SGHC Ltd (SGHC) 2025 Q1 法說會逐字稿

Hello everyone, and thank you for joining the Supergroup first quarter 2025 earnings webcast and conference call. My name is Lucy, and I'll be coordinating your call today. (Operator Instructions)

大家好，感謝您參加 Supergroup 2025 年第一季收益網路廣播和電話會議。我叫露西，今天我將負責協調您的通話。（操作員指示）

I will now hand over to your host, Nkem Ojougboh, head of investor relations, to begin. Please go ahead.

現在我將把主持人、投資者關係主管 Nkem Ojougboh 交給大家開始。請繼續。

Good morning everyone, and thank you for joining us today to discuss Supergroup's results for the first quarter of 2025.

大家早安，感謝您今天加入我們，討論 Supergroup 2025 年第一季的業績。

During this call, supergroup may make comments of a forward-looking nature that subject to risk, uncertainties, and other factors discussed further in this SC violence that could cause the actual results to differ materially from historical results of the company's forecast.

在本次電話會議中，超級團體可能會發表前瞻性的評論，這些評論將受到風險、不確定性以及本次 SC 暴力事件中進一步討論的其他因素的影響，這些因素可能會導致實際結果與公司預測的歷史結果存在重大差異。

Supergroup assumes no responsibility to the forward-looking statements other than is required by law.

除法律要求外，Supergroup 對前瞻性陳述不承擔任何責任。

On today's call, Supergroup may refer to certain non-gap financial measures. These non-gap financial measures are in addition to and not a substitute for measures of financial performance prepared in the coin GAAP.

在今天的電話會議上，Supergroup 可能會參考某些非差距財務措施。這些非差距財務指標是對公認會計準則 (GAAP) 中編制的財務績效指標的補充，而不是替代方案。

Supergroup has provided a reconciliation of the non-gap financial measures to the most comparable GAAP figures in the press release issued yesterday and available on the investor relations page of the Supers website.

Supergroup 在昨天發布的新聞稿中提供了非差距財務指標與最具可比性的 GAAP 數據的對帳表，該新聞稿可在 Supers 網站的投資者關係頁面上查閱。

In addition, Supergroup has reported its financial results and metrics in two parts, highlighting Supergroup's profitable and cash generative global business separately from its investment into the US. This aligns with the annual guidance that Supergroup has provided for 2025. Going forward, Supergroup will report on the combined results. Supergroup recommends that investors refer to the supplementary presentation posted to the website.

此外，Supergroup 分兩部分報告了其財務業績和指標，分別強調了 Supergroup 盈利且現金充裕的全球業務以及其在美國的投資。這與 Supergroup 為 2025 年提供的年度指導一致。展望未來，Supergroup 將報告合併結果。Supergroup 建議投資人參考網站上發布的補充介紹。

Today, I'm joined by Neal Menashe, Chief Executive Officer, and Alinda Van Wyk, Chief Financial Officer. After her remarks, we will open the call up for questions.

今天，與我一起參加的是執行長 Neal Menashe 和財務長 Alinda Van Wyk。在她發言之後，我們將開始提問。

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

現在我想把電話轉給尼爾。

Thank you, Good morning everyone and welcome to Super Group's first quarter 2025 earnings call.

謝謝大家，早安，歡迎參加超級集團 2025 年第一季財報電話會議。

We kicked off 2025 with a powerful quarter delivering impressive growth in revenue and customer numbers.

我們以強勁的季度開啟了 2025 年，實現了營收和客戶數量的令人矚目的成長。

We remain strategically focused on making smart adjustments to our global operations, cultivating our growth areas, enhancing our technology and product offerings, and spending wisely on operations and marketing, all while continuing to deliver meaningful shareholder returns.

我們將繼續從策略上專注於對全球營運進行明智的調整，培育我們的成長領域，增強我們的技術和產品供應，並在營運和行銷方面進行明智的支出，同時繼續為股東帶來有意義的回報。

Before we dig into our numbers, we have 4 important announcements. First, please join me in expressing our deepest thanks and gratitude to Richard Hasen, former President and CCO for everything that he has done for Supergroup over the last 13 years. It has been a super journey. We wish him every success in his next chapter.

在我們深入研究數據之前，我們有 4 個重要公告。首先，請和我一起向前總裁兼首席商務官理查德·哈森 (Richard Hasen) 表示最深切的感謝，感謝他在過去 13 年裡為 Supergroup 所做的一切。這是一場超級旅程。我們祝福他在未來的篇章中一切順利。

Second, from today going forward, we will be reporting our financial results in US dollars.

第二，從今天開始，我們將以美元報告我們的財務表現。

To enhance comparability with our US listed peers and provide more relevant information to investors.

增強與美國上市同行的可比性，並向投資者提供更多相關資訊。

Third, also from today going forward, our results presentation will be inclusive of our US business unless stated.

第三，從今天開始，除非另有說明，我們的業績報告將包括我們的美國業務。

Finally, we are excited to reintroduce Supergroup to you at our upcoming today on Thursday, September 18th, 2025 in London. And we are eager to present our new office hub. This event will reflect the significant transformation that we have made since Super Group listed over 3 years ago.

最後，我們很高興在 2025 年 9 月 18 日星期四於倫敦舉行的活動中向您重新介紹超級組合。我們熱切地想要展示我們的新辦公中心。此次活動將反映我們超級集團上市三年多來的重大轉變。

Turning out our numbers, we comfortably beat our internal ex US and US expectations for both total revenue and adjusted EBITDA for quarter 1 2025.

從我們的數據來看，我們輕鬆超越了我們對 2025 年第一季總營收和調整後 EBITDA（不包括美國和美國）的內部預期。

The combined group delivered an all-time high first quarter total revenue of $517 million growing 25% year over year. Total combined group adjusted EBITDA, also a first quarter record, increased by 120% year over year to $111 million with a combined margin of approximately 22%.

合併後的集團第一季總營收創歷史新高，達到 5.17 億美元，年增 25%。集團合併調整後 EBITDA 總額也創下第一季紀錄，較去年同期成長 120%，達到 1.11 億美元，合併利潤率約 22%。

We delivered all of this. Without compromising our strategy of reinvesting for growth, with a marketing ratio of 26% of net revenue. Growth was fueled by exceptional wages for both sports betting up 7% year over year, and casino up 23% year over year.

我們實現了這一切。在不損害我們再投資成長策略的情況下，行銷比例達到淨收入的26%。推動成長的因素包括體育博彩的特殊薪資年增 7%，賭場的特殊薪資年增 23%。

Total revenue ex the US was the highest first quarter ever, growing 24% year over year to $502 million.

美國以外的總收入創下第一季歷史新高，年增 24%，達到 5.02 億美元。

Adjusted EBITDA the US grew 62% to $121 million with a margin of 24% analyzing the ex US numbers, key drivers were as follows. Africans grew 54% year over year, driven by steady development in South Africa, Ghana, Malawi, and the recent launch of Botswana.

美國調整後 EBITDA 成長 62% 至 1.21 億美元，利潤率為 24%，分析美國以外的數據，主要驅動因素如下。受南非、加納、馬拉威以及最近新開的波札那等國的穩定發展所推動，非洲人口較去年同期成長 54%。

Botswana is off to the races as one of the most successful launches we have ever seen, while Nigeria is receiving strategic attention that we believe will be fruitful.

博茨瓦納的啟動是我們見過的最成功的啟動之一，而尼日利亞正受到戰略關注，我們相信這將是富有成效的。

In Africa, casino and sports were up 31% and 38% year over year, respectively thanks to continued growth in our customer base and the strength of our market leading global brands.

在非洲，由於客戶群的持續成長和我們市場領先的全球品牌的實力，賭場和體育收入分別同比增長 31% 和 38%。

The end result is that we continue to occupy podium positions in multiple markets across the continent.

最終結果是我們繼續在整個非洲大陸的多個市場佔據領先地位。

Europe was up 53% year over year. The UK continues to be a bright spot, with revenue up 87% thanks to strong growth from Jackpot City and Beway, together with improved marketing and product experience. Spain is up 20% over the same period due to growth in casino, as well as the relaxation of the royal decree around sponsorship and marketing.

歐洲較去年同期成長53%。英國繼續成為亮點，得益於 Jackpot City 和 Beway 的強勁增長以及行銷和產品體驗的改善，英國收入增長了 87%。由於賭場業務的成長以及贊助和行銷方面皇家法令的放寬，西班牙的博彩業同期成長了 20%。

Overall, Canada grew 13% year over year. Ontario grew 2%, while the rest of Canada grew 16% over the same period.

整體而言，加拿大年增13%。安大略省成長了 2%，而加拿大其他地區同期成長了 16%。

Our performance highlights the continued strength of our brands across Canada, where profitability remains very good. We maintain tight control of overheads and are holding marketing spend stable as a percentage of revenue in Alberta, we are preparing for a potential launch of local regulations in 2026.

我們的業績凸顯了我們品牌在加拿大的持續實力，獲利能力仍然非常好。我們嚴格控制管理費用，並將行銷支出在阿爾伯塔省收入中所佔的百分比保持在穩定水平，我們正在為 2026 年可能推出的當地法規做準備。

Lastly, APEC was significantly affected by currency weakness and the closure of non-performing markets, ending down 13% year over year. Our largest market in APEC is New Zealand, which was in line with last year in constant currency, but down 7% year over year in dollar terms.

最後，亞太經合組織受到貨幣疲軟和不良市場關閉的嚴重影響，最終年減了 13%。我們在亞太經合組織的最大市場是紐西蘭，以固定匯率計算與去年持平，但以美元計算則較去年同期下降 7%。

Growth in New Zealand is constrained by regulatory limits on marketing, but we believe that we have plans in place to address this in order to return New Zealand to growth.

紐西蘭的成長受到行銷監管限制的限制，但我們相信我們已經制定了計劃來解決這個問題，以使紐西蘭恢復成長。

At the EBITDA level, this quarter clearly shows how the operating leverage inherent within our business fuels scalable and profitable growth. As our established markets reach scale, a substantial portion of every incremental dollar of revenue converts to super profits at our bottom line.

在 EBITDA 層面，本季清楚顯示了我們業務中固有的經營槓桿如何推動可擴展且獲利的成長。隨著我們現有的市場達到規模，每美元的增量收入中，很大一部分都會轉化為我們的超額利潤。

By aggressively reinvesting our existing footprints and maintaining a disciplined cost structure, we are driving sustainable margin expansion, and we expect this trend to continue.

透過積極地重新投資我們現有的業務並維持嚴格的成本結構，我們正在推動可持續的利潤率擴張，並且我們預計這一趨勢將會持續下去。

In the US, our iGaming business is progressing according to plan. First quarter 2025 picked up from fourth quarter 2024, with EBITDA improving to a $10 million loss in quarter 1 2025 from an $11 million loss in quarter 4 2024.

在美國，我們的iGaming業務正在按計劃進展。2025 年第一季的業績較 2024 年第四季有所回升，EBITDA 從 2024 年第四季的 1,100 萬美元虧損改善至 2025 年第一季的 1,000 萬美元虧損。

In March 2025, we introduced Spin Palace Casino in New Jersey and Pennsylvania, replacing our sports-focused brand Betway. We are monitoring what a proposed tax hike in New Jersey could mean for profitability, but we are currently satisfied with the progress of the US business. We are meeting our KPI goals and remain on track for expect to break even in 2027.

2025 年 3 月，我們在新澤西州和賓夕法尼亞州推出了 Spin Palace Casino，取代了我們以運動為中心的品牌 Betway。我們正在關注新澤西州提議的增稅對盈利能力的影響，但我們目前對美國業務的進展感到滿意。我們正在實現我們的 KPI 目標，並預計在 2027 年實現收支平衡。

We are really pleased with the new records we set this quarter, including a new high for unique monthly active customers which averaged $5.4 million for the quarter.

我們對本季創下的新紀錄感到非常高興，其中包括每月獨立活躍客戶數創下新高，本季平均為 540 萬美元。

And a new record for total sports wage ex India, which reached $899 million for the quarter, up 7% year over year, even while gross margins in the sports book improved from 11.1% in quarter 1 2024 to 13.8% in quarter 1 2025.

本季印度以外地區的體育總薪資創下新高，達到 8.99 億美元，年增 7%，儘管體育博彩的毛利率從 2024 年第一季的 11.1% 提高到 2025 年第一季的 13.8%。

Our balance sheet remains stellar as we finish this quarter with unrestricted cash of $351 million and no debt. In February, you'll recall that we increased our minimum quarterly dividend target to $0.04 per share, which resulted in $20 million being declared and paid to our shareholders at the end of March 2025. In the last 12 months, we have returned $146 million to our shareholders. This highlights a very strong free cash flow profile.

我們的資產負債表依然出色，本季末我們擁有 3.51 億美元的無限現金，且沒有債務。您可能還記得，今年 2 月，我們將最低季度股息目標提高至每股 0.04 美元，這意味著我們將在 2025 年 3 月底向股東宣布並支付 2,000 萬美元。在過去的 12 個月中，我們向股東返還了 1.46 億美元。這凸顯了非常強勁的自由現金流狀況。

Turning to guidance, on February 25th, 2025, we guided to fiscal year group revenue of greater than EUR1.915 billion and group adjusted EBITDA of greater than EUR400 million. In dollar terms, converted at the average rate for the first quarter of 2025 of 1.052, that's equivalent to combined total revenue of greater than $2 billion. And adjusted EBITDA of greater than $421 million. So today we are maintaining our guidance.

談到指引，截至 2025 年 2 月 25 日，我們預期財年集團營收將超過 19.15 億歐元，集團調整後 EBITDA 將超過 4 億歐元。以美元計算，以 2025 年第一季的平均匯率 1.052 折算，相當於總收入超過 20 億美元。調整後的 EBITDA 超過 4.21 億美元。因此今天我們維持我們的指引。

Super Supergroup does not update guidance on a quarterly basis, but we do continuously assess performance as the year progresses. They're not factored into our guidance, we continue to see opportunities and potential for further growth in markets, both inside and outside of our current footprint.

Super Supergroup 不會按季度更新指導，但我們會隨著時間的推移不斷評估績效。它們沒有被計入我們的指導中，我們繼續看到在我們當前業務範圍之內和之外的市場中進一步增長的機會和潛力。

In closing, April was another super month across the board in Africa, Canada, Europe, APEC, and the US. The second quarter is therefore off to a great start. We are growing consistently with an iron op opportunity and the technology to support, retain and attract customers around the world. We are excited about the year ahead.

最後，四月對非洲、加拿大、歐洲、亞太經合組織和美國來說又是一個超級月份。因此，第二季開局良好。我們憑藉鐵操作機會和技術不斷發展，以支持、留住和吸引世界各地的客戶。我們對未來的一年充滿期待。

I will 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。

Thank you. To ask a question, please press star followed by 1 on your telephone keypad now. If you change your mind, please press star followed by 2. When preparing to ask your question, please ensure your device is unmuted locally.

謝謝。若要提問，請立即在電話鍵盤上按星號，然後按 1。如果您改變主意，請按星號，然後按 2。準備提問時，請確保您的裝置在本機已取消靜音。

Our first question is from Jed Kelly of Oppenheimer. Jed, your line is now open. Please go ahead.

我們的第一個問題來自奧本海默公司的傑德凱利。傑德，你的線路現已開通。請繼續。

Hey, great, thanks for taking my question and nice job on the corner just looking at sports and looking at the presentation, it looks like your handle ex the US was up 14%.

嘿，太好了，感謝您回答我的問題，而且做得很好，只是看看體育賽事和演示，看起來您在美國的交易量上漲了 14%。

So, can you just expound like what what's working there and then just circling back to the US, seeing a lot of good revenue growth, but you are seeing some of the like you know some of the products with. Land-based Presidents start to increase their share as well in states like New Jersey. Can you just talk about how you're thinking about, the US competitively given that, you're competing with some more well-known brands and, products with a land-based partnership. Thanks.

那麼，您能否詳細解釋那裡的運作方式，然後回到美國，看到很多良好的收入成長，但您看到一些您知道的一些產品。在新澤西州等州，陸上總統的份額也開始增加。您能否談談您對美國的競爭力有何看法，因為您正在與一些更知名的品牌和產品進行陸基合作競爭。謝謝。

Okay, so simply sports is obviously sports is all about the product as well. So we've had huge product development across the world and as we deploy this in we get more engagement with our customers and of course we've got this huge marketing budget that as we make that more effective, you get more people into the funnel.

好的，所以簡單的體育運動顯然也與產品有關。因此，我們在全球範圍內進行了大規模的產品開發，隨著我們部署這些產品，我們可以與客戶進行更多的互動，當然，我們擁有龐大的營銷預算，隨著我們使其更有效，可以吸引更多的人加入。

So, I think that's all a process of keeping the customers engaged. And then of course as 80% of our business is actually casino, right, even from the sports customers mixed up with the better ones with the spin. So we're seeing good traction there. When it comes to the US again our stuff is we only do casino and we compete with land-based casinos all over the world and What we are doing, we're enhancing the product offering there, as we launched with Spin Palace Casino which took over from Betway.

所以，我認為這都是讓客戶參與的過程。當然，我們 80% 的業務實際上來自賭場，對吧，甚至包括體育客戶和有旋轉的更好的客戶。所以我們在那裡看到了良好的發展勢頭。當再次談到美國時，我們只做賭​​場，並與世界各地的實體賭場競爭，我們正在做的事情是增強那裡的產品供應，因為我們推出了接管 Betway 的 Spin Palace Casino。

So now we've got jackpot City and Spin Palace Casino in New Jersey and Pennsylvania, and we've got more enhancements coming and we've got good marketing. And then what we have to do is Remember for us to break even is a much lesser amount as time goes on, so we are getting closer to what we believe is our net revenue that we can then our operating leverage can then kick in after that. But it's all about the product, it's all about the marketing, it's all about the efficiencies, and that's what we're all about.

現在我們在新澤西州和賓夕法尼亞州擁有 Jackpot City 和 Spin Palace Casino，並且我們還將推出更多改進措施，並進行良好的營銷。然後我們要做的就是記住，隨著時間的推移，我們的收支平衡點會越來越少，所以我們會越來越接近我們認為的淨收入，然後我們的經營槓桿就可以發揮作用了。但一切都與產品有關，一切都與行銷有關，一切都與效率有關，這就是我們所關注的。

Okay great and then just my follow up just on Alberta potentially going legal at you know at the beginning of next year, can you sort of talk about how you're going to approach that market and some of the strategies you might have learned from the Ontario launch? Thanks.

好的，太好了，然後我只是跟進一下阿爾伯塔省可能在明年年初合法化的問題，您能否談談您將如何進入該市場以及您可能從安大略省的推出中學到的一些策略？謝謝。

Yes, so, Alberta, according to us, it might only be the la latter half of 2026 just based on where the regulation is currently, but we learned how we migrate our customers' databases from Ontario. And we've learned what maybe we didn't do correctly then, and we will never make the same mistake twice. And that's that that that's how we've always done so. So we wait for it, the products being built ready. We wait for all the rigs and we know exactly what we need to do there.

是的，所以，根據我們的說法，根據阿爾伯塔省目前的監管情況，這可能要到 2026 年下半年，但我們了解如何從安大略省遷移客戶的資料庫。我們已經認識到我們當時可能做錯了什麼，並且我們絕對不會再犯同樣的錯誤。這就是我們一直以來的做法。所以我們等待產品準備好。我們等待所有鑽孔機，並且我們確切地知道我們需要在那裡做什麼。

Thank you and good quarter.

謝謝，祝一切順利。

Thanks.

謝謝。

Jason Tilchen,Canaccord Genuity LLC

傑森‧蒂爾欽（Jason Tilchen），Canaccord Genuity LLC

Thanks. Good morning and thanks for taking the question. Africa has been a really key growth driver for the company over the past year or two. I'm just wondering, if you talk a little bit high level first, how much growth you still think is in the existing markets.

謝謝。早上好，感謝您回答這個問題。過去一兩年來，非洲一直是該公司真正重要的成長動力。我只是想知道，如果您先從高層次談談，您認為現有市場還能實現多大的成長。

That you've been operating in for some time versus sort of growth is going to come from some of the Newer markets that you're planning on entering going forward and you talk a little bit specifically around the competitive landscape in Nigeria, how that's different from other markets and you talked about strategic attention being put there, what sort of that entails going forward. Thanks.

您已經在這個市場運營了一段時間，而成長將來自於您計劃未來進入的一些新市場，您可以具體談談尼日利亞的競爭格局，它與其他市場有何不同，您還談到了對那裡的戰略關注，以及這將對未來產生什麼影響。謝謝。

So I think obviously Africa has been a great continent for us, but remember it's made up of lots of countries. Every country we're in, it's all about the products, the offering, the banking, the marketing, and as we keep on tweaking all of those is we are seeing good uplift.

因此我認為非洲顯然對我們來說是一個偉大的大陸，但請記住它是由許多國家組成的。我們在每個國家都致力於產品、服務、銀行業務和行銷，隨著我們不斷調整所有這些，我們看到了良好的提升。

And remember we've also launched our jackpot City casino in some of the markets. We haven't even gone into all of them yet, so. And then understanding that Botswana is a new market and we go in there, the product's really good and it really got off to a flying start and as the listen there are lots of other markets in our pipeline, but we have to make sure the taxes are right, the banking is right in order for it to be operationally profitable for us.

請記住，我們也在一些市場推出了我們的大獎城賭場。我們甚至還沒有深入探討所有這些問題。然後了解到博茨瓦納是一個新市場，我們進入了那裡，產品非常好，而且真的有了一個良好的開端，而且聽說我們的渠道中還有很多其他市場，但我們必須確保稅收是正確的，銀行業務是正確的，這樣我們才能在運營上盈利。

But we see huge potential. The continent is massive, it's a growing population of customers turning 18 and 21 every year, a few percentage. New customers coming on board and our brands are resonating there with all our global marketing spend and then the localized. Nigeria is a bit more complicated, I think for us there is the product is not up to scratch.

但我們看到了巨大的潛力。這片大陸幅員遼闊，每年 18 歲和 21 歲的消費者群體都在不斷增長，佔比相當大。隨著新客戶的加入，我們的品牌也透過我們所有的全球行銷支出和在地化行銷產生共鳴。尼日利亞的情況稍微複雜一些，我認為那裡的產品還不夠好。

We have to fix some of them, make it more localized, which we're on. We've seen unbelievable traction in South Africa. Ghana, Tanzania, etc.

我們必須修復其中的一些問題，使其更加本地化，​​我們正在這樣做。我們在南非看到了令人難以置信的發展勢頭。加納、坦尚尼亞等

With localizing the product, but again there's always these tweets and so for us it's just the beginning. As these product offerings come as we can develop them and deploy them in the markets one by one. So we've got a lot, a big pipeline of new countries to come, but we're only going to bring them on as we know that all the stuff, all the metrics make sense in that market for us.

隨著產品的在地化，但總是會有這些推文，所以對我們來說這只是一個開始。隨著這些產品的推出，我們可以逐一開發它們並將它們部署到市場上。因此，我們有大量的新市場機會，但我們只會在我們知道所有的東西、所有的指標對我們來說都適合這個市場的情況下才會引入它們。

Okay, very helpful. And I guess a quick follow up there. You mentioned Jackpot City in the context of Africa. You've also been seeing really strong performance in New Jersey relative to the Betway brand since you launched there. I'm just wondering if you could share a little bit more about what differentiates Jackpot City and why you've seen such strong results with that brand and how that's resonating.

好的，非常有幫助。我想接下來會很快跟進。您結合非洲的背景提到了 Jackpot City。自從 Betway 品牌在新澤西州推出以來，您也看到了該品牌在該地區非常強勁的表現。我只是想知道您是否可以進一步分享一下 Jackpot City 的與眾不同之處，以及為什麼您看到該品牌取得如此強勁的業績，以及它是如何引起共鳴的。

Okay, so remember our thesis has always been a customer who bets on Betway and then goes and sports and then plays casino is a different customer to someone who's only looking for a pure play casino.

好的，請記住，我們的論點一直是，在 Betway 上下注然後去參加體育運動然後玩賭場的客戶與只尋找純粹賭場遊戲的客戶是不同的。

A pure play cain and we've got a lot of them, but jackpot City is the biggest one. I think the brand, everything to do with it resonates. It's been in Canada a long time, so we brought all over, we brought it to the UK, so we are seeing great traction again, that's the branding of the worldwide branding also helping.

純粹的遊戲凱恩，我們有很多，但大獎城是最大的一個。我認為這個品牌以及與之相關的一切都會引起共鳴。它在加拿大已經存在很長時間了，所以我們把它帶到了各地，我們把它帶到了英國，所以我們再次看到了巨大的吸引力，這也是全球品牌的幫助。

So, that is a totally different customer base and then we'll open new ones as we've got Spin Palace, casino, other ones, etc. So that's always been our strategy. I have to remind people that's where we started this business. Started with Jackpot City, Spin Palace, etc. And we're now just bringing that to more countries.

所以，這是一個完全不同的客戶群，然後我們會開拓新的客戶群，就像我們有 Spin Palace、賭場、其他賭場等一樣。這一直是我們的策略。我必須提醒人們，這就是我們開始這項事業的地方。從 Jackpot City、Spin Palace 等開始。現在我們正將其推廣到更多國家。

Great, thank you very.

太好了，非常感謝。

Clark Lampen, BTIG

克拉克·蘭彭（Clark Lampen），BTIG

Thanks very much. I've got a couple here. I'll start on Africa, Neil. I wanted to see if you could help us frame performance sort of between your countries.

非常感謝。我這裡有一對。我先從非洲開始，尼爾。我想看看你們是否可以幫助我們制定您國家之間的績效架構。

Very impressive 54% growth. Was performance disproportionately levered to one specific territory? And then as we're thinking about expansion in Africa over the balance of the year, I'm curious, I guess you talked about banking payment processing product.

54%的成長非常令人印象深刻。績效是否不成比例地取決於某一特定領域？然後，當我們考慮在今年餘下時間內在非洲擴張時，我很好奇，我想您談到了銀行支付處理產品。

Are the sort of basic ingredients for success across markets and with new markets in particular sort of consistent such that, you're hitting the ground running and ramping in new territory faster than you did in the past and we'll do so again in the future or Is each territory so distinct and different that we shouldn't necessarily draw a line between Botswana performance and maybe what you might be able to achieve with the next launch?

在各個市場，尤其是新市場中取得成功的基本要素是否一致，即您能夠比過去更快地在新領域中起步並取得進展，並且將來還會再次這樣做，還是每個領域都如此獨特和不同，以至於我們不必在博茨瓦納的表現和您下次發佈時可能取得的成就之間劃清界限？

Okay, so firstly, we don't break it down by country, but our podium positions as you can see on our presentation, South Africa, Ghana, etc. We are seeing good growth in in all of those. All of our markets actually even including Nigeria are all profitable, right? So what's happening really is that extra revenue is really flying down to the bottom line.

好的，首先，我們不會按國家進行細分，但是正如您在演示中看到的，我們的領獎台位置是南非、加納等。我們看到所有這些國家都取得了良好的成長。實際上，包括尼日利亞在內的所有市場都是盈利的，對嗎？所以實際發生的情況是，額外收入其實正在下降到底線。

So, what we have to Keep doing is keep enhancing the product, keep getting all the new features. We've got brilliant features that we roll out, but the tech there allows us if we roll out a feature in let's say South Africa or Ghana, we can roll it out in Tanzania, etc. So that's helping a lot when it comes to the banking and the regs, each country is different. Obviously we I think we have 150 different integrations of banking products across the whole of Africa and we're quick to market on.

因此，我們要繼續做的是不斷改進產品，不斷獲得所有新功能。我們推出了一些非常出色的功能，但是如果我們在南非或加納推出一項功能，那麼那裡的技術允許我們在坦尚尼亞等地推出它。因此，當涉及銀行業務和法規時，這有很大幫助，因為每個國家的情況都不同。顯然，我認為我們在整個非洲擁有 150 種不同的銀行產品整合，並且我們能夠快速地將產品推向市場。

The new ones that come out and also I think the banks and the telcos and everyone want to work with us because the brand is so big and it resonates because remember the strategy here. The strategy has been is that soccer is the number one sport and then you've got obviously basketball, but we are all over the English Premier League and the Spanish league, so they've seen the brand all the time. Then we do the individual marketing on the TVs on Google where we can do it.

新產品以及銀行、電信公司和每個人都想與我們合作，因為這個品牌很大，而且能引起共鳴，因為記住這裡的策略。我們的策略是，足球是第一大運動，其次顯然是籃球，但我們的品牌遍布英超和西甲聯賽，因此他們一直都能看到我們的品牌。然後我們在 Google 的電視上進行單獨的行銷。

Etc. But that is just resonating and then the customer service, how quickly we pay up the customers, the integrations into the banking systems for fast payments. This is what it's all about, and it's navigating the regs, right? So I think we've really got, and I always tell people we've got one team that looks after Africa.

等等。但這只是產生共鳴，然後是客戶服務，我們如何快速向客戶付款，以及與銀行系統的整合以實現快速支付。這就是它的全部意義所在，它正在遵循規則，對嗎？所以我認為我們確實擁有一支專門負責非洲的團隊，而且我總是告訴人們。

So, we've broken the world. We've divided and conquered the world, and this is why we're able to do this. So we've got a team doing Africa, the team doing the rest of Betway Global as we call it, the team doing spin, and it spins broken down with the various brands. So this is allowing us to get access quickly into these markets and keep enhancing.

所以，我們毀掉了這個世界。我們分裂並征服了世界，這就是我們能夠做到這一點的原因。因此，我們有一個團隊負責非洲業務，一個團隊負責我們稱為 Betway Global 的其他業務，還有一個團隊負責旋轉業務，並將旋轉業務細分為各個品牌。因此，這使我們能夠快速進入這些市場並不斷增強。

And just to add the Clark, I just want to also reference Africa is 13 out of the 20 fastest growing economies in the world at the moment, and the scale also with what the population is growing so. It just gives us that scale for expansion as well and with processing and the regulation, it's also a much more friendlier regulation than, for example, the USA and we've been for the last 15 years been dealing with every country's regulation, side by side, and that's been helping a lot with expansion.

補充克拉克的觀點，我想說的是，目前非洲在全球成長最快的 20 個經濟體中位列第 13 位，而且非洲的人口也在不斷增長。這也為我們提供了擴張的規模，並且在處理和監管方面，它的監管也比美國等國家更加友好，並且在過去 15 年裡，我們一直在與每個國家的監管並駕齊驅，這對擴張有很大幫助。

Thank you, that's helpful. If I may ask, as a follow up question on the US iGaming push, I'm curious if you guys could share a little more detail around the experience in New Jersey and PA so far and whether you might be open to either launching additional brands in those same states as a means of accentuating the current push or if we were to see some expansion, would you prefer to build a presence in additional, sort of legal markets in the US.

謝謝，這很有幫助。請容許我問一下，作為關於美國 iGaming 推廣的一個後續問題，我很好奇你們能否分享一些有關迄今為止在新澤西州和賓夕法尼亞州的經驗的更多細節，以及您是否願意在這些州推出更多品牌，以加強當前的推廣，或者如果我們看到一些擴張，您是否更願意在美國其他合法市場建立業務。

Thank you.

謝謝。

Okay, so what we're seeing there is I think like I think $15 million for the quarter, so it's $5 million a month. We are getting there. The break even obviously in those two states is higher net iGaming revenue need compared to other ones because you've got the partner fees along the way with the land base. And some other costs.

好的，所以我們看到的是，我認為本季是 1500 萬美元，所以每月是 500 萬美元。我們正在實現這個目標。顯然，這兩個州的損益平衡點是需要比其他州更高的淨 iGaming 收入，因為除了土地基礎之外，還需要支付合作夥伴費用。還有一些其他費用。

So, we're not far off getting to the revenue that we need to be breaking even. So we're seeing good traction. What we have to do is we can, we've still got marketing to spend there. We can buy other things along the way, bolt on acquisitions to help us grow that revenue. So for us I think it's a much better place to be just for iGaming. Sports is we're just going to make it work.

因此，我們距離實現收支平衡所需的收入並不遙遠。所以我們看到了良好的發展動能。我們要做的就是盡力而為，我們仍然需要進行行銷投入。我們可以在過程中購買其他東西，進行收購以幫助我們增加收入。所以對我們來說，我認為這裡是一個更適合 iGaming 的地方。我們只是想讓體育運動發揮作用。

The one that probably did. Away from us is Michigan. The only issue we have in Michigan is that it was very expensive to get a license originally, right? So unless that price comes down for the entry cost was too high. But so there's lots we can do, yes, we could launch one or two more casino brands, but let's see how these I think 2 at the moment is good.

可能就是那個。遠離我們的是密西根。我們在密西根州遇到的唯一問題是，最初獲得許可證的費用非常昂貴，對嗎？因此，除非價格下降，因為進入成本太高了。但我們可以做很多事情，是的，我們可以推出一兩個賭場品牌，但讓我們看看目前我認為這兩個品牌怎麼樣。

Enough. Appreciate the call. Thank.

足夠的。感謝您的來電。感謝。

Bernie McTernan, Needham & Company, LLC.

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

Great, thanks for taking the question. I want to ask to follow up on Africa and as I look at, slide date which shows your net revenue by geography and how Africa has grown from 37% last first quarter to 39% this one.

太好了，謝謝你回答這個問題。我想問一下關於非洲的情況，我看幻燈片日期顯示了您按地區劃分的淨收入，以及非洲如何從去年第一季的 37% 增長到今年的 39%。

How large do you think you can get, considering the strong growth, growing 54%, how large do you think you can get in terms of your, the total mix of the global pie and then I follow up.

考慮到強勁的成長，成長 54%，您認為您的全球市場份額能夠達到多大，然後我會跟進。

Listen, it's all about the tans and stuff, but remember the secret for Africa is that every bit of extra revenue is super profitable. So actually, if we grow revenue by 30%, you could almost 40%, you could almost double your profits there, right?

聽著，這一切都與曬黑和其他東西有關，但請記住，非洲的秘密是每一點額外收入都是超級利潤。所以實際上，如果我們的收入增加 30%，你的利潤幾乎可以增加 40%，你的利潤幾乎可以翻倍，對嗎？

This is a beautiful part of it. So what we have to do is maintain where we are and grow and open and open the new markets. So for us it's about again, it's not only about the revenue, it's the profitable revenue. And this is what we've learned that one thing I think we did wrong in the past which we turned around is we were in too many countries.

這是其中很美的一部分。因此，我們要做的就是維持現狀，發展並開拓新市場。所以對我們來說，這不僅關乎收入，還關乎獲利收入。我們從中學到的教訓是，我認為我們過去做錯了一件事，現在我們扭轉了局面，那就是我們涉足了太多的國家。

We were in so many countries and then then then your whole tech stack is. Is you can't deliver per market. So I think we've learned that lesson. We know what we're going and plus you can see with our guidance, etc. Is these markets are growing and will continue to grow. And we've got the marketing budget and that's very important in all my numbers.

我們去過很多國家，然後你的整個技術棧就在那裡。你不能按市場交付產品。所以我認為我們已經吸取了這個教訓。我們知道我們要做什麼，而且您可以透過我們的指導等看到這些市場正在成長並將繼續成長。我們有行銷預算，這對我的所有數字來說​​都非常重要。

Remember we spend 26% of our net iGaming revenue on marketing. Just so you know some of our competitors are at 15% at 18%. I can remind everyone that if we were let's say 20%, we would have brought another $150 million to the bottom line for this quarter.

請記住，我們將 iGaming 淨收入的 26% 用於行銷。您要知道，我們的一些競爭對手的比例是 15% 到 18%。我可以提醒大家，如果我們的成長率達到 20%，那麼本季的利潤將再增加 1.5 億美元。

But we knowing we're getting the returns and that's the secret. So we've got what I say petrol in the tank to be able to compete. We've got $450 million a year. The question is where are we spending it and how are we spending it and in which countries? And that's what and I have to work with all the CEOs of our various businesses every month, understanding, are we giving them enough and are they returning.

但我們知道我們會得到回報，這就是秘密。所以，我們有足夠的動力去參與競爭。我們每年有 4.5 億美元。問題是我們把這筆錢花在哪裡、怎麼花、花在哪些國家？這就是我每個月必須與各個業務部門的執行長合作，以了解我們是否給予他們足夠的支持以及他們是否回報我們。

Understood. And just to double check there, so the incremental margins in Africa are higher than your global averages.

明白了。再確認一下，非洲的增量利潤率高於全球平均。

Yeah, yes, absolutely.

是的，是的，絕對是。

Okay, and then just.

好的，然後就這樣。

Wanted to ask about, puts and takes on the guidance for the rest of the year and just is there anything we, whether it's [4 coms] or anything else we need to be thinking about from a comparability perspective, just, given the really strong one here and the guide and change for the year.

想問一下，關於今年剩餘時間的指導意見，以及我們是否需要從可比性的角度考慮什麼，無論是 [4 coms] 還是其他什麼，考慮到這裡非常強勁的指導意見以及今年的指導和變化。

Yeah, around the guidance, remember we don't monitor guidance on a quarterly basis. We assess the year as it goes on and we will give an update after quarter 2 on guidance.

是的，關於指導，請記住我們不會按季度監控指導。我們會根據今年的情況進行評估，並將在第二季後提供指導更新。

But I think if you take the season to prior years.

但我認為如果你回顧一下前幾年的賽季。

If you take the seasonality compared to prior years, you can see it how it is like for example, if you're going to quarter 2 now, is that football or soccer being our number one sport, all the leagues are finishing now in May, which means June and July your marketing budgets are less.

如果將季節性與前幾年進行比較，你就會明白情況是怎樣的，例如，如果你現在進入第二季度，足球是我們的頭號運動，所有聯賽都在五月份結束，這意味著六月份和七月份你的營銷預算較少。

Yes, got it.

是的，明白了。

Thank you.

謝謝。

Mike Hickey,The Benchmark Company LLC

麥克希基，The Benchmark Company LLC

Awesome thanks Neil and, congratulations on a great quarter.

非常感謝 Neil，恭喜您本季取得如此出色的成績。

Thanks for taking our questions. Let me know if you can't hear me. I'll switch off these earbuds. They don't work anyway, okay, thanks, Neil. The, obviously you've got.

感謝您回答我們的問題。如果您聽不到我的聲音，請告訴我。我會關掉這些耳機。無論如何它們都不起作用，好的，謝謝，尼爾。顯然你已經得到了。

As you highlighted great podium positions in in key African markets, Neil, can you sort of quantify your market share in your biggest markets like South Africa? Just trying to figure out how concentrated the revenue is with within those top markets for you.

尼爾，正如您所強調的那樣，我們在非洲主要市場佔據著重要的地位，您能否量化我們在南非等最大市場的市場份額？只是想弄清楚這些頂級市場的收入集中度如何。

Yeah, they, I mean they don't publish. I mean you can get some reports, but like I mean South Africa and Ghana, I mean South Africa maybe you know 30-40% of the market share, whatever the numbers are, but it's hard to quantify them because they don't report like the UK or like Ontario and stuff like that. But then the corollary of that is like in the UK we are still small, even though we've got good revenue.

是的，他們，我的意思是他們沒有出版。我的意思是你可以得到一些報告，但就像我所說的南非和加納，我的意思是南非可能佔據了 30-40％ 的市場份額，無論數字是多少，但很難量化，因為他們沒有像英國或安大略省那樣的報告。但必然結果是，在英國，儘管我們的收入不錯，但規模仍然很小。

There's so much growth there. That's why you're seeing a growth as we fix the marketing efficiencies and the products, you must understand as we drop these little items in each of these markets, we're seeing incremental revenue increase and that's what we're fighting about and that's really how by cutting off markets like Portugal, Belgium, France, etc. We've freed up the pipeline to deliver on the market where we need to be delivering on. And I think that's where we're seeing huge upside and it's a profitable upside.

那裡發展非常迅速。這就是為什麼當我們提高行銷效率和產品時，你會看到成長，你必須明白，當我們在每個市場投放這些小產品時，我們看到收入在逐步增加，這就是我們所爭取的，也是透過切斷葡萄牙、比利時、法國等市場，我們釋放了管道，以便在我們需要的市場上交付產品。我認為這就是我們看到的巨大上漲空間，而且是有利可圖的上漲空間。

Right outside the I guess, obviously you're on a global business here within Africa.

我想，就在外面，顯然您在非洲開展的是全球業務。

How competitive to the other markets you, is Africa in terms of promotional intensity and The pricing perspective and you're sort of highlighting here, I think for everyone else, how incredible Africa is for an online iGaming market, would you expect more entrants competitively coming into the region and this year or next year?

就促銷強度和定價角度而言，非洲與其他市場相比競爭力如何？您在這裡強調的是，我認為對於其他人來說，非洲對於線上 iGaming 市場來說是多麼不可思議，您是否預計今年或明年會有更多競爭者進入該地區？

Listen, I think there's always new entrants coming in all the markets we operate in, but again in the markets where we've got podium positions, you probably have to think of us like what fan jewel and draftings are to the US.

聽著，我認為在我們運營的所有市場中總會有新進入者，但在我們已經佔據領先地位的市場中，你可能不得不把我們想像成粉絲珍寶和選秀之於美國。

Right, especially from the sports side of things, right? And it's bringing the customers and it's all about the brand resonance and you've got the customer base that that you're building on. So every so every month, every time it's the end of the month and it's payday, etc.

對，尤其是從體育方面來說，對吧？它會吸引顧客，而這一切都與品牌共鳴有關，而且你已經擁有了你正在建立的客戶群。所以每個月，每個月末，每個月發薪日等等。

You're seeing big volumes coming into the system and we've got the same in Canada in our Positions there, etc. So it's working all of those to effectively in our business. So yes, there's always competition. How do you solve competition really simple. We become super-efficient, but we are on it's not about cost, it's not about driving down costs. It's becoming efficient with the cost that you're utilizing.

您會看到大量的數據進入系統，我們在加拿大的部位上也看到了相同的數據，等等。因此，所有這些都能有效地促進我們的業務發展。所以是的，競爭總是存在的。如何解決競爭其實很簡單。我們變得非常有效率，但我們關注的不是成本，也不是降低成本。它正隨著您所使用的成本而變得越來越有效率。

In CRM, whether it's in risk management, whether in processing fees, and then the big one is how do you become efficient on your funnel of marketing. If you're open to actors are converting at a certain percentage in each market, how do you make that better?

在 CRM 中，無論是在風險管理中，或是處理費中，最重要的是如何提高行銷管道的效率。如果您願意接受演員在每個市場中以一定比例轉化，那麼您如何做得更好？

What new products can we do? How do we scale, for example, now if we have to double the business, we don't have to hire double the amount of people. That's the key, and it's understanding all these metrics and remember for 25 years we've built these businesses on return on marketing. Now we're into the best having the best people in the right seats to deliver us in those markets. And if they're not and they don't deliver us in the markets, we have to find the people who will deliver and that's I think been a fundamental change.

我們能做哪些新產品？我們如何擴大規模，例如，現在如果我們要將業務擴大一倍，我們不必僱用兩倍數量的員工。這是關鍵，關鍵在於理解所有這些指標，並記住 25 年來我們一直依靠行銷回報來建立這些業務。現在，我們已擁有最優秀的人才，在合適的職位上帶領我們進入這些市場。如果他們不這樣做，也沒有在市場上為我們帶來收益，我們就必須找到能夠實現這一目標的人，我認為這是一次根本性的改變。

Yeah, how do the Tax receipts African markets and how you see the long term stability.

是的，非洲市場的稅務狀況如何？您如何看待其長期穩定性？

It might be the tax as we stated, Africa is a very regulated business and it's always been.

正如我們所說，這可能是稅收問題，非洲的行業監管非常嚴格，而且一直如此。

We work very closely with the tax authorities to make sure that they understand the industry and that there's fair tax for both from the revenue side and the operator side.

我們與稅務機關密切合作，確保他們了解該行業，並確保稅務和營運商雙方都享有公平的稅收。

It's very consistent. We've seen once or twice the tax has been. Increased, but it's always been done within reason for the industry and I think that's been the success, the regulator talks to the revenue authorities and to the operators, and every country is a taxpaying country. And I think every country is happy to have iGaming operators for income into their remits.

非常一致。我們已經見過一兩次這樣的稅收了。確實增加了，但一直在行業合理範圍內進行，我認為這是成功的，監管機構與稅務機關和運營商進行對話，每個國家都是納稅國家。我認為每個國家都樂意讓 iGaming 業者獲得收入。

Our big thing across the world is actually not really one, it's the black market. It's does the regulators where we pay our taxes regulate the black market. I mean, the prime example I keep giving is that they think they're collecting great money in Germany, but they're not because all our revenues are down because they allow the black operators to No tax and have no deposit limits.

我們在世界上最大的生意其實不是一個，而是黑市。我們納稅的監管機構是否對黑市進行監管。我的意思是，我一直舉的典型例子是，他們認為他們在德國賺了很多錢，但事實並非如此，因為他們允許黑人業者免稅且沒有存款限制，導致我們所有的收入都下降了。

So, that's far worse. You've got to regulate both sides of the coin and that's what we've been working with all the markets we're in now with whether you've got the BGC in the UK we're even establishing some of those kind of things in other markets because the industry has to, you have to explain to the governments what they're doing, right, and how the black market is actually a far bigger risk than anything else because then the customers have got zero protection.

所以，情況更糟。你必須對事物的兩面進行監管，這就是我們現在對所有市場所做的工作，無論英國是否有 BGC，我們甚至在其他市場也建立了類似的機構，因為這個行業必須向政府解釋他們在做什麼，對吧，以及黑市實際上比其他任何市場都更具風險，因為黑市的客戶得不到任何保護。

Last question from us I just want to clarify, do you expect what I guess how impactful was the one for the quarter. And would you expect sort of number one or sort of pop market sharing in this market after it sort of shakes out here after a couple quarters and then here is if you expect any other new markets to open here for you in the medium term within Africa. Thanks guys.

我們的最後一個問題，我只是想澄清一下，您是否預計這對本季的影響有多大。並且，在經過幾個季度的市場震盪之後，您是否預計該市場會成為第一或流行的市場份額？然後，您是否預計在中期內在非洲會開闢任何其他新市場？謝謝大家。

So Botswana was only launched in February. So it's listen, it's a small country. It's right next to South Africa. I think the brand awareness has been really good and I think the product's really good. So yes, so it's been early days in in in terms of affecting the quarter, right? But I think it's off to a great start and that's what we need to see.

因此博茨瓦納於二月才啟動。所以聽著，這是一個小國。它就在南非旁邊。我認為品牌知名度非常好，產品也非常好。是的，從影響本季的角度來看，這還為時過早，對嗎？但我認為這是一個很好的開始，這正是我們需要看到的。

We, we've got a few other markets, etc. We Looking at Ethiopia, Ivory Coast, Angola, etc. We've got a lot in the pipeline, but we've just got to make sure that that we can first of all deliver all of them correctly and most importantly that the taxes and the repatriation of the money out of those countries works for us.

我們還有其他幾個市場，像是衣索比亞、科特迪瓦、安哥拉等。我們有很多計劃，但我們必須確保首先能夠正確地交付所有項目，最重要的是，這些國家的稅收和資金匯回對我們來說是有利的。

So, we are always on this. We've got other countries we are looking at as well, but we've just got to make sure that it makes profitable sense to do it. So we've still got lots of pipeline there. And we're not even in most of those countries in in North Africa, etc. Or the west coast, etc. There. So there's a lot of opportunity everywhere.

所以，我們一直致力於此。我們也在考慮其他國家，但我們必須確保這樣做是有利可圖的。所以我們在那裡仍然有很多管道。我們甚至還沒有到達北非等地的大多數國家，或西海岸等地。所以到處都有很多機會。

And there's a lot of opportunity in Canada, Alberta, all of them coming right, so they're really a Spain, New Zealand's another interesting one for us.

加拿大、阿爾伯塔省都有很多機會，它們都很有機會，所以西班牙和紐西蘭對我們來說也是有趣的。

Remember in New Zealand just to end off, they are looking at regulating so we are and we have pulled back on some of the marketing that that the regulator says you shouldn't do on TV and so that has had a bit of an impact, but we've done it carefully because we will secure we want to secure a license there going forward, and that's again to be another market that then is good for expansion as well.

記住，在新西蘭，他們正在考慮進行監管，所以我們也撤回了一些監管機構禁止在電視上進行的營銷活動，這產生了一些影響，但我們做得很謹慎，因為我們將確保在未來獲得許可證，這又將成為另一個有利於擴張的市場。

I mean, when you look at new markets, you've got a great balance sheet here. Do you still think of sort of taking an organic approach to new market entry, or do you think you're in a better position today given your success and your balance sheet and your cash flow to maybe do some M&A, maybe something transformative.

我的意思是，當你審視新市場時，你會發現這裡有一份出色的資產負債表。您是否仍考慮採取有機方式進入新市場，或者您是否認為，鑑於您的成功以及您的資產負債表和現金流，您現在處於更有利的位置，可以進行一些併購，或者進行一些變革。

We agree. I said that for like even New Jersey, Pennsylvania, we have the cash flow. We can buy anyone we want. Must be the right price and the right fit, and we're all over this. We always are continually looking at stuff, etc. Right? So I, we fully agree, but it's got to be the right fit and it's got to make sense for the business. But yes, we can definitely buy some operators all over the globe.

我們同意。我說，即使是新澤西州、賓州，我們也有現金流。我們可以買下任何我們想買的人。必須有合適的價格和合適的尺寸，我們都注意這一點。我們總是不斷地觀察事物等等。對嗎？所以我，我們完全同意，但它必須適合併且對業務有意義。但是是的，我們絕對可以收購全球各地的一些營運商。

Just as a follow up, I mean, would you look to do something M&A within the US or do you still sort of want to grind out on your current path? Well.

作為後續問題，我的意思是，您是否考慮在美國進行一些併購，還是仍然想繼續沿著目前的路徑前進？出色地。

We'll see what's out there, we're always looking at the process to be both ways. And so yeah, so, but I also think now you, I think our performance shows we on it. That this is a formidable company and we've got the cash, we've got no debt.

我們會觀察那裡的情況，我們總是在觀察雙向的過程。是的，但是我現在也認為，我們的表現顯示了我們在這方面的能力。這是一家強大的公司，我們有現金，沒有債務。

We can get debt facilities if we want. We've got everything available to us. We're working all of us. I think one of the big things was this quarter was going in US dollars. It just makes it easier and you can see it and we've got a big marketing budget, so we've got everything. It's just how we deploy this. And we're working every day to deploy this in the most cost effective and profitable way.

如果我們願意，我們可以獲得債務融資。我們已經擁有一切可用資源。我們所有人都在努力工作。我認為其中一件大事是本季以美元結算。它只是讓事情變得更容易，你可以看到它，而且我們有很大行銷預算，所以我們擁有一切。這只是我們如何部署它。我們每天都在努力以最具成本效益和最有利可圖的方式部署這項技術。

At email perfect. Appreciate you.

電子郵件完美。感謝你。

Guys. Thank.

夥計們。感謝。

We can We have no further questions, so I hand back to Neil Menashe, CEO for closing remarks.

我們沒有其他問題了，因此我將交還給執行長 Neil Menashe 進行結束語。

Okay, so thanks everyone. Thanks for joining. We'll talk to you in August when we release our 2nd quarter results, and we're really looking forward to meeting all of you today on September 18th in London.

好的，謝謝大家。感謝您的加入。我們將在 8 月發布第二季業績時與您交談，我們非常期待今天 9 月 18 日在倫敦與大家見面。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for joining. You may now disconnect your lines.

感謝您的加入。現在您可以斷開線路了。