Sportradar Group AG (SRAD) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Sportradar first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand my conference over to your speaker today, Jim Bombassei, SVP and head of investor relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Sportradar 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、高級副總裁兼投資者關係主管 Jim Bombassei。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us for Sportradar's Earnings Call for the first quarter of 2025. Please note that the slides we will reference during this presentation can be accessed via 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. After our prepared remarks, we will open up the call to questions from analysts and investors. In the interest of time, please limit yourself to one question and one follow-up.

謝謝您，接線生。大家好，感謝您參加 Sportradar 2025 年第一季財報電話會議。請注意，我們在本次演示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。今天的電話會議重播也將在我們的網站上提供。在我們準備好發言之後，我們將開始回答分析師和投資人的問題。為了節省時間，請限制自己只問一個問題和一個後續問題。

Please note that some of the information you will hear during our 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. For more information, please refer to the risk factors discussed in our annual report on Form 20-F and Form 6-K filed 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.

請注意，您在我們今天的討論中聽到的一些資訊將包括前瞻性陳述，包括但不限於有關收入和未來業務前景的陳述。這些聲明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。欲了解更多信息，請參閱我們向美國證券交易委員會提交的 20-F 表和 6-K 表年度報告中討論的風險因素以及相關收益報告。我們不承擔更新任何前瞻性聲明或資訊的義務，這些聲明或資訊僅代表其各自日期的觀點。

Also during today's call, we will present IFRS and non-IFRS financial measures and operating metrics. Additional disclosures regarding these measures and metrics, 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.

此外，在今天的電話會議中，我們將介紹國際財務報告準則和非國際財務報告準則的財務指標和營運指標。有關這些措施和指標的額外揭露，包括 IFRS 與非 IFRS 措施的調節，都包含在收益報告、補充幻燈片和我們向美國證券交易委員會提交的文件中，每份都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. And now I'll turn the call over to Carsten.

今天與我一起出席的還有我們的執行長 Carsten Koerl；以及我們的財務長 Craig Felenstein。現在我將把電話轉給卡斯滕。

Good morning, and thank you for joining us today. It was great to see and meet many of you in person at our Investor Day last month. I want to start by underscoring what we discussed that day and what sets Sportradar apart. We are a mission-critical leader embedded in a fast-growing industry that is shifting towards more personalized and interactive experiences. With the deepest and broadest sports content, a diverse product suite, global reach and powerful technology and AI, we are helping our clients and partners to revolutionize the fan experience, enhance their business while enabling us to deliver strong financial and operating momentum for our shareholders. This is evident in our first quarter results.

早安，感謝您今天加入我們。很高興在上個月的投資者日上見到你們並親自見面。首先我想強調一下我們那天討論的內容以及 Sportradar 的獨特之處。我們是一個肩負關鍵使命的領導者，處於一個快速發展的行業中，並且正在轉向更個人化和互動的體驗。憑藉最深入、最廣泛的體育內容、多樣化的產品套件、全球影響力以及強大的技術和人工智慧，我們正在幫助我們的客戶和合作夥伴徹底改變球迷體驗，提升他們的業務，同時使我們能夠為股東提供強勁的財務和營運動力。這在我們的第一季業績中顯而易見。

We had a strong start to the year, building our momentum throughout 2024 as we delivered our highest ever quarterly revenue of EUR311 million, up 17% year-over-year. We saw broad-based growth across our leading product portfolio and across geographies, demonstrating the diversity and durability of this growth.

我們今年開局強勁，並在 2024 年保持強勁發展勢頭，實現了有史以來最高的季度收入 3.11 億歐元，同比增長 17%。我們的主要產品組合和各個地區都實現了廣泛的成長，證明了這種成長的多樣性和持久性。

Our top line performance also flowed through to our bottom line with adjusted EBITDA increasing by 25% as we continue to deliver increasing operating leverage. As I discussed at our Investor Day, our growth strategy is driven by 4 key pillars: the rapid growth of our global market, our ability to expand rates, including capturing more in-play betting, unlock adjacent market opportunities and driving innovation and removing growth barriers through our technology and AI.

隨著我們繼續提高經營槓桿，我們的營業收入表現也體現在了利潤上，調整後的 EBITDA 成長了 25%。正如我在投資者日上所討論的，我們的成長策略由四大支柱驅動：全球市場的快速成長、擴大利率的能力（包括獲取更多的現場投注）、釋放相鄰市場機會以及透過我們的技術和人工智慧推動創新和消除成長障礙。

Let me walk you through how we capitalize on these pillars and drive durable growth. First, the expanding global sports betting market continues to provide a strong tailwind with an expected CAGR of 11% through 2027. Established markets like Europe continue to grow strongly. The US, as you know, is growing even faster and given that we cover 3 of the 4 biggest sports leagues, the NBA, NHL and MLB, which represent approximately 70% of the betting GGR of the top 4 leagues.

讓我向您介紹我們如何利用這些支柱並推動持久成長。首先，不斷擴大的全球體育博彩市場持續提供強勁的推動力，預計到 2027 年複合年增長率將達到 11%。歐洲等成熟市場持續強勁成長。如你所知，美國的成長速度更快，鑑於我們涵蓋了四大運動聯盟中的三個，即 NBA、NHL 和 MLB，它們占前四大聯盟投注 GGR 的約 70%。

We are uniquely positioned to capitalize on this growth and continue expanding our leading position. This quarter reflects that opportunity with our US revenue growing 31% and now representing 28% of our total company revenues. This market growth is enhancing as new geographies open up. For example, in LatAm, our early foothold in Brazil is driving strong momentum with 50 clients onboarded with signed up for our Managed Trading Services or MTS, and our iGaming marketing solutions offering, which I will walk you through shortly.

我們擁有獨特的優勢，可以利用這一成長機會並繼續擴大我們的領先地位。本季反映了這一機遇，我們的美國收入成長了 31%，目前占我們公司總收入的 28%。隨著新地區的開放，市場成長正在增強。例如，在拉丁美洲，我們早期在巴西的立足點正在推動強勁發展，已有 50 位客戶註冊了我們的託管交易服務或 MTS 以及我們的 iGaming 行銷解決方案，我將很快向您介紹這些服務。

In addition, we continue to keep a close eye on APAC, including Japan and India, where we see a significant opportunity if and when they legalize. We also have begun exploring Thailand and Sri Lanka, where we see longer-term opportunities. Second, our take rate continues to grow as we move clients deeper into our product and content value chain, including driving more in-play betting. We have been accelerating innovation and bringing next-generation products to market that is fueling fan engagement, some of which I will talk about in a moment.

此外，我們繼續密切關注亞太地區，包括日本和印度，如果這些地區將大麻合法化，我們將看到巨大的機會。我們也開始探索泰國和斯里蘭卡，在那裡我們看到了長期機會。其次，隨著我們讓客戶更深入融入我們的產品和內容價值鏈，包括推動更多的現場投注，我們的收費率持續成長。我們一直在加速創新，並將下一代產品推向市場，以激發粉絲的參與度，我稍後會談到其中的一些。

With only 40% of our clients taking 4 or more products, there is significant opportunity to continue to scale product adoption and grow our take rate. The foundation for this is having the broadest and deepest portfolio of the most better point sports. And we have a leading position across soccer, basketball and tennis.

只有 40% 的客戶購買 4 種或更多產品，因此有很大機會繼續擴大產品採用率並提高我們的採用率。其基礎是擁有最廣泛、最深入、最優秀的運動項目組合。我們在足球、籃球和網球領域處於領先地位。

We have some of the biggest sports clubs and federations globally. In Soccer, we have Bundesliga, UEFA, AFC and Conmebol. In Basketball, we have NBA, WNBA and CBA. And in Tennis, we have ATP and UTR. With our pending acquisition of IMG Arena sports rights portfolio, this will further broaden our position across these key sports.

我們擁有全球最大的一些體育俱樂部和聯合會。在足球方面，我們有德甲、歐足總、亞足聯和南美足總。在籃球方面，我們有 NBA、WNBA 和 CBA。在網球方面，我們有 ATP 和 UTR。隨著我們即將收購 IMG Arena 運動版權組合，這將進一步擴大我們在這些主要運動項目上的地位。

Turning to soccer. Sportradar's breadth and coverage for betting is unparalleled, encompassing more than 150,000 matches each year, and we offer up to 190 pre-match betting markets and 250 in-play betting markets in a given match. We are bringing our premium products to soccer for the 2025, 2026 season, including 4Sight streaming, Apha Odds as well as Virtualized Live Match Tracker, which provides real-time animated virtualizations of the play on the field.

談足球。Sportradar 的投注廣度和覆蓋範圍無與倫比，每年涵蓋超過 150,000 場比賽，我們在特定比賽中提供多達 190 個賽前投注市場和 250 個賽中投注市場。我們將為 2025、2026 賽季的足球賽事帶來優質產品，包括 4Sight 串流媒體、Apha Odds 以及虛擬化現場比賽追蹤器，它可以提供場上比賽的即時動畫虛擬化。

Moving to other key sports. We are introducing additional player and micro markets for the NBA this quarter and now offer approximately 1,800 player and micro markets betting opportunities per NBA game. We also plan to introduce micro markets for the MLB early this season as part of our expanded and extended partnership. On the NBA, our next-gen products such as 4Sight Streaming, emBET and our Virtualized Live Match Tracker continue to gain momentum. Our Virtualized Live Match tracker generated 50 million viewing sessions in the first quarter, which is incremental to a viewership of our NBA audiovisual streams in a sportsbook app.

轉向其他主要運動。本季我們將為 NBA 引入更多球員和微型市場，現在每場 NBA 比賽提供約 1,800 個球員和微型市場投注機會。作為我們擴大和延長合作夥伴關係的一部分，我們還計劃在本賽季初為美國職棒大聯盟推出微型市場。在 NBA 方面，我們的下一代產品（如 4Sight Streaming、emBET 和虛擬化即時比賽追蹤器）繼續獲得發展勢頭。我們的虛擬現場比賽追蹤器在第一季產生了 5000 萬次觀看會話，這對於我們在體育博彩應用程式中觀看 NBA 視聽串流的觀眾來說是一個增量。

Additionally, in NBA's League pass or emBET product generated a click-through rate to the sportsbook operators of approximately 3.5%. This far exceeds the industry average of traditional affiliate models of less than 1%, demonstrating strong interest by fans in more immersive experience and in-game betting when the friction is reduced. And we are continuing to build on this success with plan to launch a 2.0 version of 4Sight in the second half of this year.

此外，NBA 聯賽通行證或 emBET 產品為體育博彩營運商帶來了約 3.5% 的點擊率。這遠遠超過了傳統聯盟模式不到 1% 的行業平均水平，表明當摩擦減少時，粉絲對更身臨其境的體驗和遊戲內投注有著濃厚的興趣。我們將繼續鞏固這一成功，並計劃在今年下半年推出 4Sight 2.0 版本。

In Tennis, this enhanced version will feature new dynamic capabilities such as shots and serve quality momentum analysis and player movements and positions on the court, helping to drive more immersive experiences.

在網球方面，此增強版本將具有新的動態功能，例如擊球並提供高品質的動量分析以及球員在球場上的動作和位置，有助於帶來更身臨其境的體驗。

Turning to the expansion into the adjacent markets. One of the key areas we are focused is iGaming, which is a natural extension of our business. Our existing sportsbook clients already rely on our marketing services to drive customer acquisition. We are leveraging these relationships and experienced a strong test in the market of Brazil underway for iGaming. Our iGaming strategy in Brazil is to offer a fully integrated 360-degree solution that drives growth across the entire player life cycle. Through ads, we deliver personalized real-time advertising across multiple channels to acquire betters quickly and cost efficiently.

轉向向鄰近市場的擴張。我們關注的重點領域之一是 iGaming，這是我們業務的自然延伸。我們現有的體育博彩客戶已經依賴我們的行銷服務來推動客戶獲取。我們正在利用這些關係，並在巴西市場對 iGaming 進行了嚴峻的考驗。我們在巴西的 iGaming 策略是提供全面整合的 360 度解決方案，推動整個玩家生命週期的成長。透過廣告，我們透過多種管道投放個人化的即時廣告，以快速且經濟高效地獲取更好的廣告。

Once acquired, we leverage our proprietary AI technology to seamlessly transition players between sports betting and iGaming, creating a dynamic always-on experience. Globally, we now have 84 iGaming brands already using our marketing services to acquire and retain customers, and we are well positioned to scale this initiative. With a $2 billion Global Digital iGaming marketing SAM, the opportunity is significant. While we are really excited about the momentum we are seeing in our business as we drive durable growth across the key pillars, we are equally excited about the recent announced agreement to acquire IMG Arena's portfolio of sport rights.

一旦收購，我們將利用我們專有的人工智慧技術讓玩家在體育博彩和 iGaming 之間無縫轉換，創造動態的永遠線上體驗。在全球範圍內，目前已有 84 個 iGaming 品牌使用我們的行銷服務來吸引和留住客戶，我們已準備好擴大這項措施。憑藉價值 20 億美元的全球數位 iGaming 行銷 SAM，這一機遇十分巨大。隨著我們在關鍵支柱領域推動持久成長，我們對業務中看到的勢頭感到非常興奮，同時，我們同樣對最近宣布的收購 IMG Arena 運動權利組合的協議感到興奮。

The proposed acquisition will further enhance our growth strategy and strengthen our premium content offering in basketball, soccer and tennis. We will acquire these rights through a unique structure where we are not required to pay any financial consideration and instead, we will receive $125 million in cash payments from Endeavor.

擬議的收購將進一步加強我們的成長策略，並加強我們在籃球、足球和網球領域的優質內容。我們將透過獨特的結構獲得這些權利，我們不需要支付任何財務對價，而是從 Endeavor 獲得 1.25 億美元的現金支付。

Additionally, Endeavor will make up to $100 million in cash prepayments to certain of the sports rightsholders. Pending regulatory approval, we expect the transaction to close in quarter 4 of this year and to be immediately accretive to our adjusted EBITDA and cash margins.

此外，Endeavor 還將向某些體育版權持有者支付高達 1 億美元的現金預付款。在獲得監管部門批准後，我們預計交易將在今年第四季完成，並將立即增加我們的調整後 EBITDA 和現金利潤率。

We intend to seamlessly integrate this content into our product offering so that on day 1, we can quickly monetize against these rights, following the same playbook we used where we acquired ATP rights from IMG.

我們打算將這些內容無縫整合到我們的產品中，以便在第一天，我們就可以按照我們從 IMG 獲得 ATP 權利時所使用的相同策略，快速地利用這些權利獲利。

Lastly, as I'm sure you saw a couple of weeks ago, we completed a secondary offering, which we anticipate will help increase the trading liquidity and free float in our stock. Given the strength of our balance sheet and the attractive value we see in our shares, we participated in the offering, purchasing $65 million worth of shares under our existing $200 million share repurchase program. This brings our total repurchase to $86 million since we put in place the program about a year ago or close to half of the total program authorization.

最後，我相信您幾週前就看到了，我們完成了二次發行，我們預計這將有助於提高我們股票的交易流動性和自由流通量。鑑於我們資產負債表的強勁以及我們所看到的股票的吸引力，我們參與了此次發行，根據我們現有的 2 億美元股票回購計劃購買了價值 6500 萬美元的股票。自從大約一年前我們實施該計劃以來，我們的總回購額已達到 8,600 萬美元，接近該計劃授權總額的一半。

With another quarter of record revenues, we are off to a strong start to the year. Our unparalleled scale and unique competitive advantages underpin our strong execution and financial performance. We continue to see strong and durable growth ahead. This confidence is also grounded in our historical performance where we have shown that we are built to weather uncertainties. Over the years, our company has successfully navigated market share, global disruptions and industry changes.

隨著又一個季度的營收創下紀錄，我們今年迎來了強勁的開局。我們無與倫比的規模和獨特的競爭優勢支撐了我們強大的執行力和財務表現。我們繼續看到未來強勁而持久的成長。這種信心也基於我們的歷史業績，事實證明我們有能力抵禦不確定性。多年來，我們公司成功應對了市場份額、全球動盪和行業變化。

More broadly, global online sports betting GGR has proven resilient, growing steadily across various economic cycles. And as a digital-first company, we are largely insulated from the impact of tariffs. This durability and growth is underscored by the approximately $2 billion of contractual revenues commitments we have locked in over the next two years that we highlighted at our Investor Day. Combined with the strong visibility on our key costs, including locked in sports rights, we are at an inflection point for multiyear margin expansion and increased cash generation. Thank you.

更廣泛地說，全球線上體育博彩 GGR 已證明具有彈性，在各個經濟週期中穩步成長。作為一家數位優先的公司，我們基本上不受關稅的影響。我們在投資者日上強調了未來兩年內鎖定的約 20 億美元合約收入承諾，這突顯了這種持久性和成長性。加上我們對關鍵成本（包括鎖定的體育版權）的強大可見性，我們正處於多年利潤率擴張和現金產生增加的轉折點。謝謝。

And now I will turn over to Craig for a more in-depth review of our financials this quarter.

現在，我將請 Craig 對我們本季的財務狀況進行更深入的審查。

Thanks, Carsten, and thank you, everyone, for joining us this morning. I really enjoyed meeting many of you in person at our Investor Day last month and providing further clarity regarding what sets Sportradar apart as well as our value creation framework moving forward. We remain absolutely focused on delivering durable and consistent revenue growth while leveraging a stable and predictable cost base so we can deliver significant multiyear margin expansion and what ultimately matters most, free cash flow generation.

謝謝卡斯滕，也謝謝大家今天早上加入我們。我很高興在上個月的投資者日上與你們中的許多人見面，並進一步闡明了 Sportradar 的獨特之處以及我們未來的價值創造框架。我們始終專注於實現持久、持續的收入成長，同時利用穩定、可預測的成本基礎，以便我們能夠實現多年的利潤大幅擴張，以及最終最重要的——自由現金流的產生。

Throughout 2024, we generated significant progress on all these fronts. And as our first quarter results demonstrate, that momentum has certainly continued into 2025 as we are further leveraging our best-in-class product suite across our leading global distribution network to deliver increasing value to our league, media and sportsbook partners.

在整個2024年，我們在所有這些方面都取得了重大進展。正如我們第一季的業績所表明的那樣，這種勢頭肯定會持續到 2025 年，因為我們將進一步利用我們領先的全球分銷網絡中一流的產品套件，為我們的聯盟、媒體和體育博彩合作夥伴提供越來越大的價值。

This past quarter, Sportradar delivered a record total company revenue of EUR311 million, an increase of EUR45 million or 17% compared with the first quarter a year ago. This growth was driven by higher uptake across our leading product and solutions as demonstrated by customer net retention rate of 122%, reflecting our ability to deepen client relationships and expand service offerings.

上個季度，Sportradar 公司總營收創歷史新高，達到 3.11 億歐元，與去年同期第一季相比成長了 4,500 萬歐元，增幅為 17%。這一成長得益於我們領先產品和解決方案的更高採用率，客戶淨保留率達到 122%，反映了我們深化客戶關係和擴展服務產品的能力。

Our consistent ability to deliver returns significantly ahead of market growth is a testament to how our high-demand content and products resonate with our customers.

我們始終能夠提供遠超市場成長的回報，證明了我們高需求的內容和產品如何引起客戶的共鳴。

Looking at the individual product groupings, we delivered broad-based growth across both betting technology and solutions as well as sports content, technology and services. We are generating sustained growth from products and solutions we have been offering for decades such as live data and odds, and we are seeing strong demand for newer products such as managed trading services and marketing services, demonstrating our ability to create new opportunities and additional value for our customers.

從各個產品類別來看，我們在博彩技術和解決方案以及體育內容、技術和服務方面都實現了廣泛的成長。我們數十年來提供的即時數據和賠率等產品和解決方案正在實現持續成長，我們看到對託管交易服務和行銷服務等新產品的強勁需求，這證明了我們有能力為客戶創造新的機會和附加價值。

Betting Technology and Solutions revenue of EUR250 million delivered 14% growth versus the first quarter a year ago, primarily driven by a 13% increase in betting and gaming content, including 15% growth in our streaming and betting engagement products due to strong growth in audiovisual revenues. Odds and live data also continued to perform well, up 11% year-over-year, benefiting from strong US market growth and from additional uptake of our products.

博彩技術和解決方案營收為 2.5 億歐元，較去年同期第一季成長 14%，主要得益於博彩和遊戲內容成長 13%，其中串流媒體和博彩參與產品成長 15%，這得益於視聽收入的強勁成長。賠率和即時數據也持續表現良好，年增 11%，受益於美國市場的強勁成長和我們產品的額外採用。

Additionally, Managed Betting Services continued to grow strongly, up 16% year-on-year, led by the performance of Managed Trading Services, driven by increased turnover and higher trading margins.

此外，託管投注服務持續強勁成長，年增 16%，其中託管交易服務的業績表現強勁，得益於營業額增加和交易利潤率上升。

Turning to our other product group. Sports content, Technology and Services also delivered strong results this past quarter, with revenues of EUR61 million, increasing 33% year-on-year, led by 36% growth in Marketing and Media Services due primarily to continued growth of our ads business as several sports books increased spending on marketing campaigns during the first quarter and from additional contributions related to our expanded affiliate marketing capability.

轉向我們的其他產品組。體育內容、技術和服務在上個季度也取得了強勁的業績，營收為 6100 萬歐元，同比增長 33%，其中營銷和媒體服務增長 36%，這主要得益於我們的廣告業務持續增長，因為幾本體育博彩公司在第一季度增加了營銷活動的支出，以及與我們擴大的聯盟營銷能力相關的額外貢獻。

Geographically, our growth continues to be broad-based with US revenue growth of 31% and Rest of World growth of 12% versus the first quarter a year ago. Our US revenues expanded to 28% of our total revenues as we capitalize on the continued rapid domestic market growth and the growing demand for our breadth of content and innovative product solutions.

從地理上看，我們的成長持續呈現廣泛性，與去年同期第一季相比，美國收入成長了 31%，世界其他地區則成長了 12%。由於我們利用持續快速的國內市場成長以及對我們廣泛的內容和創新產品解決方案日益增長的需求，我們的美國收入擴大到總收入的 28%。

The strong revenue growth across our product portfolio translated into significant adjusted EBITDA growth this past quarter, with adjusted EBITDA increasing 25% year-on-year to EUR59 million. The steps we have taken to align our cost base with the revenue opportunities we are generating is enabling us to deliver significant operating leverage with adjusted EBITDA margins expanding 120 basis points to 19% for the first quarter.

我們產品組合的強勁營收成長轉化為上個季度調整後 EBITDA 的顯著成長，調整後 EBITDA 較去年同期成長 25% 至 5,900 萬歐元。我們採取的措施使我們的成本基礎與我們正在創造的收入機會保持一致，這使我們能夠提供顯著的營運槓桿，第一季調整後的 EBITDA 利潤率擴大了 120 個基點，達到 19%。

Looking at the individual cost buckets, I will be speaking to adjusted operating expenses to provide a breakdown of the expenses that impact adjusted EBITDA. We have detailed in the earnings release and the financial section of the earnings presentation, the bridge from IFRS amounts. This past quarter, sports rights expense increased 14% year-on-year to EUR104 million, primarily driven by the continued success of our ATP content.

透過查看各個成本類別，我將討論調整後的營運費用，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說明了與 IFRS 金額的銜接。上個季度，體育版權支出年增 14%，達到 1.04 億歐元，這主要得益於我們的 ATP 內容的持續成功。

Now that we have lapped our new NBA and ATP deals from a year ago, we are starting to deliver margin expansion across our sports portfolio. We continue to be disciplined and strategic with regards to the rights we acquire. And with all of our major rights deals locked in long term, we have significant visibility moving forward. This visibility gives us confidence in our ability to drive further operating leverage across our sports portfolio as we develop and scale our premium products and solutions for our global customer base.

現在我們已經完成了一年前與 NBA 和 ATP 達成的新交易，我們開始實現整個運動投資組合的利潤率擴大。對於我們所獲得的權利，我們將繼續保持紀律和策略。由於我們所有的主要權利交易都已長期鎖定，因此我們在未來具有顯著的可預見性。這種可見性使我們有信心，在為全球客戶群開發和擴展優質產品和解決方案的同時，我們有能力在我們的運動產品組合中進一步推動營運槓桿。

Turning to people. Adjusted personnel expenses were EUR80 million in the quarter, up 16% year-on-year, driven primarily by increased headcount to support growth opportunities. Importantly, adjusted personnel expenses continue to decline as a percentage of revenue, and we will continue to focus our talent and resources on the most profitable growth opportunities while unlocking additional operating leverage.

轉向人們。本季調整後人事費用為 8,000 萬歐元，較去年同期成長 16%，主要原因是增加員工人數以支持成長機會。重要的是，調整後的人事費用佔收入的百分比繼續下降，我們將繼續把人才和資源集中在最有利可圖的成長機會上，同時釋放額外的經營槓桿。

Adjusted purchased services were EUR44 million in the quarter, up 24% year-on-year, primarily driven by higher traffic and affiliate costs related to the expansion of our marketing services business, along with increased cloud and IT costs to primarily support growth initiatives. And adjusted other operating expenses of EUR24 million in the quarter were up 5% year-on-year, declining as a percentage of revenue.

本季調整後的購買服務為 4,400 萬歐元，年成長 24%，主要原因是與行銷服務業務擴張相關的流量和附屬成本增加，以及主要支援成長計畫的雲端和 IT 成本增加。本季調整後的其他營運費用為 2,400 萬歐元，較去年同期成長 5%，佔營收的百分比有所下降。

Overall, we continue to see meaningful opportunity to deliver sustained operating margin expansion over the long term, given the inherent scale we have in our business and our long-term cost visibility. As we drive further revenue opportunities, continue to closely manage our cost structure and realize the benefits of sports rights being amortized on a straight-line basis over the life of each contract, we expect to deliver more of every dollar of revenue to our bottom line.

總體而言，鑑於我們業務的固有規模和長期成本可見性，我們繼續看到在長期內實現持續營業利潤率擴張的重大機會。隨著我們進一步拓展收入機會，繼續密切管理我們的成本結構，並實現在每份合約有效期內以直線方式攤銷體育版權的收益，我們期望每一美元的收入都能為我們的盈利帶來更多收益。

Looking at the full P&L, we generated EUR24 million of profit in the quarter, an increase of EUR25 million versus the first quarter a year ago, driven by the strong operating results, along with a foreign currency gain of EUR28 million, mostly associated with the US dollar-denominated sports rights compared to a EUR14 million currency loss in the same period a year ago, partially offset by higher share-based compensation year-on-year.

從完整的損益表中可以看出，本季度我們實現了 2400 萬歐元的利潤，比去年第一季度增加了 2500 萬歐元，這得益於強勁的經營業績，同時還實現了 2800 萬歐元的外匯收益，其中大部分與以美元計價的體育賽事轉播權有關，而去年同期的貨幣損失為 1400 萬。

Turning to the balance sheet. We continue to be in a strong liquidity position, closing the quarter with EUR358 million in cash and cash equivalents, an increase of EUR10 million from the previous quarter with no debt outstanding. We generated EUR32 million of free cash flow during the quarter as compared with breakeven cash flow in the same period a year ago. The increase was driven by the strong operating cash flow as well as the timing of certain payments, which moved to Q2 of the current year.

轉向資產負債表。我們的流動性狀況持續保持強勁，本季末現金和現金等價物為 3.58 億歐元，較上一季增加 1,000 萬歐元，且無未償還債務。與去年同期的損益兩平現金流相比，本季我們產生了 3,200 萬歐元的自由現金流。成長的動力來自於強勁的經營現金流以及某些付款的時間，這些付款已移至今年第二季。

We continue to focus on converting more of each dollar into free cash flow as evidenced by the free cash flow conversion rate of 54% in the quarter. Given the strength of our balance sheet, our expectations around significant additional free cash flow generation moving forward and the cash we will receive in the IMG transaction, we are well positioned to be able to invest in expanding the long-term growth potential of the company, whether organically or through M&A while also returning capital to shareholders.

我們繼續致力於將每一美元更多地轉化為自由現金流，本季 54% 的自由現金流轉換率就證明了這一點。鑑於我們資產負債表的強勁、我們對未來產生大量額外自由現金流的預期以及我們將在 IMG 交易中獲得的現金，我們完全有能力投資擴大公司的長期成長潛力，無論是透過有機成長還是併購，同時也向股東返還資本。

To that end, as Carsten mentioned, following the quarter, we opportunistically participated in a secondary offering, repurchasing $65 million or 3 million shares at an average price of $21.83 per share. When combined with the previous share repurchases, in total, we have repurchased approximately $86 million of stock at an average price of $17.96 and are nearly halfway through our $200 million share repurchase program. We continue to see value in our shares given the durable growth and expectations for significant operating margin and cash flow expansion going forward.

為此，正如卡斯滕所提到的，在本季度之後，我們抓住機會參與了二次發行，以每股 21.83 美元的平均價格回購了 6500 萬美元或 300 萬股股票。加上先前的股票回購，我們總共以平均 17.96 美元的價格回購了約 8,600 萬美元的股票，並且已經完成了 2 億美元股票回購計畫的一半。鑑於持續的成長以及未來營業利潤率和現金流大幅擴張的預期，我們繼續認為我們的股票具有價值。

Turning to our guidance for 2025. Given the strong first quarter results and the operating momentum across our business, our underlying financial expectations for the year continue to expand. Underlying revenue and EBITDA growth are anticipated to be above our original expectations. However, due to adverse foreign currency movements, primarily related to the US dollar versus the euro, for now, we are leaving our expectations for the reported results for the year unchanged.

談到我們對 2025 年的指導。鑑於第一季的強勁業績和整個業務的營運勢頭，我們對今年的基本財務預期將繼續擴大。預計基本收入和 EBITDA 成長將高於我們最初的預期。然而，由於不利的外匯走勢（主要是美元兌歐元），目前，我們對今年的報告結果的預期保持不變。

On a reported basis, we continue to anticipate revenues of at least EUR1.273 billion, representing year-over-year growth of at least 15% and adjusted EBITDA of at least EUR281 million, growth of at least 26%. We continue to expect at least 200 basis points of adjusted EBITDA margin expansion in 2025 and a free cash flow conversion rate above 2024's conversion rate of 53%. Note that this guidance does not take into account any impact from the IMG Arena acquisition, given the uncertainty around the timing of closing, and we will incorporate the upside from this acquisition into our guidance once the deal closes.

根據報告，我們繼續預期營收至少為 12.73 億歐元，年成長至少 15%，調整後 EBITDA 至少為 2.81 億歐元，成長至少 26%。我們繼續預期 2025 年調整後的 EBITDA 利潤率將擴大至少 200 個基點，自由現金流轉換率將高於 2024 年 53% 的轉換率。請注意，由於交易完成時間的不確定性，本指引並未考慮 IMG Arena 收購帶來的影響，交易完成後，我們將把此次收購帶來的好處納入我們的指引中。

However, it is important to note that we anticipate IMG's sports rights portfolio will not only accelerate our revenue, adjusted EBITDA and free cash flow generation, but it will be accretive to our overall adjusted EBITDA margins and cash margins.

然而，值得注意的是，我們預計 IMG 的體育版權組合不僅會加速我們的收入、調整後 EBITDA 和自由現金流的產生，而且還會提高我們的整體調整後 EBITDA 利潤率和現金利潤率。

With regards to the cadence for the remainder of 2025, we continue to anticipate that adjusted EBITDA margins will be in the high teens in the second quarter, and we will accelerate in the back half of the year with the highest margins in the third quarter. In terms of free cash flow conversion, given the timing of sports rights payments, we anticipate the second quarter conversion rate will be below the first quarter level and will then ramp up in the back half of the year.

關於 2025 年剩餘時間的節奏，我們繼續預計調整後的 EBITDA 利潤率將在第二季度達到百分之十幾，並且我們將在下半年加速成長，並在第三季度達到最高利潤率。在自由現金流轉換方面，考慮到體育版權支付的時間，我們預計第二季的轉換率將低於第一季的水平，然後將在下半年上升。

As a reminder, during our Investor Day, we laid out 3-year targets, including 15% revenue CAGR through 2027, which when combined with our stable cost base, will drive margins to 27% by 2027 and over 30% longer term. We also anticipate expanding free cash flow conversion to 60% over the next few years. The strong operating results we are delivering today is a great foundation to achieve these long-term targets. As we drive sustained revenue growth while converting more and more of each dollar to EBITDA and free cash flow, we are well positioned to create additional shareholder value in the months and years ahead. Thank you for your time this morning.

提醒一下，在我們的投資者日期間，我們制定了 3 年目標，包括在 2027 年實現 15% 的收入複合年增長率，結合我們穩定的成本基礎，到 2027 年利潤率將達到 27%，長期利潤率將達到 30% 以上。我們也預計未來幾年自由現金流轉換率將擴大至 60%。我們今天取得的強勁經營業績為實現這些長期目標奠定了良好的基礎。隨著我們推動持續的收入成長，同時將越來越多的美元轉化為 EBITDA 和自由現金流，我們已做好準備，在未來幾個月和幾年內創造更多的股東價值。感謝您今天上午抽出時間。

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可能提出的任何問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ryan Sigdal with Craig Callum Capital Group.

Craig Callum Capital Group 的 Ryan Sigdal。

Hey Carsten, Craig, I want to start with handle growth in the industry, especially in the US. It's been kind of a hot topic across Sportradar US growth 31% in Q1, really nice out performance, I guess you mentioned a lot of things from a product business momentum, etc. Standpoint, but curious if there's anything to specifically call out in Q1 driving that all performance versus the others, and then also if you're seeing any softness from an industry standpoint or player demographic standpoint.

嘿，卡斯滕、克雷格，我想先談談這個行業的成長，特別是在美國。這一直是 Sportradar 的熱門話題，美國第一季度增長了 31%，表現非常好，我想您從產品業務勢頭等角度提到了很多事情，但我很好奇第一季度與其他季度相比，有什麼特別值得一提的因素推動了這一整體表現，還有，從行業角度或玩家人口統計角度來看，您是否看到了任何疲軟跡象。

Hi, Ryan. Well, we simply execute on a strategy which we promoted and which we, I think, explained hopefully quite detailed on the investor today. We have the biggest portfolios, 70% of the GGR from the big four sports are in our hands, and we see this is monetizing pretty well. We have the right products for the market. And that is now accumulating to the 31% growth. Please don't forget that the US is now 28% of our overall revenue, but if we look into the US segment, roughly 50% of that is betting related, strongly growing, and the other part is for the sports media segment where we saw significant uptakes on the media services with the 36%, not only the US based. So that's a strong signal of execution.

你好，瑞安。好吧，我們只是執行我們所推廣的策略，我認為我們今天已經向投資者詳細解釋了這個策略。我們擁有最大的投資組合，四大運動項目的 70% GGR 都掌握在我們手中，而且我們認為這可以很好地實現貨幣化。我們有適合市場的產品。目前，這一數字已累計達到 31%。請不要忘記，美國目前占我們總收入的 28%，但如果我們研究美國部分，其中大約 50% 與博彩相關，並且增長強勁，另一部分是體育媒體部分，我們看到媒體服務的顯著增長，佔 36%，而不僅僅是美國。所以這是一個強烈的執行訊號。

And just for my follow up question, on Friday, DraftKing specifically called out some really positive remarks on in-game betting, product enhancement they had made driving accelerating growth for in-play in Q1 and that accelerating into April and early Q2. I guess are you seeing similar acceleration in the US, or is that a sports book kind of specific and operator specific commentary?

就我的後續問題而言，週五，DraftKing 特別對遊戲內投注做出了一些非常積極的評價，他們進行的產品改進推動了第一季遊戲內投注的加速增長，並且這種增長在 4 月份和第二季度初仍在加速。我猜你在美國也看到了類似的加速，或者這是針對體育博彩和運營商的特定評論？

We see the general trend, and the general trend is going more into the worldwide markets. The UK, for example, is on a 70% proportion. So this trend is now confirmed with the US. Some books adapt quicker. Some books are adopting slower. It's a question of the marketing and where do you direct the people and how do you promote it. And the sample which you mentioned shows that there's a big potential, but we see it over the complete base of all the bookmakers that there is another adaptation going into the in-running market.

我們看到了總體趨勢，總體趨勢是進一步進入全球市場。例如，英國的比例為70％。因此，這一趨勢現在已在美國得到證實。有些書適應得更快。有些書的接受速度較慢。這是一個行銷問題，你要把人們引向何方以及如何推廣它。您提到的樣本表明，這有很大的潛力，但我們從所有博彩公司的整體情況來看，在賽中博彩市場中還有另一種適應方式。

Thanks Carsten nice job guys. Good luck.

謝謝 Carsten，幹得好，夥計們。祝你好運。

Robin Farley with UBS.

瑞銀的 Robin Farley。

Great, thanks. I wanted to ask if your expectations for IMG, I know they're not in your official guidance and won't be, until the deal closes, but are they still similar to, I think you talked about maybe [30 million to 35 million] in EBITDA. Is that still what you're thinking or has that changed as you've had a little more time to look at that?

太好了，謝謝。我想問您對 IMG 的預期，我知道這些預期不在您的官方指導中，並且在交易完成之前也不會，但它們是否仍然與您談到的 EBITDA [3000 萬到 3500 萬] 相似。您現在還是這麼想的嗎？或者，隨著您花更多時間考慮這個問題，您的想法改變了嗎？

Hi Robin. So first, we see it in the same way like we mentioned on the investor and also during the secondary. We are well on track with with getting through the antitrust procedures. So there is no change. The execution is there, no change in the plans, and we expect this to close in end of quarter three, beginning of quarter four. So no change from that side, no signs that we have to change our timelines here.

你好，羅賓。首先，我們以與投資者和二級市場相同的方式看待它。我們的反壟斷程序進展順利。所以沒有變化。執行已經完成，計劃沒有變化，我們預計這將在第三季末、第四季初完成。因此從那方面來說沒有變化，沒有跡象表明我們必須改變我們的時間表。

Like we said, if we would have done this acquisition on the 1st of January and have it in our books, we would come out with a revenue of in the high 20s to close to 30%. So that is the impact there. The deal is marginal creative from the first moment. The deal is (technical difficulty)

就像我們所說的那樣，如果我們在 1 月 1 日完成這次收購並將其記入帳簿，我們的收入將達到 20% 以上到接近 30%。這就是那裡的影響。從一開始，這筆交易就缺乏創造力。這筆交易是（技術難度）

Yes sir, I yes sir.

是的，先生，我同意，先生。

Ladies and gentlemen, please stand by. We'll be back with your conference momentarily.

女士們、先生們，請稍候。我們很快就會回來繼續您的會議。

Hello operator.

您好，接線生。

Hello, sir. I can hear you.

你好先生。我聽到你的聲音。

Very good. So it looks like the speaker went offline. I'm sorry for this. So it should work now.

非常好。看起來演講者已經下線了。我對此感到抱歉。所以它現在應該可以工作了。

All right. So Robin, I'm not sure if they answered your questions. Would you like to restate your questions again?

好的。所以羅賓，我不確定他們是否回答了你的問題。您想再次重申您的問題嗎？

I definitely got the impression it was going to be cash accretive, but I wonder if you -- it might have cut off if you were addressing whether it was -- I think the expectation for time line was unchanged. And I just -- I didn't hear if you had said something about whether that sort of [$30 million to $35 million] in EBITDA accretion if that expectation had changed? And then I'm just going to ask my follow-up question as well, just in case there's -- just to get it out there. I also just wanted to ask about -- I think there was a comment that your guidance for 2025 is left unchanged, but it would have gone up if it weren't for FX. And so I wonder if you could just quantify sort of what the constant currency expectation for EBITDA was just so that we can see that more clearly.

我確實覺得它會帶來現金增值，但我想知道你是否 - 如果你正在討論它是否會帶來現金增值，那麼它可能會被切斷 - 我認為對時間表的預期沒有改變。我只是—我沒有聽到您是否說過，如果這種預期發生了變化，EBITDA 增長是否會達到 [3000 萬美元到 3500 萬美元]？然後我還要問一個後續問題，以防萬一——只是為了把它說出來。我還想問一下——我認為有一條評論說，您對 2025 年的指導保持不變，但如果沒有 FX，它就會上升。所以我想知道您是否可以量化 EBITDA 的恆定貨幣預期，以便我們更清楚地了解這一點。

Very good. Craig, can you take on the guidance with the FX, right?

非常好。克雷格，你能接受 FX 的指導嗎？

Sure. And thanks, Robin, and thanks everybody, for standing by. So when you think about the way the year is kind of playing itself out, we had a very strong first quarter, as you saw, which is ahead of our original expectations. The underlying strength of the business, as I mentioned in my comments, does continue moving forward. And we have seen that in the second quarter, and there's no signs of that slowing down in terms of the underlying trends of the business. However, when you look at the FX rates, the FX rates have moved against us since we gave our guidance back in March of this year.

當然。謝謝羅賓，也謝謝大家的支持。因此，當您思考今年的進展方式時，正如您所見，我們第一季的業績非常強勁，超出了我們最初的預期。正如我在評論中提到的那樣，該業務的潛在實力確實在繼續向前發展。我們已經在第二季度看到了這一點，從業務的基本趨勢來看，沒有放緩的跡象。然而，當你查看外匯匯率時，你會發現，自從我們在今年 3 月發布指引以來，外匯匯率一直對我們不利。

So when you factor in what the current FX rates are today, that would create about a EUR10 million headwind for the full year 2025 versus our original expectations. And that would flow through down to EBITDA in that kind of EUR3 million to EUR4 million headwind or so overall. So when you think about that headwind and us leaving our guidance unchanged, you can see that we expect the underlying strength of the business to continue.

因此，當你考慮到目前的外匯匯率時，這將對我們最初的預期造成約 1000 萬歐元的不利影響。這將對 EBITDA 造成總體約 300 萬至 400 萬歐元左右的不利影響。因此，當您考慮到這種不利因素並且我們維持指導不變時，您會發現我們預期業務的潛在優勢將會持續下去。

Great. And then I don't know, Carsten, if you had said that your expectation for the EBITDA for IMG Arena was still in that [$30 million to $35 million] range on kind of an annualized basis?

偉大的。然後我不知道，卡斯滕，您是否說過，您對 IMG Arena 的 EBITDA 的預期在年化基礎上仍然在 [3000 萬美元至 3500 萬美元] 範圍內？

I went not on the numbers, Robin, but I told you that from an EBITDA margin perspective and from a cash perspective, the deal remains accretive to our margin and the targets which we have. And I mentioned that if we would allocate it for this year from a revenue perspective, we would end up from a revenue growth in the high 20s, close to 30%. That's what I mentioned.

羅賓，我沒有談論數字，但我告訴過你，從 EBITDA 利潤率和現金角度來看，這筆交易仍然會提高我們的利潤率和實現我們的目標。我提到，如果我們從收入角度分配今年的收入，我們最終的收入成長率將達到 20% 以上，接近 30%。這就是我提到的。

Jason Tilchen with CG.

傑森·蒂爾欽 (Jason Tilchen) 與 CG。

Great, good morning and thanks for taking my question. I'm wondering at the Investor Day, you talked a little bit about how computer vision is now being used to capture data, I think about 50% of total covered events. I'm wondering if you could share a little bit more about what the road map looks like for further expansion there, if there's any sort of structural issues that would prevent you from getting to closer to 100% over time. And in terms of those additional data points that are being collected beyond sort of informing your live pricing models, what are some other examples of the ways you're using this to monetize via new product development?

太好了，早安，謝謝您回答我的問題。我想知道在投資者日，您談到了現在如何使用電腦視覺來捕獲數據，我認為大約佔總報道事件的 50%。我想知道您是否可以分享更多關於進一步擴展的路線圖，是否存在任何結構性問題會阻止您隨著時間的推移接近 100%。除了為即時定價模型提供資訊之外，您還收集了哪些額外的數據點，可以舉例說明您如何利用這些數據點透過新產品開發實現盈利嗎？

Jason, so looking to how we see the sports and the market, we believe that we can't cover the full 100% automatized this computer vision, and it makes not too much sense to do this. Imagine a sport like Water polo, which our CTO mentioned always that might make not too much sense to automatize this. But we believe we will end up roughly at around about 90%. And that's a great asset because what we get here is depending on the sports 1,000 to 10,000 more data points. And this is driving player markets, micro markets. It's driving visualization. It's driving stimulation and entertainment.

傑森，從我們對體育運動和市場的看法來看，我們認為我們無法完全涵蓋 100% 自動化的電腦視覺，而且這樣做也沒有太大意義。想像水球這樣的運動，我們的技術長總是提到，實現自動化可能沒有太大意義。但我們相信最終這個比例大約會達到 90% 左右。這是一筆巨大的財富，因為我們在這裡獲得的是取決於體育運動的 1,000 到 10,000 個數據點。這正在推動玩家市場、微型市場。它正在推動可視化。它帶來刺激和娛樂。

So this gives us a big value if we have more data points because we can create more sophisticated products. And of course, we can get it into our Alpha Odds where we analyze the player behavior with the tracking, match this with the models to come to better predictions and to a better outcome for our clients. So that's how we see the usage here.

因此，如果我們擁有更多的數據點，這將為我們帶來巨大的價值，因為我們可以創造更複雜的產品。當然，我們可以將其納入我們的 Alpha Odds，透過追蹤分析玩家行為，並將其與模型進行匹配，從而得出更好的預測，並為我們的客戶帶來更好的結果。這就是我們所看到的這裡的用法。

David Katz with Jefferies.

傑富瑞 (Jefferies) 的戴維‧卡茨 (David Katz)。

Hi, morning, everybody. Thanks for taking my question. So I wanted to follow up on the discussion with Ryan earlier about in-play. And Carsten got your comments about it. But what I wanted was just a little more clarity on two things. One being is the gating factor technology or marketing? How much of those? And then secondarily, do you think that the US market is equivalent to Europe in that 70% number you gave that's been about for a while. Do you think it could be bigger? What are the puts and takes there?

大家早安。感謝您回答我的問題。因此我想跟進之前與 Ryan 就比賽中的討論。卡斯滕收到了您對此的評論。但我希望對兩件事有更清楚的認識。其中一個限制因素是技術還是行銷？這些有多少？其次，您是否認為美國市場與歐洲市場相當，您給出的那個大約 70% 的數字已經持續了一段時間了。您認為它還能更大嗎？那裡有什麼投入和產出？

Thank you.

謝謝。

The technology and we deliver it to the global market, and we see here penetration rates of 70% to 80%. So it's definitely not technology. The technology is there in place and it's increasing as we speak. It is, of course, the marketing and changing the mindset of the people. And please don't forget the US is a fairly new market and comes from the Las Vegas times where you have a different behavior of sports betting. So that is an education period. It's a stimulation and the products which we have for this like 4Sight or emBET are working perfectly into this direction. It will take a while. We have zero indication that the US will not adapt to the international market. So we see it growing. We see a momentum. It depends at the moment on the education of the players and the marketing and activation from the bookmakers (technical difficulty)

我們將這項技術推向全球市場，目前滲透率已達 70% 至 80%。所以這絕對不是技術。該技術已經存在並且正在不斷發展。當然，這是行銷和改變人們觀念的過程。請不要忘記，美國是一個相當新的市場，而且來自拉斯維加斯時代，當時的體育博彩行為有所不同。所以這是一個教育時期。這是一種刺激，我們為此開發的產品（如 4Sight 或 emBET）正完美地朝著這個方向發展。這需要一段時間。我們沒有任何跡象顯示美國不會適應國際市場。因此我們看到它在不斷增長。我們看到了一種勢頭。目前這取決於球員的教育以及博彩公司的營銷和激活（技術難度）

Ladies and gentlemen, please stand by. Your conference will resume momentarily. Ladies and gentlemen, thank you for standing by. One moment, and we will proceed with our Q&A portion.

女士們、先生們，請稍候。您的會議將立即恢復。女士們、先生們，感謝你們的支持。請稍等，我們將繼續問答環節。

And David Katz with Jeffrey, your line is open again, sir. Please proceed with your questions.

大衛卡茲和傑弗裡，先生，您的線路又開通了。請繼續提問。

Okay, thank you very much. If you wouldn't mind just that second part of that question about technology being a gating factor and whether -- I think you've got through most of the answer being US 70% to 80%. It will take some time. And I think that's where we left off.

好的，非常感謝。如果您不介意的話，請只問問題的第二部分，即技術是否是一個限制因素，以及——我認為您已經知道大部分答案是美國佔 70% 到 80%。這需要一些時間。我想這就是我們結束的地方。

Sorry for the technical issues here, David. I hope the backup line works now much better. The gating factor is not technology. It's really market adaptation of the players. It depends on the cooperation with the bookmakers, their education of the players. No doubt that the trends which we see are reflecting the international trends. The US market is fairly new given the international experience, which we have. So it will take a while, but there is no doubt for us that we see an adaptation going to the rates which we see globally, which is between 70% and 80% in running.

抱歉，這裡出現了技術問題，大衛。我希望備用線路現在能更好地工作。限制因素不是技術。這實際上是球員的市場適應。這取決於與博彩公司的合作以及他們對玩家的教育。毫無疑問，我們所看到的趨勢反映了國際趨勢。相對於我們所擁有的國際經驗，美國市場還比較新。所以這需要一段時間，但毫無疑問，我們會看到適應率達到我們在全球範圍內看到的水平，即運行率在 70％ 到 80％ 之間。

Thank you very much.

非常感謝。

Jordan Bender with Citizens.

喬丹·本德 (Jordan Bender) 與公民們在一起。

Hi everyone, good morning. It seems like a real focus to drive deeper into iGaming content. That part of the industry really benefits from scale. So curious if M&A makes sense to quickly get that business scaled up.

大家好，早安。這似乎是一個真正深入研究 iGaming 內容的重點。該行業確實受益於規模。所以我很好奇併購是否有助於快速擴大業務規模。

Yes. We are very excited about iGaming, like I stated many times. Brazil is our test market here, and we see a good adaptation. We see indeed in Brazil now a quarterly pickup of 31%. We usually don't report those numbers, but that is also driven by a pickup on the iGaming services, which we have there. We learn as we speak here. And as you understand, our model here is that we are uniting the acquisition, the retention, the sports betting service and the iGaming in a 360-degree solution.

是的。正如我多次說過的，我們對 iGaming 感到非常興奮。巴西是我們在這裡的測試市場，我們看到了良好的適應性。我們確實看到巴西的季度成長率達到了 31%。我們通常不會報告這些數字，但這也受到我們在那裡提供的 iGaming 服務的推動。我們在這裡邊講邊學。正如您所了解的，我們的模式是將收購、保留、體育博彩服務和 iGaming 整合到一個 360 度解決方案中。

So it's still very early days, but we see a good pickup. And you will see that we are increasing our portfolio, but we are learning from this. So we are doing very quick steps, getting the feedback and adopting this and getting this in our unique 360-degree approach in Brazil. Once we have learned enough, you will see that we scale this in other markets.

因此，現在還為時過早，但我們看到了良好的回升勢頭。您將看到我們正在增加我們的投資組合，但我們也正在從中學習。因此，我們正在採取非常快速的措施，獲取回饋並採用這些回饋，並在巴西採用我們獨特的 360 度方法。一旦我們學到足夠的知識，你就會看到我們在其他市場擴大規模。

And Jordan, just to chime in here. As we mentioned before, when we look at M&A, whether it be in iGaming or any other facet of M&A, it has to be ultimately accretive to what we're doing here as a part of our core business. We have such high growth rates in terms of both revenue, EBITDA and margin here moving forward that any M&A we do moving forward has to fit within those parameters.

喬丹，我也想在這裡插嘴一下。正如我們之前提到的，當我們考慮併購時，無論是在 iGaming 領域還是併購的任何其他方面，它最終都必須對我們作為核心業務的一部分所做的事情產生增值作用。我們未來的營收、EBITDA 和利潤率都將保持如此高的成長率，以至於我們未來進行的任何併購都必須符合這些參數。

Awesome. And then just on the follow-up. In your slides, you mentioned opportunity to unlock operating leverage in '25 and beyond. You've kind of mentioned a few times today as well. So going back to the Investor Day, you gave an incremental margin guide of 40% through '27, and that steps up to 50% and beyond. Curious to kind of what are the levers to help you see that step up in future years? Is that a function of just cost normalizing, revenue going up or anything to kind of call out there?

驚人的。然後就是後續行動。在您的幻燈片中，您提到了在 25 年及以後釋放經營槓桿的機會。您今天也提到過幾次。因此，回到投資者日，您給出了 27 年 40% 的增量保證金指南，並且該指南將逐步上升至 50% 甚至更高。您是否好奇，有哪些手段可以幫助您在未來幾年實現這一目標？這是否只是成本正常化、收入增加或任何其他情況的功能？

Sure. The primary drivers certainly are the continued revenue growth that we see across the company, right, both from a market perspective, but also from an ability to cross-sell and upsell and create new adjacent markets for ourselves. So as the revenue continues to ramp here nicely over a multiyear period, the cost basis of the company is very much manageable in terms of its level of escalation. We know exactly what our sports costs are going to escalate at given the long-term nature of our sports rights here, they are mostly locked in for an average of about 6 years. We know what we can do from a managing a personnel and an other overhead perspective here moving forward. So given the visibility that we have on all of our costs and given the expectations from a revenue perspective, we see no reason why incremental margins can't continue to expand at a nice clip here moving forward.

當然。主要驅動力當然是我們在整個公司看到的持續收入成長，對吧，不僅從市場角度，而且從交叉銷售和追加銷售以及為我們自己創造新的鄰近市場的能力來看。因此，隨著收入在多年內持續穩定成長，公司的成本基礎在成長水準方面是非常可控的。我們清楚知道，鑑於我們體育賽事版權的長期性，我們的體育賽事成本將會不斷上漲，這些版權大多平均鎖定約 6 年。我們知道從管理人事和其他管理費用的角度我們可以做些什麼。因此，考慮到我們對所有成本的可見度以及從收入角度的預期，我們認為增量利潤率沒有理由不能繼續以良好的速度擴大。

Michael Hickey with The Benchmark Company.

Michael Hickey 和 The Benchmark Company 合作。

Congrats guys on strong 1Q here. I guess stepping back into your Analyst Day and you repeated it here, Craig, guiding 15% CAGR through '27. Just curious if you could sort of highlight for us, Carsten or Craig, the 2 or 3 biggest variables that could push you above that range?

恭喜大家第一季取得優異成績。我想回到你的分析師日，你在這裡重複了這一點，克雷格，指導 27 年的複合年增長率為 15%。我只是好奇，卡斯滕 (Carsten) 或克雷格 (Craig)，您是否可以為我們重點介紹可能導致您超出該範圍的 2 到 3 個最大變數？

Craig, do you want to --

克雷格，你想--

Yes, I got it. Thanks, Carsten. And feel free to add color when I'm done. And thanks for the question, Mike. So when you think about the biggest things that could ultimately take us higher than that 15% revenue CAGR, there are a number of things.

是的，我明白了。謝謝，卡斯滕。當我完成後，請隨意添加顏色。謝謝你的提問，麥克。因此，當您考慮最終可能使我們的收入複合年增長率高於 15% 的最大因素時，會發現有很多因素。

First and foremost, we're not assuming any significant change in market expansion here moving forward. If the market expands faster because there's more uptake from existing markets or additional markets that were unexpected ultimately become legalized, then that certainly would add an opportunity from a faster revenue perspective.

首先，我們並不認為未來的市場擴張會發生任何重大變化。如果由於現有市場吸收的更多內容或意外出現的額外市場最終合法化而導致市場擴張得更快，那麼從更快的收入角度來看，這肯定會增加機會。

The second thing is certainly the addition of additional product opportunities. When you think back to our business, MTS wasn't even a thing several years ago, and now it's become a significant portion of our business. As we add new products and services into the mix and as we uptake continues to be wider across the Board, that can certainly add some additional revenue opportunities. And then you look at some of the adjacent markets that Carsten has mentioned in the past, like iGaming or things on the marketing services side of the house, that has the ability to certainly add additional market -- additional revenue opportunities here moving forward. So there's a variety of ways that revenue could exceed what our -- what I would say is baseline expectations are.

第二件事當然是增加額外的產品機會。回想一下我們的業務，幾年前 MTS 甚至還不存在，而現在它已經成為我們業務的重要組成部分。隨著我們不斷添加新產品和服務，並且我們的覆蓋範圍不斷擴大，這肯定可以增加一些額外的收入機會。然後你再看看卡斯滕過去提到的一些鄰近市場，例如 iGaming 或行銷服務方面的事物，這些市場肯定有能力增加額外的市場——未來的額外收入機會。因此，有許多方法可以使收入超出我們的預期——我想說的是基本預期。

Second question from us. The -- sorry if you sort of -- if you feel like you fully covered this, but your marketing and media services growth, Carsten, 36% in the quarter, exceptionally strong. Just curious all the drivers there. It looks like iGaming is incremental and very exciting. And then I guess, most important, how durable do you see growth from this category? And is it sort of -- obviously, online gaming, I think, is fairly defensive. But how would you view that marketing piece in terms of the defensive nature relative macro conditions?

我們的第二個問題。抱歉，如果您覺得您已經完全涵蓋了這一點，但您的行銷和媒體服務成長，卡斯滕，本季度增長了 36%，非常強勁。只是對那裡的所有司機感到好奇。看起來 iGaming 正在逐步發展並且非常令人興奮。然後我想，最重要的是，您認為這一類別的成長能持續多久？而且這顯然是一種——我認為，線上遊戲是相當防禦性的。但是，從防禦性相對宏觀條件的角度來看，您如何看待這一行銷部分？

We are very pleased about the uptick of 36%, as you well understand. It is broadly over the place. So it's more sportsbook operators coming online with the marketing campaigns. And the reason why is we simple deliver better returns. That's measured in CPA, so you can follow this directly. And the better that service returns to our clients, the better we see an uptick. So we are very pleased. It's broad over the place. It's not only US-based, and it's mainly the marketing services, which we are speaking about. So that is something which is a good trend. Let's see how this is stabilizing, but the first quarter has been very encouraging for us.

如您所知，我們對 36% 的成長感到非常高興。它廣泛地覆蓋了整個地方。因此，越來越多的體育博彩業者開始透過網路進行行銷活動。原因很簡單，我們能提供更好的回報。這是以每次轉換費用 (CPA) 來衡量的，因此您可以直接遵循這一點。我們的服務給客戶的回報越好，我們看到的成長就越好。所以我們非常高興。這個地方很寬敞。它不僅基於美國，而且主要涉及我們所談論的營銷服務。所以這是一個好的趨勢。讓我們看看情況如何穩定下來，但第一季對我們來說非常令人鼓舞。

Yes. The one other thing I would add, we do have the consolidation of our new affiliate capabilities in that marketing line for the current year. However, even with that number taken out the growth in the marketing services line would have been well over 20%. So we are seeing nice growth across the Board in our marketing services line.

是的。我想補充的另一件事是，我們確實在今年整合了該行銷系列中的新附屬能力。然而，即使去掉這個數字，行銷服務線的成長率也將遠遠超過 20%。因此，我們看到我們的行銷服務領域全面取得了良好的成長。

Bernie McTernan with Needham & Company.

伯尼·麥克特南 (Bernie McTernan) 與 Needham & Company 合作。

And maybe just to follow up on Marketing Services. Just any thoughts in terms of any additional assets or capabilities that you need in order to scale that business even further? Or is it just continuing to show that strong CPA and just continued execution?

也許只是為了跟進行銷服務。您認為需要哪些額外的資產或能力來進一步擴大業務規模？或者只是繼續展示強大的 CPA 並持續執行？

Continue the execution is the clear answer, but reducing the costs is the next one which we are looking to. We build it the Fan ID product, which we launched now with our partners on NBA and MLB side to drive raw material, meaning sports fans into the system, which is optimizing then the cost side for this service. So that's the next step, which we execute parallel, but we need to focus to continue to provide the value, so meaning lower acquisition costs for our clients.

繼續執行是明確的答案，但降低成本是我們下一步要考慮的。我們建立了 Fan ID 產品，該產品現已與 NBA 和 MLB 方面的合作夥伴一起推出，旨在推動原材料（即體育迷）進入系統，從而優化該服務的成本方面。這是下一步，我們將同時執行，但我們需要專注於繼續提供價值，這意味著降低客戶的收購成本。

Understood. And then just as a follow-up, Carsten, from the Investor Day, pretty clear that you have a close relationship with the NBA and Adam Silver. US, both Flutter and DraftKings were talking about being a tough year for the NBA betting-wise. Just wanted to get your view on the season and maybe outlook for next year as well?

明白了。然後作為後續問題，投資者日的卡斯滕非常清楚，你與 NBA 和亞當蕭華有著密切的關係。在美國方面，Flutter 和 DraftKings 都表示，從博彩角度來看，今年對 NBA 來說將是艱難的一年。只是想了解您對本賽季的看法以及對明年的展望？

Yes, I heard these comments. I think they have been made for basketball in general, so not too much on the NBA. For us, the NBA is doing very well. You see it in our numbers. We launched now 1,800 new markets, player markets and micro markets. We launched the new 4Sight product there. EmBET is fully in swing and active. So if we look to our results with the NBA, they are really good. They are over the projections. So we are very pleased with this.

是的，我聽到了這些評論。我認為它們總體上是為籃球運動而製作的，因此與 NBA 沒有太大關係。對我們來說，NBA 表現非常好。您可以從我們的數字中看到這一點。我們現已推出了 1,800 個新市場、玩家市場和微型市場。我們在那裡推出了新的 4Sight 產品。EmBET 正處於全面活躍階段。所以如果我們看看我們在 NBA 中取得的成績，那真是太好了。他們超出了預期。所以我們對此感到非常高興。

Clark Lampen with BTG.

克拉克·蘭彭 (Clark Lampen) 與 BTG。

Two for me. First, in the prepared remarks, you mentioned, I think, 50 million sessions for the LiveMatch Tracker. It sounded like you're also picking up some momentum with 4Sight. Is it possible to give us a feel for repeat rates, underlying user base or maybe if you're feeling generous, I guess, sort of product evolution or what you guys are planning for in terms of expansion or improvement of that product over the balance of the year?

對我來說是兩個。首先，在準備好的發言中，您提到了 LiveMatch Tracker 的 5000 萬次會話。聽起來您在 4Sight 方面也取得了一些進展。您能否向我們介紹重複率、潛在用戶群，或者如果您感覺慷慨的話，某種產品的演變，或者您計劃在今年餘下時間裡對該產品進行哪些擴展或改進？

And then, Craig, really quick housekeeping question. Repurchase and capital allocation, you talked about that being deployed around the secondary is sort of opportunistic. As we think about it on a go-forward basis, any plan or sort of roadmap that you guys have set around whether this is going to be deployed programmatically or in similar fashion more opportunistically?

然後，克雷格，我問一個非常快速的基本問題。回購和資本配置，您談到圍繞二級市場部署是一種機會主義。當我們從未來角度考慮這個問題時，你們是否制定了任何計劃或路線圖，是否要以程式設計方式部署，還是以類似的方式更具機會性地部署？

Good. I'll take the first part, and Craig is going in on the second piece. For the Tier 1 sports and EMEA is one of them, it follows all the same plot. We have deep data, and we use AI to assemble this and provide innovative solutions. They should do either simulation or a direct transaction. The sample for the direct transaction -- is the premium product for the trading services and 4Sight is the visualization. The visualization should do the simulation for the in-running markets. And here, you know the math behind this. So the more we can convert from a percentage perspective, the more earning we have in 2029. It is a EUR6 million per percent which we convert from 34% to 47%. That's our prediction at the moment, which I think is conservative.

好的。我負責第一部分，克雷格負責第二部分。對於一級體育賽事和 EMEA 賽事來說，它們都遵循相同的情節。我們擁有深度數據，並使用人工智慧來整合這些數據並提供創新的解決方案。他們應該進行模擬或直接交易。直接交易的樣本－是交易服務的優質產品，而 4Sight 是視覺化產品。可視化應該對正在運行的市場進行模擬。現在，您知道背後的數學原理了。因此，從百分比角度來看，我們轉換的越多，我們在 2029 年的收入就越多。我們將每百分比從 34% 轉換為 47%，即 600 萬歐元。這是我們目前的預測，我認為是保守的。

And the deep data here will help us and the impressions are going into the direction to use the bigger crowd, which is accessing it to stimulate them to go into this direction. That is the same for the emBET product here. So this is why we do it, and we see a good pickup. Second part --

這裡的深度數據將幫助我們，並且印象正在朝著利用更大人群的方向發展，透過訪問它來刺激他們朝這個方向前進。這與這裡的 emBET 產品是一樣的。這就是我們這樣做的原因，而且我們看到了良好的結果。第二部分--

Thanks, Carsten. So certainly, when you look at the strength of our business and you look at the -- not just the strength of our balance sheet today, but the free cash flow that we're planning on generating here moving forward, not to mention the cash that we're going to hopefully get here as part of the close of the IMG transaction, we certainly have a lot of deployable capital here moving forward.

謝謝，卡斯滕。因此，當然，當你看到我們業務的實力時，你會看到——不僅僅是我們今天的資產負債表的實力，還有我們計劃在未來產生的自由現金流，更不用說我們希望在 IMG 交易結束後獲得的現金，我們肯定有很多可部署的資本在向前發展。

Our first priority with that deployable capital is to invest it back into our business to look for ways to build additional products, to look for ways to build additional services to add more value to our existing customers and attract new customers.

我們利用這些可部署資本的首要任務是將其重新投資到我們的業務中，尋找方法來開發更多的產品，尋找方法來建立更多的服務，為我們現有的客戶增加更多價值並吸引新客戶。

Then we look for M&A opportunities, which we've kind of seen us do here moving forward. We've been very judicious with regards to M&A, only looking for things that are accretive to our overall business model. In the absence of those 2 things or even at the same time as we're doing those two things, we do see an opportunity to continue to return capital to shareholders. Certainly, we expect a significant opportunity moving forward with regards to our share price. We think we're undervalued where we are today given the growth profile of the company.

然後我們尋找併購機會，我們已經看到我們在這裡向前邁進。我們在併購方面非常謹慎，只尋找那些對我們的整體商業模式有益的東西。即使沒有這兩件事，或者即使我們同時做這兩件事，我們確實看到了繼續向股東返還資本的機會。當然，我們預期我們的股價將迎來重大上漲機會。考慮到公司的成長前景，我們認為我們目前的估值被低估了。

So I would say to answer your question specifically, we'll look to do both, be opportunistic as well as do some programmatic buying here. The secondary was a great opportunity or a great example of us being opportunistic because there was an opportunity for us to buy shares below market prices, and we went ahead and did that. And then when we move forward, we're going to allocate a certain percentage of our capital to go back and buy back shares programmatically, and we'll see how that progresses here as things move forward.

因此，我想具體回答你的問題，我們會同時考慮機會和程序化購買。二級市場是一個很好的機會，或者說是我們機會主義的一個很好的例子，因為我們有機會以低於市場價格的價格購買股票，而我們就這麼做了。然後，當我們繼續前進時，我們將分配一定比例的資本以程式方式回購股票，我們將觀察隨著事情的進展如何。

Samuel Nielsen with JPMorgan.

摩根大通的 Samuel Nielsen。

Congrats on the quarter. Following up a little bit on what Ryan and David asked earlier on in-play. One of your customers called out a very strong lift in live betting on MLB games recently, which obviously is a direct benefit to your business. But I was wondering if you could talk about what you're seeing from kind of where you sit from an MLB perspective and what kind of products operators are utilizing the most maybe outside of your live data to drive this heightened engagement.

恭喜本季取得佳績。稍微跟進一下 Ryan 和 David 之前在比賽中提出的問題。您的一位客戶最近表示，美國職棒大聯盟 (MLB) 比賽的現場投注量大幅增長，這顯然對您的業務有直接的好處。但我想知道您是否可以從 MLB 的角度談談您所看到的情況，以及除了即時數據之外，運營商最常使用哪種產品來推動這種高度參與。

For the MLB specifically for the NBA. So you will see the usage of the deep data in the various visualization and simulation products driving the live market. So we expect here a strong uptick like we see it also with the NHL and with the NBA.

針對 MLB，專門針對 NBA。因此，您將看到深度資料在各種視覺化和模擬產品中的使用推動著即時市場。因此，我們預計這裡會出現強勁上漲，就像 NHL 和 NBA 一樣。

Looking now to our dependency on the results, that's fairly limited. So the revenue share, which we have there is a mix of the handle and the GGR. So depending -- we are not really dependent on the results and the outcomes for this to deliver our top line revenue. Does that answer the question?

現在來看我們對結果的依賴程度相當有限。因此，我們的收入份額是遊戲手把收入和遊戲總收入的混合。因此，我們實際上並不依賴結果和成果來實現我們的營業收入。這回答了問題嗎？

Yes, yes. And then in the NBA, is there any plans to bring kind of like a bet and watch product to kind of your NBA rights portfolio at some point here moving forward?

是的，是的。那麼在 NBA，是否有計劃在未來的某個時候將類似投注和觀看的產品引入到您的 NBA 版權組合中？

Yes. Well, we are well on track. So it's integrated with the NBA and that is fully running there. We are sending the tickets to both FanDuel and DraftKings. And of course, we intend to do this for more of our corporation.

是的。嗯，我們的進展順利。因此它與 NBA 融為一體，並在那裡全面運作。我們正在將門票發送給 FanDuel 和 DraftKings。當然，我們打算為更多的公司這樣做。

Operator, we have time for one more question.

接線員，我們還有時間再回答一個問題。

Steve Pizzella with Deutsche Bank.

德意志銀行的史蒂夫·皮澤拉。

Just following up on the live betting one more time. Are you seeing any difference in the migration between sports in the US for prematch to live from a better perspective? Is soccer higher relative to the other sports in the US? And can you help us on how to think about the difference in hold rates between pre-match and live betting?

只是再次跟進現場投注。從更好的角度來看，您是否看到美國體育賽事之間的遷移在賽前直播方面有任何差異？足球相對於美國其他運動項目是否更受歡迎？您能否幫助我們思考賽前投注和現場投注之間的持有率差異？

We see, in general, the fast-moving sports have a higher adaptation rates for us and for our clients. So basketball and hockey is something where we see this trend, but we see also that baseball has a mechanic which works quite well for live betting. So it's a broad mix for football, we can't say too much because it's not our property, but the learning from the clients is it's also a good sport because of the 30-second break, which is in there from a live betting perspective.

我們發現，整體而言，快速運動對我們和我們的客戶來說具有更高的適應率。因此，我們在籃球和曲棍球中看到了這種趨勢，但我們也看到棒球具有非常適合現場投注的機制。所以對於足球來說這是一個廣泛的組合，我們不能說太多因為這不是我們的財產，但從客戶那裡了解到這也是一項很好的運動，因為有 30 秒的休息時間，從現場投注的角度來看這是可行的。

Looking now to the US matters, we see that it needs an education time. That is a delay of 3, 4, 5 years to the international markets, but we see a strong pickup here and the strong momentum. And remember, we started 6 years ago on 0. So we are now on a 34%, 35%. So we see a strong pickup there. There is no indication that the US will not follow the international markets. The opposite is the case. What we see in the US is really something about the deep data and about the variety of the player markets and the micro markets. There's a strong demand for this. That is a difference to what we see internationally.

現在看看美國的事情，我們發現它需要一個教育時間。這意味著國際市場要延遲 3、4、5 年，但我們看到了強勁的成長動能。請記住，我們六年前從 0 開始。所以我們現在的比例是 34%、35%。因此，我們看到那裡出現了強勁的成長勢頭。沒有跡象顯示美國不會追隨國際市場。事實恰恰相反。我們在美國看到的實際上是有關深度數據以及參與者市場和微型市場的多樣性。對此有強烈的需求。這與我們在國際上看到的情況有所不同。

Okay. And then can you just help us on how to think about the difference in hold rates you see between pre-match and live betting?

好的。那麼，您能否幫助我們思考一下賽前投注和現場投注之間的持有率差異？

Well, depending on -- it's the parlays which are deciding on this. So if you have parlays in there, of course, the profitability is significantly higher. Live betting and parlays is a challenge. Therefore, we develop the user interfaces to make this interactive and make it very quick. Usage of AI for the betting tickets will be very helpful for those things. But the profitability from a live betting perspective is lower than on the pre-match when you are taking the parlays into account. But there are various technologies and new products, which will help to bridge that gap.

嗯，這取決於——這是由 parlays 決定的。因此，如果您在其中進行了聯注，那麼盈利能力當然會高得多。現場投注和累積投注是一項挑戰。因此，我們開發了使用者介面，使其具有互動性並且速度非常快。將人工智慧用於投注票將對這些事情非常有幫助。但是，如果將累積賭注考慮在內，從現場投注的角度來看，獲利能力會低於賽前投注。但各種技術和新產品將有助於彌合這一差距。

Great. Thank you, everyone. We want to thank you for joining us for our earnings call. I apologize for the technical difficulties, and thanks for your patience. I'll turn it back over to the operator.

偉大的。謝謝大家。我們感謝您參加我們的收益電話會議。對於技術問題我深表歉意，並感謝您的耐心等待。我會將其交還給操作員。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家有個愉快的一天。