Playtika Holding Corp (PLTK) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to Playtika's first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝各位稍候，歡迎參加 Playtika 2026 年第一季財報電話會議。（接線員指示）提醒各位，今天的會議將被錄音。

And now I'd like to introduce your host for today's program, Tae Lee, Chief Financial Officer. Please go ahead, sir.

現在我想為各位介紹今天會議的主持人——Playtika 首席財務官 Tae Lee。先生，請開始。

Welcome, everyone, and thank you for joining us today for the first quarter 2026 earnings call for Playtika Holding Corp. Joining me on the call today is Robert Antokol, Co-Founder, President and CEO of Playtika. 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, including expected marketing and investment activity and the impact of AI on the company's business and industry.

各位好，感謝今天加入 Playtika Holding Corp. 2026 年第一季財報電話會議。今天與我一同出席的還有 Playtika 共同創辦人、總裁暨執行長 Robert Antokol。我想提醒各位，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營收與營運表現，其中包含預期的行銷與投資活動，以及 AI 對公司業務與產業的影響。

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.

這些陳述及其他評論並非對未來表現的保證，而是受到風險與不確定性影響，其中部分超出我們的控制範圍。這些前瞻性陳述以今日為準，您不應將其視為我們未來觀點的代表。我們不承擔在本次電話會議後更新這些陳述的任何義務。

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 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. As a reminder, we will not be taking questions related to the strategic alternatives review.

我們已在投資人關係網站上發布隨附的簡報，內容包含前瞻性陳述與非 GAAP 指標的相關資訊；我們也將在會議結束後立即發布事先準備的講稿。關於風險與不確定性的更完整討論，請參閱我們向 SEC 提交的文件。提醒各位，我們不會回答與策略替代方案審查相關的問題。

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

接下來，我把電話交給 Robert。

Good morning, and thank you for joining us. This was a great start of the year, and we are seeing momentum across the portfolio. Our largest franchise continue to execute at scale. We have allocated investments toward the highest-return opportunities and DTC continues to grow as a key driver for unit economics.

各位早安，感謝加入我們。這是一個很好的年度開局，我們看到整體產品組合都在累積動能。我們最大的主力系列持續以規模化方式穩健執行。我們已將投資配置到報酬最高的機會上，而 DTC 也持續成長，成為單位經濟的重要驅動因素。

With that context, the headline for me is this Disney Solitaire. What we are seeing is outstanding and it's rare at this scale. This Disney Solitaire has scaled faster than any title in our 15 years history and continues to outperform expectations. Our SuperPlay studio has taken world-class IP, built a strong game economy around it and delivered extremely well.

在這樣的背景下，對我而言最重要的焦點是《Disney Solitaire》。我們看到的表現非常出色，而且在這樣的規模下相當罕見。《Disney Solitaire》的擴張速度比我們 15 年歷史中的任何一款遊戲都更快，並且持續超出預期。我們的 SuperPlay 工作室取得世界級 IP，圍繞其打造了強健的遊戲經濟體系，並交出了極佳的成果。

We are investing heavily in user acquisition behind Disney Solitaire and the returns we are seeing support that level of investment. It is some of the best ROI we have seen in the portfolio. This is not a lucky outcome. SuperPlay is now operating at a scale that matters for Playtika, and it is validating the strategy behind the acquisition, investing in the right teams and backing them with the capital and operating discipline to build large, long-lasting franchise that compounds cash flow over time.

我們在《Disney Solitaire》背後大幅投入用戶獲取，而我們看到的回報也支持這樣的投資強度。這是我們產品組合中所見過最好的 ROI 之一。這不是運氣使然。SuperPlay 現在的營運規模已達到對 Playtika 具有實質意義的程度，並驗證了我們收購背後的策略：投資正確的團隊，並以資本與營運紀律支持他們打造大型、長壽命的主力系列，讓現金流隨時間複利成長。

Disney Solitaire is the latest example of that, and we believe it will not be the last. And it is not only SuperPlay. The core business is executing, and we are seeing quarter-over-quarter stability across the organic portfolio. We are investing behind our winners and stepping back where the return profile is not there. That discipline is showing up in the revenue mix.

《Disney Solitaire》就是最新的例子，我們相信它不會是最後一個。而且不僅是 SuperPlay。我們的核心業務也在穩健執行，整體自然成長的產品組合呈現季對季的穩定。我們加碼投資在勝出者上，並在報酬結構不具吸引力的地方收斂投入。這樣的紀律正反映在營收組合上。

Each year, more of our revenue comes from long life casual games with broad reach. D2C has become a core part of how we run the business, improving unit economics and supporting more durable cash flow profile. Casual is now 76% of our business, and that transition is largely complete. We are a casual mobile gaming company with a strong social casino business that generates strong cash flow.

每一年，我們的營收有更多來自壽命長、觸及面廣的休閒遊戲。D2C 已成為我們營運方式的核心部分，改善單位經濟並支撐更具韌性的現金流結構。休閒遊戲目前占我們業務的 76%，而這項轉型大致已完成。我們是一家休閒手機遊戲公司，同時擁有強勁的社交賭場業務，能產生可觀的現金流。

Our casual franchise are in a leadership position with broader reach and longer runway. And we compete in the categories where scale and winners-take-most dynamics are more pronounced. With SuperPlay serving a growth engine, our portfolio remains anchored in scaled franchise with competitive advantage, while we continue to manage our slot title in a fragmented landscape.

我們的休閒遊戲主力系列處於領先地位，觸及更廣、成長跑道更長。我們也在規模效應與贏者通吃動態更為明顯的類別中競爭。以 SuperPlay 作為成長引擎，我們的產品組合仍以具規模的主力系列為核心並具競爭優勢，同時在較為分散的市場環境中持續管理我們的老虎機遊戲。

And the mix shift doesn't mean we have taken our eye off social casino. We are managing it with a clear goal to maximize lifetime value, stay disciplined on returns and improve stability where we can. On Slotomania, we're encouraged by the start of the year. Last quarter, we told you to expect quarter-over-quarter improvement in Q1, and we delivered it. Slotomania grew 4% quarter-over-quarter in the first quarter.

而組合轉移並不代表我們忽視社交賭場。我們以明確目標來管理：最大化終身價值（LTV）、在回報上保持紀律，並在可行之處提升穩定性。就 Slotomania 而言，我們對今年的開局感到鼓舞。上季我們告訴各位，預期第一季會出現季對季改善，而我們也做到了。Slotomania 在第一季季對季成長 4%。

This is a mature competitive category, and we are not making a forward promise of continued growth from here. Flattening the decline and showing early stability is an important milestone, and it matters for the overall durability of the portfolio. On D2C, we have grown close to $1.2 billion annual run rate. Few companies in mobile gaming operate at our scale.

這是一個成熟且競爭激烈的類別，我們不會在此對後續持續成長做出前瞻承諾。放緩下滑並展現初步穩定是一個重要里程碑，對整體產品組合的耐久性也很關鍵。在 D2C 方面，我們已成長至接近 12 億美元的年化營收運行率。在手機遊戲領域，能以我們這樣規模運作的公司並不多。

And it matters beyond the margin benefit when you own the transaction, you improve unit economics and gain more direct tools to engage and serve players over time, which supports durability. Every quarter, we become more central to how we operate. Our results give me confidence. SuperPlay is scaling, D2C is compounding, and this portfolio is in better shape and a stronger direction. We are executing with discipline. Tae will take you through the details. Thank you.

而其重要性不僅在於毛利率的提升：當你掌握交易，你就能改善單位經濟，並獲得更多直接工具，隨時間推進與玩家互動並提供服務，從而支撐業務的耐久性。每一季，D2C 都更成為我們營運的核心。我們的成果讓我更有信心。SuperPlay 正在擴張，D2C 正在複利成長，而這個產品組合的狀態更好、方向也更強。我們以紀律執行。接下來 Tae 會帶各位看細節。謝謝。

Thank you, Robert, and good morning. I'm going to start with the financial highlights for the quarter, and then I'll take a step back and walk through the key themes that matter for how to interpret our performance and the business.

謝謝你，Robert，各位早安。我將先從本季的財務重點開始，接著退一步說明幾個關鍵主題，幫助各位解讀我們的表現與業務狀況。

In the first quarter, we delivered total revenue of $744.7 million, up 9.7% sequentially and 5.5% year-over-year. Adjusted EBITDA was $125.2 million, representing a margin of 16.8% Importantly, the core business, excluding SuperPlay, continues to generate meaningful adjusted EBITDA and cash flow, and the consolidated margins reflect the planned investment cadence at SuperPlay.

第一季，我們的總營收為 7.447 億美元，季增 9.7%，年增 5.5%。調整後 EBITDA 為 1.252 億美元，利潤率為 16.8%。重要的是，核心業務（不含 SuperPlay）仍持續產生可觀的調整後 EBITDA 與現金流，而合併利潤率反映了我們在 SuperPlay 既定的投資節奏。

We expect SuperPlay to start driving positive adjusted EBITDA in Q2. Net loss was negative $57.5 million and adjusted net income was $13.6 million. Our adjusted net income excludes the GAAP impact of incremental contingent consideration, which increased this quarter as SuperPlay is tracking ahead of the performance assumptions underlying our last reported results.

我們預期 SuperPlay 將在第二季開始帶來正向的調整後 EBITDA。淨損為 5,750 萬美元，調整後淨利為 1,360 萬美元。我們的調整後淨利排除了或有對價增加所帶來的 GAAP 影響；本季該項目上升，因為 SuperPlay 的表現進度優於我們上次公布結果所依據的績效假設。

Our DTC business set another record in the first quarter. We delivered DTC revenue of $291.8 million, up 16.7% sequentially and 62.8% year-over-year. The headline is simple. SuperPlay is scaling and the core is generating meaningful adjusted EBITDA and cash flow. With that context, there are three points that matter for how to think about our results in the business.

我們的 DTC 業務在第一季再創新高。DTC 營收為 2.918 億美元，季增 16.7%，年增 62.8%。重點很簡單：SuperPlay 正在擴張，而核心業務正在產生可觀的調整後 EBITDA 與現金流。在此背景下，有三點對理解我們的結果與業務至關重要。

First, the core is durable, and we're focused on games at scale. In mobile gaming, the portfolio naturally concentrates around the titles with scale and community, and that shows up in our market position. Across our largest franchises, we hold the number one or top three position in multiple core categories, and that's the backbone of our strategy, focusing capital on games that can be winners in their respective genres.

第一，核心業務具韌性，我們聚焦於具規模的遊戲。在手機遊戲中，產品組合自然會集中在具規模與社群的作品上，這也反映在我們的市場地位上。在我們最大的主力系列中，我們在多個核心類別中位居第一或前三名，這是我們策略的骨幹：把資本集中在能在各自類型中勝出的遊戲上。

In tabletop games, we occupy all three top positions with Disney Solitaire, Solitaire Grand Harvest and Domino Dreams. Within solitaire specifically, Disney Solitaire and Solitaire Grand Harvest together represent category-leading scale, giving us a leading position in the sub-genre.

在桌上遊戲類別中，我們以《Disney Solitaire》、《Solitaire Grand Harvest》和《Domino Dreams》包辦前三名。就接龍子類別而言，《Disney Solitaire》與《Solitaire Grand Harvest》合計代表該類別領先的規模，使我們在此子類別中居於領導地位。

Across our casual franchises, we hold leadership positions in large, enduring categories. June's Journey is the number one title in hidden object. Bingo Blitz is the number one bingo game and Dice Dreams is a top-three coin looter game. In poker, WSOP is the number one poker title. Slotomania remains a core legacy title, providing scale and stability as we focus incremental capital on titles with winners-take-most dynamic.

在我們的休閒遊戲主力系列中，我們在大型且長青的類別中占據領先地位。《June's Journey》是尋物（hidden object）類別第一名；《Bingo Blitz》是賓果遊戲第一名；《Dice Dreams》是擲骰掠奪（coin looter）遊戲前三名。在撲克方面，《WSOP》是撲克遊戲第一名。《Slotomania》仍是核心的傳統主力作品，在我們將增量資本聚焦於具贏者通吃動態的作品之際，提供規模與穩定性。

Second, Q1 margins reflect SuperPlay investment cadence, not structural pressure. Our in-app purchase business model is well established and repeatable. We acquire players, convert them to payers and scale live games supported by a durable community. When that community is in place, these titles generate cash over a long period of time. And that's the playbook we've successfully repeated for 15 years.

第二，第一季利潤率反映的是 SuperPlay 的投資節奏，而非結構性壓力。我們的應用內購買商業模式已相當成熟且可複製。我們獲取玩家、將其轉化為付費玩家，並擴大由具韌性社群支撐的長線營運遊戲。一旦社群建立起來，這些作品就能在很長一段時間內產生現金流。而這正是我們 15 年來成功反覆驗證的打法。

SuperPlay is in a rapidly scaling phase, and our marketing spend is intentionally weighted toward the first half of the year. As a result, the near-term margin and consolidated adjusted EBITDA in Q1 reflects timing, not the long-term earnings and cash flow potential of the studio.

SuperPlay 正處於快速擴張階段，我們的行銷支出刻意偏重於上半年。因此，第一季的短期利潤率與合併調整後 EBITDA 反映的是時點因素，而非工作室長期的獲利與現金流潛力。

Third, AI is a tailwind for scaled operators. Investors have asked whether AI changes the competitive dynamics in mobile gaming. Our view is that it's a tailwind. Content creation has never been the barrier to entry in our industry. The hard part has always been building and operating a live game at scale.

第三，AI 對具規模的營運商而言是一股順風。投資人一直在問，AI 是否會改變行動遊戲的競爭動態。我們的看法是，它是一股順風。在我們的產業中，內容創作從來不是進入門檻。真正困難的部分一直是以規模打造並營運一款長線營運（live）遊戲。

Live ops cadence, retention and monetization system and the communities that keep players engaged over time, AI is helping accelerate how we build and run those systems. If targeting and optimization improve, companies with scale, data and operating discipline should benefit, but it doesn't change the fundamentals. You still need product market fit and you still need to allocate user acquisition dollars. AI will let strong operators do more with the same or fewer resources, and we intend to be one of them.

在長線營運節奏、留存與變現系統，以及讓玩家長期投入的社群方面，AI 正在幫助我們加速建置與運行這些系統。若投放定位與最佳化有所提升，具備規模、數據與營運紀律的公司應可受益，但這不會改變基本面。你仍然需要產品市場契合（product market fit），也仍然需要配置用戶獲取（user acquisition）的預算。AI 將讓優秀的營運商以相同或更少的資源做更多事，而我們打算成為其中之一。

Now let's turn to the portfolio, starting with performance in our top three revenue titles for the quarter, Bingo Blitz, Disney Solitaire and June's Journey. Bingo Blitz delivered $153.7 million of revenue this quarter, down 3% sequentially and 5.4% year-over-year. Importantly, we believe this does not reflect a change in the underlying strength of the franchise. Bingo Blitz remains the number one Bingo title worldwide across iOS and Google Play and continues to operate as a category leader in a winner-take-most market.

現在我們來看產品組合，先從本季前三大營收遊戲《Bingo Blitz》、《Disney Solitaire》和《June's Journey》的表現談起。《Bingo Blitz》本季營收為 1.537 億美元，較前一季下降 3%，較去年同期下降 5.4%。重要的是，我們認為這並不反映該系列基本面強度的改變。《Bingo Blitz》仍是 iOS 與 Google Play 平台全球第一的 Bingo 遊戲，並持續在「贏者通吃大部分」的市場中作為品類領導者運營。

While the quarter reflected a slower start to the year, the underlying economics remain resilient due to the strong growth of Bingo Blitz's DTC business. As we've noted before, DTC is a meaningful lever for Bingo's economics, and that mix shift continues to support the financial profile of the franchise.

雖然本季反映出年初起步較慢，但由於《Bingo Blitz》DTC 業務的強勁成長，其底層經濟性仍具韌性。如同我們先前提到的，DTC 是影響 Bingo 經濟性的關鍵槓桿，而這種組合轉移（mix shift）仍持續支撐該系列的財務輪廓。

Disney Solitaire generated $123.3 million in revenue, up 72.1% sequentially. The key takeaway is the speed and consistency of that scale. Disney Solitaire is growing faster than any title in our history. The combination of a proven scaling engine and Disney's brand reach expands the top of the funnel meaningfully. Based on what we're seeing today, we believe the franchise still has room to grow from here.

《Disney Solitaire》營收為 1.233 億美元，較前一季成長 72.1%。關鍵重點在於其擴張速度與一致性。《Disney Solitaire》的成長速度超過我們歷來任何一款遊戲。經驗證的擴張引擎結合迪士尼的品牌觸及力，顯著擴大了漏斗上端（top of the funnel）。依據我們目前看到的情況，我們認為該系列仍有進一步成長空間。

June's Journey delivered $76.0 million in revenue, up 8.7% sequentially and 10.4% year-over-year. It was the best quarter for the studio since Q2 of 2024. More importantly, this is a clear category winner. The leadership matters because it gives the franchise room to keep monetizing, not just sustaining as we keep tightening live ops and expanding mix levers like DTC where appropriate.

《June's Journey》營收為 7,600 萬美元，較前一季成長 8.7%，較去年同期成長 10.4%。這是自 2024 年第二季以來工作室表現最佳的一季。更重要的是，這是一個明確的品類冠軍。領先地位之所以重要，是因為它讓該系列有空間持續變現，而不只是維持現狀；同時我們也會持續收緊長線營運（live ops），並在適當之處擴展如 DTC 等組合槓桿。

And that's why we're excited about the runway. We see June's Journey as a title that can become a $1 million a day game over time, given its leadership position, durability and the monetization potential that still sits in this franchise.

這也是我們對未來成長跑道感到興奮的原因。我們認為《June's Journey》憑藉其領先地位、耐久性以及仍存在於該系列中的變現潛力，隨時間推進有機會成為一款日營收 100 萬美元的遊戲。

Let's turn to specific line items in our P&L. Cost of revenue was $192.2 million, down 2.6% year-over-year. Lower platform fees from the continued growth of our DTC business provided a benefit, which was partially offset by royalty expenses. R&D was $98 million, down 5.6% year-over-year, driven by lower head count and reduced outsourcing spend as we streamlined our cost structure, partially offset by severance related to workforce reduction.

接著看損益表中的特定科目。營收成本為 1.922 億美元，較去年同期下降 2.6%。DTC 業務持續成長帶來較低的平台費用，形成正面效益，但部分被權利金費用所抵銷。研發費用為 9,800 萬美元，較去年同期下降 5.6%，主要因我們精簡成本結構而降低人力與外包支出，但部分被與人力縮減相關的資遣費所抵銷。

Sales and marketing was $360.6 million, up 32.7% year-over-year, driven primarily by incremental performance marketing spend for our SuperPlay games. As we move through the year, we expect spending to normalize from the Q1 peak and step down sequentially, consistent with the cadence we discussed in prior periods.

銷售與行銷費用為 3.606 億美元，較去年同期增加 32.7%，主要由 SuperPlay 遊戲的增量成效行銷支出所帶動。隨著年度推進，我們預期支出將自第一季高峰回歸常態並逐季下降，與我們在先前期間所討論的節奏一致。

G&A was $143.5 million, up 120.1% year-over-year, driven primarily by the GAAP impact of incremental contingent consideration. Excluding that item, G&A would have been $48.5 million, reflecting lower share-based compensation versus the comparable period. As a reminder, contingent consideration expense from this past quarter is a noncash fair value adjustment that runs through GAAP results. It can fluctuate from quarter-to-quarter and is excluded from adjusted EBITDA and adjusted net income.

一般與行政（G&A）費用為 1.435 億美元，較去年同期增加 120.1%，主要由增量或有對價（contingent consideration）的 GAAP 影響所致。若排除該項目，G&A 將為 4,850 萬美元，反映相較可比期間較低的股份基礎給付（share-based compensation）。提醒一下，本季的或有對價費用屬於非現金的公允價值調整，會反映在 GAAP 結果中；其可能逐季波動，並被排除在調整後 EBITDA 與調整後淨利之外。

Average daily paying users reached 387,000, up 8.4% sequentially and down 0.8% year-over-year. Average daily active users reached 8.6 million, up 8.9% sequentially and down 4.4% year-over-year. Monthly active users totaled 30.1 million, underscoring the scale of our global player community. ARPDAU increased 1.1% sequentially and 8% year-over-year.

平均每日付費用戶達 38.7 萬人，較前一季增加 8.4%，較去年同期下降 0.8%。平均每日活躍用戶達 860 萬人，較前一季增加 8.9%，較去年同期下降 4.4%。月活躍用戶合計 3,010 萬人，凸顯我們全球玩家社群的規模。ARPDAU 較前一季增加 1.1%，較去年同期增加 8%。

Turning to the balance sheet. As of March 31, we had approximately $779.2 million in cash, cash equivalents and short-term investments. Since then, we paid $461 million to the former shareholders of SuperPlay as an earn-out payment. We remain focused on maximizing cash flow and preserving liquidity, and we've taken actions to prioritize balance sheet flexibility, including suspending our quarterly dividend.

接著看資產負債表。截至 3 月 31 日，我們持有約 7.792 億美元的現金、約當現金與短期投資。此後，我們向 SuperPlay 的前股東支付了 4.61 億美元作為分期對價（earn-out）款項。我們仍專注於最大化現金流並維持流動性，並已採取行動以優先確保資產負債表的彈性，包括暫停季度股利。

From here, we are actively evaluating options to further strengthen our capital structure and extend our maturity runway. Addressing our maturity profile and ensuring ample liquidity is a top priority for management, and we're working deliberately towards the best long-term solution.

接下來，我們正積極評估進一步強化資本結構並延長到期跑道的選項。處理我們的到期結構並確保充足流動性是管理層的首要任務，我們正審慎推進，以尋求最佳的長期解決方案。

Finally, guidance. We're raising our revenue outlook for the year from $2.7 billion to $2.8 billion to $2.75 billion to $2.85 billion. SuperPlay is performing ahead of plan, and we're also seeing better-than-expected performance in the core portfolio. On adjusted EBITDA, we're raising our adjusted EBITDA range from $730 million to $770 million to $750 million to $790 million.

最後是財測。我們將全年營收展望由 27 億美元上調至 27.5 億至 28.5 億美元（原為 27 億至 28 億美元）。SuperPlay 的表現優於計畫，我們也看到核心產品組合的表現優於預期。在調整後 EBITDA 方面，我們將區間由 7.3 億至 7.7 億美元上調至 7.5 億至 7.9 億美元。

At the same time, we want to be clear about how we're managing this. We're not optimizing the business to harvest near-term adjusted EBITDA at the expense of long-term value. We're managing performance carefully and intentionally to preserve the option to reinvest incremental dollars in the business in the second half, whether that's user acquisition or R&D, while still maintaining discipline on margins and cash generation.

同時，我們也希望清楚說明我們的管理方式。我們不會為了短期調整後 EBITDA 而犧牲長期價值來最佳化業務。我們會謹慎且有意識地管理表現，以保留在下半年將增量資金再投資於業務的選擇權，無論是用戶獲取或研發，同時仍維持對利潤率與現金創造的紀律。

Said differently, our updated guidance ranges reflect strong execution, but they also reflect a deliberate choice to keep flexibility. If the opportunities are there, we want the ability to press our advantage and invest rather than lock ourselves into a single maximize EBITDA path. We entered 2026 with momentum in the business, and the first quarter gave us more reasons for conviction. We'd be happy to take your questions.

換句話說，我們更新後的財測區間反映了強勁的執行力，但也反映了我們刻意保留彈性的選擇。如果機會存在，我們希望有能力乘勝追擊並加大投資，而不是把自己鎖定在單一路徑、只追求 EBITDA 最大化。我們帶著業務動能進入 2026 年，而第一季讓我們更有信心。我們很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Chris Schoell, UBS.

Chris Schoell，瑞銀（UBS）。

Great. Great, thank you. Given the front-end loaded investment you flagged for the year, how are you thinking about the ability to retain users and sustain monetization as sales and marketing steps down in the coming quarters?

很好。很好，謝謝。鑑於你提到今年投資前置（front-end loaded），當未來幾季銷售與行銷費用下滑時，你們如何看待留住用戶並維持變現能力的可能性？

And congrats, Tae, on the new role. Any updated thoughts you can give around your capital allocation priorities and how you plan to balance investment with lowering leverage, M&A and/or buybacks here in the near term?

另外也恭喜 Tae 擔任新職務。關於資本配置優先順序，你是否有任何最新想法可以分享？以及在短期內，你們打算如何在投資與降低槓桿、併購（M&A）和／或庫藏股回購之間取得平衡？

Yes. Thanks for the question, Chris. So on sales and marketing, as you know, Q1 is normally our highest UA quarter even without SuperPlay. And this year, that normal seasonality was amplified by the opportunity that we saw in SuperPlay. So going into the year, what the studio planned to spend versus what we ended up spending, we leaned in because the return profile supported it.

是的。謝謝你的問題，Chris。關於銷售與行銷，如你所知，即使沒有 SuperPlay，第一季通常也是我們用戶獲取（UA）支出最高的一季。而今年，這種正常的季節性又因我們在 SuperPlay 看到的機會而被放大。因此在年度開始時，工作室原本規劃的支出與我們最終實際支出相比，我們選擇加碼，因為回報輪廓支持這麼做。

So when we talk about the return profile, we're talking about there -- with the increase in sales and marketing on a sequential basis, there was little degradation in the returns associated with that spend. And so we leaned into the marketing investment for the quarter.

當我們談到回報輪廓時，我們指的是——在銷售與行銷費用較前一季增加的情況下，與該支出相關的回報幾乎沒有惡化。因此，我們在本季加大了行銷投資。

However, we shouldn't view Q1 as a run rate for the year. I think from here, the expectation is that we do intend to have a meaningful step down in spend as we move through. And again, the important point is that it's not about pulling back because the opportunity is weakening. It's about moving from a concentrated launch and scale phase toward a more normalized cadence while continuing to invest where returns justify it.

不過，我們不應該把第一季視為全年支出的運行速率。我認為從現在開始，預期是我們確實打算在接下來的期間，讓支出出現一個有意義的下調。再重申一次，重點不在於因為機會在減弱而縮手；而是在持續於回報合理之處投資的同時，從高度集中的上市與擴張階段，轉向更常態化的節奏。

Now with that said, as we think about the broader performance of -- again, if you think about where that spend was really concentrated in the quarter, a lot of it went to Disney Solitaire. And it's important to highlight that not only was the revenue outperformance due to the returns and the amplified spend, but the performance of the cohorts from last year.

在此基礎上，當我們思考更廣泛的表現時——再說一次，如果你回想本季支出實際上高度集中的地方，其中很大一部分投入在 Disney Solitaire。需要強調的是，營收超預期不僅來自回報與加大投放的支出，也來自去年那些玩家分群（cohorts）的表現。

So the cohorts of players in Disney Solitaire that started playing in Q3 and Q4, as they went through the cycle and as we looked at day 180 and day 240 returns, the performance improved over time. And so that gives us confidence in the outlook that we'll be able to sustain the revenue levels even as we pull back on some of that UA spend.

也就是說，Disney Solitaire 在第三季與第四季開始遊玩的玩家分群，隨著他們走完整個週期，當我們觀察第 180 天與第 240 天的回報時，表現會隨時間而改善。因此，這讓我們對前景更有信心：即使我們收斂部分 UA（用戶獲取）支出，我們仍能維持目前的營收水準。

Your question on capital allocation. I mean, capital allocation is certainly top of mind for us and in terms of order of priority, we think about obviously investing in sort of the core business, including the SuperPlay assets. But as you heard from us last quarter, part of the philosophy and the thinking currently is that we want to maintain sort of maximum liquidity.

你問到資本配置。我是說，資本配置當然是我們最關注的議題之一；就優先順序而言，我們首先會考慮投資於核心業務，包含 SuperPlay 的資產。不過，正如你在上季聽到我們所說，目前我們的部分理念與思考是：我們希望維持某種程度的最大流動性。

We do recognize that after the year one earn-out, you saw in our filings that the contingent consideration value for SuperPlay went up, basically, as we talked about in our prepared remarks, that's due to the fact that the business is outperforming expectations. And so we want to make sure that we're maximizing liquidity to ensure that we're funding of all earn-outs using the cash that we generate.

我們也確實注意到，在第一年 earn-out 之後，你在我們的申報文件中看到 SuperPlay 的或有對價價值上升；基本上，如同我們在事先準備的發言中提到的，這是因為該業務表現優於預期。因此，我們希望確保最大化流動性，以確保所有 earn-out 都能以我們所產生的現金來支付。

And so in terms of capital return, I would say that is not a priority at the moment. In terms of M&A, again, you've heard us now say multiple times, when we acquired SuperPlay, we acquired the crown jewel of independent studios that were out there. And now it's a significant growth driver for the business. We've gone 3 for 3 with Dice, Domino and Disney. And as you know, we have another Disney game in the pipeline. So the focus is on reinvesting in that growth engine.

因此，就資本回饋而言，我會說目前不是優先事項。至於併購（M&A），同樣地，你已多次聽到我們說：當我們收購 SuperPlay 時，我們收購的是當時獨立工作室中的「皇冠上的明珠」。而現在它已成為公司重要的成長驅動力。我們在 Dice、Domino 和 Disney 上已經 3 次都做對了。而如你所知，我們還有另一款 Disney 遊戲在開發管線中。因此，重點是把資源再投資到這個成長引擎上。

And if I could just follow up on the SuperPlay earn-outs. Can you just remind us the timing and the amount of the cash payment this year? And along those lines, any color you can just give on the growth across the portfolio for SuperPlay in 1Q? It would just be helpful as we think about modeling the earn-outs beyond '26.

如果我可以再追問一下 SuperPlay 的 earn-out。你能否提醒我們今年現金支付的時間點與金額？另外，能否也分享一些 SuperPlay 在第一季整體產品組合的成長情況？這會有助於我們在建模 2026 年之後的 earn-out。

Yes. So we made the payment last month. So you don't see it reflected in our Q1 balance sheet since it's as of month-end March, but the payment went out last month. And so the way the agreement is structured, any incremental earn-outs that the studio earns, the earn-out gets paid in the second quarter of the following year.

可以。我們上個月已完成支付。因此你不會在第一季資產負債表中看到它，因為資產負債表是截至 3 月月底，但款項是在上個月付出的。依照協議架構，工作室所賺取的任何額外 earn-out，會在隔年的第二季支付。

Aaron Lee, Macquarie.

Aaron Lee，麥格理（Macquarie）。

Hey, guys. Good morning. Thanks for taking my question, and congrats, Tae, on the new role. I wanted to ask about the social casino business. Nice to see the comments on Slotomania. So with regard to competitive pressure from sweepstakes casinos, we've seen a number of states kind of pass legislation banning the category and more states floating legislation to do the same. Wondering if you can comment on whether there's been any relief in competitive pressure that you can see for the category?

嗨，各位，早安。謝謝讓我提問，也恭喜 Tae 擔任新職務。我想問社交賭場（social casino）業務。很高興看到你們對 Slotomania 的評論。關於來自抽獎型賭場（sweepstakes casinos）的競爭壓力，我們看到有不少州通過立法禁止這個類別，也有更多州在提出類似法案。想請你們談談，是否能看到這個類別的競爭壓力有任何緩解？

Thanks for the question. Again, when we're looking at the category of social casino, yes, we had last year some toughness of growing the business and our revenues, well, decreased. But our goal was always to stabilize the business. And I think when you look at the result of Slotomania this quarter, and I said it in the last conversation three months ago that we're going to grow this quarter.

謝謝你的問題。再說一次，當我們看社交賭場這個類別時，是的，去年我們在成長業務上遇到一些挑戰，我們的營收也確實下滑。但我們的目標一直是讓業務穩定下來。我認為你看 Slotomania 本季的結果——而且我在三個月前上次的對話中也說過，我們這一季會成長。

So this quarter, we grew 4%. And when I look in the future of our business, it's going to be stabilized, it's going to be a strong cash flow to the company. And I cannot react on the competitors or legal or illegal, it's not related to me, but it's related to me that I know I'm still leading the category and I'm growing there and I'm stabilizing the business. Thank you.

所以這一季我們成長了 4%。展望未來，我們的業務會趨於穩定，並為公司帶來強勁的現金流。至於競爭對手或合法或非法的問題，我無法回應——那不關我的事；但與我相關的是：我知道我仍然是這個類別的領導者，我在那裡持續成長，也在讓業務穩定下來。謝謝。

Got it. Okay. And then on direct-to-consumer, another record quarter of D2C here, nice job on that. You guys have always been the leader here, and I'm sure the App Store policy shifts are probably helping. But is there something incremental you've learned about the D2C platform that is unlocking this penetration? And how would you characterize the opportunity from here?

了解。好。接著關於直面消費者（D2C），本季 D2C 再創新高，做得很好。你們一直是這方面的領導者，我也相信 App Store 政策變動可能有所助益。但你們是否在 D2C 平台上額外學到了什麼，進而解鎖了這樣的滲透率？你會如何描述接下來的機會？

So D2C was always one of our growth engine to be a profitable, strong cash flow company. And we were the first one and the leaders in this business. Right now, today, we still believe growing D2C. I think the changes that we see on the platform is giving us some edge. But for us, we are focusing at what we can do in our ability. It's not only cash flow, it's not only better profit.

D2C 一直是我們的成長引擎之一，讓我們成為一家獲利、現金流強勁的公司。我們是第一個進入、也是這個業務的領導者。直到今天，我們仍然相信要持續成長 D2C。我認為我們在平台上看到的變化確實給了我們一些優勢。但對我們而言，我們專注在我們能力範圍內能做的事。這不只是現金流，也不只是更好的獲利。

It's giving us a lot of independency to work with the games, to check games, to do Q&A, to do things that we cannot do on other platforms. So for us, D2C was always one of our main benefits. And you see the numbers. We are growing and growing and growing. And we still don't know where it's going to stop.

它也讓我們在遊戲運營上有更高的獨立性：可以處理遊戲、測試遊戲、做 Q&A，做一些我們在其他平台上做不到的事情。所以對我們來說，D2C 一直是我們的主要優勢之一。你也看到數字了，我們一直成長、一直成長、一直成長，而我們仍不知道它會在哪裡停止。

Yes. And Aaron, just to add to Robert's point, our DTC business is also pretty diversified. And as you noted, the changes in the App Store policies certainly is helping as a tailwind. But I think the way we thought about it as a company, once that opportunity became available, I think it's important to note that we didn't think about it as sort of a single-game opportunity, but made sure that we were tactically taking advantage of the situation across all of our games.

是的。Aaron，我補充 Robert 的觀點：我們的 DTC 業務也相當多元化。正如你提到的，App Store 政策的變化確實帶來順風。但我認為從公司角度來看，一旦那個機會出現，我們很重要的一點是：我們並沒有把它視為單一遊戲的機會，而是確保能在我們所有遊戲上，以戰術方式充分利用這個情勢。

And so it's not -- historically, you've heard us talk about pushing DTC as an opportunity at the right time depending on where that game is in its life cycle. What we've seen in the last couple of quarters is that we have the DTC option available across all the games in our portfolio, including our SuperPlay games.

因此，這並不是——過去你聽我們談到推動 DTC，通常會視該遊戲所處的生命週期，在適當時機把它當作一個機會來推進。而我們在最近幾季看到的是：我們的產品組合中所有遊戲都已提供 DTC 選項，包含我們的 SuperPlay 遊戲。

And so you have the overall number of DTC, as Robert talked about, run-rating at $1.2 billion a year. One of the biggest drivers of growth year-over-year comes from Bingo Blitz, which is our number one game, and it continues to grow the DTC business. And so again, I think it's important to note that we saw the opportunity, and we really took advantage of the situation to grow our business that way.

因此，如 Robert 所說，整體 DTC 的年化運行速率約為 12 億美元。年對年成長的最大驅動因素之一來自 Bingo Blitz——這是我們的第一大遊戲，並且持續推動 DTC 業務成長。所以再說一次，我認為重點是：我們看到了機會，並且確實把握住這個情勢，以這種方式來擴大我們的業務。

Got it. Appreciate all the color, guys. Good luck.

了解。感謝各位提供這麼多細節。祝順利。

Colin Sebastian, Baird.

Colin Sebastian，Baird。

Yeah, thanks. I have two questions. Maybe first, Robert, can you talk more about the stability or durability you cited across the organic portfolio? Obviously, June's Journey is one that you called out doing really well. But more broadly, do you think the organic portfolio in aggregate can return to growth this year?

是的，謝謝。我有兩個問題。第一個可能給 Robert：你能否多談談你提到的自然（organic）產品組合的穩定性或持久性？顯然 June's Journey 是你特別點名表現很好的遊戲。但更廣泛來看，你認為整體自然產品組合今年有機會回到成長嗎？

And then I have a follow-up maybe for Tae. With the shift away from UA spend for Disney Solitaire, does that give you an opportunity to shift more resources over to the organic titles? Or is it really just more of a shift towards retention over acquisition for the balance of the year?

接著我可能有個追問給 Tae。隨著 Disney Solitaire 的 UA 支出轉向減少，這是否讓你有機會把更多資源轉移到自然（organic）作品上？還是說，這其實只是今年剩餘時間在策略上更偏向留存而非獲取？

Thanks for the question. I will take the first one. We always looked at our games. We had last year the issue with Slotomania. And I always said that we had 10 games, 8 games, 9 games, and sometimes we have issues with one game. But overall, we are positive.

感謝提問。我先回答第一個。我們一直在檢視我們的遊戲。去年我們在 Slotomania 上遇到問題。我也一直說，我們有 10 款遊戲、8 款遊戲、9 款遊戲，有時候會有某一款遊戲出狀況。但整體而言，我們是正向的。

And I think when you look at this year and we look what we did in the last six months, we changed many things in a few of our games. We stabilize. We are working to stabilize all the category of social casino and the organic games that -- last year, June's Journey performed -- their performance wasn't amazing.

我認為，當你看今年、以及我們過去六個月所做的事情時，我們在幾款遊戲上做了很多改變。我們正在穩定下來。我們正努力穩定整個社交賭場類別，以及有機（organic）遊戲的類別——去年 June's Journey 的表現——其表現並不算驚艷。

You see a huge change this year because we decided to take the approach to focus the (inaudible) games. This is the main game that we are focusing. This is the game that we believe can take the organic portfolio to grow, and we still believe in it.

你今年會看到很大的變化，因為我們決定採取聚焦（聽不清）遊戲的方法。這是我們主要聚焦的遊戲。這是我們相信能帶動有機產品組合成長的遊戲，我們仍然相信它。

And we show the market. It was always -- everybody was very optimistic about us saying, okay, Slotomania is going down, what is going to happen? No, we showed the market that we know how to stop it. We know how to change. We know how to improve and look at our portfolio. We have an amazing, amazing time in Playtika right now in the organic category. Tae?

而且我們也向市場證明了。一直以來——大家都很樂觀地看待我們，說好吧，Slotomania 在下滑，那接下來會怎樣？不，我們向市場證明我們知道如何止跌。我們知道如何改變。我們知道如何改善並檢視我們的產品組合。我們現在在 Playtika 的有機類別正處於非常、非常好的狀態。Tae？

Yes. Colin, I think just to add to that, too, I think the better way to think about our portfolio is not just SuperPlay and then the rest of the business, right? We've talked about how we approach capital allocation. And so separating the portfolio into areas where we're choosing to prioritize capital and resources versus the parts of the business that we're managing primarily for value, cash generation as well as games that you've heard us say that we're deprioritizing.

是的。Colin，我想補充一下，我認為看待我們產品組合更好的方式，不只是 SuperPlay 然後其餘業務，對吧？我們談過我們如何進行資本配置。因此，把產品組合區分為我們選擇優先投入資本與資源的領域，與我們主要以價值管理、現金創造來經營的部分，以及你也聽我們說過我們正在降低優先順序的遊戲。

You have the numbers for SuperPlay in 2025. And so if you isolate it, you kind of get at the rest of the business year-over-year change in revenue. But again, I think it's important to note that you have to think about the category outside of SuperPlay being modestly better sequentially, although still down year-over-year, with most of that year-over-year pressure tied to Bingo's slower start to the year that we spoke about. But again, offset by the fact that DTC in Bingo really accelerated in Q1, holding sort of the economics stable.

你已經有 SuperPlay 在 2025 年的數字。因此如果你把它單獨抽出來，你大致就能看到其餘業務的營收年對年變化。但我認為仍然重要的是要指出：你必須把 SuperPlay 以外的類別視為在季對季上略有改善，雖然年對年仍然下滑；而年對年的壓力大多與我們提到的 Bingo 年初起步較慢有關。不過，這又被 Bingo 的 DTC 在第一季大幅加速所抵銷，使得整體經濟性大致維持穩定。

If you look at Poker, Poker was broadly stable. You saw pressure in slots. The year-over-year comps are hard in slots, but it will get easier over time given the trajectory that Slotomania went through last year. But the trajectory in slots was more stable sequentially. And then, of course, the deprioritized part of the portfolio is now relatively small and continues to decline as expected.

如果你看 Poker，Poker 大致上是穩定的。你在老虎機（slots）看到壓力。老虎機的年對年比較基期很難，但隨著時間推移會變得更容易，因為 Slotomania 去年經歷的走勢所致。不過老虎機的走勢在季對季上更為穩定。當然，產品組合中被降低優先順序的部分現在相對較小，並如預期持續下滑。

So the honest sort of answer is, yes, the business, if you just exclude SuperPlay, is still down year-over-year, but that's not the full story. What matters is we're seeing signs of stabilization in parts of the portfolio where we're allocating capital with intent, particularly in scaled casual and core cash-generating assets.

所以坦白說，答案是：是的，如果你只排除 SuperPlay，業務年對年仍然下滑，但這不是完整的故事。重要的是，我們在那些以明確意圖配置資本的產品組合部分看到了穩定的跡象，特別是在具規模的休閒（casual）以及核心現金創造資產上。

That's why in our prepared remarks, we wanted to sort of remind people of the scale and leadership position that we have across many of these games because this is exactly how we want to manage the business. That's the strategy that we've been implementing the last couple of years. And I think this quarter really shows that the results are coming through in the numbers clearly.

這就是為什麼在我們的事先準備發言中，我們想提醒大家：我們在許多這類遊戲上擁有的規模與領導地位，因為這正是我們希望管理業務的方式。這是我們過去幾年一直在執行的策略。我認為本季清楚顯示，成果正透過數字明確呈現。

So improved mix over time, healthier base of revenue, more revenue coming from casual assets with broader reach and longer useful life. And again, direct investment toward the highest-return franchises and making sure that we're preserving cash generation from the older sort of legacy social casino games.

因此，隨時間推移，組合更佳、營收基礎更健康，更多營收來自觸及更廣、使用壽命更長的休閒資產。同時，將投資直接導向報酬最高的主力系列（franchises），並確保我們保留較舊、傳統社交賭場遊戲的現金創造能力。

On the point about UA away from Disney Solitaire, listen, if we think about the portfolio as a whole. So there's opportunities where, like I mentioned, there was no degradation in the return profile. You see meaningful continued growth coming from the older cohorts in Disney Solitaire that were acquired in the second half of last year, continuing to perform well in Q1 because of, again, our business is road map based, right?

關於 UA 從 Disney Solitaire 轉移這點，聽著，如果我們從整體產品組合來看。確實存在一些機會，如我提到的，報酬輪廓並沒有惡化。你會看到 Disney Solitaire 在去年下半年取得的較早期用戶群（older cohorts）仍持續帶來顯著成長，並在第一季表現良好，因為——再次強調——我們的業務是以路線圖（road map）為基礎的，對吧？

So after the upfront UA period, what drives growth is retention, monetization, live ops execution and the ability to keep cohorts productive over time. And that's what we've done consistently well over the last 15 years. Now in terms of just the pace of the spend, I think you're going to see that the marketing spend outside of the SuperPlay games, that will kind of follow our more typical cadence of how we've tended to spend UA over the course of the year. But sort of on a consolidated basis, you will see that significant step down from Q1 to Q2 and then to the second half of the year.

因此，在前期 UA 期間之後，推動成長的是留存、變現、營運活動（live ops）執行，以及讓各批次用戶群（cohorts）隨時間保持產出能力。而這正是我們過去 15 年一貫做得很好的事情。至於支出節奏本身，我認為你會看到 SuperPlay 遊戲以外的行銷支出，會更接近我們過去一年中投放 UA 的典型節奏。但在合併口徑下，你會看到從第一季到第二季、再到下半年，支出會出現顯著的階梯式下降。

Doug Creutz, TD Cowen.

Doug Creutz，TD Cowen。

Hey, thank you. You talked about how good the KPIs are for Disney Solitaire. And clearly, that gave you a lot of confidence to invest in it in Q1. Can you talk about tactically why you think it's advantageous to load so much of your UA spend for the game into Q1 rather than spreading it more evenly across the year? Is there something about the dynamics of the market in Q1 that make it so? Is it about the cadence of content for the game? Can you kind of go into why you feel like it's better to have so much of your marketing spend early in the year?

嗨，謝謝。你談到 Disney Solitaire 的 KPI 表現有多好。顯然，這讓你在第一季很有信心加大投資。你能否從戰術層面談談，為什麼你認為把這款遊戲的大部分 UA 支出集中在第一季，而不是更平均地分散到全年，會更有利？第一季的市場動態是否有什麼特別之處？是跟遊戲內容更新節奏有關嗎？你能否更深入說明，為什麼你覺得在年初就投入大量行銷支出更好？

Yes, Doug, thanks for the question. So for us, because we're in-app purchase based, right, you always have to think about the marketing spend or campaign alongside sort of product innovation and things in the road map. But I want to kind of go back to what I mentioned on one of the prior questions where going into the year, it was always the plan that it would be front-loaded.

是的，Doug，謝謝你的問題。對我們來說，因為我們是以應用內購買（in-app purchase）為主，對吧，你必須把行銷支出或投放活動，與產品創新以及路線圖中的事項一起考量。但我想回到我在前面某個問題提到的：在進入今年時，計畫一直就是要前置（front-loaded）。

It was always the plan that it would be in Q1 because we wanted to -- because -- again, because of the payback that we saw in Q4 and payback literally just in, if you spend it and how quickly you make it back and then the strength of the cohort is after you made it all back, what you continue to gain.

計畫一直就是放在第一季，因為我們想要——因為——再次強調，基於我們在第四季看到的回收期（payback），而回收期字面上就是：你花出去之後，多快能賺回來；以及在你把成本都回收之後，該批次用戶群的強度能讓你持續獲得多少。

The important thing to note is even with the sequential step-up in marketing that we saw from Q4 to Q1 that there was a little degradation in the return profile. So then with that opportunity, we increased or accelerated the spend further. So that's what you're seeing in sort of the consolidated number and why you have the revenue performance being where it's at and the impact on adjusted EBITDA.

需要注意的重要一點是，即便我們看到行銷支出從第四季到第一季出現季對季的提升，報酬輪廓也只出現了些微的惡化。因此，基於這個機會，我們進一步提高或加速了支出。所以你在合併數字中看到的就是這些，也就是為什麼營收表現會是現在這樣，以及對調整後 EBITDA 的影響。

Thank you. This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

謝謝。問答環節以及今天的活動到此結束。感謝各位女士、先生的參與。您現在可以斷線。祝您有美好的一天。