Playtika Holding Corp (PLTK) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Playtika Q1 2024 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tae Lee, SVP, Corporate Finance and Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Playtika 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的演講者，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 first quarter 2024 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，並感謝您今天加入我們參加 Playtika Holding Corp 2024 年第一季財報電話會議。以及 Playtika 總裁兼財務長 Craig Abrahams。

I would 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. We've 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。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 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. Last year, I said that 2023 was our year of efficiency. And I'm pleased to report that we have made steps in optimizing our operation and our resource allocation.

早安，謝謝大家今天加入我們的電話會議。去年我就說過，2023年是我們的效率年。我很高興地報告，我們已經採取措施優化我們的營運和資源分配。

Our efforts last year have established a solid foundation, and I'm pleased to note that 2024 is our year of execution. As a part of this new phase, we have made some changes to our executive leadership team and better aligned with our strategic goals. We recognize the evolving landscape of our industry and the importance to act swiftly, and we have decided to reorganize our leadership team.

我們去年的努力已經打下了堅實的基礎，我很高興地看到，2024年是我們的執行年。作為這個新階段的一部分，我們對執行領導團隊進行了一些調整，以更好地符合我們的策略目標。我們認識到行業不斷發展的格局以及迅速採取行動的重要性，因此我們決定重組我們的領導團隊。

Our goal with this reorg is to better align our management structure with our strategic priority of growing our leadership positions in mobile gaming. We have decided to streamline our executive leadership team by eliminating the role of Chief Revenue Officer and Chief Operating Officer. This adjustment is designed to flatten our leadership and bring studios under my direct oversight.

我們此次重組的目標是使我們的管理結構更能適應我們的策略重點，即提高我們在行動遊戲領域的領導地位。我們決定透過取消首席營收長和營運長的角色來精簡我們的執行領導團隊。這次調整的目的是扁平化我們的領導階層，並將工作室置於我的直接監督之下。

In addition, all shared services operations will now report directly to me, which includes our talented technology and HR teams. This change simplifies our reporting structure, but also enhances my direct involvement in both our revenue generation strategic and operational management. This ensures we are agile and effective as possible.

此外，所有共享服務營運現在都將直接向我匯報，其中包括我們才華橫溢的技術和人力資源團隊。這項變更簡化了我們的報告結構，同時也增強了我對創收策略和營運管理的直接參與。這確保我們盡可能敏捷和有效。

Recently, Nir Korczak, our Chief Marketing Officer, who previously reporting to our CRO, will now report directly to me. We are pushing to enhance the synergy between our marketing efforts and studio operations by more closely integrating marketing directly within our studios. We are paving the way for more tactical and cohesive campaigns.

最近，我們的首席行銷長 Nir ​​Korczak 以前向我們的 CRO 匯報，現在將直接向我匯報。我們正在透過在我們的工作室內更緊密地直接整合行銷來推動增強我們的行銷工作和工作室運營之間的協同作用。我們正在為更具戰術性和凝聚力的活動鋪平道路。

I also want to extend my heartfelt gratitude to our departing executives, who have played critical roles in our journey. The contribution has been invaluable and they leave behind a strong legacy of having helped build Playtika into an industry-leading mobile gaming company. As we move forward, we are excited about the opportunities that these changes bring. Our streamlined and flatter structure will enhance decision-making and accelerate our plans, allowing to better serve our community of players and create value for our shareholders.

我還要向即將離任的高階主管表達衷心的感謝，他們在我們的歷程中扮演了關鍵角色。他們的貢獻是無價的，他們留下了寶貴的遺產，幫助 Playtika 成為業界領先的行動遊戲公司。隨著我們的前進，我們對這些變化帶來的機會感到興奮。我們精簡且扁平的結構將增強決策並加速我們的計劃，從而更好地服務我們的玩家社群並為我們的股東創造價值。

I am confident in our direction and the steps we are taking, and I look forward to updating you on our continued progress throughout the year.

我對我們的方向和正在採取的步驟充滿信心，我期待著向您通報我們全年持續進展的最新情況。

I will now turn it over to Craig to talk in more details about the business and the financial results.

我現在將把它交給克雷格，詳細討論業務和財務表現。

Thank you, Robert. I'd like to start by emphasizing the importance of our capital allocation principles, which we introduced last quarter. Our strategy focuses on balancing capital returns to shareholders and capital deployment for M&A. This approach helps ensure that every dollar invested is maximized for shareholder value.

謝謝你，羅伯特。首先，我想強調我們上季推出的資本配置原則的重要性。我們的策略重點是平衡股東的資本回報和併購的資本配置。這種方法有助於確保投資的每一美元都能最大限度地實現股東價值。

I'm pleased to announce that our Board of Directors has authorized a new share repurchase program of $150 million. This initiative highlights our financial stability and our ongoing commitment to delivering long-term value to our shareholders.

我很高興地宣布，我們的董事會已批准一項 1.5 億美元的新股票回購計畫。這項舉措凸顯了我們的財務穩定性以及我們為股東提供長期價值的持續承諾。

Together with our quarterly dividend, the share repurchase program is a key component of our strategy to systematically return capital to our shareholders. Additionally, I want to update you on the performance of our recently acquired studios. Over the past 2 quarters, we have successfully added these new games to our overall operations. I'm pleased to report that they've continued to demonstrate strong performance. This performance reaffirms our confidence in the value creation potential of our M&A strategy and our capability to replicate the success in future acquisitions.

與我們的季度股利一起，股票回購計畫是我們系統性地向股東返還資本策略的關鍵組成部分。此外，我想向您介紹我們最近收購的工作室的最新業績。在過去的兩個季度中，我們已成功將這些新遊戲添加到我們的整體營運中。我很高興地報告他們繼續表現出強勁的表現。這項業績再次證明了我們對併購策略的價值創造潛力以及我們在未來收購中複製成功的能力的信心。

Turning to our financial results. For the quarter, we generated $651.2 million of revenue, up 2.1% sequentially and down 0.8% year-over-year. Our increased investment in performance marketing had an impact on our credit adjusted EBITDA margins this past quarter as we generated credit adjusted EBITDA of $185.6 million, down 1.7% sequentially and down 16.7% year-over-year.

轉向我們的財務表現。本季度，我們實現了 6.512 億美元的收入，季增 2.1%，年減 0.8%。我們增加對績效行銷的投資對上個季度的信貸調整後 EBITDA 利潤率產生了影響，因為我們的信貸調整後 EBITDA 為 1.856 億美元，環比下降 1.7%，同比下降 16.7%。

Net income was $53 million. We saw strong results from our direct-to-consumer platforms as we generated $171.5 million, up 6.1% sequentially and 13.2% year-over-year. The strength in D2C was led by existing games on our platforms as we experienced sequential growth in our D2C business across Bingo Blitz, Slotomania, Caesars Casino, House of Fun and World Series of Poker. We're in the early innings of our D2C business in Solitaire Grand Harvest and June's Journey, and we expect to see incremental revenue contribution from D2C in the coming quarters.

淨利潤為 5300 萬美元。我們的直接面向消費者平台取得了強勁的業績，營收達 1.715 億美元，環比增長 6.1%，同比增長 13.2%。 D2C 領域的實力由我們平台上的現有遊戲引領，我們的 D2C 業務在 Bingo Blitz、Slotomania、Caesars Casino、House of Fun 和 World Series of Poker 等領域經歷了連續成長。我們的 Solitaire Grand Harvest 和 June's Journey 正處於 D2C 業務的早期階段，我們預計在未來幾季將看到 D2C 帶來的收入增量。

Turning now to our business results for the quarter. Revenue across our casual games grew 2.9% sequentially and 1.3% year-over-year. The sequential growth in our casual games was led by Bingo Blitz, Solitaire Grand Harvest and Animals and Coins. Bingo Blitz revenue was $157.5 million, up 4.8% sequentially and down 1% year-over-year. Following sequential revenue stability in Q4 of last year, I'm pleased to report the strong sequential growth in Bingo as this is a significant indicator of the resilience and growth potential of the Bingo Blitz franchise.

現在轉向我們本季的業務業績。我們的休閒遊戲營收季增 2.9%，年增 1.3%。我們的休閒遊戲的連續成長由 Bingo Blitz、Solitaire Grand Harvest 和 Animals and Coins 引領。 Bingo Blitz 營收為 1.575 億美元，季增 4.8%，年減 1%。繼去年第四季營收連續穩定之後，我很高興地報告 Bingo 的強勁連續成長，因為這是 Bingo Blitz 系列的彈性和成長潛力的重要指標。

While our revenue was down slightly year-over-year, the comparison is against the highest revenue quarter in Bingo's history. In addition, we are very proud of our Bingo Blitz team for their continued success in growing our D2C business. I'm happy to report that Bingo Blitz' D2C revenues grew double digits year-over-year.

雖然我們的收入同比略有下降，但與賓果歷史上收入最高的季度相比。此外，我們為 Bingo Blitz 團隊在發展我們的 D2C 業務方面持續取得的成功感到非常自豪。我很高興地向您報告，Bingo Blitz 的 D2C 收入同比增長了兩位數。

Solitaire Grand Harvest revenue was $77.8 million, up 2.7% sequentially and down 8.9% year-over-year. Solitaire Grand Harvest saw its revenue decreased over several quarters last year following an exceptionally strong Q1. However, we are now seeing signs of positive momentum in the studio, and we remain optimistic about our road map this year.

Solitaire Grand Harvest 營收為 7,780 萬美元，季增 2.7%，年減 8.9%。繼第一季異常強勁之後，Solitaire Grand Harvest 的營收在去年幾季出現了下降。然而，我們現在看到工作室出現積極勢頭的跡象，我們對今年的路線圖保持樂觀。

Our social casino theme games grew 1.4% sequentially and declined 3.5% year-over-year. The sequential growth in social casino theme games is led by World Series of Poker, Governor of Poker 3 and Caesars Casino. Slotomania revenue was $135.4 million, down 1.1% sequentially and 7.6% year-over-year. In response to the competitive landscape for Slotomania, we have increased our performance marketing investments. Our efforts are aimed at increasing installs and engagement in solidifying our position in a competitive market. In addition, we're making other strategic and tactical adjustments as we prioritize this franchise. We remain optimistic about our ability to stabilize and grow Slotomania over time and believe that our ongoing efforts will gradually reflect an improved revenue performance.

我們的社交賭場主題遊戲季增 1.4%，年減 3.5%。社交賭場主題遊戲的連續成長由 World Series of Poker、Governor of Poker 3 和 Caesars Casino 引領。 Slotomania 營收為 1.354 億美元，季減 1.1%，年減 7.6%。為了因應 Slotomania 的競爭格局，我們增加了績效行銷投資。我們的努力旨在增加安裝量和參與度，以鞏固我們在競爭激烈的市場中的地位。此外，我們還在優先考慮該系列產品時進行其他戰略和戰術調整。我們對隨著時間的推移穩定和發展 Slotomania 的能力保持樂觀，並相信我們持續的努力將逐漸反映出收入表現的改善。

Turning now to specific line items in our P&L for the first quarter. Cost of revenue decreased 4.7% year-over-year, driven primarily by growth in our D2C business and operating expenses increased by 16%, driven primarily by increased performance marketing spending.

現在轉向第一季損益表中的具體項目。收入成本年減 4.7%，主要是由於我們的 D2C 業務成長，而營運費用成長了 16%，主要是由於績效行銷支出增加。

R&D increased by 4.4% year-over-year. Higher R&D expenses were primarily due to a shift in our workforce composition towards higher-cost locations combined with merit-based compensation increases. These factors contributed to the rise in expenses despite a decrease in overall headcount. Sales and marketing increased by 32.5% year-over-year.

研究與試驗發展（R&D）較去年同期成長4.4%。研發費用增加主要是因為我們的勞動力結構轉移到成本較高的地區以及基於績效的薪酬增加。儘管總人數減少，但這些因素導致費用增加。銷售和行銷年增32.5%。

Growth in sales and marketing expenses were the result of the increase in performance marketing spend that we guided to on our last earnings call. The majority of the growth in performance marketing spend year-over-year was related to our newly acquired studios. We typically spend more in the first quarter than any other quarter. And so we expect the year-over-year growth in spending to taper off in the coming quarters.

銷售和行銷費用的成長是我們在上次財報電話會議上指導的績效行銷支出增加的結果。效果行銷支出較去年同期成長的大部分與我們新收購的工作室有關。我們第一季的支出通常比其他任何季度都多。因此，我們預計未來幾季支出的年成長將逐漸放緩。

G&A expenses declined slightly by 0.3% year-over-year. As of March 31, we had approximately $1 billion in cash and cash equivalents. Looking at our operating metrics, average DPU increased 1% sequentially and decreased 5.2% year-over-year to 309,000. Average DAU increased 2.3% sequentially and decreased 3.3% year-over-year to $8.8 million. ARPDAU increased 1.3% sequentially and year-over-year to $0.81.

一般及行政費用較去年小幅下降 0.3%。截至 3 月 31 日，我們擁有約 10 億美元的現金和現金等價物。從我們的營運指標來看，平均 DPU 環比成長 1%，年減 5.2%，至 309,000。平均 DAU 環比成長 2.3%，年減 3.3%，至 880 萬美元。 ARPDAU 環比成長 1.3%，年成長 1.3%，達到 0.81 美元。

Finally, we expect revenue to be within the previously provided range of $2.52 billion to $2.62 billion and credit adjusted EBITDA in the range of $730 million to $770 million. Our outlook on CapEx remains unchanged.

最後，我們預計收入將在先前提供的 25.2 億美元至 26.2 億美元的範圍內，信貸調整後的 EBITDA 將在 7.3 億美元至 7.7 億美元的範圍內。我們對資本支出的展望保持不變。

With that, we'd be happy to take your questions.

因此，我們很樂意回答您的問題。

(Operator Instructions) Our first question comes from the line of Colin Sebastian of Baird.

（操作員說明）我們的第一個問題來自貝爾德 (Baird) 的科林·塞巴斯蒂安 (Colin Sebastian)。

A couple of questions for me. I guess, first off, maybe Robert, on the marketing strategy change and the new leadership structure. Can you talk about maybe how that -- the marketing strategy will evolve under your leadership of that? And then, I guess, based on what you've seen today with Slotomania, why not lean more into spend, I guess, across more of the legacy portfolio? And I have a follow-up.

有幾個問題問我。我想，首先，也許是羅伯特，關於行銷策略的變化和新的領導結構。您能談談在您的領導下行銷策略將如何發展嗎？然後，我想，根據您今天在 Slotomania 上看到的情況，為什麼不更多地在更多的遺留投資組合中投入支出呢？我有一個後續行動。

So first, thanks for the question, a very important one. So 8 years ago, political was working differently than today. Its studio has its own marketing people. Its own market strategy. And 8 years ago, we decided to do -- to put everything under 1 CMO.

首先，感謝您提出這個問題，這是一個非常重要的問題。所以八年前，政治運作方式與今天不同。它的工作室有自己的行銷人員。有自己的市場策略。 8 年前，我們決定將所有事情交給 1 個 CMO 負責。

Now I started to feel that we need to do more new direction, and we need to give more independency to the studios. And the changes we're doing today, actually, we're building another 2 teams that will work, one of them with Bingo and one of them with Slotomania, and each of them will work a little bit differently than the others. It will give us, as a company, a better view on the market to do better tests.

現在我開始覺得我們需要做更多新的方向，我們需要給工作室更多的獨立性。事實上，我們今天所做的改變是，我們正在建立另外兩個有效的團隊，其中一個與 Bingo 合作，另一個與 Slotomania 合作，每個團隊的工作方式都與其他團隊略有不同。作為一家公司，它將使我們能夠更好地了解市場並進行更好的測試。

And by the way, for Slotomania, it's -- in the last quarter, we have always been critical why we are not investing enough if the market is not good enough. And I think we need to do things a little bit differently. And now with independency of the studio, I feel it can help us to grow the business because we believe in the game, we believe in the studio, and we have big hopes for the future.

順便說一句，對於 Slotomania 來說，在上個季度，我們一直批評如果市場不夠好，為什麼我們投資不夠。我認為我們需要採取一些不同的做法。現在工作室獨立了，我覺得它可以幫助我們發展業務，因為我們相信遊戲，我們相信工作室，我們對未來抱持著很大的希望。

Okay. And then on the D2C platform and Solitaire and June's Journey, I guess, how quickly would you expect those to ramp up on D2C? And overall, I think your 26%, 27% of revenues now through your D2C. Where can we see that move up to over the next couple of years?

好的。然後在 D2C 平台以及《Solitaire》和《June's Journey》上，我想，您預計這些遊戲在 D2C 上的成長速度有多快？總的來說，我認為現在 26%、27% 的收入是透過 D2C 實現的。我們可以看到未來幾年這種情況會發展到什麼程度？

So our target, as we said, always is 30%. We are not changing the targets. And as I said, as you said, actually, I'm very excited that we are still 5 games that's not running on our platform, and we're going to add another 2 of them during the 12 to 14 months.

因此，正如我們所說，我們的目標始終是 30%。我們不會改變目標。正如我所說，正如您所說，實際上，我很高興我們還有 5 款遊戲沒有在我們的平台上運行，我們將在 12 到 14 個月內添加另外 2 款遊戲。

I think we will cross the 30%, but not changing any -- I'm not changing the target. We were always the first one doing D2C. We always felt that this is the right direction that gives us independency, give us better margin, better cash flow. And I think it's one of the biggest advantage of Playtika as a company.

我認為我們會突破 30%，但不會改變任何目標——我不會改變目標。我們總是第一個做D2C。我們始終認為這是正確的方向，它可以賦予我們獨立性，賦予我們更好的利潤，更好的現金流。我認為這是 Playtika 作為一家公司的最大優勢之一。

Our next question comes from the line of Aaron Lee of Macquarie.

我們的下一個問題來自麥格理的 Aaron Lee。

It's great to hear that you've reaffirmed your confidence in the M&A strategy. With regard to that, I guess, how are you thinking about investments in studios versus full acquisitions? In the past, I think you've done a few of those. Any takeaways from those? And is this something you would consider going back to?

很高興聽到您重申了對併購策略的信心。對此，我想，您如何看待工作室投資與全面收購？過去，我認為您已經做過其中一些。從中有何收穫？您會考慮回去嗎？

Sure. Thanks for the question. So as part of doing M&A and diligence on a variety of companies, I think it's important to be close to the entire ecosystem. So having the ability to make investments is an important part of the toolkit as we develop relationships with a variety of studios.

當然。謝謝你的提問。因此，作為對各種公司進行併購和盡職調查的一部分，我認為接近整個生態系統非常重要。因此，當我們與各種工作室建立關係時，擁有投資能力是工具包的重要組成部分。

Obviously, our preference is to make acquisitions where we can leverage our live ops capabilities and help these businesses grow. We've done that as well and some examples with some investments. Obviously, it's -- that hopefully is a longer-term path where we make a good investment to, hopefully, acquiring that business or just developing a better relationship with that business. But I think our priority is clearly M&A. But having that investment capability in our toolkit is important as well.

顯然，我們的偏好是進行收購，以便我們能夠利用我們的即時營運能力並幫助這些業務發展。我們也這麼做了，並提供了一些投資的例子。顯然，這希望是一條長期道路，我們可以進行良好的投資，希望收購該業務或只是與該業務建立更好的關係。但我認為我們的首要任務顯然是併購。但在我們的工具包中擁有這種投資能力也很重要。

Understood. That makes sense. And then just curious to hear the latest state of the union with regard to your ad tech and marketing tools and whether it makes sense to kind of flex your R&D budget a bit to accelerate any efforts there?

明白了。這就說得通了。然後只是想知道關於你們的廣告技術和行銷工具的最新聯盟狀況，以及稍微調整你們的研發預算以加速這方面的努力是否有意義？

Yes. So I think the ad tech ecosystem is rapidly changing. And I think what we're finding is that it's best to look at each opportunity individually and in some examples, use internal tools and in some examples, use third-party tools. And it doesn't necessarily always need to be built in-house. I think as we look at certain tools, whether it's for attribution or budget allocation, there are new AI tools, either in-house or third party that are helping us there. And we'll continue to look to what's the best-in-class way to help us continue to optimize marketing.

是的。所以我認為廣告科技生態系統正在迅速改變。我認為我們發現最好單獨考慮每個機會，在某些範例中使用內部工具，在某些範例中使用第三方工具。而且它不一定總是需要在內部建構。我認為，當我們研究某些工具時，無論是歸因還是預算分配，都有新的人工智慧工具（無論是內部工具還是第三方工具）正在為我們提供幫助。我們將繼續尋找一流的方法來幫助我們繼續優化行銷。

I think, overall, our big advantage in marketing is that we have a large portfolio of games and we can reallocate the budget where we see the best returns and constantly make changes over time. And that allows us to kind of navigate a shifting environment. I think also the fact that we're able to do offline campaigns on television and leverage iconic celebrities into the games as well as in the advertising, helps us as well with customer engagement. So we continue to navigate the market and execute.

我認為，總的來說，我們在行銷方面的一大優勢是我們擁有大量的遊戲組合，我們可以在看到最佳回報的地方重新分配預算，並隨著時間的推移不斷做出改變。這使我們能夠應對不斷變化的環境。我還認為，我們能夠在電視上進行線下活動，並在遊戲和廣告中利用標誌性名人，這也有助於我們提高客戶參與度。因此，我們繼續探索市場並執行。

Next question comes from the line of Brian Fitzgerald of Wells Fargo.

下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

Maybe a follow-on to the last kind of train of thought on these AI-based marketing solutions. Can you give us a general idea of are you deploying them? Are they permeated across your whole portfolio of games? Are they running against the newly acquired studios?

也許是這些基於人工智慧的營銷解決方案的最後一種思路的後續。您能為我們介紹一下您正在部署它們嗎？它們是否滲透到您的整個遊戲組合中？他們是否正在與新收購的工作室競爭？

And maybe secondly, are you seeing the leverage there that you want? And then the last part of the question is just is the success you're having with these AI-based marketing solutions, was that impactful in terms of, hey, now is the right time to streamline the marketing leadership team?

也許其次，你是否看到了你想要的槓桿作用？問題的最後一部分是，您在這些基於人工智慧的行銷解決方案上取得的成功，是否具有影響力，嘿，現在是精簡行銷領導團隊的合適時機嗎？

So I would not correlate the 2 decisions. We've been using AI tools for years to help our employees in a variety of places throughout the company kind of solve difficult problems and aid them in making better decisions. And so that's been going on for years. And I think what's really changed in the marketplace is that there's been these great third-party tools that have been developed as well, it's able to further provide aid to the employees in terms of how they make their decision. So I think there, it's been kind of status quo, things are just getting better over time. In terms of the reorganization, it was a separate decision, as Rob referenced earlier.

所以我不會將這兩個決定連結起來。多年來，我們一直在使用人工智慧工具來幫助公司各個地方的員工解決難題，並幫助他們做出更好的決策。這種情況已經持續了很多年。我認為市場真正發生的變化是，也開發了這些出色的第三方工具，它能夠進一步為員工做出決策提供協助。所以我認為，這就是現狀，隨著時間的推移，情況正在變得更好。正如羅布之前提到的，就重組而言，這是一個單獨的決定。

The next question comes from the line of Omar Dessouky of Bank of America.

下一個問題來自美國銀行的 Omar Dessouky。

This is Arthur on for Omar. Is there any metric or a statistic you share to help us probably quantify how much you're spending user acquisitions in some of the newly acquired games versus games that are more mature? It could be like percentage of booking or any difference in terms of a payback period or ROES? I think anything at all would be super helpful.

這是奧馬爾的亞瑟。您是否分享了任何指標或統計數據來幫助我們量化您在一些新收購的遊戲與更成熟的遊戲中花費了多少用戶獲取費用？可能是預訂百分比或投資回收期或 ROES 方面的任何差異？我認為任何事情都會非常有幫助。

No. I think if you look at the incremental spend year-over-year, a good portion of that was dedicated towards our newly acquired titles as we're investing there for growth. I think we've called out Slotomania in the past, as well as having increased marketing budgets. We're also seeing good results at Bingo Blitz and are investing there. So I think in general, there's nothing specific we're going to call out quantitatively, but we called out last quarter the decision to invest more to help bring certain franchises growth opportunities.

不。我認為我們過去曾呼籲過“Slotomania”，並增加了行銷預算。我們在 Bingo Blitz 上也看到了良好的結果，並正在那裡進行投資。因此，我認為總的來說，我們不會在數量上提出任何具體的要求，但我們在上個季度做出了增加投資以幫助帶來某些特許經營成長機會的決定。

All right. I am showing no further questions at this time. This does conclude the question-and-answer session and the program.

好的。我目前沒有提出任何進一步的問題。問答環節和節目到此結束。

Thank you for your participation in today's conference. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連線。