Playtika Holding Corp (PLTK) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Playtika Fourth Quarter 2023 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Playtika 2023 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Tae Lee, Senior Vice President, Corporate Finance and Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，公司財務和投資者關係高級副總裁 Tae Lee。請繼續。

Welcome, everyone, and thank you for joining us today for the fourth quarter 2023 earnings call for Playtika Holding Corp. Joining me on the call today are Robert Antokol, Co-Founder and CEO of Playtika; and Craig Abrahams, Playtika's President and Chief Financial Officer.

歡迎大家，並感謝您今天參加我們 Playtika Holding Corp 的 2023 年第四季財報電話會議。今天與我一起參加電話會議的是 Playtika 聯合創始人兼首席執行官 Robert Antokol；以及 Playtika 總裁兼財務長 Craig Abrahams。

I'd like to remind you that today's discussion may contain forward-looking statements, including but not limited to, the company's anticipated future revenue and operating performance. These statements and other comments are not a guarantee of future performance, but rather are subject to risks and uncertainties, some of which are beyond our control. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call.

我想提醒您，今天的討論可能包含前瞻性陳述，包括但不限於公司預期的未來收入和營運表現。這些陳述和其他評論並不是對未來績效的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的。這些前瞻性陳述從今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。

We have posted an accompanying slide deck to our Investor Relations website, which contains information on forward-looking statements and non-GAAP measures, and we will also post our prepared remarks immediately following the call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC.

我們已在投資者關係網站上發布了隨附的幻燈片，其中包含有關前瞻性陳述和非公認會計準則措施的信息，我們還將在電話會議後立即發布準備好的評論。有關風險和不確定性的更完整討論，請參閱我們向 SEC 提交的文件。

With that, I'll now turn the call over to Robert.

現在，我將把電話轉給羅伯特。

Good morning, and thank you, everyone, for joining our call today. I would like to begin by expressing my pride in how our employees and businesses have performed over the past year. While the year had many unexpected challenges for us to navigate as a company, it was a year of successful acquisition of 2 studios, increasing efficiency, continuous growth into direct-to-consumer platforms, an increasing focus to our largest and growing franchise as we shifted more of our U.S. spending to our categories leading games.

早安，謝謝大家今天加入我們的電話會議。首先，我想對我們的員工和企業在過去一年的表現感到自豪。儘管這一年我們作為一家公司面臨著許多意想不到的挑戰，但這一年成功收購了2 個工作室，提高了效率，持續發展為直接面向消費者的平台，隨著我們的發展，我們越來越關注我們最大且不斷增長的特許經營權。將我們在美國的更多支出轉移到我們類別領先的遊戲上。

I'm pleased to announce that despite revenue headwinds, we outperformed our guidance on revenues and credit adjusted EBITDA. Our agility in adapting and optimizing operations in this challenging market has not only enabled us to navigate obstacles, but also to surpass our expectations.

我很高興地宣布，儘管收入面臨阻力，但我們的收入和信貸調整後 EBITDA 的表現超出了我們的指導。我們在這個充滿挑戰的市場中靈活地適應和優化運營，不僅使我們能夠克服障礙，而且超越了我們的預期。

In the face of these headwinds, '23 was the year of efficiency for Playtika. This transformation has empowered us to move faster and to make quicker decisions, which I believe will allow us to revamp our business and to get back to sustainable growth.

面對這些逆風，23 年對 Playtika 來說是高效率的一年。這種轉變使我們能夠更快地採取行動並更快地做出決策，我相信這將使我們能夠改善我們的業務並恢復永續成長。

Our commitment to efficiency is not just about doing more with less, it is about empowering our people to sharpen our competitive edge. This approach was critical as the mobile gaming industry continues to navigate challenges due in part to privacy updates affecting the marketing and monetization of games.

我們對效率的承諾不僅僅是用更少的資源做更多的事情，而是讓我們的員工增強我們的競爭優勢。這種方法至關重要，因為行動遊戲產業繼續應對挑戰，部分原因是隱私更新影響了遊戲的營銷和貨幣化。

I want to emphasize that despite the revenue headwinds we faced, there were bright spots throughout the quarter. Our casual games grew 2% Q-over-Q and 5.5% year-over-year, led by growth in June's Journey, which grew 1.8% Q-over-Q and 33.3% year-over-year. This success shows the strength and critical importance of our portfolio strategy, enabling us to navigate market challenges and capitalize on the opportunity for growth.

我想強調的是，儘管我們面臨收入逆風，但整個季度也有亮點。我們的休閒遊戲環比增長 2%，同比增長 5.5%，其中 6 月份《Journey》的增長帶動了該遊戲的增長，該遊戲環比增長 1.8%，同比增長 33.3%。這一成功表明了我們投資組合策略的實力和至關重要性，使我們能夠應對市場挑戰並利用成長機會。

As we look forward to the future, we have now positioned ourselves for critical phase of the reinvestment. We are setting in motion our new capital allocation framework, which includes initiation of dividend and intention to deploy between $600 million to $1.2 billion in M&A over the next 3 years.

當我們展望未來時，我們現在已經做好了再投資關鍵階段的準備。我們正在啟動新的資本配置框架，其中包括派發股息以及打算在未來 3 年內部署 6 億至 12 億美元的併購資金。

Our recent acquisitions, Animals & Coins and Governor of Poker, have demonstrated consistent month-over-month growth, reinforcing our belief in growing our game portfolio through M&A. I believe mobile gaming is a pivotal point, with server strength pushing the need for consolidation.

我們最近收購的 Animals & Coins 和 Governor of Poker 表現出持續的逐月成長，增強了我們透過併購擴大遊戲產品組合的信念。我相信行動遊戲是一個關鍵點，伺服器的實力推動了整合的需要。

Our track record speaks for itself, with previous acquisition driving growth and profitability since I co-founded the company over 13 years ago. In the evolving landscape of mobile gaming, I believe our commitment to M&A will return the company to growth.

我們的業績記錄不言而喻，自 13 年前我與他人共同創立該公司以來，先前的收購推動了公司的成長和利潤。在行動遊戲不斷發展的格局中，我相信我們對併購的承諾將使公司恢復成長。

Finally, I would address an important decision regarding our strategic alternative process. Our current global landscape is unpredictable, especially due ongoing geopolitical conflicts in Israel and Ukraine. These conflicts have introduced a level of uncertainty that has impacted the process, and the Board has decided to pass the evaluation of strategic alternatives.

最後，我將討論有關我們的策略替代流程的重要決定。目前的全球格局不可預測，特別是由於以色列和烏克蘭持續存在的地緣政治衝突。這些衝突帶來了一定程度的不確定性，影響了流程，董事會決定透過策略替代方案的評估。

I will now turn it over to Craig.

我現在將把它交給克雷格。

Thank you, Robert. As Robert mentioned, 2023 was the year of efficiency for Playtika. The strategic decisions that we've made as a company over the last year have further streamlined our operations and enhanced our ability to generate free cash flow. Supported by our strong financial position, I am pleased to introduce our capital allocation framework, focusing on maximizing shareholder value and ensuring our growth is sustained.

謝謝你，羅伯特。正如 Robert 所提到的，2023 年是 Playtika 的效率之年。我們公司去年做出的策略決策進一步簡化了我們的運營，增強了我們產生自由現金流的能力。在我們強大的財務狀況的支持下，我很高興介紹我們的資本配置框架，重點關注股東價值最大化並確保我們的持續成長。

Our goal is to deploy $600 million to $1.2 billion in M&A to enhance our portfolio and leadership position as well as return capital to shareholders. In line with this strategy, we plan to make significant investments in performance marketing for our newly acquired growth title, Animals & Coins. While this approach is expected to lead to some margin erosion in the near term, it is designed to enhance long-term revenue potential.

我們的目標是部署 6 億至 12 億美元的併購，以增強我們的投資組合和領導地位，並向股東返還資本。根據這項策略，我們計劃對我們新收購的成長標題《動物與硬幣》的效果行銷進行大量投資。雖然這種方法預計會在短期內導致利潤率受到一定程度的侵蝕，但其目的是增強長期收​​入潛力。

Furthermore, we remain committed to strategically deploying incremental investments in performance marketing across selected titles within our core portfolio. Our aim here is to seize opportunities to gain market share and drive profitable growth. Our approach is grounded in a long-term vision for success, and we are confident in the strength and potential of our game portfolio.

此外，我們仍然致力於在我們的核心產品組合中的選定遊戲中策略性地部署增量投資，以進行績效行銷。我們的目標是抓住機會獲得市場份額並推動獲利成長。我們的方法是基於成功的長期願景，我們對我們遊戲組合的實力和潛力充滿信心。

Alongside our focus on M&A to drive growth and diversification, we are pleased to announce the initiation of a quarterly dividend starting in the first quarter of 2024, subject to quarterly Board approval, with a target of $150 million per year in dividends, representing an annualized yield of just over 5% based on our last 4-week average share price.

除了專注於併購以推動成長和多元化之外，我們很高興地宣布，從2024 年第一季開始，經董事會季度批准，開始發放季度股息，目標是每年1.5 億美元的股息，相當於年化股息根據我們過去 4 週的平均股價計算，收益率略高於 5%。

Beyond our dividend program, we are looking at other opportunities to enhance shareholder returns, including a share repurchase program in the future. We are committed to a balanced approach in our capital allocation strategy, aiming to invest in growth opportunities, maintain a strong and healthy balance sheet and return capital to shareholders.

除了股利計畫之外，我們還在尋找其他提高股東回報的機會，包括未來的股票回購計畫。我們致力於在資本配置策略中採取平衡的方法，旨在投資於成長機會，保持強勁和健康的資產負債表並向股東返還資本。

Turning to our financial results. For the year, we achieved financial results above our guidance range. We generated $2.567 billion of revenue, down 1.9% year-over-year, $235 million of GAAP net income compared to $275.3 million of GAAP net income in 2022 and $832.2 million of credit adjusted EBITDA, an increase of 3.4% year-over-year. Our credit adjusted EBITDA margin was 32.4% compared to 30.8% in 2022.

轉向我們的財務表現。今年，我們的財務表現超出了我們的指導範圍。我們的營收為 25.67 億美元，年減 1.9%；GAAP 淨利為 2.35 億美元，而 2022 年 GAAP 淨利潤為 2.753 億美元；信貸調整後 EBITDA 為 8.322 億美元，年增 3.4% 。我們的信貸調整後 EBITDA 利潤率為 32.4%，而 2022 年為 30.8%。

We generated $436.4 million of free cash flow, an increase of 13.7% year-over-year. We define free cash flow as cash flow from operating activities minus capital expenditures. We spent $79.2 million in capital expenditures, which includes purchase of property and equipment, capitalization of internal use software costs and purchase of software for internal use.

我們產生了 4.364 億美元的自由現金流，年增 13.7%。我們將自由現金流定義為經營活動產生的現金流量減去資本支出。我們花費了 7,920 萬美元的資本支出，其中包括購買財產和設備、內部使用軟體成本資本化以及購買內部使用的軟體。

In addition, we accrued for an additional $17 million of purchases of property and equipment in Q4 '23 that will be paid in Q1 of '24. For the quarter, we generated $637.9 million of revenue, up 1.2% sequentially and up 1.1% year-over-year. Net income was $37.3 million, down 1.6% sequentially and down 57.4% year-over-year. Credit adjusted EBITDA was $188.9 million, down 8.1% sequentially and down 6.8% year-over-year. Our credit adjusted EBITDA margin was 29.6% in the quarter, compared to 32.6% in Q3 and 32.1% in Q4 last year.

此外，我們在 23 年第 4 季額外購買了 1,700 萬美元的財產和設備，並將在 24 年第 1 季支付。本季度，我們營收 6.379 億美元，季增 1.2%，年增 1.1%。淨利潤為 3,730 萬美元，季減 1.6%，年減 57.4%。信用調整後 EBITDA 為 1.889 億美元，季減 8.1%，年減 6.8%。本季我們的信貸調整後 EBITDA 利潤率為 29.6%，去年第三季為 32.6%，第四季為 32.1%。

We generated $161.6 million in revenue from our direct-to-consumer platforms, up 0.4% sequentially and up 7.6% year-over-year. Our direct-to-consumer business now makes up 25.3% of our overall revenues. Last year, we added Solitaire Grand Harvest and June's Journey to our web store. And this year, we'll be adding both titles to additional DTC platforms starting in the second quarter.

我們透過直接面向消費者的平台創造了 1.616 億美元的收入，環比成長 0.4%，年增 7.6%。我們的直接面向消費者業務目前占我們總收入的 25.3%。去年，我們將 Solitaire Grand Harvest 和 June's Journey 加入我們的網路商店。今年，我們將從第二季開始將這兩款遊戲添加到其他 DTC 平台。

Turning now to our business results for the quarter. Revenue across our Casual Themed games grew 2% sequentially and 5.5% year-over-year. Year-over-year growth in June's Journey, Solitaire Grand Harvest and Redecor was offset by weakness in other casual titles, such as , Best Fiends and Board Kings. We also benefited from a full quarter's contribution of Animals & Coins, but we are pleased to see consecutive months of sequential growth in the quarter.

現在轉向我們本季的業務業績。我們的休閒主題遊戲收入較上季成長 2%，較去年同期成長 5.5%。 《Journey》、《Solitaire Grand Harvest》和《Redecor》的同比增長被其他休閒遊戲的疲軟所抵消，例如《Best Fiends》和《Board Kings》。我們也受益於動物和硬幣整個季度的貢獻，但我們很高興看到該季度連續幾個月實現連續成長。

Bingo Blitz revenue was $150.3 million, up 0.4% sequentially and down 3.1% year-over-year. We are pleased to see a positive shift in financial performance for Bingo as the studio improved sequentially quarter-over-quarter, following a few quarters of sequential decline. The team launched several new projects in the quarter that contributed to the positive performance, such as a new daily layer chase, addition of rolling purchase offers and a redesign of the core collection experience in the game, which helps strengthen the social experience.

Bingo Blitz 營收為 1.503 億美元，季增 0.4%，年減 3.1%。我們很高興看到 Bingo 的財務業績出現積極轉變，該工作室在經歷了幾個季度的連續下滑之後，環比有所改善。該團隊在本季度推出了幾個為積極業績做出貢獻的新項目，例如新的每日層追逐、增加滾動購買優惠以及重新設計遊戲中的核心收藏體驗，這有助於增強社交體驗。

June's Journey revenue was $77.6 million, up 1.8% sequentially and up 33.3% year-over-year. June's Journey became our third highest grossing game by revenue in the past quarter. June's Journey is the highest grossing hidden object game worldwide and recently surpassed the $1 billion lifetime revenue mark. Our dedication to a player-focused philosophy has elevated June's Journey to the forefront of the story-driven casual gaming genre. By providing a deeply engaging narrative within the expansion universe of June, the game offers a captivating experience for our players.

6 月的《Journey》營收為 7,760 萬美元，季增 1.8%，年增 33.3%。 《六月之旅》成為我們上一季營收第三高的遊戲。 June's Journey 是全球收入最高的隱藏物品遊戲，最近突破了 10 億美元的總收入大關。我們致力於以玩家為中心的理念，將 June's Journey 提升到了故事驅動的休閒遊戲類型的最前沿。透過在六月的擴展宇宙中提供引人入勝的敘事，該遊戲為我們的玩家提供了迷人的體驗。

Throughout its evolution, we have regularly rolled out new features and expansions, ensuring that there is something for everyone. Fans in the narrative can explore further with additional side stories, social gamers can collaborate with their club members on solving mysteries and those in search of a challenge can test their skills in competitive events. We have an unwavering commitment to our players in the June's Journey community, and we look forward to continuing to enrich their gaming experience for years to come.

在其發展過程中，我們定期推出新功能和擴展，確保每個人都能找到適合自己的東西。敘事中的粉絲可以透過額外的支線故事進一步探索，社交遊戲玩家可以與俱樂部成員合作解決謎團，而那些尋求挑戰的人可以在競爭性活動中測試他們的技能。我們對六月之旅社群的玩家有著堅定不移的承諾，我們期待在未來幾年繼續豐富他們的遊戲體驗。

Now over to our social casino-themed games. Social casino-themed game revenue was down 0.2% sequentially and down 4.6% year-over-year. Sequential performance benefited from a full quarter's contribution from our newly acquired Youda Studio. Slotomania revenue was $136.9 million, down 3.6% sequentially and down 8.3% year-over-year. Despite maintaining its position as the #1 game in the slot genre, it's important for us to acknowledge that some of our peers have gained share at our expense.

現在開始我們的社交賭場主題遊戲。社群賭場主題遊戲收入季減 0.2%，年減 4.6%。連續的業績得益於我們新收購的友達工作室整個季度的貢獻。 Slotomania 營收為 1.369 億美元，季減 3.6%，年減 8.3%。儘管它保持了老虎機遊戲第一名的地位，但我們必須承認，我們的一些同行已經以犧牲我們的利益為代價獲得了市場份額。

This shift can be partially attributed to our own strategic decision to reallocate some of our performance marketing dollars towards other opportunities in our portfolio. While this was a calculated move aimed at diversifying our growth avenues and enhancing our overall position in the market, it has contributed to the market share loss of Slotomania. We recognized the importance of Slotomania to our portfolio and its role in driving consistent revenue margins, and we plan to increase our user acquisition spending this year for Slotomania. This revenue mix shift from declines in a higher margin title like Slotomania, to revenue growth from our casual games, including Animals & Coins, will have an impact on our margins this year. I will reiterate that 2024 will be a year of reinvestment for Playtika, and we look forward to sharing our progress in the coming quarters.

這種轉變可以部分歸因於我們自己的策略決策，即將我們的一些績效行銷資金重新分配給我們投資組合中的其他機會。雖然這是一個經過深思熟慮的舉措，旨在實現我們的成長途徑多元化並提高我們在市場中的整體地位，但它卻導致了 Slotomania 的市佔率流失。我們認識到 Slotomania 對我們產品組合的重要性及其在推動持續收入利潤方面的作用，我們計劃今年增加 Slotomania 的用戶獲取支出。這種收入組合從 Slotomania 等利潤率較高的遊戲的下降轉向包括 Animals & Coins 在內的休閒遊戲的收入增長，這將對我們今年的利潤率產生影響。我要重申，2024 年將是 Playtika 再投資的一年，我們期待在未來幾季分享我們的進展。

Turning to marketing. Our recent launch of several celebrity study campaigns underscores our leadership in leveraging partnerships to amplify our games' appeal. Historically, we've embraced off-line campaigns as a key component of our marketing strategy, consistently demonstrating our ability to engage audiences through high-profile partnerships.

轉向行銷。我們最近發起的多項名人研究活動突顯了我們在利用合作夥伴關係來增強遊戲吸引力方面的領導力。從歷史上看，我們一直將線下活動作為我們行銷策略的關鍵組成部分，不斷展示我們透過高調的合作夥伴關係吸引受眾的能力。

In the past quarter, we introduced campaigns featuring Sarah Jessica Parker for Solitaire Grand Harvest; Jason Alexander for World Series of Poker; and continued our partnership with Drew Barrymore for Mingle Blitz and Ty Pennington for Caesars Casino. These initiatives underscore our commitment to providing our players with an engaging and immersive playing experience. Alongside our celebrity endorsements, we are also launching the New Year new Slotomania campaign to celebrate in-game redesigns and new features within Slotomania.

在上個季度，我們推出了由莎拉潔西卡派克 (Sarah Jessica Parker) 主演的 Solitaire Grand Harvest 廣告活動； Jason Alexander 代表世界撲克系列賽；並繼續與 Mingle Blitz 的 Drew Barrymore 和 Caesars Casino 的 Ty Pennington 合作。這些舉措強調了我們致力於為玩家提供引人入勝、身臨其境的遊戲體驗的承諾。除了我們的名人代言之外，我們還推出了新年新 Slotomania 活動，以慶祝 Slotomania 中的遊戲重新設計和新功能。

Turning now to specific line items in our P&L for the fourth quarter. Cost of revenue decreased 0.2% year-over-year and operating expenses increased 4.8% year-over-year. R&D decreased 14.9% year-over-year. The decline in R&D was driven by lower headcount and savings from lower discretionary spending across the company. Sales and marketing was up 24.6% year-over-year. The increase was driven primarily by investments that we made in Animals & Coins and Governor of Poker 3. We also had slightly more performance marketing spend this quarter versus the prior year in our organic portfolio, due to timing of some of our performance marketing campaigns. G&A expenses increased by 2.5% year-over-year. As of December 31, we had approximately $1 billion in cash and cash equivalents.

現在轉向第四季損益表中的具體項目。收入成本較去年同期下降0.2%，營運費用較去年同期成長4.8%。研發年減14.9%。研發費用下降的原因是員工人數減少以及整個公司可自由支配支出減少的節省。銷售和行銷年增 24.6%。這一增長主要是由我們對Animals & Coins 和Governor of Poker 3 的投資所推動的。由於我們的一些績效營銷活動的時間安排，本季度我們在有機投資組合中的績效營銷支出也比上一年略有增加。一般及行政費用較去年同期成長 2.5%。截至 12 月 31 日，我們擁有約 10 億美元的現金和現金等價物。

Looking at our operational metrics. Average DPU increased 2.3% sequentially and decreased 2.2% year-over-year. Average DAU increased 2.4% sequentially and increased 2.3% year-over-year. ARPDAU was $0.80 in the quarter, a decrease of 1.2% sequentially and an increase of 2.6% year-over-year.

看看我們的營運指標。平均 DPU 環比成長 2.3%，年減 2.2%。平均 DAU 環比成長 2.4%，較去年同期成長 2.3%。本季 ARPDAU 為 0.80 美元，季減 1.2%，年增 2.6%。

Turning now to our guidance and financial outlook for 2024. We expect to deliver full year revenue between $2.52 billion and $2.62 billion. As we selectively ramp up our performance marketing spending for our portfolio, we expect credit adjusted EBITDA between $730 million and $770 million. We expect to deploy $110 million to $115 million in capital expenditures, which includes $17 million in accrued capital expenditures from Q4 '23 that will be paid in fiscal year 2024.

現在談談我們對 2024 年的指導和財務展望。我們預計全年收入將在 25.2 億美元至 26.2 億美元之間。隨著我們有選擇地增加投資組合的績效行銷支出，我們預期信貸調整後的 EBITDA 在 7.3 億美元至 7.7 億美元之間。我們預計將部署 1.1 億至 1.15 億美元的資本支出，其中包括 23 年第 4 季的應計資本支出 1,700 萬美元，這些資本支出將在 2024 財年支付。

As we conclude our prepared remarks, I want to emphasize the journey we've embarked on the past few years. Our focus has been on streamlining our operations, enhancing our agility and positioning ourselves as a resilient force and acquirer of best-in-class assets in the mobile gaming industry. This strategic refinement has enabled us to pivot towards a period of reinvestment in our core business and execute on M&A opportunities.

在我們結束準備好的演講時，我想強調我們過去幾年所經歷的歷程。我們的重點是簡化營運、提高敏捷性，並將自己定位為行動遊戲產業的一支有彈性的力量和一流資產的收購者。這項策略調整使我們能夠轉向對核心業務進行再投資並抓住併購機會的時期。

Simultaneously, we remain focused on generating strong free cash flows. Our financial discipline ensures that we maintain the ability to return capital to our shareholders through ongoing quarterly dividends, alongside pursuing growth opportunities for the portfolio.

同時，我們仍然專注於產生強勁的自由現金流。我們的財務紀律確保我們有能力透過持續的季度股利向股東返還資本，同時尋求投資組合的成長機會。

Thank you for your continued trust and support, and we'll now take your questions.

感謝您一直以來的信任與支持，我們現在將回答您的問題。

(Operator Instructions) Our first question comes from the line of Aaron Lee with Macquarie.

（操作員說明）我們的第一個問題來自 Aaron Lee 與 Macquarie 的線路。

I appreciate all the color so far. Just wanted to start by digging into guidance for a bit. So obviously, your guidance of revs are basically flat and then lower EBITDA and margins. Can you just help us understand, is that delta in EBITDA all from the incremental marketing for your recent acquisition? And what do you have baked into those figures, just in terms of marketing for the rest of the portfolio? What you're assuming returns from those investments? And any general impact from macro or geopolitical events?

到目前為止我很欣賞所有的顏色。只是想先深入了解指導。顯然，您的轉速指導基本上持平，然後 EBITDA 和利潤率較低。您能否幫助我們了解一下，EBITDA 的增量是否全部來自您最近收購的增量行銷？就投資組合其餘部分的行銷而言，您在這些數字中融入了什麼？您假設這些投資的報酬率是多少？宏觀或地緣政治事件有什麼整體影響嗎？

Sure. Thanks for the question, Aaron. So as we take a step back and we look at the industry more broadly, obviously, the changes in the advertising world has affected how people purchase media as well as investing in new games.

當然。謝謝你的提問，亞倫。因此，當我們退後一步，更廣泛地審視這個行業時，很明顯，廣告世界的變化影響了人們購買媒體以及投資新遊戲的方式。

I think for us, there's 2 things going on. One, there's a need for us to spend more on some of our legacy titles as well as our acquired titles. And two, there's a mix shift going on, where we've seen growth in the casual titles and declines in the casino-themed titles. And the casino-themed titles have a higher margin and higher -- some of them have a higher percentage, direct-to-consumer as well. And so as we look at that flow through, there's impact there as well as an increase in marketing for the organic titles as well as the newly acquired titles.

我認為對我們來說，有兩件事正在發生。第一，我們需要在一些遺留遊戲以及收購的遊戲上投入更多資金。第二，正在發生混合轉變，我們看到休閒遊戲的成長和賭場主題遊戲的下降。賭場主題遊戲的利潤率越來越高——其中一些甚至直接面向消費者的比例也更高。因此，當我們審視這個流程時，就會發現其中產生了影響，並且有機遊戲和新收購遊戲的營銷也有所增加。

Got you. Okay. And then on the M&A target you guys put out there, can you put any guardrails around that for us in terms of how you're thinking about the sizes of acquisitions and what areas you'll be targeting? And do you expect that to be more front-end loaded or back-end loaded?

明白你了。好的。然後，關於你們提出的併購目標，你們能否為我們提供一些保護措施，例如你們如何考慮收購規模以及你們將瞄準哪些領域？您希望前端加載更多還是後端加載更多？

Sure. So I think for us, we've always been opportunistic. I think we've communicated in the past, the right cadence is probably 1 to 2 transactions a year, depending on what's available in the marketplace. We do see this environment as one that is a great setup for consolidation, the maturing of the market, the difficulty a lot of the smaller companies have with the advertising market.

當然。所以我認為對我們來說，我們一直都是機會主義的。我認為我們過去已經溝通過，正確的節奏可能是每年 1 到 2 筆交易，具體取決於市場上的可用情況。我們確實認為這種環境對於整合、市場成熟以及許多小型公司在廣告市場遇到的困難來說是一個很好的環境。

And so we think we're well positioned. We have $1 billion in cash. We have a $600 million credit facility. The target that we gave really looks at around 50% of our cash being used for M&A and the other 50% being used for capital return. And we think this is a very balanced approach to grow the portfolio as well as return capital to our shareholders.

所以我們認為我們處於有利位置。我們有 10 億美元現金。我們擁有 6 億美元的信貸額度。我們給出的目標實際上是把大約 50% 的現金用於併購，另外 50% 用於資本回報。我們認為這是一種非常平衡的方法來擴大投資組合以及向股東返還資本。

Our next question will come from the line of Colin Sebastian with Baird.

我們的下一個問題將來自科林·塞巴斯蒂安和貝爾德。

I think you mentioned expanding the number of DTC platforms you're utilizing this year. So first off, just curious if you could expand maybe on what those are and what you're anticipating from those platforms?

我想您提到了今年要擴大使用的 DTC 平台的數量。首先，我想知道您是否可以擴展這些平台的內容以及您對這些平台的期望？

And then as a follow-up on the M&A, I guess, what are you seeing in the market that gives you visibility to spend to that level on consolidation? Are there specific trends or specific studios that you're observing that gives you that visibility or something else?

然後，作為併購的後續行動，我想，您在市場上看到了什麼，可以讓您在整合方面支出達到該水準？您觀察到的特定趨勢或特定工作室是否可以為您提供可見度或其他東西？

Thanks for the question. So regarding the DTC platform, as we always said in the few other calls before, we are growing this. We have a target. One important thing, changing the focus of profitability, become -- in the last few quarters become harder. So we are now going to focus more on our DTC platform. We're going to bring more of the games. And for us, it's going to be one of our main targets.

謝謝你的提問。因此，關於 DTC 平台，正如我們在之前的幾次電話會議中一直所說的那樣，我們正在發展這個平台。我們有一個目標。一件重要的事情，改變獲利的焦點，在過去幾季變得更加困難。所以我們現在將更專注於我們的 DTC 平台。我們將帶來更多的遊戲。對我們來說，這將是我們的主要目標之一。

Playtika was the first company in the industry that started with the DTC. For us, it was always advantage. We see it right now as a big advantage. Gives us a lot of flexibility about things that we are doing. So again, this is our main -- one of our main focus.

Playtika 是業界第一家以 DTC 起步的公司。對我們來說，這始終是優勢。我們現在認為這是一個很大的優勢。為我們正在做的事情提供了很大的靈活性。再說一次，這是我們的主要焦點之一。

And by the way, regarding your question about M&As, again, having a DTC platform is giving us a big advantage of acquiring companies, acquiring games to make the profitability much better with the DTC platform. Regarding the target, as Craig said before, we are opportunistic. And we are looking at all around the market. We're speaking to all the players. We know everything that's happening from the small games starting 2 months ago to the big games that's running already 12 years. And as we did last year 2 good acquisitions, this is our target for this year, and we are very optimistic about it.

順便說一句，關於你關於併購的問題，擁有 DTC 平台給我們帶來了收購公司、收購遊戲的巨大優勢，從而透過 DTC 平台提高盈利能力。關於目標，正如克雷格之前所說，我們是機會主義的。我們正在關注整個市場。我們正在與所有球員交談。我們知道發生的一切，從 2 個月前開始的小型遊戲到已經運行 12 年的大型遊戲。正如我們去年所做的兩次良好收購一樣，這是我們今年的目標，我們對此非常樂觀。

That's helpful. Maybe one quick follow-up on DTC. Is your goal for the percent of bookings or revenues coming from DTC channels? Has that changed at all recently? Or do you have the same target out there?

這很有幫助。也許是對 DTC 的快速跟進。您的目標是來自 DTC 管道的預訂或收入百分比嗎？最近這種情況有改變嗎？或者你們有同樣的目標嗎？

No, it's not changing. As we said, it's not changed. But the market is changing. And it's not everything like it was before is today. I think 30%, this is where we are looking to be. This is our target. We believe we will get to this target. And after we achieve 30%, we can speak about the next target.

不，它沒有改變。正如我們所說，它沒有改變。但市場正在改變。今天的一切也不再像以前那樣了。我認為 30%，這就是我們想要的目標。這是我們的目標。我們相信我們會實現這個目標。當我們達到30%之後，我們就可以談論下一個目標。

Our next question will come from the line of Omar Dessouky with Bank of America.

我們的下一個問題將來自美國銀行的 Omar Dessouky。

So first of all, just a quick housekeeping question. When you said 50% of your cash to M&A, the other 50% to capital return, are you referring to the cash on the balance sheet or the free cash flow? Or which metrics specifically are you referring to?

首先，我想問一個簡單的內務問題。當你說50%的現金用於併購，另外50%用於資本回報時，你指的是資產負債表上的現金還是自由現金流？或是您具體指的是哪些指標？

Free cash flow. In terms of ongoing free cash flow, that's our target.

自由現金流。就持續的自由現金流而言，這是我們的目標。

Got it. Okay. And when you say capital return, obviously, a couple of ways you could do that. Just wondering why you decided to initiate a dividend rather than reduce debt or start the buyback? That's the second question. And then I have one follow-up on your M&A targets.

知道了。好的。當你說資本回報時，顯然有幾種方法可以做到這一點。只是想知道為什麼您決定啟動股息而不是減少債務或開始回購？這是第二個問題。然後我對你們的併購目標進行了跟進。

We looked at a balanced approach of both investing in M&A as well as dividends and exploring buybacks. And so I think it's a balanced mix. And that's where we came out.

我們研究了投資併購以及股利和探索回購的平衡方法。所以我認為這是一個平衡的組合。這就是我們出來的地方。

Understood. Got it. Great. And so the explanation of kind of how much capital you could deploy super helpful. Could you give us some more sense of maybe what some of your investment metrics might be?

明白了。知道了。偉大的。因此，關於您可以部署多少資本的解釋非常有幫助。您能否讓我們更了解您的一些投資指標？

For example, things like cash-on-cash return for your investments, payback period, things like that. Just so we can get a sense of as you go through these acquisitions, what we should expect for your financial performance down the road as these incremental acquisitions layer in?

例如，投資的現金回報、投資回收期等。這樣我們就可以了解，當您進行這些收購時，隨著這些增量收購的逐步實施，我們對您未來的財務表現應該有何期望？

I think we've been focused historically on acquiring assets at attractive EBITDA multiples and leveraging our operational expertise and know-how to help expand that EBITDA over time. And as we do that, the effect of multiple comes down and look to do accretive transactions that are creating value.

我認為，我們一直專注於以有吸引力的 EBITDA 倍數收購資產，並利用我們的營運專業知識和技術來幫助擴大 EBITDA。當我們這樣做時，多重效應就會下降，並尋求進行能夠創造價值的增值交易。

And so I don't -- I think every transaction, depending on the segment of the market it operates in as well as what stage it is in its maturity, we'll have different goals and objectives. But obviously, the underlying goal is creation of equity value.

所以我不認為，我認為每筆交易，根據其所處的市場區隔以及其成熟階段，我們都會有不同的目標和目標。但顯然，根本目標是創造股權價值。

Our next question will come from the line of Brian Fitzgerald with Wells Fargo.

我們的下一個問題將來自富國銀行的布萊恩·菲茨傑拉德 (Brian Fitzgerald)。

A couple of quick ones. Wondering if you give us any sense for how the 2 recently acquired titles, Governor of Poker 3, Animals & Coins performed in 4Q? Or maybe help us size the top line contribution from those 2.

幾個快速的。想知道您是否能讓我們了解最近獲得的兩款遊戲《Governor of Poker 3》、《Animals & Coins》在第四季的表現如何？或者也許可以幫助我們估算這兩者的營收貢獻。

Yes. So I think -- as we noted in the prepared remarks, we saw consecutive growth throughout the fourth quarter, which is very encouraging. We're very pleased with the initial results from both of those acquisitions. In terms of the contributions, those are in our 10-K, which has just been filed. I don't have the exact number in front of me right now.

是的。因此，我認為，正如我們在準備好的發言中指出的那樣，我們在整個第四季度看到了連續增長，這是非常令人鼓舞的。我們對這兩次收購的初步結果非常滿意。就捐款而言，這些都在我們剛剛提交的 10-K 中。我現在沒有確切的數字。

Okay. Appreciate it. And then maybe as a follow-up to the DTC questions. Curious to hear your thoughts on Apple's recent concessions on App store fees, DMA implementation? And is that kind of -- is that impacting or maybe accelerating your focus on DTC? Or no, we've always been focused on DTC, it's a known strategy. But any reads on, hey, what Apple's and DMA are metering through your thought process?

好的。欣賞它。然後也許可以作為 DTC 問題的後續內容。想聽聽您對 Apple 最近在應用程式商店費用、DMA 實施方面的讓步有何看法？這是否會影響或加速您對 DTC 的關注？或者不，我們一直專注於 DTC，這是一個眾所周知的策略。但是，請繼續閱讀，嘿，Apple 和 DMA 正在透過您的思考過程來衡量什麼？

So thanks for the question. So this is really early to say. It's only started a few weeks ago. We are still learning. We're still trying to understand exactly the benefit, how to work with this. It's not changing the strategy that we had in the past, and we have right now with the DTC platform.

謝謝你的提問。所以說這個還太早。幾週前才開始。我們仍在學習。我們仍在嘗試準確了解其好處以及如何利用它。這並沒有改變我們過去的策略，我們現在也使用 DTC 平台。

It's not connected to each other. But again, it's a very interesting move of Apple. We -- and I think in a few weeks, few months, we will be -- we will know exactly how it's going to benefit the company in which way.

它彼此沒有連結。但這又是蘋果的一個非常有趣的舉動。我們——我認為幾週後、幾個月後，我們將確切地知道它將如何以何種方式使公司受益。

Our next question will come from the line of Drew Crum with Stifel.

我們的下一個問題將來自 Drew Crum 和 Stifel 的線路。

Craig, just to go back to your earlier comments on credit adjusted EBITDA this year. Do you see 2024 as a trough for the business? Or is there a further downside beyond this year, given some of the puts and takes you referenced?

克雷格，回到您之前對今年信貸調整後 EBITDA 的評論。您認為 2024 年是該行業的低谷嗎？或者考慮到您提到的一些看跌期權和看跌期權，今年之後還會有進一步的下行趨勢嗎？

Yes. I think, obviously, this year is a year of reinvestment in the portfolio. I think we're hopeful that we can stabilize the casino-themed titles and continue to grow the casual titles. The incentive and compensation plan does end in '24. And so there should be a net benefit from that ending going into '25. But we are not giving guidance beyond '24 at this stage.

是的。我認為，顯然，今年是投資組合再投資的一年。我認為我們希望能夠穩定賭場主題遊戲並繼續發展休閒遊戲。激勵和補償計劃確實在 2024 年結束。因此，進入 25 年後應該會從這個結局中獲得淨收益。但現階段我們不會提供 24 年後的指導。

Okay. Fair enough. And then just a housekeeping item. Anything contemplated in your revenue guidance range for 2024 in terms of M&A, that $600 million to $1.2 billion?

好的。很公平。然後只是一個家務用品。您在 2024 年併購方面的收入指引範圍（6 億至 12 億美元）有什麼考量嗎？

Yes, M&A is -- future M&A is not included in our guidance.

是的，併購是－未來的併購不包括在我們的指導中。

Our next question will come from the line of Doug Creutz with TD Cowen.

我們的下一個問題將來自 Doug Creutz 和 TD Cowen 的對話。

Several quarters ago, you guys made the decision to pause internal game development because you said that tough market conditions making it hard to launch new games. In the last few quarters, we've seen some of your competitors launched some very successful new games. So just wondered if you revisited that decision? What your feeling is on new game development at this point?

幾個季度前，你們決定暫停內部遊戲開發，因為你們說嚴峻的市場條件使得推出新遊戲變得困難。在過去的幾個季度中，我們看到您的一些競爭對手推出了一些非常成功的新遊戲。所以想知道你是否重新考慮了這個決定？您目前對新遊戲開發有何看法？

So thanks for the question. First, we are really happy to see even our competitors are also launching good games because it's still saying that the market is good. So for me, everything that's happening, I'm always trying to see what is the benefit for us and what is the benefit for the market. So it's first saying that the market is healthy.

謝謝你的提問。首先，我們很高興看到我們的競爭對手也推出了好遊戲，因為它仍然在談論市場很好。所以對我來說，無論發生什麼，我總是試著看看對我們有什麼好處，對市場有什麼好處。所以首先說市場是健康的。

Second, we never had a good history of developing new games. It's not a secret. It's not depend if the environment is good or bad. It's never been our DNA. Yes, we tried many things as a company -- as a big company, that's always trying, but it's never been our DNA. Our DNA was always M&As, and we did very well with M&As in the last 10 years.

其次，我們在開發新遊戲方面從來沒有良好的歷史。這不是秘密。這與環境好壞無關。這從來都不是我們的 DNA。是的，作為一家公司，我們嘗試了很多事情——作為一家大公司，我們總是在嘗試，但這從來都不是我們的 DNA。我們的基因始終是併購，過去 10 年我們在併購方面做得非常好。

And I'm not saying that we're not going to have any kind of experience with new games, but it's not the main focus. And our main focus, again, is M&A. This is where we are looking, and this is -- I believe we're going to do 1 or 2 deals. I hope even better than the deals that we did last year that was a really good deal. That's it.

我並不是說我們不會在新遊戲中獲得任何體驗，但這不是主要焦點。我們的主要關注點還是併購。這就是我們正在尋找的地方，我相信我們將達成一兩筆交易。我希望比我們去年所做的交易更好，這是一筆非常好的交易。就是這樣。

Our next question will come from the line of Clark Lampen with BTIG.

我們的下一個問題將來自 BTIG 的 Clark Lampen。

I got a question. I want to come back to, I guess, the plan to increase performance marketing spend next year. Craig, could you give us a little bit more color around, I guess, sort of why now? If you look at, I guess, your advertising spend for the last couple of years, it's been pretty consistent after a step-up that we saw in '21, both in aggregate and as a percentage of revenue.

我有一個問題。我想我想回到明年增加績效行銷支出的計劃。克雷格，我想你能給我們多一點色彩嗎？為什麼現在呢？我想，如果你看看過去幾年的廣告支出，你會發現，在經歷了 21 年的成長之後，無論是總體還是佔收入的百分比，廣告支出都非常穩定。

And I'm curious if there's something that you saw with your spend maybe in the back half of the year where it started to perform better or you're reallocating the mix? If the budget is growing, is it shifting in a new way? Or should we imagine that this is going to be mostly sort of offline television campaigns? Or any, I guess, incremental color you could provide would be helpful.

我很好奇你是否在今年下半年的支出中看到了一些東西，它開始表現得更好，或者你正在重新分配組合？如果預算成長，是否會以新的方式改變？或者我們應該想像這將主要是線下電視活動？或者我想，您可以提供的任何增量顏色都會有所幫助。

Yes, sure. So obviously, the biggest driver is Animals & Coins, which is a title that we acquired last year, and are ramping up growth there. I think in terms of what we called out in the prepared remarks, we are looking at investing more in Slotomania. It is a competitive market, where competitors are fighting for market share. And so we saw the need to invest more there.

是的，當然。顯然，最大的推動力是《動物與硬幣》，這是我們去年收購的一個遊戲，並且正在加速該領域的成長。我認為，就我們在準備好的演講中所呼籲的內容而言，我們正在考慮對 Slotomania 進行更多投資。這是一個競爭激烈的市場，競爭對手都在爭奪市場份額。因此我們看到需要在那裡進行更多投資。

And then in terms of -- strategically, we have selected other titles that we look to invest in to support growth. So I think the biggest change in terms of year-over-year is clearly to support the acquired titles.

然後在策略上，我們選擇了我們希望投資的其他遊戲來支持成長。因此，我認為同比最大的變化顯然是支持所收購的遊戲。

Got it. And from our seat, we and investors, I guess, as we're trying to measure the ROI on that spend going forward? Should it be -- if you guys are successful with the incremental allocation, will it be primarily driving stronger inorganic growth? Or is there another way that we should try to evaluate that on a go-forward basis?

知道了。我想，從我們的座位來看，我們和投資人正在試圖衡量未來支出的投資報酬率？應該是——如果你們在增量配置上取得了成功，它會主要推動更強勁的無機成長嗎？或者我們應該嘗試以另一種方式在未來的基礎上對其進行評估？

No. I mean we consider that part of our organic growth, and it's a part of operating our organic portfolio. So I don't -- I think we make changes based on the marketplace where we see opportunities, we invest more. And where we don't have the returns that justify those, we pull back. So I don't think there's more specificity that we can provide on this call in (inaudible).

不，我的意思是，我們認為這是我們有機成長的一部分，也是經營我們有機投資組合的一部分。所以我不——我認為我們會根據我們看到機會的市場做出改變，我們會進行更多投資。如果我們沒有回報來證明這些是合理的，我們就會撤退。因此，我認為我們無法在此電話會議中提供更多具體資訊（聽不清楚）。

Okay. That's helpful. And then just one quick one, and I'll get out of the way. As we think about, I guess, the sort of broader capital allocation framework, you guys talked about, I guess, sort of market and geopolitical factors that sort of led you to move away from your strategic review.

好的。這很有幫助。然後只要快一點，我就讓開。我猜，當我們思考更廣泛的資本配置框架時，你們談到了某種市場和地緣政治因素，這些因素導致你們放棄了戰略審查。

If we assume that some of those other factors are also weighing on competitors of yours and the market doesn't end up, I guess, as fluid or you don't see the M&A opportunities that you hope for accruing, is the sort of pool of free cash flow fungible in any way? If we were thinking about that sort of previous 50-50 split, if the pipeline isn't maybe as robust and you can't execute on some of the things that you would like, would you consider from 1 year to the next tilting more of that cash flow allocation towards capital return?

如果我們假設其他一些因素也對您的競爭對手造成壓力，並且市場最終不會流動，或者您沒有看到您希望產生的併購機會，那麼我想，這就是一種池自由現金流可以以任何方式替代嗎？如果我們考慮先前的 50-50 分割，如果管道可能不那麼強大，並且您無法執行您想要的某些事情，您是否會考慮從 1 年到下一年傾斜更多現金流分配用於資本回報？

Yes. So Clark, I will try and disaggregate that. I think there's 3 separate concepts going on there. I think the first is the decision that was made to pause strategic alternatives. And it was cited that there was geopolitical factors tied to that decision.

是的。所以克拉克，我會嘗試將其分解。我認為其中有 3 個不同的概念。我認為第一個是暫停戰略選擇的決定。有人指出，這項決定與地緣政治因素有關。

Separately is the M&A environment, which for us, most of the acquisition targets we look at are, there's some in Israel, but also outside of Israel. And we have not seen that necessarily impacting our ability to go out and due diligence and explore opportunities for transactions.

另外是併購環境，對我們來說，我們關注的大多數收購目標是，有些在以色列，但也有在以色列以外。我們還沒有看到這必然會影響我們走出去、盡職調查和探索交易機會的能力。

And the third concept is capital allocation, which I believe is pretty independent of the first 2 -- or of the first one. And the second one, 50% of capital allocation is dedicated to M&A. And the other 50% is to capital returns, both dividends and exploring the idea of buybacks. And so I don't think that they're necessarily tied there.

第三個概念是資本配置，我認為它與前兩個概念或第一個概念非常獨立。第二個，50%的資本配置專門用於併購。另外 50% 用於資本回報，包括股息和探索回購的想法。所以我認為它們不一定有聯繫。

Obviously, folks that operate in those regions, some have been impacted and obviously, had to make adjustments as we have to ensure operations are not affected.

顯然，在這些地區運作的人們，有些人受到了影響，顯然，必須做出調整，因為我們必須確保營運不受影響。

Our next question will come from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題將來自高盛的埃里克·謝裡丹（Eric Sheridan）。

Maybe a 2-parter following up on Clark's question. First, in terms of what you've learned as the marketing environment has become volatile over the last couple of years, what are the key learnings in terms of driving incremental ROI that you're taking out of the 2022, '23 period that informs your marketing strategies going into '24 and beyond?

也許是由兩人共同跟進克拉克的問題。首先，就您在過去幾年中隨著行銷環境變得不穩定而學到的知識而言，您在 2022 年、23 年期間在推動增量投資回報率方面學到了哪些關鍵知識？您在24世紀及以後的行銷策略是什麼？

And then looking into '24 and beyond, how should we be thinking about elements that could increase ROI like scale as you execute on the M&A strategy, AI becoming a more -- a larger component of marketing overall or other elements that could sort of amplify ROI over the medium to long term?

然後展望 24 世紀及以後，我們應該如何考慮可以提高投資回報率的元素，例如執行併購策略時的規模、人工智慧成為整體行銷的更大組成部分或其他可以放大的元素中長期投資回報率？

It's Nir Korczak, Playtika CMO. So first and foremost, we need to understand that we have a very wide range of different games. And for each game, obviously, we build a tailor-made marketing strategy.

我是 Playtika 首席行銷長 Nir ​​Korczak。因此，首先也是最重要的是，我們需要了解我們擁有非常廣泛的不同遊戲。顯然，我們為每款遊戲制定了量身訂製的行銷策略。

So when we look at the market, we need to understand also the competition and also what we want to achieve for the long term. So what we are basically trying to understand sometimes the ecosystem is changing. As you mentioned before, the competition becomes a bit tougher and we need to spend a bit more in different strategy. So always, we adjust our strategy towards area where we believe that, for the long term, will provide the best ROI. So that's for the first part of the question.

因此，當我們審視市場時，我們也需要了解競爭以及我們想要實現的長期目標。所以我們基本上試著去了解有時生態系統正在改變。正如您之前提到的，競爭變得更加激烈，我們需要在不同的策略上花費更多。因此，我們始終將策略調整到我們相信從長遠來看能夠提供最佳投資回報率的領域。這是問題的第一部分。

The second part, what you are basically doing for leveraging technology and AI? So it really depends on the different sources and of course, what's going on in the platform. So at the end of the day, what we are trying to achieve, we are trying to create a very diverse portfolio with diverse sources so that we will not be relying on any specific source and we are trying to push the one with the highest ROI, obviously, and see it over there, whether we can leverage technology and improve our results. So that's our strategy. And of course, we are tailor-made it for each one of the games differently.

第二部分，你基本上在利用科技和人工智慧做什麼？所以這實際上取決於不同的來源，當然還有平台上發生的事情。因此，歸根結底，我們正在努力實現的目標是，我們正在嘗試創建一個具有多種來源的非常多樣化的投資組合，這樣我們就不會依賴任何特定來源，並且我們正在努力推動投資回報率最高的來源顯然，看看那邊，我們是否可以利用科技來改善我們的結果。這就是我們的策略。當然，我們會針對每一款遊戲進行不同的客製化。

Our next question will come from the line of Matthew Cost with Morgan Stanley.

我們的下一個問題將來自 Matthew Cost 與摩根士丹利的對話。

Maybe I'll start just by asking about what you're seeing in the broader mobile gaming market because we have seen some steps up in consumer confidence over the past couple of months. I'm wondering if you're seeing any change in consumer behavior, either late last year or into this year, particularly because as you lean into marketing, you're also expecting revenue roughly flat year-on-year? So do you expect to be outperforming a down market in line with the flat market? How should we think about what that guidance means relative to the broader backdrop? And then I have one follow-up.

也許我會先詢問您在更廣泛的行動遊戲市場中看到的情況，因為過去幾個月我們看到消費者信心有所提高。我想知道您是否看到消費者行為發生任何變化，無論是去年底還是今年，特別是因為當您專注於行銷時，您也預期收入將比去年同期大致持平？那麼，您是否預期在平淡的市場中表現優於低迷的市場？我們應該如何思考該指導意見相對於更廣泛的背景意味著什麼？然後我有一個後續行動。

Sure. So I do believe the macroeconomic environment has been tricky over the last few years, but I think it's -- we've really seen titles that are able to execute on the road maps are successful and grow. And if you look at our casual portfolio, it's up 5.5% last year. And if you look at where we've struggled, it's been some of the more competitive categories like with the slot-themed games.

當然。因此，我確實相信過去幾年的宏觀經濟環境一直很棘手，但我認為，我們確實看到了能夠在路線圖上執行的遊戲取得了成功並不斷發展。如果你看看我們的休閒產品組合，你會發現它去年成長了 5.5%。如果你看看我們在哪些方面遇到了困難，你會發現這是一些更具競爭力的類別，例如老虎機主題遊戲。

And so I think some of that is not necessarily based on what's happening more broadly in the environment, but I think we've been more affected by changes in the advertising ecosystem, which affects the ROI of acquired traffic. And so I think that has probably been the biggest impact on the mobile game industry rather than consumer discretionary spending.

因此，我認為其中一些不一定是基於環境中更廣泛發生的情況，但我認為我們更受廣告生態系統變化的影響，這會影響獲得流量的投資報酬率。因此，我認為這可能是對手機遊戲產業影響最大的因素，而不是消費者可自由支配支出。

We've always thought that mobile gaming is one of the more resilient areas within the economic environment. And so I think it's really more based on what's happening in the ad environment than the macroeconomic environment at this stage.

我們一直認為行動遊戲是經濟環境中最具彈性的領域之一。因此，我認為這實際上更取決於廣告環境中發生的情況，而不是現階段的宏觀經濟環境。

Okay. And then -- so there was -- obviously, I think you noted it very well in the prepared remarks about a step-up in marketing in the fourth quarter. You've historically seen kind of an opportunity in the first quarter every year to lean into marketing. Should we expect that same seasonality where there's like a meaningful sequential step-up in your marketing spend in the first quarter this year?

好的。然後 - 所以 - 顯然，我認為你在準備好的關於第四季度行銷升級的評論中很好地註意到了這一點。從歷史上看，每年第一季你都會看到一種轉向行銷的機會。我們是否應該期待同樣的季節性，今年第一季您的行銷支出會出現有意義的連續增加？

Sir, it's Nir again. So obviously, we are well familiar with the seasonality around the marketing. And I believe that you saw what we did at the end of the year. We launched 5 new campaigns basically at the end of the year and trying to start the year strong. Obviously, I cannot elaborate about the results of the campaign, but we are very bullish about our strategy and how we see things forward.

先生，又是尼爾。顯然，我們非常熟悉行銷的季節性。我相信您已經看到了我們在年底所做的事情。我們基本上在年底推出了 5 場新活動，並試圖以強勁的勢頭開啟新的一年。顯然，我無法詳細說明該活動的結果，但我們非常看好我們的策略以及我們對未來的看法。

Our next question comes from the line of Jason Bazinet with Citi.

我們的下一個問題來自 Jason Bazinet 與花旗銀行的對話。

I just had a question about these ad changes. I think that you're referring to Android and Apple. Maybe you could just unpack it a bit for us because when I look at your revenues, they're sort of flat. Your ad out leads are sort of flat. Like it's not obvious that these changes have sort of diminished your financials, and yet you guys are talking about this if it might be sort of -- it has been a big change and it's going to be a big change. So do you mind just sort of fleshing that out a bit?

我只是對這些廣告更改有疑問。我認為你指的是安卓和蘋果。也許你可以為我們稍微解釋一下，因為當我查看你的收入時，它們有點持平。您的廣告輸出線索有點持平。這些變化似乎並不明顯地削弱了你的財務狀況，但你們正在談論這一點，如果它可能是這樣的話——這是一個巨大的變化，而且將是一個巨大的變化。那你介意稍微充實一下嗎？

Sure. So I think we're referencing it as we look at guidance for 2024 as we're making incremental investments. And I think we've always been very transparent with the trends that we've seen in the marketplace and how it's impacting us. And so I think this is no different. Ramping up spend in Animals & Coins impacts margins. And I think as for the rest of the portfolio, we saw the need for selected titles to continue to ramp up investment. And so that combined with some of the mix shift has impacted our guidance for next year.

當然。因此，我認為我們在考慮 2024 年指導方針並進行增量投資時會參考它。我認為我們對市場趨勢及其對我們的影響一直非常透明。所以我認為這沒有什麼不同。增加動物和硬幣的支出會影響利潤。我認為，對於投資組合的其餘部分，我們看到了選定的遊戲需要繼續增加投資。因此，再加上一些組合的轉變，影響了我們明年的指導。

But I think in terms of -- historically, we've been very good at leveraging off-line campaigns and doing a variety of different things to ensure that we're able to navigate a changing environment.

但我認為，從歷史上看，我們一直非常擅長利用線下活動並做各種不同的事情，以確保我們能夠應對不斷變化的環境。

Okay. And if you had to parse the sort of decision on your part to sort of lean into Animals & Coins and spend more in marketing as opposed to the Android-Apple changes that are happening in the ecosystem. Is there a way to parse that out in terms of the impact on your EBITDA guidance for next year?

好的。如果您必須分析自己的決定，以偏向動物和硬幣並在行銷上投入更多資金，而不是生態系統中正在發生的 Android-Apple 變化。有沒有辦法根據對明年 EBITDA 指導的影響來解析這一點？

Yes, there is not.

是的，沒有。

Our next question will come from the line of Eric Handler with ROTH MKM.

我們的下一個問題將來自 Eric Handler 和 ROTH MKM 的團隊。

Craig, I wondered if you could talk about, when you look at your fourth quarter results relative to consensus, you had a nice top line beat, but EBITDA was just in line. And I'm curious, was that -- obviously, marketing dollars was the big reason for that. But what type of -- how fast are you getting a return off of your advertising? Do you see an instant lift? Or does it take 1 quarter, 2 quarters? How should we think about that?

克雷格，我想知道你是否可以談談，當你看看第四季度的業績相對於共識時，你的營收表現不錯，但 EBITDA 正好符合要求。我很好奇，顯然，行銷資金是造成這種情況的重要原因。但是，您從廣告中獲得回報的速度有多快？你看到瞬間提升了嗎？還是需要1個季度、2個季度？我們該如何思考這個問題？

Sure. So -- you are correct in that we leaned into marketing to invest in the fourth quarter, but again, came out above consensus on both revenue and EBITDA. I think -- so we look to make return -- investments in a variety of games. They all have different payback periods. Obviously, some of the newer, fresher titles can payback periods in a matter of months. Some of the longer -- some of the legacy titles can take over a year, depending on the title. So I think we have our own targets. It's different by title, by platform, by jurisdiction, and we invest towards those targets.

當然。所以，你是對的，我們在第四季度傾向於行銷投資，但在營收和 EBITDA 方面的表現再次超越了共識。我認為——所以我們希望獲得回報——對各種遊戲進行投資。它們都有不同的投資回收期。顯然，一些較新的遊戲可以在幾個月內收回投資。有些時間較長，有些舊版遊戲可能需要一年以上的時間，這取決於遊戲的名稱。所以我認為我們有自己的目標。根據名稱、平台、管轄範圍的不同，它是不同的，我們朝著這些目標進行投資。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。