起。我只是想——嗨，這是斯科特，我只是想補充一點，安德魯剛才所說的一切顯然都是真的，但我們仍然有足夠的信心不改變我們的指導，我們的年終指導。所以，我們仍然感覺到我們之前發布的內容之間，我們仍然感覺我們會成功。

Okay.

好的。

Yeah, on your rewards. Do you think there is something wrong with the offering or the mix that you have? I mean, you look at your DAU decline of 16%. I know social casino is under pressure, but I am guessing that is worse than the market.

是的，關於你的獎勵。您認為您的產品或組合有問題嗎？我的意思是，你看看 DAU 下降了 16%。我知道社交賭場面臨壓力，但我猜這比市場更糟。

I mean, do you think you need to sort of reinvigorate your rewards here? What's the disconnect that's not giving you better attention from your player base?

我的意思是，你認為你需要在這裡重振你的獎勵嗎？是什麼脫節沒有讓你得到玩家群的更好關注？

I actually think that you know, the DAU and aggregate is down, but it's disproportionately impacted by the casual portfolio and in Tetris more specifically where we have that spike in engagement and activity in the first quarter, it really resulted in just a ton of organic interest in growth.

我實際上認為你知道，DAU 和總體下降了，但它受到休閒投資組合的影響不成比例，更具體地說，在《俄羅斯方塊》中，我們在第一季的參與度和活動激增，這確實導致了大量的有機成長對成長的興趣。

And so, those users have kind of normalized and the people that were picking up the product more as a novelty, not necessarily as committed long term players we've kind of now worked through. So, we do not, you know, again, give visibility into the specific composition of our DAU, but it was impacted disproportionately by the declines more in the casual portfolio.

因此，這些用戶已經正常化，而那些選擇該產品的人更多地是把它當作一種新奇的東西，而不一定是我們現在所遇到的忠誠的長期玩家。因此，我們不會再一次透露 DAU 的具體組成，但它受到休閒投資組合下降幅度更大的影響。

Okay? Last question. Do, do you think there is any, when you look at your player base and their engagement with your rewards? Are you seeing any potential softness here? Maybe just in terms of the consumer, your consumer demand to travel to, Vegas? I mean, is that in part, you think the problem, or do you think that demand for travel is still there or maybe it does not matter? Thanks guys.

好的？最後一個問題。當你觀察你的玩家群以及他們對你的獎勵的參與度時，你認為有什麼影響嗎？您在這裡看到任何潛在的軟性嗎？也許就消費者而言，您的消費者需求去維加斯旅行？我的意思是，您認為這在某種程度上是問題所在，還是您認為旅行需求仍然存在，或者也許並不重要？謝謝你們。

Yeah. No, thanks for the question. Look, I think that the, the proposition that we offer to our core casino audience is clear, valued and it is, and it is actively engaged with. And the more we do to leverage the partnerships that we have in really unique and creative ways, the more it activates our audience.

是的。不，謝謝你的提問。看，我認為，我們向核心賭場受眾提供的主張是明確的、有價值的，而且確實如此，而且我們正在積極參與。我們越以真正獨特和創造性的方式利用我們擁有的合作夥伴關係，就越能激發我們的受眾。

So, for example, just last week, we concluded our World Tournament of Slots Series where over the preceding 4 to 5 months, we ran a whole collection of in game events and activations and had unique slot games that we've introduced that provided our players with an opportunity to win an entry into a real world slot tournament where we were going to crown the world's best slot player and give away a million dollars.

例如，就在上週，我們結束了世界老虎機錦標賽系列賽，在過去的4 到5 個月裡，我們舉辦了一系列遊戲內活動和活動，並推出了獨特的老虎機遊戲，這些遊戲為我們提供了玩家有機會贏得參加現實世界老虎機錦標賽的機會，我們將在其中加冕世界上最好的老虎機玩家並贈送一百萬美元。

And so the level of interest and engagement was incredibly high. We had 500 players; we participated in that event. It was a complement of our own players. Majority, over 80% of the players came from our network. But then we also had nearly 100 players that were provided by our partner, which gave us access to some really highly valued and compelling players.

因此，人們的興趣和參與度非常高。我們有 500 名玩家；我們參加了那個活動。這是對我們自己球員的補充。大多數，超過 80% 的玩家來自我們的網路。但我們也有近 100 名由我們的合作夥伴提供的球員，這使我們能夠接觸到一些非常有價值和引人注目的球員。

So, you know, I think the more what we recognize is that we really need to double down on the, the more creative executions of different events and activities across the collection of partners we have. That is something that our players really respond to. So, there's a bunch of examples of that we're going to be doing a lot more of that going forward.

所以，你知道，我認為我們越認識到，我們確實需要加倍努力，在我們擁有的合作夥伴中對不同的事件和活動進行更有創意的執行。這是我們的球員真正反應的事情。因此，有許多例子表明我們將在未來做更多的事情。

I think generally what that reinforces is that the program is very compelling, but it requires that the underlying rewards and benefits have to align with what the players are interested in and want to take advantage of for the core slot and social casino players that we have. They still value everything that we offer in and around the casino industry and casino portfolio of partners.

我認為總的來說，這強化了該計劃非常引人注目，但它要求潛在的獎勵和福利必須與玩家感興趣的內容以及我們擁有的核心老虎機和社交賭場玩家想要利用的內容相一致。他們仍然重視我們在賭場行業及其周邊以及賭場合作夥伴組合中提供的一切。

We need to continue to evolve and test the collection of partners that we offer for our casual games to make sure that those awards and those partners specifically align with an appeal to those players. That is something we continue to actively work on.

我們需要繼續發展和測試我們為休閒遊戲提供的合作夥伴集合，以確保這些獎項和合作夥伴特別符合對這些玩家的吸引力。這是我們繼續積極努力的事情。

Thanks guys. Good luck.

謝謝你們。祝你好運。

Yeah, thanks.

是的，謝謝。

Your next question is coming from Danny Pfeiffer from JP Morgan. Your line is now live.

你們的下一個問題來自摩根大通的丹尼法伊弗。您的線路現已上線。

Hey, thanks for the questions. For the first. Can you maybe unpack what has driven Tetris to slow in the quarter? And if there are any changes, you plan on making there. Then I have a follow up. Thanks.

嘿，謝謝你的提問。首先。您能否解釋一下導致俄羅斯方塊在本季放緩的原因？如果有任何改變，你計劃在那裡進行。然後我有一個後續行動。謝謝。

Yeah. As I alluded to a moment ago, the declines in Tetris are just a function of its audience which spiked in the first part of the year as a result of the just social engagement activity that resulted from the 16-year-old kid that beat Tetris for the first time.

是的。正如我剛才提到的，俄羅斯方塊的下降只是其受眾群體的一個函數，由於 16 歲的孩子擊敗了俄羅斯方塊而引發的公正的社會參與活動，受眾群體在今年上半年激增。

So, the Willis effect as we call, it drove just a spike of growth and performance in the first part of the year. And that is continued to normalize over the last couple of quarters. As far as all the plans that we have going forward, I can tell you that Tetris Prime, which is the primary product that we have right now in production has a very rich road map and set of features.

因此，我們稱之為威利斯效應，它在今年上半年推動了成長和績效的飆升。在過去的幾個季度中，這種情況繼續正常化。就我們未來的所有計劃而言，我可以告訴你們，俄羅斯方塊 Prime 是我們目前正在生產的主要產品，它具有非常豐富的路線圖和功能集。

They're going to make continue to make the game ever more engaging in terms of its events and activities and play modes. And so, you'll see those features and the density of kind of events and activities that we actually conduct in game, just improve in the coming months and quarters.

他們將繼續讓遊戲在事件、活動和遊戲模式方面更具吸引力。因此，您將看到我們在遊戲中實際進行的這些功能以及事件和活動的密度，並將在未來幾個月和幾個季度中進行改進。

We, as I alluded to on our last call, it completed a comprehensive refresh of that product, which also provides us with a ton of latitude to incorporate these new features that I mentioned. So, rich road map going forward.

正如我在上次電話會議中提到的，我們完成了對該產品的全面更新，這也為我們提供了很大的自由度來整合我提到的這些新功能。因此，豐富的未來路線圖。

But hopefully, we'll continue to drive the engagement among our existing audience and then we'll continue to hopefully convert and retain a lot of the organic traffic that continues to be very strong for that game.

但希望我們將繼續推動現有受眾的參與度，然後我們將繼續有望轉換並保留該遊戲仍然非常強勁的大量自然流量。

Got you and then any color you can provide on a timeline for how long it would take to incubate the sweepstake capabilities and maybe what drove the decision to build rather than buy in this category? Thanks.

得到你，然後你可以在時間表上提供任何顏色，孵化抽獎功能需要多長時間，也許是什麼促使你決定在這個類別中建造而不是購買？謝謝。

I mean, I will take the second part of the question first, the build versus buy this function of economics and overall execution. And so, we felt that when we looked at our capabilities and the systems and tools that we already have in place that support our sweepstakes activities that we currently execute.

我的意思是，我將首先回答問題的第二部分，即建立與購買這一經濟學函數和整體執行。因此，當我們審視我們的能力以及我們已經擁有的支持我們目前執行的抽獎活動的系統和工具時，我們認為。

We felt that the incremental effort required on our part to develop those capabilities and the resulting economics that we would then be able to retain and not have to share more than justified the perceived risk and time to market assessment.

我們認為，我們需要付出不斷的努力來發展這些能力以及由此產生的經濟效益，然後我們就能夠保留這些能力，而不必分享超過所感知的風險和上市時間評估的合理性。

So, for that reason, we constitute our own effort as far as the time frame and when we expect to be in the market with sweepstakes capabilities will be certainly in the first half of this coming year.

因此，出於這個原因，我們在時間範圍內製定了自己的努力，並且我們預計在明年上半年進入具有抽獎功能的市場。

We hope that by the end of the first quarter, we'll be in the market testing and validating our solution and its capabilities and then be in a position where we can incorporate those capabilities and really start to actively promote it in the second quarter. Time frame. That is current outlook

我們希望到第一季末，我們將在市場上測試和驗證我們的解決方案及其功能，然後能夠整合這些功能，並在第二季度真正開始積極推廣它。大體時間。這就是目前的前景

Thanks.

謝謝。

Yeah.

是的。

Thank you. Next question is coming from David Pang from Stifel your line is now live.

謝謝。下一個問題來自 Stifel 的 David Pang，您的線路現已上線。

Great. Thanks. Just wanted to follow up on the sweepstakes initiative. Are there any issues of offering the sweepstakes product on mobile? And secondly, can you just talk about how the sweepstake offering could coexist with your existing Play awards offering?

偉大的。謝謝。只是想跟進抽獎活動。在行動裝置上提供抽獎產品是否有任何問題？其次，您能否談談抽獎活動如何與您現有的 Play 獎勵活動共存？

Sure. So, are we currently offer within Play Awards, a variety of sweepstakes alternatives? And so, and the way it works within our existing mobile apps is that people engage in playing our games and as they do, they accumulate a loyalty currency, they can then go into the loyalty or the benefit store and then they can use that currency to buy a whole variety of different reward types.

當然。那麼，我們目前是否在 Play Awards 中提供各種抽獎替代方案？因此，它在我們現有的行動應用程式中的工作方式是，人們參與玩我們的遊戲，當他們這樣做時，他們積累了忠誠度貨幣，然後他們可以進入忠誠度或福利商店，然後他們可以使用該貨幣購買各種不同的獎勵類型。

One of which are sweepstakes. And so, you go in and you can use your currency to actually convert and opt into different sweepstakes opportunities.

其中之一是抽獎活動。因此，您進入後可以使用您的貨幣來實際轉換並選擇不同的抽獎機會。

So that, that is the existing set of capabilities that we have. It's a bit different from the current model that's being exploited by a lot of these sweepstakes providers whereas people acquire accumulate more free to play game currency, they are rewarded with an inducement, increment of free sweepstakes entries, which they can then actually switch the mode of their game and actually put those at risk.

這就是我們現有的一組能力。這與當前許多抽獎活動提供者所利用的模式有點不同，當人們積累更多的免費遊戲貨幣時，他們會獲得獎勵，即免費抽獎條目的增加，然後他們可以實際切換模式他們的遊戲，實際上讓那些人處於危險之中。

They can, they can effectively play with them and they can win them and lose them and then ultimately, they can convert them for real world value. And so that is the added capability that we will be implementing. We're going to do it in some respects, very much like some of the leading providers in the market, which is with a dedicated web solution.

他們可以，他們可以有效地利用它們，他們可以贏得它們，也可以失去它們，然後最終，他們可以將它們轉化為現實世界的價值。這就是我們將要實現的附加功能。我們將在某些方面做到這一點，非常像市場上一些領先的供應商，即使用專用的網路解決方案。

But clearly what we have is an opportunity to integrate those capabilities into our existing apps or at least expose that value proposition to our existing players so that they too can be converted and participate in this promotional opportunity as a complement to their engagement in our core primary games.

但顯然，我們有機會將這些功能整合到我們現有的應用程式中，或者至少向我們現有的玩家展示該價值主張，以便他們也可以轉換並參與此促銷機會，作為他們參與我們核心主要活動的補充遊戲。

And I would highlight that's the fundamental difference for us. We fully intend to leverage the sweepstakes model to drive deeper engagement with our existing programs, games, franchise products. So, it is not necessarily just intended to be a standalone alternative to our existing products.

我想強調這是我們的根本區別。我們完全打算利用抽獎模式來推動與我們現有的計劃、遊戲、特許經營產品的更深入的互動。因此，它不一定只是作為我們現有產品的獨立替代品。

It is truly intended to be an enhanced value proposition or offering for those players that engage with our existing products more deeply.

它的真正目的是為那些更深入參與我們現有產品的玩家提供增強的價值主張或產品。

Got it. Thank you.

知道了。謝謝。

Yeah.

是的。

Thank you. Next question is coming from Greg Gibas from Northland Securities. Your line is now live.

謝謝。下一個問題來自 Northland 證券公司的 Greg Gibas。您的線路現已上線。

Hey, thanks, Andrew, Scott, Samir. I appreciate it. You know, I guess I wanted to follow up on the $25 million to $30 million cost savings. You know, where would you say we stand today? Like what did you start implementing these in Q3? And I guess I wanted to ask, you know, maybe when you expect to fully realize those savings.

嘿，謝謝安德魯、史考特、薩米爾。我很感激。您知道，我想我想跟進 2500 萬至 3000 萬美元的成本節省。你知道，你認為我們今天處於什麼位置？例如您在第三季開始實施這些措施是怎樣的？我想我想問，你知道，也許當你期望完全實現這些節省時。

Yes. So, the reduction in our workforce was initiated last week. And we will complete that exercise in the next week to 10 days. There are different statutes and practices that we have to adhere to across the various jurisdictions that we're in.

是的。因此，我們上週開始裁員。我們將在下周到 10 天內完成練習。在我們所在的各個司法管轄區，我們必須遵守不同的法規和慣例。

But we fully expect that we'll complete that exercise, as I said in the next week and a half, that is a majority of the cost reductions that we're going to experience. There are others, there are a number of other structural things that we're going to be doing that will also further reduce our overall operating expenses.

但我們完全期望我們能夠完成這項工作，正如我在接下來的一個半星期內所說的那樣，這是我們將經歷的大部分成本削減。我們還將採取其他一些結構性措施，這也將進一步減少我們的整體營運費用。

We fully expect that those will be realized and implemented throughout the balance of this year so that we enter the new year with the reset base cost structure for the business. And of course, all of the more media tax or excuse me, cash implications of the restructuring will be born in the current quarter. So.

我們完全期望這些將在今年餘下的時間內實現和實施，以便我們以重置業務的基本成本結構進入新的一年。當然，更多的媒體稅或對不起，重組的現金影響將在本季產生。所以。

Great that that is very helpful. And as it relates to, I think you said $14 million to $16 million in Q4, I think you said the kind of severance contract payouts, capitalized software costs. You just wanted to get a little bit more color on maybe for modeling purpose purposes, how those should be accounted for those charges.

太好了，這非常有幫助。就其而言，我想您說過第四季度的 1400 萬至 1600 萬美元，我想您說的是遣散費合約支出、資本化軟體成本。您只是想獲得更多的色彩，也許是為了建模目的，這些費用應該如何計算。

I'm sorry, could you say that last part again?

抱歉，你能再說一次最後那部分嗎？

Yeah, just, from a modeling perspective, you know how we should think about accounting for those charges when they're reported in Q4 I guess maybe either like a rough breakout or will they all be kind of a one-time ad backs? Just, just a little, they will.

是的，只是，從建模的角度來看，你知道當第四季度報告這些費用時，我們應該如何考慮這些費用的會計處理，我想也許要么是一次粗暴的突破，要么它們都是一次性的廣告支援？只是，只是一點點，他們會的。

Be back. We have a, in our reconciliation, we have a kind of a restructuring other category. They will be, they will be included there. I mean, but as I said in my speech, it's, of the 14 to 16, approximately half is impairment of like, you know, right off the software cap and then the other half is going to be severance and some other contract determinations, [et cetera,] but it will be added back and it will be disclosed in our reconciliation of EBITDA.

回來吧。我們有一個，在我們的和解中，我們有一個重組其他的範疇。他們會的，他們會被包括在那裡。我的意思是，但正如我在演講中所說，在 14 到 16 人中，大約一半是軟體上限的減值，另一半將是遣散費和其他一些合約決定， [等等，]但它將被加回來，並將在我們的EBITDA 調節表中揭露。

Perfect. That is helpful. You directly just regarding the new Tetris title, you know, you talked about it completed in market in 2025 any more kind of specific color on the time frame there.

完美的。這很有幫助。您直接談到了新的俄羅斯方塊遊戲，您知道，您談到了它將於 2025 年在市場上完成，並且在時間框架上有更多特定的顏色。

I do not think so. You know, we, we are always reluctant to provide overly specific time frames for when a new game is ready to be launched because it is just not that deterministic. If it all goes well, it will be relatively early in the year in the first half of the year. Certainly.

我不這麼認為。你知道，我們總是不願意為新遊戲準備好發布的時間提供過於具體的時間框架，因為它並不是那麼確定。如果一切順利的話，上半年會比較早。當然。

And if it takes a bit longer for us to optimize the product and to hit and see all the performance metrics that we'll need in order to really lean into it and start to invest in it aggressively, well, then it will stretch into the mid to latter part of the year as we actually get it into the market and we're able to test and validate and get a sense for where it is in its cycle.

如果我們需要更長的時間來優化產品，並達到並查看我們需要的所有性能指標，以便真正投入其中並開始積極投資，那麼它將延伸到今年中後期，當我們真正將其推向市場時，我們能夠進行測試和驗證，並了解它在周期中的位置。

We can certainly provide a bit of color. But it, it is hard to predict with any certainty.

我們當然可以提供一些顏色。但它，很難有任何確定性地預測。

Okay. That is fair. Thank You.

好的。那是公平的。謝謝。

Your next question is submitted from Martin Yang from Oppenheimer. Your line is now live.

您的下一個問題是由奧本海默的馬丁楊提出的。您的線路現已上線。

Hi. Thank you. For taking my question. My first question on the games that are being optimized and impacted. Can you give us more details on, you know, which side of the business is a more social casino or a more casual portfolio that has seen more games are being streamlined?

你好。謝謝。為了回答我的問題。我的第一個問題是關於正在優化和受到影響的遊戲。您能否向我們提供更多詳細信息，了解業務的哪一方面是更具社交性的賭場，還是更休閒的投資組合（已經看到更多遊戲正在簡化）？

It really impacts both, although I would say, you know, within the social casino portfolio, you know, we have the core titles which are myVegas mobile POP! Slots, MGM Slots Live and myKONAMI Slots. All of those products are going through some form of refactoring.

它確實對兩者都有影響，儘管我想說，你知道，在社交賭場產品組合中，你知道，我們擁有核心遊戲，即 myVegas 移動 POP！老虎機、MGM Slots Live 和 myKONAMI 老虎機。所有這些產品都正在經歷某種形式的重構。

So, the organizations have been kind of reset, streamlined. Some resources and third party development, resources and support are being leveraged so that we can more efficiently service those products so they're all being impacted, although we're going to continue to invest in them going forward because we believe that there is still opportunity for us to convert more of our players to monetizer and extract more value out of the people that are monetizing So we believe in the growth potential of that core portfolio.

因此，這些組織已經被重新調整、精簡。正在利用一些資源和第三方開發、資源和支持，以便我們能夠更有效地為這些產品提供服務，使它們都受到影響，儘管我們將繼續對它們進行投資，因為我們相信仍然存在我們有機會將更多玩家轉變為貨幣化者，並從貨幣化者身上獲得更多價值，因此我們相信該核心投資組合的成長潛力。

There's then a collection of four or five other games within the social casino category that we're going to continue to sustain, albeit at more modest rates of investment. So, our classic game that is on the web, our blackjack product, our Bingo product will be in a mode that we refer to as a sustained mode.

然後，我們將繼續維持社交賭場類別中的四到五款其他遊戲，儘管投資率較為溫和。因此，我們在網路上的經典遊戲、我們的二十一點產品、我們的賓果產品將處於我們稱之為持續模式的模式。

So in each case, we will be restructuring those products and pulling out cost structure. And there is one product that we are going to cancel all together within the casual portfolio. We have had a number of Tetris initiatives that we are advancing.

因此，在每種情況下，我們都會重組這些產品並取消成本結構。我們將在休閒產品組合中一起取消一款產品。我們正在推進多項俄羅斯方塊計畫。

One that is the primary product that is live in production. Tetris prime. And then we have three that have been in development two block puzzle products, our Tetris block puzzle and our product that we're doing with Pixar.

這是正在生產的主要產品。俄羅斯方塊素數。然後我們有三個正在開發的兩個拼圖產品，我們的俄羅斯方塊拼圖和我們與皮克斯合作的產品。

And then there's Tetris World Tour, we're actually suspending and canceling the World Tour initiative and advancing the two-block party block puzzle initiatives.

然後是俄羅斯方塊世界巡迴賽，我們實際上暫停和取消了世界巡迴賽計劃，並推進了兩塊派對塊拼圖計劃。

And then within the branding portfolio, we are actually going through an evolution of their core titles where we're updating the technologies that we use to execute those products so that we can more easily extend them and incorporate things like the new ad units that I alluded to earlier. But even more importantly, new features and capabilities that allow us to operate those products with a higher level of sophistication.

然後在品牌組合中，我們實際上正在經歷其核心標題的演變，其中我們正在更新用於執行這些產品的技術，以便我們可以更輕鬆地擴展它們並合併諸如我的新廣告單元之類的內容。前面已經提過。但更重要的是，新的特性和功能使我們能夠以更高的複雜程度操作這些產品。

So, you know, as I just touched on there isn't really an area of the portfolio wasn't critically assessed, either refactored, canceled or reduced into some form of a maintenance or sustained mode in order to optimize the overall financial performance.

所以，你知道，正如我剛才提到的那樣，投資組合中的任何一個領域都沒有經過嚴格的評估，要么被重構、取消，要么被簡化為某種形式的維護或持續模式，以優化整體財務績效。

Thank you and appreciate the detailed rundown. My next question is about your plan to introduce new state games and how do you think about leveraging your existing IP or existing audience? You know, how much synergy do you expect to have in early space of launching those games?

謝謝並感謝您提供詳細的綱要。我的下一個問題是關於你們推出新州遊戲的計劃，以及你們如何考慮利用現有的智慧財產權或現有受眾？您知道，您期望在發布這些遊戲的早期階段產生多少協同效應？

Yeah, we think that you know, our existing audience is certainly curious about and actively playing the existing collection of sweeps enabled products. So, we think that our existing audience has a very strong interest in this promotional opportunity.

是的，我們認為您知道，我們現有的受眾肯定對現有的支援掃描的產品感到好奇並積極玩。因此，我們認為我們現有的受眾對這個促銷機會非常感興趣。

And so, for that, that's the reason why it's obviously gotten a lot of our attention more recently as far as how relevant are our capabilities and our content and our tools, we think vary. We think we have got incredible brands, franchise products that we have invested in quite a bit.

因此，這就是為什麼它最近顯然引起了我們很多關注的原因，就我們的能力、我們的內容和我們的工具的相關性而言，我們認為有所不同。我們認為我們擁有令人難以置信的品牌和特許經營產品，並且我們在這些產品上投入了大量資金。

And we have a sizable audience. We have a lot of content, really unique slot games and experiences and features that we believe will translate well and be relevant here. And we believe that there's also the capacity to not only offer a sweepstake solution as a discrete and separate complement to our existing portfolio, but to actually enable our existing products with sweeps capabilities.

我們有相當多的觀眾。我們有很多內容、真正獨特的老虎機遊戲以及體驗和功能，我們相信這些內容將很好地轉換並與這裡相關。我們相信，我們不僅能夠提供抽獎解決方案作為我們現有產品組合的獨立補充，而且能夠真正使我們現有的產品具備抽獎功能。

So, we think that we actually have a pretty interesting opportunity to leverage this new promotional mechanic to reinvigorate our social casino offering. So that is our focus.

因此，我們認為我們實際上有一個非常有趣的機會來利用這種新的促銷機制來重振我們的社交賭場產品。這就是我們的重點。

Got it. Thank you. That is, it for me.

知道了。謝謝。也就是說，它適合我。

Thank you. We reached end of our question-and-answer session. I would like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節結束了。我想請大家再發表進一步的評論或結束評論。

I appreciate everybody's continued interest. You know, obviously, we have just gone through a pretty dramatic kind of refactoring and reinvention of our business.

我感謝大家的持續關注。你知道，顯然，我們剛剛經歷了一次相當戲劇性的業務重構和重塑。

So, you know, we look forward to seeing how the results translate and to, you know, speaking to that more directly in our next call. So again, thanks, for your time and energy and look forward to our next call.

所以，我們期待看到結果如何轉化，並在下次電話會議中更直接地討論這一點。再次感謝您的時間和精力，並期待我們的下一次通話。

Thank you. That does conclude today's teleconference and webcast. We disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。我們此時斷開您的線路，祝您有美好的一天。我們感謝您今天的參與。