PENN Entertainment Inc (PENN) 2023 Q4 法說會逐字稿

Greetings, and welcome to the PENN Entertainment Fourth Quarter 2023 Results Conference Call. (Operator Instructions)

您好，歡迎您參加 PENN Entertainment 2023 年第四季業績電話會議。 （操作員說明）

I would now like to turn the conference over to Mr. Joe Jaffoni, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部的 Joe Jaffoni 先生。請繼續。

Thanks, Frank. Good morning, everyone, and thank you for joining PENN Entertainment's 2023 Fourth Quarter Conference Call. We'll get to management's presentation and comments momentarily as well as your questions and answers. (Operator Instructions)

謝謝，弗蘭克。大家早安，謝謝您參加 PENN Entertainment 的 2023 年第四季電話會議。我們將立即聽取管理層的演示和評論以及您的問題和答案。 （操作員說明）

Now I'll review the safe harbor disclosure. Today's discussion contains forward-looking statements. Forward-looking statements involve risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please see our press release for details on specific risk factors.

現在我將回顧安全港披露。今天的討論包含前瞻性陳述。前瞻性陳述涉及風險、假設和不確定性，可能導致實際結果有重大差異。欲了解更多信息，請參閱我們的新聞稿，以了解有關特定風險因素的詳細資訊。

With that, it's now my pleasure to turn the call over to the company's CEO, Jay Snowden. Jay, please go ahead.

現在，我很高興將電話轉給公司執行長傑伊·斯諾登。傑伊，請繼續。

Thanks, Joe. Good morning to everyone on the call. As usual, I'm joined here in Wyomissing by our CFO, Felicia Hendrix; and our Head of Operations, Todd George as well as other members of the executive team. We provide a link to our investor presentation, along with our earnings release this morning. If you haven't already opened or printed it out, I would suggest you do that now as our prepared remarks, we'll reference several of those slides as we go along.

謝謝，喬。各位來電的人早安。像往常一樣，我們的財務長 Felicia Hendrix 也來到了懷俄明州。以及我們的營運主管 Todd George 以及執行團隊的其他成員。我們提供了投資者簡報以及今天早上發布的收益報告的連結。如果您還沒有打開或列印它，我建議您現在就按照我們準備好的評論進行操作，我們將在進行過程中引用其中的幾張投影片。

At a high level, 2023 was another transformational year for PENN Entertainment. We are the only company in the industry that has a fully integrated sports media and sports betting platform along with an omnichannel base of assets with which to drive cross-play and synergies as the database continues to grow at a rapid pace. The future looks very promising given our unique position and long-term strategic advantages.

從高水準來看，2023 年對 PENN Entertainment 來說是另一個轉型年。我們是業內唯一擁有完全整合的體育媒體和體育博彩平台以及全通路資產基礎的公司，隨著資料庫持續快速成長，我們可以利用這些資產來推動交叉遊戲和協同效應。鑑於我們獨特的地位和長期戰略優勢，未來前景廣闊。

On the retail side of the business, we generated more than $2 billion in property level EBITDAR in 2023 from our industry-leading portfolio of regional gaming assets and impressively delivered on our property level margin goals despite an uncertain macroeconomic environment, thanks to our best-in-class operators and leaders across the country.

在零售業務方面，我們透過業界領先的區域博彩資產組合，在2023 年創造了超過20 億美元的房地產層面EBITDAR，並在宏觀經濟環境不確定的情況下出色地實現了我們的房地產層面利潤率目標，這要歸功於我們最好的全國各地的一流運營商和領導者。

We also broke ground on 4 exciting new retail growth projects in Illinois, Ohio and Nevada, which we expect to complete by the first half of 2026. As a reminder, we anticipate these will deliver a 15-plus percent return on the aggregate investment. The continued strength of our retail business provides a solid foundation as we continue to invest in our high-growth digital business, which will create significant long-term shareholder value.

我們也在伊利諾州、俄亥俄州和內華達州破土動工了4 個令人興奮的新零售成長項目，預計將於2026 年上半年完成。總投資報酬率。我們零售業務的持續強勁為我們繼續投資高成長的數位業務提供了堅實的基礎，這將創造顯著的長期股東價值。

Speaking of the digital business, earlier this month, we announced that the founding family behind theScore, John, Benjie, Aubrey and Noah Levy will be transitioning from their leadership of theScore and PENN Interactive. John departed earlier this week, while Benjie, Aubrey and Noah will be leaving in early April. We have been working closely with the Levys over the last several months on this plan and timing to ensure a smooth operational transition. Their departure comes at a natural inflection point for our interactive business.

說到數位業務，本月早些時候，我們宣布 theScore 背後的創始家族 John、Benjie、Aubrey 和 Noah Levy 將不再擔任 theScore 和 PENN Interactive 的領導職務。約翰本週早些時候離開，而班傑、奧布里和諾亞將於四月初離開。在過去的幾個月裡，我們一直與列維家族就這項計劃和時間安排密切合作，以確保平穩的營運過渡。他們的離開恰逢我們互動業務的自然轉折點。

We've achieved a lot over the last several years, including the completion of our proprietary tech stack, the successful launch of theScore Bet in Ontario, the migration of our tech stack into the U.S. and now the launch of ESPN BET. Even more importantly, we have developed an incredibly deep bench across PENN Interactive and we have several talented leaders ready to step up and take on more responsibility in the coming months. I want to extend my sincere thanks to John, Benjie, Aubrey and Noah for all of their hard work and contributions to PENN interactive success.

在過去的幾年裡，我們取得了許多成就，包括完成我們的專有技術堆疊、在安大略省成功推出 theScore Bet、將我們的技術堆疊遷移到美國以及現在推出 ESPN BET。更重要的是，我們在 PENN Interactive 中建立了一個令人難以置信的深度替補席，並且我們有幾位才華橫溢的領導者準備在未來幾個月里站出來承擔更多責任。我要向 John、Benjie、Aubrey 和 Noah 致以誠摯的謝意，感謝他們為 PENN 互動的成功所做的辛勤工作和貢獻。

We are near the conclusion of the month-long search process for the new Head of Interactive and look forward to sharing an update on that with you in the near future.

我們即將結束為期一個月的新互動主管搜尋過程，並期待在不久的將來與您分享最新情況。

Turning to Slide 6 in our investor presentation. On November 14, we successfully and seamlessly launched ESPN BET simultaneously in 17 states across the U.S. a first in the industry and no doubt a testament to the strength of our technology teams. Bolstered by the #1 brand in sports media, the launch resulted in much higher than expected registrations generating over 1 million new sign-ups to our industry-leading PENN Play rewards program and expanding our digital database by over 50%. In fact, we acquired as many first-time depositors and betters in the first 2 months as we had anticipated we would generate in the first full year post launch.

轉向我們投資者簡報中的幻燈片 6。 11 月 14 日，我們在美國 17 個州成功、無縫地同步推出 ESPN BET，這在業內尚屬首次，這無疑證明了我們技術團隊的實力。在體育媒體第一品牌的支持下，此次發布的註冊量遠高於預期，為我們行業領先的PENN Play 獎勵計劃帶來了超過100 萬的新註冊用戶，並將我們的數位資料庫擴展了50% 以上。事實上，我們在前 2 個月內獲得的首次存款人和存款人數量與我們預期在推出後第一個全年中產生的數量一樣多。

Importantly, approximately 1/3 of these customers are located within 50 miles of one of our more than 43 retail properties, which sets up well for cross-selling and monetization as part of our omnichannel strategy. In addition, we saw our average -- excuse me, monthly active users grow from nearly 190,000 in the third quarter to more than 770,000 in the fourth quarter. Our early success bodes well for our planned launches in North Carolina and New York this year, which I'll talk about in a moment.

重要的是，其中大約 1/3 的客戶位於我們超過 43 家零售店之一的 50 英里範圍內，這為交叉銷售和貨幣化奠定了良好的基礎，作為我們全通路策略的一部分。此外，我們還看到我們的平均每月活躍用戶數從第三季的近 19 萬增長到第四季度的超過 77 萬。我們的早期成功預示著我們今年計劃在北卡羅來納州和紐約推出的產品，我稍後會談到這一點。

Given the early success in customer acquisition and retention, we now expect the digital segment to inflect to roughly breakeven in 2025 and start generating meaningful EBITDA and free cash flow in 2026 and beyond.

鑑於在客戶獲取和保留方面取得的早期成功，我們現在預計數位細分市場將在 2025 年大致實現盈虧平衡，並在 2026 年及以後開始產生有意義的 EBITDA 和自由現金流。

Turning to Slide 7 and 8. You'll see that strong early retention and consistent user acquisition have led to steady month-over-month increases in cash handle even as our promotional expenses have started to normalize. Our January cash handle was 289% higher than prelaunch cash handle in October of '23, while our promotional expenses as a percentage of handle went down from 32.2% in November to 2.8% this January.

轉向投影片 7 和 8。我們 1 月的現金處理量比 20 年 10 月的預發布現金處理量高出 289%，而我們的促銷費用佔處理量的百分比從 11 月的 32.2% 下降到今年 1 月的 2.8%。

According to the latest Sensor Tower data, which is similar to other data sources you may have seen such as Apptopia, we have consistently held the #3 ranking and share of weekly active users amongst our top peers, providing a foundation for even greater handle and GGR share gains as we grow our share of wallet and monetization per user.

根據最新的Sensor Tower 數據（與您可能見過的其他數據源（例如Apptopia）類似），我們在頂級同行中始終保持著第三名的排名和每週活躍用戶的份額，為更大的處理和使用奠定了基礎。

The ESPN BET numbers on the chart on Slide 8 shows steady acquisition and retention across the board, even as our promotional expense began to taper. On our initial promo offer at launch was right in line with our competitors and we lowered that offer by 50% in advance of the Super Bowl given the more recreational play surrounding the game. Meanwhile, the total time spent on ESPN BET according to the sensor tower data also continued to ramp nicely as we added new features and integrations, which will only accelerate now that we can focus more of our product and engineering teams energy on product improvements, especially in the areas of same-game parlays, player props and live betting as opposed to time-consuming migrations and launches, something we are all very excited about.

第 8 張圖表中的 ESPN BET 數據顯示，儘管我們的促銷費用開始減少，但收購和保留仍然保持穩定。我們在發佈時的最初促銷優惠與我們的競爭對手一致，鑑於超級碗比賽的娛樂性更強，我們在超級碗比賽之前將優惠降低了 50%。同時，隨著我們添加新功能和集成，根據感測器塔數據在ESPN BET 上花費的總時間也繼續大幅增加，現在我們可以將更多的產品和工程團隊的精力集中在產品改進上，這只會加速。

All of this is very promising as it relates to both top-of-funnel demand for ESPN BET and early retention success. The important takeaway here is the ESPN BET app is proving to be sticky in the early days as a result of our strong brands and UI, UX, which will improve from here with product enhancements and deeper integrations with ESPN in the coming quarters.

所有這些都非常有希望，因為它與 ESPN BET 的漏斗頂部需求和早期保留成功有關。這裡重要的一點是，由於我們強大的品牌和UI、UX，ESPN BET 應用程式在早期被證明具有粘性，在未來幾個季度中，隨著產品的增強以及與ESPN 的更深入集成，該應用程序將從這裡得到改進。

As you'll see on Slides 9 and 10, ESPN BET has helped us reach new demographics of sports fans that are incremental to our digital database, resulting in a 63% greater year-over-year parlay mix and higher volumes for non-NFL games, particularly the NBA. While these parlay results are a clear improvement from where we were prelaunch, we still have a long way to go in this area, and you'll see significant improvements throughout 2024. We also saw a 35% increase in our percentage mix of females in our digital database. These data points demonstrate the potential for ESPN BET to help broaden the appeal of sports betting to the more casual better and grow the overall market, an important goal of ours from day 1.

正如您將在幻燈片9 和10 中看到的，ESPN BET 幫助我們接觸到了新的體育迷人口統計數據，這些數據不斷增加到我們的數位資料庫中，從而使連贏彩組合比去年同期增加了63%，非NFL 的投注量也增加了比賽，尤其是 NBA。雖然這些連贏結果與我們發布前相比有了明顯的進步，但我們在這一領域還有很長的路要走，您將在2024 年看到顯著的進步。的女性比例增加了35%我們的數位資料庫。這些數據點表明，ESPN BET 有潛力幫助擴大體育博彩的吸引力，使其更加休閒，並發展整個市場，這是我們從第一天起就設定的重要目標。

Notably, before the launch of ESPN BET, overall market handle grew by more than 17% year-over-year January to October 2023 in the states with publicly available data in our market analysis. After ESPN BET overall market handle is up nearly 30% year-over-year from November through December 2023, and it's up over 25% even when you exclude ESPN BET. ESPN BET has and continues to bring new sports fans and betters into the sports betting ecosystem.

值得注意的是，在 ESPN BET 推出之前，在我們的市場分析中公開數據的各州，2023 年 1 月至 10 月的整體市場處理量同比增長了 17% 以上。 ESPN BET 後，從 2023 年 11 月到 12 月，整體市場處理量年增了近 30%，即使排除 ESPN BET，數字也增加了 25% 以上。 ESPN BET 已經並將繼續將新的體育迷和更好的人帶入體育博彩生態系統。

ESPN BET has also helped boost our Hollywood-branded iCasino business, which has seen a nearly 280% increase in monthly active users, providing a platform for future growth with new proprietary content continuing to roll out from our PENN Game Studios. As we've emphasized in the past, when customers engage with us across multiple channels, their value goes up more than 6x over those who engage via only 1 channel, and we continue to see a lot of upside as we improve our iCasino offerings.

ESPN BET 還幫助推動了我們的好萊塢品牌 iCasino 業務，該業務的月度活躍用戶增長了近 280%，透過我們的 PENN 遊戲工作室不斷推出新的專有內容，為未來的成長提供了一個平台。正如我們過去所強調的那樣，當客戶透過多個管道與我們互動時，他們的價值比僅透過1 個管道互動的客戶高出6 倍以上，而且隨著我們改進iCasino 產品，我們將繼續看到很多優勢。

As illustrated on Slide 13, in connection with the launch, ESPN implemented an initial wave of exclusive BET mode integrations across the ESPN ecosystem, which includes our 6-pack odds integration. This provides for a seamless click-through from the ESPN game cast to a customer's desired bet on the ESPN BET app. This is very powerful as there are over 28 million monthly active users on the ESPN media app. You should expect more BET mode integration throughout 2024.

如幻燈片 13 所示，隨著發布，ESPN 在整個 ESPN 生態系統中實施了第一波獨家 BET 模式集成，其中包括我們的 6 包賠率集成。這提供了從 ESPN 比賽直播到客戶在 ESPN BET 應用程式上所需投注的無縫點擊。這是非常強大的，因為 ESPN 媒體應用程式每月有超過 2800 萬活躍用戶。您應該期待 2024 年會有更多 BET 模式整合。

I said at the outset of our partnership with ESPN that we'd be getting significant value for our marketing dollars by allocating our $150 million per year to the single best brand and platform in the U.S. to reach sports fans and potential betters. We're already seeing that with a robust menu of promotion and integration across all of ESPN's platforms, including traditional linear advertising, digital media, in program integration, pods attribution, database marketing opportunities and access to some of the biggest personalities in sports media for special events, promotions and social media engagement.

我在與 ESPN 合作之初就說過，透過每年向美國最好的品牌和平台分配 1.5 億美元來接觸體育迷和潛在的更好的人，我們的行銷資金將獲得巨大的價值。我們已經看到，透過跨 ESPN 所有平台（包括傳統線性廣告、數位媒體）的強大促銷和整合菜單，在節目整合、播客歸屬、資料庫行銷機會以及接觸體育媒體中一些最大人物的機會方面，特別活動、促銷和社交媒體參與。

As I mentioned, we have just scratched the surface on these integrations and there's substantially more to come, all included as part of our deal that we will unveil throughout 2024 and into 2025. Our initial ESPN BET advertising campaign was headlined by Sports Center anchors, Scott Van Pelt and Elle Duncan. We then added spots with NBA legend Kendrick Perkins, the host of Get Up, Mike Greenberg, followed by our most recent commercial with sports betting analyst, Erin Dolan, that launched during the Super Bowl week.

正如我所提到的，我們剛剛觸及了這些整合的表面，未來還會有更多整合，所有這些都將作為我們將在2024 年直至2025 年推出的交易的一部分。以體育中心主播為標題，史考特·範佩爾特和艾莉·鄧肯。然後，我們添加了NBA 傳奇人物肯德里克·帕金斯(Kendrick Perkins)、《起床》主持人邁克·格林伯格(Mike Greenberg) 的廣告，以及我們在超級碗週期間推出的體育博彩分析師艾琳多蘭(Erin Dolan) 的最新廣告。

This campaign with Erin is our first product and integration-focused campaign, which we expect will help drive continued awareness of ESPN BET and our direct integration with the ESPN Media app. Meanwhile, Elle Duncan and Erin Dolan hosted a Super Bowl party at the M Resort at our property in Las Vegas. And I'm happy to announce we'll be rebranding Greektown's market-leading Sportsbook to ESPN BET just in time for the NFL draft in Detroit.

與 Erin 合作的這項活動是我們第一個以產品和集成為重點的活動，我們預計這將有助於提高 ESPN BET 的持續知名度以及我們與 ESPN Media 應用程式的直接整合。與此同時，Elle Duncan 和 Erin Dolan 在我們拉斯維加斯酒店的 M 度假村舉辦了一場超級碗派對。我很高興地宣布，我們將在底特律舉行 NFL 選秀之際，將 Greektown 市場領先的體育博彩重新命名為 ESPN BET。

In addition, ESPN regional radio talent will be hosting events throughout the year in our retail sports book. We look forward to additional ESPN BET retail launches at key properties as we continue to create meaningful cross-sell opportunities.

此外，ESPN 地區廣播電台的人才將在我們的零售體育博彩中全年舉辦活動。隨著我們繼續創造有意義的交叉銷售機會，我們期待在主要酒店推出更多 ESPN BET 零售服務。

Looking ahead to the rest of 2024, we are excited to introduce ESPN BET in North Carolina, which is expected in March and New York expected prior to football season in each case, of course, subject to regulatory approvals. While the economic model in New York is indeed challenging, we look forward to bringing ESPN BET to the largest regulated online sports wagering market in North America. These 2 new jurisdictions will be extremely efficient for us.

展望 2024 年剩餘時間，我們很高興在北卡羅來納州推出 ESPN BET，預計於 3 月推出，紐約預計在足球賽季之前推出，當然，這需要獲得監管部門的批准。雖然紐約的經濟模式確實具有挑戰性，但我們期待將 ESPN BET 引入北美最大的受監管線上運動博彩市場。這兩個新的司法管轄區對我們來說將非常有效率。

As highlighted on Slide 16, our ESPN annual national marketing spend per capita will be reduced by 20%, with the addition of North Carolina and New York, which will take our addressable online sports betting U.S. population from 37% to 46% and significantly expand our reach and scale. Very important for us as most of our ESPN and off-channel marketing spend is nationally focused.

正如幻燈片16 所強調的，隨著北卡羅來納州和紐約州的加入，我們的ESPN 年度全國人均營銷支出將減少20%，這將使我們美國在線體育博彩的潛在人口從37% 增加到46% ，並顯著擴大我們的影響力和規模。對我們來說非常重要，因為我們的大部分 ESPN 和非頻道行銷支出都集中在全國範圍內。

As noted in the release this morning, the Interactive segment EBITDA losses for the fourth quarter were higher than expected. The majority of that miss was driven by the high volume of customers acquired through ESPN BET, which resulted in elevated promo expense that negatively impacted net revenues. And to a lesser extent, unfavorable hold due to customer-friendly sports results. The first 2 weeks following the launch of ESPN BET in November happened to be 2 of the lowest hold percentage weeks of the entire NFL season.

正如今天早上發布的消息中指出的那樣，互動部門第四季度的 EBITDA 虧損高於預期。造成這一損失的主要原因是透過 ESPN BET 獲得了大量客戶，導致促銷費用增加，從而對淨收入產生了負面影響。在較小程度上，由於客戶友好的體育結果而導致不利的保留。 ESPN BET 於 11 月推出後的前兩週恰好是整個 NFL 賽季中保留率最低的兩週。

Looking ahead, we expect that first quarter 2024 interactive EBITDA losses will be roughly half of our fourth quarter '23 interactive EBITDA results. And for Q1 to be the largest EBITDA loss quarter of the year for us in 2024. For the entire year of 2024 on a same-store basis, we anticipate an EBITDA loss commensurate with what we saw in Q4 at around $330 million, demonstrating the top line momentum and efficiencies on the cost side.

展望未來，我們預計 2024 年第一季的互動式 EBITDA 損失將約為 23 年第四季互動式 EBITDA 業績的一半。 2024 年，第一季將成為我們全年 EBITDA 虧損最大的季度。線動力和效率。

Due to the 2 state launches this year in North Carolina and New York, which we announced on Tuesday, we are forecasting a total EBITDA loss in 2024 of approximately $400 million. As mentioned earlier, we now anticipate 2025 being around breakeven and 2026 to deliver meaningful positive EBITDA and free cash flow.

由於我們週二宣布了今年在北卡羅來納州和紐約州的兩個州的啟動，我們預計 2024 年 EBITDA 損失總額約為 4 億美元。如前所述，我們現在預計 2025 年將達到損益兩平點，2026 年將實現有意義的正 EBITDA 和自由現金流。

Before turning it over to Felicia, I'd like to thank our property leaders and all of our team members for delivering another quarter of really solid property level performance. Notably, 10 properties spread across our portfolio achieved their highest ever fourth quarter revenue. These outperformers helped offset the impact of supply pressures in a few of our key markets as well as continued softness in our south region. This further demonstrates the benefits of our geographic diversity and unique omnichannel strategy. The introduction of new technologies and our ongoing reimagination of our properties, while providing a best-in-class customer experience is continuing to drive demand for PENN.

在將其交給 Felicia 之前，我要感謝我們的物業領導者和所有團隊成員，感謝他們在另一個季度提供了真正可靠的物業水準績效。值得注意的是，我們投資組合中的 10 處房產實現了有史以來最高的第四季收入。這些表現優異的企業幫助抵消了我們一些主要市場供應壓力以及南方地區持續疲軟的影響。這進一步證明了我們的地理多樣性和獨特的全通路策略的優勢。新技術的引入和我們對物業的不斷重新構想，同時提供一流的客戶體驗，將繼續推動對 PENN 的需求。

As you know, our industry-leading customer loyalty program, PENN Play, is supported by our 3 Cs technology, which is now deployed at 21 properties collectively representing approximately 70% of our retail EBITDAR. During the quarter, we've also grown our total PENN wallet customers to 110,000, and we've received $300 million in total PENN deposits. As we've often said, those guests who use the digital wallet demonstrates superior loyalty through increased visitation, time on device and total [theoretic events].

如您所知，我們行業領先的客戶忠誠度計劃 PENN Play 得到了我們的 3C 技術的支持，該技術現已部署在 21 家酒店，合計約占我們零售 EBITDAR 的 70%。在本季度，我們的 PENN 錢包客戶總數也增加到了 110,000 名，並且我們收到了 3 億美元的 PENN 存款總額。正如我們經常說的，使用數位錢包的客人透過增加訪問量、設備使用時間和總[理論事件]表現出卓越的忠誠度。

And with that, I'll turn it over to Felicia.

有了這個，我會把它交給費莉西亞。

Our property level segments reported another solid year. Fourth quarter '23 EBITDAR results of $476 million exceeded the implied guidance we provided on our third quarter call, despite headwinds of roughly $10 million from the Detroit Union negotiations and road closures. And as Jay highlighted, our Interactive segment is showing early signs of strong momentum.

我們的房地產層面業務又迎來了強勁的一年。儘管底特律聯盟談判和道路封閉帶來了約 1000 萬美元的阻力，2023 年第四季的 EBITDAR 業績仍達到 4.76 億美元，超出了我們在第三季電話會議上提供的隱含指引。正如傑伊所強調的那樣，我們的互動部門正在顯示出強勁勢頭的早期跡象。

As usual, you will find on Page 12 of our earnings release a table that summarizes our cash expenditures in the quarter including cash payments to our REIT landlords, cash taxes, cash interest and total CapEx. Of our total $152 million in CapEx in the quarter, $16 million was project CapEx, primarily related to our 4 retail growth projects. We ended 2023 with total liquidity of $2.1 billion, inclusive of $1.1 billion in cash and cash equivalents. We expect our liquidity to remain strong throughout 2024, and we have no debt maturities until 2026, which are our $330 million convertible notes.

像往常一樣，您會在我們的收益發布第 12 頁上找到一個表格，該表格總結了我們本季度的現金支出，包括向我們的 REIT 房東支付的現金、現金稅、現金利息和總資本支出。在本季 1.52 億美元的資本支出總額中，1,600 萬美元是專案資本支出，主要與我們的 4 個零售成長項目相關。截至 2023 年，我們的流動性總額為 21 億美元，其中包括 11 億美元的現金和現金等價物。我們預計 2024 年我們的流動性將保持強勁，並且在 2026 年之前我們沒有債務到期，即我們的 3.3 億美元可轉換票據。

As we previously guided on our third quarter earnings call, we continue to expect our lease-adjusted net leverage to peak in the third quarter of '24. While third quarter leverage will be higher than initially anticipated given the demand-based strength of our ESPN BET launch in the fourth quarter '23. This increase is temporary, and we will also delever more quickly.

正如我們之前在第三季財報電話會議上所指導的那樣，我們繼續預計經租賃調整後的淨槓桿率將在 2024 年第三季達到高峰。鑑於我們在 23 年第四季推出的 ESPN BET 基於需求的實力，第三季的槓桿率將高於最初預期。這種成長是暫時的，我們也會更快去槓桿化。

By year-end 2025, we will return to pre ESPN BET leverage levels. And in 2026, we will generate meaningful EBITDA and free cash flow from the Interactive division. Thinking about this another way, our path to record free cash flow is very clear, following a year of investment in 2024 and delevering in '25, 2026 will be an exciting inflection point for us given the high EBITDA to free cash flow conversion of our interactive business, which when combined with the free cash flow generated by the existing core business, plus the 4 retail growth projects that will be coming online in early 2026, will position us extremely well to drive shareholder value.

到 2025 年底，我們將恢復到 ESPN BET 之前的槓桿水準。到 2026 年，我們將從互動部門產生有意義的 EBITDA 和自由現金流。從另一個角度思考這個問題，我們創紀錄的自由現金流的路徑非常明確，經過2024 年的一年投資和2026 年25 日的去槓桿化，考慮到我們的EBITDA 到自由現金流的轉換率很高，這對我們來說將是一個令人興奮的轉折點互動業務與現有核心業務產生的自由現金流以及將於2026 年初上線的4 個零售增長項目相結合，將使我們在推動股東價值方面處於有利地位。

I will now provide guidance for our retail and Interactive segments. For the full year 2024, we expect retail revenues to range from $5.6 billion to $5.75 billion and adjusted EBITDAR to range from $1.905 billion to $2.025 billion. Our guidance factors in extreme January weather, new supply in Nebraska, Illinois and Louisiana, road construction in a couple of markets and moderate upward wage pressure.

我現在將為我們的零售和互動部門提供指導。對於 2024 年全年，我們預計零售收入將在 56 億美元至 57.5 億美元之間，調整後的 EBITDAR 將在 19.05 億美元至 20.25 億美元之間。我們的指導因素包括一月份的極端天氣、內布拉斯加州、伊利諾伊州和路易斯安那州的新增供應、幾個市場的道路建設以及適度的工資上漲壓力。

For the Interactive segment in 2024, we expect to generate revenues of $1.28 billion to $1.415 billion and an adjusted EBITDA loss range of $420 million to $380 million. These ranges include our launches in North Carolina and New York. On a same-store basis, we anticipate an adjusted EBITDA loss of around $330 million. To help you with modeling the interactive segment revenues, you should assume that our 2023 tax gross up of roughly $400 million remains flat year-over-year in 2024 and other revenues inclusive of skins, social gaming and media is roughly $200 million in 2024.

對於 2024 年的互動業務，我們預計將產生 12.8 億美元至 14.15 億美元的收入，調整後的 EBITDA 損失範圍為 4.2 億美元至 3.8 億美元。這些系列包括我們在北卡羅來納州和紐約推出的產品。以同店計算，我們預計調整後 EBITDA 損失約 3.3 億美元。為了幫助您對互動細分市場的收入進行建模，您應該假設我們2023 年的稅收總額約為4 億美元，到2024 年仍與去年同期持平，而包括皮膚、社交遊戲和媒體在內的其他收入到2024 年約2 億美元。

As Jay mentioned earlier, in the first quarter of 2024, we expect the Interactive segment adjusted EBITDA loss to be roughly 1/2 of our fourth quarter interactive EBITDA results and for the first quarter '24 to be the largest EBITDA loss quarter of the year. We expect 2024 corporate expense of roughly $105 million, inclusive of our cash settled stock-based awards. Total CapEx for 2024 is approximately $500 million, inclusive of $275 million of project CapEx for our 4 development projects.

正如Jay 之前提到的，在2024 年第一季度，我們預計互動部門調整後EBITDA 損失將約為我們第四季度互動EBITDA 業績的1/2，並且24 年第一季度將成為今年EBITDA 損失最大的季度。我們預計 2024 年公司支出約為 1.05 億美元，其中包括我們以現金結算的股票獎勵。 2024 年的總資本支出約為 5 億美元，其中包括我們 4 個開發案的 2.75 億美元項目資本支出。

For cash interest expense, we forecast $170 million for the full year after roughly $13 million of interest income. For cash taxes, we are projecting to be in a refund position of roughly $15 million. And as you think about our share count for 2024, our basic share count as of the end of 2023 was $152 million, and we typically have roughly $15 million of diluted shares inclusive of the 14 million share dilution from the converts.

對於現金利息支出，我們預計全年利息收入約為 1,300 萬美元後將達到 1.7 億美元。對於現金稅，我們預計退款金額約為 1500 萬美元。當你考慮我們 2024 年的股票數量時，截至 2023 年底我們的基本股票數量為 1.52 億美元，我們通常擁有大約 1500 萬美元的稀釋股票，包括來自轉換者的 1400 萬股稀釋股票。

And with that, I'll turn it back to Jay.

有了這個，我會把它轉回給傑伊。

All right. Thanks, Felicia. As you saw in our release, we're continuing to expand on our corporate social responsibility efforts. As we look back on the year, I'm very proud of the continued growth of our diversity, equity and inclusion initiatives, which are deservedly gaining a lot of attention. Newsweek named PENN, one of America's greatest workplaces for diversity and Forbes named us for the third straight year as one of America's best employers for diversity. Time Magazine went so far as to name us one of the world's best companies for 2023.

好的。謝謝，費利西亞。正如您在我們的新聞稿中看到的，我們正在繼續擴大我們的企業社會責任工作。當我們回顧這一年時，我對我們的多元化、公平和包容性舉措的持續增長感到非常自豪，這些舉措理所當然地獲得了廣泛關注。 《新聞週刊》將賓州大學評為全美最多元化的工作場所之一，《富比士》連續第三年將我們評為美國多元化最佳雇主之一。 《時代》雜誌甚至將我們評為 2023 年全球最佳公司之一。

Meanwhile, on the community front, we provided more than $7 million in support to local charities and veterans focused organizations and more than $17 million in economic development grants in 2023, in addition to the more than 8,000 volunteer hours from our team members to help those in need. And on the environmental side, we completed our inaugural Scope 3 Greenhouse Gas inventory and established carbon abatement targets for 2024 and beyond. You can read more about these -- all of these initiatives in our 2023 CSR report, which is scheduled to be published in April in conjunction with our proxy filing.

同時，在社區方面，我們為當地慈善機構和退伍軍人組織提供了超過700 萬美元的支持，並在2023 年提供了超過1700 萬美元的經濟發展補助金，此外，我們的團隊成員還提供了超過8,000 小時的志工服務時間來幫助需要幫助的人。在環境方面，我們完成了首次範圍 3 溫室氣體清單，並制定了 2024 年及以後的碳減排目標。您可以在我們的 2023 年企業社會責任報告中閱讀有關這些舉措的更多信息，該報告計劃於 4 月份與我們的代理備案一起發布。

In closing, we're continuing to see a stable consumer environment and healthy operating trends in our retail businesses. And on the digital side, I want to reiterate that our partnership with ESPN is not your typical media sports book commercial agreement. Ours is an exclusive strategic long-term alliance that, as I mentioned, has the potential to deliver unique products, experiences and integrations that are unmatched. And of course, with that will come attractive returns for our shareholders.

最後，我們繼續看到穩定的消費環境和健康的零售業務營運趨勢。在數位方面，我想重申，我們與 ESPN 的合作夥伴關係並不是典型的媒體體育博彩商業協議。正如我所提到的，我們是一個獨家策略長期聯盟，有潛力提供無與倫比的獨特產品、體驗和整合。當然，這將為我們的股東帶來可觀的回報。

We had 3 primary goals with ESPN BET for the first several months post launch. Number one, execute on a successful launch, both in terms of top-of-funnel demand and app stability, competitiveness and performance. Number two, grow the market, given the strong brand equity and reach of ESPN along with the media integrations. And number three, provide a differentiated experience and value proposition to ensure lasting relationships and product retention. So far, we're off to a great start on all 3 and have built a tremendous foundation for our upcoming launches in New York, North Carolina and beyond.

在 ESPN BET 推出後的頭幾個月裡，我們有 3 個主要目標。第一，在漏斗頂部需求和應用程式穩定性、競爭力和效能方面執行成功的發布。第二，考慮到 ESPN 強大的品牌資產和影響力以及媒體整合，擴大市場。第三，提供差異化的體驗和價值主張，以確保持久的關係和產品保留。到目前為止，我們在這三個方面都取得了良好的開端，並為即將在紐約、北卡羅來納州及其他地區推出的產品奠定了堅實的基礎。

So with that, Frank, we'll open it up for questions.

因此，弗蘭克，我們將開放提問。

(Operator Instructions) Our first question comes from Joe Greff with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Joe Greff。

Jay, I have 2 questions, not surprisingly, on Interactive. First, maybe an easier one. Can you talk about the search for leading Interactive and maybe why one hasn't been announced because I don't think the Levys leaving and the timing was all that surprising. Maybe what was surprising was that there wasn't someone named to head it upon the news that they were planning to depart.

Jay，我有兩個關於 Interactive 的問題，這並不奇怪。首先，也許是一個更容易的。您能談談尋找領先的互動公司嗎？ 也許為什麼還沒有宣布這一消息，因為我不認為列維夫婦會離開，而且時機也令人驚訝。也許令人驚訝的是，在他們計劃離開的消息傳出後，並沒有任命任何人來領導該部門。

And then a second question, I mean, it looks like right now, your share maybe in January is sort of in the 7% range. I know the goal is to grow beyond [7% to 10%] and higher. But if we look at 2 years from now and OSB and iCasino, it will be 25%, 30% higher in 2 years than what it is run rating presently. If you're at a 7% market share level 2 years from now, obviously, a bigger market, can your digital business be EBITDA positive? And if you can share with us how you think of profitability, bigger market, 7% share, what that margin range would be? I think that would be hopeful looking at things kind of a couple of years out versus the investment that people are focusing on this morning.

然後是第二個問題，我的意思是，現在看起來，您在一月份的份額可能在 7% 的範圍內。我知道目標是成長超過 [7% 至 10%] 甚至更高。但如果我們看看 2 年後的情況，OSB 和 iCasino 的評級將比目前的運行評級高出 25%、30%。如果 2 年後您的市佔率達到 7%，顯然是一個更大的市場，您的數位業務能否實現正 EBITDA？如果您能與我們分享您對獲利能力、更大市場、7% 份額的看法，那麼利​​潤範圍是多少？我認為，與人們今天早上關注的投資相比，看看幾年後的事情是有希望的。

Good questions, Joe. And starting off with the search for the new Head of Interactive. Look, we've been working with the Levys for months really throughout fourth quarter of 2024, thinking through, we have a very deep bench at PENN and who can step up as they exit within the team, and we feel like we've got some great answers to that question. We actually spent a lot of time in Toronto a couple of weeks ago, and we've got such a deep bench on the engineering side and on the product side, great marketers in the business. So a lot of this is that we needed the time to make sure that we have a plan in place that by the time the Levys depart that people are already communicated to and stepping up.

好問題，喬。首先是尋找新的互動主管。聽著，我們在 2024 年第四季度與 Levy 夫婦合作了幾個月，經過深思熟慮，我們在 PENN 擁有非常深厚的替補席，當他們退出團隊時，誰可以站出來，我們覺得我們已經有了這個問題的一些很好的答案。事實上，幾週前我們在多倫多待了很長時間，我們在工程方面和產品方面都有很深的工作人員，在業務方面都有出色的營銷人員。因此，我們需要時間來確保我們有一個適當的計劃，以便在列維離開時，人們已經與人們進行了​​溝通並採取了行動。

We also started a quiet search in the fourth quarter because we didn't want this to get out in advance and create uncertainty, and we're very far along in that process. I can't comment on exactly where we are, but you should rest assured that we're very deep in the process. We're very close, and we're very excited on the level of talent that we are considering is incredible. And I think the market will see it that way when we announce what we're doing, but I just can't -- I can't communicate any further on that today. We feel good about the time line with the Levys leaving in April that we should have something announced obviously before that, and we're working to have this be a super seamless transition where the new Head of Interactive would be there at that time, maybe a little sooner, maybe a little after, but not have a gap in leadership. So that's the plan right now, and we'll continue to communicate when we can publicly more about that.

我們還在第四季度開始了悄悄的搜索，因為我們不希望這件事提前洩露並造成不確定性，而且我們在這個過程中已經走得很遠了。我無法準確評論我們的進展，但您應該放心，我們正在深入推進這一過程。我們非常接近，我們對我們認為令人難以置信的人才水平感到非常興奮。我認為當我們宣布我們正在做的事情時，市場會這樣看，但我就是不能——我今天無法就這一點進行進一步的溝通。我們對 Levy 夫婦在 4 月離開的時間安排感到滿意，我們應該在那之前宣布一些事情，我們正在努力讓這成為一個超級無縫的過渡，屆時新的互動主管可能會在那裡。晚一點，但領導力上不會有差距。這就是現在的計劃，當我們可以公開更多相關資訊時，我們將繼續溝通。

The second part of your question is a good one, the 7% share that we're seeing currently? And what does that look like a couple of years out? I'll take a step back for a second because I think there's as we sit here today and how we're thinking about the business, we're 3 months into this ESPN BET post launch. And there's a lot of positives that you can see in those first 3 months. First, obviously, ESPN and the strength of that brand is on full display. And they've been amazing partners. They've continued to under promise, over deliver. We think we're getting something in February. It shows up in December. They give us a lot of extra value add beyond what they're required to in our $150 million marketing partnership, which is great.

你問題的第二部分很好，我們目前看到的 7% 的份額？幾年後會是什麼樣子？我想退後一步，因為我認為我們今天坐在這裡以及我們如何思考業務，ESPN BET 發布後已經過去了 3 個月。在前三個月你可以看到很多正面的一面。首先，顯然，ESPN 和該品牌的實力得到了充分展示。他們是很棒的合作夥伴。他們繼續承諾不足，交付過多。我們認為我們會在二月有所收穫。它出現在十二月。他們為我們帶來了許多額外的附加價值，超出了我們 1.5 億美元行銷合作夥伴的要求，這非常棒。

We saw a really strong app performance and stability. And we've had very good early ratings in the iOS App Store. We launched in 17 states simultaneously, the first time that's ever been done. And we also just went through our first Super Bowl with tremendous load and we got through their knock on wood because the teams did such an amazing job preparing and we had no hiccups, 100% uptime. So we feel really good about those 2 things.

我們看到了非常強大的應用程式效能和穩定性。我們在 iOS App Store 中獲得了非常好的早期評價。我們在 17 個州同時推出，這是有史以​​來的第一次。我們也剛剛在巨大的負荷下經歷了我們的第一場超級碗比賽，我們度過了他們的困境，因為球隊做瞭如此出色的準備工作，我們沒有出現任何問題，100％的正常運行時間。所以我們對這兩件事感覺非常好。

Obviously, we shared in a number of slides that are customer acquisition has been very, very strong. That's what drove the promo cost being so much higher than we anticipated with over 1 million downloads and deposits and betters in the first 2 months, we thought it would take us a year to get to that. That speaks to very, very efficient customer acquisition costs in those first 2 months, something that we never could have imagined.

顯然，我們在許多幻燈片中分享的客戶獲取非常非常強勁。這就是導致促銷成本遠高於我們預期的原因，前 2 個月的下載量和存款量超過 100 萬次，甚至更好，我們認為需要一年的時間才能達到這一目標。這說明前兩個月的客戶獲取成本非常非常高，這是我們從未想像過的。

And then, of course, on the retention side, we're in a great spot. If you look at Slides 7 and 8 in our presentation, you can see that we're already in a very, very strong position, a very firm #3 position with regard to weekly active users in online sports betting. And obviously, we've picked up significant MAUs in online casino as well. And so what we're seeing there also is that our cash handle as a percentage of total handle has grown month over month over month from November to December to January, which means that people are weaning off of those early promos, they're dipping into their wallets, making deposits and continuing to play with us. And we're growing the market. We have a couple of slides on that as well.

當然，在保留方面，我們處於一個很好的位置。如果您查看我們簡報中的幻燈片 7 和 8，您會發現我們已經處於非常非常有利的位置，就在線體育博彩的每週活躍用戶而言，我們處於非常穩固的第三位。顯然，我們在線上賭場也獲得了顯著的月活躍用戶數。因此，我們也看到，從 11 月到 12 月再到 1 月，我們的現金處理量佔總處理量的百分比逐月增長，這意味著人們正在逐漸擺脫這些早期促銷，他們正在下降進入他們的錢包，存款並繼續與我們一起玩。我們正在擴大市場。我們也有幾張投影片。

And I think as we sit here today, the opportunity, of course, is to close the gap of the market share -- handle market share that you referenced of 7% and what we're seeing on our share of weekly active users, which is more like double that number. And so the fact that we're seeing weekly active users at a very stable level means that we've got a lot of people that have downloaded, deposited and bet, they like the app. They're coming back to the app on a regular basis, but we just don't have our fair share of the market yet in terms of how much time they're spending in the app. But I view that as a positive because we know that our ability to grow our share of wallet and improve the monetization of our users is going to come from 2 things, which is product enhancements. We're very well on our way. We've been so busy, as I mentioned in our initial opening comments with launches and migrations that our teams haven't had the ability to really focus on features and functionality. And now we can because we've got most of that behind us. We get North Carolina launch, but we've done so many state launches that's not going to be as time consuming.

我認為，當我們今天坐在這裡時，機會當然是縮小市場份額的差距——處理你提到的 7% 的市場份額以及我們在每週活躍用戶份額上看到的情況，這更像是這個數字的兩倍。因此，我們看到每週活躍用戶處於非常穩定的水平，這意味著我們有很多人下載、存款和投注，他們喜歡這個應用程式。他們會定期回到該應用程序，但就他們在該應用程式上花費的時間而言，我們還沒有獲得公平的市場份額。但我認為這是積極的，因為我們知道，我們增加錢包份額和提高用戶貨幣化的能力將來自兩件事，那就是產品增強。我們進展順利。正如我在最初的發布和遷移評論中提到的那樣，我們非常忙碌，以至於我們的團隊沒有能力真正專注於特性和功能。現在我們可以了，因為我們已經完成了大部分工作。我們在北卡羅來納州進行了發布，但我們已經完成了許多州的發布，不會那麼耗時。

So we need to enhance our same game parlay offerings, player pops, live betting, in-game betting. And, of course, deeper integrations with ESPN, and that's happening and will continue to happen and more with the ESPN Media app, more with the fantasy app. So that's what's in front of us. And we believe that if you can -- if we can be a 7% handle market share, in the early days with these things that we know are sort of at first inning or second inning of a game, we feel really good about where those are going to take us over the course of the next 12 months, 18 months, 24 months. So we don't anticipate that 7% is going to be as good as it gets by any means. We think that the market share is going to be growing steadily as we continue to make product improvements and add more deep integrations with ESPN.

因此，我們需要增強我們的相同遊戲連贏服務、玩家流行、現場投注、遊戲內投注。當然，與 ESPN 的更深入整合正在發生並將繼續發生，並且更多地與 ESPN Media 應用程式、更多與 Fantasy 應用程式發生。這就是我們面前的情況。我們相信，如果你能——如果我們能佔據 7% 的市場份額，在早期，我們知道這些事情是遊戲的第一局或第二局，我們對這些事情感到非常滿意。下來的12 個月、18 個月、24 個月。因此，我們預期 7% 無論如何都不會達到預期的效果。我們認為，隨著我們不斷改進產品並增加與 ESPN 的更深入集成，市場份額將穩步增長。

And to your question, if we were to be at 7% a couple of years out, could we be profitable? The answer to that is yes. What we don't know as we sit here today is how many more states will legalize from a sports betting and online gaming perspective. But you should feel as though 7% and above is a level that we could definitely generate a profit. Obviously, we would want to have our iCasino market share close to those levels as well. So that's the way that we -- as we sit here today, that's the way that we view things after the first 3 months. It's really early, obviously, but the #1 focus was all the things I mentioned, and we're thrilled to see that retention looks really good after 3 months.

至於你的問題，如果幾年後我們的利率達到 7%，我們能獲利嗎？答案是肯定的。今天我們坐在這裡，不知道還有多少州將從體育博彩和線上遊戲的角度將其合法化。但你應該覺得7%以上是我們絕對可以獲利的水平。顯然，我們希望 iCasino 市佔率也接近這些水準。這就是我們今天坐在這裡的方式，也是我們在前三個月後看待事情的方式。顯然，現在還為時過早，但第一個重點是我提到的所有事情，我們很高興看到 3 個月後留存率看起來非常好。

Our next question comes from Joe Stauff with Susquehanna.

我們的下一個問題來自 Susquehanna 的 Joe Stauff。

Jay, I wanted to ask about kind of the media integrated offering, especially with ESPN's media app, the 6-pack link out, I think, was available kind of mid-January. How long do you expect before that really is like a kind of a relevant source of new incremental customers for you and I know it's obviously early, but in Ontario, I think approximately 72% in terms of what you said, of your customers in real betting in Ontario come from the app? What's the right way to think about, again, sort of that conversion?

Jay，我想詢問媒體整合產品的類型，特別是 ESPN 的媒體應用程序，我認為 6 包連結已於 1 月中旬推出。您預計需要多長時間才能真正成為您的新增量客戶的相關來源，我知道這顯然還為時過早，但在安大略省，我認為按照您所說的，大約 72% 的客戶是真實的安大略省的投注來自應用程式嗎？再次考慮這種轉換的正確方法是什麼？

Yes. The way we think about it, Joe, is that if we can get the level of integrations between media and sports betting in the U.S. between ESPN and the fantasy app, of course, and into ESPN BET that we should be able to get those percentages to be about the same here. So we're on it. There's really there aren't disagreements or a lack of alignment between us and ESPN on what those integrations will be. Obviously, we're looking forward to bet slip integrations. We're looking forward to fantasy integrations.

是的。喬，我們的想法是，如果我們能夠達到美國媒體和體育博彩之間 ESPN 和幻想應用程序之間的集成水平，當然，以及進入 ESPN BET，我們應該能夠獲得這些百分比這裡也差不多。所以我們正在努力。我們和 ESPN 在這些整合的內容上確實不存在分歧或缺乏一致。顯然，我們期待投注單整合。我們期待奇幻的整合。

We think we'll have a lot of that complete by the time we get to football season. It's hard to peg today. If it's all going to be done by September, some of it's going to be in the fourth quarter. But we feel really good, and we have a lot of alignment with ESPN on just how important it is. I continue to be really impressed at how many resources that they are putting against ESPN BET. This is a big part of a growth opportunity for ESPN, and they're as excited about it as we are. But we should be able to duplicate here in the U.S. with the stats that you're referencing in Ontario, Joe.

我們認為，當我們進入足球賽季時，我們將完成很多工作。今天很難釘住。如果這一切要在九月完成，其中一些將在第四季度完成。但我們感覺真的很好，而且我們與 ESPN 就其重要性達成了很多共識。他們為 ESPN BET 投入的大量資源仍然給我留下了深刻的印象。這是 ESPN 發展機會的重要組成部分，他們和我們一樣對此感到興奮。但我們應該能夠在美國複製您在安大略省引用的統計數據，喬。

Our next question comes from Carlo Santarelli with Deutsche Bank.

我們的下一個問題來自德意志銀行的卡洛桑塔雷利。

Jay, as you think about the guidance parameters you set forth within Interactive for 2024, obviously, with -- if we put the 2 launches in New York and North Carolina aside, what is kind of underlying that assumption in terms of promo reinvestments as -- to the extent you could answer that, but where do you kind of imagine promo as a percentage of handle as a percentage of GGR, however you choose to think about it, what's kind of embedded in that assumption at this point?

Jay，當你思考你在 Interactive 中提出的 2024 年指導參數時，顯然，如果我們把在紐約和北卡羅來納州的兩次發布放在一邊，那麼促銷再投資方面的假設背後是什麼—— - 在某種程度上你可以回答這個問題，但你會在哪裡想像促銷佔手把的百分比佔GGR 的百分比，無論你選擇如何考慮，此時該假設中嵌入了什麼？

Yes. I would say, Carlo, without giving exact detail that we anticipate promo as a percentage of handle going forward to be really at market levels. We're not anticipating being the highest we're not anticipating being the lowest. It probably will fluctuate a little bit month-to-month depending on what we have going on around March Madness integrations with ESPN. If we -- because remember, a lot of that is driven by top of funnel. And so the more successful you are in driving people into the ecosystem, you're going to peak in that particular month.

是的。我想說的是，卡洛，但沒有提供確切的細節，我們預計促銷活動所佔的比例將真正達到市場水平。我們不期望成為最高的，也不期望成為最低的。它可能每月略有波動，具體取決於我們與 ESPN 的瘋狂三月整合。如果我們——因為記住，其中許多是由漏斗頂部驅動的。因此，你在推動人們進入生態系統方面越成功，你就會在那個特定的月份達到頂峰。

And so there's probably not going to be a lot of volatility during the late spring and summer months with basically MLB, but I think it depends on how successful we are in North Carolina could drive that number higher, of course, in March. When we launched in New York, I would expect it to bump of course, but pretty steady otherwise to be right at market. We're not -- our goal is not to be higher or lower than where most others are, which is depending on the state right around 3%, 2.5%, 3%, 3.5%, right in that range.

因此，在春末和夏季的幾個月裡，基本上MLB可能不會有太大的波動，但我認為這取決於我們在北卡羅來納州的成功程度，當然，在三月份，可以推動這個數字更高。當我們在紐約推出時，我預計它當然會上漲，但在其他方面相當穩定，以適應市場。我們不是——我們的目標不是高於或低於大多數其他國家的水平，這取決於各州的情況，大約是 3%、2.5%、3%、3.5%，就在這個範圍內。

And then if I could, just 2 questions on clarifications on things you guys said relating to the brick-and-mortar business. First, Jay, you talked about the 4 projects that are currently underway first half of '26. Will there be, I think, late 2025 was the expectation for some -- is that all of them will now be first half of '26 or you will complete the fourth in the first half of '26?

如果可以的話，我想問兩個問題，澄清你們所說的與實體業務有關的事情。首先，Jay，您談到了 26 年上半年正在進行的 4 個項目。我認為，有些人預計 2025 年末會不會——現在所有這些都將在 26 年上半年完成，還是您將在 26 年上半年完成第四個？

Yes. And we didn't mean to be confusing there, but we'll have all 4 done and open in the first half of '26, could 1 or 2 of them hit late '25? Yes. So we really haven't changed. We just thought to be clear to say you should expect all 4 to be open and operating in the first half of '26, but it will be opening, the 4 of them, between late '25 and mid '26.

是的。我們並不是有意混淆，但我們將在 26 年上半年完成所有 4 個項目並開放，其中 1 或 2 個項目可以在 25 年末推出嗎？是的。所以我們真的沒變。我們只是想明確地說，您應該期望所有 4 個都將在 26 年上半年開放並運營，但這 4 個將在 25 年末到 26 年中期之間開放。

Our next question comes from Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的肖恩凱利。

Jay, I'm hoping you could just help us break down maybe the implied revenue forecast for 2024 a bit more granularly. If we -- if we back into it on the digital side, it seems to imply roughly -- and again, it will depend on everybody's TAM here, but maybe 6% to 7% OSB market share. So that's pretty consistent with where we're at today, albeit on a national level, so probably including New York and maybe North Carolina. So I guess the question is, is that right? Is that kind of like run rating about where you are on a same-state basis, all you need to be successful and hit your revenue target in 2024 on digital? Or do you need a pickup or materially better monetization or product mix as we move through the year from here?

Jay，我希望您能幫助我們更詳細地分解 2024 年的隱含收入預測。如果我們——如果我們回到數字方面，這似乎粗略地意味著——再說一次，這將取決於這裡每個人的 TAM，但可能是 6% 到 7% 的 OSB 市場份額。因此，這與我們今天的情況非常一致，儘管是在全國範圍內，所以可能包括紐約，也可能包括北卡羅來納州。所以我想問題是，這是對的嗎？這種類似於運行評級的方式是關於您在同一州的基礎上的排名，您需要取得成功並在 2024 年實現數位收入目標嗎？或者，當我們從現在開始度過這一年時，您是否需要皮卡或實質上更好的貨幣化或產品組合？

No, I think your back of the envelope math is right, Shaun, and that's a level that gets us to this interactive result on the EBITDA line. We anticipate that it's going to continue to ramp as we get toward the end of the year in football season from, we've got a lot of product enhancements and deeper integrations with ESPN planned over the course of the next 3, 4, 5, 6 months, really targeting September to be ready for football season. So I would expect that fourth quarter should be a quarter that you see that start to really come together. And I think we would be exiting 2024 with real momentum from a handle market share perspective given the enhancements to the overall experience that I mentioned earlier. So that's the math.

不，我認為你的粗略數學是正確的，肖恩，這個水平可以讓我們在 EBITDA 線上得到這個互動結果。我們預計，隨著足球賽季接近年底，它將繼續增長，我們計劃在接下來的 3、4、5 年內進行大量產品增強，並與 ESPN 進行更深入的整合。 9 月為足球賽季做好準備。因此，我預計第四季度應該是你看到這種情況開始真正走到一起的季度。我認為，鑑於我之前提到的整體體驗的增強，從手柄市場份額的角度來看，我們將以真正的動力退出 2024 年。這就是數學。

We're not really super focused on where we are today on market share. It's where we're going to be in September and beyond. I think it will probably fluctuate around where we're at now given the stability that we've seen in daily, weekly and monthly active users, we make more enhancements to the product. I think it becomes more sticky. You start to get more share of wallet. Some of the newer players, you've brought into the ecosystem. I think they spend more time on the product. They go from betting once a week to twice a week. And so we think that's really going to ramp up. And we picked up so many new users. We covered that a couple of times that it takes the pressure off of us to feel like we need to continue at that pace. It's probably not possible. But we have 2 great state launches, 9% of the U.S. population.

我們並不是非常關注我們今天的市場佔有率。這就是我們九月及以後要去的地方。我認為，鑑於我們在每日、每周和每月活躍用戶中看到的穩定性，它可能會圍繞我們現在的位置波動，我們對產品進行了更多增強。我認為它會變得更粘。你開始獲得更多的錢包份額。您已將一些新參與者帶入生態系統。我認為他們在產品上花了更多的時間。他們從每週投註一次變為每週兩次。所以我們認為這確實會增加。我們獲得了很多新用戶。我們曾多次提到，這減輕了我們的壓力，讓我們感覺到我們需要繼續保持這樣的速度。這可能是不可能的。但我們有兩個偉大的州啟動，涵蓋了美國人口的 9%。

We can continue to be sort of at market with regard to our new player, new deposit sign up. We're not looking to lead the market, but certainly be at market. And let the ESPN brand and all the integrations take care of the rest. That's a recipe that we think makes a lot of sense, and it's tremendously efficient as we go. But you're correct in your back of the envelope, although we expect to be ramping towards the end of the year into '25.

我們可以繼續關注新玩家、新存款註冊的市場狀況。我們不希望引領市場，但肯定會參與市場。讓 ESPN 品牌和所有整合來處理剩下的事情。我們認為這是一個很有意義的方法，而且在我們的實施過程中它非常有效。但從表面上看，您是正確的，儘管我們預計在今年年底進入 25 年。

Super. And then sort of maybe drilling down a layer, probably the best way for us to gauge some of your success and improvement on the product side is just going to be watching some of your implied bet mix and really your theoretical or your hold rate improve as we move through the year. Could you just talk a little bit about where your theoretical sits today? Kind of we hear numbers obviously for the best-of-breed guys now easily approaching double digit, maybe even low teens. Where are you today just given sort of your mix of customers, our casual better? And kind of how do you expect, when do you expect us to kind of start to see some more measurable improvement in that.

極好的。然後，也許可以深入一層，也許我們衡量您在產品方面的成功和改進的最佳方法是觀察您的一些隱含投注組合，以及您的理論或持有率的實際改善我們度過這一年。能簡單談談您今天的理論立場嗎？我們聽到的數字顯然是最好的球員現在很容易接近兩位數，甚至可能是十幾歲。今天您在哪裡，剛剛考慮到您的客戶組合，我們的休閒更好？您期望什麼，您期望我們什麼時候開始看到一些更可衡量的改進。

Again, I'm putting this in the context of some of the data we've received where some of the state-level hold rates in January have been really, really low relative to market. So maybe just help us put those pieces together.

再次，我將這一點放在我們收到的一些數據的背景下，其中一些州一級的持有率相對於市場確實非常低。所以也許只是幫助我們把這些碎片拼湊起來。

Yes. I'll talk about kind of high level where we think we are and where we want to be, and then I'll let Todd jump in on sort of what's been happening in the last couple of months because a lot of that's been done with focus and intention as we continue to drive top of funnel demand. I think today, based on the mix, we're seeing a higher Parlay mix today than we've ever seen, which is great. But we're still below market, and we know that our Parlay mix, though it's continuing to get better. We've got a little ways to go on pre-package, prepopulated Parlay offerings and sort of a Parlay lounge that you can go to and much like the top competitors of ours have today. That's something that we actually feel like it's all upside from here. So we're probably more at that 7% to 8% kind of theoretically today, but we'll be continuing to gradually build that up to double digit. I think it's just a matter of time, Shaun, before we get that Parlay mix and especially on the same game side, which is where we're not as strong today, but we're going to continue to put a lot of focus and energy there from a product enhancement standpoint between now and football season that we should be able to catch the others over time. But it may not be done in 2024, but I don't think it's going to go beyond 2025, given that we can now focus so many of our resources on product enhancements and features in UI/UX as opposed to just deploying state launch -- deploying resources around state launches and migrations. Todd, do you want to speak a little bit about what we've seen so far.

是的。我將談論我們認為我們現在所處的高水平以及我們想要達到的目標，然後我會讓托德談談過去幾個月發生的事情，因為其中許多都是透過我們繼續推動漏斗頂部需求的重點和意圖。我認為，今天，基於組合，我們今天看到的連本帶利組合比以往任何時候都更高，這很棒。但我們仍然低於市場水平，而且我們知道我們的連本帶利組合，儘管它正在繼續變得更好。我們有一些方法可以提供預先包裝、預先填充的連本帶利產品以及您可以去的連本帶利休息室，就像我們今天的頂級競爭對手所擁有的那樣。我們實際上覺得從這裡開始一切都是有利的。因此，今天理論上我們可能會達到 7% 到 8% 的水平，但我們將繼續逐步將其提高到兩位數。我認為肖恩，在我們獲得連本帶利組合之前，尤其是在同一場比賽中，這只是時間問題，這就是我們今天不那麼強大的地方，但我們將繼續投入大量精力，從現在到足球賽季之間產品增強的角度來看，我們應該能夠隨著時間的推移趕上其他人。但這可能不會在 2024 年完成，但我認為不會超過 2025 年，因為我們現在可以將如此多的資源集中在 UI/UX 的產品增強和功能上，而不是僅僅部署狀態啟動 - - 圍繞狀態啟動和遷移部署資源。托德，你想談談我們迄今為止所看到的情況嗎？

Yes. Thanks, Jay. And thanks, Shaun. The only thing I would add to that as we are going out there and growing our database that we touched on multiple times, you've got this mix of promo spend that everybody does, but you also have odds boost at your disposal that become a great acquisition tool and get people into the ecosystem. So what we were able to do through use of odds boost is bring people in during the -- especially during the playoffs and then carry that over through the Super Bowl and get people into the ecosystem.

是的。謝謝，傑伊。謝謝，肖恩。我唯一要補充的是，當我們走出去並擴大我們多次提到的資料庫時，你會得到每個人都會做的促銷支出組合，但你也可以提高賠率，這將成為你的優勢。棒的取得工具，可以讓人進入生態系統。因此，我們能夠透過利用賠率提升來吸引人們進入——尤其是在季後賽期間，然後將其延續到超級碗，讓人們進入生態系統。

Also, I would say that the trends right now looking a lot like early years for some of the competitive set. So we're very comfortable with the progress we're making and expect going into next year with a lot of the work that's being done as we sit here today, that we'll see that same progress. The number of people that are taking advantage of the Parlay's and finding those to be really attractive is encouraging for us as we move into the next phase.

另外，我想說，現在的趨勢看起來很像早年的一些競爭產品。因此，我們對我們正在取得的進展感到非常滿意，並期望明年我們今天坐在這裡時正在進行的大量工作，我們將看到同樣的進展。當我們進入下一階段時，利用連本投注並發現其真正有吸引力的人數對我們來說是令人鼓舞的。

Our next question comes from Barry Jonas with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Barry Jonas。

ESPN just announced plans with Fox and Discovery for a new streaming service JV. Any sense yet if and how ESPN BET could participate?

ESPN 剛剛宣布與 Fox 和 Discovery 建立新的串流服務合資企業的計劃。 ESPN BET 是否以及如何參與還有任何意義嗎？

Yes. Barry, the way -- we've gotten that question quite a bit. The way to think about that is -- this is the way I was described by Disney, I'm not speaking for them, but just repeating what they said on their call. This is really about content distribution. It's about getting in more households and on more devices as people have continued to move away from cable. This is another option to have a streaming package that would include ESPN and ESPN content. So you should anticipate that if you're watching ESPN today, whether that's digitally streaming or you're watching that on linear that as you see integrations in the shows on ESPN that would carry over to this new streaming platform as well. Sports Center is still Sports Center and Get Up is still Get Up and the integrations in those shows would be as they are today. It's just a matter of providing more access to ESPN to more people in the country.

是的。巴里，順便說一句，我們已經收到這個問題多次了。思考這個問題的方式是──這就是迪士尼對我的描述，我不是為他們說話，只是重複他們在電話中所說的話。這實際上與內容分發有關。隨著人們繼續遠離有線電視，它會進入更多家庭並使用更多設備。這是擁有包含 ESPN 和 ESPN 內容的串流媒體包的另一種選擇。因此，您應該預料到，如果您今天正在觀看 ESPN，無論是數位串流媒體還是線性觀看，因為 ESPN 節目中的整合也會延續到這個新的串流平台。體育中心仍然是體育中心，起床仍然是起床，這些節目中的整合將像今天一樣。這只是為該國更多人提供更多觀看 ESPN 的機會的問題。

That's great. And then I just wanted to ask one on the land-based business. Curious to get your thoughts on expanding the land-based portfolio, whether that's M&A or greenfield. In the past, we've talked about interest in the strip, and I believe some new jurisdictions are looking at legalization.

那太棒了。然後我只想問一位有關陸上業務的問題。我很想知道您對擴大陸上投資組合的想法，無論是併購還是綠地投資。過去，我們討論過對該地帶的興趣，我相信一些新的司法管轄區正在考慮合法化。

Yes. I mean, look, our position is we'll continue to be looking at opportunities, whether those are acquisitional opportunities or Greenfield as those opportunities present themselves. And that hasn't changed. That won't change. If there's a great opportunity, and we think we can generate value in an investment, and that's something we're going to strongly consider sometimes that's easier said than done. Las Vegas Strip, there's very limited opportunities and nothing really hot at the moment. if there's a new state, then that's something that we would be taking and have been taking a hard look at, obviously, nothing is imminent at the moment, but we're continuing to kick the tires. That won't change.

是的。我的意思是，看，我們的立場是我們將繼續尋找機會，無論是收購機會還是綠地機會，因為這些機會本身就存在。這一點沒有改變。那不會改變。如果有一個很好的機會，我們認為我們可以在投資中創造價值，那麼有時我們會強烈考慮這一點，但說起來容易做起來難。拉斯維加斯大道，機會非常有限，目前沒有什麼真正熱門的。如果有一個新的狀態，那麼我們就會採取這種措施，並一直在認真研究，顯然，目前還沒有什麼迫在眉睫的事情，但我們正在繼續努力。那不會改變。

Our next question comes from Brandt Montour with Barclays.

我們的下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

First question is on the non-ESPN marketing spend budget that we heard about from you 3 months ago. Has that -- the outlook for that spend bucket change at all based on what's happened with ESPN and sort of your efficacy there in the first few months? And what have you baked in, in that 24% guidance?

第一個問題是關於我們 3 個月前從您那裡得知的非 ESPN 行銷支出預算。根據 ESPN 發生的情況以及您在前幾個月的表現，該支出的前景是否會改變？在 24% 的指導中，您考慮了什麼？

So you should assume, Brandt, that what we've said previously is consistent with how we feel today. It's going to be roughly matching the on-channel spend with ESPN. That's a number that obviously we can flex. But we think that's a good target. That's sort of what's built into our modeling for 2024. It gives us plenty of dry powder to utilize for state launches. You should think about that spend as being much more performance-based marketing spends and probably more targeted.

所以布蘭特，你應該假設我們之前所說的話與我們今天的感受是一致的。這將與 ESPN 的頻道支出大致相當。顯然我們可以靈活調整這個數字。但我們認為這是一個很好的目標。這就是我們 2024 年模型中的內容。您應該將這筆支出視為更基於效果的行銷支出，並且可能更有針對性。

Obviously, the ESPN spend is almost entirely national and some of the off channel is national as well. But a lot of it is performance and more local and regional focused.

顯然，ESPN 的支出幾乎全部是全國性的，一些非頻道也是全國性的。但其中很大一部分是性能，並且更注重本地和區域。

And then just a follow-up, good to see, obviously, cash handle moving upward. I think one of the things that people are concerned about out there is third-party data providers suggesting that deposit share hasn't moved up and is tracking below your handle share. And so I guess the question is, are you seeing similar improvements in cash deposits?

然後只是後續行動，很高興看到，顯然，現金把手正在上升。我認為人們擔心的事情之一是第三方數據提供者表明存款份額沒有上升並且正在追蹤您的處理份額。所以我想問題是，您是否看到現金存款有類似的改善？

Yes. I think the deposit information that you're referencing goes back to what I mentioned. I mean you can see in the weekly active user numbers, monthly active user numbers, we've got engagement. That's not an issue. And we've got really good ratings on the iOS store app. So we feel really good about that. I think our job is to continue to improve the products and get deeper integrations with ESPN and eliminate friction, so that we can get people more seamlessly from ESPN's ecosystem, whether that's media, fantasy and the like over to ESPN BET when they're ready to engage in betting. So I think the deposits is really a function of we don't have our share of wallet yet. We're getting the deposits, we're probably not getting the same size of deposits as we are with maybe the top competitors, but I'm confident in saying that we're one of 3 or maybe 4 apps on their phone and they're on our app and they're placing wagers, I think, they're waiting for more enhancements. And I think that's okay.

是的。我認為您所引用的存款資訊可以追溯到我提到的內容。我的意思是你可以在每週活躍用戶數量、每月活躍用戶數量中看到我們的參與度。這不是問題。我們在 iOS 商店應用程式上獲得了非常好的評價。所以我們對此感覺非常好。我認為我們的工作是繼續改進產品，與ESPN 進行更深入的整合並消除摩擦，這樣我們就可以讓人們更無縫地從ESPN 的生態系統（無論是媒體、奇幻等）轉移到ESPN BET（當他們準備好時）從事博彩活動。所以我認為存款實際上是我們還沒有錢包份額的一個函數。我們正在獲得存款，我們可能沒有獲得與頂級競爭對手相同規模的存款，但我有信心地說，我們是他們手機上的 3 個或 4 個應用程式之一，而且他們在我們的應用程式上，他們正在下注，我想，他們正在等待更多的增強功能。我認為那沒關係。

Our ability to keep people engaged is taking care of itself now. And I think that any that have gone -- that will have gotten dormant by the time we get to a football season next year, we can reactivate quickly because of our relationship with ESPN and the product is going to continue to get better and better. So we feel great. I mean we have over 1 million new people in the database. Most of them are engaged with us on a regular basis, as you can see on Slide 8. And we just have to build out the relationship, the loyalty and earn more share of wallet as we go, and I think you'll see deposit growth come along with that.

我們讓人們保持參與的能力現在正在發揮作用。我認為，到明年足球賽季開始時，任何已經消失的產品都將處於休眠狀態，由於我們與 ESPN 的關係，我們可以迅速重新激活，而且產品將繼續變得越來越好。所以我們感覺很棒。我的意思是，我們的資料庫中有超過 100 萬新用戶。他們中的大多數人都會定期與我們合作，正如您在幻燈片8 中看到的那樣。會看到存款成長也隨之而來。

Our next question comes from Chad Beynon with Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

First one on the bricks-and-mortar business. The margin guidance of 34% to a little bit over 35% assumes some slippage from what you produced in 2023. Felicia, you called out some competition and obviously, the weather. As we think about kind of same-store margins, is it safe to assume that properties that aren't being hit by competition could drive the same margins? Or is there a major reason why you would expect for margins to decline in '24?

第一個關於實體業務的。 34% 到略高於 35% 的利潤率指引假設您的產量較 2023 年有所下滑。當我們考慮同店利潤時，可以安全地假設未受到競爭打擊的酒店可以帶來相同的利潤嗎？或者您預計 24 年利潤率會下降的主要原因是什麼？

This is Todd. I'll take that. Yes, that's basically everything that's modeled in there from a same-store basis, putting January behind us, looking at very strong, stable margins. I think the variables that Felicia provided are everything that's modeled in there, but we don't see that changing.

這是托德。我會接受的。是的，這基本上是在同店基礎上建模的所有內容，將一月份拋在腦後，著眼於非常強勁、穩定的利潤率。我認為 Felicia 提供的變數就是其中建模的所有變量，但我們沒有看到這種變化。

Okay. And then for '24 in terms of stock buybacks, can you remind us what's left on the program? And if there could be opportunities given where the stock is right now to buy back shares at these levels?

好的。那麼對於 24 世紀的股票回購而言，您能提醒我們該計劃還剩下什麼嗎？現在的股票是否有機會在這些水準上回購股票？

Yes. Thanks, Chad. We do have $750 million remaining on our stock repurchase authorization. But look, as Jay and I talked about in our prepared remarks, this is a year of investment as we focused on growing and building out ESPN BET. So you probably won't see share repurchases in 2024. But as we transition from the growth phase of our Interactive segment towards profitability and a free cash flow phase, we'll have plenty of opportunities to consider return of capital to shareholders. But again, this year, we're focused on investment.

是的。謝謝，查德。我們的股票回購授權還剩 7.5 億美元。但是，正如 Jay 和我在準備好的演講中談到的那樣，這是投資的一年，因為我們專注於發展和建立 ESPN BET。因此，您可能不會在 2024 年看到股票回購。但今年我們再次將重點放在投資上。

Yes. I mean, look, we have a pretty recent history of buying back shares when it makes sense for us, and that's the best use of capital allocation. And right now, as we've covered in this call, we're investing in a high-growth business that's going to generate a lot of value for our shareholders long term. So that's the priority. It doesn't mean that you can't do or won't do anything else. It just means that right now, that is the #1 priority.

是的。我的意思是，看，我們最近有在對我們有意義的時候回購股票的歷史，這是資本配置的最佳利用。現在，正如我們在本次電話會議中所介紹的那樣，我們正在投資一項高成長業務，該業務將從長遠來看為我們的股東創造大量價值。所以這是首要任務。這並不意味著您不能做或不會做任何其他事情。這只是意味著現在這是第一要務。

Our next question comes from Steven Wieczynski with Stifel.

我們的下一個問題來自 Stifel 的 Steven Wieczynski。

Jay, so if we think about the 1.2 million new members to your database that you called out. And you talked about 90% of those are ESPN BET customers. I know it's still early, but can you give us any indication of how many of those new members have visited one of your brick-and-mortar casinos and/or have used your iGaming platform. I guess what we're trying to figure out here is kind of what that cross traffic play has looked like as this -- as your ecosystem continues to grow.

Jay，如果我們考慮您召集的資料庫中的 120 萬新成員。您談到其中 90% 是 ESPN BET 客戶。我知道現在還為時過早，但您能否告訴我們有多少新會員曾造訪您的實體賭場和/或使用過您的 iGaming 平台。我想我們在這裡試圖弄清楚的是，隨著生態系統的不斷發展，交叉流量的玩法會是什麼樣子。

Sure. I mean, look, we're -- Todd will have some comments on this as well. We're in the very early stages, as you referenced, I mean, we're 3 months here. So we've built up a really nice database. We know where they live. We know how the proximity is we talked about, 1/3 of them within 50 miles of one of our retail businesses. So we're going to start working on that now. That's not something that we've had a lot of time to get going on. But we're very excited about the cross-sell opportunities. That's a lot of new people into the database. Our overall database is now approaching 30 million people. It feels like just yesterday we were at 25. So that's a big opportunity for us. Todd, anything that you want to add overall?

當然。我的意思是，聽著，托德也會對此發表一些評論。正如您所提到的，我們正處於非常早期的階段，我的意思是，我們已經三個月了。所以我們建立了一個非常好的資料庫。我們知道他們住在哪裡。我們知道我們所談論的鄰近度如何，其中 1/3 距離我們的零售企業之一不超過 50 英里。所以我們現在就開始研究這個問題。這不是我們有很多時間可以做的事情。但我們對交叉銷售機會感到非常興奮。有很多新人進入資料庫。我們的整體資料庫現已接近 3000 萬人。感覺就像昨天我們才 25 歲一樣。托德，您還有什麼要補充的嗎？

Yes, Jay. The only few items I would add and Jay gave the data point around how many people are so close to our property. When you expand that kind of concentric circle around our properties that number grows significantly. And then just based on what we did through some promotions at year-end with some of our properties moving these people to a property we see such a great multiple, especially on that low to mid customer that's engaging with us online. When they get to a property, we're seeing great play, great engagement as well as additional spend on the other amenities. So that will be in the playbook as we move forward, and it will be a key component this year and all the years as we move forward.

是的，傑伊。我要添加的唯一幾項內容是傑伊提供的數據點，說明有多少人離我們的房產如此之近。當你圍繞我們的房產擴大這種同心圓時，這個數字就會顯著增長。然後，根據我們在年底透過一些促銷活動所做的一些工作，我們的一些酒店將這些人轉移到了一個酒店，我們看到瞭如此大的倍數，特別是對於那些在網上與我們互動的中低客戶。當他們到達一處房產時，我們會看到精彩的遊戲、精彩的參與以及在其他設施上的額外支出。因此，這將成為我們前進的劇本中的內容，並將成為今年以及我們前進的所有年份的關鍵組成部分。

And I think just your other part of the question on cross-sell to iCasino. You can see from the monthly active user slide that we have on Hollywood Casino that cross-sell has been great. Again, it's one of those -- our product today, I would say, is good, but it's got to be great. And we're working on that diligently as well with our product team, and we think that we can see our market share from a handle perspective, continue to grow probably to what our daily active and monthly active user share is.

我認為這只是您關於向 iCasino 交叉銷售的問題的另一部分。您可以從好萊塢賭場的每月活躍用戶幻燈片中看到，交叉銷售非常出色。再說一次，這就是其中之一——我想說，我們今天的產品很好，但它必須是偉大的。我們正在與我們的產品團隊一起努力解決這個問題，我們認為我們可以從手柄的角度來看我們的市場份額，並可能繼續增長到我們的每日活躍和每月活躍用戶份額。

Okay. Got you. And then this is probably for Todd. Going back to your embedded guidance on the top line for the brick-and-mortar side of the business. I guess, Todd, can you maybe give us a little bit of color of kind of how you guys are thinking about your core customer this year in terms of spend levels and maybe what gets you to the low end of that range versus the high end of that range?

好的。明白你了。這可能是給托德的。回到實體業務方面的嵌入式指引。我想，托德，您能否給我們一些信息，告訴我們你們今年如何看待您的核心客戶的支出水平，以及是什麼讓您達到該範圍的低端與高端那個範圍的？

Yes, Steve. Great question. So for us, especially this last quarter, maybe in the last 2 quarters, we did see tremendous engagement return from that 65-plus customer, which has traditionally always been strong for us, but just took quite some time to come back into our properties. So looking at those positive trends, those continue into this year. And then our core customer, looking at that midrange high frequent customer, we are still seeing a little bit of elevated spend per trip and slight increase in trips in Q4. So looking at how that continues through this year in almost every region, that remains strong. So I would say that slight fall off maybe in the 21 to 34, which has been running hot for a long time, but we make that up in the 65 plus.

是的，史蒂夫。很好的問題。因此，對我們來說，尤其是最後一個季度，也許在過去兩個季度，我們確實看到了65 歲以上客戶的巨大參與度回報，這對我們來說傳統上一直很強勁，但只是花了相當長的時間才回到我們的酒店。因此，看看這些積極的趨勢，這些趨勢將持續到今年。然後我們的核心客戶，看看中端高頻客戶，我們仍然看到每次旅行的支出略有增加，並且在第四季度的旅行略有增加。因此，從今年幾乎每個地區的情況來看，這種趨勢仍然強勁。所以我想說，21 至 34 可能會略有下降，這些已經運行很長時間了，但我們在 65+ 中彌補了這一點。

Frank, why don't we have one more question, please?

法蘭克，我們還有一個問題嗎？

We have a question from Bernie McTernan with Needham & Company.

我們有來自 Needham & Company 的 Bernie McTernan 的提問。

Just wanted to ask on that Slide 8, the weekly active users, and I know the commentary in terms of what the embedded guidance is for market share this year. But do you think there's a structural difference in terms of what your weekly active users would be versus what your handle or GGR share would be just trying to get at if it's a more casual user, if there should be that difference maybe if they're lower spend or if it's -- right now, you're a second or a third app that someone is using it, and the goal is to migrate that to the primary app over time. And just how you're thinking about navigating that customer journey.

只是想問幻燈片 8 上的每週活躍用戶，我知道有關今年市場份額嵌入式指導的評論。但是，您是否認為，如果是更休閒的用戶，您的每週活躍用戶數量與您的用戶名或GGR 份額只是試圖獲得的數量之間存在結構性差異，如果應該存在這種差異，也許如果他們是較低的支出，或者如果是 - 現在，您是某人正在使用它的第二個或第三個應用程序，目標是隨著時間的推移將其遷移到主應用程式。以及您如何考慮引導客戶旅程。

Yes. Bernie, we think it's both. We definitely have a lot of new users. So we think we feel strongly we've grown the market. And so that's going to take a little bit of time to grow their play to be commensurate with maybe somebody that's been betting on online sports betting for the last 3 or 4 years. I think most of it, however, though, is a share of wallet that we are one of the apps people have on their phone. They're using the app. They're on the app. We see all of that in the data, and we're getting a smaller portion of their wallet than we are of how many people are actually using the app. And so on a percentage basis, I think, this is exciting for us.

是的。伯尼，我們認為兩者都是。我們肯定有很多新用戶。所以我們認為我們強烈感覺到我們已經擴大了市場。因此，他們需要一些時間來提高他們的遊戲水平，以與過去三、四年一直從事線上體育博彩的人相稱。不過，我認為其中大部分是錢包的一部分，我們是人們在手機上安裝的應用程式之一。他們正在使用該應用程式。他們在應用程式上。我們在數據中看到了所有這些，而且我們從他們的錢包中獲得的部分比我們實際使用該應用程式的人數要少。因此，從百分比的角度來看，我認為這對我們來說是令人興奮的。

Slide 8, I think, says a lot about where we think we can get to in -- it's not going to take us a really long -- that's not a 5-year journey. We think that's something that we can accomplish in the next couple of years if we really get our product to where it needs to be. And of course, the deeper integrations with ESPN, we think integrations with the fantasy app with ESPN is going to be a huge shot in the arm. We anticipate that happening before the end of the year. Obviously, targeting football season. We'll see if we can get there. But it's a combination of the 2, but the fact that people have the app, they're using the app, we just need to build more loyalty with those users over time.

我認為，第 8 張幻燈片充分說明了我們認為可以實現的目標——這不會花費我們很長時間——這不是一個 5 年的旅程。我們認為，如果我們真的讓我們的產品達到所需的水平，那麼我們可以在未來幾年內實現這一目標。當然，與 ESPN 的更深入集成，我們認為與 ESPN 的幻想應用程式的集成將是一劑強心劑。我們預計這將在今年年底之前發生。顯然，目標是足球賽季。我們看看能否到達那裡。但這是兩者的結合，但事實上人們擁有該應用程序，他們正在使用該應用程序，我們只需要隨著時間的推移與這些用戶建立更多的忠誠度。

Thanks, everybody, for joining us, and we look forward to sharing more with you next quarter.

感謝大家加入我們，我們期待下個季度與您分享更多內容。

That does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your line. Have a great day, everyone.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝大家有美好的一天。