Rush Street Interactive Inc (RSI) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rush Street Interactive first-quarter 2025 earnings conference call.

女士們、先生們，大家好。感謝您的支持。歡迎參加 Rush Street Interactive 2025 年第一季財報電話會議。

(Operator Instructions) Please note that this conference call is being recorded today, April 30, 2025.

（操作員指示）請注意，本次電話會議將於今天（2025 年 4 月 30 日）進行錄音。

I'll now turn the call over to Kyle Sauers, Chief Financial Officer.

現在我將把電話轉給財務長 Kyle Sauers。

Thank you, operator. Good afternoon.

謝謝您，接線生。午安.

By now, everyone should have access to our first-quarter 2025 earnings release. It can be found under the heading Financials - Quarterly Results in the Investors section of the RSI website, at rushstreetinteractive.com.

現在，每個人都應該可以看到我們 2025 年第一季的收益報告。您可以在 RSI 網站 rushstreetinteractive.com 的投資者部分的財務 - 季度業績標題下找到它。

Some of our comments will be forward-looking statements, within the meaning of the federal securities laws. Forward-looking statements are not statements of historical fact and are usually identified by the use of words such as will, expect, should, or other similar phrases and are subject to numerous risks and uncertainties that could cause actual results to differ, materially, from what we expect.

我們的一些評論將是前瞻性陳述，符合聯邦證券法的定義。前瞻性陳述不是歷史事實陳述，通常使用諸如將、期望、應該或其他類似措辭來識別，並且受多種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的預期有重大差異。

We assume no responsibility for updating any forward-looking statements. Therefore, you should exercise caution in interpreting and relying on them. We refer you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.

我們不承擔更新任何前瞻性陳述的責任。因此，您在解釋和依賴它們時應謹慎。請您參閱我們向美國證券交易委員會提交的文件，以便更詳細地討論可能影響我們未來經營業績和財務狀況的風險。

During the call, we will discuss our non-GAAP measures, which we believe can be useful in evaluating the company's operating performance. These measures should not be considered in isolation or as a substitute for our financial results, prepared in accordance with GAAP.

在電話會議中，我們將討論我們的非公認會計準則指標，我們認為這些指標有助於評估公司的營運表現。這些措施不應被孤立地考慮或取代我們根據 GAAP 編制的財務結果。

We will be discussing adjusted EBITDA, which we define as net income or loss before interest, income taxes, depreciation, and amortization; share-based compensation; adjustments for certain one-time or non-recurring items; and other adjustments that are either non-cash or not related to our underlying business performance.

我們將討論調整後的 EBITDA，我們將其定義為利息、所得稅、折舊和攤銷前的淨收入或虧損；股份薪酬；對某些一次性或非經常性項目的調整；以及其他非現金或與我們的基本業務表現無關的調整。

A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is available in our first-quarter 2025 earnings release and our investor deck, which is available in the Investors section of the RSI website, at rushstreetinteractive.com.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳可在我們 2025 年第一季的收益報告和投資者簡報中找到，該簡報可在 RSI 網站 rushstreetinteractive.com 的投資者部分找到。

For purposes of today's call, unless noted otherwise, when discussing profitability, EBITDA, or other income statement measures other than revenue, we're referring to those items on a non-GAAP adjusted EBITDA basis.

為了今天的電話會議的目的，除非另有說明，在討論盈利能力、EBITDA 或除收入以外的其他損益表指標時，我們指的是非 GAAP 調整後的 EBITDA 基礎上的這些項目。

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.

今天與我一起參加電話會議的還有執行長理查德‧施瓦茨 (Richard Schwartz)。我們將首先致一些開場白，然後開始提問。

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

說完這些，我會把電話轉給理查。

Thanks, Kyle. Good afternoon. Thank you for joining us, today, for our first-quarter 2025 earnings call.

謝謝，凱爾。午安.感謝您今天參加我們的 2025 年第一季財報電話會議。

We have started the year with strong momentum, continuing to build on our success from last year.

我們以強勁的勢頭開啟了新的一年，並繼續鞏固去年的成功。

Our first-quarter revenue was $262 million, up 21% year over year. And adjusted EBITDA was $33 million, almost double, compared to the same period last year. We continue to achieve strong results by prioritizing innovation and the quality of our player experience; while, at the same time, excelling in the efficient acquisition and retention of high-value players.

我們第一季的營收為 2.62 億美元，年增 21%。調整後的 EBITDA 為 3,300 萬美元，與去年同期相比幾乎翻了一番。我們透過優先創新和玩家體驗的品質繼續取得強勁的業績；同時，在高效獲取和留住高價值球員方面也表現出色。

In essence, we are consistently adding more players to our platform. These players are of higher value. And we are acquiring them as efficiently as ever. This growth is driving significant profitability and reinforcing our strong momentum.

本質上，我們正​​在不斷為我們的平台增加更多的玩家。這些球員的價值更高。而且我們獲取這些資源的效率一如既往。這種成長正在推動顯著的獲利能力並增強我們的強勁勢頭。

During the first quarter, we continued to experience solid growth in both our Online Casino and Online Sports verticals. Online Casino grew by 25%, while Sports Betting grew by 11%.

在第一季度，我們的線上賭場和線上體育垂直領域繼續保持穩健成長。線上賭場成長了 25%，而體育博彩增長了 11%。

The growth in Sports Betting occurred despite player-friendly outcomes throughout March Madness, as well as the Philadelphia Eagles' Super Bowl win, which impacted us because of our large sports betting player base in the Delaware, South Jersey, and Pennsylvania areas.

儘管瘋狂三月和費城老鷹隊奪得超級碗的比賽結果對球員有利，但體育博彩業務仍然實現了增長，這對我們產生了影響，因為我們在特拉華州、南澤西州和賓夕法尼亞州地區擁有龐大的體育博彩玩家群。

The balanced expansion across product verticals is a proof point to our persistent efforts to enhance the user experience across all product verticals and customer touchpoints, as we attract and retain high-value players.

跨產品垂直領域的均衡擴展證明了我們堅持不懈地努力提升所有產品垂直領域和客戶接觸點的用戶體驗，以吸引和留住高價值玩家。

Our strategy of differentiating our offerings continues to pay off, driving engagement and retention on our platform.

我們的差異化產品策略持續取得成效，推動了我們平台的參與度和保留率。

In North America, MAU growth, for the quarter, was 17% year over year. And in Latin America, our MAUs continued to expand at a high rate, growing 61% year over year, compared to last year's quarter.

在北美，本季的每月活躍用戶成長率年增 17%。在拉丁美洲，我們的月活躍用戶數量持續高速成長，與去年同期相比年增 61%。

In fact, March was the second highest level of MAUs in LatAm, despite the tax situation in Colombia, trailing only last July when Colombia played in the finals of the Copa America.

事實上，儘管哥倫比亞的稅收狀況不佳，但 3 月的每月活躍用戶數量在拉丁美洲排名第二，僅次於去年 7 月哥倫比亞打進美洲杯決賽時的情況。

I will touch more on the tax situation in Colombia in a few minutes to provide an update from our last call.

幾分鐘後我將進一步談及哥倫比亞的稅務狀況，以提供我們上次通話的最新情況。

First, a few takeaways worth noting that underlie the strong results.

首先，值得注意的幾點是強勁業績背後的原因。

Domestically, we saw very solid growth across the board with year-over-year revenue growth in 15 out of our 16 North American online markets. This is despite the challenging sports hold in Q1 of this year that I referenced earlier.

在國內，我們全面實現了穩健成長，在北美 16 個線上市場中，有 15 個市場的營收年增。儘管我之前提到過，今年第一季體育賽事舉辦充滿挑戰，但情況仍然如此。

Our markets with both Online Casino and Online Sports Betting, such as Michigan, Delaware, and New Jersey, continue to perform exceptionally well.

我們的線上賭場和線上體育博彩市場（例如密西根州、特拉華州和新澤西州）繼續表現優異。

For example, in Michigan, we demonstrated impressive growth, with revenue up 40% during the quarter.

例如，在密西根州，我們表現出了令人矚目的成長，本季營收成長了 40%。

In Delaware, this was our first quarter with year-over-year comparisons; and the revenue growth exceeded 80%. While we anticipate facing tougher comparisons as the year progresses, these Q1 results underscore our continued enthusiasm for this market.

在德拉瓦州，這是我們第一個與去年同期相比的季度；收入增幅超過80%。雖然我們預計隨著時間的推移將面臨更嚴峻的比較，但第一季的業績凸顯了我們對這個市場的持續熱情。

New Jersey also remained a strong contributor, growing 27% during the quarter. As the industry approaches the 12th year of legalized online casinos in the state of New Jersey, the market has shown consistent year-over-year revenue growth. And we believe it serves as a prime example of the long-term prospects and durability of the online casino industry.

新澤西州也持續發揮強勁貢獻作用，本季成長了 27%。隨著新澤西州線上賭場合法化進入第 12 個年頭，該市場的收入逐年穩步增長。我們相信它是線上賭場產業長期前景和持久性的典範。

Internationally, we continue to generate strong results. In Mexico, growth accelerated from Q4. And we are seeing year-over-year growth near 50%, as we begin our third full year. In Colombia, our GGR was up 55%, in local currency, while we've been navigating the temporarily imposed 19% value-added tax on player deposits.

在國際上，我們持續取得強勁的業績。墨西哥從第四季開始成長加速。隨著我們進入第三個完整年度，我們看到同比增長接近 50%。在哥倫比亞，我們的博彩總收入（GGR）以當地貨幣計算增長了 55%，同時我們一直在應對針對玩家存款臨時徵收的 19% 增值稅。

On our last earnings call, we were only a few days into the new Colombian bad tax. And we're uncertain about how we'd approach the change and the impact on us and the broader market.

在我們上次的收益電話會議上，我們才剛剛經歷了哥倫比亞新的不良稅的幾天。我們不確定該如何應對這種變化以及它對我們和更廣泛市場的影響。

In response, at least up to this point, similar to others in the market, we have been absorbing the tax through higher bonusing, rather than passing the cost on to our players. This approach has allowed us to retain our market share, maintain strong player activity, and keep GGR levels near all-time highs, albeit with lower NGR.

作為回應，至少到目前為止，與市場上的其他公司類似，我們一直透過更高的獎金來吸收稅收，而不是將成本轉嫁給我們的玩家。這種方法使我們能夠保持市場份額，維持強勁的玩家活動，並使 GGR 水平保持在歷史最高水平附近，儘管 NGR 較低。

To provide clarity on the upcoming timeline, recall that the Colombian President issued two emergency decrees: one declaring a state of emergency in the Catatumbo region due to increased Gorilla activity, which would be the basis to institute emergency tax increases; and another imposing the actual 19% VAT tax to fund efforts against the Gorilla threat.

為了明確即將到來的時間表，回想一下哥倫比亞總統發布了兩項緊急法令：一項是由於大猩猩活動增加，宣布卡塔通博地區進入緊急狀態，這將成為實施緊急增稅的基礎；另一項措施是徵收 19% 的增值稅，以資助對抗大猩猩威脅的努力。

Just recently, the President chose not to renew the State of Emergency decree, as of April 24. Both decrees are under automatic review by the Colombian Constitutional Court. A summary of the court's ruling on the first decree was released yesterday, providing that the first decree was declared constitutional in limited part.

就在最近，總統選擇不再延長緊急狀態令，有效期至4月24日。這兩項法令均受到哥倫比亞憲法法院的自動審查。法院對第一項法令的裁決摘要於昨日公佈，其中規定，第一項法令在有限的範圍內被宣布符合憲法。

We will review the court's full opinion on this decree, once available. Regardless, the court must separately and independently rule on the second decree's constitutionality, which is likely by late May or June.

一旦獲得法院對該法令的完整意見，我們將進行審查。無論如何，法院必須單獨獨立地對第二項法令的合憲性作出裁決，這可能將在 5 月底或 6 月完成。

Depending on these court rulings, we and our competitors may adjust the bonusing strategies to better suit operators.

根據這些法院裁決，我們和我們的競爭對手可能會調整獎勵策略以更好地適應營運商。

Regarding legislative activity, there has been exciting progress in online gaming legislation in Alberta. The iGaming Alberta Act, known as Bill 48, has advanced to the third step of a five-step legalization process, moving to the committee stage.

在立法活動方面，阿爾伯塔省的網路遊戲立法取得了令人興奮的進展。《阿爾伯塔省 iGaming 法案》（即第 48 號法案）已進入五步合法化程序的第三步，進入委員會階段。

This bill aims to establish an open market for online sports betting and online casinos in the province of Alberta, transitioning from the current monopoly model operated by state-owned Play Alberta. The bill proposes creating the Alberta iGaming Corporation to manage contracts with operators, while regulation will be handled by the Alberta Gaming, Liquor, and Cannabis Commission. These changes are designed to bring unregulated operators under a regulated market, similar to Ontario's model.

該法案旨在在阿爾伯塔省建立一個開放的線上體育博彩和線上賭場市場，從目前由國有 Play Alberta 經營的壟斷模式過渡。該法案提議成立阿爾伯塔省網路遊戲公司來管理與營運商的合同，而監管將由阿爾伯塔省博彩、酒類和大麻委員會負責。這些變化旨在將不受監管的營運商納入受監管的市場，類似於安大略省的模式。

We are excited about the progress made and expect to be operating online casino and sports betting in this market next year, leveraging our success in online casino markets in North America.

我們對所取得的進展感到非常興奮，並希望明年能夠在這個市場上經營線上賭場和體育博彩，利用我們在北美線上賭場市場的成功。

We continue to monitor sessions in various US states. The increasingly challenging economic realities faced by states, combined with the proven financial and consumer protection benefits of regulation, and the fact that unregulated online casinos in the form of online casino sweep stakes and offshore casino sites already exist in the space, creates a compelling case for the legalization, regulation, and taxation of online casinos.

我們將繼續監測美國各州的會議。各州面臨的經濟現實越來越嚴峻，監管已證明具有保護金融和消費者權益的效益，而且事實上以在線賭場抽獎和離岸賭場網站形式存在的不受監管的在線賭場，這些都為在線賭場的合法化、監管和徵稅提供了有力的依據。

The reality is that legalizing online casino remains one of the best options for state governments to make up any near- or long-term budget deficits. It's reliable, proven, and straightforward for states to implement.

現實情況是，線上賭場合法化仍然是州政府彌補近期或長期預算赤字的最佳選擇之一。它可靠、經過驗證，並且易於各州實施。

In short, legalizing online casinos would be an additive contributor to state budgets, generate large and meaningful tax amounts for states; and in states where land-based casinos already exist, grow the overall pie of gaming revenues for those states.

簡而言之，線上賭場合法化將為各州預算帶來額外貢獻，為各州帶來大量且有意義的稅收；在已經存在實體賭場的州，增加這些州的博彩總收入。

As more states recognize the dual benefits of protecting their citizens and generating substantial tax revenues, we believe the iGaming legalization will gain momentum in the coming years.

隨著越來越多的州認識到保護公民和產生大量稅收的雙重好處，我們相信 iGaming 合法化將在未來幾年獲得發展動力。

Reflecting on the current economic macro situation, we are a well-positioned pure play in the online casino and OSB space. Our digital platform offers a very high-quality entertainment, along with affordability and convenience.

回顧當前的宏觀經濟形勢，我們在線上賭場和 OSB 領域處於有利地位。我們的數位平台提供高品質的娛樂，同時價格實惠且方便。

This makes it an attractive option for consumers, especially during challenging economic times. The accessible nature of our content makes it an appealing source of entertainment, positioning us as a resilient and well positioned among other consumer-facing industries.

這使得它對消費者來說是一個有吸引力的選擇，尤其是在經濟困難時期。我們內容的可訪問性使其成為一種有吸引力的娛樂來源，使我們在其他面向消費者的行業中具有彈性且處於有利地位。

We believe that our focus on delivering consistent performance and driving value for our shareholders will continue to make us a strong performer. Our platform's ease of use, affordability, and innovation, combined with our award-winning customer service, are key factors that are helping us to excel during these challenging times and will contribute to us continuing to be an outperformer.

我們相信，我們專注於提供穩定的業績和為股東創造價值，這將繼續使我們表現強勁。我們的平台易於使用、價格合理、創新，加上我們屢獲殊榮的客戶服務，是幫助我們在充滿挑戰的時期脫穎而出的關鍵因素，並將有助於我們繼續保持優異的表現。

I want to emphasize our unwavering commitment to delivering value to our shareholders and providing an unparalleled gaming experience to our users. Our success over recent years has set a strong foundation. And we are optimistic about building on this foundation, going forward.

我想強調的是，我們堅定不移地致力於為股東創造價值，並為用戶提供無與倫比的遊戲體驗。為我們近年來的成功奠定了堅實的基礎。我們對在此基礎上繼續前進充滿信心。

Thank you for your continued support and confidence in Rush Street Interactive.

感謝您對 Rush Street Interactive 的持續支持與信任。

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

說完這些，我會把電話轉給凱爾。

Thanks, Richard.

謝謝，理查。

First-quarter revenue was $262.4 million, up 21% year over year, driven by strong growth of approximately 25% year over year in Online Casino and approximately 11% in Online Sports. It was very encouraging to see that our first-quarter results were also strong across market vintages and geographies.

第一季營收為 2.624 億美元，年增 21%，這得益於線上賭場同比強勁增長約 25% 和線上體育同比強勁增長約 11%。令人鼓舞的是，我們的第一季業績在各個市場和地區都表現強勁。

In the first quarter, North American MAUs were 203,000, up 17% year over year; while ARPMAU in North America increased to $368, up 3% year over year. The fast growth in players, while maintaining and even increasing our leading ARPMAU level, is a testament to our underlying strategic focus on user engagement and retention.

第一季度，北美MAU為20.3萬，年增17%；北美地區ARPMAU增至368美元，年增3%。玩家數量的快速增長，同時保持甚至提高了我們領先的ARPMAU水平，證明了我們對用戶參與度和保留率的根本戰略重點。

As you would expect, our player growth is faster in the higher-value markets that include iCasino, since that's where we invest more of our resources.

正如您所期望的，我們的玩家在包括 iCasino 在內的高價值市場中的成長速度更快，因為我​​們在這些市場投入了更多的資源。

In Latin America, as Richard mentioned, we continued to experience high levels of player growth, with our MAUs increasing year over year by 61% to 354,000. This player base is a new quarterly record for LatAm in total but, also, a new quarterly record for Colombia, even in the face of the temporary VAT tax implementation.

正如理查德所提到的，在拉丁美洲，我們的玩家數量持續保持高成長，每月活躍用戶數量年增 61%，達到 354,000 人。這個玩家群不僅創下了拉丁美洲地區季度總玩家人數的新紀錄，也創下了哥倫比亞地區季度總玩家人數的新紀錄，即使在實施臨時增值稅的情況下也是如此。

Our ARPMAU in this region was $36. As you would expect, ARPMAU in LatAm was impacted by the higher bonus in Colombia that Richard explained earlier.

我們在該地區的ARPMAU為36美元。正如您所預料的，拉丁美洲的 ARPMAU 受到了 Richard 之前解釋過的哥倫比亞更高獎金的影響。

For those that track our MAU and ARPMAU trends closely, we've added a table on the back of our investor deck that shows historical trends. I'll point out that we've made some immaterial changes to the historical numbers to be consistent in all markets by only including players who have placed real money wagers in that data, essentially excluding players who have only placed wagers with bonus money.

對於那些密切關注我們的 MAU 和 ARPMAU 趨勢的人來說，我們在投資者平台的背面添加了一個顯示歷史趨勢的表格。我要指出的是，我們對歷史數據做了一些非實質性的改變，以便在所有市場保持一致，只包括在數據中下了真錢賭注的玩家，基本上排除了只用獎金下注的玩家。

Moving to gross profit margins. In the first quarter, they increased by 125 basis points, compared to last year, to 34.9%. This improvement was driven by ongoing trends in revenue diversification and higher revenue growth in our more profitable markets.

轉向毛利率。第一季度，這一比例較去年同期增加了125個基點，達到34.9%。這一改善是由收入多樣化的持續趨勢和我們利潤更高的市場中更高的收入成長所推動的。

On the marketing front, we remain disciplined and deliberate with our spend. We are allocating more resources to markets with better return opportunities, while maintaining flexibility in our investments. In the first quarter, we increased marketing spend by 3% compared to last year, yet achieved leverage over our marketing spend and delivered another record EBITDA quarter.

在行銷方面，我們堅持紀律，謹慎地使用支出。我們正在向具有更好回報機會的市場配置更多資源，同時保持投資的彈性。第一季度，我們的行銷支出較去年同期增加了 3%，同時實現了對行銷支出的槓桿作用，並再次創下了 EBITDA 季度紀錄。

First-quarter marketing spend was $38.8 million or 15% of revenue compared to 17% of revenue during the first quarter, last year. Our cost to acquire players in North America continue to be near the lowest they've been, since going public.

第一季的行銷支出為 3,880 萬美元，佔營收的 15%，而去年第一季的行銷支出佔營收的 17%。自上市以來，我們在北美招募球員的成本一直接近最低水準。

And just as important, our first-time depositors in North American iCasino markets, even when we exclude our newest market, Delaware, continue to grow nicely year over year, even while the markets become more mature, a testament to the expanding size of these markets, our ability to refine our marketing approach, and success continuing to find new valuable players.

同樣重要的是，即使排除我們最新的市場特拉華州，我們在北美 iCasino 市場的首次存款者數量仍然逐年增長，儘管市場變得更加成熟，這證明了這些市場的規模不斷擴大，我們有能力改進我們的營銷方法，並成功地繼續尋找新的有價值的參與者。

For the full year, we plan to continue our disciplined approach; making investments where we see opportunities; and expecting incremental leverage over our marketing spend, again, in 2025, with marketing spend continuing to grow at a lower rate than revenue.

全年我們計劃繼續採取嚴謹的作風；在看到機會的地方進行投資；並預計到 2025 年我們的行銷支出將再次增加槓桿，但行銷支出的成長速度仍將低於收入的成長速度。

G&A expenses for the first quarter were $19.5 million or 7.4% of revenue compared to 8.4% last year. For the full year, we continue to expect to achieve modest leverage over our G&A expense.

第一季的一般及行政費用為 1,950 萬美元，佔營收的 7.4%，去年同期為 8.4%。就全年而言，我們仍預期在一般及行政開支方面實現適度的槓桿作用。

Adjusted EBITDA for the first quarter was $33.2 million, reflecting the revenue growth and the increased leverage over expenses, partially offset by the increased bonusing costs in Colombia.

第一季調整後的 EBITDA 為 3,320 萬美元，反映了收入成長和費用槓桿的增加，但被哥倫比亞獎金成本的增加部分抵消。

We ended the quarter with $228 million in unrestricted cash and no debt. We generated approximately $25 million in cash during the quarter, excluding stock repurchases and stock withheld for employee tax obligations on [investors].

本季末，我們擁有 2.28 億美元的非限制性現金，且沒有債務。本季我們產生了約 2500 萬美元的現金，不包括股票回購和因員工納稅義務而扣留的股票[投資者]。

During the quarter, we repurchased approximately 500,000 shares at an average price of $10.35, under our previously announced $50 million share repurchase program. Subsequent to quarter end, we purchased an additional 234,000 shares at an average price of $10.55, leaving approximately $42 million remaining on our repurchase program.

在本季度，我們根據先前宣布的 5,000 萬美元股票回購計劃，以平均 10.35 美元的價格回購了約 500,000 股。季度末之後，我們以平均 10.55 美元的價格額外購買了 234,000 股，我們的回購計劃剩餘約 4,200 萬美元。

We are reiterating our full-year revenue and adjusted EBITDA guidance for 2025. We continue to expect 2025 revenue to be between $1.010 billion and $1.8 billion, with a midpoint of $1.45 billion, representing a 13% year-over-year increase.

我們重申 2025 年全年收入和調整後 EBITDA 指引。我們仍預期 2025 年營收將在 10.1 億美元至 18 億美元之間，中間值為 14.5 億美元，年成長 13%。

For the full year, we anticipate adjusted EBITDA to be between $115 million and $135 million, which represents $125 million at the midpoint, up 35% year over year.

我們預計全年調整後的 EBITDA 將在 1.15 億美元至 1.35 億美元之間，中間值為 1.25 億美元，年增 35%。

With regard to how we performed, relative to guidance since our last call, while Colombia is actually performing above our base expectations for player counts, handle, and GGR, it's below our base expectations for net revenue due to the higher bonusing. This has been offset by the continued outperformance in North American iCasino markets and the positive trends in players and revenue in those jurisdictions.

關於我們的表現，相對於我們上次通話以來的指導，雖然哥倫比亞的實際表現高於我們對玩家數量、交易量和遊戲總收入的基本預期，但由於獎金較高，其淨收入低於我們對淨收入的基本預期。北美 iCasino 市場的持續優異表現以及這些司法管轄區的玩家和收入的正面趨勢抵消了這一影響。

Our guidance ranges for revenue and EBITDA continue to include a range of potential outcomes from the recent tax changes in Colombia, with the assumption that the tax lasts through the end of the year. Given how strong the volumes have been in Colombia, should the temporary bad tax go away prior to year-end, we could see meaningful upside to both revenue and EBITDA.

我們對收入和 EBITDA 的指導範圍繼續包括哥倫比亞最近稅收變化的一系列潛在結果，並假設稅收持續到今年年底。鑑於哥倫比亞的銷售量如此強勁，如果臨時不良稅在年底前取消，我們可能會看到收入和 EBITDA 都有顯著上升。

And one last reminder: our guidance includes only those markets that are live, as of today.

最後提醒一下：我們的指導僅包括截至今天仍在運營的市場。

With that, operator, we can open the line for questions.

接線員，這樣我們就可以開通問答熱線了。

(Operator Instructions)

（操作員指示）

Bernie McTernan, Needham & Company.

麥克特南 (Bernie McTernan)，Needham & Company。

Maybe, just to start, I would love to touch on Colombia a little bit more and understand the investments that you, guys, are -- that the company is making. What are you seeing, from a competitive standpoint? Are other operators also offsetting that tax for consumers? And importantly, do you think you're taking share of MAUs and handle in the region?

也許，首先，我想多談談哥倫比亞，並了解你們——公司正在進行的投資。從競爭的角度來看，您看到了什麼？其他業者是否也為消費者抵銷該稅？重要的是，您是否認為您在該地區佔據了 MAU 份額並取得了成功？

And then, I have a follow-up.

然後，我有一個後續問題。

Sure. Bernard. I'll take it and see if Kyle wants to add anything.

當然。伯納德。我會接受它並看看凱爾是否想添加任何東西。

But, yes, we are bonusing at higher rates, as we mentioned, and passing the cost on to other players, which is consistent with what all the other players in that market are doing, as well.

但是，是的，正如我們所提到的，我們正在以更高的利率發放獎金，並將成本轉嫁給其他參與者，這與該市場中所有其他參與者的做法一致。

We are, as we also mentioned, having all kinds of record performance on GGR, volume handle. So we feel very confident that our decision to do that has been a good one because it's continuing to ensure that we retain or possibly grow share.

正如我們所提到的，我們在 GGR、交易量處理方面有著各種創紀錄的表現。因此，我們非常有信心，我們這樣做的決定是正確的，因為它將繼續確保我們保留或可能增加份額。

As you know, the market share information isn't disclosed in that market. So it's not something we can speak to directly but we are feeling like we're doing everything within our control to make sure we're managing it smartly.

如您所知，該市場並未揭露市場份額資訊。所以這不是我們可以直接談論的事情，但我們感覺我們正在盡一切努力確保我們能夠明智地管理它。

I think that, at the end of the day, as I tell our team often, we can focus on execution and what we can control. And I think we're doing a really nice job there; of managing that business through this challenging period.

我認為，正如我經常告訴我們的團隊的那樣，到最後，我們可以專注於執行和我們能夠控制的事情。我認為我們在這方面做得非常好；在這一充滿挑戰的時期管理該業務。

Understood.

明白了。

And then, I wanted to touch on Delaware, which I think has been a major success story for Rush Street. Lots of growth last year.

然後，我想談談特拉華州，我認為這是 Rush Street 的一個重大成功故事。去年增長很多。

How should we think about growth in '25 and frankly, beyond too, in terms of -- I think it was a large contributor to consolidated growth last year. Should it slow down? Is it a tough comparison? Like, how should investors think about Delaware in '25?

我們應該如何看待 25 年的成長，坦白說，還有以後的成長，我認為這是去年綜合成長的一個重要貢獻者。是否應該放慢速度？這是一個很難的比較嗎？例如，投資者應該如何看待 25 年的德拉瓦州？

Yes. I'll take that. Appreciate the question.

是的。我會接受的。感謝你的提問。

You're right. Delaware has been a great win for us and it continues to be performing really well.

你說得對。特拉華州的勝利對我們來說是一個巨大的勝利，並且它的表現持續出色。

Our expectation is that we'll continue to see really nice growth out of Delaware.

我們期望特拉華州能夠繼續實現真正良好的成長。

As you point out, we've lapped now the launch of Delaware for us, which was right at the end of 2023 -- so call it the beginning of 2024.

正如您所指出的，我們現在已經完成了特拉華州的推出，時間是在 2023 年底，也就是 2024 年初。

As the year goes on, it's logical that the growth rate will slow down in that market, specifically. But we feel like there's a long road ahead for Delaware.

隨著時間的推移，該市場的成長率將會放緩，這是合乎邏輯的。但我們覺得德拉瓦州還有很長的路要走。

We probably mentioned it before but if you just triangulate around how other markets have performed -- that have iCasino -- look at adult population and income levels, this could be approaching a $300 million GGR market in a few years.

我們可能之前提到過，但如果你只是對比一下其他市場的表現——擁有 iCasino——看看成年人口和收入水平，這可能會在幾年內接近 3 億美元的 GGR 市場。

And, maybe, there's a little discount off of that because there's not as much competition there. But that's a long ways from where we're running today. So there's a lot of upside in Delaware, still.

而且，也許會有一點折扣，因為那裡的競爭不那麼激烈。但這與我們今天所處的位置相差甚遠。因此，特拉華州仍然具有很大的優勢。

Jordan Bender, Citizens.

喬丹·本德，公民。

I want to stick with Colombia, here, for a second. Net revenue coming in below your expectations. But are there any early learnings that you can use to adjust the business model, as the year goes on, to better tailor what you're doing in the market to improve those NGR results to be more in line with the range that you gave, when you gave guidance last quarter?

我想在這裡繼續談論哥倫比亞。淨收入低於您的預期。但是，隨著時間的推移，您是否可以利用早期的經驗來調整業務模式，以更好地調整您在市場上的所作所為，從而改善 NGR 業績，使其更符合您上個季度給出的指導範圍？

Yeah. Thanks, Jordan.

是的。謝謝，喬丹。

We're continuing to adjust. And, obviously, the competitive landscape and how our competitors are treating customers is an important part of that and making sure that we're keeping players excited beyond the great platform that we provide to them.

我們正在繼續調整。顯然，競爭格局以及我們的競爭對手如何對待客戶是其中的重要組成部分，並確保我們能夠讓玩家對我們為他們提供的出色平台感到興奮。

As I think you understand, the tax, itself, that players are responsible for but that we're making up for with a cashback bonus is a tax on deposits. So there is a bit of a multiplying effect there, if there are multiple deposits and there's withdrawals.

我想您明白，稅收本身是玩家應繳納的，但我們透過現金回饋獎金來彌補，這是存款稅。因此，如果有多個存款和提款，就會產生一些乘數效應。

So one of the things we've done that we've been proud of is adjust to that and make sure that we're reducing that deposit turnover, as much as possible.

因此，我們所做的事情之一就是做出調整，並盡可能減少存款週轉率，這是我們引以為傲的。

We have reduced our marketing spend, a little bit, down there, in response to this. But we'll continue to monitor what the competitors are doing.

為了應對這種情況，我們稍微減少了行銷支出。但我們會繼續關注競爭對手的動向。

And if this tax does appear like it's going to last through the end of the year, then we'll see how the competitors respond and think about what our response might be. But we're doing everything we can to maximize that net revenue off of what is a growing GGR base.

如果這項稅收確實看起來要持續到今年年底，那麼我們將觀察競爭對手如何反應，並思考我們的反應是什麼。但我們正在盡一切努力，透過不斷增長的博彩總收入基礎，實現淨收入最大化。

The previous question was about market share and Richard pointed out that we don't know, for sure, if we're taking market share; but GGR, up 55% in Q1 -- and it's actually up even more than that in April.

先前的問題是關於市場份額的，理查德指出，我們並不確定我們是否佔據了市場份額；但第一季的博彩總收入 (GGR) 卻上漲了 55%——而 4 月份的漲幅實際上甚至更高。

Unless you assume the market is growing at that rate, you have to assume that our strategy and our product is taking share, for sure.

除非你假設市場以這樣的速度成長，否則你必須假設我們的策略和產品肯定會佔據市場份額。

Great. Switching gears, here.

偉大的。換個話題，就在這裡。

Pennsylvania just joined the Multi-State Internet Gaming Agreement, which should help liquidity across your platform.

賓州剛剛加入了多州網路遊戲協議，這將有助於提高整個平台的流動性。

I don't think Poker is a huge driver of revenue. But curious to get your thoughts around another large state added to the agreement and how that could help cater to the segment of your database that participates in Poker.

我不認為撲克能帶來巨大的收入。但我很好奇，想知道您對加入協議的另一個大州的看法，以及這將如何幫助滿足參與撲克遊戲的資料庫部分的需求。

Sure. Thanks.

當然。謝謝。

Yeah. We're excited for the launch that we achieved in Pennsylvania. It was a successful debut of our Poker platform, which is hard to achieve; and it's one of the -- it is the newest platform in the industry. And we're very proud of what we've been able to do there.

是的。我們對在賓州所取得的成果感到非常興奮。我們的撲克平台首次亮相就取得了成功，這是很難實現的；它是業內最新的平台之一。我們對於在那裡所取得的成就感到非常自豪。

But the goal for us, though, was to be ready and to make sure that platform was capable of handling all the multiple state player liquidity that now, fortunately, is available to us. So we will be expanding in the future states.

但我們的目標是做好準備，並確保平台能夠處理現在幸運的是我們可以獲得的所有多州參與者流動性。因此，我們將在未來不斷擴張。

We made a statement earlier this week that goes to that effect.

本週稍早我們發表了一份聲明，內容與此有關。

And as you probably know, our strategy for the Poker has really been more of an amenity, ultimately. And we're using it as a cross-sell to Casino and Sports. So it's easy to say that. But it's hard to deliver that on the actual way the product works.

您可能知道，最終，我們針對撲克的策略實際上更多的是一種便利。我們將其用作賭場和體育的交叉銷售。所以說起來容易。但在產品的實際運作過程中很難實現這一點。

We've done all kinds of really nice features and functions we've added to the platform to make it really easy for a user to play the other products and achieve that result that we've set up for ourselves.

我們在平台上添加了各種非常好的功能和功能，讓使用者可以非常輕鬆地玩其他產品並實現我們為自己設定的結果。

The purpose of that is to be able to attract customers that want to play poker: once they're playing poker with us, have the other great offerings available to them in the other product verticals; and also, of course, to ensure that players that enjoy our casino and sportsbook stay with us, when they want to play poker.

這樣做的目的是為了吸引想要玩撲克的客戶：一旦他們與我們一起玩撲克，我們就可以在其他產品垂直領域為他們提供其他精彩的產品；當然，我們還要確保喜歡我們賭場和體育博彩的玩家在玩撲克時會繼續選擇我們。

And so, between the two Phils that we've -- who are our brand ambassadors of Poker, Phil Galfond and Phil Hellmuth, we've been really able to really reach a nice audience.

因此，在我們的兩位撲克品牌大使 Phil Galfond 和 Phil Hellmuth 的幫助下，我們確實能夠吸引大量觀眾。

And there's a lot of enthusiasm and excitement around this poker vertical for us. And we will be and are excited to be able to expand that into other states in the near future.

我們對撲克垂直領域充滿熱情和興奮。我們非常高興能夠在不久的將來將這項業務擴展到其他州。

Ryan Sigdahl, Craig-Hallum.

瑞安·西格達爾、克雷格·哈勒姆。

This is [Will], on for Ryan. Just a quick one on Colombia. And then, I'll have a follow-up.

我是 [Will]，代替 Ryan 發言。我只想簡單談談哥倫比亞。然後，我會進行跟進。

Could you quantify how much the increased promotions to that VAT tax impacted revenue and ARPAU in the quarter?

您能否量化增加增值稅促銷活動對本季營收和 ARPAU 的影響有多大？

Sure. So I gave a couple of stats that I'll expand upon; a couple of stats, a minute ago.

當然。因此我給了一些我將進一步闡述的統計數據；一分鐘前的一些統計數據。

Q1 GGR was up 55%. And I mentioned that April, that GGR growth rate is even higher than that. And this -- if you look at that growth rate, that's fairly consistent with what we've been seeing in Colombia for the last couple of years.

第一季博彩總收入成長了 55%。我提到，4 月的 GGR 成長率甚至更高。如果你看一下這個成長率，你會發現它與我們過去幾年在哥倫比亞看到的成長率相當一致。

And during that time, our GGR and our net revenue have grown at a fairly similar pace, which tells you that the bonusing -- in total, the bonusing hadn't changed a whole lot, over the last couple of years.

在此期間，我們的博彩總收入 (GGR) 和淨收入以相當相似的速度增長，這表明，在過去幾年中，獎金總額並沒有太大變化。

But to your question, in each of March and April, our net revenue growth was significantly impacted. So in March, our net revenue in US dollars was actually down, slightly, year over year. And in April, it's been about flat year over year.

但對於您的問題，三月和四月，我們的淨收入成長都受到了顯著影響。因此，3月份，我們的美元淨收入實際上比去年同期略有下降。四月份，與去年同期相比基本持平。

So we've got a market that may have otherwise been growing at 50%-plus that's now relatively flat year over year because of this temporary VAT tax.

因此，我們的市場本來可以以 50% 以上的速度成長，但由於這項臨時增值稅，現在比去年同期成長相對持平。

So I think there's a couple of takeaways from that. The first is the removal of the VAT tax should be a very meaningful driver of growth for us when that happens and when we have those as comparables with when the tax was in place.

所以我認為從中我們可以得到一些啟示。首先，當增值稅取消時，如果我們能將其與實施增值稅時進行比較，那麼增值稅取消將對我們產生非常有意義的成長推動作用。

And I think the other piece is -- and we said this in the prepared remarks -- that the rest of the business is performing very well; as such, we outperformed in Q1 and reiterated the guidance for the year, even in the face of the additional bonusing in Colombia.

我認為另一點是——我們在準備好的發言中也提到過——其餘業務表現非常好；因此，即使面對哥倫比亞的額外獎金，我們在第一季度仍表現出色，並重申了今年的指導方針。

Got it. Maybe, a quick one on the constitutional decree.

知道了。也許，快速討論一下憲法法令。

You said the first one was found partially constitutional and the second one, obviously, related to the tax is up for debate, right now. If we do see that continue out until the end of the year, could it be renewed? Or is it pretty much transitory until that point?

您說，第一項法案被認為部分符合憲法，而第二項法案顯然與稅收有關，目前正在討論中。如果我們確實看到這種情況持續到今年年底，那麼這種情況還能延續嗎？還是直到那時它都只是暫時的？

Sure. Yeah. The limitations of the emergency decree are that you could only extend it to a certain period of time. And that's one of the decisions the court will make, whether it's a six-month period or throughout the rest of the calendar year.

當然。是的。緊急法令的限制在於只能延長一段時間。這是法院將做出的決定之一，無論是六個月的時間還是全年的剩餘時間。

In terms of being able to exceed beyond that, you wouldn't be able to proceed without that, per the guidance, unless you have a congressional support for that; which, in the past, has been absent.

至於能否超越這一點，根據指導，如果沒有這一點，你就無法繼續進行，除非你得到國會的支持；而在過去，這種情況是不存在的。

So it does feel fairly likely that it would end either after six months -- so still a few months before the end of the year -- or at the end of the calendar year.

因此，它很有可能在六個月後結束（也就是在年底前幾個月），或在日曆年年底結束。

Jed Kelley, Oppenheimer.

傑德凱利，奧本海默。

Seeing really nice marketing leverage. We have seen some of the larger land-based casino players start to grow their product, too, for iGaming. Can you just expound more on what's driving the marketing leverage, even though the market remains pretty competitive because it continues to be pretty impressive?

看到了非常好的行銷槓桿。我們看到一些較大的實體賭場玩家也開始為 iGaming 擴展他們的產品。您能否進一步闡述推動行銷槓桿的因素，儘管市場競爭仍然相當激烈，但其表現仍然令人印象深刻？

Yeah. Sure. Hey, Jed.

是的。當然。嘿，傑德。

At the end of the day, it comes down to a real simple business, here, of can we have a reasonable rate of investment to acquire customers; and then, we let our experience take over.

歸根結底，這歸結為一個真正簡單的業務，在這裡，我們是否可以有一個合理的投資率來獲取客戶；然後，我們讓經驗接管一切。

And I think the quality of our experience continues to be the reason why we're able to achieve the results that we are -- despite not having the strongest brand in the market, and not having the largest budget, and not having a land-based property driving traffic to us, consistently, at the levels that you see in some of the larger land-based casino groups that reported earlier this week.

我認為，我們能夠取得如此成績的原因仍然是我們豐富的經驗——儘管我們沒有市場上最強大的品牌，沒有最大的預算，也沒有實體賭場來持續吸引客流量，就像本週早些時候報告的一些大型實體賭場集團那樣。

So at the end of the day, we focus on experiences and how can we differentiate those experiences to the point where a player who sign up for multiple accounts -- most players have multiple accounts -- what's going to motivate them to spend a higher percentage of their entertainment budget with us?

所以歸根結底，我們關注的是體驗，以及如何將這些體驗區分開來，以便讓註冊多個帳戶的玩家（大多數玩家都有多個帳戶）願意在我們這裡花費更高比例的娛樂預算？

And what it comes down to is can we offer them an experience that is unique and compelling and fun in a way that's not available elsewhere? And the answer has been and continues to be, yes.

而關鍵在於我們能否為他們提供其他地方無法提供的獨特、引人入勝且有趣的體驗？答案一直是肯定的。

We do offer something unique and something that's entertaining and engaging for customers in a more sophisticated fashion than most other products in the industry, which are mostly just offering a game library from a game lobby; where we have all kinds of fun experiences, whether it's community, chat, and engagement or whether it's all of our promotional engines that lead players to engage with each other in fun, promotional games.

我們確實提供了一些獨特的東西，並且比業內大多數其他產品更精緻，更能娛樂和吸引客戶，而其他產品大多只是提供遊戲大廳的遊戲庫；我們擁有各種有趣的體驗，無論是社區、聊天和參與，還是我們所有的促銷引擎，都可以引導玩家在有趣的促銷遊戲中相互互動。

I think at the end of the day, the players, who are playing often and frequently, notice these features; and they stay active with us because of that.

我認為到最後，經常玩遊戲的玩家會注意到這些特點；正因為如此，他們才一直與我們保持活躍。

Got it. That's helpful.

知道了。這很有幫助。

And then, just real quickly on the guidance. I see you're maintaining your revenue guidance.

然後，就快速進行指導。我看到您維持了收入預期。

However, I think 1Q was 21% revenue growth; implies a deceleration, even though you have similar comps throughout the year versus 1Q.

不過，我認為第一季的營收成長了21%；意味著減速，即使全年與第一季相比有相似的成長。

Can you talk about anything we should be watching for for the balance of the year?

您能談談今年剩餘時間我們應該關注的事項嗎？

Yeah. Thanks, Jed.

是的。謝謝，傑德。

Maybe, just to frame that: I think, given the guidance that we've offered, if you're looking at the midpoint, it is likely that revenue would be lower in Q2 and Q3 than it was in Q1; and that, then Q4 would be the largest revenue quarter of the year.

也許，只是為了表達這一點：我認為，根據我們提供的指導，如果你看中點，那麼第二季和第三季的收入可能會低於第一季；那麼第四季將成為全年收入最高的季度。

I think the things to think about: one is -- that I mentioned on a previous question -- just lapping Delaware. And while we still expect really nice growth out of Delaware, the growth rate in Delaware is likely to be slower as the year goes on.

我認為需要考慮的事情是：一是——我在之前的問題中提到過——只是繞過特拉華州。儘管我們仍然期待特拉華州實現真正良好的成長，但隨著時間的推移，特拉華州的成長率可能會放緩。

And then, another piece -- just, really, I'll say, Q1-specific -- is that the VAT tax in Colombia went into effect about almost two-thirds of the way through the first quarter. So we didn't have the headwind of that tax and that bonusing for most of Q1.

然後，另一件事——實際上，我想說，是第一季特有的——是哥倫比亞的增值稅在第一季的近三分之二時間開始生效。因此，在第一季的大部分時間裡，我們並沒有受到稅收和獎金的不利影響。

And under the guidance that we've offered, assuming that the tax lasts through the end of the year, that tax burden will be there or the bonusing burden will be there throughout all of Q2 and the other quarters. So that would be a headwind, relative to Q1.

根據我們提供的指導，假設稅收持續到年底，那麼稅負或獎金負擔將在整個第二季和其他季度存在。因此，相對於第一季而言，這將是一個阻力。

And then, maybe the last thing, just building in some potential changes in consumer behavior, I think Richard pointed out we haven't seen anything in our data or our experience that's suggesting any consumer changes. But, certainly, there's a lot of rhetoric and discussion around that topic.

然後，也許是最後一件事，只是在消費者行為中建立一些潛在的變化，我認為理查德指出，我們在我們的數據或經驗中沒有看到任何表明消費者變化的東西。但確實，圍繞這個主題有很多言論和討論。

So we just want to be mindful to keep that in mind in the thoughts on the guidance.

因此，我們只是想在指導思想中牢記這一點。

Got it. And then, just real quick: What's the tax rate we should assume for your adjusted EPS?

知道了。然後，簡單來說：我們應該假設您的調整後每股盈餘的稅率是多少？

Let me get back to you on that, Jed, because there's some moving parts there.

傑德，讓我回覆你這個問題，因為那裡有一些活動部件。

Part of it being that Colombia is changing pretty quickly. And, at the moment, Colombia is the only market where we're paying any meaningful income tax.

部分原因是哥倫比亞正在快速變化。目前，哥倫比亞是我們唯一繳納有意義所得稅的市場。

So I'll come back to you on that.

所以我會再回覆你這個問題。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

One of the areas that we were obligated to discuss is the prediction markets. And on the one hand, is that something that you would contemplate engaging in some fashion?

我們有義務討論的領域之一是預測市場。一方面，您是否會考慮以某種方式參與其中？

And second, if you have any perspective on how you think that evolves in the US and whether it has any meaningful impact on what you're doing on the Sports Betting side, that would be helpful.

其次，如果您對美國體育博彩業的發展有何看法，以及這對您在體育博彩方面所做的工作是否會產生任何有意義的影響，那將會很有幫助。

Sure. Hey, David. I'll take that one.

當然。嘿，大衛。我要那個。

Yeah. We've been very focused on ramping up our education on that market opportunity; making sure we are aware of all possibilities, should that market persists and grow into a legal market that us and others are able to participate in.

是的。我們一直非常注重加強對這一市場機會的了解；確保我們了解所有可能性，如果該市場持續存在並發展成為我們和其他人能夠參與的合法市場。

Clearly, as others have noted, currently today, there is a limited amount of liquidity and a limited number of markets that have enough liquidity to offer bets. But you would expect, over time, that that could and would grow to a greater variety of options.

顯然，正如其他人所指出的，目前，流動性有限，並且擁有足夠流動性來提供投注的市場數量也有限。但隨著時間的推移，你會期望它能夠並且將會增加更多種類的選擇。

So it is something that we are, like I said, very aware of and very focused on understanding all the aspects of it. And should there be an opportunity where licensed operators like us, on a state-by-state level, are able to participate in that market, that's certainly something we would consider, at that time.

所以，正如我所說，我們非常清楚這一點，並且非常注重了解它的各個方面。如果有機會，讓像我們這樣的持有執照的業者能夠在各州範圍內參與到這個市場，那我們肯定會考慮的。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Richard, Kyle, I wanted to ask about some of the other international markets; Mexico and Peru, specifically.

理查、凱爾，我想問一些其他國際市場的情況；具體來說，墨西哥和秘魯。

Are the TAMs that we've been thinking about before, do you still believe those to be true? How are those markets ramping?

我們之前考慮的 TAM，您還相信它們是真的嗎？這些市場發展如何？

And then, also adjacent to that: Are there other international markets that you have your eye on, at this time?

然後，與此相鄰的是：目前您是否關注其他國際市場？

Yeah. Sure. I'll start and, maybe, Kyle can feel free to add some extra context.

是的。當然。我先開始，也許凱爾可以隨意添加一些額外的背景資訊。

But in terms of Mexico, as you heard, we're really seeing a lot of great growth out of that market. It's continued to be one that really excites us and things are moving in a really great direction for us there.

但就墨西哥而言，正如您所聽到的，我們確實看到該市場出現了很大的增長。它繼續讓我們感到興奮，事情正在朝著非常好的方向發展。

And as we noted before, we expect, over time, it will be one of the largest markets in LatAm; larger than Colombia, ultimately.

正如我們之前提到的，我們預計，隨著時間的推移，它將成為拉丁美洲最大的市場之一；最終比哥倫比亞還要大。

And for us, specifically, as we've mentioned before, post launch, Mexico is still tracking ahead of where Colombia was in revenues, after the same period of time after launch. So we feel really optimistic about Mexico.

對我們來說，具體來說，正如我們之前提到的，在推出後的同一時期內，墨西哥的收入仍然領先於哥倫比亞。因此我們對墨西哥感到非常樂觀。

Peru has been a story where we haven't invested much in marketing yet because we're continuing to optimize the experience and localize it. It's something that we continue to feel positive about but has been a market that we haven't ramped up yet.

在秘魯，我們還沒有在行銷上投入太多，因為我們正在繼續優化體驗並進行在地化。我們對此一直持樂觀態度，但這是一個我們尚未擴大的市場。

And so, it's still something that we're excited to be able to do in the future, given the relatively large population that country has.

因此，考慮到該國相對較大的人口，我們仍然很高興將來能夠做到這一點。

There are other LatAm markets, as well, that we focus on, have our attention on, and have been evaluating ways to enter those markets. We haven't announced anything. And so, I won't be able to share anything with you, today.

我們也關注其他拉丁美洲市場，並一直在評估進入這些市場的方法。我們還沒有宣布任何消息。所以，今天我無法與你們分享任何事。

But, certainly, as you can imagine, once you have a great brand, a great platform, a great team, great marketing team, operations, local knowledge of experiences in those regions, it becomes a lot easier for us to be able to add and be successful in future markets.

但是，正如你所想像的，一旦你擁有一個偉大的品牌、一個偉大的平台、一個偉大的團隊、一個偉大的營銷團隊、運營以及對這些地區的本地經驗了解，我們就能夠更輕鬆地拓展未來的市場並取得成功。

So there is great opportunities ahead in that region. But we're being very selective and making sure that we don't move faster than we need to because there's still a lot of growth in existing markets that we're operating in.

因此該地區未來存在巨大的機會。但我們非常謹慎，確保我們的行動速度不會超過需要，因為我們營運的現有市場仍有很大的成長空間。

Okay. Great.

好的。偉大的。

And then, on OSB product growth, you mentioned the Eagles, March Madness, some of the pressure that you saw in the quarter, there, that put a ceiling on the OSB growth for the quarter.

然後，關於 OSB 產品增長，您提到了老鷹隊、瘋狂三月等您在本季度看到的一些壓力，這些壓力限制了本季度 OSB 的增長。

But just thinking about single-game parlays, hold rates, et cetera, were those up, meaningfully, for the quarter? And should we expect for those to be up, as we look through the rest of the year?

但僅考慮單場比賽的累積獎金、持有率等，這些在本季是否有所增加？展望今年剩餘時間，我們是否應該預期這些數字會上升？

Yeah. I can start and if there's anything you want to add, Richard, feel free.

是的。我可以開始了，如果你想補充什麼，理查德，請隨意。

But our hold rates, Chad, as you mentioned, they've continued to improve. And it's because of the improvements in the product and merchandising and improvement in the bet mix towards parlays, same-game parlays, our Prop Central prop packs; all that drive the higher-margin betting.

但正如您所提到的，查德，我們的持有率一直在持續提高。這是因為產品和商品的改進，以及對聯注、同場比賽聯注、我們的 Prop Central 道具包的投注組合的改進；所有這些都推動了更高利潤的投注。

So we have continued to improve our overall sports hold. And that can apply to both the US and to Latin America.

因此，我們不斷提高整體的體育運動水平。這既適用於美國，也適用於拉丁美洲。

But, as you point out, we had a little bit of a headwind, here, in the US, from the Super Bowl and March Madness.

但是，正如您所指出的，在美國，我們遇到了一點來自超級碗和瘋狂三月的阻力。

Joe Stauff, Susquehanna.

喬·斯托夫，薩斯奎漢納。

I wanted to ask on the user growth in the quarter in North America, 17%. That's a strong number. I guess it's fair to assume a heavy portion of that is Delaware. But I was wondering if you can give us some idea of the concentration, in terms of Delaware and, maybe, non-Delaware.

我想問一下本季北美的用戶成長率是17%。這是一個很強勁的數字。我想可以合理地認為其中很大一部分是特拉華州。但我想知道您是否可以向我們介紹特拉華州以及特拉華州以外的集中度。

And then, the second question I wanted to understand, if I could, is, Richard, you had given the growth in Michigan, Delaware, New Jersey. I was curious about Pennsylvania. That's a pretty big state for you, guys. I was just wondering how that is growing in terms of, again, your 16 states.

然後，如果可以的話，我想了解的第二個問題是，理查德，您給出了密西根州、德拉瓦州和新澤西州的成長。我對賓州很好奇。夥計們，這對你們來說是一個相當大的州。我只是想知道，就你們的 16 個州而言，這數字是如何成長的。

Yeah. Thanks, Joe.

是的。謝謝，喬。

The first piece on the MAU growth during the quarter: Delaware made up mid-single digits of that 17%. I think it was somewhere around 6% and then, the remainder would have been from all the other North American markets.

關於本季 MAU 成長的第一部分：德拉瓦州佔了 17% 的中等個位數成長。我認為大約是 6% 左右，其餘部分來自所有其他北美市場。

Most -- I think, actually, almost all of the rest of the growth came from markets that have iCasino, probably not a surprise since that's where we have put most of our marketing efforts; that that's where a lot of that growth is coming from.

大多數——我認為，實際上，幾乎所有其餘的增長都來自擁有 iCasino 的市場，這可能並不奇怪，因為我們在那裡投入了大部分的營銷精力；大部分增長都源於此。

And not coincidentally, those are higher-value players and helping to drive the revenue growth, for sure.

並非巧合的是，這些都是高價值球員，並且肯定有助於推動收入成長。

On the second question: Pennsylvania, it was a grower for us year over year but low single digits. I think something like 2% or 3%. No surprise.

第二個問題：賓州的產量逐年增加，但增幅仍低於個位數。我認為大概是 2% 或 3%。毫不奇怪。

Again, I think that that's a market that has much lower margins for us. So there's not as much investment going in there. So that's certainly a drag on the overall revenue growth rate.

我再說一遍，我認為這對我們來說是一個利潤率低得多的市場。因此，那裡的投資並不多。所以這肯定會拖累整體營收成長率。

But the revenue growth that we are achieving is coming from our higher-margin markets.

但我們實現的營收成長來自於利潤率較高的市場。

Mike Hickey, Benchmark Company.

麥克·希基（Mike Hickey），Benchmark 公司。

Congrats on a strong Q1.

恭喜您第一季業績強勁。

The first question, Kyle, can you quantify -- I can't remember if you did last quarter or not -- the tax impact from Colombia that's baked into your '25 guide, thinking about the impact on EBITDA?

第一個問題，凱爾，您能否量化——我不記得您上個季度是否這樣做了——已納入您的 25 年指南中的哥倫比亞稅收影響，考慮對 EBITDA 的影響？

Yeah. We didn't quantify it, in terms of EBITDA. I think the way I framed it, earlier, is probably the best way to think about it: is that our GGR is growing in Q1 -- at least in local currency, it grew 55%. That's a little bit lower than that, in USD.

是的。我們沒有用 EBITDA 來量化它。我認為我之前提出的方式可能是最好的思考方式：我們的博彩總收入 (GGR) 在第一季正在成長——至少以當地貨幣計算，成長了 55%。以美元計算，這個數字略低一些。

In April, it's growing a little faster than that, actually. So we've seen an acceleration in GGR growth.

實際上，四月的成長速度要比這更快一些。因此，我們看到博彩總收入 (GGR) 成長加速。

But the net revenue was down a little bit in March. It was up for Q1. In April, it's flat net revenue compared to higher-than-50% GGR. So that gap is really the impact for us on revenue.

但3月份淨收入略有下降。第一季有所上漲。4 月份，其淨收入持平，而博彩總收入則高於 50%。因此，這種差距確實會對我們的收入產生影響。

And we've got, obviously, some different scenarios, higher and lower than that, that are built into the guidance for the year. So hopefully, that's helpful to -- for you to think about how to frame the impact.

顯然，我們已經考慮到了一些不同的情景，有高於這個數字的，有低於這個數字的，這些都已納入年度指導中。所以希望這對您思考如何建構影響有所幫助。

I think I said it before but when this tax goes away, it's obviously a very meaningful driver of growth in revenue and profitability; and, certainly, when we compare to these -- the months that had the tax in 2026.

我想我之前說過，但是當這項稅收取消時，它顯然會成為收入和盈利增長的一個非常有意義的推動力；當然，當我們與 2026 年徵稅的月份進行比較時。

And just to clarify, Kyle: from what I heard, it sounds like it would be -- we don't know when it's going to end this year; ,maybe worst case, end of the year. But it seems like it would be very unlikely to see a similar tax scheme carry through into '26.

凱爾，我澄清一下：從我所聽到的來看，這聽起來像是——我們不知道今年什麼時候會結束； ，也許最糟糕的情況是，年底。但看起來，類似的稅收計畫不太可能延續到26年。

It would require another emergency decree, I think, at that point. Is that a fair assessment of what you're thinking?

我認為，到那時就需要另一項緊急法令。這是對您的想法的公正評價嗎？

Yeah, Mike. This is Richard. That is an accurate assessment.

是的，麥克。這是理查德。這是一個準確的評估。

Okay. Last question from us. You've highlighted, before, the strength of Casino plus OSB. And I think in the most recent data, you're saying that the combo, in terms of a player combo participating across both verticals, you get 16 times the GGR from OSB player alone.

好的。我們的最後一個問題。您之前曾強調過 Casino 和 OSB 的優勢。我認為，在最新數據中，您說的組合，就參與兩個垂直領域的玩家組合而言，僅從 OSB 玩家身上就能獲得 16 倍的 GGR。

Curious what percentage, Richard, of your player base does participate in both verticals. Obviously, that necessitates a strong Sports Betting product, as well as iGaming. But curious where you are in terms of mix, where it's trending, and what strategies you have in place to get that dual player, just given how better the economics are?

理查德，我很好奇你的玩家群中有多少比例同時參與了這兩個垂直領域。顯然，這需要強大的體育博彩產品以及 iGaming。但我很好奇，就經濟狀況而言，您的組合情況如何，趨勢如何，以及您採取了什麼策略來獲得雙重玩家？

Mike, first, if you noticed from that slide in our investor deck, it has improved, increased over time; that multiple of what you get from the value of a player that plays both Casino and Sports versus a player that only bets on sportsbooks.

麥克，首先，如果你注意到我們投資者簡報中的幻燈片，你會發現它已經隨著時間的推移而改善和增加；這是玩賭場和體育博彩的玩家與只在體育博彩上下注的玩家所獲得價值的倍數。

So you're hitting on a topic that we're aware of and, obviously, by strategy, are designing products around ensuring we get that cross-sell.

所以你談到了一個我們知道的話題，顯然，根據策略，我們正在設計產品以確保我們獲得交叉銷售。

So to answer your question on what we've done: we've created a mini game lobby, not only do we create --

所以回答你關於我們做了什麼的問題：我們創建了一個迷你遊戲大廳，我們不僅創建了--

Let me start again. We actually created -- launching games, initially, to allow that cross-sell to become very easy for a player who's betting on Sports to be able to play Casino games. So having a little icon on the sportsbook that lets them open up a game.

讓我重新開始。我們實際上創建了——最初推出遊戲，以便讓投注體育的玩家能夠輕鬆地進行交叉銷售，從而能夠玩賭場遊戲。因此，在體育博彩上有一個小圖示可以讓他們打開一場比賽。

And then, what we've done, more recently, is create a game lobby, where you have a variety of games there that are easy to navigate between ensuring that you offer optimal number and variety of game -- Casino-game types available for players. They may not just want to play a Blackjack, they may want to play a Roulette game or a slot game.

然後，我們最近所做的是創建一個遊戲大廳，在那裡您可以輕鬆瀏覽各種遊戲，確保您為玩家提供最佳數量和種類的遊戲 - 賭場遊戲類型。他們可能不只是想玩二十一點，他們可能還想玩輪盤賭遊戲或老虎機遊戲。

And what we're finding is having a greater variety of that has been helpful for us.

我們發現，擁有更多種類的資源對我們很有幫助。

So I think that, at end of the day, we haven't really -- we've never shared our breakout between a number -- the percentage of players that you asked for.

所以我認為，到最後，我們並沒有真正——我們從來沒有分享過我們所要求的數字——玩家百分比。

But I will tell you that we obviously recognize the cross-sell opportunity and built our product and platform to reduce friction for users to optimize the number of players who will cross-sell and play; knowing that's something that's a differentiator between us and most of our peers and something that we think we can continue to take advantage of, given our focus on the technology, to enable this unique play in multiple products, at the same time, from a single experience.

但我會告訴你，我們顯然認識到了交叉銷售的機會，並構建了我們的產品和平台，以減少用戶的摩擦，從而優化交叉銷售和玩遊戲的玩家數量；我們知道這是我們與大多數同行之間的一個區別，我們認為我們可以繼續利用這一點，因為我們專注於技術，從而通過單一體驗在多種產品中同時實現這種獨特的發揮。

And Richard, is the cross-sell, is that starting primarily with iGaming, which is your core product to Sports Betting? Or are you actually reversing that and bringing in the Sports Betting and then, crossing them to iGaming?

理查德，交叉銷售是否主要從 iGaming 開始，這是你們體育博彩的核心產品？或者您實際上正在扭轉這種局面，先引入體育博彩，然後再將其擴展到 iGaming？

It's a little bit of both. But, obviously, we also have Poker that's driving a lot of the cross-sell in Pennsylvania. We're trying to ramp it up.

兩者都有一點。但顯然，我們也有撲克，它在賓夕法尼亞州推動了大量的交叉銷售。我們正在努力提高它。

And as we said earlier, we're going to launch multi-state poker share liquidity across multiple states in the future.

而且正如我們之前所說，未來我們將在多個州推出跨州撲克股份流動性。

But I would say that it goes both ways.

但我想說，這是雙向的。

There is a lot of sportsbook to Casino action and there's a lot of it from Poker. You get a lot of players going over to Casino from Poker.

有很多體育博彩和賭場活動，也有很多撲克活動。很多玩家從撲克遊戲轉向賭場。

So it really works in multiple ways through multiple journeys for players.

因此，它確實可以透過為玩家提供多次旅程以多種方式發揮作用。

(Operator instructions) There are no further questions.

（操作員指示）沒有其他問題了。

I'll hand the call back over to Richard Schwartz for concluding remarks.

我將把電話轉回給理查德·施瓦茨，讓他做最後發言。

Thank you, again, for joining us today.

再次感謝您今天加入我們。

We look forward to updating you on our progress, when we share our second-quarter results in the summer.

我們期待在夏季分享第二季業績時向您通報我們的進展。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。