Playtika Holding Corp (PLTK) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Playtika Holding Corp., Q4 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Playtika Holding Corp. 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Tae Lee, SVP, 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 2024 earnings call for Playtika Holding Corp. Joining me on the call today are Robert Antokol, Co-Founder and CEO of Playtika; and Craig Adams, Playtika's President and Chief Financial Officer. 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.

歡迎大家，感謝您今天參加 Playtika Holding Corp 2024 年第四季財報電話會議。今天與我一起參加電話會議的還有 Playtika 聯合創始人兼執行長 Robert Antokol；以及 Playtika 總裁兼財務長 Craig Adams。我想提醒大家，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績效。

These statements and other comments are not guarantees 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.

這些聲明和其他評論並非對未來表現的保證，而是受風險和不確定性的影響，其中一些是我們無法控制的。這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔本次電話會議後更新這些聲明的義務。

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'll 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聲明和非公認會計準則指標的信息，我們還將在電話會議結束後立即發布我們準備好的評論。有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件。

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

說完這些，我現在將電話轉給羅伯特。

Good morning, and thank you, everyone, for joining our call today. As we reflect on 2024, I am pleased to share that we have made noteworthy progress in educating our return to growth strategy and are moving in a positive direction for the company. We achieved significant milestones in 2024. We started the year about outlining our capital allocation framework for investors. We initiated our quarterly dividend, authorized a buyback program and outlined our plan to restart our M&A engine, which has been instrumental in generating growth and creating value for our shareholders in the past.

早安，感謝大家今天參加我們的電話會議。回顧 2024 年，我很高興地告訴大家，我們在製定恢復成長策略方面取得了顯著進展，並且正朝著對公司有利的方向發展。我們在 2024 年取得了重大的里程碑。今年年初，我們為投資者概述了我們的資本配置框架。我們啟動了季度股息，批准了回購計劃，並概述了重啟併購引擎的計劃，這在過去對於促進成長和為股東創造價值起到了重要作用。

One of the year's headlines was completing the largest acquisition in our history by acquiring SuperPlay, one of the most attractive independent studios in the marketplace. And in the process, adding two strong game franchise to our portfolio. This acquisition is a testament to our commitment to boosting our portfolio and driving future growth.

今年的頭條新聞之一是我們完成了歷史上最大的收購，收購了市場上最具吸引力的獨立工作室之一 SuperPlay。在此過程中，我們將兩個強大的遊戲系列添加到我們的產品組合中。此次收購證明了我們致力於擴大產品組合和推動未來成長的承諾。

As we look ahead to this year, we remain focused on execution. Over the next 12 to 18 months, we plan to bring to the market three new games, including Claire's Chronicles and new [slot teams games] and Disney Solitaire scheduled for a global launch in Q2. Early metrics for Disney Solitaire have been very promising, and we are excited to bring this experience to all players very soon.

展望今年，我們仍將專注於執行。在接下來的 12 到 18 個月內，我們計劃向市場推出三款新遊戲，包括《克萊爾編年史》和新[老虎機團隊遊戲]以及定於第二季度在全球推出的《迪士尼紙牌》。迪士尼紙牌的早期指標非常有希望，我們很高興很快就能將這種體驗帶給所有玩家。

Alongside this pipeline, we will continue to explore M&A opportunities that support our goals. Meanwhile, we are also investing in our existing portfolio with focus on titles that hold leadership positions and exhibit strong growth potential. We are optimistic that these initiatives will help us generate consistent top-line growth once again.

除了這項管道，我們還將繼續探索支持我們目標的併購機會。同時，我們也投資現有的投資組合，重點放在那些佔據領導地位並展現出強勁成長潛力的資產。我們樂觀地認為，這些舉措將幫助我們再次實現持續的收入成長。

Thank you for your continued support and confidence in Playtika. I will hand over to Craig for more detailed review of our performance this past quarter.

感謝您對 Playtika 的持續支持與信任。我將把對上個季度我們表現的更詳細審查交給 Craig。

Thank you, Robert, and good morning, everyone. Last quarter, we began discussing our portfolio management approach, focusing on making targeted investments based on the scale, leadership position, and growth potential of our games. This strategy is part of a broader framework where we allocate resources to maximize returns and drive growth. For games with both scale and growth potential, we invest significantly to drive further expansion. For those with scale, but limited growth potential, we focus on defending market share through targeted spending.

謝謝你，羅伯特，大家早安。上個季度，我們開始討論我們的投資組合管理方法，重點是根據我們遊戲的規模、領導地位和成長潛力進行有針對性的投資。該策略是我們更廣泛框架的一部分，在該框架中我們分配資源以最大化回報並推動成長。對於具有規模和成長潛力的遊戲，我們會投入大量資金來推動進一步擴張。對於那些具有規模但成長潛力有限的企業，我們專注於透過有針對性的支出來捍衛市場份額。

Conversely, games that lack scale, but show promising growth potential receive outsized investments including our recently acquired studios. Historically, our growth strategy was based on acquiring and growing new studios. In this next phase, we are acquiring new studios and developing a pipeline of games. The objective is to revitalize our portfolio rather than focusing on individual game performance. By adding more games to our portfolio, we'll become less dependent on any single game, making the portfolio approach more important and relevant.

相反，那些缺乏規模但顯示出良好成長潛力的遊戲會獲得超額投資，包括我們最近收購的工作室。從歷史上看，我們的成長策略是基於收購和發展新的工作室。在下一階段，我們將收購新的工作室並開發一系列遊戲。我們的目標是振興我們的產品組合，而不是專注於單一遊戲的表現。透過在我們的產品組合中添加更多遊戲，我們將減少對任何單一遊戲的依賴，從而使產品組合方法變得更加重要和相關。

While we continue to highlight the performance of our top three games in the quarter, we will also provide regular updates on our acquired titles to highlight their progress. These titles include Animals & Coins, Governor of Poker 3, Dice Dreams, and Domino Dreams.

在我們繼續強調本季排名前三的遊戲表現的同時，我們還將定期更新我們收購的遊戲，以突出它們的進展。這些遊戲包括《動物與硬幣》、《撲克總督 3》、《骰子之夢》和《骨牌之夢》。

Finally, we are changing how we present our EBITDA metrics. With the conclusion of the 2021 to 2024 retention plan, we no longer need to distinguish between retention plan adjusted EBITDA and credit adjusted EBITDA. Starting in Q1 2025, we will refer to credit adjusted EBITDA as simply adjusted EBITDA. This change simplifies our reporting without altering the definition of adjusted EBITDA. In line with this transition, we are adopting a more market-based executive compensation structure.

最後，我們正在改變 EBITDA 指標的呈現方式。隨著 2021 年至 2024 年留存計畫的結束，我們不再需要區分留存計畫調整後的 EBITDA 和信用調整後的 EBITDA。從 2025 年第一季開始，我們將把信用調整後的 EBITDA 簡稱為調整後的 EBITDA。這項變更簡化了我們的報告，但沒有改變調整後 EBITDA 的定義。為了適應這一轉變，我們正在採用更市場化的高階主管薪酬結構。

This shift moves away from cash-centric plans emphasizing compensation that is tied not only to our business results, but also our stock price performance and total shareholder returns. By further aligning executive awards with the company's business results and adding stock market success as a driver, we aim to foster a culture of even greater ownership and accountability, ensuring that our leadership's interests are fully aligned with those of our shareholders.

這種轉變不再以現金為中心的計劃，而是強調薪酬不僅與我們的業務成果掛鉤，還與我們的股票價格表現和股東總回報掛鉤。透過進一步將高階主管獎勵與公司的業務成果相結合，並將股市成功作為驅動力，我們的目標是培育一種更具主人翁精神和責任感的文化，確保我們領導層的利益與股東的利益完全一致。

Turning now to our financial results for the year. We generated $2.549 billion of revenue, down 0.7% year over year; $162.2 million of GAAP net income compared to $235 million of GAAP net income in 2023; and $757.7 million in credit adjusted EBITDA, a 9% decline year over year. Our net income margin was 6.4% compared to 9.2% in 2023. Our credit adjusted EBITDA margin was 29.7% compared to 32.4% in 2023. We generated $396.8 million of free cash flow, a 9.1% decline year over year. We define free cash flow as cash flow from operating activities minus capital expenditures.

現在來談談我們今年的財務表現。我們實現了25.49億美元的收入，年減 0.7%；GAAP 淨收入為 1.622 億美元，而 2023 年 GAAP 淨收入為 2.35 億美元；信貸調整後 EBITDA 為 7.577 億美元，年減 9%。我們的淨收入利潤率為 6.4%，而 2023 年為 9.2%。我們的信貸調整後 EBITDA 利潤率為 29.7%，而 2023 年為 32.4%。我們產生了 3.968 億美元的自由現金流，年減 9.1%。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。

For the quarter, we generated $650.3 million of revenue, up 4.8% sequentially and up 1.9% year over year. GAAP net income was negative $16.7 million compared to GAAP net income of $39.3 million in Q3 and $37.3 million in Q4 of '23. Credit adjusted EBITDA was $183.9 million, down 6.7% sequentially and down 2.6% year over year.

本季度，我們的營收為 6.503 億美元，季增 4.8%，年增 1.9%。GAAP 淨收入為負 1,670 萬美元，而 23 年第三季 GAAP 淨收入為 3,930 萬美元，第四季為 3,730 萬美元。信用調整後的 EBITDA 為 1.839 億美元，季減 6.7%，年減 2.6%。

Our net income margin was negative 2.6% compared to 6.3% in Q3 and 5.8% in Q4 last year. Our credit adjusted EBITDA margin was 28.3% compared to 31.8% in Q3 and 29.6% in Q4 of last year. We generated $174.6 million in revenue from our direct-to-consumer platforms, up 0.1% sequentially and 8% year over year.

我們的淨收入利潤率為負 2.6%，而去年第三季為 6.3%，第四季為 5.8%。我們的信貸調整後 EBITDA 利潤率為 28.3%，而去年第三季為 31.8%，第四季為 29.6%。我們從直接面向消費者的平台獲得了 1.746 億美元的收入，環比成長 0.1%，較去年同期成長 8%。

Turning now to our business results for the quarter. Bingo Blitz' revenue for the quarter was $159.1 million, down 0.5% sequentially and up 5.8% year over year. It was another record quarter for Bingo's D2C business, and we are pleased to see the underlying growth in year-over-year average daily paying users for the largest game in our portfolio. Slotomania revenue for the quarter was $118.4 million, down 7.9% sequentially and 13.5% year over year. It was a disappointing quarter for the Slotomania team as game economy issues negatively affected performance for much of the quarter.

現在來談談本季的業務業績。Bingo Blitz 本季營收為 1.591 億美元，季減 0.5%，年增 5.8%。這是 Bingo D2C 業務又一個創紀錄的季度，我們很高興看到我們投資組合中最大的遊戲的平均每日付費用戶數量同比增長。Slotomania 本季營收為 1.184 億美元，季減 7.9%，年減 13.5%。對於 Slotomania 團隊來說，這是一個令人失望的季度，因為遊戲經濟問題對本季大部分時間的表現產生了負面影響。

Although these challenges were addressed in January, they contributed to significant underperformance in Q4. On a positive note, the studio's launch of Cleopatra II successfully reengaged dormant players, leading to increased activity. We recognize the importance to maintain our leadership in the slots category by delivering innovative content that reactivates our extensive base of inactive players. To this end, we are developing a new slots game to help regain market share in the category with further details to be announced in the future.

儘管這些挑戰已於一月份解決，但仍導致第四季業績表現不佳。從積極的一面來看，該工作室推出的《埃及豔後 II》成功地重新吸引了休眠玩家，從而增加了活躍度。我們認識到透過提供創新內容來重新激活我們廣泛的非活躍玩家群對於保持在老虎機類別中的領先地位的重要性。為此，我們正在開發一款新的老虎機遊戲，以幫助重新獲得該類別的市場份額，更多細節將在未來公佈。

Solitaire Grand Harvest revenue for the quarter was $72.5 million, which was down 8.1% sequentially and down 4.3% year over year. Overall, Solitaire underperformed our expectations this past quarter, but we are encouraged to see the positive ramp in D2C revenues coming from the studio. This success underscores the effectiveness of our D2C platforms and deepening engagement with our most loyal players across different genres.

Solitaire Grand Harvest 本季營收為 7,250 萬美元，季減 8.1%，年減 4.3%。總體而言，Solitaire 上個季度的表現低於我們的預期，但我們很高興看到該工作室的 D2C 收入呈現正面成長。這項成功凸顯了我們的 D2C 平台的有效性以及與不同類型的最忠實玩家的深化互動。

In the fourth quarter, our acquired titles continue to demonstrate robust performance. Animals & Coins achieved another record quarter, showing strong sequential growth in delivering its best-ever results during the Black Friday period. Governor of Poker 3 maintained its robust momentum from Q3 into Q4 with notable contributions from its D2C revenues.

第四季度，我們收購的遊戲持續表現強勁。Animals & Coins 再創季度紀錄，連續強勁增長，在黑色星期五期間取得了有史以來最好的業績。《撲克總督 3》從第三季到第四季保持了強勁勢頭，其 D2C 收入做出了顯著貢獻。

Finally, SuperPlay contributed approximately $48 million in revenue for the quarter, alongside minus $10 million in adjusted EBITDA losses. The SuperPlay acquisition closed mid-quarter, so these results reflect only a partial period contribution. These outcomes underscore the value of our acquisitions and their role in enhancing our portfolio's performance.

最後，SuperPlay 本季貢獻了約 4,800 萬美元的收入，同時調整後的 EBITDA 虧損為負 1,000 萬美元。SuperPlay 收購於本季中期完成，因此這些結果僅反映部分期間貢獻。這些結果強調了我們收購的價值及其在提升我們投資組合績效方面的作用。

Turning now to specific line items in the P&L for the fourth quarter. Cost of revenue decreased 1% year over year and operating expenses increased by 13.7% year over year. The increase in operating expenses were primarily driven by our acquisition of SuperPlay. R&D costs decreased 5.1% year over year. The decline in R&D was largely due to savings in labor costs. Our ongoing efforts to optimize operational efficiency while sustaining our R&D capabilities were reflected in our results this quarter.

現在來看看第四季損益表中的具體項目。收入成本較去年同期下降 1%，營運費用較去年同期成長 13.7%。營業費用的增加主要是因為我們收購了 SuperPlay。研發費用較去年同期下降5.1%。研發費用的下降很大程度是由於勞動成本的節省。我們持續努力優化營運效率，同時保持研發能力，這反映在本季的業績中。

Sales and marketing increased 23.6% year over year. The increase was primarily due to higher media buy expenditure coming from the acquisition of SuperPlay and the investments behind Dice Dreams and Domino Dreams. G&A expenses increased 18.3% year over year, primarily due to deal-related costs associated with our SuperPlay acquisition. These expenses include transaction fees and other onetime costs related to the completion of the deal. As of December 31, we had approximately $565.8 million in cash and cash equivalents.

銷售和行銷年增23.6%。成長主要由於收購 SuperPlay 以及對 Dice Dreams 和 Domino Dreams 的投資導致媒體購買支出增加。一般及行政費用較去年同期成長 18.3%，主要原因是與收購 SuperPlay 相關的交易成本。這些費用包括交易費用和與完成交易相關的其他一次性成本。截至 12 月 31 日，我們擁有約 5.658 億美元的現金和現金等價物。

Looking at our operational metrics, average DPU increased 12.6% sequentially and 10.8% year over year. Average DAU increased 5.3% sequentially and decreased 7% year over year. ARP DAU was $0.89 in the quarter, flat sequentially and an increase of 11.3% year over year.

從我們的營運指標來看，平均 DPU 環比成長 12.6%，年成長 10.8%。平均 DAU 環比成長 5.3%，年減 7%。本季 ARP DAU 為 0.89 美元，與上一季持平，年增 11.3%。

Turning now to our guidance and financial outlook for 2025. We expect to deliver full-year revenue between $2.8 billion and $2.85 billion. We expect adjusted EBITDA between $715 million and $740 million. We expect to deploy $95 million in capital expenditures. We estimate that our effective tax rate for the current fiscal year to be 35%. This projection is based on current tax laws and our expected income distribution across various jurisdictions.

現在來談談我們對 2025 年的指導和財務展望。我們預計全年收入將在 28 億美元至 28.5 億美元之間。我們預計調整後的 EBITDA 在 7.15 億美元至 7.4 億美元之間。我們預計將投入 9,500 萬美元的資本支出。我們估計本會計年度的有效稅率為35%。此預測是基於現行稅法和我們對各個司法管轄區的預期收入分配。

We are focused on building long-term sustainable revenue growth by transitioning our portfolio away from some of our declining legacy titles and expanding through recently acquired studios. While the end of the cash retention program yields cost savings, we are reinvesting a portion of these savings to support the development of our growth titles.

我們致力於透過轉移投資組合，擺脫一些下滑的傳統遊戲，並透過最近收購的工作室進行擴張，從而實現長期可持續的收入成長。雖然現金保留計畫的結束可以節省成本，但我們會將其中一部分節省下來的資金重新投資，以支持我們成長業務的開發。

The resulting near-term pressure on EBITDA reflects both the cost of scaling our growth titles, which often face early-stage losses but are expected to become strong EBITDA contributors as they scale and the ongoing decline in our slot portfolio. At the same time, we are taking deliberate steps to stabilize our business. We are launching a new slots game to help mitigate declines in our slot portfolio while continuing to bolster our higher-margin D2C channels.

由此產生的短期 EBITDA 壓力既反映了擴大我們成長遊戲規模的成本，這些遊戲通常會面臨早期虧損，但隨著規模的擴大，預計將成為強勁的 EBITDA 貢獻者，也反映了我們老虎機產品組合的持續下滑。同時，我們正在採取慎重措施來穩定我們的業務。我們正在推出一款新的老虎機遊戲，以幫助緩解老虎機產品組合的下滑，同時繼續支持我們利潤率更高的 D2C 管道。

Looking ahead, 2025 will be a transitional year as these investments and portfolio shifts unfold. Despite the EBITDA pressure this year, our strategy will position the business for renewed momentum as new titles scale and our slot games stabilize. Beginning in 2026, we expect our in-play and SuperPlay studios to become positive EBITDA contributors, further enhancing our long-term financial profile.

展望未來，隨著這些投資和投資組合轉變的展開，2025 年將是個過渡年。儘管今年面臨 EBITDA 壓力，但隨著新遊戲規模擴大和老虎機遊戲趨於穩定，我們的策略將為業務帶來新的發展動力。從 2026 年開始，我們預計我們的現場遊戲和 SuperPlay 工作室將成為積極的 EBITDA 貢獻者，從而進一步增強我們的長期財務狀況。

We remain confident that our return to growth strategy will yield meaningful financial results supported by sustainable cash flow and stronger revenue mix. As we previously mentioned, we are updating our capital allocation framework to reflect our ongoing commitment to disciplined fiscal management.

我們仍然相信，在可持續現金流和更強勁的收入組合的支持下，我們的恢復成長策略將產生有意義的財務表現。正如我們之前提到的，我們正在更新我們的資本配置框架，以反映我們對嚴格財務管理的持續承諾。

The overall premise remains unchanged. We intend to use the free cash flow that we generate to execute our capital allocation framework. We are proud of our attractive free cash flow profile, which demonstrates our ability to execute the business with a focus on maximizing free cash flow. This is a competitive advantage, providing financial flexibility to invest in growth opportunities and return capital to shareholders. It is a key tool we leverage to generate shareholder returns.

整體前提保持不變。我們打算利用我們產生的自由現金流來執行我們的資本配置架構。我們對我們具有吸引力的自由現金流狀況感到自豪，這表明我們有能力以最大化自由現金流為重點開展業務。這是一種競爭優勢，它提供了財務靈活性，可以投資成長機會並向股東返還資本。這是我們用來創造股東回報的關鍵工具。

We currently offer an attractive dividend yield and initiated share repurchases in Q4. The objective of our buyback program is to provide another layer of systematic capital return to investors specifically by offsetting dilution from vesting employee equity. Regarding M&A, as previously discussed, we expect our M&A activities to be bolt-on in nature going forward. Over the next three years, we anticipate deploying $300 million to $450 million for M&A. This range does not include any potential future earnout obligations related to our past deals.

我們目前提供有吸引力的股息殖利率，並在第四季度啟動股票回購。我們的回購計畫的目標是透過抵消員工股權歸屬的稀釋，為投資者提供另一層系統的資本回報。關於併購，正如前面所討論的，我們預計我們的併購活動在未來將具有附加性質。未來三年，我們預計將投入 3 億至 4.5 億美元進行併購。此範圍不包括與我們過去的交易相關的任何潛在的未來獲利義務。

Our approach to capital allocation is both disciplined and balanced, focusing on returning capital to shareholders while investing in growth opportunities. By maintaining this approach, we aim to drive long-term value creation for our investors.

我們的資本配置方法既嚴謹又平衡，注重向股東返還資本，同時投資成長機會。透過堅持這種方法，我們的目標是為投資者創造長期價值。

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

我們很樂意回答您的問題。

(Operator Instructions) Clark Lampen, BTIG.

（操作員說明）Clark Lampen，BTIG。

Craig, first on the organic growth trajectory for '25. I'm curious if you could help us understand sort of what's embedded, I guess, organically for the existing portfolio and sort of recently acquired titles, if we were to put aside the three game launches that Robert mentioned. When we try to strip out the SuperPlay impact from casual, it seems like that segment was trending around flat. It also sounds like the economy issue that you faced for [Slotomania] feels like it's maybe transient. So if we're thinking high single for the casino business and flattish for casual, are we directionally consistent with where you think you should be?

克雷格首先談到了 25 年的有機成長軌跡。我很好奇，如果我們把羅伯特提到的三款遊戲發布放在一邊，您是否可以幫助我們了解現有產品組合和最近獲得的遊戲中嵌入了什麼？當我們嘗試從休閒中剔除 SuperPlay 的影響時，似乎該部分趨勢持平。聽起來您在 [Slotomania] 中遇到的經濟問題似乎只是暫時的。因此，如果我們考慮賭場業務的高單價和休閒業務的平價，我們的方向是否與您認為應該的方向一致？

And then you mentioned bolt-on activity and sort of what you guys want to deploy over the next couple of years. I know it's a lot harder to sort of predict organic development. But curious if you have enough visibility around your development capacity or the pipeline to say whether we should think about Playtika beyond '25 being a company that sort of organically develops a couple of new titles every year as well.

然後您提到了附加活動以及您希望在未來幾年部署的活動。我知道預測有機發展要困難得多。但我很好奇，如果您對自己的開發能力或管道有足夠的了解，我們是否應該考慮讓 Playtika 在 25 年後成為一家每年都會有機開發幾個新遊戲的公司。

Sure. Thanks for the question, Clark. So there was definitely a few themes embedded there. I'll start new games. Obviously, that is a bit of a shift from our previous approach with the acquisitions of SuperPlay, bringing a pipeline with world-class IP as well as a second title coming after that. We're pretty excited about coming to market there. Disney is now in for Q2. We also have Claire's Chronicles as well as a new Slots game. So we have all the costs there embedded in our guidance.

當然。謝謝你的提問，克拉克。因此其中肯定包含了一些主題。我將開始新的遊戲。顯然，這與我們先前收購 SuperPlay 的做法有所不同，我們收購 SuperPlay 帶來了世界級的 IP 管道以及隨後推出的第二個 IP。我們對進入那裡的市場感到非常興奮。迪士尼目前已進入第二季。我們還有《克萊爾編年史》以及一款新的老虎機遊戲。因此，我們的指導中已經包含了所有成本。

From a top-line perspective, I would say, in '25, it's not material but baked in. And as we look going forward, I think the portfolio is going through a bit of a transition as we invest in growth in our new titles. And so I think as we see studios like SuperPlay and in-play trend into '26 and go from negative EBITDA to positive EBITDA contributors, we expect to kind of see that turnaround going into '26 and going forward.

從營收角度來看，我想說，在 25 年，它不是物質性的，而是內在的。展望未來，我認為隨著我們對新遊戲成長的投資，我們的產品組合正在經歷一些轉變。因此，我認為，隨著我們看到 SuperPlay 和 In-Play 等工作室進入 26 年，並從負 EBITDA 轉變為正 EBITDA 貢獻者，我們預計這種轉變將在 26 年及以後出現。

And as we acquire studios where they have new game development as part of their DNA, it will be part of our strategy that we execute on. So I definitely think we're all excited about having a whole another leg of growth added to the company.

當我們收購那些將新遊戲開發作為其 DNA 一部分的工作室時，這將成為我們執行的策略的一部分。因此，我確實認為，我們都對公司又一次實現成長感到興奮。

Arthur Chu, Bank of America.

美國銀行的亞瑟·朱（Arthur Chu）。

It's Arthur on for Omar. So there's been a lot of excitement recently around the potential to serve nongaming ads, particularly e-commerce ads and mobile games. I'm curious what your view is on that. And if that opportunity could actually change your view on in-app advertising as monetization strategy, which I know you guys have not particularly focused on.

亞瑟 (Arthur) 取代奧馬爾 (Omar)。因此，最近人們對非遊戲廣告（尤其是電子商務廣告和手機遊戲）的投放潛力非常感興趣。我很好奇你對此的看法。如果這個機會真的可以改變你對應用程式內廣告作為貨幣化策略的看法，我知道你們並沒有特別關注這一點。

Thanks for the question. I think I'll cover the first part around in-app advertising versus in-app purchases. We've traditionally focused on in-app purchases. We believe that our expertise in live operations allows us to have better monetization and better long-term retention as a result of that focus. And while we do have some games that do have in-app advertising, we don't see that as a driver for us. And in terms of the trending that's been happening around e-commerce, I don't think we're sort of fit to comment on that.

謝謝你的提問。我想我將介紹第一部分，即應用程式內廣告與應用程式內購買。我們傳統上專注於應用程式內購買。我們相信，我們在現場營運方面的專業知識使我們能夠透過這種專注實現更好的貨幣化和更好的長期保留。雖然我們的一些遊戲確實有應用程式內廣告，但我們不認為這會成為我們的驅動力。就電子商務的趨勢而言，我認為我們不太適合對此發表評論。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Coming back to the DTC strategy, what are the key learnings as the DTC strategy has sort of scaled in 2024? And how do you think about the mix of games and/or the pathway to the higher levels of mix you've talked about that will sort of transition DTC as we move through 2025, just to understand how that channel evolves?

回到 DTC 策略，隨著 DTC 策略在 2024 年的擴展，我們能學到哪些關鍵的經驗？您如何看待遊戲組合和/或您提到的更高層次組合的途徑，這些途徑將在 2025 年實現 DTC 轉型，只是為了了解該管道如何發展？

Thanks for the question. So as we put a target for D2C three years ago, we are on track on the target of the revenues. Last year, actually, last quarter, we started with this strategy with two games, June's Journey and the Solitaire, doing very well. And in our vision, D2C is one of the most growth engine for EBITDA. This is how we're using it. It's helping us to work much easier with the games and we were one of the first companies that focused in this direction, and our numbers are great. We grew 8% year over year.

謝謝你的提問。因此，正如我們三年前為 D2C 設定的目標一樣，我們現在正朝著收入目標邁進。去年，其實是上個季度，我們開始採用這個策略，推出的兩款遊戲《六月之旅》和《紙牌》表現非常出色。在我們的願景中，D2C 是 EBITDA 的最大成長引擎之一。這就是我們的使用方法。它幫助我們更輕鬆地進行遊戲工作，我們是第一批專注於這個方向的公司之一，我們的表現非常出色。我們年增了8%。

Matt Cost, Morgan Stanley.

摩根士丹利的馬特·科斯特。

I guess, just thinking about the new game pipeline, you have Disney Solitaire in the late stages of testing. I guess how is that game trending and testing versus what you would like to see at this stage? And more broadly, how should we think about the potential contribution from a revenue perspective from these new games over the next 12 to 18 months? And then I have one follow-up.

我想，只要考慮一下新的遊戲管道，迪士尼紙牌遊戲就已進入測試的後期階段。我猜這款遊戲的趨勢和測試與您現階段希望看到的相比如何？更廣泛地說，我們應該如何看待這些新遊戲在未來 12 到 18 個月內對收入的潛在貢獻？然後我還有一個後續問題。

So to tell you the truth, we are so, so excited about launching this game because this is actually a merge between our ability to acquire a company like SuperPlay that have the knowledge and the experience of launching new games and prove themselves in the last two games that they launched in the last three years.

說實話，我們對推出這款遊戲感到非常興奮，因為這實際上是我們收購 SuperPlay 這樣的公司的能力的結合，SuperPlay 擁有推出新遊戲的知識和經驗，並且在過去三年推出的最後兩款遊戲中證明了自己。

So taking this advantage, together with a brand like Disney and with our understanding in the solitaire category, so all together, this is going to be one of our growth engines in the coming two years. This is how we look at it. It's going to be, I think, is going to be our top three or four games in a year from now. And we are very, very -- again, very exciting, and this is a very big news for us, very big news.

因此，利用這一優勢，加上像迪士尼這樣的品牌以及我們對紙牌遊戲類別的了解，這將成為我們未來兩年的成長引擎之一。我們是這樣看待它的。我認為，從現在起，它將成為我們一年內最精彩的三到四場比賽。我們非常非常——再次，非常興奮，這對我們來說是一個非常大的消息，非常大的消息。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

I guess, first off, in terms of what's embedded in the 2025 outlook from new games, is it safe to say that that is somewhat immaterial for this year in terms of the guidance that it's organic and M&A? Or are you anticipating that they will contribute materially this year?

我想，首先，就 2025 年新遊戲前景而言，是否可以肯定地說，就有機成長和併購指導而言，這對今年來說並不重要？或者您預計他們今年會做出實質貢獻？

Thanks for the question, Colin. So to be consistent with my answer before, from a cost perspective, we have all the development costs baked in. And from a revenue perspective, I would call it immaterial in terms of what's baked into the guidance.

謝謝你的提問，科林。因此，與我先前的回答一致，從成本角度來看，我們已經將所有開發成本都考慮在內了。從收入角度來看，我認為這與指導意見中的內容無關。

And there's no other M&A embedded in the guidance at this point?

目前指導意見中還沒有包含其他併購內容嗎？

No, there's not.

不，沒有。

And just in terms of the trends, I guess, quarter-to-date, you mentioned some improvements in Slotomania here in January or through January. Is that something that you're seeing that is sustainable, you think, through the rest of Q1? And to what extent did you see an improvement?

就趨勢而言，我想，本季迄今為止，您提到了 Slotomania 在 1 月或整個 1 月有所改進。您認為這種情況在第一季的剩餘時間內是可持續的嗎？您看到了多大程度的改善？

Sure. So I think the area that we had called out specifically was making changes and adjustments as it relates to the game economy and seeing a near-term improvement. We are also continuing to add new content to improve performance there as well.

當然。因此，我認為我們特別指出的領域是做出與遊戲經濟相關的改變和調整，並看到近期的改善。我們也會繼續添加新內容以提高其效能。

And I think further more strategically, we're investing in a new slots title as well, leveraging our know-how and 10-plus years’ experience in the space to really build a new application that takes our best-in-class know-how on how to manage a slots game and bringing it to something that's much more modern from a look and feel perspective, so really excited about that and more details to come.

我認為從戰略角度來看，我們還在投資一款新的老虎機遊戲，利用我們在該領域的專業知識和十多年的經驗，真正構建一款新的應用程序，該應用程序採用我們一流的老虎機遊戲管理專業知識，並從外觀和感覺的角度使其更加現代化，因此對此感到非常興奮，更多細節即將公佈。

Eric Handler, Roth Capital.

漢德勒（Eric Handler），羅斯資本（Roth Capital）。

Two questions, actually. First, another question on DTC, I guess. Given how well you're doing there, what goes into bringing a game to the DTC platform? Because I guess, when I think about it, it's like why don't you bring more of your games to DTC, particularly the recently acquired games. So I'm just trying to get a sense of what needs to happen to bring a new game to the DTC platform.

實際上有兩個問題。首先，我想還有一個關於 DTC 的問題。鑑於你們在那裡做得如此出色，將遊戲引入 DTC 平台需要什麼？因為我想，當我考慮這個問題時，我會想為什麼不把更多的遊戲帶到 DTC，特別是最近收購的遊戲。所以我只是想了解一下將新遊戲引入 DTC 平台需要做些什麼。

So thanks for the question. Yes, this is the strategy at the end of the day that everyone will run on our DTC. It's taking time. It's dependent on the maturity of the game. It depends how the technology of the game [build]. There is a lot of things that -- it's a formula. But definitely, the new games that we acquired in the last year like Animal & Coins and the Governor of Poker, both of them already on the target to go. I don't know when, but this is one of the targets, and of course, the games of SuperPlay. So I believe that in two years from now, we will see most of our games, if not everyone, running on our platform.

感謝您的提問。是的，最終這是每個人都會在我們的 DTC 上運行的策略。這需要時間。這取決於遊戲的成熟度。這取決於遊戲的技術[建造]。有很多事情——這是一個公式。但毫無疑問，我們去年收購的新遊戲，如《Animal & Coins》和《Governor of Poker》，都已經達到了目標。我不知道什麼時候，但這是目標之一，當然還有SuperPlay的遊戲。因此我相信，兩年後，我們將看到我們的大多數遊戲（如果不是全部的話）都在我們的平台上運行。

That's very helpful, Robert. And then I guess from a big picture perspective for the social casino genre, how do you see that genre over the next couple of years? Can it grow? Just broadly speaking, not your games, just the genre in general. And how competitive is it still at this point?

這非常有幫助，羅伯特。然後我想從社交賭場類型的宏觀角度來看，您如何看待未來幾年該類型的遊戲發展？它能生長嗎？廣義上講，不是你的遊戲，只是一般的遊戲類型。目前它的競爭力如何？

Listen, it's a very good question. It's a very good question. Because when we look at the history of the genre, this genre was actually the genre that started with the mobile increasing revenues in 2010 and was leading the categories of the mobile. In the last few, we see more stability and big players dominating this area. And I think I don't see a huge growth coming in this area, but I still see a place even for Playtika to take market share from their competitors.

聽著，這是一個非常好的問題。這是一個非常好的問題。因為當我們回顧該類型的歷史時，我們發現該類型實際上是從 2010 年移動收入增加開始出現的，並且一直引領著移動類別。在過去的幾年中，我們看到了更多的穩定性和大公司主導這一領域。我認為這個領域不會有巨大的成長，但我仍然認為 Playtika 可以從競爭對手那裡搶佔市場份額。

This is what we're doing. This is why we're launching a new title because we know what we know about this category. We have the experience, we have the users, the players. So I believe for the company itself, this is a huge opportunity. And for the industry, time we tell.

這就是我們正在做的事情。這就是我們推出新標題的原因，因為我們對這個類別有了解。我們有經驗，我們有用戶，有玩家。因此我相信對於公司本身來說，這是一個巨大的機會。對於這個行業來說，時間會告訴我們一切。

Chris Schoell, UBS.

瑞銀的 Chris Schoell。

This is Albert Kim on the line for Chris. So I know the company has experience with operating multiple apps of a similar archetype and Texas Hold 'Em and slots and et cetera, but how are you approaching the launch of these additional solitaire games? How do you see them targeting different audiences? And I know it might still be a bit early, but do you see any potential competitive pressure with Candy Crush Solitaire launching just given that they have such a huge franchise recognition.

我是 Albert Kim，負責 Chris 的接線工作。所以我知道該公司有運營類似原型的多個應用程式以及德州撲克和老虎機等的經驗，但您如何看待這些額外單人紙牌遊戲的推出？您如何看待他們針對不同受眾群體？我知道現在可能還為時過早，但考慮到《Candy Crush Solitaire》系列擁有如此高的知名度，您是否認為其推出會帶來潛在的競爭壓力？

So thank you for the question. So Playtika, our biggest advantage is the huge portfolio. And now when we look in the new launch of Disney Solitaire, it's coming from our last acquisition, SuperPlay. And this is sitting on their road map, and they have their own activities to launch it. And they're doing this in the same way they launched the other two games in the last few years. So on our side, this is the advantage of Playtika. We have many studios. We have many games, huge portfolio, and each of them is working independently. So I don't see any issue in this case.

謝謝你的提問。所以對 Playtika 來說，我們最大的優勢就是龐大的產品組合。現在，當我們看新推出的《迪士尼紙牌》時，它來自我們上次收購的 SuperPlay。這是他們的路線圖，他們有自己的活動來啟動它。他們這樣做的方式與過去幾年推出另外兩款遊戲的方式相同。所以從我們的角度來看，這就是 Playtika 的優勢。我們有很多工作室。我們擁有許多遊戲，龐大的作品集，每個遊戲都是獨立運作的。所以我認為這個案例沒有什麼問題。

On the other case of Candy Crush, I think it's a very good opportunity to the industry because -- I will look a little bit about the history of games. We launched our social casino game, Slotomania, many years ago. And a few years after, two big -- or even three big competitors came to the industry with the amazing content and everything. And what happened, the category grew dramatically. The category become one of the biggest categories. So when I look at the solitaire today, it's an amazing for us that we have a Candy Crush coming to this category. And of course, we're coming with the Disney, and we have Grand Harvest. They're doing amazing and still leading the category. So I'm very optimistic about the future here.

關於 Candy Crush 的另一個案例，我認為這對業界來說是一個非常好的機會，因為——我將稍微了解遊戲的歷史。我們多年前就推出了社交賭場遊戲 Slotomania。幾年後，兩大甚至三大競爭對手帶著令人驚嘆的內容和一切進入了這個行業。實際情況是，該類別急劇增長。該類別成為最大的類別之一。所以當我今天看紙牌遊戲時，我們很驚訝地發現 Candy Crush 也進入了這個類別。當然，我們還會和迪士尼一起來，還有大豐收。他們的表現令人驚嘆並且仍然處於領先地位。所以我對這裡的未來非常樂觀。

Aaron Lee, Macquarie.

麥格理的 Aaron Lee。

Now that you're live with IGT content, is there anything more you can share just in terms of what you're seeing in terms of performance and engagement from your users? And also what the road map looks like for introducing more IGT content?

現在您已經開始提供 IGT 內容，就您所看到的效能和使用者參與度而言，您還能分享什麼嗎？還有引入更多 IGT 內容的路線圖是什麼樣的？

Sure. So thanks for the question, Aaron. So the IGT content for us has been limited in what's rolled out. We rolled out Cleopatra II. In the prepared remarks, we referenced how well it has performed in terms of reengagement and execution. I think we're excited about the rest of the content that we kind of have coming out, not only in Slotomania, but in Caesars and House of Fun, as we roll those out through the rest of the year as well. So there's definitely been excitement that's built as a result of the success thus far with Cleopatra II.

當然。謝謝你的提問，Aaron。因此，對我們來說，推出的 IGT 內容是有限的。我們推出了《埃及豔後 II》。在準備好的評論中，我們提到了它在重新參與和執行方面的表現如何。我認為我們對即將推出的其他內容感到很興奮，不僅是在 Slotomania，還有在 Caesars 和 House of Fun，因為我們也將在今年剩餘時間推出這些內容。因此，《埃及豔後二世》迄今為止的成功無疑激發了人們的興奮。

Thank you. I'm showing no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。我目前沒有其他問題。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。