SGHC Ltd (SGHC) 2024 Q4 法說會逐字稿

Good day, and welcome to the Super Group's fourth-quarter and full-year 2024 earnings webcast and conference call. I would now like to turn the conference over to Brett Milotte from ICR. Please go ahead.

大家好，歡迎參加超級集團 2024 年第四季和全年收益網路廣播和電話會議。現在我想將會議交給 ICR 的 Brett Milotte。請繼續。

Good morning, everyone, and thank you for joining us today to discuss Super Group's results for the fourth-quarter and full-year 2024.

大家早安，感謝您今天加入我們，討論超級集團 2024 年第四季和全年業績。

During this call, Super Group may make comments of a forward-looking nature that are subject to risks, uncertainties, and other factors, discussed further in its SEC filings, that could cause its actual results to differ materially from historical results from the company's forecast. Super Group assumes no responsibility to update forward-looking statements other than required by law.

在本次電話會議中，Super Group 可能會發表前瞻性的評論，這些評論受風險、不確定性和其他因素的影響，這些因素在其提交給美國證券交易委員會的文件中進一步討論，可能會導致其實際結果與公司預測的歷史結果存在重大差異。除法律要求外，超級集團不承擔更新前瞻性聲明的責任。

On today's call, Super Group may refer to certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, not a substitute for, measures for financial performance prepared in accordance with GAAP. Super Group has provided a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures in the press release issued earlier today and available on the Investor Relations page of Super Group's website.

在今天的電話會議上，Super Group 可能會參考某些非 GAAP 財務指標。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代。Super Group 在今天稍早發布的新聞稿中提供了這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對帳表，該新聞稿可在 Super Group 網站的投資者關係頁面上查閱。

In addition, Super Group will speak to its financial results and metrics in two parts, highlighting Super Group's profitable and cash-generative global business separately from its investments into the US. This outlines that the annual guidance that Super Group has provided for 2024 and 2025, and it's consistent with how Super Group views its business internally and how Super Group will report going forward.

此外，Super Group 將分兩部分介紹其財務表現和指標，重點介紹 Super Group 盈利且能產生現金的全球業務以及其在美國的投資。這概述了 Super Group 為 2024 年和 2025 年提供的年度指導，並且與 Super Group 對其內部業務的看法以及 Super Group 未來的報告方式一致。

Super Group recommends that investors refer to a supplementary presentation posted to their website. On this call, I'm joined by Neal Menashe, Chief Executive Officer. And during the Q&A session, we'll also be joined by Alinda Van Wyk, Chief Financial Officer; and Richard Hasson, President and Chief Commercial Officer.

Super Group 建議投資人參考其網站上發布的補充介紹。在這次電話會議上，執行長尼爾梅納什 (Neal Menashe) 也和我一起參加了會議。在問答環節，財務長 Alinda Van Wyk 也將加入我們；以及總裁兼首席商務官理查德·哈森 (Richard Hasson)。

And now, I'd like to call over -- turn the call over to Neal.

現在，我想把電話轉給尼爾。

Thank you, Brett. Good morning, everyone, and welcome to Super Group's fourth-quarter and full-year 2024 earnings call. 2024 was an outstanding year for Super Group, and we are very proud of everything that we have achieved.

謝謝你，布雷特。大家早安，歡迎參加超級集團2024年第四季及全年財報電話會議。 2024年對超級集團來說是非凡的一年，我們為所取得的一切成就感到非常自豪。

A year ago, we set out to refine our global footprint, increase our focus on key growth markets, fine-tune our product and technology, and realize OpEx and marketing efficiencies. I'm proud to say that we have achieved all of these while delivering meaningful shareholder returns.

一年前，我們開始完善我們的全球佈局，更加關注關鍵成長市場，微調我們的產品和技術，並實現營運支出和行銷效率。我很自豪地說，我們在實現所有這些目標的同時，也為股東帶來了豐厚的回報。

Turning to our numbers, we comfortably beat our ex-US guidance targets for both total revenue and adjusted EBITDA for 2024. Total revenue ex-US was an all-time high for a full year, growing 18% year over year to EUR1.66 billion. Adjusted EBITDA ex-US was also a full-year record, growing 53% year over year to EUR391 million, a margin of 24%, well above the 18% that our initial 2024 guidance reflected.

從數據來看，我們輕鬆超越了 2024 年美國以外地區的總收入和調整後 EBITDA 指導目標。美國以外的總收入全年創歷史新高，較去年同期成長 18%，達到 16.6 億歐元。調整後（美國除外）EBITDA 也創下了全年紀錄，年增 53% 至 3.91 億歐元，利潤率為 24%，遠高於我們最初預期的 2024 年 18% 的水平。

For the fourth quarter, total revenue ex-US was another all-time high, growing 58% year over year to EUR487 million. Adjusted EBITDA ex-US also set a quarterly record, growing 152% year over year to EUR129 million, a phenomenal margin of 26%.

第四季度，美國以外地區的總營收再創歷史新高，年增 58%，達到 4.87 億歐元。調整後（美國除外）EBITDA 也創下了季度紀錄，年增 152% 至 1.29 億歐元，利潤率高達 26%。

We set new customer records during the quarter, including a new daily record of just under 2.2 million customers across all our products, and a new high for an average unique monthly active customers of 5.3 million. And to top it all off, we closed out the quarter with our best month ever. December set new highs for monthly deposits and total revenue.

我們在本季創下了新的客戶記錄，包括所有產品每日客戶數量接近 220 萬的新紀錄，以及平均每月獨立活躍客戶數量創下 530 萬的新高。最重要的是，我們以有史以來最好的一個月結束了本季。12月份月存款和總收入均創下新高。

The inherent operating leverage in our business is having a direct impact on our financial results. As our existing markets reach scale, incremental revenue becomes more profitable. Continued investment and revenue growth, coupled with a laser focus on a leaner, more efficient cost base, are driving this margin expansion. We expect this trend to continue, and we're increasing our ex-US long-term margin target to greater than 24%.

我們業務中固有的經營槓桿對我們的財務表現有直接影響。隨著我們現有的市場達到規模，增量收入將變得更加有利可圖。持續的投資和收入成長，加上對更精簡、更有效率的成本基礎的高度關注，推動了利潤率的擴大。我們預計這一趨勢將會持續下去，並且我們將美國以外的長期利潤率目標提高到 24% 以上。

In the US, while the business is still relatively small and developing, we continue to see green shoots since transitioning to an iGaming-only strategy, including new highs in Q4. The quarter started with record revenue in October, which was then surpassed in both November and December. As a result, Q4 was our best-ever US revenue quarter, growing by 64% year over year to EUR14 million.

在美國，雖然業務規模相對較小且尚在發展中，但自從轉向僅限 iGaming 的策略以來，我們繼續看到復甦的跡象，包括第四季度創下的新高。本季 10 月的營收創下了歷史新高，11 月和 12 月的收入均超過了這一水平。因此，第四季度是我們有史以來最好的美國營收季度，年增 64%，達到 1,400 萬歐元。

The total investment for the quarter was EUR11 million, taking our four-year spend to EUR61 million. With our focus now solely on iGaming and the business developing in line with target KPIs, we expect this investment to reduce materially over the coming year. And we remain focused on finding a path to profitability.

本季的總投資為 1,100 萬歐元，四年的支出達到 6,100 萬歐元。由於我們目前只專注於 iGaming，且業務發展符合目標 KPI，我們預計這項投資在未來一年將大幅減少。我們仍然專注於尋找獲利之路。

Moving on to the balance sheet, we finished the quarter with unrestricted cash of EUR356 million and no debt. In December, we announced a special cash dividend of EUR0.15 per share, taking our total dividend for the year to EUR0.25 per share, well above our minimum annual target of EUR0.10 per share. This resulted in over $125 million being paid to our shareholders.

從資產負債表來看，本季末我們擁有 3.56 億歐元的非限制性現金，且沒有債務。12 月，我們宣布派發每股 0.15 歐元的特別現金股息，使全年股息總額達到每股 0.25 歐元，遠高於每股 0.10 歐元的年度最低目標。這導致我們向股東支付了超過 1.25 億美元。

Looking ahead, we are pleased to announce that we secured Board approval to increase our minimum quarterly dividend target to EUR0.04 per share, up from EUR0.025. The first payment will be made in March, and the Board will set on a quarterly basis moving forward.

展望未來，我們很高興地宣布，我們已獲得董事會批准，將最低季度股息目標從每股 0.025 歐元提高至每股 0.04 歐元。首筆付款將於三月進行，之後董事會將按季度支付。

Turning to guidance, we are off to a brilliant start in 2025 and are confident that we will achieve another year of robust growth. For the ex-US business, we expect 2025 total revenue to grow about 10% year over year to at least EUR1.830 billion, and adjusted EBITDA to grow to greater than EUR435 million, a margin of 24%.

談到指引，我們在 2025 年取得了輝煌的開局，並有信心實現另一年的強勁成長。對於美國以外業務，我們預計 2025 年總營收將年增約 10%，達到至少 18.3 億歐元，調整後 EBITDA 將成長至 4.35 億歐元以上，利潤率為 24%。

In the US, this will be our first full year running an iGaming-only footprint. And on that basis, we expect total revenue of around EUR85 million and our total investment to reduce considerably from 2024 to between EUR30 million and EUR35 million.

在美國，這將是我們首次全年經營僅限 iGaming 的業務。在此基礎上，我們預計總收入約為 8,500 萬歐元，總投資將從 2024 年起大幅減少至 3,000 萬歐元至 3,500 萬歐元之間。

When combining the ex-US and US numbers, this amounts to total revenue of over EUR1.9 billion and adjusted EBITDA of at least EUR400 million, a combined margin of 21%, higher than our 2024 margin of 19.5% calculated on the same basis.

將美國以外和美國的數據結合起來，總收入將超過 19 億歐元，調整後的 EBITDA 至少為 4 億歐元，合併利潤率為 21%，高於我們以相同基礎計算的 2024 年利潤率 19.5%。

The progress and changes that we have made to our business over the past 12 months have created a solid foundation for continued sustainable growth, supported by a substantial and ongoing investment into marketing.

過去 12 個月，我們在業務上的進步和變化為持續的可持續成長奠定了堅實的基礎，這得益於我們對行銷的大量持續投資。

Super Group is well positioned as a major profitable player in the world of online gaming and sports betting. And the outlook for our fourth year as an NYSE-listed company is bright. We are excited about the year ahead and look forward to updating you along the way.

超級集團是網路遊戲和體育博彩領域的主要獲利參與者，佔據有利地位。作為一家紐約證券交易所上市公司，我們第四年的前景是光明的。我們對未來的一年充滿期待，並期待一路向您報告最新情況。

I'll now turn the call over to the operator to open the call up for questions. Operator?

我現在將把電話轉給接線員，以便開始提問。操作員？

(Operator Instructions) Mike Hickey, The Benchmark Company.

（操作員指示）Mike Hickey，The Benchmark Company。

Hey, Neal, Richard, Alinda. Great quarter, guys, and fantastic year. Congratulations. Just two questions from us, Neal. Great to see strong guidance for '25.

嘿，尼爾、理查、阿琳達。夥計們，這個季度很棒，今年也很棒。恭喜。我們只想問兩個問題，尼爾。很高興看到 25 年的強勁指導。

In '24, it looked like your marketing spend was around 23% of revenue. Did we assume sort of a similar level of spend here has been factored into your '25 guidance, Neal? I have a follow-up.

在 24 年，您的行銷支出似乎佔收入的 23% 左右。尼爾，我們是否假設類似的支出水準已經計入了你的 25 年指引中？我有一個後續問題。

Yeah, hi, Mike. Yes, that's right. 23% that's what we're budgeted for moving forward. Obviously, it's a bigger number because it's 23% of a higher revenue number. But we've seen good return, and we continue to track our marketing efficiency that way. And that's how you get continued growth.

是的，你好，麥克。是的，沒錯。 23% 這是我們未來的預算。顯然，這是一個更大的數字，因為它佔更高收入數字的 23%。但我們看到了良好的回報，並且我們將繼續以這種方式追蹤我們的行銷效率。這就是你獲得持續成長的方式。

Thanks. Also nice to see the big increase here in your quarterly dividend. I guess, that speaks to confidence in business. I'd love to hear that, your decision there. And also, should we expect another special dividend, you think, in 2025, Neal?

謝謝。很高興看到你們的季度股息大幅增加。我想，這體現了對商業的信心。我很想聽聽你的決定。另外，尼爾，您認為我們是否應該在 2025 年期待另一次特別股息？

Yeah. So obviously, we go back and forth on the dividends. We obviously are super happy that we've increased it to EUR0.04 a quarter. And of course, we always want to return money back to our shareholders. So if we returned EUR0.25 last year, our aim would be to try and exceed that.

是的。顯然，我們在股息問題上反覆搖擺。我們顯然非常高興將其提高到每季 0.04 歐元。當然，我們始終希望將錢還給我們的股東。因此，如果我們去年的回報率為 0.25 歐元，我們的目標就是努力超越這一目標。

And if acquisitions or stuff come along, then that, obviously, would have an impact on that. But we still aim to get a good dividend policy going here, which you can see now with the increased dividend to EUR0.04 a quarter.

如果發生收購或其他事情，那麼顯然會對此產生影響。但我們仍然致力於制定良好的股息政策，現在您可以看到股息已增加至每季 0.04 歐元。

Nice. Great job, guys. Good luck.

好的。幹得好，夥計們。祝你好運。

Thank you.

謝謝。

Jason Tilchen, Canaccord Genuity.

Canaccord Genuity 的 Jason Tilchen。

Good morning, and thanks for taking the question. I think for -- to start, I'm just wondering if you could share a little bit more about the opportunity you see within some of the key growth markets. You talked a little bit about it the press release. How much of that is coming from underlying market growth versus new markets entering and also from share gains in existing markets?

早上好，感謝您回答這個問題。我認為——首先，我只是想知道您是否可以分享更多關於您在一些關鍵成長市場中看到的機會。您在新聞稿中談到了這一點。其中有多少來自潛在市場的成長、新市場的進入以及現有市場的份額成長？

Okay. So firstly, all the growth is coming from our existing markets. And remember, we said we become laser-focused on the countries we're in. We picked our countries, whether it's on the African continent, in Europe, Canada, et cetera, New Zealand. And we are honing in on those.

好的。首先，所有成長都來自我們現有的市場。請記住，我們說過，我們會全神貫注於我們所在的國家。我們選擇了我們的國家，無論是在非洲大陸、歐洲、加拿大、紐西蘭等等。我們正在努力解決這些問題。

And of course, we are opening up some new markets along the way. But the new markets that we're opening, it's all about how we can get sustained profitability in those markets. And we had a big effort in the latter part of last year of closing down markets that we do not see a positive profitability. And I think all of that is showing in our numbers moving forward.

當然，我們也不斷開拓一些新市場。但對於我們開拓的新市場，關鍵在於如何在這些市場中獲得持續獲利。去年下半年，我們付出了巨大努力來關閉那些我們認為無法帶來獲利的市場。我認為所有這些都會體現在我們未來的數據中。

And, Jason, just to add there, that is also the focus on what Neal just made reference to, is the marketing spend. We stay at a higher percentage so that we invest to have that ability to increase the market share, to your question, in that specific market.

傑森，我還要補充一點，這也是尼爾剛才提到的重點，就是行銷支出。我們保持較高的比例，以便我們進行投資，有能力增加市場份額，正如您所問的，在特定的市場中。

Okay, great. That's really helpful. And you talked a little bit about the pipeline of additional markets in Africa that you see. Can you just maybe share a little bit more about what the timeline looks like there, and what the level of investment that you talked about sort of having some marketing spend that sort of you're ready to sort of deploy in sort of compelling opportunities?

好的，太好了。這真的很有幫助。您稍微談到了您所看到的非洲其他市場的前景。您能否稍微分享一下時間表，以及您談到的投資水平，例如您準備在哪些有吸引力的機會中投入哪些行銷資金？

Does that mean Africa? And sort of what are the markets that you see as really interesting growth opportunities there?

那是指非洲嗎？您認為哪些市場具有真正有趣的成長機會？

Yeah. And so there are opportunities -- there are new markets we've opened up along the way. I think the news we opened up Botswana recently. So they are all coming. It's all about each market, and it's the software being efficient in those markets. And I think we can't be in all the markets. And that's why we've taken back some of the markets where we see there's no path to profitability.

是的。因此，我們面臨機會——我們一路開拓了新的市場。我認為我們最近開放了關於博茨瓦納的消息。所以他們都來了。這與每個市場有關，並且軟體在這些市場中是高效的。我認為我們不可能進入所有市場。這就是為什麼我們收回了一些我們認為沒有獲利途徑的市場。

But we've got a few more coming this year. And again, the existing ones, it's all about the product enhancement in the existing ones and the marketing spend in the existing ones. And especially in some of the European markets, we are seeing good growth there.

但今年我們還會推出更多。再說一次，對於現有的產品來說，一切都與現有產品中的產品增強和現有產品的營銷支出有關。特別是在一些歐洲市場，我們看到了良好的成長。

Just the one that's probably the one that we haven't seen good growth is in Germany. But I think the whole industry as a whole hasn't seen good growth in Germany just based on how the regulation has gone there. But the other markets, we are seeing good growth.

我們可能還沒有看到良好成長的國家是德國。但我認為，僅從德國的監管現狀來看，整個產業在德國並沒有出現良好的成長。但在其他市場，我們看到了良好的成長。

And I'll just mention something like Brazil, we applied for a license. And at the last minute, we decided not to go for it. We don't see our product ready to be competitive in Brazil, where we're rather fix it for the rest of the world. And as you see, we've super focused on the markets we are in. And that's coming down to the customer numbers you can see in our systems, et cetera.

我只想提一下巴西的情況，我們申請了許可證。但在最後一刻，我們決定不這麼做。我們認為我們的產品在巴西還不具備競爭力，我們寧願解決這個問題，以適應世界其他地區。正如您所見，我們非常關注我們所在的市場。這取決於您可以在我們的系統中看到的客戶數量等等。

Great. Thank you very much.

偉大的。非常感謝。

Bernie McTernan, Needham & Company.

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

Great. Thank you for taking the questions. Maybe just to start, I just want to touch on the 2025 revenue guidance. It implies a pretty big step down from what you achieved in 2024. So just maybe any comments in terms of 4Q one-timers that are beneficiaries, and maybe just taking a step back on guidance methodology, where some of the outperformance came in '24 versus the original guidance?

偉大的。感謝您回答這些問題。也許只是開始，我只想談談 2025 年的收入指引。這意味著與 2024 年所取得的成就相比，差距相當大。那麼，對於第四季度的一次性受益者，您有什麼評論嗎？或者，您只是回顧一下指導方法，看看 24 年的一些優異表現是否與最初的指導相符？

Sorry, Bernie, just to repeat your question, are you making reference to a step down from guidance because it's actually an increase, double-digit increase in guidance for ex-US business for both revenue and adjusted EBITDA? So we --

抱歉，伯尼，我再重複你的問題，你指的是指引的下調，因為實際上美國以外業務的指引無論是收入還是調整後的 EBITDA 都實現了兩位數的增長？所以我們--

Sorry, I was just saying the year-over-year growth is a step down in '25 versus '24 or versus the exit rate in 4Q.

抱歉，我只是說 25 年的年成長率與 24 年或第四季的退出率相比有所下降。

So you -- yeah, I think we've -- for the first time, we actually combined our ex-US and US revenue, which then gives you the number of total of over EUR400 million combined. But if you look at ex-US, it's an increase to EUR435 million adjusted EBITDA or above that and EUR1.83 billion. So both is double-digit growth, top and bottom line.

所以你 — — 是的，我認為我們 — — 第一次將我們美國以外和美國的收入合併起來，總計超過 4 億歐元。但如果你看美國以外的地區，調整後的 EBITDA 將增加至 4.35 億歐元或更高，達到 18.3 億歐元。因此，營收和利潤均實現了兩位數的成長。

And I think from my point, it's greater than these numbers. Obviously, this is what we want to achieve, and we're off to a good start. But remember, we also got sports results along the way.

我認為從我的角度來看，它比這些數字更大。顯然，這正是我們想要實現的目標，而且我們已經有了一個好的開始。但請記住，我們一路上也取得了體育成績。

So obviously, they were favorable to us in the last quarter. But we just obviously are always cognizant of that fact. But our business is, let's say, still about 75% to 80% casino. So these numbers, we think we can be greater than that. But we just have to err on the side of caution.

顯然，上個季度他們對我們有利。但我們顯然始終意識到這一事實。但我們的業務中，大約 75% 到 80% 仍是賭場。所以我們認為這些數字可以更大。但我們還是必須謹慎行事。

Okay. Understood. And also, I just want to touch on Africa. A deal closed last May. So over six months of the asset being under your control. Anything that you could do now that you weren't doing before, or just generally, how is it contributing to performance?

好的。明白了。另外，我只想談談非洲。交易於去年五月完成。因此，資產將在六個月內處於您的控制之下。現在您可以做任何以前沒有做過的事情，或者一般來說，它對績效有何貢獻？

Okay, yeah, no. So two things. Remember, in Africa, the sportsbook in Africa was always ours, right, the PAM. And then, obviously, they use our feeds, et cetera. So that we're seeing a direct benefit of being able to be the market-leading product in the countries in which we operate in Africa.

好的，是的，不。所以有兩件事。請記住，在非洲，非洲的體育博彩一直是我們的，對吧，就是 PAM。然後，顯然，他們使用我們的供稿等等。因此，我們看到了能夠在我們經營的非洲國家成為市場領先產品所帶來的直接好處。

So I think that, coupled with our marketing spend -- remember, in our numbers, which is super important, we're still keeping 23% marketing budgets, right? But -- so we've got like that EUR400 million -- EUR440 million of marketing. I'm not saying we're going to deploy it all, but we only deploy it when we see the opportunities. And the same way is, you need the enhanced product so that you get this super operating leverage. And I think that for us is key.

因此我認為，加上我們的行銷支出——記住，在我們的數字中，這是非常重要的，我們仍然保留 23% 的行銷預算，對嗎？但是 — — 我們已經獲得了 4 億歐元 — — 4.4 億歐元的行銷資金。我並不是說我們要部署所有這一切，但我們只有在看到機會時才會部署。同樣的，你需要增強產品才能獲得超級營運槓桿。我認為這對我們來說是關鍵。

That we could easily -- I say this every year -- we could drop our marketing budget from 23% down to 20%, and we could bring in another EUR100 million of profit. But that's not really what we have. We want a sustainable, long-term business. And it's all about the sustainability of our customer base, which is what we're seeing in the enhanced features that our products offer, especially in Africa. But remember, in the rest of the world, we've got UK, Canada, Ontario, New Zealand, et cetera.

我們可以輕鬆地——我每年都這麼說——將我們的行銷預算從 23% 降至 20%，我們還可以再獲得 1 億歐元的利潤。但事實上我們並沒有這樣的情況。我們想要一個可持續的、長期的業務。這一切都與我們的客戶群的可持續性有關，這正是我們在我們的產品所提供的增強功能中所看到的，尤其是在非洲。但請記住，在世界其他地方，我們有英國、加拿大、安大略省、紐西蘭等等。

Understood. And just last one for me. Any update -- obviously, the US is now included in guidance. Any updates in terms of the strategy? And is 2027 still the right way to think about the first profitable year?

明白了。對我來說這只是最後一個。有任何更新嗎——顯然，美國現在已被納入指導範圍。在戰略方面有什麼更新嗎？2027 年是否仍是衡量第一個獲利年份的正確標準？

Yes. Yes, I am. Yes, I think so. And it's about us getting the revenue up and then, of course, the operating margin there. Basically, now in the US, we are covering all our costs, except for the marketing. So now it's about then recovering more of that marketing costs as the revenue increases.

是的。我是。是的，我認為是這樣。這當然是為了提高我們的收入，然後是營業利益率。基本上，現在在美國，除了行銷費用外，我們已經涵蓋了所有成本。因此，現在的重點是隨著收入的增加收回更多的行銷成本。

Great. Thank you, both.

偉大的。謝謝你們兩位。

(Operator Instructions) Jed Kelly, Oppenheimer.

（操作員指示）傑德凱利，奧本海默。

Hey, great, great. Thanks for taking my question. Just as we kind of look at the balance of the year and the guidance, are you contemplating Alberta becoming legal potentially? And then what other regions should we be watching in terms of potential pitfalls, regulations? Or can you just talk about the regulatory environment? And I have a couple of follow-ups.

嘿，太好了，太好了。感謝您回答我的問題。正如我們看待今年的平衡和指導一樣，您是否考慮過阿爾伯塔省可能將其合法化？那麼，就潛在的陷阱和法規而言，我們還應該關注哪些地區？或者您能只談談監管環境嗎？我還有一些後續問題。

Okay. No. So we're only expecting Alberta in the first half of 2026 in our numbers. And then there's been a slight bit of increase in taxes coming in the UK. And so -- and that's factored in some levy there, but it's a small amount.

好的。不。因此，根據我們的數據，我們預計阿爾伯塔省將在 2026 年上半年實現這一目標。英國的稅收也略有增加。所以 — — 這其中已經考慮到了一些稅費，但金額很小。

And then, of course, in our numbers from the second half of 2024 was some additional tax in New Zealand. So that's included in our 2025 numbers. But then we're hoping New Zealand regulates in 2026 and be far down the line there with all the regulators there.

當然，根據我們的數據，從 2024 年下半年開始，紐西蘭還會徵收一些額外的稅。所以這包括在我們的 2025 年數字中。但我們希望紐西蘭能在 2026 年制定法規，並與那裡的所有監管機構一起走下去。

And then when we look at your cash balance, obviously, you got plenty of capacity to do a dividend. How should we think about potential acquisitions, and what you would be looking to acquire?

然後，當我們查看您的現金餘額時，顯然您有足夠的能力進行分紅。我們應該如何考慮潛在的收購，以及您希望收購什麼？

Would you be targeting regions in sort of Africa, Australia, New Zealand, where some of the other competitors might not be? Or is it more tuck-in acquisitions? And then what would your 4Q sportsbook results had been if you had just normalized hold? Because I think you had favorable sports results last quarter, correct?

您是否會瞄準非洲、澳洲、紐西蘭等其他競爭對手可能不會涉足的地區？或者這只是更多的小規模收購？那麼，如果您剛剛標準化持有，您的第四季度體育博彩結果會如何呢？因為我認為你們上個季度的體育成績不錯，對嗎？

Hey, Jed. Richard here. I'll answer the first part of your question. So in terms of opportunities, we're constantly assessing a number of them across the globe, I would say, in complementary regions or existing regions. So probably more in the form of tuck-in M&A opportunities across both sports betting and gaming across the regulated landscape.

嘿，傑德。這裡是理查德。我來回答你問題的第一部分。因此，就機會而言，我們正不斷評估全球範圍內的許多機遇，我想說，是在互補地區或現有地區。因此，可能更多的是以在受監管的領域內體育博彩和遊戲領域的合併併購機會的形式出現的。

And then I'll just argue on the margin. So the sports margin actually was a normal margin in quarter four, but then you had that plus casino both coming together. So it wasn't an extraordinary margin in those months. It's just that in the rest of the quarters before, you had some outliers winning. So they were less.

然後我就只是在邊緣上爭論一下。因此，體育利潤率在第四季度實際上是一個正常利潤率，但隨後你將體育利潤率和賭場利潤率結合在一起。因此那幾個月的利潤率並不算特別高。只是在之前剩下的幾個季度中，有一些異常現象獲勝。所以他們人數較少。

So what I think quarter four shows when the two are going together, the sports and the casino, then you see the profits we delivered. And I did say on the call that December was our highest ever month of deposits, customers in. And that for me is all about returning customers into our system and into our ecosystem.

所以我認為第四季度表明，當體育和賭場兩者結合在一起時，你會看到我們實現的利潤。我在電話裡確實說過，12 月是我們客戶存款最多的一個月。對我來說，這一切都是為了讓客戶回到我們的系統和生態系統。

And then we had 5.3 million on average. But for me, the big number is the 2.2 million in one day. And that just shows where we've come from. And we used to be 1.8 before, and that's about all the customers depositing and play in our sportsbooks and casinos.

然後我們平均有 530 萬。但對我來說，一天220萬才是最大的數字。這恰恰表明了我們的出身。之前我們的比例是 1.8，這大約代表了在我們的體育博彩和賭場存款和玩遊戲的所有客戶。

Yeah. Okay. And then I guess, just circling back to the US, you guided today. I mean, the Governor of New Jersey, he's got -- he's doing a budget address today at like 3:00 PM. Some are speculating he potentially could raise gaming taxes upwards to like 25%.

是的。好的。然後我想，今天就回到你指導的美國吧。我的意思是，新澤西州州長，他今天下午 3 點左右要發表預算演講。有些人猜測他可能會將博彩稅提高至 25% 左右。

How would you -- how would that view -- how would that change -- would that change your -- how you view out the US, if New Jersey does go to a higher tax rate? And would that make you potentially want to pull out of those markets just given the higher taxes? Thanks.

如果新澤西州確實提高稅率，您會如何看待美國？您會如何看待美國？那麼，考慮到更高的稅收，您是否有可能退出這些市場？謝謝。

I think, Jed, any -- so if there is any proposed increase in the tax rate, it would just form part of our macro question on those markets or any others, is there a sustainable profitable path for us in those markets? And if a higher tax rate in theory meant that there wasn't, then we would take a view at that point.

我認為，傑德，如果有任何提議提高稅率，它只會成為我們對這些市場或任何其他市場的宏觀問題的一部分，在這些市場中我們是否有可持續的盈利途徑？如果理論上更高的稅率意味著不存在這種情況，那麼我們會在那時採取觀點。

But for now we continue doing what we're doing. We are seeing good green shoots in those markets based on current tax rates and the current markets. And that means for now we continue doing what we're doing.

但現在我們繼續做我們正在做的事情。根據目前的稅率和目前的市場，我們看到這些市場出現了良好的復甦跡象。這意味著我們現在將繼續做我們正在做的事情。

But also most importantly, what we've done in the last year, right, is have cost efficiencies. I think we're down like 1,000 people. And it's not because it's to get the cost efficiencies in. It's all about cost efficiencies.

但最重要的是，我們去年所做的就是提高成本效率。我認為我們已經減少了大約 1,000 人。這並不是因為要提高成本效率。一切都與成本效率有關。

It's all about the systems we are putting in that can manage more as we increase volumes. We don't have to increase staff counts, et cetera. So all of that is to make an operating efficient cost base. And that's what also helps you weather some of these increase in taxes.

這一切都與我們正在實施的系統有關，隨著產量的增加，該系統可以管理更多內容。我們不需要增加員工數量等等。所以所有這些都是為了實現高效的營運成本基礎。這也有助於您抵禦部分稅收增加。

Thank you. Great year and great job. Thanks.

謝謝。偉大的一年，偉大的工作。謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。