PLAYSTUDIOS Inc (MYPS) 2025 Q1 法說會逐字稿

Greetings, and welcome to PLAYSTUDIOS first-quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 PLAYSTUDIOS 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Jason Hahn, Chief Strategy Officer and Head of Investor Relations. Thank you, sir. You may begin.

現在，我將會議交給主持人、首席策略長兼投資者關係主管 Jason Hahn。謝謝您，先生。你可以開始了。

Thank you, operator. Good afternoon, and thank you for joining us for PLAYSTUDIOS first quarter 2025 earnings call. Joining me on the call today are our Chairman and CEO, Andrew Pascal; and our CFO, Scott Peterson.

謝謝您，接線生。下午好，感謝您參加 PLAYSTUDIOS 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有我們的董事長兼執行長 Andrew Pascal 和財務長 Scott Peterson。

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.

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。這些聲明是基於我們目前的預期和信念，並受到可能導致實際結果大不相同的風險和不確定性的影響。

Please refer to our SEC filings for a 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. Our results are prepared in accordance with GAAP and a reconciliation of the comparable GAAP measures will be provided in our first quarter earnings release and in our SEC filings.

請參閱我們的美國證券交易委員會 (SEC) 文件，以了解可能影響我們未來業績的風險和不確定性。我想提醒大家，我們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按照 GAAP 編制的財務結果的替代品。我們的業績是根據 GAAP 編制的，可比 GAAP 指標的對帳將在我們的第一季財報和 SEC 文件中提供。

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

說完，我就把電話轉給安德魯。

Thanks, Jason, and good afternoon, everyone. While challenges persist, we're off to a focused and productive start in 2025. Our core business is still normalizing following the reset from last year, and we're cautiously working our way through a period of transition and recalibration. Market conditions across traditional social casino and casual segments remain challenging, and this continues to weigh on our operating performance. That said, our reinvention plan is already helping us operate with more clarity, efficiency and discipline, and we believe we're starting to see the foundation for future growth taking shape.

謝謝傑森，大家下午好。儘管挑戰依然存在，但我們在 2025 年將有一個專注且富有成效的開端。我們的核心業務自去年重啟以來仍在恢復正常，我們正在謹慎地度過過渡和重新調整期。傳統社交賭場和休閒領域的市場環境仍然充滿挑戰，這繼續對我們的經營業績造成壓力。也就是說，我們的重塑計劃已經幫助我們更加清晰、有效率和自律地運營，我們相信我們已經開始看到未來成長的基礎正在形成。

Let me highlight a few key themes from the quarter. In addition to broader market weakness, the social casino category is being impacted by the rising popularity of sweepstakes styles offerings, which are capturing increasing mind share and spend from players. Because we don't yet offer a competitive sweepstakes proposition, we believe this dynamic is the primary cause of the pressure on our player activity and monetization.

讓我強調一下本季的幾個關鍵主題。除了整體市場疲軟之外，社交賭場類別還受到抽獎活動日益流行的影響，抽獎活動吸引了越來越多的玩家並增加了玩家的支出。由於我們尚未提供具有競爭力的抽獎活動，我們認為這種動態是導致我們的玩家活動和貨幣化面臨壓力的主要原因。

As a result, we've been hard at work on the development of a sweepstakes solution and have made strong progress in this quarter. During the quarter, we launched our internal alpha of our sweepstakes promotional platform.

因此，我們一直在努力開發抽獎解決方案，並在本季取得了重大進展。在本季度，我們推出了抽獎促銷平台的內部 alpha 版本。

This exercise provided valuable insight into both the technical readiness and player-facing aspects of our offering. The feedback has been constructive and is actively informing our next phase of refinement. We expect to make the service available to select players in Q2 and begin scaling in the back half of the year. We believe this new promotional mechanic can reinvigorate our social casino portfolio and spawn a return to growth. Compliance has been a central focus of our development efforts.

這次練習為我們產品的技術準備和麵向玩家的方面提供了寶貴的見解。這些回饋非常有建設性，並且對我們下一階段的改進提供了積極的指導。我們預計將在第二季度向部分玩家提供該服務，並在今年下半年開始擴大規模。我們相信，這種新的促銷機制可以重振我們的社交賭場組合併帶來成長的回報。合規性一直是我們開發工作的重點。

We're committed to building the most compliant and transparent promotional mechanic in the industry. Our vision is to reclaim sweepstakes for what it was intended to be a fun, engaging and trusted promotional incentive that will drive more consumption across our social casino portfolio. Second, development continues on our new casual Tetris title, Tetris Block Party. We're applying learnings from the puzzle in raid and defend genres to create a differentiated and scalable game experience. While developing games is never deterministic, we remain focused on readying the product for a Q4 launch.

我們致力於打造業界最合規、最透明的促銷機制。我們的願景是重新打造一個有趣、引人入勝且值得信賴的促銷激勵機制，從而推動我們社交賭場產品組合的更多消費。其次，我們繼續開發新的休閒俄羅斯方塊遊戲《俄羅斯方塊街區派對》。我們正在運用從突襲和防禦類型的謎題中獲得的經驗來創造差異化和可擴展的遊戲體驗。雖然遊戲開發永遠無法確定，但我們仍然專注於為第四季度的發布做好準備。

Third, we're realizing the benefits of our reinvention plan. The cost savings program we initiated last year is tracking to plan and beginning to improve the efficiency of our core operations. Turning to our business segments. Let's start with the Play Games casino portfolio. The Social casino portfolio continues to face category-wide headwinds with softness across all key casino apps.

第三，我們正在實現重塑計畫帶來的好處。我們去年啟動的成本節約計畫正在按計畫進行，並開始提高我們核心業務的效率。轉向我們的業務部門。讓我們從 Play Games 賭場產品組合開始。社交賭場產品組合繼續面臨全類別的阻力，所有主要賭場應用程式均表現疲軟。

That said, monetization improved across several core titles. ARPDAU increased year-over-year in POP! Slots, myKONAMI and especially in the myVEGAS franchise, where myVEGAS posted double-digit gains. New content cadence is a major focus across the portfolio as we work to reengage players and drive stronger performance. Our teams also remain focused on economy design, player segmentation and expanding our direct-to-consumer channel.

也就是說，幾個核心遊戲的獲利能力有所提升。POP! 中的 ARPDAU 年成長！老虎機、myKONAMI，尤其是 myVEGAS 系列，其中 myVEGAS 實現了兩位數的成長。我們致力於重新吸引玩家並推動更強勁的表現，新的內容節奏是整個產品組合的重點。我們的團隊也將繼續專注於經濟設計、玩家細分和擴大我們的直接面向消費者的管道。

Direct-to-consumer remains a bright spot in our portfolio, showing strong momentum and contributing to our broader efforts around margin optimization. In Q1, our direct-to-consumer channel generated approximately $5 million in in-app purchase revenue, representing 9.8% of total IAP revenue in the quarter.

直接面向消費者仍然是我們產品組合中的一個亮點，顯示出強勁的發展勢頭，並有助於我們在利潤優化方面的更廣泛努力。在第一季度，我們的直接面向消費者管道產生了約 500 萬美元的應用程式內購收入，佔本季應用程式內購買總收入的 9.8%。

This compares to $2.3 million or 3.9% in Q1 of 2024 and $4.7 million or 8.6% in Q4 of 2024, representing growth of 114% year-over-year and 6% quarter-over-quarter. As mentioned earlier, we're also investing in the development of our sweepstakes promotional capabilities, which we believe will become a meaningful feature to drive engagement and consumption that reenergizes our social casino portfolio.

相較之下，2024 年第一季為 230 萬美元，即 3.9%，2024 年第四季為 470 萬美元，成長 8.6%，年成長 114%，季增 6%。如前所述，我們也正在投資開發抽獎促銷功能，我們相信這將成為推動參與度和消費的一項有意義的功能，從而為我們的社交賭場組合注入新的活力。

Let's talk about the casual game portfolio. In our casual segment, performance remained soft across both Brainium and Tetris Prime. Brainium showed early signs of monetization improvement, though overall performance was pressured by softer DAU and weaker eCPMs.

我們來談談休閒遊戲組合。在我們的休閒遊戲領域，Brainium 和 Tetris Prime 的表現仍然疲軟。Brainium 顯示出貨幣化改善的早期跡象，儘管整體表現受到 DAU 疲軟和 eCPM 較弱的壓力。

We continue to invest in user acquisition and product enhancements aimed at stabilizing engagement and capturing more value from our audience. Tetris Prime also experienced challenges with user acquisition continuing to be the primary headwind. While monetization per user held relatively steady, growing the audience remains difficult in an increasingly competitive market. To address this, we're testing a range of new marketing and growth strategies.

我們將繼續投資於用戶獲取和產品增強，旨在穩定參與並從我們的受眾那裡獲取更多價值。Tetris Prime 也面臨挑戰，用戶獲取仍然是主要障礙。雖然每用戶貨幣化保持相對穩定，但在競爭日益激烈的市場中擴大受眾群體仍然很困難。為了解決這個問題，我們正在測試一系列新的行銷和成長策略。

We're also preparing for the launch of our next casual title, Tetris Block Party. In Q1, we polished the product, implemented a number of optimizations and began technical validation in select European markets. The feedback from early players has been valuable and is helping us shape the next phase of iteration. Assuming all metrics align with our criteria, we expect to launch the product in Q4 and scale thereafter.

我們也正在準備推出下一款休閒遊戲《俄羅斯方塊派對》。在第一季度，我們完善了產品，實施了一系列優化，並開始在部分歐洲市場進行技術驗證。早期玩家的回饋非常有價值，有助於我們塑造下一階段的迭代。假設所有指標都符合我們的標準，我們預計在第四季度推出該產品，然後擴大規模。

Let's now turn to playAWARDS. PlayAWARDS remain central to our broader strategy of being a leader in rewarded play. Through playAWARDS, we pioneered one of the first iterations of sweepstake-style engagement, offering players real-world rewards as a loyalty and promotional strategy.

現在讓我們轉向 playAWARDS。PlayAWARDS 仍然是我們成為獎勵遊戲領導者的更廣泛策略的核心。透過 playAWARDS，我們率先推出了抽獎式參與的首批嘗試之一，為玩家提供現實世界的獎勵作為忠誠度和促銷策略。

As the broader landscape evolves and the second flavor of sweepstakes rises in prominence, our playAWARDS platform is working closely with our games to elevate the role of our rewarded play model and in doing so, drive deeper player engagement, amplify the value of our ecosystem and reinforce our differentiation in the marketplace.

隨著更廣泛的格局不斷發展以及第二種抽獎方式的日益突出，我們的 playAWARDS 平台正與我們的遊戲緊密合作，以提升我們的獎勵遊戲模式的作用，從而推動更深入的玩家參與，擴大我們生態系統的價值，並加強我們在市場上的差異化。

This quarter, we made great progress in this regard. We've now executed the full integration of myVIP across our major games to drive a more unified loyalty experience. In the quarter, we launched several new reward partnerships, including Foley Entertainment Group, a premium partner reflective of the kind of experiential rewards that align with our broader strategy. These additions further enhance the diversity and appeal of our loyalty ecosystem. While purchases and redemptions were down double digits, this reflects our deliberate strategy to focus on premium, high-quality offerings over scale. The daily average retail value of available rewards increased by 5% to approximately $2 million per day.

本季度，我們在這方面取得了很大進展。我們現在已經在我們的主要遊戲中實現了 myVIP 的全面整合，以推動更統一的忠誠度體驗。本季度，我們建立了幾項新的獎勵合作夥伴關係，其中包括 Foley Entertainment Group，這是一個優質合作夥伴，體現了與我們更廣泛的策略相符的體驗式獎勵。這些新增功能進一步增強了我們的忠誠度生態系統的多樣性和吸引力。雖然購買量和贖回量下降了兩位數，但這反映了我們深思熟慮的策略，即專注於優質、高品質的產品而不是規模。每日可用獎勵的平均零售價值增加了 5%，達到每天約 200 萬美元。

We also recently announced the second annual $1 million myVIP World tournament of Slots hosted by Atlantis Paradise Island, Bahamas, taking place from October 22 to October 26, 2025. The high-profile tournament will bring together slot enthusiasts from the digital and real world who will compete for a top cash prize of $1 million and the prestigious title of world's greatest slot player. We expect this new franchise to drive engagement across our games, and we look forward to sharing more as the plans get rolled out.

我們最近也宣布，第二屆年度 100 萬美元 myVIP 世界老虎機錦標賽將於 2025 年 10 月 22 日至 10 月 26 日在巴哈馬亞特蘭提斯天堂島舉行。這場備受矚目的錦標賽將匯聚數位世界和現實世界的老虎機愛好者，他們將爭奪 100 萬美元的最高現金獎金和「世界最偉大老虎機玩家」的殊榮。我們希望這個新系列能夠推動我們遊戲的參與度，並且我們期待在計劃推出時分享更多資訊。

Turning to our financial foundation. Our balance sheet remains strong, ending the quarter with approximately $107 million in cash and no outstanding debt under our $81 million revolving credit facility.

談到我們的財務基礎。我們的資產負債表依然強勁，本季末我們擁有約 1.07 億美元的現金，並且在 8,100 萬美元的循環信貸額度下沒有未償還債務。

We continue to execute on our share repurchase program and remain active in assessing strategic M&A opportunities that align with our growth priorities. In summary, Q1 reflects disciplined execution in a challenging environment. We're investing in our future while managing our cost base and positioning PLAYSTUDIOS for long-term value creation.

我們繼續執行股票回購計劃，並積極評估符合我們成長重點的策略併購機會。總而言之，Q1 體現了在充滿挑戰的環境中嚴格的執行。我們在管理成本基礎的同時投資未來，並將 PLAYSTUDIOS 定位為長期價值創造。

With that said, I'll now turn the call over to Scott for more detailed financial commentary.

話雖如此，我現在將電話轉給斯科特，以獲得更詳細的財務評論。

Thanks, Andrew, and good afternoon, everyone. First quarter revenue was $63 million, down approximately 19% year-over-year, reflecting continued softness in both our social casino and casual portfolios. This was largely driven by category-wide pressure and lower new player acquisition and engagement across most of our key titles. Revenue was also down approximately 7.5% sequentially from the fourth quarter as a result of seasonal softness and continued DAU pressure. Adjusted EBITDA for the quarter was $12 million, an 18.5% decline year-over-year and flat sequentially.

謝謝，安德魯，大家下午好。第一季營收為 6,300 萬美元，年減約 19%，反映出我們的社交賭場和休閒投資組合持續疲軟。這主要是由於整個類別的壓力以及我們大多數主要遊戲的新玩家獲取和參與度較低所致。由於季節性疲軟且持續的 DAU 壓力，營收也較第四季季減約 7.5%。本季調整後的 EBITDA 為 1,200 萬美元，年減 18.5%，與上一季持平。

Performance this quarter was shaped by three key dynamics: continued DAU declines across the portfolio particularly in Tetris and Brainium, ARPDAU gains driven by optimization in our social casino titles, and the first benefits of cost savings flowing through from our reinvention plan.

本季的業績受到三個關鍵因素的影響：整個產品組合的 DAU 持續下降，尤其是俄羅斯方塊和 Brainium，ARPDAU 的成長得益於我們社交賭場遊戲的優化，以及我們重塑計畫帶來的成本節約的初步效益。

Adjusted EBITDA margin was 20%, up 20 basis points from the same period last year. This increase was driven by early savings from our reinvention plan, partially offset by lower revenues. DAU was $2.6 million, down 25% versus Q1 of '24 and down 3% sequentially. MAU was $11.4 million, down 23% year-over-year and largely flat sequentially, reflecting recent stabilization.

調整後EBITDA利潤率為20%，較去年同期上升20個基點。這一增長是由我們重塑計劃的早期節省所推動的，但部分被較低的收入所抵消。DAU 為 260 萬美元，較 24 年第一季下降 25%，較上一季下降 3%。MAU 為 1,140 萬美元，年減 23%，與上一季基本持平，反映出近期的穩定態勢。

The majority of user declines were concentrated in Tetris and Brainium. ARPDAU was $0.26, an increase of 8.3% versus Q1 of '24 and largely consistent with the fourth quarter. This was driven by targeted economy improvements in myVEGAS and optimized ad monetization in Brainium. This reflects our ongoing efforts to optimize monetization even as overall engagement remains under pressure. We remain on track to realize between $25 million and $30 million in annualized cost savings from our reinvention plan.

用戶數量下降主要集中在《俄羅斯方塊》和《Brainium》。ARPDAU 為 0.26 美元，較 2024 年第一季成長 8.3%，與第四季基本一致。這是由 myVEGAS 中的有針對性的經濟改進和 Brainium 中的優化廣告貨幣化所推動的。這反映出，儘管整體參與度仍面臨壓力，但我們仍在不斷努力優化貨幣化。我們的重塑計畫仍有望實現每年 2,500 萬至 3,000 萬美元的成本節約。

These savings will be reinvested into our strategic priorities, including sweepstakes and Tetris Block Party. Regarding capital allocation, we repurchased $1.6 million of our stock in the quarter under our existing share repurchase authorization, which has $42 million remaining at quarter end. Importantly, we are reaffirming our full year 2025 guidance of net revenue between $250 million and $270 million and consolidated adjusted EBITDA between $45 million and $55 million.

這些節省下來的資金將重新投資於我們的戰略重點，包括抽獎活動和俄羅斯方塊派對。關於資本配置，我們根據現有的股票回購授權在本季回購了 160 萬美元的股票，截至季末還剩餘 4,200 萬美元。重要的是，我們重申 2025 年全年淨收入預期在 2.5 億美元至 2.7 億美元之間，合併調整後 EBITDA 預期在 4,500 萬美元至 5,500 萬美元之間。

Notably, our guidance continues to exclude revenue contributions from sweepstakes and our new Tetris title, although we continue to expect them to begin generating impact later this year. We will provide updates on those initiatives as we progress towards launch. We remain confident that our current strategy will enable us to stabilize our core and unlock new growth in the quarters ahead.

值得注意的是，我們的指引仍然不包括抽獎活動和新《俄羅斯方塊》的收入貢獻，儘管我們仍然預計它們將在今年稍後開始產生影響。隨著這些舉措即將發布，我們將提供最新進展。我們仍然相信，我們目前的策略將使我們能夠穩定核心業務並在未來幾季釋放新的成長。

With that, I'll turn the call back to Andrew for closing remarks.

說完這些，我會把電話轉回給安德魯，請他作最後發言。

Thanks, Scott. So to wrap up, we're making steady progress. We're investing in our future while improving profitability. Our investments in the sweepstakes, promotional mechanic and Tetris are taking shape, and we're excited about the path ahead.

謝謝，斯科特。總而言之，我們正在取得穩步進展。我們在提高獲利能力的同時也在投資未來。我們對抽獎、促銷機制和俄羅斯方塊的投資正在成形，我們對未來的道路充滿興奮。

I want to thank you for your continued support, and I'll now ask the operator to open up the call for questions.

我要感謝您一直以來的支持，現在我請接線生開始提問。

(Operator Instructions) Mike Hickey, Benchmark.

（操作員指示）Mike Hickey，基準。

Andrew, nice to hear that you reaffirmed your Q2 launch of your new sweepstakes product. Just curious how confident at this point, obviously, you just reaffirmed, but just your confidence on executing on the Q2. And if you plan to sort of geo test it, Andrew, in any particular states just on monetization or any other KPIs that you think are relevant? And then after launch, just curious your confidence on your ability to scale the product in the second half of '25?

安德魯，很高興聽到你重申將在第二季推出新的抽獎產品。只是好奇現在你有多有信心，顯然，你剛剛重申，但只是你對執行第二季的信心。安德魯，如果您計劃在任何特定州進行地理測試，僅針對貨幣化或任何其他您認為相關的 KPI 進行測試？發布後，我只是好奇您對在 25 年下半年擴展產品的能力是否有信心？

Yes. We're confident that we're going to be in a position where we can start to introduce and slowly scale the sweeps offering in the back half of this quarter, the second quarter. We have already done some limited amount of technical validation, and we're just continuing to evolve the product and make sure that all of the internal control standards and operating practices are solid and in place as well as the product offering and the breadth of content we know we're going to need so that we can go to market with something that's compelling.

是的。我們有信心，我們將能夠在本季後半段，也就是第二季開始推出並逐步擴大掃描服務。我們已經做了一些有限的技術驗證，並且正在繼續改進產品，確保所有內部控制標準和操作實踐以及產品供應和我們知道需要的廣泛內容都是穩固和到位的，以便我們能夠將引人注目的產品推向市場。

So we're feeling good about where it is and the pace and progress that we're making. I think that what you'll see is a very measured introduction, which will consist of several jurisdictions initially. And then as we start to optimize the product and get ever more comfortable with the overall integrity of it and its appeal, then we'll start to expand into other markets and invest more aggressively in the back half of this year. But overall, we're on our plan.

因此，我們對目前的狀況以及所取得的進展和速度感到滿意。我認為您將看到的是一個非常謹慎的介紹，最初將涉及幾個司法管轄區。然後，隨著我們開始優化產品並對其整體完整性和吸引力越來越滿意，我們將開始擴展到其他市場，並在今年下半年進行更積極的投資。但總體而言，我們正在按照計劃進行。

Last question from us. You mentioned your DTC revenue. You're certainly getting a lot of success there, doubling year-over-year to $5 million. It's now 10% of your virtual currency sales. I guess just remind us what's driving your success or your growth there?

我們的最後一個問題。您提到了您的 DTC 收入。您確實取得了巨大的成功，收入比去年同期增長了一倍，達到 500 萬美元。現在它佔您虛擬貨幣銷售額的 10%。我想請您提醒我們是什麼推動了您的成功或成長？

And if you think momentum can continue. Obviously, the [epic case] seems like it's going to be a real tailwind for you. Just curious your thoughts on that. And then I can't remember if you targeted sort of a long-term target or not for DTC as a percentage of total revenue and sort of what unlocks do we need to look at here to sort of get you to that target?

如果您認為這種勢頭能夠持續下去。顯然，這個[史詩級案件]似乎會帶給你真正的順風。只是好奇你對此的想法。然後我不記得您是否針對 DTC 佔總收入的百分比設定了長期目標，以及我們需要在這裡考慮哪些解鎖才能讓您達到該目標？

Yes, thanks for the follow-up question. Maybe I'll let Jason take that one.

是的，感謝您的後續提問。也許我會讓傑森拿走那個。

Yes. So in terms of the first question in terms of what's driven the success, it's definitely been a focus of ours for the period around driving more consumption directly. And we do that through offering incentives for users to transact directly and bonus currency and loyalty points and the fact that we have a loyalty program enables us to kind of unlock additional benefits and value for players that consume with us directly.

是的。因此，就第一個問題即成功的因素而言，直接推動更多消費無疑是我們這段時間的重點。我們透過為用戶提供直接交易的激勵措施、獎勵貨幣和忠誠度積分來實現這一點，事實上，我們有一個忠誠度計劃，這使我們能夠為直接與我們消費的玩家釋放額外的好處和價值。

And so we're going to continue to do that. We think the new ruling from the Apple and Epic case will make that even easier because we now have the ability to route purchases through the direct channel more directly, and we can promote and deep link and do a lot more interesting things to make the process a bit more frictionless for the consumer and they can become more aware of it.

因此我們將繼續這樣做。我們認為，蘋果和 Epic 案的新裁決將使這一切變得更加容易，因為我們現在能夠更直接地透過直接管道進行購買，我們可以推廣和深度鏈接，做更多有趣的事情，讓消費者的購買過程更加順暢，他們也可以更加意識到這一點。

So we think this will just allow us more momentum in the direct-to-consumer business going forward. We haven't -- we haven't fully modeled what that means in terms of new contribution by the end of the year. So we'll have to get back to you once we kind of have -- we haven't published specific guidance on where we expect that to be, but we hope it will be double where it is today as we sit here at this time next year.

因此我們認為這將使我們在未來的直接面向消費者業務中擁有更大的動力。我們還沒有——我們還沒有完全模擬出這對年底的新貢獻意味著什麼。因此，一旦我們有了這樣的打算，我們就會回覆您——我們還沒有發布關於我們預期的具體指導，但我們希望明年這個時候這個數字將是現在的兩倍。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

This is Will on for Ryan. First, I wanted to ask on sweepstakes. In the development phase, can you kind of talk about maybe what's changed since you started going after this and kind of your learnings from the initial testing?

這是瑞安 (Ryan) 的威爾 (Will)。首先，我想問一下有關抽獎的問題。在開發階段，您能否談談自從您開始進行這項工作以來發生了什麼變化，以及您從最初的測試中學到了什麼？

Yes. Thanks for the question, Ryan. I don't know that there's anything that we've learned. It's really more just validating the overall technical stability and performance of the platform that we built and the tools that we'll use to manage this new promotional mechanic as well as just prove out the integration of both the third-party content and our own content that we're going to be using when we launch the service. So to this point, it's more technical validation.

是的。謝謝你的提問，Ryan。我不知道我們是否學到了什麼。這實際上只是驗證我們所建構的平台的整體技術穩定性和效能，以及我們用於管理這種新促銷機制的工具，以及證明我們在推出服務時將要使用的第三方內容和我們自己的內容的整合。所以到目前為止，這更多的是技術驗證。

Once we get into the market, and as I alluded to a moment ago, we'll be a bit measured and just open up a few jurisdictions so that we can start to then get real consumer feedback about our overall proposition and how we're offering it up relative to where the rest of the market is. And then we'll optimize and work on scaling from there. So to this point, it's really been more about the technical validation and certification of the platform and tools that we've built.

一旦我們進入市場，正如我剛才提到的，我們會採取一些措施，只開放幾個司法管轄區，這樣我們就可以開始獲得真正的消費者反饋，了解我們的整體主張以及我們相對於其他市場的服務水平。然後我們將從那裡開始優化和擴展。因此到目前為止，這實際上更多地涉及我們所建造的平台和工具的技術驗證和認證。

Got it. And then maybe a quick follow-up on the Apple-Epic Games lawsuit. Of course, it's still developing and Apple, I think, is appealing. But curious if you could lay out any benefits you hope to see from that and maybe when we'll get a concrete resolution.

知道了。然後也許會對 Apple-Epic Games 訴訟案進行快速跟進。當然，它仍在發展中，而且我認為蘋果很有吸引力。但我很好奇您是否可以列出您希望從中看到的任何好處，以及我們何時能得到具體的解決方案。

Yes. I mean I can certainly -- go ahead, Jason, if you want to.

是的。我的意思是我當然可以──傑森，如果你願意的話，請說吧。

So yes, I think as mentioned in the previous question, I think with the ruling, we now have the ability to route purchases to a direct channel more aggressively and we can promote it. So we think, number one, it's going to expand the adoption of users that convert over to direct purchases. So we hope that the ratio of our total sales of consumers who purchase direct will go up. And then for each one of those users that end up purchasing direct, there's additional margin improvement because we don't have to pay the 30% cut on those specific purchases. So that's kind of a near-term very practical and kind of technical benefits that we would assume.

是的，我認為正如上一個問題中提到的那樣，我認為根據這項裁決，我們現在有能力更積極地將購買引導到直接管道，並且我們可以推廣它。因此我們認為，首先，它將擴大轉化為直接購買的用戶的採用率。因此我們希望直接購買的消費者占我們總銷售額的比例能夠上升。然後，對於最終直接購買的每位用戶，利潤率都會有額外的提高，因為我們不必為這些特定購買支付 30% 的佣金。因此，我們認為這是一種近期非常實用且具有技術優勢的利益。

But over time, we also think this could enable a more strategic evolution because it enables deeper loyalty tie-ins. And because of our loyalty program, we think we could do some interesting things strategically as a result of this to build a stronger connection with our consumer, which is really what this enables long term is a deeper player relationship.

但隨著時間的推移，我們也認為這可以實現更具策略性的演變，因為它可以實現更深層的忠誠度連結。由於我們的忠誠度計劃，我們認為我們可以從策略上做一些有趣的事情，以便與我們的消費者建立更緊密的聯繫，這實際上可以長期實現更深層的玩家關係。

Aaron Lee, Macquarie.

麥格理的 Aaron Lee。

Maybe sticking with sweepstakes for a little bit more. It's -- can you just talk about how you're thinking about the playAWARDS externalization efforts in the context of the sweepstakes business? Do these kind of work together to advance both? Or does externalizing the playAWARDS platform kind of take a back seat just given all the work you're doing on sweepstakes?

也許會繼續參加抽獎活動一段時間。您能否談談在抽獎業務背景下您如何看待 playAWARDS 外部化工作？這些工作能共同促進雙方的進步嗎？或者，考慮到你們在抽獎活動上所做的所有工作，playAWARDS 平台的外部化是否會被放在次要位置？

Yes. It's a great question. We think that they're complementary for sure. And that, in fact, our whole loyalty program and proposition as part of the sweepstakes promotional mechanic kind of amplifies it and its potential impact. So players of our sweeps offerings and promotions will not only be able to engage in the games and accumulate promotional currency that can ultimately be converted to cash.

是的。這是一個很好的問題。我們認為它們肯定是互補的。事實上，我們的整個忠誠度計劃和主張作為抽獎促銷機制的一部分，在某種程度上放大了它及其潛在影響。因此，參加我們的抽獎活動和促銷活動的玩家不僅可以參與遊戲，還可以累積最終可以兌換成現金的促銷貨幣。

But as they engage with our products and accumulate those benefits, they'll also continue to accumulate loyalty currency and all the real-world benefits. And then along with that, a really bespoke and tailored level of service for all of our premium and more loyal customers. So we believe that just as the loyalty program is kind of the strategic centerpiece of our existing business and enhances the overall value proposition of our existing games, it will do the same thing as we look to incorporate the sweepstakes mechanic.

但隨著他們使用我們的產品並累積這些好處，他們也將繼續累積忠誠度貨幣和所有現實世界的好處。除此之外，我們還為所有優質和忠誠的客戶提供真正客製化和量身定制的服務。因此，我們相信，正如忠誠度計劃是我們現有業務的戰略核心並增強了我們現有遊戲的整體價值主張一樣，當我們尋求融入抽獎機制時，它也會發揮同樣的作用。

Got you. That's helpful. One last one for me. Just in terms of reward partners, you noted in the prepared remarks, you added Golden Entertainment -- but just curious, are there any areas or sectors outside of casinos that you're looking to expand to with regard to rewards partners?

明白了。這很有幫助。對我來說還有最後一個。就獎勵合作夥伴而言，您在準備好的評論中提到，您添加了 Golden Entertainment - 但只是好奇，在獎勵合作夥伴方面，您是否希望擴展到賭場以外的任何領域或部門？

I appreciate the question. We've done a lot over the last couple of quarters to really kind of reset our rewards offering and really kind of more carefully curate and manage the range of partners and the types of rewards that we've introduced. We want to make sure that they all fit kind of our entertainment and leisure positioning of the program.

我很感謝你提出這個問題。在過去的幾個季度中，我們做了很多工作來重新設定我們的獎勵方案，並更仔細地策劃和管理合作夥伴的範圍以及我們推出的獎勵類型。我們希望確保它們都符合我們節目的娛樂和休閒定位。

And so I would say going forward, we're always actively looking for the types of rewards partners that kind of enhance that positioning, entertainment offerings, whether it be music festivals and shows and theme parks and amusement park destinations along with the very robust offering that we have within the whole casino vertical. So we'll continue to cycle through different partners and rewards and test and see the ones that really resonate the most and are demanded by our player base.

因此我想說，展望未來，我們一直在積極尋找能夠增強定位和娛樂產品的獎勵合作夥伴，無論是音樂節、表演、主題公園和遊樂園目的地，還是我們在整個賭場垂直領域提供的非常強大的產品。因此，我們將繼續循環嘗試不同的合作夥伴和獎勵，並進行測試，看看哪些真正能引起玩家的共鳴並受到玩家群體的歡迎。

And as they tell us what they want, we'll go out and pursue and look to cultivate more of those types of partners. But that's really what's motivated the shift in the composition and mix of rewards that are part of our platform today.

當他們告訴我們他們想要什麼時，我們就會去尋找並培養更多這樣的夥伴。但這才是我們今天平台獎勵組成和組合轉變的真正原因。

(Operator Instructions) Martin Yang, Oppenheimer & Company.

（操作員指示）馬丁楊，奧本海默公司。

First question on the timing regarding Apple, our ability to outlink on iOS devices. Do you expect that feature to be implemented soon in your next software update? If not, how soon should we expect for you to take advantage of the ruling?

第一個問題是關於蘋果的時間安排，以及我們在 iOS 裝置上進行外部連結的能力。您是否希望在下一次軟體更新中盡快實現該功能？如果沒有，我們預計您多久能利用該裁決？

I think that you'll see us with some initial implementations in the relative near term. Like everybody else, we're going to do all we can to take advantage of this shift in Apple's overall position in response to the ruling. There are a lot of different ways to implement alternative means of purchase that reduce the amount of friction and make it easy for the players.

我認為您將在相對較短的時間內看到我們進行一些初步實施。和其他人一樣，我們將竭盡全力利用蘋果因該裁決而發生的整體立場轉變的機會。有許多不同的方法可以實現替代購買方式，以減少摩擦並使玩家更容易。

So we're going to do what we can to enhance our existing solution, but we're also kind of revisiting some of the more fundamental approaches to how we redirect our players. So it doesn't feel so much like they're being redirected out of the app ecosystem and instead they stay within the experience.

因此，我們將盡我們所能來增強我們現有的解決方案，但我們也會重新審視一些關於如何重新引導玩家的更基本的方法。因此，他們並不會感覺自己被從應用生態系統中轉移出去，而是仍然保留應用體驗。

So some enhancements in the relative near term and then more comprehensive solutions in also the short term, but probably not for some number of weeks.

因此，在相對近期內會有一些改進，然後在短期內也會有更全面的解決方案，但可能還需要幾週的時間。

Got it. The next question is a financial one. Can you confirm that your EBITDA target does not or have, in fact, included the investments for new game launches, including sweepsteak and Block Party.

知道了。下一個問題是財務問題。您能否確認您的 EBITDA 目標實際上沒有包括對新遊戲發布的投資，包括 sweepsteak 和 Block Party。

Jason, do you want to speak to that?

傑森，你想談談這個嗎？

Yes. So it does have the investments that we are making in the guidance. It does not include the revenue for it because we don't -- because of the uncertainty around it contributing to our top line, we were conservative on the top line. But since we've already are incurring tangible costs today, we have included it in the cost side of the EBITDA guidance.

是的。因此，它確實包含我們在指導中所做的投資。它不包括這部分收入，因為我們不——由於它對我們的收入貢獻存在不確定性，所以我們對收入持保守態度。但由於我們今天已經產生了有形成本，因此我們將其納入了 EBITDA 指導的成本方面。

And also UA costs associated with Block Party is also included?

並且還包括與 Block Party 相關的 UA 成本嗎？

I do not believe we have specific UA costs related to Block Party. It's just the operating expenses for the headcount that's working on those games.

我不認為我們有 Block Party 相關的特定 UA 成本。這只是為這些遊戲工作的員工的營運費用。

That's right. All the team and direct expense of the execution of both Lock Party and the Sweeps initiative are what we burdened the go-forward outlook with, but not the UA expense. Once we are in the market and we have a line of sight on the unit economics in and around our UA investments, then we'll be able to provide more specific guidance. But suffice to say, we won't ramp up our UA investments without the confidence that the product is performing as intended or better.

這是正確的。我們承擔了 Lock Party 和 Sweeps 計劃執行過程中所有團隊和直接費用，但不包括 UA 費用。一旦我們進入市場並了解 UA 投資內部和周圍的單位經濟狀況，我們就能提供更具體的指導。但可以說，如果我們對產品的性能沒有信心達到或超過預期，就不會增加 UA 投資。

And at this time, there are no further questions. So with that, we will go ahead and conclude today's call. All parties may now disconnect. Have a good day. Thank you.

目前，沒有其他問題。因此，我們將繼續並結束今天的電話會議。各方現在都可以斷開連線。祝你有美好的一天。謝謝。