PLAYSTUDIOS Inc (MYPS) 2025 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to the PLAYSTUDIOS second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家下午好，歡迎參加 PLAYSTUDIOS 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to Jason Hahn, PLAYSTUDIOS' Chief Strategy Officer and Head of Investor Relations. Mr. Hahn, you may begin.

現在，我想將電話轉給 PLAYSTUDIOS 首席策略長兼投資者關係主管 Jason Hahn。哈恩先生，您可以開始。

Thank you, operator. Good afternoon, and thank you for joining us for PLAYSTUDIOS Q2 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 年第二季財報電話會議。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安德魯·帕斯卡 (Andrew Pascal) 和財務長 Scott Peterson。

Before we begin, please note that during this call, we may make forward-looking statements. These statements are based on our current expectations and are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our SEC filings for a more detailed discussion of these risks.

在我們開始之前，請注意，在本次通話中，我們可能會做出前瞻性的陳述。這些聲明是基於我們目前的預期，並受可能導致實際結果大不相同的風險和不確定性的影響。請參閱我們的 SEC 文件，以了解有關這些風險的更詳細討論。

We will also discuss certain non-GAAP financial measures. These should not be considered a substitute for measures prepared in accordance with GAAP. Reconciliations to comparable GAAP measures can be found in our earnings release and SEC filings.

我們也將討論某些非公認會計準則財務指標。這些不應被視為按照 GAAP 制定的措施的替代品。在我們的收益報告和 SEC 文件中找到與可比較 GAAP 指標的對帳。

With that, I'll turn it over to Andrew.

說完這些，我就把麥克風交給安德魯。

Great. Thanks, Jason. Good afternoon, everyone. The dominant theme in Q2 and across the broader market continues to be the rapid rise of social casinos leveraging sweepstakes mechanics. This structural shift is reshaping player behavior and monetization across the category with more players gravitating towards social casino products powered by sweepstakes.

偉大的。謝謝，傑森。大家下午好。第二季以及整個市場的主導主題仍然是利用抽獎機制的社交賭場的快速崛起。這種結構性轉變正在重塑整個類別的玩家行為和貨幣化，越來越多的玩家傾向於由抽獎活動支援的社交賭場產品。

This trend is pressuring traditional offerings, including our core social casino portfolio. That said, these dynamics were anticipated and they're exactly why we launched our reinvention program last year.

這一趨勢為傳統產品（包括我們的核心社交賭場產品組合）帶來了壓力。話雖如此，這些動態都是可以預見的，這正是我們去年啟動重塑計畫的原因。

We entered Q2 knowing the headwinds would persist, and we remain focused on advancing the new initiatives that will define our next chapter. While our core business continued to soften this quarter, we're encouraged by the early signals we're seeing in areas like sweepstakes, direct-to-consumer purchases, and new game development. These signals validate our strategic direction and give us confidence in the path ahead.

進入第二季時，我們知道逆風將持續存在，我們將繼續專注於推動決定我們下一章的新舉措。雖然本季我們的核心業務持續疲軟，但我們對抽獎、直接面向消費者的購買和新遊戲開發等領域看到的早期訊號感到鼓舞。這些訊號證實了我們的策略方向，並讓我們對未來的道路充滿信心。

Let me walk you through some of the key updates. Let's start with our Sweepstakes initiative. After just nine months since formalizing this effort, we're now live in open beta across seven states and the early signals are promising. Player retention, engagement, and monetization are all trending in the right direction. We're seeing clear evidence that our proposition resonates with players.

讓我向您介紹一些關鍵更新。讓我們從抽獎活動開始。自從正式啟動這項工作以來僅僅九個月後，我們現在已經在七個州進行了公開測試，早期的訊號令人鼓舞。玩家保留率、參與度和貨幣化都朝著正確的方向發展。我們看到明顯的證據表明我們的主張引起了玩家的共鳴。

We're taking a measured and rigorous approach to scaling focused on ensuring that when we open the product to all eligible states, the experience is fully optimized and delivers on our high standards player expectations and return on ad spend thresholds. We expect to be live across the full footprint of qualified US states later this year.

我們正在採取一種審慎而嚴格的擴展方法，重點是確保當我們向所有符合條件的州開放產品時，體驗得到充分優化，並滿足我們高標準的玩家期望和廣告支出回報門檻。我們預計今年稍後將在美國所有符合條件的州上線。

I want to remind everyone on the call that our strategy consists of a phased approach. We're beginning with a standalone web-based platform, allowing us to build operating excellence and refine our core sweepstakes mechanics. Over time, this will evolve into a fully integrated promotional engine that drives chip sales across our social casino portfolio. In parallel, we continue to actively explore complementing our own effort with strategic acquisitions that could accelerate our momentum and position us for market leadership in the category.

我想提醒電話會議中的每個人，我們的策略是分階段實施的。我們從一個獨立的基於網路的平台開始，這使我們能夠建立卓越的營運並完善我們的核心抽獎機制。隨著時間的推移，這將發展成為一個完全整合的促銷引擎，推動我們社交賭場組合的籌碼銷售。同時，我們繼續積極探索透過策略性收購來補充我們自身的努力，以加速我們的發展勢頭並使我們在該領域佔據市場領先地位。

Let's turn to our other growth opportunity, Tetris Block Party. Development progressed steadily throughout Q2 with meaningful product improvements and early marketing tests that offer valuable insights into player engagement and acquisition efficiency. As with any new title, we're in a phase of continuous iteration, refining the gameplay, tuning the economy, and sharpening the funnel.

讓我們轉向我們的另一個成長機會，俄羅斯方塊派對。在整個第二季度，開發工作穩步推進，產品進行了有意義的改進，並進行了早期的營銷測試，為玩家參與度和獲取效率提供了寶貴的見解。與任何新遊戲一樣，我們正處於不斷迭代的階段，完善遊戲玩法，調整經濟，並完善管道。

We're currently in the mid-stages of that cycle. And while there's still work to do, we're increasingly confident in the game's potential. We remain on track for a Q4 launch.

我們目前正處於該週期的中期階段。雖然還有很多工作要做，但我們對遊戲的潛力越來越有信心。我們仍有望在第四季推出產品。

I'd like to provide a bit more color on our overall playGAMES publishing business. As I already highlighted, the casino portfolio continues to be impacted by the broader market shift towards sweepstakes products. We're seeing ongoing softness in core titles with DAU declines across the board as the primary driver. This was partially offset by stronger unit level monetization, particularly in myKONAMI, which was a bright spot in the quarter.

我想對我們的整體 playGAMES 出版業務提供更多詳細資訊。正如我已經強調的那樣，賭場投資組合繼續受到更廣泛的市場向抽獎產品轉變的影響。我們看到核心遊戲持續疲軟，主要原因是 DAU 全面下降。這在一定程度上被更強勁的單位級別貨幣化所抵消，尤其是 myKONAMI，這是本季度的亮點。

We also continue to scale our direct-to-consumer business, which remains a standout. In Q2, direct-to-consumer generated $6.7 million of in-app purchase revenue, up 107% year over year and 34% sequentially and represented 13.9% of total in-app purchase revenue. This momentum is driven by increased adoption and deeper engagement with our MyVIP direct-to-consumer offerings. And with Apple's recent policy changes giving us more flexibility to promote the channel, we see even greater opportunity to build on this momentum.

我們也繼續擴大直接面向消費者的業務，這仍然是我們的亮點。第二季度，直接面向消費者的應用程式內購收入為 670 萬美元，年增 107%，季增 34%，佔應用程式內購買總收入的 13.9%。這一勢頭是由我們 MyVIP 直接面向消費者的產品的採用率不斷提高和參與度不斷加深所推動的。隨著蘋果最近的政策變化，我們為推廣管道提供了更大的靈活性，我們看到了更大的機會來鞏固這一勢頭。

Let's talk casual. Our casual portfolio also remains under pressure due to challenging market and competitive dynamics. During the quarter, we focused on product updates aimed at improving engagement and retention. We believe these enhancements will better position us to deploy user acquisition more profitably in future quarters. In the meantime, we've deliberately scaled back marketing spend to prioritize margin contribution from this portfolio, and we'll continue to evaluate our approach going forward.

我們就隨便聊聊吧。由於市場競爭激烈，我們的休閒產品組合也面臨壓力。在本季度，我們專注於旨在提高參與度和保留率的產品更新。我們相信，這些增強功能將使我們在未來幾季能夠更有利地部署用戶獲取。同時，我們刻意縮減了行銷支出，以優先考慮該投資組合的利潤貢獻，並且我們將繼續評估我們未來的做法。

On the playAWARDS front, playAWARDS remains still our core differentiator, and we continue to invest in the platform to deepen engagement and drive long-term loyalty. In Q2, players purchased nearly 200,000 rewards with a retail value of $13 million. While rewards purchases were down compared to Q1, we're seeing encouraging signs as we focus on higher-value partners and more curated strategic offerings that align with player preferences and our broader engagement goals.

在 playAWARDS 方面，playAWARDS 仍然是我們的核心差異化因素，我們將繼續投資該平台以深化參與度並推動長期忠誠度。第二季度，玩家購買了近 20 萬份獎勵，零售價值達 1,300 萬美元。雖然獎勵購買量與第一季相比有所下降，但我們看到了令人鼓舞的跡象，因為我們專注於更高價值的合作夥伴和更精心策劃的策略產品，以符合玩家的偏好和我們更廣泛的參與目標。

We also ran several promotions for the upcoming MyVIP World tournament of Slots across our games, which were very well received by our players. We're excited about the momentum building around this high-impact franchise activation, and we believe it will play a meaningful role in reenergizing our community in the coming quarters ahead.

我們也為即將舉行的 MyVIP 世界老虎機錦標賽在各個遊戲中推出了多項促銷活動，受到了玩家的熱烈歡迎。我們對這一具有重大影響的特許經營活動所形成的勢頭感到非常興奮，我們相信它將在未來幾季為我們的社區注入新的活力發揮重要作用。

Lastly, I'd like to briefly touch on our balance sheet and capital allocation. Our balance sheet remains rock solid. We ended the quarter with approximately $112.9 million in cash, up from $107 million in Q1, even after deploying over $2 million to repurchase shares during the quarter. We remain debt-free with full access to our $81 million credit facility, providing us with strategic latitude to deploy capital to high-returning initiatives in quarters ahead.

最後，我想簡單談談我們的資產負債表和資本配置。我們的資產負債表依然穩固。儘管我們在本季投入了超過 200 萬美元回購股票，但本季末我們的現金仍約為 1.129 億美元，高於第一季的 1.07 億美元。我們仍然沒有債務，可以充分使用 8,100 萬美元的信貸額度，這為我們提供了戰略自由，可以在未來幾季將資本部署到高回報計劃中。

So with that, I'll turn the call over to Scott for some more financial highlights.

因此，我將把電話轉給斯科特，讓他介紹更多財務亮點。

Thanks, Andrew. Good afternoon, everyone. Second-quarter revenue was $59 million, down approximately 18.3% year over year and 5.4% sequentially. This reflects continued softness in our core casino and casual games, which, as Andrew mentioned, was driven by market disruption and DAU declines across most titles.

謝謝，安德魯。大家下午好。第二季營收為 5,900 萬美元，年減約 18.3%，季減 5.4%。這反映了我們核心賭場和休閒遊戲的持續疲軟，正如安德魯所提到的，這是由市場混亂和大多數遊戲的 DAU 下降造成的。

Adjusted EBITDA for the quarter was $10.7 million, down 24% year over year and 14.2% sequentially, reflecting limited flow-through given revenue softness. Adjusted EBITDA margin was 18.1% compared to 19.5% in the second quarter of '24 and 19.9% in the first quarter of '25.

本季調整後的 EBITDA 為 1,070 萬美元，年減 24%，季減 14.2%，反映出因收入疲軟導致的現金流量有限。調整後的 EBITDA 利潤率為 18.1%，而 24 年第二季為 19.5%，25 年第一季為 19.9%。

DAU was $2.3 million, down from $2.6 million in the first quarter and $3.2 million in the second quarter of '24. MAU was $10 million, also down from $11.4 million in the first quarter. ARPDAU was $0.28, up slightly from $0.26 last quarter and $0.25 a year ago, reflecting stronger monetization.

DAU 為 230 萬美元，低於 24 年第一季的 260 萬美元和第二季的 320 萬美元。每月活躍用戶為 1,000 萬美元，也低於第一季的 1,140 萬美元。ARPDAU 為 0.28 美元，較上一季的 0.26 美元和去年同期的 0.25 美元略有上升，反映出貨幣化程度有所提高。

Direct-to-consumer revenue for the second quarter was $6.7 million, representing 13.9% of total in-app purchase revenue. This was up from $5 million in the first quarter and $3.2 million in the second quarter of '24. For the first half of the year, direct-to-consumer revenue totaled $11.7 million, up 109.8% year over year. We ended the quarter with approximately $112.9 million in cash, no debt, and an outstanding share count of 125.2 million.

第二季直接面向消費者的收入為 670 萬美元，佔應用程式內購買總收入的 13.9%。這一數字高於 24 年第一季的 500 萬美元和第二季的 320 萬美元。今年上半年，直接面向消費者的收入總計 1,170 萬美元，年增 109.8%。本季末，我們擁有現金約 1.129 億美元，無債務，流通股數為 1.252 億股。

While we're currently pacing below our full-year revenue and adjusted EBITDA guidance as revenue softness has more than offset cost savings, we are not changing guidance at this time. We will continue to evaluate how the investments we've made in recent quarters translate and see how this very dynamic market continues to evolve as we approach the back half of the year.

雖然我們目前的營收和調整後 EBITDA 低於全年營收預期，因為營收疲軟已經超過了成本節約，但我們目前不會改變預期。我們將繼續評估最近幾季的投資效果，並觀察隨著下半年的臨近，這個充滿活力的市場將如何繼續發展。

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

說完這些，我就把電話轉回給安德魯。

Thanks, Scott. To close, we're clear-eyed about the challenges in our core business, but also confident that we're taking the right steps to adapt and evolve. Our focus remains firmly on executing our core strategic priorities, those being developing our sweepstakes capabilities, expanding our direct-to-consumer sales, unlocking the potential of Tetris, and modernizing our core games. And we're encouraged by the early traction we're seeing across these initiatives.

謝謝，斯科特。最後，我們清楚地認識到核心業務面臨的挑戰，同時也相信我們正在採取正確的步驟來適應和發展。我們的重點仍然是執行我們的核心戰略重點，即發展我們的抽獎能力、擴大我們的直接面向消費者的銷售、釋放俄羅斯方塊的潛力以及使我們的核心遊戲現代化。這些措施早期取得的進展令我們感到鼓舞。

The investments we're making today are building a stronger, more diversified foundation that we believe will drive renewed momentum in the quarters ahead. We appreciate your continued support as we move forward with purpose in this dynamic market.

我們今天所做的投資正在建立一個更強大、更多樣化的基礎，我們相信這將在未來幾季推動新的發展勢頭。感謝您一直以來的支持，讓我們在這個充滿活力的市場中繼續前進。

Operator, let's open it up for questions.

接線員，讓我們開始提問吧。

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

（操作員指示）Ryan Sigdahl，Craig-Hallum Capital Group。

I want to start with the DAU, MAU, both down high-20% year over year. I get the challenges with everything going on in the environment. But can you split that out between social casino, casual games? I guess, was it similar between the two, one better, one worse? And then anything within the game construct of either of those categories?

我想先從 DAU 和 MAU 開始，這兩個數字都比去年同期下降了 20% 以上。我意識到環境中發生的一切事情都面臨著挑戰​​。但是你能將其分為社交賭場遊戲和休閒遊戲嗎？我猜，這兩者之間是否相似，一個更好，一個更差？那麼這兩個類別的遊戲建構有什麼內容嗎？

Yeah. Look, the DAU and MAU declines were pretty substantial in both cases. I think, obviously, a lot of that's a result of our having pulled back pretty materially on user acquisition investments as well. And so I would say that it's a bit more dramatic in the casual space than the social casino space, but meaningful in both portfolios.

是的。瞧，在這兩種情況下，DAU 和 MAU 的下降幅度都相當大。我認為，顯然，這在很大程度上也是因為我們大幅削減了用戶獲取投資的結果。因此，我想說，休閒領域的變化比社交賭場領域的變化更劇烈，但對兩個投資組合來說都有意義。

Got you. Then just sweepstakes, I appreciate kind of the player engagement monetization encouraging commentary. But anything you can comment from whether it's a quantitative KPI or anything you're willing to share number of users, how ARPDAU compares, just anything kind of from that early launch? And then, I guess, given the challenges that don't seem to be abating anytime soon, why not accelerate kind of the full launch of sweepstakes?

明白了。然後只是抽獎，我很欣賞玩家參與貨幣化鼓勵評論。但是您能否評論一下，無論是定量的 KPI 還是您願意分享的使用者數量、ARPDAU 的比較情況，還是早期發佈時的任何資訊？然後，我想，考慮到這些挑戰似乎不會很快減弱，為什麼不加速全面啟動抽獎活動呢？

Yeah. So today, we're in seven different jurisdictions live with our service. And we started this whole effort about nine months ago. And so we're at a point where we completed our platform in about seven months, initiated our initial trials in the first two jurisdictions and relied upon the data and what we're seeing from those cohorts to refine the platform and the way that we're operating the service. And as we build confidence, we've opened up more jurisdictions.

是的。今天，我們已在七個不同的司法管轄區推出我們的服務。我們大約九個月前就開始了這項工作。因此，我們在大約七個月內完成了我們的平台，在前兩個司法管轄區啟動了初步試驗，並依靠數據和我們從這些群體中看到的情況來完善平台和我們運營服務的方式。隨著我們信心的增強，我們開放了更多的司法管轄區。

I can tell you that we continue to see positive improvement across all the key metrics. So retention continues to improve. Conversion rates are improving. The yields we're seeing per monetizer are improving. And we're feeling really optimistic about the evolution and the progress that we're making.

我可以告訴你們，我們繼續看到所有關鍵指標的正面改善。因此保留率不斷提高。轉換率正在提高。我們看到每個貨幣化者的收益正在提高。我們對我們正在取得的演變和進步感到非常樂觀。

And as we sit here today, 9.5, 10 months into a cycle, I think we're in a pretty good place. And we're feeling like in the coming months, we're going to continue to open up more jurisdictions, and we're at a place where we can start allocating more marketing capital and achieve the kind of return targets that are going to allow us to scale.

今天，我們坐在這裡，已經進入一個週期的 9.5 到 10 個月，我認為我們處於一個相當不錯的位置。我們感覺在接下來的幾個月裡，我們將繼續開放更多的司法管轄區，並且我們可以開始分配更多的行銷資本並實現允許我們擴大規模的回報目標。

So it's really a function of just continuing to optimize our marketing and getting comfortable with the funnel and all of its conversion metrics and seeing the retention, engagement, and resulting monetization that's going to allow us to get the returns so that we can then deploy meaningful capital in scaling and growing that business.

因此，它實際上只是繼續優化我們的行銷，熟悉漏斗及其所有轉換指標，並看到保留率、參與度和由此產生的貨幣化，這將使我們能夠獲得回報，以便我們能夠部署有意義的資本來擴大和發展該業務。

And I think that we're on plan. So we're feeling encouraged by what we're seeing as we continue to evolve the platform, the content, and the features and just build the competency in running this business.

我認為我們正在按照計劃進行。因此，隨著我們繼續發展平台、內容和功能，並增強經營這項業務的能力，我們對所看到的情況感到鼓舞。

As someone that lives in one of those two initial states, I was a positive contributor for you, guys, in the quarter. And I do have to say that the experience is, albeit early and evolving, was impressive, I guess, comparable to many of the other sweepstakes out there and that's unsort. (inaudible)

作為居住在這兩個初始州之一的人，我在本季度為你們做出了積極的貢獻。我必須說，儘管這種體驗還處於早期階段並且還在不斷發展，但它還是令人印象深刻，我想，可以與許多其他抽獎活動相媲美，而且這還不算晚。（聽不清楚）

Last question for me. It's probably for Scott, but just any guidepost you can put around Q3. I guess, as a starting point, I think Q3 typically from a seasonality standpoint is pretty similar to Q2. I guess, would you agree with that? And any guidepost you can give around next-quarter expectations would be helpful. Thanks.

我的最後一個問題。它可能適合斯科特，但只是你可以在 Q3 周圍放置的任何路標。我想，作為一個起點，我認為從季節性的角度來看，第三季通常與第二季非常相似。我想，你會同意嗎？您能提供的任何有關下個季度預期的指導都會有所幫助。謝謝。

Yeah. I mean I can weigh in and Scott, he can offer his color, too. But as you highlighted, no meaningful differences that we see in Q3 relative to Q2. Our primary focus is on executing on all of these things that we think are going to restore the momentum in our business. And so there's a lot that's changing and a lot that's happening within the portfolio of initiatives that we're actively investing in.

是的。我的意思是我可以參與進來，斯科特也可以提供他的觀點。但正如您所強調的，我們發現第三季與第二季相比沒有顯著差異。我們的主要重點是執行所有這些我們認為能夠恢復業務動能的事情。因此，在我們積極投資的計畫組合中，很多事情正在改變，很多事情正在發生。

We're always reluctant to kind of provide guidance that's based upon all of these new initiatives until we have a clear line of sight as to their predictability, both in terms of timing when they'll be in the market and their capacity to scale and contribute to our operating performance. So for that reason, we're just going to kind of hold to where we are. And I think Q3 won't look that different from what we've seen in Q2.

我們總是不願意提供基於所有這些新措施的指導，直到我們對它們的可預測性有清晰的認識，包括它們進入市場的時間以及它們的擴展能力和對我們的營運績效的貢獻。因此，我們只會堅持現狀。我認為第三季的情況與第二季的情況不會有太大不同。

Aaron Lee, Macquarie.

麥格理的 Aaron Lee。

I want to stay on sweepstakes for a little bit more. I just want to make sure I have this right. But as it relates to the sweepstakes launch, are there any more technical aspects that you still need to hammer out for the platform? Or is it really just about optimizing and refining how you operate at this point?

我想繼續參加抽獎活動一段時間。我只是想確保我擁有這個權利。但是，由於它與抽獎活動的啟動有關，是否還有什麼技術方面的問題需要您為平台解決？或者這實際上只是優化和改進您目前的營運方式？

Yeah, all the core functionality that's needed to actually launch the service has been in place for the last few months. So we're just continuing to refine the features, the content that we offer, and all the core practices around ensuring that all the fraud detection and just the overall integrity of the service is in place.

是的，過去幾個月來，實際啟動該服務所需的所有核心功能都已到位。因此，我們只是繼續完善功能、我們提供的內容以及所有核心實踐，以確保所有詐欺偵測和整體服務完整性到位。

And then obviously, a big part of this is also testing and stressing all the different marketing approaches and channels and campaigns so that we can see the right unit economics that allow us to deploy meaningful capital in scaling that business. So we're advancing along all of these different fronts.

顯然，其中很大一部分也是測試和強調所有不同的行銷方法、管道和活動，以便我們能夠看到正確的單位經濟學，使我們能夠在擴大業務規模時部署有意義的資本。因此，我們正在沿著所有這些不同的方向前進。

And it's meaningful and it's complicated where the people and the companies we're competing with, they've been in the market mostly for a couple of years. They've got all the core capabilities and competency around operating their platforms well in place and evolved. And we're doing all these things at the same time.

這是有意義的，也是複雜的，因為我們的競爭對手和公司大多已經在這個市場上待了好幾年了。他們已經具備並發展了營運平台的所有核心能力和競爭力。我們同時在做所有這些事情。

So we just want to make sure that we feel really good about the integrity of our system and our operating practices and our capacity to deploy capital and scaling and growing it. And that's why you've seen us in a measured way, go from two jurisdictions to four jurisdictions to now seven jurisdictions.

因此，我們只是想確保我們對我們的系統的完整性、我們的營運實踐以及我們部署資本、擴大和成長資本的能力感到非常滿意。這就是為什麼您看到我們以一種謹慎的方式從兩個司法管轄區擴展到四個司法管轄區，再到現在的七個司法管轄區。

So I'd expect that in the coming months, we'll start to open it up. And hopefully, by the end of the year, as I alluded to earlier, just be in all of the qualified jurisdictions. So it's just being measured in qualifying and making sure we're ready to go.

因此我預計在接下來的幾個月裡，我們將開始開放它。正如我之前提到的，希望到今年年底，所有符合資格的司法管轄區都能涵蓋這一目標。因此，這只是在資格賽中進行衡量，並確保我們已做好準備。

Understood. Yeah, I think that's the right approach. And then for my follow-up, on sweepstakes again, you've obviously been building out the platform organically.

明白了。是的，我認為這是正確的方法。然後，對於我的後續問題，再次談到抽獎活動，您顯然一直在有機地建立平台。

You mentioned you're exploring strategic acquisitions. Any color on what those acquisitions could look like? Would it be targeting tech, talent, a database? Any color you can provide there would be helpful. Thank you.

您提到您正在探索策略性收購。能透露一下這些收購的具體情況嗎？它的目標是技術、人才還是資料庫？您提供的任何顏色都會有幫助。謝謝。

Hey, Jason, do you want to take that one?

嘿，傑森，你想拿那個嗎？

Yeah, sure. So look, I think our goal around this category, we're obviously big fans of what's happening with -- as sweepstakes being kind of a change in the social casino space as a catalyst for growth. Our goal is to be a market leader in this category. And there's obviously a lot of players in this category that we admire that have reached super scale that have large businesses that are highly profitable with really interesting capital efficiency.

是的，當然。所以，我認為我們圍繞著這一類別的目標，我們顯然非常支持正在發生的事情——抽獎活動是社交賭場領域的一種變化，是成長的催化劑。我們的目標是成為該類別的市場領導者。顯然，我們欽佩這一類別中的許多參與者，他們已經達到了超大規模，擁有利潤豐厚的大型企業，並且具有真正令人矚目的資本效率。

And so, obviously, we're going down the route of the organic approach, and we have conviction in what we're doing there. But that doesn't mean that we wouldn't necessarily for the right opportunities, do some meaningful M&A to kind of bolster our efforts and to kind of be in the top 3 of this category as well. So that's how we kind of think about it. So it wouldn't necessarily be to solve capability gaps, it would be to kind of get market share gains quicker and accelerate our kind of path to a leadership position in the category.

因此，顯然，我們正在走有機方法的路線，並且我們對我們所做的事情充滿信心。但這並不意味著我們不會抓住合適的機會，進行一些有意義的併購，以增強我們的努力，並躋身這一類別的前三名。這就是我們對此的看法。因此，這不一定是為了解決能力差距，而是為了更快地獲得市場份額，並加速我們在該類別中佔據領導地位的步伐。

Martin Yang, Oppenheimer & Company.

馬丁楊，奧本海默公司。

And Martin, are you on mute?

馬丁，你靜音了嗎？

Despite overall -- can you hear me?

儘管總體而言——你能聽到我說話嗎？

We can hear you now, Martin, but we didn't hear you. So if you could repeat the question, that would be great.

馬丁，我們現在能聽到你的聲音，但我們之前沒聽清楚你說話。因此，如果您能重複這個問題，那就太好了。

Sure. My question is on the casual portfolio. Aside from new product launches, what's the medium- or long-term goal or expectation for the segment? Do you expect the rest of the portfolio to continue gradual decline? Or do you expect a turnaround at a certain point regardless of the macro impact?

當然。我的問題是關於臨時投資組合的。除了推出新產品之外，該部門的中期或長期目標或期望是什麼？您是否預期投資組合的其餘部分將繼續逐漸下降？或者您預計無論宏觀影響如何，某個時候都會出現轉機？

Well, thanks. That's a great question. So there's two aspects to our casual strategy. There's the existing portfolio, which consists of a collection of pretty mature products. And as I alluded to earlier, we've been focused on margin contribution and pulled back pretty materially on the investments we're making in user acquisition in support of that portfolio.

嗯，謝謝。這是一個很好的問題。我們的休閒策略有兩個面向。現有的產品組合包括一系列相當成熟的產品。正如我之前提到的，我們一直專注於利潤貢獻，並大幅削減了在用戶獲取方面為支持該投資組合所做的投資。

While we invest in upgrading the products with more current tech that allows us to be faster and more dynamic with the features and content that we're introducing that should drive better retention and engagement, which in-app advertising model is what drives revenue. So we've been working pretty hard over the last six to eight months on making those refinements and adjustments.

我們投資於使用更先進的技術來升級產品，這使我們能夠更快、更有活力地推出所推出的功能和內容，從而提高用戶的留存率和參與度，而應用程式內廣告模式才是推動營收成長的動力。因此，在過去的六到八個月裡，我們一直在努力進行這些改進和調整。

As I've alluded to, we pulled back pretty materially in the UA investments across the casual portfolio, the legacy portfolio. And we'll continue to monitor our progress there until we get to a place where we can start to reinvest in new cohorts of players that ultimately command more revenue in terms of the sale of our ad products and units. I don't expect that we're going to see any meaningful growth out of the legacy casual portfolio.

正如我所提到的，我們在臨時投資組合和遺留投資組合中大幅撤回了 UA 投資。我們將繼續監控我們的進展，直到我們可以開始重新投資新的玩家群體，最終透過銷售我們的廣告產品和單位獲得更多收入。我並不認為我們會從傳統休閒產品組合中看到任何有意義的成長。

There's another dimension to the casual strategy, which, as we talked about, relates to the Tetris strategy and franchise. And so we have an existing Tetris product that we continue to work on refining and evolving, but we've put a lot of energy and most of our resources behind a new flavor of Tetris, our Tetris Block Party product, which has been in development for close to two years.

休閒策略還有另一個維度，正如我們所討論的，它與俄羅斯方塊策略和系列相關。因此，我們有一個現有的俄羅斯方塊產品，我們將繼續致力於改進和發展，但我們投入了大量的精力和大部分資源來開發俄羅斯方塊的新版本，即我們的俄羅斯方塊街區派對產品，該產品已經開發了近兩年。

And we're encouraged by the metrics we're seeing from that product. They're strong and they continue to improve. And the state of the market as you look to bring a new AAA quality casual game into the market, the table stakes are just very high in terms of the feature richness and the amount of content and your capacity to really run a product with a lot of dynamism and a lot of new content constantly coming into the product.

我們對此產品的各項指標感到鼓舞。他們很強大，而且還在不斷進步。當你希望將一款新的 AAA 品質休閒遊戲帶入市場時，市場狀況對功能的豐富性、內容的數量以及你真正運行一款充滿活力的產品的能力的要求非常高，並且產品中會不斷出現大量新內容。

And so we're not only refining the product to get to the core metrics that we need, but we're also investing in our capabilities to deliver the volume of content that's going to be required once we start investing and scaling and launching it. And so if we're going to achieve the kind of scale that we've imagined for that product, we need to make sure that we're ready for it. And so that's what's ongoing right now.

因此，我們不僅要改進產品以達到我們所需的核心指標，還要投資我們的能力，以便在我們開始投資、擴展和推出產品時提供所需的內容量。因此，如果我們要實現我們想像中的產品規模，我們需要確保我們已經做好準備。這就是目前正在發生的事情。

So we'll continue to work to stabilize the core legacy casual portfolio. And once we find that it is investable, then we'll readdress the amount of UA investments we're making there. And we're going to continue to advance and get ourselves ready to launch and scale up our Tetris Block Party product.

因此，我們將繼續努力穩定核心傳統休閒產品組合。一旦我們發現它值得投資，我們就會重新調整在那裡進行的用戶獲取 (UA) 投資的金額。我們將繼續前進，準備推出和擴大我們的俄羅斯方塊街區派對產品。

Got it. Thank you, Andrew. My other question relates to Tetris Block Party and overall your D2C strategy. With a new game, do you think you can do something unique into the game launch for Tetris Block Party so that its D2C share can be different or can have another boost relative to your platform average?

知道了。謝謝你，安德魯。我的另一個問題與俄羅斯方塊街區派對以及您的整體 D2C 策略有關。對於一款新遊戲，您認為您可以在《俄羅斯方塊街區派對》的遊戲發布中做一些獨特的事情，以使其 D2C 份額有所不同，或者相對於您的平台平均值有另一個提升嗎？

Yeah. I mean that's certainly what we hope for. We have a lot more latitude today in terms of merchandising within the app, the alternative methods of more direct purchasing from our players. And so I think to your point, absolutely, we're going to do everything we can to make sure that our players are aware of the alternative and the benefits of purchasing with us directly.

是的。我的意思是這當然是我們所希望的。如今，我們在應用程式內的商品銷售方面擁有了更大的自由度，可以透過其他方式更直接地從玩家那裡購買商品。所以我認為，正如你所說，我們絕對會盡一切努力確保我們的玩家了解直接向我們購買的替代方案和好處。

With that said, we don't want to introduce any friction that might limit or restrict the player from converting and starting to spend money with us. So we're going to actively look at and optimize how we do that. And I can tell you today that the monetization within the Tetris Block Party product is really solid. It's quite encouraging, and it's going to support and allow us to go into the market, a very competitive market and buy cohorts of players at and around where they're priced today, given how intense the competition is.

話雖如此，我們不想引入任何可能限製或約束玩家轉變並開始向我們花錢的摩擦。因此，我們將積極研究並優化我們的工作方式。今天我可以告訴你們，俄羅斯方塊街區派對產品的獲利能力確實非常強。這是非常令人鼓舞的，它將支持我們進入市場，一個競爭非常激烈的市場，並在目前的定價附近購買一群球員，因為競爭非常激烈。

So to your point, the more direct-to-consumer purchasing we can motivate, the more flow-through and margin that we have to then look at ultimately piling back and investing in scaling up and growing our audience until we achieve that critical mass and then start maturing the product and focusing on improving its margins and harvesting the value.

所以正如您所說，我們激發的直接面向消費者的購買越多，我們就越需要關注最終的回籠和投資，擴大和增加我們的受眾，直到我們達到臨界規模，然後開始完善產品，並專注於提高其利潤率和收穫價值。

Mike Hickey, Benchmark.

麥克希基，Minchmark。

Andrew, just on the regulatory pressure here that we're seeing from states to ban sweepstakes. Just kind of curious your view on how that should trend moving forward and how you get comfortable launching and investing the product in states comfortable that the regulatory piece won't change and go against you in terms of a ban?

安德魯，我們看到各州都施加監管壓力，要求禁止抽獎活動。我只是有點好奇您對未來趨勢的看法，以及您如何在監管方面不會改變並對您不利的州放心推出和投資該產品？

Look, it's the big question, right? And our approach is probably not all that different from most everybody else in the space, which is that we look at the market overall on a state-by-state basis, and we go deep into really qualifying what are the regulatory and legal risks within each of those different markets, and what are the ongoing or active efforts both in support and opposition of the Sweepstakes' model within those markets.

瞧，這是一個大問題，對吧？我們的方法可能與該領域中的大多數其他人並沒有什麼不同，即我們逐個州地審視整個市場，並深入研究每個不同市場中的監管和法律風險，以及在這些市場中支持和反對抽獎模式的持續或積極的努力。

And then we allow that to inform where it is that we're ultimately going to be deploying our capital and how aggressively we get in and across these different markets. To the extent a market that we think is relatively reliable ends up becoming higher risk, then, of course, we immediately start to moderate our spend in that market. And so it's dynamic and it will be actively managed.

然後，我們根據這一點來決定我們最終將把資本部署到哪裡，以及我們將如何積極地進入這些不同的市場。如果我們認為相對可靠的市場最終變得風險更高，那麼我們當然會立即開始減少在該市場的支出。因此它是動態的並且將被積極管理。

And what I would also say is that we intend to be very active in trying to help bring more credibility and legitimacy to this opportunity. So the way that we're approaching sweepstakes and how it's employed, we have a multi-phase strategy.

我還想說的是，我們打算積極努力，為這個機會帶來更多的可信度和合法性。因此，我們處理抽獎活動的方式及其實施方法，我們有一個多階段策略。

The first, we're going to stand up a service that we think is incredibly well executed, and we'll compete with everything else that's in the market. But our ultimate strategy and plan is to more deeply integrate sweepstakes' mechanics and opportunities with our existing native apps and do it in a way that's focused on stimulating and driving the incremental sale of virtual chips that we've always sold.

首先，我們將推出一項我們認為執行得非常好的服務，並與市場上的其他所有服務競爭。但我們的最終策略和計劃是將抽獎機制和機會與我們現有的原生應用程式更深入地結合起來，並以一種專注於刺激和推動我們一直銷售的虛擬籌碼的增量銷售的方式來實現。

So I think that there's a position that we can take as we come into the market, which is that we're employing sweepstakes' mechanics as a promotional tool the way that they are intended. And so I think that there's a lot that we intend to do to try and legitimize just this opportunity overall and make the case for how and why it should be embraced and supported as opposed to opposed.

因此我認為，當我們進入市場時，我們可以採取一種立場，即按照預期的方式利用抽獎機製作為促銷工具。因此我認為我們打算做很多事情來嘗試使這個機會合法化，並說明為什麼應該接受和支持而不是反對它。

Yeah. Thanks, Andrew. The market -- obviously, sweepstakes' market, I think you've characterized as very competitive with a bunch of sort of aggressive incumbents that have established share. So when you look to launch your app in your respective markets, how significant is the UA spend? How is that going to impact your sort of near-term EBITDA creation?

是的。謝謝，安德魯。市場——顯然，抽獎市場，我認為你已經將其描述為競爭非常激烈，其中有一群積極進取的現有企業已經建立了市場份額。那麼，當您希望在各自的市場推出應用程式時，UA 支出有多大？這將如何影響您近期的 EBITDA 創造？

Are you, I guess, most important, confident that with that spend that the quality of your app relative to your competition, that in fact, you'll achieve the retention you need to justify that?

我想，最重要的是，您是否有信心，透過這些投入，您的應用程式相對於競爭對手的品質會有所提高，事實上，您會獲得所需的保留率來證明這一點？

Yeah. I mean that's the model, right, as you establish and set a certain return horizon. And as long as you're achieving and meeting that horizon, then you should be able to confidently deploy more capital. And so the industry generally has working towards a four- to six-month return horizon on their ad spend. I think that's a reflection of some of the regulatory uncertainty you alluded to a moment ago.

是的。我的意思是，這就是模型，對的，當你建立並設定一定的回報範圍時。只要您實現並達到該目標，您就應該能夠自信地部署更多資本。因此，該行業通常致力於實現四到六個月的廣告支出回報期。我認為這反映了您剛才提到的一些監管不確定性。

The four- to six-month return horizon on ad spend for sweeps' products compares to what has been traditionally typical for the social casino industry, the more traditional social casino industry of anywhere from 12 to 24 months. So wildly different.

抽獎產品的廣告支出回報期為四到六個月，而社交賭場產業的傳統回報期則為 12 到 24 個月。如此截然不同。

I think your question, like to what extent do we think our investing and growing our sweeps' business might adversely impact EBITDA, well, it will during its growth cycle, but that's a good thing because we're seeing the opportunity to go grab customers and market share and to scale up our service. So that ultimately can get to a place where we then start to focus on flow-through and improve margins and harvest the benefits. That's how we see it playing out.

我認為你的問題是，我們認為我們的投資和成長我們的清掃業務在多大程度上會對 EBITDA 產生不利影響，嗯，在其成長週期內會如此，但這是一件好事，因為我們看到了抓住客戶和市場份額以及擴大我們服務的機會。這樣，我們最終就可以開始關注流通、提高利潤率並獲得收益。這就是我們所看到的局面。

That's how we're seeing from --

這就是我們所看到的--

The other thing I would -- if I could, Mike, the other thing that I would highlight is this, while I've alluded to, the market is very competitive. There's no question about it. And a lot of the players in the market have integrated a lot of the core platform and its capabilities and all the content that they offer.

另一件事——如果可以的話，麥克，我想強調的另一件事是，雖然我已經提到過，但市場競爭非常激烈。毫無疑問。市場上的許多參與者已經整合了許多核心平台及其功能以及他們提供的所有內容。

And so the amount of differentiation in and across these products is pretty limited. One of the things that we're investing in is leveraging our vast library of proprietary game content that we have as well as leveraging a lot of the social mechanics and features that we know add progression and kind of a feature richness that drives deeper engagement and makes for a more compelling experience.

因此，這些產品內部和之間的差異化程度相當有限。我們正在投資的事情之一是利用我們擁有的龐大專有遊戲內容庫，以及利用許多社交機制和功能，我們知道這些機制和功能可以增加進程和豐富的功能，從而推動更深入的參與並提供更引人入勝的體驗。

And so we think that as we come into the market and we start to introduce more of our own proprietary content, we're going to further differentiate ourselves from our peers and make the case for how and why people should spend more of their time and money with our sweepstakes alternatives as opposed to what else is out there in the market. So that's what we hope to prove out over time.

因此，我們認為，隨著我們進入市場並開始推出更多我們自己的專有內容，我們將進一步從同行中脫穎而出，並說明人們應該如何以及為什麼在我們的抽獎替代方案上花費更多的時間和金錢，而不是市場上的其他產品。所以我們希望隨著時間的推移能夠證明這一點。

Thanks, Andrew. Last question. I understand you kept the guidance the same. Obviously, your core business is facing pretty significant pressure. And of course, you're also on the cusp of transitioning to the sweepstakes, which clearly is exciting, but will also take some investment. Just curious if you're comfortable here that you have enough cash on the balance sheet to sort of manage through this transition.

謝謝，安德魯。最後一個問題。我知道您保持了相同的指導。顯然，您的核心業務面臨相當大的壓力。當然，您也處於向抽獎活動過渡的邊緣，這顯然令人興奮，但也需要一些投資。我只是好奇，您是否確信資產負債表上有足夠的現金來管理這一轉變。

For sure. I mean our cash position is very strong, as I alluded to earlier. We have all the capital we need to be very aggressive in the way that we approach investing in and getting into the space.

一定。我的意思是我們的現金狀況非常強勁，正如我之前提到的。我們擁有所需的全部資本，可以積極地投資並進入該領域。

And in fact, have enough capital to support both of our growth initiatives. Should they continue to show positive signs and we look to deploy tens of millions of capital into scaling and growing both Tetris Block Party and our sweeps business, we're in a position where we can do that.

事實上，我們有足夠的資本來支持我們的兩個成長計劃。如果他們繼續表現出積極的跡象，並且我們希望投入數千萬資金來擴大和發展俄羅斯方塊街區派對和我們的抽獎業務，那麼我們就可以做到這一點。

Thank you. And we have reached the end of the question-and-answer session. And also, this does conclude today's conference, and you may disconnect your lines at this time. We thank you for your participation.

謝謝。問答環節已經結束。而且，今天的會議到此結束，大家現在可以斷開線路了。我們感謝您的參與。