Sportradar Group AG (SRAD) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Sportradar third-quarter 2024 earnings conference call. (Operator instructions) Please be advised that today's conference is being recorded.

女士們先生們，謝謝你們的支持。歡迎參加 Sportradar 2024 年第三季財報電話會議。（操作員說明）請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Jim Bombassei, Head of Investor, Corporate Finance. Please go ahead.

現在我想將會議交給公司財務投資者主管吉姆·邦巴塞 (Jim Bombassei)。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us for Sportradar's earnings call for the third quarter of 2024. Please note that the slides we will reference during this presentation can be accessed through the webcast or on our website at investors.sportradar.com and will be posted on our website at the conclusion of this call. A replay of today's call will also be available on our website.

謝謝你，接線生。大家好，感謝您參加我們的 Sportradar 2024 年第三季財報電話會議。請注意，我們將在本次簡報中引用的幻燈片可以透過網路廣播或我們的網站 Investors.sportradar.com 訪問，並將在本次電話會議結束時發佈在我們的網站上。今天電話會議的重播也將在我們的網站上提供。

After our prepared remarks, we will open up the call to questions from the analysts and investors. In the interest of time, please limit yourself to one question and one follow-up. Please note that some of the information you will hear during this discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast.

在我們準備好的發言之後，我們將開始向分析師和投資人提問。為了節省時間，請限制自己提出一個問題和後續行動。請注意，您在今天的討論中將聽到的一些資訊將包含前瞻性陳述，包括但不限於有關收入和未來業務前景的陳述。這些陳述涉及風險和不確定性，可能導致實際結果或趨勢與我們的預測有重大差異。

For more information, please refer to the risk factors discussed in our annual report on Form 20-F and Form 6-K filed today with the SEC, along with the associated earnings release. We assume no obligation to update any forward-looking statements or information which speak as of their respective dates. Also during today's call, we will present both IFRS and non-IFRS financial measures. Additional disclosures regarding these non-IFRS measures, including a reconciliation of IFRS to non-IFRS measures are included in the earnings release, supplemental slides, and our filings with the SEC, each of which is posted to our investor relations website.

欲了解更多信息，請參閱我們今天向 SEC 提交的 20-F 表格和 6-K 表格年度報告中討論的風險因素以及相關收益發布。我們不承擔更新截至各自日期的任何前瞻性陳述或資訊的義務。在今天的電話會議中，我們還將介紹 IFRS 和非 IFRS 財務指標。有關這些非 IFRS 措施的其他揭露（包括 IFRS 與非 IFRS 措施的調節）包含在收益發布、補充投影片以及我們向 SEC 提交的文件中，每份文件均發佈在我們的投資者關係網站上。

Joining me today are Carsten Koerl, our CEO; and Craig Felenstein, our CFO. Now I'll turn the call over to Carsten.

今天加入我的是我們的執行長 Carsten Koerl；和我們的財務長克雷格費倫斯坦 (Craig Felenstein)。現在我將把電話轉給卡斯滕。

Thank you for joining our third-quarter earnings call. I'm very pleased to share these excellent results with you. Our business delivered on the key metrics that drive value with revenue growth of 27%, adjusted EBITDA of 30%, and strong free cash flow, up 140% year to date. We grew margins in the quarter and are once again raising our full-year guidance, and now expect margin expansion for the full year.

感謝您參加我們的第三季財報電話會議。我很高興與您分享這些出色的成果。我們的業務實現了推動價值的關鍵指標，營收成長了 27%，調整後 EBITDA 為 30%，自由現金流強勁，今年迄今成長了 140%。我們在本季度實現了利潤率成長，並再次提高了全年指導，現在預計全年利潤率將擴大。

This performance was fueled by the continued execution of our strategy and underpin of our core competitive advantages, including the depth and breadth of our sports coverage, broad product portfolio and unmatched global distribution network. Our unparalleled scale and expertise make us indispensable to the sports ecosystem. We bring together 800 operators, 400 sport leagues and 900 media companies to cover close to a million matches annually. We have the richest and deepest data sets in the industry, which we efficiently monetize to consistently outperform the market.

這項業績得益於我們策略的持續執行，並鞏固了我們的核心競爭優勢，包括我們體育報道的深度和廣度、廣泛的產品組合和無與倫比的全球分銷網絡。我們無與倫比的規模和專業知識使我們成為體育生態系統中不可或缺的一部分。我們匯集了 800 家營運商、400 個體育聯盟和 900 家媒體公司，每年報導近百萬場比賽。我們擁有業界最豐富、最深入的數據集，我們可以有效地利用這些數據集來持續跑贏市場。

Importantly, we are now on an inflection point to drive multiyear operating margin expansion, generating significant cash flow and deliver meaningful shareholder value. We believe that free cash flow is the key driver of value and we are laser-focused to drive more and more every dollar to the bottom line. Our ability to generate substantial profitability and cash flow is the result of the scale of the business we have established and discipline, which we are operating. Let me elaborate on some of the reasons that are driving these inflection points.

重要的是，我們現在正處於推動多年營業利潤率擴張、產生大量現金流並提供有意義的股東價值的轉折點。我們相信自由現金流是價值的關鍵驅動力，我們專注於推動每一美元越來越多地實現盈利。我們產生可觀獲利能力和現金流的能力是我們所建立的業務規模和我們所經營的紀律的結果。讓我詳細闡述推動這些拐點的一些原因。

We have built a strong foundation for our business with a diverse portfolio of products and broad client distribution funnel, which are leveraging to monetize our global sports content. We have nearly all our major sports content secured for long term, including basketball, soccer, hockey and tennis. This provides us with significant visibility on key part of our cost structure as well as a long runway to innovate, expand and grow our product offering and drive our ROI. Access to deep rich data combined with advanced proprietary technology has fueled our next generation of hyper-personalized products.

我們透過多樣化的產品組合和廣泛的客戶分銷管道為我們的業務奠定了堅實的基礎，這些管道正在利用我們的全球體育內容貨幣化。我們幾乎所有主要運動內容都受到長期保護，包括籃球、足球、曲棍球和網球。這為我們提供了對成本結構關鍵部分的清晰可見性，以及創新、擴展和發展我們的產品供應並提高投資回報率的漫長道路。獲得豐富的深度數據與先進的專有技術相結合，推動了我們下一代超個人化產品的發展。

We see an exciting opportunity to tap into the growth demand from fans and operators for deep engagement with the action on the field. By building products that are quickly scalable and launching them in one sport, we are able to leverage them across our sports portfolio, resulting in a shorter time to market. Harnessing our live sports content, we are creating innovative solutions ranging from cutting-edge visualization to enhance ops through in-game betting market. We are redefining the standard of fan engagement, opening new revenue streams for our clients and increasing our share of the wallet.

我們看到了一個令人興奮的機會，可以利用球迷和營運商不斷增長的需求，深入參與球場上的活動。透過建立可快速擴展的產品並在一項運動中推出它們，我們能夠在我們的運動產品組合中利用它們，從而縮短上市時間。利用我們的直播體育內容，我們正在創建創新的解決方案，從尖端的可視化到透過遊戲內投注市場增強營運。我們正在重新定義粉絲參與的標準，為我們的客戶開闢新的收入來源並增加我們的錢包份額。

A great example of how we are doing this is through our partnership with the NBA. We announced a couple of weeks, ago ahead of the new season, we are quickly scaling a number of cutting ad products, including 4Sight streaming, finance and bet offering and odd sports. Let me pause on the award-winning 4Sight streaming product for a moment. 4Sight streaming enhances our core audiovisual offering by seamlessly integrating animated overlays such as live broadcast graphics, statistics and visualization directly into the video screen of the games or sportsbook.

我們與 NBA 的合作就是一個很好的例子。幾週前，在新賽季到來之前，我們宣布將快速擴展一些廣告產品，包括 4Sight 串流媒體、金融和投注服務以及奇怪的體育賽事。讓我先談談屢獲殊榮的 4Sight 串流媒體產品。4Sight 串流媒體透過將直播圖形、統計數據和視覺化等動畫疊加直接無縫整合到比賽或體育博彩的視訊螢幕中，增強了我們的核心視聽產品。

Because our products are developed with flexibility and scalability in mind, we have been able to seamlessly adopt 4Sight from tennis since we launched this ATP earlier this year through complexities of the multiplayer teams or like basketball. This leads to an enhanced viewing experience, deeper engagement and more in-play opportunities. The 4Sight products target fast-growing in-play gaming sector and optimizes acquisition, engagement and retention by leveraging our cutting-edge technology. Approximately 25% of our audiovisual clients have signed on the core side today already.

由於我們的產品在開發時考慮到了靈活性和可擴展性，自從今年早些時候推出 ATP 以來，我們已經能夠在網球領域無縫採用 4Sight，應對多人團隊或籃球等複雜性問題。這會帶來增強的觀看體驗、更深入的參與和更多的參與機會。4Sight 產品瞄準快速成長的滾球遊戲領域，並利用我們的尖端技術來優化獲取、參與和保留。今天，我們大約 25% 的視聽客戶已經簽署了核心協議。

We have exciting plans to launch 4Sight streaming in other of our sports content early next year. Turning into in-game betting. Our premium sports portfolio is ideally suited for this format with start-stop action, extended season and high game volume spread throughout the week, maximizing engagement opportunities for betters. One of our recent offerings, micro market betting tap into this potential, allowing fans to wager on a minute-by-minute outcome during the game.

我們有令人興奮的計劃，即明年初在我們的其他體育內容中推出 4Sight 串流媒體。轉變為遊戲內投注。我們的優質運動產品組合非常適合這種形式，具有啟停動作、延長的賽季和全週的高比賽量，最大限度地提高了更好的參與機會。我們最近提供的產品之一是微型市場投注，它充分利用了這一潛力，讓球迷可以在比賽期間對每分鐘的結果進行投注。

The real-time rapid bet cycles amplified the excitement of live sports and enhance the fan experience. Micro market is a great example our Sportradar is leveraging AI and computer vision to turn in-depth sports content into new value for our clients. This year, we introduced micro market betting in ATP building on its success launched in soccer. Currently, we offer eight micro markets providing up to 1,500 new betting opportunities for tennis match.

即時快速的投注週期增強了現場體育賽事的刺激性並增強了球迷體驗。微觀市場就是一個很好的例子，我們的 Sportradar 正在利用人工智慧和電腦視覺將深入的體育內容轉化為我們客戶的新價值。今年，我們在 ATP 中引入了微型市場投注，其基礎是其在足球領域的成功推出。目前，我們提供 8 個微型市場，提供多達 1,500 個新的網球比賽投注機會。

We are rapidly scaling and expanding with plans to bring micro markets to additional sports, including basketball, football, baseball and ice hockey by early 2025. Building on our continued success -- we are also excited about our managed trading service, or MTS. The core solution designed to help operators manage and optimize their trading performance. MTS continues to experience strong growth.

我們正在迅速擴大規模和擴張，計劃在 2025 年初將微型市場引入更多運動項目，包括籃球、足球、棒球和冰球。在我們持續成功的基礎上，我們也對我們的託管交易服務 (MTS) 感到興奮。核心解決方案旨在幫助營運商管理和優化其交易績效。MTS 持續強勁成長。

For the trailing 12 months ended September 30, we managed turnover of approximately EUR35 billion and achieve a margin of approximately 10% for our sportsbook client. This translated in GTR growth of approximately 11%. Additionally, over the course of this year, we have signed up a number of new sportsbook for our managed trading service, demonstrating the growth trust and reliance on NPS by our clients. Atos, our AI-driven real-time betting tailored for Sportsbook using their real-time liquidity and our access to extensive sports data is also taking uptake from our clients as they gain the benefit of higher margins in their trading performance.

截至 9 月 30 日的過去 12 個月，我們管理的營業額約為 350 億歐元，為我們的體育博彩客戶實現了約 10% 的利潤率。這意味著 GTR 成長約 11%。此外，今年以來，我們為我們的託管交易服務簽約了許多新的體育博彩公司，這表明我們的客戶對 NPS 的信任和依賴不斷增長。Atos 是我們為體育博彩量身定制的人工智慧驅動的即時投注，利用其實時流動性以及我們對廣泛體育數據的訪問能力，也吸引了我們的客戶，因為他們在交易表現中獲得了更高的利潤。

It is worth noting that with tennis, soccer, and basketball, Atos now covers 80% of NPS turnover with cricket following in early 2025. Now turning into our marketing services or ads business. We are excited about the opportunities that we have as we have added additional capabilities. We built the business on the back of our NPS platform, which provides with unique insights into battles across hundreds of sportsbooks, gaining fan insights from billions of data points, our ads business delivered more than 50 billion ad impression last year alone.

值得注意的是，到 2025 年初，Atos 目前在網球、足球和籃球領域涵蓋了板球領域 80% 的 NPS 營業額。現在轉向我們的行銷服務或廣告業務。隨著我們增加了額外的功能，我們對所擁有的機會感到興奮。我們的業務建立在NPS 平台的基礎上，該平台提供了對數百家體育博彩公司的戰鬥的獨特見解，從數十億個數據點中獲取粉絲洞察，我們的廣告業務僅去年一年就交付了超過500 億次廣告展示。

This performance based on business has a demonstrated ability to acquire customers for sportsbook at up to 40% lower cost against similar campaigns running by other platforms or agencies. We are expanding our offering to provide a 360-degree value proposition for clients. In addition to our current programmatic paid social and paid search offerings, we are adding the capability to acquire users through the affiliate channel. And we see clear opportunities to expand beyond the betting industry given the highly attractive, high intense both fan and demographic.

這種基於業務的績效已被證明能夠以比其他平台或機構運行的類似活動低 40% 的成本獲取體育博彩客戶。我們正在擴大我們的產品範圍，為客戶提供 360 度的價值主張。除了我們目前的程序化付費社交和付費搜尋產品外，我們還增加了透過聯盟管道獲取用戶的功能。鑑於球迷和人口的高度吸引力和高度集中性，我們看到了向博彩業以外擴張的明顯機會。

Our product innovation and the ability to price scale solutions to meet our client needs will enable us to continue to outperform the market. Equally important is being disciplined, proposal and strategic in expanding every dollar we granted to ensure that we maximize shareholder value. We are intensively focused on managing our major cost buckets driving efficiencies across the board and maximizing cash flow, which our CFO will discuss shortly. With the long-term cost visibility of our major sports rights and the steps we are taking to manage personnel and other operating costs, we are at an inflection point for expanding operating margins and increasing cash flow generation.

我們的產品創新和調整解決方案價格以滿足客戶需求的能力將使我們能夠繼續跑贏市場。同樣重要的是，在擴大我們所撥款的每一美元時遵守紀律、提出建議和策略，以確保股東價值最大化。我們集中精力管理我們的主要成本，以提高整體效率並最大化現金流，我們的財務長將很快對此進行討論。由於我們主要體育賽事轉播權的長期成本可見性以及我們正在採取的管理人員和其他營運成本的措施，我們正處於擴大營運利潤和增加現金流產生的轉折點。

This quarter's exceptional performance highlights the strength of our business and the continued execution of our strategy. Our achievements are a testament to the value we are creating for our clients, partners and shareholders alike. We are singularly focused on delivering what drives value and we are excited about our ambition plan and continue innovating and to lead the industry. We look forward to sharing with you more about our plans and opportunities ahead at our investor day on March 25 next year in New York City.

本季的出色表現凸顯了我們的業務實力和我們策略的持續執行。我們的成就證明了我們為客戶、合作夥伴和股東創造的價值。我們非常專注於提供驅動價值的東西，我們對我們的雄心壯志計劃感到興奮，並繼續創新並引領行業。我們期待在明年 3 月 25 日於紐約市舉行的投資者日與您分享更多關於我們未來的計劃和機會。

More details will follow. Thank you. I will now turn it over to Craig.

更多細節將隨後公佈。謝謝。我現在將把它交給克雷格。

Thanks, Carsten, and thank you, everyone, for joining us this morning. Sportradar's unique position at the intersection of the sports, media, and betting industries continues to drive strong financial and operating momentum as we leverage our diverse product portfolio and high-demand content across our deep global customer footprint. Before I dive into our strong quarterly results and raise full year expectations, a brief housekeeping note. In an effort to further increase transparency, beginning this quarter, we have included some additional breakdowns in our earnings release and earnings presentation, such as further detail on revenues and expenses, including total sports right expense. Additionally, we are now providing detail on free cash flow.

謝謝卡斯滕，也謝謝大家今天早上加入我們。Sportradar 在體育、媒體和博彩行業交叉領域的獨特地位繼續推動強勁的財務和營運勢頭，因為我們在全球客戶足跡中充分利用多樣化的產品組合和高需求內容。在我深入探討我們強勁的季度業績並提高全年預期之前，我先做一個簡短的內務說明。為了進一步提高透明度，從本季開始，我們在收益發布和收益演示中納入了一些額外的細目，例如收入和支出的進一步細節，包括體育賽事轉播權總費用。此外，我們現在提供自由現金流的詳細資訊。

Turning to the third quarter. Sportradar built on the momentum generated during the first half of the year as the company delivered another quarter of strong revenue, adjusted EBITDA, and cash flow growth. Record third-quarter revenues of EUR255 million increased EUR54 million or 27% as compared with the third quarter of 2023, led by higher spending from clients, including incremental contributions related to our new ATP partnership deal. We continue to have success growing our client relationships by increasing uptake of our leading products and solutions as demonstrated by our 3Q net retention rate of 126%.

轉向第三季。Sportradar 建立在上半年產生的勢頭之上，該公司又一個季度實現了強勁的收入、調整後的 EBITDA 和現金流成長。第三季營收達到創紀錄的2.55 億歐元，與2023 年第三季相比增加了5,400 萬歐元，即27%，這得益於客戶支出的增加，包括與我們新的ATP 合作夥伴協議相關的增量捐款。我們透過提高領先產品和解決方案的採用率，繼續成功發展客戶關係，第三季淨保留率為 126%。

Looking at the individual product groupings, we delivered broad-based growth across both our betting technology and solutions products as well as our sports content, technology, and services. Betting technology and solutions revenue of EUR210 million delivered 32% growth versus the third quarter a year ago. The increase was driven primarily by 37% growth at our betting and gaming content, including 56% growth at our streaming and betting engagement products, most notably due to strong growth in audiovisual revenues.

從各個產品組來看，我們的博彩技術和解決方案產品以及體育內容、技術和服務都實現了廣泛的成長。博彩技術和解決方案營收為 2.1 億歐元，較去年第三季成長 32%。這一增長主要是由我們的博彩和遊戲內容增長 37% 推動的，其中包括我們的串流媒體和博彩參與產品增長 56%，最顯著的是由於視聽收入的強勁增長。

Odds and live data also performed well, up 24% year over year. Both AV and odds and live data benefited from existing and new customer uptake of our products and premium pricing, including from the addition of ATP content as well as strong US market growth. Additionally, managed betting services grew 18%, led by continued strong managed trading services performance due to higher trading margins and more betting activity from existing and new clients of our sportsbook partners.

賠率和即時數據也表現出色，較去年同期成長24%。AV 和賠率以及即時數據都受益於現有和新客戶對我們產品的接受和溢價，包括 ATP 內容的添加以及美國市場的強勁增長。此外，託管投注服務成長了 18%，這得益於交易利潤率的提高以及我們體育博彩合作夥伴現有和新客戶的投注活動的增加，託管交易服務業績持續強勁。

In managed betting services, this performance was partially offset by comparisons to last year's initial setup revenues related to hardware deliveries for the Taiwan Lottery deal, which benefited both the third and fourth quarters of 2023. Sports content, technology, and services products also delivered strong results this past quarter with revenues of EUR45 million, increasing 8% year on year, led by marketing and media services growth of 10% due to the continued growth of our ad business as we saw several sports books investing in marketing campaigns in 3Q. The growth across all product groups was significant worldwide, especially in the US as we continue to outpace the market, growing 46% year on year and representing 20% of our revenues in the quarter.

在管理投注服務方面，與去年台灣彩券交易硬體交付相關的初始設定收入相比，這一業績被部分抵消，該交易使 2023 年第三季和第四季受益。體育內容、科技和服務產品在上個季度也取得了強勁的業績，收入達到 4,500 萬歐元，年增 8%，其中行銷和媒體服務成長 10%，這得益於我們的廣告業務的持續成長。一些體育書籍在第三季投資了行銷活動。所有產品組的成長在全球範圍內都很顯著，尤其是在美國，我們繼續領先市場，年增 46%，占我們本季營收的 20%。

The revenue growth across our product portfolio translate into significant adjusted EBITDA growth, with adjusted EBITDA of EUR66 million, increasing EUR15 million or 30% year on year. We also delivered total company operating leverage with adjusted EBITDA margin expanding to 25.8% despite the increased sports rights costs as we continue to be diligent across our cost infrastructure.

我們產品組合的營收成長轉化為調整後 EBITDA 的顯著成長，調整後 EBITDA 為 6,600 萬歐元，較去年同期增加 1,500 萬歐元，即 30%。儘管體育版權成本增加，但由於我們繼續在成本基礎設施方面努力，我們也實現了公司總營運槓桿率，調整後的 EBITDA 利潤率擴大至 25.8%。

Looking at the individual cost buckets, I will be speaking to adjusted expenses to provide a breakdown of the expenses that impacted adjusted EBITDA. We have detailed in the earnings release and the financial section of the earnings presentation, the bridge from IFRS amounts.

考慮到各個成本類別，我將討論調整後的費用，以提供影響調整後 EBITDA 的費用明細。我們在收益報告和收益報告的財務部分詳細介紹了 IFRS 金額的橋樑。

This past quarter, sports rights increased 77% to EUR63 million in the quarter due primarily to the new ATP rights, which are driving significant revenue growth as we upsell solutions to existing clients as well as the new clients given the premium nature of this content. We see significant opportunity going forward to drive incremental value across our existing sports rights portfolio as we develop and scale our premium products and solutions for our global customer base. As Carsten mentioned, we continue to be disciplined and strategic in building up our premium rights portfolio and have significant visibility moving forward, having secured most of our largest rights under long-term deals. Net adjusted personnel expenses were $69 million in the quarter, up 21% year on year and down approximately 140 basis points as a percentage of our revenue.

上個季度，體育賽事轉播權成長了77%，達到6,300 萬歐元，這主要歸功於新的ATP 轉播權，鑑於這些內容的優質性質，我們向現有客戶以及新客戶追加銷售解決方案，這推動了收入的顯著增長。隨著我們為全球客戶群開發和擴展優質產品和解決方案，我們看到了推動現有體育版權組合增值的重大機會。正如卡斯滕所提到的，我們在建立優質版權投資組合方面繼續保持紀律性和策略性，並在未來取得顯著的進展，並在長期交易下獲得了大部分最大的版權。本季調整後的淨人員費用為 6,900 萬美元，年增 21%，佔營收的百分比下降約 140 個基點。

Please note that the prior-year third quarter did have a onetime benefit related to the reversal of a bonus accrual. In the absence of this item, personnel expenses would have increased mid-single digits versus last year. We will continue to closely manage headcount to ensure we are focusing our talent and resources on the most profitable growth opportunities and unlocking operating leverage. In addition to the leverage we delivered across our personnel costs, net purchase services expense of EUR36 million increased only 5% versus last year as we further leverage our existing infrastructure, while at the same time, invest in our product portfolio.

請注意，去年第三季確實有與應計獎金沖銷相關的一次性福利。如果沒有這個項目，人員費用將比去年增加中個位數。我們將繼續密切管理員工隊伍，以確保我們將人才和資源集中在最有利可圖的成長機會上，並釋放營運槓桿。除了我們在人員成本方面發揮的槓桿作用外，隨著我們進一步利用現有基礎設施，同時投資於我們的產品組合，淨採購服務費用為 3,600 萬歐元，僅比去年增加了 5%。

Importantly, this represented a decline of approximately 290 basis points as a percentage of revenue. Adjusted other operating expenses of EUR21 million decreased 10% versus last year, a decline of approximately 330 basis points as a percentage of revenue as we continue to be vigilant in managing our cost structure.

重要的是，這意味著佔收入的百分比下降了約 290 個基點。調整後的其他營運費用為 2,100 萬歐元，與去年相比下降了 10%，佔收入的百分比下降了約 330 個基點，因為我們繼續保持警惕管理成本結構。

There is inherent scale and operating leverage in our business and we expect to meaningfully expand total company margins as we drive further revenue opportunities, closely manage our cost infrastructure, and realize the benefit of sports rights being amortized on a straight-line basis over the life of each contract. We generated a profit for the quarter of EUR37 million, an increase of EUR33 million versus the EUR4 million reported in the third quarter a year ago, led by the EUR15 million improvement in adjusted EBITDA and EUR21 million higher foreign currency gains, primarily resulting from unrealized currency fluctuations associated with the US dollar-denominated sports rights. The prior year included one-time losses related to impairment on goodwill and intangible assets. The year-on-year increase in profit was partially offset by higher sports financing costs, primarily related to our new ATP and NBA deals.

我們的業務具有固有的規模和營運槓桿，隨著我們推動更多的收入機會，密切管理我們的成本基礎設施，並實現體育賽事轉播權在生命週期內以直線法攤銷的好處，我們預計將有意義地擴大公司總利潤率每份合約。我們本季獲利3,700 萬歐元，比去年第三季報告的400 萬歐元增加了3,300 萬歐元，主要原因是調整後EBITDA 增加了1,500 萬歐元，外匯收益增加了2,100 萬歐元，這主要是由於未實現的與以美元計價的體育賽事版權相關的貨幣波動。上一年包括與商譽和無形資產減損相關的一次性損失。利潤同比增長部分被體育融資成本上升所抵消，這主要與我們新的 ATP 和 NBA 交易有關。

Turning to the balance sheet. We continue to be in a strong liquidity position, closing the quarter with EUR368 million in cash and cash equivalents, an increase of EUR46 million from the second quarter with no debt outstanding. Year to date, we have generated free cash flow of EUR122 million versus EUR51 million in the same period a year ago, led by strong cash from operations primarily as we leverage our expanded sports content portfolio. Since the second quarter, we have ramped up the repurchase of shares under our $200 million share repurchase program. As of November 1, we have repurchased approximately $20 million worth of stock at an average price of $11.42, including $8 million in the third quarter.

轉向資產負債表。我們繼續保持強勁的流動性狀況，本季末現金和現金等價物為 3.68 億歐元，比第二季增加 4,600 萬歐元，且沒有未償債務。今年迄今為止，我們產生了 1.22 億歐元的自由現金流，而去年同期為 5,100 萬歐元，這主要得益於我們利用擴大的體育內容組合帶來的強勁營運現金流。自第二季以來，我們根據 2 億美元的股票回購計畫加大了股票回購力度。截至11月1日，我們以平均價格11.42美元回購了價值約2,000萬美元的股票，其中第三季回購了800萬美元。

We continue to believe that our shares are undervalued given the strong growth we are delivering and the expectations for significant further margin expansion and cash flow conversion in the future. It is important to note that our capital allocation priority is investing in expanding the long-term growth potential of the company, and we will weigh returning capital to shareholders versus additional organic and M&A investment opportunities in both the short and long term.

我們仍然認為，鑑於我們正在實現的強勁增長以及未來利潤率進一步大幅擴張和現金流轉換的預期，我們的股票被低估。值得注意的是，我們的資本配置優先事項是投資於擴大公司的長期成長潛力，我們將權衡向股東返還資本與短期和長期的額外有機投資和併購投資機會。

Turning to our full-year expectations for 2024. Given the continued operating momentum and strong results during the third quarter, we are again raising our full-year guidance. We now anticipate revenues of at least EUR1.09 billion, an increase of EUR20 million versus our prior guidance and up 24% versus 2023. And we now anticipate adjusted EBITDA of at least EUR216 million, up EUR12 million versus our prior guidance, a growth of at least 29% versus 2023.

談到我們對 2024 年的全年預期。鑑於第三季持續的營運動能和強勁的業績，我們再次上調全年指引。我們現在預計收入至少為 10.9 億歐元，比我們之前的指導增加 2000 萬歐元，比 2023 年增長 24%。我們現在預計調整後 EBITDA 至少為 2.16 億歐元，比我們先前的指引增加 1,200 萬歐元，比 2023 年成長至少 29%。

The strong adjusted EBITDA growth is expected to result in full-year adjusted EBITDA margin expansion in the current year despite the significant ramp in sports costs. Please note that these expectations reflect the lapping of our NBA deal, which began in the fourth quarter a year ago and the benefit from the initial setup fees related to the Taiwan lottery deal in last year's fourth quarter. From an operating leverage standpoint, we continue to expect significant margin expansion in the fourth quarter.

儘管體育成本大幅上升，但調整後 EBITDA 的強勁成長預計將導致本年度全年調整後 EBITDA 利潤率擴張。請注意，這些預期反映了我們去年第四季開始的 NBA 交易的完成情況，以及去年第四季與台灣彩票交易相關的初始設定費的收益。從營運槓桿的角度來看，我們繼續預期第四季利潤率將大幅擴張。

Turning to cash flow. While we anticipate strong free cash flow growth and conversion for the full year, note that our fourth-quarter cash flow results will be impacted by the timing of sports rights payments. Overall, the continued strong results during the third quarter demonstrates Sportradar's significant growth opportunities in 2024 and beyond.

轉向現金流。雖然我們預計全年自由現金流成長和轉換將強勁，但請注意，我們第四季度的現金流結果將受到體育賽事轉播權支付時間的影響。總體而言，第三季持續強勁的業績顯示 Sportradar 在 2024 年及以後擁有巨大的成長機會。

We will continue to drive revenues and shareholder value through product innovation and development,, higher pricing across our content portfolio, and the expansion of our addressable market, both in the US and across the world while converting more and more of each dollar into EBITDA and free cash flow in the months and years ahead. Thank you for your time this morning.

我們將繼續透過產品創新和開發、提高內容組合的定價以及擴大美國和世界各地的潛在市場來推動收入和股東價值，同時將越來越多的每一美元轉化為 EBITDA 和未來數月和數年的自由現金流。感謝您今天早上抽出時間。

And now Carsten and I will be happy to answer any questions you may have.

現在卡斯滕和我很樂意回答您的任何問題。

(Operator instructions)

（操作員說明）

Ryan Sigdahl, Craig-Hallum Capital Group.

瑞安‧西格達爾 (Ryan Sigdahl)，克雷格-哈勒姆資本集團。

Good morning, Carsten, Craig. Nice job, guys. I want to start with the increment or the guidance raise. So incremental margins implied at 60% on the upside from revenue to EBITDA.

早上好，卡斯滕，克雷格。幹得好，夥計們。我想從增量或指導加薪開始。因此，增量利潤率意味著收入與 EBITDA 相比有 60% 的上升空間。

I guess are there any big investment plans or stare-step functions on the cost side that we should anticipate in '25, '26? Or as I look at Slide 18 of kind of that margin improvement, 17% to 19% to 20% over the last 3 years that, that should accelerate in '25, '26 as you get better leverage on those straight-line sports rights?

我想我們應該在 25 年、26 年預計成本方面是否有任何大型投資計畫或先行功能？或者當我看幻燈片18 時，利潤率在過去3 年中提高了17% 到19% 到20%，隨著你更好地利用這些直線體育權利，這種情況應該會在25 年、26 年加速成長？

Sure. Thanks, Brian, and thanks for the kind words. So when we think about '25 and we'll provide, obviously, guidance for '25 on our fourth quarter call. But when you think about the margin expansion opportunity, which you'll start to see, frankly, in the fourth quarter here as we lap our NBA deal.

當然。謝謝布萊恩，也謝謝你的客氣話。因此，當我們考慮 25 年時，我們顯然會在第四季度電話會議上提供 25 年的指導。但當你想到利潤擴張的機會時，坦白說，當我們結束 NBA 交易時，你會在第四季開始看到這一點。

So you'll see nice margin expansion in Q4 of this year, and that margin expansion will continue significantly in 2025. The drivers behind that margin expansion are going to be really a couple of things. One, really strong continued revenue growth, which we do anticipate for 2025. So that will be the biggest driver.

因此，您將在今年第四季看到利潤率大幅擴張，而這種利潤率擴張將在 2025 年繼續大幅成長。利潤率擴張背後的驅動因素實際上有幾個因素。第一，營收持續強勁成長，我們確實預期 2025 年會出現這種成長。所以這將是最大的驅動力。

And then you're going to leverage that revenue growth across, I would say, all cost categories. Certainly, on the sports side of the house, your sports rights cost increase will be significantly less next year than it was in 2024. So you'll be able to leverage your sports rights next year. And then you're going to get leverage across all the other cost categories certainly personnel costs, but as well as some of your back-office technology costs, your marketing costs.

然後你將利用所有成本類別的收入成長。當然，在體育方面，明年體育版權成本的增加將明顯低於 2024 年。因此，明年您將能夠利用您的體育權利。然後，您將充分利用所有其他成本類別，當然包括人員成本，以及一些後台技術成本和行銷成本。

So there'll be a variety of ways to achieve the leverage growth here in 2025 as we move forward.

因此，隨著我們的前進，到 2025 年將有多種方法來實現槓桿成長。

Thanks, Craig. For my follow-up question, looking at Slide 8, the 4Sight streaming. It seems really cool. But I guess, for the 25% of clients that have used it, are you seeing a better uptick of in-play betting using this 4Sight streaming versus the traditional digital AV feeds given, I would presume, this has less latency behind it?

謝謝，克雷格。對於我的後續問題，請查看幻燈片 8，即 4Sight 串流媒體。看起來真的很酷。但我想，對於使用過4Sight 串流媒體的25% 的客戶來說，與傳統的數位AV 來源相比，您是否發現使用該4Sight 串流媒體的即時投注有更好的增長，我想，這背後的延遲更短？

Hi, Ryan. Carsten here. You're right, yes, there is less latency behind it. That's the reason why we started with tennis.

嗨，瑞安。卡斯滕在這裡。你是對的，是的，它背後的延遲更少。這就是我們從網球開始的原因。

Now we go on the other properties, basketball is the next. We want to stimulate here. And what we see in the numbers is an uptick already. We see the market in roughly 35% to 40% from a life proportion perspective.

現在我們繼續討論其他屬性，下一個是籃球。我們想在這裡刺激。我們從數字中看到已經有所上升。從生活比例的角度來看，我們認為市場大約在 35% 到 40% 之間。

And as you know, every percentage point flows more or less through on our balance sheet, which gives us at the moment with leverage, 1.6 million. But there are little costs in cloud computing and those things, but it basically flows through. So what we want to do with the product is stimulate for live betting.

如您所知，每個百分點都或多或少地反映在我們的資產負債表上，這使我們目前的槓桿率為 160 萬。但是雲端運算這些東西成本很少，但是基本上都是流轉的。所以我們想要用這個產品做的是刺激現場投注。

Michael Graham, Canaccord.

邁克爾·格雷厄姆，Canaccord。

And it's great to see the margin flow through here despite the higher sports rights cost, very encouraging. I wanted to just ask for my first question. If you might give us an update on the MLB deal? And if you can't say much about it, would you be willing to reiterate that you still expect to see leverage on your sports rights costs after that deal is incorporated into the model?

儘管體育版權成本較高，但很高興看到利潤流經這裡，非常令人鼓舞。我只想問我的第一個問題。您能否向我們介紹 MLB 交易的最新情況？如果您對此不能透露太多，您是否願意重申，在該交易納入模型後，您仍然希望看到體育版權成本的槓桿作用？

Michael, Carsten here. The MLB season is now finished, and we are very, very happy about the partnership with we are in excellent discussions, I would say. I can't announce anything today, but we are very optimistic that we will prolong this partnership. And this partnership will be margin accretive for us, so you can calculate that whatever we do here has a positive impact on our margin and earnings profile.

邁克爾，卡斯滕在這裡。美國職棒大聯盟賽季現已結束，我想說，我們對雙方的合作夥伴關係感到非常非常高興，我們正在進行良好的討論。我今天不能宣布任何事情，但我們對延長這種合作關係非常樂觀。這種合作夥伴關係將為我們增加利潤，因此您可以計算我們在這裡所做的任何事情都會對我們的利潤和收益狀況產生積極影響。

All right. That sounds great. And then just as a quick follow-up, we've been having a lot of conversations about Brazil and the potential for that market. Can you just talk about your plans here and give us any updates that you have on Brazil?

好的。聽起來很棒。然後，作為快速跟進，我們就巴西及其市場潛力進行了許多對話。您能在這裡談談您的計劃並向我們提供有關巴西的任何最新情況嗎？

Michael, I have -- I think we can spend 2 hours with updates on Brazil. So it's a market which is -- there is a lot of progress in there. What we did now is we established an office. That was not quite easy in Brazil to get all these setups done.

邁克爾，我想我們可以花兩個小時來了解巴西的最新情況。所以這是一個有很多進步的市場。我們現在所做的就是設立一個辦公室。在巴西，完成所有這些設定並不容易。

The teams are working now for steam on it. we have early success, so we converted 13 clients for our MTS product, where we do the complete trading. And now we're beginning to get traction in the market. What we see from a legal perspective, we see a lot of politicians in the Senate lobbying for a ban of advertising.

目前，各團隊正努力爭取進展。我們已經取得了早期的成功，因此我們將 13 個客戶轉化為我們的 MTS 產品，並在其中進行完整的交易。現在我們開始受到市場的關注。從法律角度來看，我們看到參議院中有很多政治人物遊說禁止廣告。

I even saw lately that some politicians are suggesting to stop the law which they put in place a couple of months ago. So that's usual for such early stages in the market. But what has happened is definitely the government is increasing the speed and increasing the demand on the operators to be now licensed. So the plan is beginning of January, we only can operate as a licensed operator.

我甚至最近看到一些政客建議停止他們幾個月前製定的法律。因此，這對於市場的早期階段來說是很常見的。但已經發生的事情肯定是政府正在加快速度並增加對營運商獲得許可的要求。所以計劃是一月初，我們只能作為有執照的運營商來運營。

We have no doubt that this will happen. And we see a good trajectory in the market for our products. We see a good early pickup. Now it's up to us that we complement the product line, lots of opportunities in bad engagement tools, lots of opportunities with advertising.

我們毫不懷疑這將會發生。我們看到我們產品的市場發展軌跡良好。我們看到了良好的早期接機。現在我們需要補充產品線，不良參與工具的大量機會，廣告的大量機會。

And of course, we are pretty strong with the CONMEBOL and the soccer content, which we have. So we have ramped up in a market which is demanding and challenging. You're going to need to be really every second on your tools and that's what we are doing here.

當然，我們對 CONMEBOL 和足球內容非常有信心。因此，我們在一個要求高、充滿挑戰的市場中不斷發展。您需要每時每刻都使用您的工具，這就是我們在這裡所做的。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Congrats on the beat and the raise. I appreciate it. First things first, with cash conversion levels today, can you help us think about where an aspirational cash conversion from EBITDA might be? And obviously, the embedded part of that question is the allocation. I mean, the 20 million is a nice start. How do you see that allocation rolling forward and whether any acquisitions could get in the way. And I know there's a few in there. Sorry about that.

恭喜你的節拍和加薪。我很感激。首先，根據目前的現金轉換水平，您能否幫助我們思考 EBITDA 的理想現金轉換水平可能是多少？顯然，這個問題的內在部分是分配。我的意思是，2000 萬是一個好的開始。您如何看待分配的推進以及是否有任何收購可能會阻礙。我知道裡面有一些。對此感到抱歉。

Sure. So I'm not sure I understand the second part of the question, but let me answer the first part of the question about cash conversion. So obviously, the company has made, what I would say, it's pretty strong strides with regards to cash conversion. Look at what cash conversion was a year ago.

當然。所以我不確定我是否理解問題的第二部分，但讓我回答有關現金轉換的問題的第一部分。顯然，我想說的是，該公司在現金轉換方面取得了相當大的進展。看看一年前的現金兌換率是多少。

And in 2023, it was closer to 30%. This year, it will be north -- over 50%. So really nice effort not just in terms of free cash flow generation, but free cash flow conversion. We would expect that free cash flow conversion to continue to grow.

到 2023 年，這一比例接近 30%。今年，超過 50% 將位於北方。因此，不僅在自由現金流生成方面，而且在自由現金流轉換方面，都做出了巨大的努力。我們預計自由現金流轉換將持續成長。

We're not going to put a target out there long term at this point. We'll talk more about that on our investor day next year. But when you think about the cash properties of this business, there's a significant amount of cash that flows in ahead of performance, which will help your working capital over time, and we expect that to help us drive our free cash flow conversion rates higher than where they are today. So that's kind of our plan here moving forward as we focus on all aspects of the cash flow of the company.

目前我們不會設定長期目標。我們將在明年的投資者日更多地討論這一點。但是，當您考慮該業務的現金屬性時，會發現大量現金在業績之前流入，隨著時間的推移，這將有助於您的營運資金，我們預計這將有助於我們將自由現金流轉化率提高到高於他們今天在哪裡。這就是我們的計劃，因為我們專注於公司現金流的各個方面。

Understood. And --

明白了。和--

Can you repeat the second part of your question, please? Yes.

您能重複一下您問題的第二部分嗎？是的。

Well -- yes, sorry. And I hope it's not spending my follow-up. I want to follow the rules. But the question was whether there could be any tuck-ins or any kind of acquisitions probable or likely that would get in the way of capital returns.

嗯——是的，抱歉。我希望它不會花費我的後續行動。我想遵守規則。但問題是是否可能存在任何可能會妨礙資本回報的折衷或任何類型的收購。

Well, like stated multiple times. So the first thing is when we are looking now into expansion and investments, our own product, we are growing pretty strong. So that's our key focus there. We see, of course, potential consolidation opportunities.

嗯，就像多次說過的。因此，第一件事是，當我們現在考慮擴張和投資時，我們自己的產品，我們正在變得非常強大。這就是我們的重點。當然，我們看到了潛在的整合機會。

We monitor the market very careful. We look to things which are complementary. We saw that with XL media, where this was the missing piece in the 360-degree proposition which we had there. So we did an acquisition there.

我們非常仔細地監控市場。我們尋找互補的事物。我們在 XL media 上看到了這一點，這是我們 360 度主張中缺少的部分。所以我們在那裡進行了收購。

And we have so far 20 million buyback in our buyback program, and nothing has changed in these priorities, David.

到目前為止，我們的回購計劃中有 2000 萬美元的回購，這些優先事項沒有任何變化，大衛。

Yes. The one thing that I'll add to that commentary is when we do look at M&A opportunities, we do look at them in the context our margin expansion opportunity across our entire portfolio. And the XLMedia deal that we completed or will complete here shortly, will be margin accretive for us moving forward. So that's the kind of deal that we're looking for as we look at M&A opportunities in addition to the organic growth that we have here today in the company.

是的。我要在評論中補充的一件事是，當我們確實考慮併購機會時，我們確實會在我們整個投資組合的利潤擴張機會的背景下考慮它們。我們已經完成或即將在這裡完成的 XLMedia 交易將為我們的前進帶來利潤成長。因此，這就是我們在尋找併購機會以及公司今天的有機成長時所尋找的交易。

Understood. I'll leave it there and come back around and look forward. Thanks very much.

明白了。我會把它留在那裡，然後回來展望未來。非常感謝。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Just wanted to follow up on the MLB. Carsten, you said you expect it to be margin accretive.

只是想跟進 MLB。卡斯滕，你說過你希望它能增加利潤。

Is that a day 1 comment or over the life of the contract? And the reason why I ask is because the big question we get on data providers in general, is if they're going to get -- or if you guys are going to get squeezed by the leads over time. So can you talk to maybe why you think you're able to get the MLB rights at a favorable price and how product and tech played into this?

這是第一天的評論還是合約有效期限內的評論？我之所以問這個問題，是因為我們對數據提供者普遍提出的一個大問題是，他們是否會獲得——或者隨著時間的推移，你們是否會受到領先優勢的擠壓。那麼你能談談為什麼你認為你能夠以優惠的價格獲得美國職棒大聯盟的版權以及產品和技術如何發揮作用嗎？

Well, Bernie, you might understand that I cannot give you the details of what we're currently discussing. But I'm giving you a heads up, because we know the partners since a long time, I think we found a model which is looking very good for the partner and for us that we, from the start, see this deal already in the range of being margin accretive and then getting, of course, better with the duration over the term, this deal is contributing. And you know that our target margin is 25% to 30%. I can't give you more details on it.

好吧，伯尼，你可能會明白，我無法向你提供我們目前正在討論的細節。但我要提醒您，因為我們很早就認識合作夥伴了，我認為我們找到了一種對於合作夥伴和我們來說都非常好的模式，我們從一開始就看到這筆交易已經在當然，隨著時間的推移，利潤率會不斷增加，隨著時間的推移會變得更好，這筆交易正在做出貢獻。您知道我們的目標利潤率為 25% 到 30%。我無法向您提供更多詳細資訊。

Otherwise, I would disclose things which I'm not allowed to disclose, but I hope it answers your question. And you do not need to calculate with a big hit in your modeling here.

否則，我會透露一些我不被允許透露的事情，但我希望它能回答你的問題。而且您不需要在此處的建模中進行重大計算。

That's helpful. But would love to just get a sense in terms of what maybe products and technology that you offer that maybe excites the MLB or other lead partners in general in terms of the conversations that you're having with them?

這很有幫助。但您是否想了解您提供的哪些產品和技術可能會讓 MLB 或其他主要合作夥伴在您與他們的對話中感到興奮？

Really exciting piece for the MLB is not so much the US market is the expansion opportunities around the globe. Taiwan is there. Korea is there.

對美國職棒大聯盟來說，真正令人興奮的不是美國市場，而是全球的擴張機會。台灣在那裡。韓國在那兒。

Japan is a market where we are super, super interested in. They are super interested. It's leveraging technology, computer vision, tracking, getting things like sports bets in a more sophisticated way for those target markets. And we are perfectly suited for them because we are a global enterprise.

日本是我們非常非常感興趣的市場。他們非常感興趣。它利用技術、電腦視覺、跟踪，以更複雜的方式為這些目標市場提供體育博彩等內容。我們非常適合他們，因為我們是一家全球性企業。

We have long-term relations. We know how to get that to the market and to get the power of technology to the sports fans around the globe and, of course, also for the sake of increasing the betting revenues here. This is the main focus area.

我們有長期的合作關係。我們知道如何將其推向市場，並將科技的力量帶給全球的運動迷，當然，也是為了增加這裡的博彩收入。這是主要關注領域。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

So if you don't mind just one more on the MLB contract, just to be crystal clear, your -- what you know to -- I understand it's still a discussion, but basically, you fully expect your 2025 EBITDA margins overall to be higher than your 2024 EBITDA margins, right, inclusive of whatever costs come when you do announce the terms of MLB. Is that kind of what you're trying to communicate? Or am I putting words in your mouth?

因此，如果您不介意再簽訂 MLB 合同，那麼您的——您所知道的——我知道這仍然是一個討論，但基本上，您完全期望 2025 年 EBITDA 利潤率總體為高於您2024年EBITDA 利潤率，對吧，包括您宣布MLB 條款時產生的任何成本。這就是你想要傳達的訊息嗎？還是我把話放進你嘴裡了？

Yes. Yes. A very simple yes.

是的。是的。非常簡單的是。

Yes. And I'll add. Don't forget, we're now looking for margin expansion now, Robin, in 2024, even with the sports rights that we've taken on this year. So when you think about next year, with MLB, we already have lapped the NBA deal.

是的。我補充一下。別忘了，羅賓，我們現在正在尋求 2024 年的利潤擴張，即使我們今年已經獲得了體育賽事轉播權。因此，當你考慮明年與 MLB 的合作時，我們已經完成了 NBA 的交易。

We'll have lapped our ATP deal, and we're going to get leverage across a variety of these contracts here moving forward. So we certainly expect 2025 to be much higher margins. And that's not just for 2025. We expect margin expansion, certainly as Carsten said, over a multiyear period to get up to that 25% to 30% range.

我們將完成 ATP 交易，並且我們將在未來的各種合約中獲得槓桿作用。因此，我們當然預期 2025 年的利潤率將會更高。這不僅適用於 2025 年。我們預計，正如卡斯滕所說，在多年的時間內，利潤率將擴大到 25% 至 30% 的範圍。

Okay. Perfect. And then just as a follow-up, when you're talking about 4Sight, I think you said 25% of your audio visual customers have -- are using that. Can you talk about, is that -- does that tend to be the larger sportsbooks? And are the -- or a different group? In other words, where are you seeing the sort of early adoption? And then are others testing it? Or kind of do you think that there will only be a certain percent of sportsbooks using that? Just get your expectations there? Thanks.

好的。完美的。作為後續行動，當您談論 4Sight 時，我想您說過 25% 的視聽客戶正在使用它。你能談談，那是不是——這往往是規模更大的體育博彩公司？他們是──還是一個不同的群體？換句話說，您在哪裡看到了這種早期採用？然後其他人正在測試它嗎？還是你認為只有一定比例的體育博彩公司會使用它？只是得到你的期望嗎？謝謝。

Well, Robin, it's a broad mix geographically also from a size, Tier 1, Tier 2, Tier 3. So there is not a specific pattern in this region or for this size of the sportbooks, it's picked up better or worse. It's picked up pretty good, as you see with the number. And what the product should do and I think that's the most important one.

好吧，Robin，它在地理上也是一個廣泛的組合，從規模上看，1 級、2 級、3 級。因此，這個地區沒有特定的模式，或者對於這種規模的體育博彩，它的表現是好是壞。正如您從數字中看到的那樣，它的表現非常好。產品應該做什麼，我認為這是最重要的。

The product should stimulate for live betting. So this is the main purpose of it. And we are super happy with the strong pickup there. From a monetization perspective, it's not so much the product.

該產品應該刺激現場投注。所以這就是它的主要目的。我們對那裡的強勁回升感到非常滿意。從獲利的角度來看，產品並不重要。

It's more what we get with MTS and what we get with our life words and additional traffic. And the numbers here are very encouraging, and we continue to expand it now and leverage it over many more sports as announced.

更多的是我們透過 MTS 獲得的東西以及我們透過生活詞彙和額外流量獲得的東西。這裡的數字非常令人鼓舞，我們現在繼續擴大它，並將其應用到宣布的更多體育項目中。

Carsten, maybe just a follow-up first on the XLMedia acquisition, the thesis around you're going to do an acquisition for margin expansion. Can you just help us or get more granular in terms of the benefits in terms of revenue and cost synergies that you might get out of XLMedia?

Carsten，也許只是 XLMedia 收購的後續行動，這篇論文圍繞著你將進行一次收購以擴大利潤。您能否幫助我們或更詳細地了解您可能從 XLMedia 獲得的收入和成本協同效應方面的好處？

Let me give you first the high-level idea around it. And then for the detailed numbers, I hand over to Craig. XLMedia has, at the moment, 70 million unique sport fans per month in the US with various sites that's either in partnership or own websites.

讓我先向您介紹一下有關它的高級想法。然後我將詳細數字交給克雷格。目前，XLMedia 在美國每月擁有 7,000 萬獨立運動迷，其合作網站或自有網站眾多。

So that's an affiliate business, which is highly valuable for our 360 degrees value proposition. And that starts with the programmatic advertising goes into the paid search goes into affiliate and then, of course, also into customer retention. Two years ago, we did an acquisition with Vaix for customer retention. And now we fill that gap from an affiliate perspective with XLMedia.

所以這是一項聯盟業務，對於我們的 360 度價值主張非常有價值。首先是程式化廣告進入付費搜尋進入聯盟，然後當然也進入客戶保留。兩年前，我們收購了 Vaix，以保留客戶。現在，我們透過 XLMedia 從聯盟的角度填補了這一空白。

We fill it by purpose with the US business because from a cost perspective, this is the market where we see the best pickup for affiliate business. So that is the core idea of it. We think by embedding it now into our 360-degree solution, we get the best leverage for the property and XLMedia obviously thinks it in the same way.

我們特意用美國業務來填充它，因為從成本角度來看，這是我們認為聯屬業務最好的市場。這就是它的核心思想。我們認為，透過將其嵌入到我們的 360 度解決方案中，我們可以充分利用該資產，而 XLMedia 顯然也這麼認為。

So as a stand-alone property, it is profitable. But integrating it now is making it really strongly valuable. And like Craig said it before, of course, we expect a margin uplift by integrating this into our 360-degree value proposition. Craig, do you want to add something?

因此，作為一個獨立的財產，它是有利可圖的。但現在將其整合使其變得非常有價值。當然，就像克雷格之前所說的那樣，我們期望透過將其整合到我們的 360 度價值主張中來提高利潤率。克雷格，你想補充點什麼嗎？

Yes. The only thing I'll add is when you think about the impact for 2024, it will certainly be minimal just given the timing of where we are in the year when the deal is ultimately expected to close. So you won't see much uptick here in 2024. There will be some benefit, obviously, in 2025.

是的。我唯一要補充的是，當你考慮到 2024 年的影響時，考慮到交易最終預計完成的那一年的時間，影響肯定是最小的。因此，到 2024 年，您不會看到太大的成長。顯然，2025 年將會帶來一些好處。

But as Carsten mentioned, a lot of that will depend on how much we are able to integrate this with our current ad offerings and our current customer acquisition offerings for our clients. And we'll provide additional color on how everything is trending next year when we give our guidance for 2025.

但正如卡斯滕所提到的，這在很大程度上取決於我們能夠在多大程度上將其與我們目前的廣告產品以及我們目前為客戶提供的客戶獲取產品整合起來。當我們給出 2025 年指導時，我們將提供有關明年一切趨勢的更多資訊。

Great. And you'll probably talk about this at your investor day, but my second question here is the EBITDA margin target of 25% to 30%. That's not new. But as we think about how do we get to the lower end versus the upper end of that range? Is the main driving factor here just going to be some future renewal periods? Or is there anything else into that equation we should be thinking about?

偉大的。您可能會在投資者日談論這一點，但我的第二個問題是 EBITDA 利潤率目標為 25% 至 30%。這並不新鮮。但當我們思考如何到達該範圍的下限和上限時？這裡的主要驅動因素只是未來的一些更新期嗎？或者我們還應該考慮這個等式中的其他內容嗎？

Yes, I would say that there is a number of things which are going to drive it higher into the range. Certainly, first and foremost, and something that would sometimes forget about when you're talking about margin expansion is how good we are on the revenue side of the house, right? Our ability to drive new products and drive new customer offerings off of the rights that we already have. And off of the content we've already developed and drive new customer value, will drive revenue. So that revenue will flow through more and more to the bottom line.

是的，我想說有很多因素會推動它進入更高的範圍。當然，首先也是最重要的，當你談論利潤擴張時，有時會忘記我們在收入方面的表現有多好，對嗎？我們有能力利用我們已有的權利開發新產品並為新客戶提供產品。我們已經開發並推動新客戶價值的內容將增加收入。這樣收入就會越來越流向利潤。

So revenue is a big piece of that. Secondly, we're going to get leverage across all of our cost categories. How much leverage we get is dependent on how much we have to invest to deliver on some of these revenue opportunities. But we feel that we have a pretty good sight line to significant margin expansion both in the short term and the long term.

所以收入是其中很大一部分。其次，我們將在所有成本類別中發揮槓桿作用。我們獲得多少槓桿取決於我們必須投資多少才能實現其中一些收入機會。但我們認為，無論是短期或長期，我們都對利潤率的大幅擴張抱持良好的願景。

But the variables are going to be how strong is that revenue growth and our ability to continue to manage our overall cost base.

但變數將是收入成長有多強以及我們繼續管理整體成本基礎的能力。

Samuel Nielsen, JPMorgan.

塞繆爾·尼爾森，摩根大通。

With the NBA season underway, what kind of pricing premium are you seeing among your customers at the start of year 2 of the contract? And then I know you talked about some of the premium products you're having strength in the ATP deal.

隨著 NBA 賽季的開始，您在合約第二年開始時在客戶中看到了什麼樣的溢價？然後我知道您談到了您在 ATP 交易中擁有優勢的一些優質產品。

But how much more premium do you see out there from an NBA pricing perspective? Just trying to get a sense of whether the 4Q revenue growth exit rate is a fair assumption that it will translate to 2025 revenue growth? Or if we should expect more or less growth in 2025 than kind of your exiting 2024?.

但從 NBA 定價的角度來看，您認為溢價有多少呢？只是想了解一下第四季營收成長退出率是否會轉化為 2025 年營收成長的合理假設？或者我們預計 2025 年的成長是否會比 2024 年的成長更多或更少？

Well, let me go generally on the NBA and for the 2025 numbers, I hand over to Craig. Looking now where we are, we are three weeks in the season. So there is not too much to say about it. We see predicted adaptation we see that the property is picking up very, very well in a very general way, and you refer also to the ATP we reached an inflection point.

好吧，讓我大致介紹一下 NBA，關於 2025 年的數據，我將交給克雷格。現在看看我們所處的位置，賽季已經進行了三週。所以對此沒有太多可說的。我們看到了預測的適應，我們看到該屬性以非常普遍的方式正在恢復得非常非常好，而且您還提到了 ATP，我們達到了轉折點。

We show now that we have a stronger EBITDA margin growth. And I think that highlights how good we did with these two major properties, which we onboarded in this year, ATP and NBA. So we are very satisfied with the pickup here. We are very satisfied that we could extend all the client contracts.

我們現在表明我們的 EBITDA 利潤率成長更為強勁。我認為這突顯了我們在今年加入的兩大主要業務（ATP 和 NBA）方面做得有多好。所以我們對這裡的接送非常滿意。我們非常滿意能夠延長所有客戶合約。

We have every client now on the new contract for NBA and for ATP. We continue still to sign up new clients. So from this perspective, it is slightly better than predicted. We are happy about the property.

現在，我們的每位客戶都簽訂了 NBA 和 ATP 的新合約。我們仍在繼續簽約新客戶。所以從這個角度來說，比預想的稍微好一點。我們對這處房產感到滿意。

And now looking on the long term and those deals are going 2030 and beyond, we have an enormous leverage here because the deals are fixed. We add revenue growth on top of it. So that gives us exactly the leverage. But now I'm going into -- or Craig is going into the details of 2025.

現在從長遠來看，這些交易將持續到 2030 年及以後，我們在這裡擁有巨大的槓桿作用，因為這些交易是固定的。我們在此基礎上增加收入成長。這給了我們恰到好處的槓桿作用。但現在我要講——或者說克雷格要講 2025 年的細節。

Yes. So from -- when we look at '25, obviously, there's a number of ins and outs that come through. So I wouldn't necessarily use 2024's fourth quarter as a guide, but we'll give further guidance on our call here in the early part of '25. What I will say is when you think about revenue growth for next year, you think about what the overall market is growing across the world.

是的。因此，當我們回顧 25 年時，顯然存在許多細節。因此，我不一定會使用 2024 年第四季作為指導，但我們將在 25 年初的電話會議中提供進一步的指導。我要說的是，當您考慮明年的收入成長時，您會想到全球整體市場的成長。

And if you assume that, that market is growing somewhere in the low double-digit range and you think back to the fact that we've outperformed the market for a multiyear period, we should be able to do better than that in 2025. And a lot of that's going to be driven by the power of the content that we have, the power of the products that we've developed and the innovation that we have moving forward. And that's a combination of the sports content that we have, with the products that we built that Carsten mentioned here earlier. So again, we'll give further color here early next year, but we feel really good about the strong revenue growth we're going to deliver next year.

如果你假設該市場正在低兩位數範圍內成長，並且你回想一下我們多年來表現優於市場的事實，那麼我們應該能夠在 2025 年做得更好。其中很大一部分將由我們擁有的內容的力量、我們開發的產品的力量以及我們前進的創新所驅動。這是我們擁有的體育內容與卡斯滕之前提到的我們製造的產品的結合。因此，我們將在明年初在此提供更多信息，但我們對明年將實現的強勁收入增長感到非常滿意。

That make sense. And then, I guess, can you talk about some of maybe the key technology or customer engagement pain points that some of your larger OSB operators are coming to you and asking you to solve maybe going into 2025. And maybe like what products you're seeing the most uptick in?

這是有道理的。然後，我想，您能否談談您的一些較大的 OSB 運營商可能會在 2025 年找到您並要求您解決的一些關鍵技術或客戶參與痛點。也許您看到哪些產品成長最快？

I'll take that, Samuel. So as Craig said, we see here from a growth perspective, the four big categories, underlying market growth, low double digit around the globe, some markets better, some markets worse. It's a share of the wallet with cross-sell, upsell. It's the US with in-play betting where we see a strong pickup and it's adjacent markets marketing services is one sample of this. These are our growth categories. And focusing now from a client perspective, yes, we want to have an easy integration that we can accelerate those growth categories, and that's exactly what we focus on. Every client is telling us how to get the product easy integrated, very stable, very safe, very secure.

我會接受的，塞繆爾。正如克雷格所說，我們從成長的角度來看，四大類，潛在的市場成長，全球範圍內的低兩位數成長，有些市場更好，有些市場更糟。這是交叉銷售、追加銷售的錢包份額。在美國，我們看到滾球投注強勁成長，其鄰近市場的行銷服務就是其中一個例子。這些是我們的成長類別。現在從客戶的角度來看，是的，我們希望有一個簡單的集成，我們可以加速這些成長類別，而這正是我們所關注的。每個客戶都在告訴我們如何讓產品易於整合、非常穩定、非常安全、非常放心。

AI helps in this perspective enormously. We onboarded as you know a new CTO and CIO we did enormous progress on that sector. Easy integration of all our products and the content is keep success to leverage on those four core drivers for the growth. That's where we are focusing on in 2025.

從這個角度來看，人工智慧有很大幫助。如您所知，我們任命了新的首席技術官和首席資訊官，我們在該領域取得了巨大進展。我們所有產品和內容的輕鬆整合是利用這四個核心驅動力來實現成長的成功之道。這就是我們 2025 年的重點。

We want to thank everyone for joining us for our call. I'll turn it back to the operator now.

我們要感謝大家加入我們的電話。我現在就把它還給接線員。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。