Rush Street Interactive Inc (RSI) 2024 Q3 法說會逐字稿

(audio in progress) Other income statement measures other than revenue. We're referring to those items on a non-GAAP adjusted EBITDA basis.

（音訊進行中） 除收入以外的其他損益表指標。我們在非 GAAP 調整後 EBITDA 的基礎上提及這些項目。

With me on the call today, we have Richard Schwartz, Chief Executive Officer. We will first provide some opening remarks and then open the call to questions and with that, I'll turn the call over to Richard.

今天與我一起參加電話會議的有執行長理查德‧施瓦茨 (Richard Schwartz)。我們將首先發表一些開場白，然後開始提問，然後我將把電話轉給理查德。

Thanks Kyle. Good afternoon and welcome to our third quarter, 2024 earnings call.

謝謝凱爾。下午好，歡迎參加我們的 2024 年第三季財報電話會議。

I am pleased to report that we've achieved another record breaking quarter in both revenue and adjusted EBITDA for the third quarter. We reported revenue of $232 million up 37% compared to last year and up sequentially for the 15th time during our 16th quarters of being a public company, our adjusted EBITDA reached $23 million, which is the seventh consecutive quarter of improving profitability in terms of the scale. This represents an increase of over five times from the same period last year.

我很高興地向大家報告，我們第三季的營收和調整後 EBITDA 再次創下了季度紀錄。我們報告的收入為 2.32 億美元，比去年增長 37%，是上市公司第 16 個季度中第 15 次增長，調整後 EBITDA 達到 2,300 萬美元，這是連續第 7 個季度盈利能力提高規模。這比去年同期成長了五倍多。

Consistent with recent trends, we continue to attract new quality players at an impressive rate doing so efficiently and maintaining high player values. The success is a testament to our unique products and engaging user experience which fosters loyal customers and drives growth and profitability.

與最近的趨勢一致，我們繼續以令人印象深刻的速度吸引新的優質玩家，並保持高玩家價值。這一成功證明了我們獨特的產品和引人入勝的用戶體驗，從而培養了忠誠的客戶並推動了成長和獲利。

Additionally, our efficient marketing spend has contributed significantly to our bottom line.

此外，我們高效的行銷支出為我們的利潤做出了重大貢獻。

In light of these results, we are raising our 2024 revenue guidance by 3% and EBITDA guidance by 24% at the midpoint.

鑑於這些結果，我們將 2024 年收入指導上調 3%，將 EBITDA 指導上調 24%。

It's worth noting that the midpoint of our EBITDA guidance is now 110% higher than what was originally put forward at the beginning of the year. Kyle will offer more details in his remarks.

值得注意的是，我們的 EBITDA 指導中位數現在比年初最初提出的中位數高出 110%。凱爾將在講話中提供更多細節。

These impressive results underscore our commitment to our long term strategic objectives which include being a leader in online gaming across the Americas by continuously innovating and enhancing our product offerings. Combined with expanding our market presence, we are laying a solid foundation for long term performance and continued improvements in profitability.

這些令人印象深刻的業績強調了我們對長期戰略目標的承諾，其中包括透過不斷創新和增強我們的產品，成為美洲線上遊戲的領導者。結合擴大市場份額，我們正在為長期業績和獲利能力的持續提高奠定堅實的基礎。

Our focus on technology and product innovation, strategic partnerships and the customer experience positions as well to continue to capitalize on the growing opportunities in the online casino and sports spending industry.

我們專注於技術和產品創新、策略合作夥伴關係和客戶體驗地位，並繼續利用線上賭場和體育消費產業不斷增長的機會。

We remain dedicated to delivering value to our shareholders while providing a superior gaming experience to our users. To that end, we also announced today a buyback of up to $50 million of our common shares. We remain highly confident in the opportunity ahead of us for continued top line growth and improved profitability and we believe this is the right use of our consistently increasing cash generation and existing cash balance.

我們仍致力於為股東創造價值，同時為用戶提供卓越的遊戲體驗。為此，我們今天也宣布回購最多 5,000 萬美元的普通股。我們對我們面前的持續收入增長和提高盈利能力的機會仍然充滿信心，我們相信這是對我們不斷增加的現金產生和現有現金餘額的正確利用。

Looking closer at the results in the quarter it again paints a picture of broad based growth and success in North America. Both Casino and sports revenues grew by over 30%.

仔細觀察本季的業績，它再次描繪了北美地區廣泛的成長和成功的景象。賭場和體育收入成長超過 30%。

We continue to see incredible success with our launch in Delaware.

我們在特拉華州的推出繼續取得令人難以置信的成功。

Our Latin American business again, produced impressive results and we experienced better than expected force hold during the quarter. Underpinning all of these results are fantastic trends in player counts and player values. For the quarter North American miles reached [1,68,000]. Up 28% year over year, marking another consecutive quarter of accelerating growth.

我們的拉丁美洲業務再次取得了令人矚目的業績，本季我們的業績優於預期。所有這些結果的基礎是玩家數量和玩家價值的驚人趨勢。四分之一的北美里程達到[1,68,000]。年比成長 28%，標誌著另一個連續季度加速成長。

Art now in North America increased by 4% to $388. A new record for us since going public almost four years ago.

北美藝術品現價上漲 4% 至 388 美元。這是我們自四年前上市以來的新紀錄。

This growth is a testament to our underlying strategic focus on user engagement and retention and ability to improve art. Now, while quickly growing player counts in Latin America, we continue to experience remarkable growth with our miles increasing year over year by 122% to [3,29,000].

這種成長證明了我們對用戶參與和保留率以及改進藝術能力的基本策略重點。現在，雖然拉丁美洲的玩家數量快速增長，但我們的里程數同比增長 122%，繼續實現顯著增長[3,29,000]。

This increase highlights the effectiveness of our localized strategies and teams and our ability to attract and retain users. Our art. Now in the region was $39 higher on a sequential basis and lower by 9% versus last year.

這一成長凸顯了我們在地化策略和團隊的有效性以及我們吸引和留住用戶的能力。我們的藝術。目前該地區的價格環比上漲 39 美元，比去年下降 9%。

These trends were directly influenced by the increased new player volumes from the Copa America in June and July, which drove momentum in active user accounts.

這些趨勢直接受到 6 月和 7 月美洲杯新玩家數量增加的影響，這推動了活躍用戶帳戶的成長勢頭。

With that overview let's talk about a few particular markets and context on our results.

有了這個概述，我們來談談一些特定的市場和我們的結果的背景。

Our revenues are continuing to diversify in Latin America and in US and Canadian markets launched in 2021 revenue was up 83% year over year in the third quarter.

我們的收入持續多元化，在拉丁美洲以及 2021 年推出的美國和加拿大市場，第三季營收年增 83%。

The geographic diversification of our business is continuing to progress.

我們業務的地域多元化正在不斷取得進展。

The percentage of revenue generated from markets outside of Illinois and Pennsylvania is now 62% up from 52% during the year ago quarter. Easily the highest it's been since going public.

來自伊利諾州和賓州以外市場的收入比例目前為 62%，高於去年同期的 52%。這無疑是上市以來的最高水準。

Our expanding margins and increased profitability as a result of this trend where we are seeing higher growth in our more profitable markets for the second quarter. In a row, we saw nine different markets with year over year growth of over 50%.

由於這一趨勢，我們的利潤率不斷擴大，獲利能力不斷提高，我們在第二季度看到利潤更高的市場出現了更高的成長。我們連續看到 9 個不同的市場年增超過 50%。

One of those continued bright spots was the state of Delaware performance has been exceptionally strong with our GGR now running an annual rate nearing $100 million.

持續的亮點之一是特拉華州的表現異常強勁，我們的 GGR 目前的年增長率接近 1 億美元。

This run rate is the result of an increase of almost five times. The predecessor operators run rate in I casino and it's all the success we're having in online sports.

這個運行率是增加了近五倍的結果。前營運商在賭場中運行率，這就是我們在線上體育領域的所有成功。

A robust performance in Delaware is a real time example of the impact of our product and operations teams delivering high quality gaming experiences and our ability to drive substantial revenue growth in established markets.

特拉華州的強勁表現是我們的產品和營運團隊提供高品質遊戲體驗的影響力的即時例子，以及我們在成熟市場推動收入大幅成長的能力。

Delaware continues to be an opportunity we remain very excited about. The momentum we've been experiencing in Latin American operations continued and even accelerated into the third quarter.

特拉華州仍然是一個讓我們感到非常興奮的機會。我們在拉丁美洲業務中所經歷的勢頭在第三季度持續甚至加速。

Our Latin America revenue almost doubled year over year coming in just shy of 100% growth.

我們的拉丁美洲收入比去年同期幾乎翻了一番，成長接近 100%。

Our partnership with Multimedia in Mexico has been instrumental in this success, providing us with valuable local insights, relationships and enhancing our market penetration.

我們與墨西哥 Multimedia 的合作關係對於這一成功發揮了重要作用，為我們提供了寶貴的本地見解、關係並提高了我們的市場滲透率。

Latin America now accounts for 16% of our total revenue demonstrating its continued importance to our long term strategic objectives and our commitment to delivering tailored experiences that resonate with local players.

拉丁美洲目前占我們總收入的 16%，這表明它對我們的長期戰略目標以及我們致力於提供與當地參與者產生共鳴的客製化體驗的持續重要性。

Our marketing efforts continue to yield positive results. Building on the strong foundations laid in previous quarters.

我們的行銷努力持續取得正面成果。建立在前幾個季度奠定的堅實基礎之上。

The great results I shared earlier around males and art males are being driven by our targeted and data driven marketing efforts.

我之前分享的有關男性和藝術男性的出色成果是由我們有針對性和數據驅動的行銷工作所推動的。

Our campaigns have effectively leveraged a mix of traditional and digital channels allowing us to reach a broad audience and attract new users at a very solid base.

我們的活動有效地利用了傳統和數位管道的結合，使我們能夠接觸到廣泛的受眾並在非常堅實的基礎上吸引新用戶。

In fact, in North America, we once again reduced our cost to acquire players down by about a third compared to the year ago quarter.

事實上，在北美，我們再次將獲取玩家的成本比去年同期降低了約三分之一。

Building on our commitment to product and tech innovation.

基於我們對產品和技術創新的承諾。

There are a couple of recent announcements we've made that I wanted to call out, During the quarter. We were excited to announce the launch of our enhanced I rush rewards loyalty program.

我想在本季度發布一些最近發布的公告。我們很高興地宣布推出增強型 Irush 獎勵忠誠度計劃。

The new program was created based on customer feedback, aiming to deliver a more valuable and rewarding experience for our users.

新計劃是根據客戶回饋創建的，旨在為我們的用戶提供更有價值和更有價值的體驗。

We extended the time for players to retain their loyalty tier and associated benefits, gave players increased access to more free promotional events such as Bingo and [slot] tournaments, complimentary cruises and vacations, exclusive promotions and gifts, access to live concerts and sporting events and more.

我們延長了玩家保留其忠誠度等級和相關福利的時間，讓玩家有更多機會參加更多免費促銷活動，例如賓果遊戲和老虎機錦標賽、免費遊輪和假期、獨家促銷和禮品、觀看現場音樂會和體育賽事等等。

We also substantially improve the user interface and importantly, the communication that benefits to players.

我們也大幅改進了使用者介面，重要的是，改進了有利於玩家的溝通方式。

All of these changes align with our player first philosophy and should continue to drive industry leading retention and player values.

所有這些變化都符合我們玩家至上的理念，並應繼續推動業界領先的保留率和玩家價值。

We also continue to drive innovation on the player engagement front, leveraging our real time promotional engine to provide extra value to our customers by putting twists on proven beloved games building and extending on the success of our [priority] games such as Bingo, Trivia and Football Squares. We just launched PropPacks a game Changing bonus promotion that combines the excitement of collecting sports cards with the thrill of prop bets offering users a unique and engaging way to enhance the sports betting experience with that river.

我們也持續推動玩家參與方面的創新，利用我們的即時促銷引擎，透過對經過驗證的深受喜愛的遊戲進行創新，建立和擴展我們的[優先]遊戲的成功，例如賓果遊戲、問答遊戲和問答遊戲，為我們的客戶提供額外的價值。我們剛剛推出了 PropPacks 遊戲改變獎金促銷活動，將收集體育卡的興奮感與道具投注的興奮感結合在一起，為用戶提供了一種獨特且引人入勝的方式來增強河牌圈的體育博彩體驗。

We are excited because PropPacks not only adds an extra layer of excitement to watching NBA games but also offers our users value in the form of additional opportunities to win and no extra cost to them, providing them with a clear incentive to place their single game parlay bets with that rivers.

我們很興奮，因為PropPacks 不僅為觀看NBA 比賽增添了一層額外的興奮感，而且還為我們的用戶提供了額外的獲勝機會，並且無需支付額外費用，從而為他們提供了明確的動機來進行單場比賽連本帶利用那條河牌下注。

Our strong results and momentum continues to be driven by our strategic initiatives and commitment to operational excellence, our ability to track to retain high value players coupled with our innovative product offerings and effective marketing strategies has resulted in robust growth in both our revenues and profitability.

我們強勁的業績和勢頭繼續受到我們的戰略舉措和對卓越運營的承諾的推動，我們跟踪留住高價值玩家的能力，加上我們的創新產品和有效的營銷策略，導致我們的收入和盈利能力強勁增長。

We are particularly proud of the progress we've made in diversifying our revenue streams and expanding our market presence both in North America and Latin America.

我們對我們在收入來源多元化和擴大北美和拉丁美洲市場佔有率方面取得的進展感到特別自豪。

These accomplishments underscore our dedication to delivering exceptional value to our customers and shareholders with that. I'll turn the call over to Kyle.

這些成就凸顯了我們致力於為客戶和股東提供卓越價值的奉獻精神。我會把電話轉給凱爾。

Thanks Richard for the third quarter. Revenue was $232.1 million, marking a 37% increase compared to the same period last year as we also experienced during the first half of the year, the growth was balanced across geographies, products and markets benefits.

感謝理查德第三季。營收為 2.321 億美元，比去年同期成長 37%，我們在上半年也經歷過這種情況，成長在各個地區、產品和市場效益方面是平衡的。

Richard touched quickly on the solid sports. Hold in the third quarter. We had an estimated revenue till end of $10 million due to higher than expected. Hold in sports. Our adjusted even effort for the third quarter was [23.4 million], reflecting a significant increase of over five times from the prior year.

理查德很快就談到了紮實的運動。堅持到第三季。由於高於預期，截至年底我們的預計收入為 1000 萬美元。堅持運動。我們第三季調整後的平均努力量為[2,340萬]，比去年同期大幅成長五倍多。

We're continuing to benefit from increasing scale in the business as demonstrated in the strong flow through to earnings and cash flow. Highlighting what we see is a very high quality of earnings.

我們繼續受益於業務規模的擴大，強勁的獲利和現金流證明了這一點。強調我們看到的是非常高品質的獲利。

As Richard mentioned, our revenue was again driven by strong growth in our player base combined with industry leading player values. North American Miles were up 28% and in Latin America miles were up 122%. Our largest growth rate in over three years and off of a significantly stronger base.

正如理查德所提到的，我們的收入再次受到玩家基礎的強勁增長以及行業領先的玩家價值的推動。北美哩程成長了 28%，拉丁美洲哩程成長了 122%。我們的成長率是三年多以來最大的，並且基礎顯著增強。

We grew first time depositors in North America impressively during the quarter and in Latin America set another record for that metric. This was accomplished while also significantly reducing our cost to acquire new players as we continue to get more efficient with marketing and as our brand builds maybe most impressive. At the same time, we're growing our consistent player base at these higher rates.

本季度，我們在北美的首次存款人數量大幅增長，在拉丁美洲則創下了該指標的另一個紀錄。在實現這一目標的同時，隨著我們不斷提高行銷效率以及我們的品牌建立可能最令人印象深刻，我們也顯著降低了獲取新玩家的成本。同時，我們正在以更高的速度擴大我們穩定的玩家基礎。

We also improved our average player value year over year in North America and sequentially in Latin America, something not easy to achieve all of this boards well for our continued growth in the future in both top line revenue and profitability in the third quarter, gross profit margin increased to 34.9%. An improvement of approximately 310 basis points versus the prior year revenue from markets other than Pennsylvania and Illinois accounted for 62% of revenue during the quarter.

我們在北美和拉丁美洲的平均玩家價值也逐年提高，要實現所有這些目標並不容易，因為我們未來在第三季度的營收和盈利能力、毛利潤方面都將持續增長。 %。與去年相比，賓州和伊利諾州以外市場的收入提高了約 310 個基點，佔本季收入的 62%。

We Continuing the improvement in our revenue diversity and driving higher revenue growth in our more profitable markets. Our gross margins should continue to improve over time as this revenue mix continues to improve and we execute on improvements throughout our cost of revenue.

我們繼續改善收入多樣性，並在利潤更高的市場推動更高的收入成長。隨著時間的推移，隨著收入組合的不斷改善以及我們在整個收入成本方面的改進，我們的毛利率應該會繼續提高。

We also continue to be very pleased with our approach to marketing, Marketing spend during the quarter was 38.6 million. Up 13% compared to the prior year quarter with costs to acquire players a third lower in North America and the great success with Copa in Latin America. Our new player acquisition growth far exceeded our percentage increase in marketing spend as a percentage of revenue marketing was 17% during the quarter down from 20% in the year ago quarter.

我們仍然對我們的行銷方式感到非常滿意，本季的行銷支出為 3860 萬美元。與去年同期相比成長 13%，北美地區引進球員的成本降低了三分之一，而美洲盃在拉丁美洲取得了巨大成功。我們的新玩家獲取成長遠超過了行銷支出的成長百分比，本季行銷支出佔收入的百分比為 17%，低於去年同期的 20%。

We expect marketing spend to increase sequentially into the fourth quarter as we continue capitalizing on our ability to acquire players at attractive CPA.

隨著我們繼續利用我們以有吸引力的每次轉換費用吸引玩家的能力，我們預計第四季度的行銷支出將連續增加。

And as always, we'll stay flexible and dynamic with our marketing spend G&A for the third quarter was $19 million. Up 2%. Sequentially, we'll continue to invest in our product development and corporate infrastructure as we scale the business. Although we expect to continue to get leverage over this line item as we grow the business.

像往常一樣，我們將保持靈活和動態，第三季的行銷支出 G&A 為 1,900 萬美元。上漲2%。接下來，隨著業務規模的擴大，我們將繼續投資於產品開發和企業基礎設施。儘管我們預計隨著業務的發展，我們將繼續利用該訂單項目。

Turning to the balance sheet, we ended the quarter with $216 million in unrestricted cash and no debt and have generated an approximate $48 million increase in our cash balance year-to-date.

談到資產負債表，本季結束時，我們擁有 2.16 億美元的非限制性現金，沒有債務，今年迄今為止，我們的現金餘額增加了約 4,800 萬美元。

Turning to our guidance with one quarter remaining. We're raising both our full year revenue and even a guidance for the full year of 2024. We now expect full year revenue to be between $900 million and $920 million, which increases the midpoint to $910 million up $30 million from our prior guidance.

轉向我們的指導，還剩四分之一。我們提高了全年收入，甚至提高了 2024 年全年指引。我們現在預計全年收入將在 9 億美元至 9.2 億美元之間，這將中點提高至 9.1 億美元，比我們先前的指導增加了 3,000 萬美元。

And we now expect full year EBITDA to be between $82 million and $86 million, which increases the midpoint to $84 million up $16 million and 24% from our prior guidance. And as a reminder, our guidance includes only those markets that are live as of today.

我們現在預計全年 EBITDA 將在 8,200 萬美元至 8,600 萬美元之間，這將中點提高至 8,400 萬美元，比我們之前的指導高出 1,600 萬美元和 24%。提醒一下，我們的指導僅包括那些截至目前仍在運行的市場。

So with that operator, we can open the line for questions.

因此，透過該操作員，我們可以打開提問線路。

We will now begin our question and answer session at this time. (Operator Instructions)

我們現在將開始我們的問答環節。（操作員說明）

Our first question comes from Jed Kelley with the company Oppenheimer, Jed your line is now open.

我們的第一個問題來自奧本海默公司的傑德·凱利，傑德，您的線路現已開通。

Hey, great guys. Thanks for taking my question and solid quarter going just on the US Canada Solid user growth. Can you sort of talk about the LTV to [C] you're seeing, you know, and it's called the first two months into football, the promotional environment, any colour you can add there and then see that you're implementing a buyback. Can you talk about, you know, the reasons or further expand on that, implementing a buyback versus like a potentially maybe doing a dividend given what you know, the liquidity of your shares. Thank you.

嘿，偉大的傢伙們。感謝您提出我的問題，並感謝您在美國和加拿大的用戶成長方面取得了穩定的季度表現。你能談談你所看到的[C]的LTV嗎，你知道，這被稱為進入足球界的前兩個月，促銷環境，你可以在那裡添加的任何顏色，然後看到你正在實施回購。你能談談原因嗎？謝謝。

Yeah, thanks Jed. So on the, on your, your first question, not going to get into, you know, too deep on the specifics on each [cohort] or, or each month but what I can tell you more generally is that, first off,

是的，謝謝傑德。所以，關於你的第一個問題，你知道，不會太深入地討論每個[隊列]或每個月的具體細節，但我可以更籠統地告訴你的是，首先，

We continue to attract new players that really attractive prices, you know, that trend started going, going back into last year and has only gotten better as the year has gone on and that, that continued in Q3 and we're still seeing, you know, very good predicted, LTV on players. So I think that's all good for sure.

我們繼續吸引價格真正有吸引力的新玩家，你知道，這種趨勢開始持續，可以追溯到去年，並且隨著時間的推移只會變得更好，而且這種情況在第三季度繼續，我們仍然看到，你知道，非常好的預測，玩家的生命週期價值。所以我認為這肯定是件好事。

On the buyback, you know, the fact is we felt like this was, this was the right time to implement initial buyback program. Obviously, you know, the board, the management team are always evaluating all the different alternatives for per capital. But we felt like a buyback program was the right thing to do. You know, we really haven't had a point in our history.

關於回購，你知道，事實是我們覺得這是實施初始回購計畫的正確時機。顯然，你知道，董事會、管理團隊總是在評估人均資本的所有不同替代方案。但我們認為回購計劃是正確的做法。你知道，我們的歷史確實沒有任何意義。

We've had better visibility into the cash flow prospects and obviously, as you heard today, we're very bullish on, on the position we're in. So I think it just gives us flexibility to return capital to shareholders in this way with, with also, you know, leaving plenty of flexibility for us to execute on a new market launches and even new market launches that where there could be multiple at a time. And then also consider M&A opportunities or tuck in M&A opportunities.

我們對現金流前景有了更好的了解，顯然，正如您今天所聽到的，我們非常看好我們所處的位置。因此，我認為這只是讓我們能夠靈活地以這種方式向股東返還資本，同時，你知道，也為我們留下了足夠的靈活性來執行新的市場啟動，甚至可以同時啟動多個新市場的啟動。然後還要考慮併購機會或塞進併購機會。

Thank you.

謝謝。

Our next question comes from Ryan Sigdahl with the company Craig-Hallum. Ryan your line is now open.

我們的下一個問題來自 Craig-Hallum 公司的 Ryan Sigdahl。瑞安，您的線路現已開通。

Hey, good afternoon, Richard, Kyle. I also want to say, yeah, nice execution, impressive acceleration of business here. So want to kind of see on capital allocation. I mean the business is accelerating. You have your focus areas that are all performing extremely well.

嘿，下午好，理查德，凱爾。我還想說，是的，執行力很好，這裡的業務加速令人印象深刻。所以想看看資本配置。我的意思是業務正在加速。你的重點領域都表現得非常好。

I guess given the cash and increasing cash on the balance sheet, does this change your thought on potential expansion? I see Brazil listed on slide but any change in heart there or other markets. And as you think about the increasing confidence you have in the core business today.

我想考慮到資產負債表上的現金和不斷增加的現金，這是否會改變您對潛在擴張的想法？我看到巴西列在幻燈片上，但那裡或其他市場的心態有任何變化。當您想到今天您對核心業務的信心日益增強時。

Hey Ryan, this is Richard. Thanks for the comments. Yeah, our, our, you know, we're going to direct capital to the highest returns and we're constantly comparing all opportunities. There's some really exciting ones in Latin America that we've been continuing to evaluate and you know, expect that over time, we will be expanding into additional markets in that region as long as well as other markets in North America. That makes sense.

嘿瑞安，這是理查德。感謝您的評論。是的，我們的，我們的，你知道，我們將把資本引導到最高回報，我們不斷比較所有機會。我們一直在繼續評估拉丁美洲的一些非常令人興奮的市場，並且您知道，預計隨著時間的推移，我們將擴展到該地區的其他市場以及北美的其他市場。這是有道理的。

We've talked already about Alberta coming online hopefully in later next year and obviously want to make sure if anything else pops that we have the ability to act with speed and deliberation to enter those additional markets.

我們已經討論過艾伯塔省希望在明年晚些時候上線，並且顯然希望確保如果出現任何其他情況，我們有能力快速而審慎地採取行動，進入這些額外的市場。

Thanks Richard, new PropPacks for MBA. Another kind of unique customer loyalty generosity tool you guys have in your toolbox, but I know it's really there but any feedback you received from players and then any metrics you can share maybe on subsequent parlay mix and plays, if it's driving part of the play there.

感謝 Richard，MBA 的新 PropPack。你們工具箱裡有另一個獨特的客戶忠誠度慷慨工具，但我知道它確實存在，但你從玩家那裡收到的任何回饋，然後你可以在後續的連贏組合和比賽中分享的任何指標，如果它是比賽的一部分在那裡。

Yeah, I think it's too early to really show and share any metrics. But what I will share with you is the amount of enthusiasm we've seen from the players, really enjoying the experience, something completely novel and innovative and something that really is engaging. And we have lots of opportunities to really engage with players when they're in the process of sort of having a gold card of a player.

是的，我認為現在真正展示和分享任何指標還為時過早。但我將與您分享的是我們從玩家那裡看到的熱情，他們真正享受這種體驗，這是完全新穎和創新的東西，而且是真正令人著迷的東西。當玩家正在獲得金卡時，我們有很多機會與他們真正互動。

That's if they go over 50 points in a game, you know, they're going to win $10,000. And that creates a lot of excitement for them. And for us even as the marketing team to be able to promote those experiences in real time, so the feedback from our customer service team has been extremely high.

也就是說，如果他們在一場比賽中得分超過 50 分，他們就會贏得 10,000 美元。這給他們帶來了很多興奮。對於我們來說，即使作為行銷團隊也能夠即時推廣這些體驗，因此我們的客戶服務團隊的回饋非常高。

Players are responding to it. It's a really elegant solution and it's really a lot of kudos to our team for executing on a very complex project like this, that really hasn't combined player cards with profits in the way this does. And it's just really engaging tool that we think is going to have a long legs ahead of us for the rest of the NBA season.

玩家們紛紛響應。這是一個非常優雅的解決方案，我們的團隊執行這樣一個非常複雜的項目確實非常值得稱讚，它確實沒有像這樣將玩家卡與利潤結合起來。這是一個非常有吸引力的工具，我們認為它將在 NBA 賽季剩餘的時間為我們帶來長足的發展。

It's a fun product. Unfortunately, I opened Julius Randall, not Anthony Edwards, good job guys, I'll turn it over to the other.

這是一個有趣的產品。不幸的是，我打開了朱利葉斯·蘭德爾，而不是安東尼·愛德華茲，幹得好，我會把它交給另一個。

Try again. Next time.

再試一次。下次。

Our next question comes from David Katz with the company, Jefferies. David, your line is now open.

我們的下一個問題來自 Jefferies 公司的 David Katz。大衛，你的線路現已開通。

Thank you very much. Hi, everyone. Well done. I just wanted to maybe talk through in a qualitative way, unspecific way, you know, next year. Right. Because the business does look like it's accelerating. But if I were to just use consensus numbers as a marker, you know, revenue would only grow, you know, 8% and EBITDA like 26 per year but you're kind of putting up more than that.

非常感謝。大家好。幹得好。我只是想也許明年以一種定性的、非具體的方式來討論。正確的。因為業務看起來確實在加速發展。但如果我只使用共識數字作為標記，你知道，收入只會增長，你知道，每年 8%，EBITDA 每年大約 26%，但你付出的會比這更多。

So the question is really, you know, are there any headwinds or, you know, any puts and takes or pivot points we should be considering as we think about 2025.

所以問題是，你知道，在我們思考 2025 年時，是否存在任何阻力，或我們應該考慮的任何看跌期權或樞軸點。

Yeah, David, I'll, I'll take that one and I appreciate you making it qualitative since you, you know, that we haven't given 25 guidance yet. But I think we, we can give you some things to think about. You know if you start with the top of the income statement, right? You know, this, this is a growth business, every market that we're in is still growing nicely.

是的，大衛，我會，我會接受這個，我很感謝你對其進行定性，因為你知道，我們還沒有給出 25 個指導。但我認為我們可以給你一些思考的機會。你知道如果你從損益表的頂部開始，對嗎？你知道，這是一個成長型業務，我們所在的每個市場仍在良好成長。

We planned to get our fair share of that growth. I think we've made it clear that we expect gross margins to continue to improve in into next year. For the two reasons really being structural cost improvements that we continue to make across the whole business and also favourable revenue mix trends towards a more profitable markets or higher growth and more profitable markets.

我們計劃從這一增長中獲得應有的份額。我認為我們已經明確表示，我們預計明年毛利率將繼續提高。基於兩個原因，我們繼續在整個業務中進行結構性成本改進，以及有利的收入組合趨勢，走向更有利可圖的市場或更高成長和更有利可圖的市場。

And then we also intend to get leverage over our marketing and G&A costs. So, expecting though the revenue to grow faster than, than the increase in those line items. So obviously, that means improvement, revenue, improvement in profitability that translates into improvement in cash flow next year.

然後，我們也打算利用我們的行銷和一般管理費用。因此，預計收入的成長速度將快於這些項目的成長速度。顯然，這意味著收入、獲利能力的改善，進而轉化為明年現金流的改善。

I think the only, the only thing maybe to think about from a top line headwind if you will, would just be that we'll be lapping Delaware which launched right at the end of, of 2023. Obviously, we're still very excited about Delaware. We see great opportunity to grow that market ahead. But we will lap the launch of that.

我認為，如果你願意的話，唯一可能從頂線逆風中考慮的事情就是我們將超越 2023 年底推出的特拉華州。顯然，我們仍然對特拉華州感到非常興奮。我們看到了未來發展該市場的巨大機會。但我們會慶祝它的推出。

Understood and, and the, the follow up then really needs to be about Delaware. And, you know, I suppose we should keep this in a qualitative context too, but, you know, despite the fact that it's grown a lot.

了解，並且，後續行動確實需要與特拉華州有關。而且，你知道，我想我們也應該將其保留在定性背景下，但是，你知道，儘管它增長了很多。

But it is a relatively short amount of time, you know, what would be the puts and takes for it to sort of grow, you know, more, right? Despite the fact that, you know, it, it's been a pretty solid start so far or less for that matter.

但這是一個相對較短的時間，你知道，要讓它成長，你知道，更多，對吧？儘管事實上，你知道，到目前為止，這還是一個相當堅實的開始。

I'll start and then maybe Kyle you can add on. Yeah, I mean, as you know, we've been proud of what we've been able to achieve in, in Delaware. And ultimately, what it comes down to is identifying with high quality customers and delivering the world class customer service and a unique experience that really drives those players to want to stay with us. What you're seeing is the art now has increased in North America despite also increasing our player volumes.

我先開始，然後也許凱爾你可以補充。是的，我的意思是，如您所知，我們為我們在特拉華州的成就感到自豪。最終，歸根結底是識別高品質的客戶，並提供世界一流的客戶服務和獨特的體驗，真正促使這些玩家願意留在我們身邊。你所看到的是，儘管我們的玩家數量也增加了，但北美的美術現在已經增加了。

Which is hard to do both at the same time, like we've been doing the last several quarters. And ultimately, it comes down to, if you retain those customers that are valuable, which we tend to do, you can keep those players that keep adding incrementally new players as we connect and reach more of them. So, we think there's a lot of room ahead for us in, in Delaware. I think Kyle, perhaps you want to share a little more detail.

這兩者很難同時做到，就像我們過去幾季所做的那樣。最終，歸根結底，如果你保留了那些有價值的客戶（我們傾向於這樣做），那麼你就可以留住那些隨著我們聯繫並接觸更多玩家而不斷增加新玩家的玩家。因此，我們認為特拉華州還有很大的發展空間。我想凱爾，也許你想分享更多細節。

Yeah, I mean, I think we, we talked about in the prepared remarks, but we're, you know, we're close to $100 million annual run rate at this point. So that's obviously very solid results. I think if you looked at other I casino markets and then you adjust for population and income levels, that would point you to a Delaware market that could be, you know, over 200 million in GGR between I casino and sports. You know, when you look down the road.

是的，我的意思是，我想我們在準備好的發言中談到了，但我們現在的年運行率接近 1 億美元。所以這顯然是非常可靠的結果。我認為，如果您查看其他賭場市場，然後根據人口和收入水平進行調整，您會發現特拉華州市場，您知道，賭場和體育賽事之間的 GGR 可能超過 2 億。你知道，當你往下看的時候。

That's helpful. Thank you very much.

這很有幫助。非常感謝。

Thanks David.

謝謝大衛。

Our next question comes from Chad Beynon with the company Macquarie. Chad, Your line is now open.

我們的下一個問題來自麥格理公司的 Chad Beynon。查德，您的線路現已開通。

Afternoon. Thanks for taking my question and nice results as well. I wanted to start with Latin America. So, you know, exceptional growth in Q3. I know in Q2, you guys talked about really strong first time depositors from the COP and the EUR but yeah, just wanted to ask from a retention standpoint, what you've seen given that a lot of those depositors were depositing for a certain event.

下午。感謝您提出我的問題，也取得了不錯的結果。我想從拉丁美洲開始。所以，你知道，第三季出現了異常成長。我知道在第二季度，你們談到了來自COP 和EUR 的非常強大的首次存款人，但是，是的，只是想從保留的角度問，考慮到很多存款人都在為某個事件存款，你們看到了什麼。

Any major differences in terms of how your customers down there are, you know, being retained versus the success that you've had up here. Thanks.

您知道，保留客戶的方式與您在這裡取得的成功之間存在重大差異。謝謝。

Yeah, so I'll start on that one. I think the, the answer is it part of a continuation of what we talked about in the last call, you know, so our certainly our user count, our monthly average user count in June and July during COPA.

是的，所以我將從那裡開始。我認為，答案是我們在上次通話中所討論內容的延續的一部分，所以我們當然是我們的用戶數量，我們在 6 月和 7 月 COPA 期間的月平均用戶數量。

We were much higher and that impacted Q2 and Q3 monthly active user figures that we've given. Obviously, the goal then is to, to retain those players or as many as possible. I think pretty amazing that we grew at that rate of players and kept our [art Mao] almost flat just a little bit down.

我們的水平要高得多，這影響了我們給出的第二季和第三季的月度活躍用戶數據。顯然，我們的目標是留住這些球員或盡可能多的球員。我認為非常令人驚訝的是，我們的玩家成長速度如此之快，並且我們的[藝術毛]幾乎持平，只是稍微下降了一點。

So I think that that part is really impressive. I think the other thing that's, that's great, you know, without getting too deep into the retention. You know, our October trends in terms of year, over year user growth are just as good as what we saw in August and September. So we haven't seen that dissipate.

所以我認為這部分確實令人印象深刻。我認為另一件事是，這很棒，你知道，無需太深入地保留。您知道，我們 10 月的年比用戶成長趨勢與我們在 8 月和 9 月看到的一樣好。所以我們還沒有看到這種情況消失。

So that, that's a really good sign for us and, and a good sign that we've got a lot of opportunity to continue to grow there.

因此，這對我們來說是一個非常好的跡象，也是一個好跡象，表明我們有很多機會繼續在那裡發展。

Thank you, appreciate it. And then for, for Q4 just asking because you gave guidance. It's been well reported that the hold rates in North America from a sports standpoint have been pretty low below average.

謝謝，很感激。然後，對於第四季度，只是詢問，因為您提供了指導。據報導，從體育角度來看，北美的保留率相當低，低於平均值。

A Can you comment on that? Obviously, you're giving guidance today. So we kind of know what happened in October and then

答：您能對此發表評論嗎？顯然，您今天正在提供指導。所以我們大概知道十月發生了什麼，然後

B are there opportunities to post the hold rate maybe, you know, with, with growth year over year just given what you've, what you've done from a mix standpoint and, and driving hold higher for the overall portfolio. Thank you.

B 是否有機會發布持有率，你知道，隨著逐年增長，考慮到你所擁有的、你從混合角度所做的事情，以及推動整體投資組合更高的持有率。謝謝。

Yeah, so not sure, I exactly understood that the back half of your question. Let me answer and see if it fills what you're looking for here. So, I think, you know, you're correct that we're giving guidance today and that reflects what we know about what's happened already in October.

是的，所以不確定，我完全理解你問題的後半部分。讓我回答一下，看看它是否滿足您在這裡尋找的內容。所以，我認為，我們今天提供的指導是正確的，這反映了我們對 10 月已經發生的情況的了解。

So it's still very solid revenue growth in Q4 year over year. Maybe just thinking about some of the sequential trends or year over year. We do at least where currency sits today. We've got some headwinds on sequential and year over year basis in our non-US market. So that, that impacts revenue somewhat. Nothing you don't already know, but there's, there's one less NFO week in Q4 of this year.

因此，第四季的營收年增仍然非常穩健。也許只是考慮一些連續趨勢或逐年趨勢。我們至少會關注當前貨幣的走勢。我們在非美國市場上連續和同比都遇到了一些阻力。因此，這會在一定程度上影響收入。眾所周知，今年第四季 NFO 減少了一周。

And then looking back at Q3 as we mentioned, prepared remarks, we had stronger sports hold in in the third quarter. And then really specific to your question about Q4 or October. Football results have been very, very player friendly. That includes football with a use soccer down in Columbia has actually had similar trend. So I think it, that's, it's great that we've been able to put forward really strong growth guidance Considering that.

然後回顧第三季度，正如我們所提到的，準備好的評論，我們在第三季度有更強勁的體育賽事。然後具體針對您關於第四季度或十月的問題。足球比賽的結果對球員來說非常非常友善。其中包括哥倫比亞的足球隊也有類似的趨勢。因此，我認為，考慮到這一點，我們能夠提出非常強大的成長指導，這真是太好了。

Perfect. Thanks, that hits on everything. Thanks Kyle.

完美的。謝謝，這對一切都有影響。謝謝凱爾。

Thank you.

謝謝。

Our next question comes from Jordan Bender with the company Citizens JMP. Jordan, your line is now open.

我們的下一個問題來自 Citizens JMP 公司的 Jordan Bender。喬丹，您的線路現已開通。

Afternoon, everyone. Following up on. The Delaware discussion, Kyle you essentially. Said that Delaware could, you know, double from here just based off of the, the GGR metrics. Is there anything to say that there's something you know, market dynamics related or just a single operator model that won't let you or will allow you to kind of get to that doubling of the Delaware market?

下午好，大家好。後續跟進。特拉華州的討論，凱爾本質上是你。說特拉華州可以，你知道，僅僅根據 GGR 指標，就可以從這裡翻倍。有什麼可以說的，有一些你知道的事情，與市場動態相關的，或者只是一個單一的運營商模型，不會讓你或將允許你讓特拉華市場翻一番？

Yeah, so, so first off, I'll say you're right. What, what I gave you was really just some mathematical look at comparing other I casino and there's, there's an opportunity to grow significantly from where we are today. I don't want to put a time frame on that, on that number and, and not necessarily putting that out as a target for us, but I do think it shows that there's a lot of opportunity left for us in the Delaware market.

是的，所以，首先，我會說你是對的。我給你的實際上只是一些與其他賭場進行比較的數學觀察，我們有機會在今天的基礎上取得顯著的發展。我不想在這個數字上設定一個時間框架，也不一定把它作為我們的目標，但我確實認為這表明特拉華州市場給我們留下了很多機會。

Okay, perfect. And then just on the follow up $10 million tail wind in the third quarter. Is it fair to assume that that's about a to $17 million impact to EBITDA on the positive side.

好的，完美。然後第三季迎來了後續 1000 萬美元的順風車。可以公平地假設這對 EBITDA 產生約 1700 萬美元的正面影響嗎？

That's probably a little heavy. It, you know, it obviously, it depends on where we saw those benefits because different markets have different levels of, of margin profitability. But it's probably closer to $5 million or $6 million in incremental than the seven or eight. I think that you mentioned.

這可能有點重。你知道，顯然，這取決於我們在哪裡看到這些好處，因為不同的市場有不同的利潤率水平。但增量可能比七、八個更接近 500 萬或 600 萬美元。我想你有提到過。

Okay, thank you next quarter.

好的，謝謝下個季度。

Thanks Jordan.

謝謝喬丹。

Our next question comes from Bernie McTernan with the Needham company, Bernie. Your line is now open.

我們的下一個問題來自尼達姆伯尼公司的伯尼·麥克特南。您的線路現已開通。

Hey, this is Stefanos Crist calling in for Bernie. Thanks for taking our questions. Just wanted to ask on Illinois given the recent tax increase. And now that we're two months into the NFL season, just anything you're seeing from operators, anything you know, different there Thanks.

嘿，我是斯特凡諾斯·克里斯特 (Stefanos Crist) 來找伯尼。感謝您回答我們的問題。只是想詢問一下伊利諾伊州最近的稅收增加。現在 NFL 賽季已經進入兩個月了，你從運營商那裡看到的任何東西，你所知道的任何東西，都有所不同，謝謝。

Yeah. Hi, Stan. This is Richard. Yeah, I think, you know, you've seen a little bit of awareness, obviously the higher tax rate when you do that, you see sort of less investment. But we haven't seen anything that quantifies it at this point.

是的。嗨，史丹。這是理查德.是的，我認為，你知道，你已經看到了一點意識，顯然當你這樣做時稅率更高，你會看到投資減少。但目前我們還沒有看到任何量化它的東西。

I think some platforms have a hard time adjusting their holds in different states. So we haven't seen some perhaps adjustments that you may see in the future. But all in all, you know, I think the market continues to be a good one for us and I think we're going to see some adjustments over the longer term based on the tax rate adjustments.

我認為有些平台很難調整在不同州的持有量。因此，我們還沒有看到您將來可能會看到的一些調整。但總而言之，我認為市場對我們來說仍然是一個好市場，我認為從長遠來看，我們將根據稅率調整看到一些調整。

^ Got. Thanks. And then just wanted to ask on Brazil, any updates before the launch in January?

^ 得到了。謝謝。然後只是想問巴西，在一月推出之前有什麼更新嗎？

Yeah. Well, Brazil is, is really long term exciting market while we appreciate the long term opportunity that it presents for us. We continue to take a cautious wait and see approach as we want to really sort of evaluate the opportunity relative to all the other opportunities that we're also considering.

是的。嗯，巴西確實是一個長期令人興奮的市場，同時我們讚賞它為我們提供的長期機會。我們繼續採取謹慎的觀望態度，因為我們希望相對於我們也在考慮的所有其他機會真正評估該機會。

So I think for this point, we're just going to keep monitoring, tracking it and we'll get back when there's something new to share.

所以我認為對於這一點，我們將繼續監控、追蹤它，當有新的東西可以分享時我們會回來。

All right, thanks guys.

好的，謝謝大家。

Thanks.

謝謝。

Our next question comes from Daniel Politzer with the company Wells Fargo, Dan, Your line is now open.

我們的下一個問題來自富國銀行公司的 Daniel Politzer，Dan，您的線路現已開通。

Hi. Yeah, Zach Silverberg, calling in for Dan. Good afternoon. Thanks for taking my questions.

你好。是的，扎克·西爾弗伯格來找丹。午安.感謝您回答我的問題。

On the advertising and promos on the $115 million or so that you spent year-to-date. How is best to think about, you know, the split between the US and Latin America and along those lines, how should we think about that spend in 2025? You know, give relative to revenues and maybe a split between us and Latin America.

今年迄今為止，您在廣告和促銷上花費了約 1.15 億美元。你知道，如何最好地考慮美國和拉丁美洲之間的分歧，沿著這些思路，我們應該如何考慮 2025 年的支出？你知道，相對於收入，也許還有我們和拉丁美洲之間的分配。

Sure, Zach. So, on the spend between geographies, we haven't broken that down as a percentage of revenue, we do spend a higher amount in Latin America. which probably makes sense and probably is obvious given the success we're having with, with adding players there.

當然，扎克。因此，就不同地區之間的支出而言，我們沒有將其細分為收入的百分比，但我們在拉丁美洲的支出確實更高。考慮到我們在增加玩家方面所取得的成功，這可能是有道理的，而且可能是顯而易見的。

And the growth profile of those markets in terms of 2025 kind of along the lines of what I mentioned earlier, we expect to get leverage over the marketing line item yet or get leverage over the marketing line item in 2025. But we haven't given out a specific amount there yet.

這些市場到 2025 年的成長情況與我之前提到的類似，我們預計將在 2025 年獲得對行銷訂單項目的影響力或在 2025 年獲得對行銷訂單項的影響力。但我們還沒有給出具體金額。

I think the probably something that will impact whether we grow more in Latin America or the US in 25 or North America in 25 is Peru that launched recently as you know, and starting to put some money to work there.

我認為，可能會影響我們在 25 世紀拉丁美洲或美國或 25 世紀北美增長更多的是秘魯，正如你所知，秘魯最近啟動了，並開始投入一些資金在那裡工作。

So that'll be an incremental investment for us in Latin America. Actually starting here in Q4, but also into 2025. And then if Alberta launches later in the year, next year, that could be an investment for us in, in North America. So just, just some things to think about.

因此，這將是我們在拉丁美洲的增量投資。實際上從第四季開始，但也到 2025 年。如果艾伯塔省在今年稍後、明年推出，這可能是我們在北美的投資。所以，只是需要考慮一些事情。

Got you appreciate. The colour and, just a follow up on the, the Illinois question. How do you think of, of regulatory risk for any other states in 2025 and beyond for the potential risk of higher taxes? And is there any states you'd like to call out on potentially the legalization side for eye gaming that you've seen some momentum?

得到你的讚賞。顏色，以及伊利諾伊州問題的後續。您如何看待 2025 年及以後其他州面臨的高稅務潛在風險的監管風險？您是否想指出哪些州在眼睛遊戲的潛在合法化方面已經看到了一些勢頭？

Yeah, you know, in terms of the tax increases, I don't, we don't expect to see it and hope it won't spread for the reason obviously is that the impact of tax taxes increases the taxes.

是的，你知道，就增稅而言，我不希望看到它，也希望它不會蔓延，因為顯然，稅收的影響會增加稅收。

It really has to be carefully considered because they are going to be some unintended consequences that could impact the industry, our employees, our customers, you know, protecting consumers, you know, is a goal of governments, you know, raising taxes on regulated operators like us really just simply drives more volume to unregulated sites like the sweepstakes casinos where no one benefits.

這確實必須仔細考慮，因為它們會產生一些意想不到的後果，可能會影響整個行業、我們的員工、我們的客戶，你知道，保護消費者是政府的目標，你知道，對受監管的企業提高稅收像我們這樣的運營商實際上只是簡單地將更多的交易量推向不受監管的網站，例如抽獎賭場，而沒有人從中受益。

There aren't any particular states that we're going to go on the limb and say, look for eye gaming legalization. You do see more and more efforts being made in this area is at G two E the trade show in Las Vegas a few weeks ago and had more conversations about eye gaming legalization than I've ever had in the over 10 years of being here since we started the company.

我們不會在任何特定州採取冒險行動，尋求眼睛遊戲合法化。幾週前在拉斯維加斯舉行的G 2 E 貿易展上，您確實看到在這一領域做出了越來越多的努力，並且關於眼睛遊戲合法化的討論比我自此以來10多年來所進行的討論還要多。

So I think there's a lot of momentum and desire, but we haven't seen that translate yet to results in the near term, but some of these states could pop and we're just not going to get in the business of predicting which ones. Because to be we don't have a great track record of doing that.

所以我認為有很大的動力和願望，但我們還沒有看到這在短期內轉化為結果，但其中一些州可能會出現，我們只是不打算預測哪些州。因為我們在這方面沒有良好的記錄。

Thanks. Appreciate it.

謝謝。欣賞它。

Thanks.

謝謝。

At this time, there are no more questions registered in Q again. (Operator Instructions)

此時，Q中已不再有任何問題登記。（操作員說明）

At this time. There are no more questions registered in queue. So, I'd like to pass the conference back over to our hosting team for closing remarks.

此時。隊列中沒有更多登記的問題。因此，我想將會議轉交給我們的主辦團隊進行閉幕致詞。

Thank you again for joining us today. We look forward to updating you on our progress when we share our fourth quarter and year end results in the new year.

再次感謝您今天加入我們。我們期待在新的一年分享我們的第四季和年終業績時向您通報我們的最新進展。

That will conclude today's conference call. Thank you for your participation and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您有個愉快的一天。