Playtika Holding Corp (PLTK) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Playtika Q1 2025 earnings call.

您好，感謝您的支持。歡迎參加 Playtika 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand your conference over to your first speaker today, Tae Lee, SVP Corporate Finance and Investor Relations. Please go ahead.

現在，我想將你們的會議交給今天的第一位發言者，企業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 of 2025 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，感謝您今天參加 Playtika Holding Corp. 2025 年第一季財報電話會議。今天參加電話會議的還有 Playtika 聯合創始人兼執行長 Robert Antokol 和 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, and more specifically the future performance of our individual titles to Slotomania or recently launched Disney Solitaire. These statements and other comments are not a guarantee of future performance, but rather are subject to risk 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業績，更具體地說，我們的個別遊戲（例如 Slotomania 或最近推出的 Disney Solitaire）的未來表現。這些聲明和其他評論並不能保證未來的表現，而是會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 have posted an accompanying slide deck to our investor relations website, which contains information on forwarding statements and non-GAAP measures, and we will also post the prepared remarks immediately following the call.

我們已將隨附的幻燈片發佈到我們的投資者關係網站上，其中包含有關轉發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準備好的評論。

For a more complete discussion of the risk of uncertainties, please see our filings with the SEC.

有關不確定性風險的更完整討論，請參閱我們向美國證券交易委員會提交的文件。

With that, I will 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.

早安，感謝大家今天參加我們的電話會議。

I'm pleased to report that Playtika achieved a historic milestone in the first quarter, generating over $700 million in revenue, the highest quarterly revenue in our company's history. This performance reflects the strength of our industry-leading portfolio of mobile games and our ability to acquire industry-leading franchise and help support each acquired studio's growth objectives.

我很高興地報告，Playtika 在第一季取得了歷史性的里程碑，創造了超過 7 億美元的收入，這是我們公司歷史上最高的季度收入。這項業績體現了我們領先業界的手機遊戲組合的實力，以及我們收購業界領先特許經營權並幫助支持每個被收購工作室的成長目標的能力。

Recently, we celebrate our 15th anniversary, proof of our lasting business model and industry leadership. Over the years, Playtika has consistently demonstrated resilience and innovation, solidifying our position as a leader in mobile gaming. I'm also excited to share that Disney Solitaire had its global launch on April 17.

最近，我們慶祝了公司成立 15 週年，證明了我們持久的商業模式和行業領導。多年來，Playtika 始終展現出韌性和創新精神，鞏固了我們在行動遊戲領域的領先地位。我也很高興地告訴大家，迪士尼紙牌遊戲於 4 月 17 日在全球推出。

While it's early, the new title is showing very promising signs with some of the best launch KPIs I have seen in years. Our SuperPlay studio has a remarkable track record, having successfully launched and scaled two previous games, and Disney Solitaire is poised to be its third hit game. Based on the game's impressive start, I'm confident that it will be a shift the $100-million run rate revenues mark faster than Dice Dreams and Domino Dreams. I look forward to sharing more updates on this exciting new franchise in the future. I'm incredibly proud of our SuperPlay studio for the outstanding work in bringing Disney Solitaire to market in collaboration with Disney.

雖然還處於早期階段，但新遊戲已經顯示出非常有希望的跡象，其發布 KPI 是我多年來見過的最好的。我們的 SuperPlay 工作室有著卓越的業績記錄，曾成功推出並擴展了兩款遊戲，而《迪士尼紙牌》預計將成為其第三款熱門遊戲。基於該遊戲令人印象深刻的開局，我相信它將比《Dice Dreams》和《Domino Dreams》更快地突破 1 億美元的運行率收入大關。我期待著將來分享有關這個令人興奮的新系列的更多最新消息。我對我們的 SuperPlay 工作室與迪士尼合作將迪士尼紙牌遊戲推向市場的出色工作感到無比自豪。

Bingo Blitz has another record-breaking quarter, achieving all-time high in total revenues and revenues from our direct-to-consumer platforms. As the largest mobile bingo game and one of the largest casual games in the industry, Bingo Blitz continues to grow the category, attract new audience, and benefit from the winner takes most dynamics of the genre. It's enduring performance more than a decade after the acquisition. It's clear testament to the strength of our live operation and ongoing content innovation.

Bingo Blitz 本季再創紀錄，總營收和直接面向消費者平台的營收均創歷史新高。作為業內最大的行動賓果遊戲和最大的休閒遊戲之一，Bingo Blitz 繼續擴大類別，吸引新的受眾，並從該類型遊戲的贏家通吃動態中受益。收購後其業績仍維持十餘年。這清楚地證明了我們現場營運和持續內容創新的實力。

Turning to Slotomania. Slotomania's results in the first quarter were disappointing and outside decline in year-over-year performance is a result of several quarters of sequential decline. While we believed we had addressed the game economy issues in general, we have seen the issues resurface leading to weakness in the game starting at the end of March. Slotomania's revenue will continue to decline in the coming quarter before we start to see improvement. Looking ahead, we are planning to launch our new slot game in the back half of the year. In addition, we are integrating renowned IGT slot titles into our platform, and reaching our game offering with the high-quality, real-world content.

轉向 Slotomania。Slotomania 第一季的業績令人失望，業績年減是由於連續幾季下滑造成的。雖然我們認為我們已經解決了遊戲經濟問題，但我們發現這些問題再次出現，導致從 3 月底開始遊戲變得疲軟。在開始看到改善之前，Slotomania 的收入將在下個季度繼續下降。展望未來，我們計劃在今年下半年推出新的老虎機遊戲。此外，我們正在將著名的 IGT 老虎機遊戲整合到我們的平台中，並透過高品質、真實的內容來提供我們的遊戲。

Following the successful launch of Cleopatra II last December, we introduced [regular riches] this past quarter, with several more launch plans for the rest of the year, stabilizing Slotomania and launching new slot game remained the top strategic priority at Playtika.

繼去年 12 月成功推出 Cleopatra II 之後，我們在過去的一個季度推出了 [常規財富]，併計劃在今年剩餘時間內推出更多產品，穩定 Slotomania 和推出新的老虎機遊戲仍然是 Playtika 的首要戰略重點。

In closing, I want to thank our team for the hard work. Your efforts have been vital in building our industry leading portfolio of games, which has helped us achieve this milestone of record revenue in the quarter. I look forward to providing updates to our 2025 new game launches.

最後，我要感謝我們團隊的辛勤工作。你們的努力對於我們打造領先業界的遊戲組合至關重要，這幫助我們在本季實現了創紀錄的收入里程碑。我期待為我們 2025 年新遊戲的發布提供更新資訊。

I will now turn it over to Craig for a deep dive into our quarterly results.

現在我將把話題交給 Craig，讓他深入探討我們的季度表現。

Thank you, Robert.

謝謝你，羅伯特。

Before diving into the financials, I want to update where we are on our growth drivers. We're investing behind our recently acquired titles as well as our leading casual games. Our D2C efforts are showing strong results, and we are excited about introducing new mobile game franchises to the market. As Robert mentioned, Disney Solitaire is off to a very strong start in April and very encouraging as we look at our future pipeline.

在深入探討財務狀況之前，我想先介紹一下我們的成長動力。我們正在投資我們最近收購的遊戲以及我們領先的休閒遊戲。我們的 D2C 努力取得了顯著成果，我們很高興能夠向市場推出新的手機遊戲系列。正如羅伯特所提到的，《迪士尼紙牌》在四月取得了非常強勁的開局，這對我們未來的發展非常令人鼓舞。

Within our core portfolio, we've experienced revenue declines in our slot titles and our smaller casual games without leadership positions in their respective genres. We are focused on product investments and operating improvements to stabilize Slotomania and our other slot titles, but this will take time.

在我們的核心產品組合中，老虎機遊戲和小型休閒遊戲的收入有所下滑，且在各自的類型中均未佔據領導地位。我們專注於產品投資和營運改進，以穩定 Slotomania 和我們的其他老虎機遊戲，但這需要時間。

In addition, our leading casual game franchises such as Bingo Blitz, Solitaire Grand Harvest, and June's Journey continue to be franchises we believe we can grow over time. They reflect the kind of category leading evergreen franchises that define long-term winners in mobile gaming today.

此外，我們相信，我們領先的休閒遊戲系列，如 Bingo Blitz、Solitaire Grand Harvest 和 June's Journey，能夠隨著時間的推移而不斷增長。它們體現了當今行動遊戲領域中領先的常青特許經營權，是長期贏家的代表。

The mobile gaming landscape is evolving, with player engagement and revenue increasingly concentrated around established and high-performing titles. Players are dedicating more time to games that have stood the test of time, drawn by ongoing updates, community engagement, and proven entertainment value. This favors companies like Playtika, operators with a leading diversified portfolio of industry leading games, best-in-class live ops capabilities, and a proven ability to generate free cash flow at scale.

行動遊戲領域正在不斷發展，玩家參與度和收入越來越集中在成熟且性能卓越的遊戲中。玩家們願意投入更多時間在那些經受住時間考驗的遊戲上，這些遊戲受到持續更新、社群參與和公認的娛樂價值的吸引。這對 Playtika 這樣的公司有利，這些公司擁有領先的多元化行業領先遊戲組合、一流的實時運營能力以及大規模產生自由現金流的成熟能力。

As we navigate this transition, we are making strategic capital allocation decisions aimed at enhancing our financial profile and positioning the company to capitalize on these dynamics. We take pride in our track record of being disciplined operators, consistently making thoughtful investment decisions to optimize our resources and drive revenue growth. We remain committed to identifying opportunities to enhance efficiency and deliver sustainable savings to support our long-term success.

在我們進行這項轉變的過程中，我們正在做出策略資本配置決策，旨在改善我們的財務狀況並使公司能夠利用這些動態。我們為自己作為自律運營商的過往記錄感到自豪，始終如一地做出深思熟慮的投資決策，以優化我們的資源並推動收入成長。我們始終致力於尋找機會提高效率並實現可持續的節約，以支持我們的長期成功。

With that, let us get into the details of the quarter.

接下來，讓我們了解本季的詳細資訊。

We generated $706 million of revenue in the first quarter, an 8.6% sequential increase and an 8.4% year-over-year increase. The increased overall investment in performance marketing had an impact on our credit adjusted EBITDA margins as we generated credit adjusted EBITDA of $167.3 million, down 9% sequentially and down 9.9% year over year.

我們第一季的營收為 7.06 億美元，季增 8.6%，年增 8.4%。績效行銷整體投資的增加對我們的信用調整後 EBITDA 利潤率產生了影響，因為我們產生的信用調整後 EBITDA 為 1.673 億美元，環比下降 9%，同比下降 9.9%。

GAAP net income was $30.6 million, down 42.3% year over year. Our direct-to-consumer business achieved record revenues once again as we generated $179.2 million, up 2.6% sequentially, and 4.5% year over year. The growth in our D2C business was driven by Bingo Blitz, June's Journey, and Solitaire Grand Harvest, all set by declines from the slot titles. We believe that our D2C business has meaningful growth potential over the next 12 months.

GAAP淨收入為3,060萬美元，較去年同期下降42.3%。我們的直接面向消費者業務再次創下營收紀錄，達到 1.792 億美元，季增 2.6%，年增 4.5%。我們的 D2C 業務的成長是由 Bingo Blitz、June's Journey 和 Solitaire Grand Harvest 推動的，而這些遊戲都是由老虎機遊戲的下滑所致。我們相信，我們的 D2C 業務在未來 12 個月內具有顯著的成長潛力。

Historically, we have targeted 30% of our revenue to come from D2C. It is important to note that many of our games are performing above this mark, and that 30% represented an average. This demonstrates our ability to further grow our D2C business, which we intend to prioritize in the coming quarters. This focus will help partially offset some of the margin pressure as we invest in recently acquired higher growth titles. We are confident these efforts will contribute to our margins.

從歷史上看，我們的目標是 30% 的收入來自 D2C。值得注意的是，我們的許多遊戲的表現都高於這個標準，而 30% 代表的是平均值。這表明我們有能力進一步發展我們的 D2C 業務，我們打算在未來幾季優先發展該業務。由於我們投資於最近收購的高成長業務，這一重點將有助於部分抵消部分利潤壓力。我們相信這些努力將有助於提高我們的利潤率。

To further elaborate on our performance, I want to provide some context around our Q1 results and our outlook for the remainder of the year. In Q1, as is our typical seasonal trend, we experienced higher marketing spend, which, along with the losses from the SuperPlay acquisition, contributed to the decline in adjusted EBITDA year over year. We expect marketing expenses to decline sequentially in the coming quarters. As we evaluate our revenue forecast, we are reaffirming our guidance for the year as the declining trends in our slot games will be offset by growth of casual titles in the portfolio.

為了進一步闡述我們的業績，我想提供一些有關我們第一季業績以及今年剩餘時間展望的背景資訊。在第一季度，正如我們典型的季節性趨勢一樣，我們的行銷支出有所增加，再加上收購 SuperPlay 造成的損失，導致調整後的 EBITDA 年比下降。我們預計未來幾季行銷費用將連續下降。在評估我們的收入預測時，我們重申了對今年的指導，因為我們的老虎機遊戲的下降趨勢將被投資組合中休閒遊戲的成長所抵消。

Turning out our business results from the quarter. The sequential growth in the quarter was driven by the full quarter contribution from Dice Dreams and Domino Dreams, and the continued impressive performance from our largest game, Bingo Blitz. Dice Dreams was among our top three games by revenue this past quarter. Bingo Blitz revenue was $162.4 million, up 2.1% sequentially and up 3.1% year over year.

公佈本季的業務成果。本季的持續成長得益於 Dice Dreams 和 Domino Dreams 對整個季度的貢獻，以及我們最大的遊戲 Bingo Blitz 持續出色的表現。《Dice Dreams》是我們上個季度收入最高的三款遊戲之一。Bingo Blitz 營收為 1.624 億美元，季增 2.1%，年增 3.1%。

In Q1, Bingo Blitz's performance was driven by several key initiatives. The American Idol campaign, which features an exclusive in-game collaboration with Lionel Richie, brought significant engagement and excitement to the game. Players enjoyed a unique American Idol experience, competing in bingo challenges and having the chance to win VIP tickets to the American Idol finale.

第一季度，Bingo Blitz 的業績受到幾項關鍵舉措的推動。《美國偶像》活動與萊昂內爾·里奇 (Lionel Richie) 進行了獨家遊戲內合作，為遊戲帶來了顯著的參與和刺激感。玩家們享受了獨特的美國偶像體驗，參加賓果遊戲挑戰並有機會贏得美國偶像決賽的 VIP 門票。

The introduction of a new bingo room featuring a social player-versus-player experience, inspired by American Idol was received positively by our community. This campaign not only boosted player engagement, but also enhanced the game's visibility and appeal, driving a strong marketing effort that successfully attracted new players to the game.

受《美國偶像》啟發，我們推出了一個具有社交玩家對戰體驗的新賓果遊戲室，受到了我們社區的積極歡迎。這項活動不僅提升了玩家參與度，也增強了遊戲的知名度和吸引力，推動了強大的行銷力度，成功吸引了新玩家加入遊戲。

More recently, we launched our Bingo Blitz branded game show on the Game Show Network. This new series hosted by Valerie Bertinelli combines bingo play with trivia challenges. The game show has been well received, bringing the dynamic and social gaming experience of Bingo Blitz to television screens. We anticipate this initiative will help strengthen the Bingo Blitz brand by reaching a broader audience.

最近，我們在遊戲節目網路上推出了 Bingo Blitz 品牌遊戲節目。這個由瓦萊麗·貝爾蒂內利 (Valerie Bertinelli) 主持的新系列將賓果遊戲與瑣事挑戰結合在一起。該遊戲節目廣受好評，將 Bingo Blitz 的動態社交遊戲體驗帶到了電視螢幕上。我們預計這項舉措將有助於擴大 Bingo Blitz 品牌的影響力，從而擴大其品牌影響力。

Slotomania revenue was $111.8 million, down 5.5% sequentially and 17.4% year over year. Despite these challenges, our D2C business remains a cornerstone of our success. Slotomania's D2C business demonstrated stable performance quarter over quarter. Our strong connection with our most loyal players has been instrumental in extending the life cycle of our games far beyond industry standards.

Slotomania 的營收為 1.118 億美元，比上一季下降 5.5%，比去年同期下降 17.4%。儘管面臨這些挑戰，我們的 D2C 業務仍然是我們成功的基石。Slotomania 的 D2C 業務每季都表現穩定。我們與最忠實玩家的緊密聯繫有助於將我們的遊戲生命週期延長到遠遠超出行業標準。

Dice Dreams' revenue was $78.6 million, up 124.5% sequentially, compared to a partial quarter of revenue contribution from the SuperPlay acquisition. This impressive growth reflects the successful integration of Dice Dreams into our portfolio and the strong execution by our teams.

Dice Dreams 的營收為 7,860 萬美元，環比成長 124.5%，而 SuperPlay 收購僅貢獻了部分季度的營收。這一令人印象深刻的成長反映了 Dice Dreams 成功融入我們的投資組合以及我們團隊的強大執行力。

In Q1, Dice Dream benefited from several key initiatives that contributed to its robust performance. Our other acquired titles are performing in line with our expectations. We are especially pleased with the ramp up in revenue we have seen from Domino Dreams. The game is gaining traction and we are optimistic about its roadmap as we invest in marketing and content updates to drive monetization.

在第一季度，Dice Dream 受益於幾項關鍵舉措，業績表現強勁。我們收購的其他公司的表現都符合我們的預期。我們對《Domino Dreams》帶來的營收成長感到特別高興。遊戲正在獲得關注，我們對其發展路線圖持樂觀態度，因為我們投資於行銷和內容更新以推動貨幣化。

Turning out to specific line items in our P&L for the first quarter. Cost of revenue increased 11.5% year over year, driven by our revenue growth and increase in amortization expenses in our P&L resulting from the acquisition of SuperPlay. Operating expenses increased 19.4%, driven primarily by increased performance marketing spending, also driven by our acquisition of SuperPlay. R&D decreased by 2.9% year over year.

轉向我們第一季損益表中的具體項目。收入成本年增 11.5%，這主要得益於我們的收入成長以及收購 SuperPlay 導致的損益表中攤銷費用的增加。營運費用成長了 19.4%，主要原因是績效行銷支出增加，同時也受到我們收購 SuperPlay 的影響。研發支出較去年同期下降2.9%。

The savings from the expiration of our long-term cash compensation program offset increases in hosting expenses and costs associated with outsource services. Sales and marketing increased 42.8% year over year. The increase in sales and marketing was primarily driven by the incremental performance marketing spend from our acquisition of SuperPlay. We anticipate sequential declines in marketing spend for the remainder of the year.

我們的長期現金補償計畫到期所節省的資金抵消了託管費用和外包服務相關成本的增加。銷售和行銷年增42.8%。銷售和行銷的成長主要得益於我們收購 SuperPlay 所帶來的績效行銷支出的增加。我們預計今年剩餘時間的行銷支出將連續下降。

G&A expenses declined 9.2% year over year. The decline was primarily due to the expiration of a long-term cash compensation program, which resulted in lower accrued expenses offset by an increase in contingent considerations. As of March 31, we had approximately $514.3 million in cash, cash equivalents, and short-term investments.

一般及行政開支年減 9.2%。下降的主要原因是長期現金薪酬計劃到期，導致應計費用減少，但或有對價增加。截至 3 月 31 日，我們擁有約 5.143 億美元的現金、現金等價物和短期投資。

We entered into an agreement to extend the maturity of the revolving credit facility from March 2026 to September 2027, subject to the satisfaction of certain conditions and decrease the aggregate principal amount of the revolving credit facility from $600 million to $550 million.

我們達成協議，將循環信貸額度的期限從 2026 年 3 月延長至 2027 年 9 月，但須滿足某些條件，並將循環信貸額度的總本金金額從 6 億美元減少至 5.5 億美元。

Looking at our operating metrics, average DPU increased 15% sequentially and increased 26.2% year over year to 390,000. Average DAU increased 12.5% sequentially and increased 2.3% year over year to 9 million. ARPDAU decreased 2.2% sequentially and increased 7.4% year over year to $0.87. Finally, we are reaffirming our guidance for the year.

從我們的營運指標來看，平均 DPU 環比成長 15%，年成長 26.2%，達到 390,000。平均 DAU 環比成長 12.5%，年增 2.3%，達到 900 萬。ARPDAU 環比下降 2.2%，年增 7.4%，至 0.87 美元。最後，我們重申今年的指導方針。

We'd be happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Doug Creutz, TD Cowen.

道格·克魯茲（Doug Creutz），TD Cowen。

I wondered if you could talk a little bit more about sort of Disney Solitaire and how that fits into your marketing plans for the year. Obviously, it's great that it's off to a good start. Typically, when you have a new launch, if the KPIs are good, you're willing to pour more marketing revenue into the game to increase the long-term value of the game. So how are you balancing that off against your commentary that marketing expenses will be declining sequentially through the year?

我想知道您是否可以再多談談《迪士尼紙牌》以及它如何融入您今年的行銷計劃。顯然，這是一個好的開始，這很好。通常，當您推出新遊戲時，如果 KPI 很好，您就願意向遊戲投入更多的行銷收入，以增加遊戲的長期價值。那麼，您如何平衡這種情況與您所說的行銷費用將在全年連續下降之間的差異呢？

Hey, Doug. Thank you for the question. Obviously, excited about the new franchise and a strong start to the launch. As we look at marketing expenses overall, the first quarter tends to be the largest quarter in terms of marketing spend, and it typically goes down sequentially from there. I think as we look at the launch and we weigh it, we obviously have a large portfolio of games and so we're mindful kind of allocating capital towards those games with the best ROI.

嘿，道格。謝謝你的提問。顯然，人們對新系列的推出和強勁的開局感到興奮。從整體來看，第一季往往是行銷支出最大的季度，之後通常會逐季下降。我認為，當我們考慮發布並權衡時，我們顯然擁有大量的遊戲組合，因此我們會謹慎地將資金分配給那些具有最佳投資回報率的遊戲。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特。

I guess on Slotomania, it seems like you're expecting continued declines to that game. How should we think about the path forward to that franchise? Is the new slot game in the pipeline kind of an attempt to fill the gap from Slotomania or maybe service like a sequel or replacement for it? Or is there a plan in place to sort of stabilize Slotomania and throw a lot of investment at some point in the future into that title?

我猜在 Slotomania 上，你似乎預計該遊戲會繼續下滑。我們該如何思考該特許經營的未來之路？正在籌備中的新老虎機遊戲是否是為了填補 Slotomania 的空白，或者作為其續集或替代品？或者是否有計劃穩定 Slotomania 並在未來的某個時候向該遊戲投入大量資金？

Thanks for the question.

謝謝你的提問。

So we see an issues around Slotomania in the last year and it's not -- we never -- we settle the market and -- we will show that last quarter we find a way to stabilize the game. I think in the end of the day, we are -- the game is suffering for being such a long time in the market without a big change. So now we decide to focus and to change a lot of things in the game to stabilize the game. We change the management of the studio and for us it's top priority to stabilize and to grow the game.

因此，我們看到去年 Slotomania 周圍存在一些問題，但這並不是——我們從來沒有——我們解決了市場問題——我們將在上個季度證明我們找到了穩定遊戲的方法。我認為，到最後，我們會發現——這款遊戲在市場上已經很長時間沒有重大變化，因此受到了影響。所以現在我們決定集中精力並改變遊戲中的許多東西來穩定遊戲。我們改變了工作室的管理階層，對我們來說，穩定和發展遊戲是首要任務。

On the other hand, our last launch of the slot game was 10 years ago, and in the last 10 years, we found ourselves with a lot of content -- a lot of interesting content, with a lot of experience, with a lot of knowledge, and we decide to take everything and to bring back the market share that we lost in the last few quarters. This is our mission for us being in the market with a new app in this category. It's a win-win situation. So I think to stabilize the game, to fix the issues that we have, to launch a new fresh app in this market, I think this is the right step to come back and to grow again in this category.

另一方面，我們上次推出老虎機遊戲是在 10 年前，在過去的 10 年裡，我們發現自己擁有了很多內容——很多有趣的內容，很多經驗，很多知識，我們決定吸收一切，奪回我們在過去幾個季度失去的市場份額。我們的使命是推出一款此類新應用程式進入市場。這是一個雙贏的局面。因此，我認為穩定遊戲，解決我們遇到的問題，在這個市場上推出一款全新的應用程序，這是回歸並再次在這個類別中增長的正確一步。

Great thanks.

非常感謝。

And then Craig, you talked about marketing stepping down sequentially in the coming quarters. I guess are there any other puts and takes that we should think about in the phasing of cost for the rest of the year as you integrate SuperPlay?

然後克雷格，您談到行銷部門將在未來幾季逐步減少。我想，在您整合 SuperPlay 時，我們還應該考慮在今年剩餘時間內分階段實施成本的其他因素嗎？

Nothing as it relates to SuperPlay, but I think as we look at the year, obviously there's opportunities to continue to progress in direct to consumer. I think there's margin potential there, and you know we're consistently looking at opportunities to further manage expenses. So I think that's the puts and takes between the growth and the casual part of the business as well as managing the declines we've seen in the slot portfolio.

這與 SuperPlay 無關，但我認為，回顧今年，顯然有機會繼續在直接面向消費者方面取得進展。我認為那裡有利潤潛力，而且你知道我們一直在尋找進一步管理費用的機會。因此，我認為這就是業務成長和休閒部分之間的利弊，以及如何應對我們在老虎機投資組合中看到的下滑。

(Operator Instructions)

（操作員指示）

Albert Kim, UBS.

瑞銀的 Albert Kim。

Just on the D2C front, last quarter, I believe you talked about Amazon Coins and Governors of Pokers (sic - Governor of Poker) eventually making their way into the D2C channels. Any update on timing, how we should think about the overall D2C mix rolling from here? And just to the extent that there are any [apps or] changes along kind of the direct link and the inclusion of third-party apps, do you see any changes to D2C adoption rate expectations?

就在 D2C 方面，上個季度，我相信您談到了 Amazon Coins 和 Governors of Pokers（原文如此 - Governor of Poker）最終進入 D2C 頻道。有任何關於時間安排的更新嗎？我們應該如何看待從現在開始的整體 D2C 組合滾動？就直接連結和第三方應用程式的納入而言，您是否認為 D2C 採用率預期會發生任何變化？

So D2C for Playtika was always a big advantage. We believed in this a few years ago and we built slowly, slowly our infrastructures and being ready for the situation that today everyone is speaking about the D2C. We see the changes in the market. We're still learning the changes. We're still trying to understand how to react. But one thing I can say, we are all in, we understand, we are ready, we are going. For us, it's one of the most biggest potential for more profit to the company, more EBITDA to the company, and again, for everyone speaking about D2C, for us, it's old news. We are starting in a different place than everyone else, and I think again for Playtika, this is a huge opportunity and actually it's really hard to say opportunity because it's already here.

因此，D2C 對於 Playtika 來說始終是一個很大的優勢。幾年前我們就相信這一點，並且我們慢慢地建立了我們的基礎設施，為今天每個人都在談論 D2C 的情況做好了準備。我們看到了市場的變化。我們仍在學習這些變化。我們仍在嘗試了解如何應對。但有一件事我可以說，我們全力以赴，我們明白，我們準備好了，我們要出發了。對我們來說，這是為公司帶來更多利潤、更多 EBITDA 的最大潛力之一，而且，對於所有談論 D2C 的人來說，這都是舊聞了。我們的起點與其他人不同，我再次認為，對於 Playtika 來說，這是一個巨大的機遇，實際上很難說是機遇，因為它已經存在了。

Thank you for your question. At this time, I'm showing no other questions. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您的提問。目前，我沒有其他問題。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。