Sportradar Group AG (SRAD) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining the Sportradar Q1 2026 earnings call. (Operator Instructions)

大家好。感謝各位參加 Sportradar 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to Jim Bombassei, Head of Investor Relations and Corporate Finance.

我現在把會議交給投資人關係與企業財務主管 Jim Bombassei。

Thank you, operator. Hello, everyone, and thank you for joining us for Sportradar's earnings call for the first quarter of 2026.

謝謝，接線員。各位好，感謝各位參加 Sportradar 2026 年第一季財報電話會議。

Please note that the slides we will reference during this presentation can be accessed via the webcast 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 the call to questions from analysts and investors.

請注意，我們在本次簡報中將引用的投影片可透過我們網站 investors.sportradar.com 的網路直播取得，並將於本次電話會議結束後張貼於我們網站。今日電話會議的重播也將在我們網站提供。在我們的預備發言之後，我們將開放分析師與投資人提問。

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 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, to the risk factors discussed in our annual report on Form 20-F in 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.

為節省時間，請各位每人限問一個問題並可追問一次。另請注意，今天討論中您將聽到的部分資訊將構成前瞻性陳述，包括但不限於有關營收及未來業務展望的陳述。這些陳述涉及風險與不確定性，可能導致實際結果或趨勢與我們的預測出現重大差異。更多資訊請參閱我們向美國證券交易委員會（SEC）提交的 Form 20-F 年報與 Form 6-K 中所討論的風險因素，以及相關的財報新聞稿。我們不承擔更新任何前瞻性陳述或資訊的義務；該等陳述或資訊僅截至其各自日期為準。

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 and 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. We may also discuss certain forward-looking non-IFRS financial measures that cannot be reconciled to the most directly comparable IFRS financial measure without unreasonable efforts.

此外，在今天的電話會議中，我們將呈報 IFRS 與非 IFRS 的財務衡量指標及營運指標。關於這些衡量指標與指標的額外揭露（包括 IFRS 與非 IFRS 指標的調節表）已載於財報新聞稿、補充投影片以及我們向 SEC 的申報文件中，以上文件均已發布於我們的投資人關係網站。我們也可能討論某些前瞻性的非 IFRS 財務衡量指標；若不付出不合理的努力，該等指標可能無法與最直接可比的 IFRS 財務衡量指標進行調節。

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

今天與我一同出席的有我們的執行長 Carsten Koerl，以及財務長 Craig Felenstein。接下來我把電話交給 Carsten。

Good morning, everyone, and thanks for joining us. Today, I will discuss our Q1 results and operations, which reflect our premier position as a scaled leader in the expanding global sports data ecosystem. I will also highlight the accelerating business momentum we anticipate over the course of this year. The appointment of Sameer Deen as COO, the enhanced open market repurchase program and reaffirming of our '26 full year financial outlook. This reflects the great confidence we have in our business model, the integrity of our people and operations and our company is very bright prospects for profitable growth and outsized value creation.

各位早安，感謝各位加入。今天我將討論我們第一季的業績與營運表現，這反映了我們作為擴張中的全球體育數據生態系統中、具規模的領導者之卓越地位。我也將重點說明我們預期今年內將加速的業務動能。包括任命 Sameer Deen 擔任營運長（COO）、強化的公開市場回購計畫，以及重申我們 2026 全年財務展望。這反映了我們對商業模式、團隊與營運完整性的高度信心，也顯示公司在獲利成長與創造超額價值方面擁有非常光明的前景。

Before we get into the results, I want to address directly the recent self-interested reports published by known short sellers with the intent of driving down our company's stock price. For more than four years as a public company and over the past 2.5 decades before that, we have built Sportradar to give bookmakers and fans the tools they need to engage with and wager safely on their favorite sports markets. To be clear, Sportradar and I reject the unfounded and misinformed allegations contained in the reports.

在進入業績之前，我想直接回應近期由知名放空者發布、出於自身利益且意在打壓本公司股價的報告。作為一家上市公司四年多以來，以及在此之前超過 25 年的時間裡，我們打造 Sportradar，為莊家與球迷提供所需工具，使其能安全地參與並投注其喜愛的體育市場。我要明確表示，Sportradar 與我方拒絕這些報告中所包含的毫無根據且資訊錯誤的指控。

As the global leader in sports technology, trusted by leagues, operators and regulators around the world, replace integrity, transparency, profits at the heart of everything we do. For 25 years, Sportradar has maintained regulatory licenses, interisdictions around the world.

作為全球體育科技領導者，並受到全球各地聯盟、營運商與監管機構的信賴，我們將誠信、透明與獲利置於一切工作的核心。25 年來，Sportradar 一直在全球各司法管轄區維持監管牌照。

In order to maintain the respect and trust of our stakeholders, and ensure the long-term mentality of our industry, we continue to conduct our business in a manner consistent with the highest standards. Unfortunately, these factors strive on misinformation and repackaging historical allocations to drive down company stock prices at the expense of long-term focused investors. The company takes very seriously our obligation to our stakeholders.

為了維持利害關係人的尊重與信任，並確保本產業的長期健全發展，我們持續以符合最高標準的方式經營業務。不幸的是，這些因素仰賴錯誤資訊並重新包裝歷史指控，以犧牲長期導向投資人的利益為代價來打壓公司股價。公司非常重視我們對利害關係人的責任。

To be clear, the company maintains a robust compliance framework with oversight from the Board of Directors that is designed to assist the company and its offices to navigating to complex business and regulatory landscape. This morning, we filed the 6-K that speaks to our strong compliance and KYC framework and we encourage investors to read it for additional details.

我要再次強調，公司維持健全的法遵架構，並由董事會監督，旨在協助公司及其辦公室因應複雜的商業與監管環境。今天早上，我們已提交一份 6-K，說明我們強健的法遵與 KYC（了解你的客戶）架構，並鼓勵投資人閱讀以取得更多細節。

Given our strong conviction in the long-term value of our business, during quarter one, we repurchased approximately 90 million worth of shares, bringing our total repurchases since inception of the program through last week to approximately $228 million. Also this morning, we announced that we have entered into a $250 million enhanced open market repurchase program to be executed under our previously authorized $1 billion share repurchase program.

基於我們對公司長期價值的堅定信念，在第一季期間，我們回購了約 9,000 萬美元的股份，使得自該計畫啟動以來截至上週的累計回購金額約為 2.28 億美元。此外，今天早上我們宣布，已在先前授權的 10 億美元股份回購計畫下，簽訂一項 2.5 億美元的強化公開市場回購計畫以供執行。

I believe the company's current valuation does not reflect the strength of our business and our long-term prospects. And I'm confident in the past, we are on. Accordingly, I intend to personally purchase $10 million worth of shares in Sportradar when our trading window opens.

我認為公司目前的估值未能反映我們業務的實力與長期前景。我也對我們所處的狀況充滿信心。因此，當我們的交易窗口開啟時，我計畫親自買入價值 1,000 萬美元的 Sportradar 股票。

Before turning to our results, I want to take a moment to welcome Sameer Deen who will be joining Sportradar as Chief Operating Officer on May 18. Sameer brings extensive experience across sports betting gaming and digital media, including most recently from his time at Entain, where he served as Chief Commercial Officer. The executive leadership team and I look forward to partnering with Sameer who will be instrumental in driving our commercial efforts and optimizing our operations.

在談到業績之前，我想花點時間歡迎 Sameer Deen，他將於 5 月 18 日加入 Sportradar 擔任營運長（COO）。Sameer 在體育博彩、遊戲與數位媒體領域擁有豐富經驗，最近一段經歷是在 Entain 擔任首席商務長（Chief Commercial Officer）。我與執行領導團隊期待與 Sameer 合作；他將在推動我們的商業拓展並優化營運方面扮演關鍵角色。

Now turning to our first quarter results. Sportradar delivered Q1 revenues of EUR347 million, an 11% increase year-over-year. This was driven by strong performance in betting and gaming content, including continued strong progress monetizing IMG arena rights. We generated adjusted EBITDA of EUR66 million, which translated to a margin of 19%.

接下來談我們第一季的業績。Sportradar 第一季營收為 3.47 億歐元，年增 11%。這主要受惠於博彩與遊戲內容的強勁表現，包括持續在 IMG Arena 權利的變現方面取得顯著進展。我們的調整後 EBITDA 為 6,600 萬歐元，對應的利潤率為 19%。

From a bottom line perspective, we continue to drive strong free cash flow as we expanded cash conversion to 67% in the quarter. In terms of our competitive position, we are the sports technology leader covering over 1 million matches annually. The unique breadth of our offering powers more data and add generation enables us to stream more videos than our peers and helps grow our MPS trading liquidity.

從最終獲利角度來看，我們持續推動強勁的自由現金流，本季現金轉換率提升至 67%。就競爭地位而言，我們是體育科技領導者，每年覆蓋超過 100 萬場賽事。我們產品組合的獨特廣度，驅動更多數據與廣告生成，使我們能比同業串流更多影片，並有助於提升我們 MPS 交易流動性。

It is this scale and expertise as well as the depth of our global client base. That is enabling us to make great progress integrating the IMG rights portfolio and capitalizing on revenue synergies. Demand across our global client base has been strong, with more than 75% of our core betting clients now consuming IMG content, including all Tier 1 operators. Of our clients who were previously not customers of IMG, nearly 60% are now purchasing IMG content from us. Our partnership expansion with Hard Rock pad to include official content from the PGA Tour and Europe is a clear example for this.

正是這樣的規模與專業能力，以及我們全球客戶基礎的深度，使我們能在整合 IMG 權利組合並實現營收協同方面取得重大進展。我們全球客戶群的需求一直很強勁，目前超過 75% 的核心博彩客戶已在使用 IMG 內容，其中包括所有第一級（Tier 1）營運商。在先前並非 IMG 客戶的客戶中，近 60% 現在已向我們購買 IMG 內容。我們與 Hard Rock 的合作擴展，納入 PGA 巡迴賽與歐洲的官方內容，就是一個明確例證。

We are excited to continue unlocking incremental value through cross-selling, giving our tremendous operating leverage as we capitalize on our existing infrastructure and capabilities.

我們很期待透過交叉銷售持續釋放增量價值，並在運用既有基礎設施與能力的同時，帶來可觀的營運槓桿。

From a product perspective, we have integrated IMG content into our core product suite and are now integrating it into our next-gen offerings for both Golf and Tennis Grand Slams. To continue its strong progress and rapid integration underscore our ability to monetize bordrights across our larger global client base and product suite to deliver significant accretive revenue growth. Our increased sports coverage, combined with our product innovation and the deeper engagement this foster is helping to boost our streaming activities.

從產品角度來看，我們已將 IMG 內容整合至核心產品套件，並正將其整合至我們針對高爾夫與網球大滿貫的下一代產品中。這項持續的強勁進展與快速整合，凸顯我們有能力在更大的全球客戶基礎與產品套件中，將廣播權利變現，並帶來顯著的增益型營收成長。我們擴大的體育覆蓋範圍，結合產品創新以及由此促成的更深度互動，正協助提升我們的串流活動。

Last year, we streamed over 525,000 matches globally and in '26, we anticipate to stream over 700,000 across our global footprint. Switching to our managed trading services. We continue to scale the business with turnover up 24% in the quarter. While turnover was strong.

去年，我們在全球串流超過 525,000 場賽事；而在 26 年，我們預期將在全球版圖內串流超過 700,000 場。接著談到我們的託管交易服務。我們持續擴大業務規模，本季成交額年增 24%。儘管成交額表現強勁。

Our revenues in the quarter were impacted by player-friendly outcomes. Trading margins should normalize over the time, given the diversity of our clients and sports coverage on the platform. And we expect the business will continue to be a core growth driver for us going forward.

本季我們的營收受到對玩家有利的賽果影響。鑑於我們客戶與平台運動項目的多元性，交易毛利率應會隨時間回歸常態。我們也預期該業務未來仍將持續成為我們的核心成長動能。

Turning into iGaming. We recently launched PlayRadar our dedicated iGaming brand, which will serve us as a natural extension for our core business. PlayRadar capitalizes on our unique position as well as our sports data expertise to offer hybrid products that plan the sports betting and iGaming experiences.

接著談到 iGaming。我們近期推出了 PlayRadar——我們專屬的 iGaming 品牌，將作為核心業務的自然延伸。PlayRadar 善用我們獨特的市場定位以及運動數據專業，提供混合型產品，規劃並串聯體育博彩與 iGaming 的體驗。

We are doing this organically and cost effectively using existing resources. We are already live across Latin America, including Brazil and over the remainder of the year, anticipate launching in a number of European markets, including the UK, Greece, Sedan, and Denmark as well as several US states and Canada.

我們以有機方式、並以具成本效益的方式運用既有資源來推動。我們已在拉丁美洲上線（包括巴西）；在今年剩餘時間內，預期將在多個歐洲市場推出，包括英國、希臘、瑞典與丹麥，以及美國若干州與加拿大。

Now touching on the prediction markets in light of the evolving environment, and moderating US market growth. We see prediction markets as a significant opportunity where Sportradar is uniquely positioned to lead given our premium content, global scale, and unmatched product portfolio.

在環境持續演變、以及美國市場成長趨緩的背景下，接著談到預測市場。我們將預測市場視為重大機會；憑藉我們的優質內容、全球規模與無可匹敵的產品組合，Sportradar 具備獨特優勢可引領市場。

Prediction markets expand the US TAM by opening up new states, attracting new demographies and increasing engagement with sports. Similar to our position in online sports betting, we will power key players in the protection market ecosystem. Sportradar prediction service will provide our exclusive data products and services to exchanges, market makers, and brokers.

預測市場透過開放新的州、吸引新的族群並提升對運動的參與度，擴大了美國的 TAM（總可服務市場）。如同我們在線上體育博彩的定位，我們將為預測市場生態系中的關鍵參與者提供支援。Sportradar 的預測服務將向交易所、做市商與經紀商提供我們的獨家數據產品與服務。

For Sportradar, this opportunity diversifies our customer base, expands our SAM, and promote a shift to life engagement, all of which should drive higher revenue over time.

對 Sportradar 而言，這項機會可使我們的客戶基礎更多元、擴大我們的 SAM（可服務可得市場），並促進向即時互動的轉變；這些都應在時間推移下帶動更高的營收。

We are in an active commercial discussion with a number of prediction market players for the use of official data and products related to MLB, NHL, MLS, and UFC amongst other global leagues and competitions. While we expect to announce agreements soon, we are being deliberate in our discussions to ensure we maximize economics given the value we will bring to this ecosystem.

我們正與多家預測市場業者進行積極的商務洽談，討論使用與 MLB、NHL、MLS、UFC 等（以及其他全球聯盟與賽事）相關的官方數據與產品。雖然我們預期很快會公布合作協議，但我們在討論上保持審慎，以確保在我們將為此生態系帶來的價值之下，能最大化經濟效益。

Now turning to the remainder of the year. We see a number of drivers for our business. The FIFA World Cup in June is expected to generate significant betting term over which should contribute to our MPS business. With our new visualization and with operators expecting to take advantage of the event to launch marketing campaigns. This should also contribute to our performance. Additionally, as we progress through the year, we believe we will increasingly benefit from prediction markets as we enter into agreements with exchanges, market makers and brokers. All of this contributes to confidence in our full year's guidance and increasing momentum in our business over the course of the year.

接著談到今年剩餘時間。我們看到多項業務驅動因素。6 月的 FIFA 世界盃預期將帶來可觀的投注量，應可貢獻我們的 MPS 業務。搭配我們新的視覺化產品，以及營運商預期將利用該賽事推出行銷活動。這也應有助於我們的表現。此外，隨著年度推進，我們相信在與交易所、做市商與經紀商簽訂協議後，將愈來愈能受惠於預測市場。以上皆強化我們對全年財測指引的信心，並使我們的業務動能在今年內持續提升。

In closing, Sportradar is well positioned to take advantage of an evolving sports market and has momentum heading into the rest of the year. We are uniquely positioned to benefit from both online sports betting and protection markets by leveraging our long-term rights agreements and unmatched product portfolio. We will continue to drive innovation across our business, uphold the highest levels of integrity and transparency while delivering increasing value to our clients, our partners and our shareholders. The underlying fundamentals of the business remains strong, and we are confident in our growth strategy and the opportunities ahead. Thank you.

最後，Sportradar 已做好準備把握不斷演變的運動市場，並在今年剩餘時間保持動能。我們可藉由長期權利協議與無可匹敵的產品組合，同時受惠於線上體育博彩與預測市場。我們將持續推動全公司創新，維持最高水準的誠信與透明度，同時為客戶、合作夥伴與股東創造日益提升的價值。公司的基本面依然強勁，我們對成長策略與未來機會充滿信心。謝謝。

I will now hand over the call to Craig, who will discuss our financial results in greater detail.

接下來我把電話交給 Craig，由他更詳細說明我們的財務結果。

Thanks, Carsten, and thank you, everyone, for joining us this morning. We are a week earlier than originally anticipated as we wanted to discuss our financial and operating results as soon as possible so we can better capitalize on the opportunity provided by the company's current share price.

謝謝你，Carsten，也謝謝各位今天早上加入我們。我們比原先預期提前一週，因為我們希望盡快討論公司的財務與營運結果，以便更好地把握公司目前股價所帶來的機會。

Importantly, our focus remains the same: delivering durable and consistent revenue growth while leveraging a stable and predictable cost basem so we can deliver significant multiyear margin expansion that would ultimately matters most free cash flow generation. The value we are creating for our sports media, technology, and bedding partners continues to translate into significant top line growth. And while there were some headwinds during the quarter, which I will discuss in a moment.

重要的是，我們的重點仍然不變：在運用穩定且可預測的成本基礎之下，提供持久且一致的營收成長，從而實現顯著的多年期利潤率擴張，而最終最重要的是自由現金流的產生。我們為運動媒體、科技與博彩合作夥伴所創造的價值，持續轉化為顯著的營收成長。儘管本季存在一些逆風，我稍後會說明。

Full year expectations remain unchanged. As our expanded best-in-class content and product suite is further resonating across our existing leading global distribution network and new platform opportunities.

全年展望維持不變。因為我們擴充後、同級最佳的內容與產品組合，正進一步在既有的全球領先分銷網路與新的平台機會中引發更強共鳴。

Looking at the first quarter, Sportradar generated revenues of EUR347 million, an increase of EUR35 million or 11% compared with the first quarter of 2025, driven by the strong uptake of IMG content, and the continued cross-sell and upsell of our products and solutions to existing clients as demonstrated by our customer net retention rate of 108%.

就第一季而言，Sportradar 產生營收 3.47 億歐元，較 2025 年第一季增加 3,500 萬歐元或 11%；主要受惠於 IMG 內容的強勁採用，以及我們持續向既有客戶交叉銷售與向上銷售產品與解決方案，並由 108% 的客戶淨留存率（NRR）所印證。

It is important to note the NRR growth excludes the utilization of IMG content by existing customers, but does include the impact of foreign currency headwinds, particularly from the US dollar relative to the euro. Overall, our revenue growth in the first quarter would have been 16% on a constant currency basis, excluding the impact of FX movements.

需要注意的是，NRR 成長不包含既有客戶對 IMG 內容的使用量，但包含外匯逆風的影響，尤其是美元相對歐元走弱。整體而言，若以固定匯率計算並排除匯率變動影響，我們第一季的營收成長本可達 16%。

Turning to our individual product groupings. Growth was driven by our bedding technology and solutions products with revenue of EUR288 million, increasing 15% versus the first quarter a year ago. This growth was led by a 20% increase in betting and gaming content revenues driven by strong demand for IMG content across our client base and continued growth in both our streaming and betting engagement products, as well as odds and live data products despite slower growth from US sports books.

接著看各個產品組合。成長主要由我們的博彩技術與解決方案產品帶動，營收為 2.88 億歐元，較去年第一季成長 15%。此成長主要來自博彩與遊戲內容營收年增 20%，反映客戶群對 IMG 內容的強勁需求，以及我們的串流與博彩互動產品持續成長；同時，儘管美國體育博彩公司成長放緩，賠率與即時數據產品仍保持成長。

We continue to capitalize on the revenue synergies related to IMG by leveraging this content across our global scale and integrating it further into our extensive product suite and we fully anticipate exceeding the 25% synergy target we discussed last quarter.

我們持續透過全球規模優勢來運用 IMG 相關的營收協同效益，並將該內容更深度整合至我們廣泛的產品組合中；我們完全預期將超越上季所提到的 25% 協同效益目標。

Managed Betting Services was down slightly in the quarter as increased turnover at managed Trading Services was offset by unfavorable sporting outcomes most notably during February on European soccer, which we expect to normalize over the course of the year.

本季託管博彩服務（Managed Betting Services）略有下滑，原因是託管交易服務（managed Trading Services）成交額增加所帶來的正面影響，被不利的賽事結果所抵銷，尤其是 2 月歐洲足球；我們預期這將在今年內逐步回歸常態。

Moving to our other product group, sports content, technology and services products delivered revenues of EUR59 million a decrease of 4% year-on-year, predominantly driven by reduced spending on marketing campaigns during the quarter and foreign currency headwinds. We partially offset by media upsells to technology companies and increased contributions from integrity services as we expand our lead partnerships.

再看另一產品組別：運動內容、科技與服務產品營收為 5,900 萬歐元，年減 4%，主要由於本季行銷活動支出降低以及外匯逆風。我們部分透過對科技公司的媒體向上銷售，以及隨著我們擴大領先合作夥伴關係而帶來的誠信服務貢獻增加來抵銷。

The growth in the quarter was once again geographically broad-based, with rest of world revenue increasing 14%, while US revenue was up 4% on a reported basis. Headwinds from foreign currency movements and, to a lesser extent, the timing of marketing campaigns, significantly impacted US reported revenue, which would have increased approximately 17% on a constant currency basis.

本季成長再次呈現廣泛的地理分布：世界其他地區營收成長 14%，而美國營收在報告基礎下成長 4%。外匯變動的逆風，以及在較小程度上行銷活動時點的影響，顯著壓抑了美國的報告營收；若以固定匯率計算，美國營收本可約成長 17%。

Turning to adjusted EBITDA. Our continued focus on cost efficiencies, along with our stable sports right portfolio, delivered slight margin expansion in the quarter with adjusted EBITDA of EUR66 million, up 12% year-on-year. As anticipated, the IMG acquisition continues to be margin accretive as we scale the business and realize cost synergies in areas such as engineering, scouting, audiovisual production, and personnel.

接著談調整後 EBITDA。我們持續聚焦成本效率，加上穩定的運動權利組合，使本季利潤率小幅擴張；調整後 EBITDA 為 6,600 萬歐元，年增 12%。如預期，IMG 併購在我們擴大業務規模並在工程、球探、視聽製作與人員等領域實現成本協同效益的過程中，持續帶來利潤率增厚。

Looking at the individual cost buckets, I will be speaking to adjusted 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 18% year-on-year to EUR122 million due primarily to the addition of IMG. As we have said previously, all of our major rights deals are locked in long term.

就各個成本項目來看，我將說明經調整費用，以提供影響經調整 EBITDA 之費用的明細拆解。我們已在新聞稿以及財報簡報的財務章節中，詳細說明自 IFRS 金額銜接（bridge）而來的調整。本季體育權利費用年增 18% 至 1.22 億歐元，主要原因是納入 IMG。如我們先前所述，我們所有主要權利合約皆已長期鎖定。

So we have significant visibility on sports rights costs moving forward giving us high confidence in our ability to drive operating leverage as we capitalize on the value of our high-demand sports portfolio and the premium products we have developed for our global customer base.

因此，我們對未來體育權利成本具有高度可視性，讓我們對於在善用高需求體育內容組合及為全球客戶群打造的高端產品價值之際，推動營運槓桿的能力充滿信心。

Adjusted personnel expenses were EUR84 million in the quarter, up 5% year-on-year, predominantly driven by the inclusion of IMG head count with slower growth across our existing workforce, even as we drive new growth opportunities. Importantly, personnel expenses continued to decline as a percentage of revenue, down 144 basis points versus last year as we further capitalize on efficiencies provided by technology advancements and focused resources on the most profitable growth opportunities.

本季經調整人事費用為 8,400 萬歐元，年增 5%，主要由於納入 IMG 的員工人數，而既有員工隊伍的成長較為放緩，即便我們仍在推動新的成長機會。重要的是，人事費用占營收比重持續下降，較去年下降 144 個基點，因我們進一步受惠於科技進步帶來的效率提升，並將資源聚焦於最具獲利性的成長機會。

Adjusted purchase services were EUR46 million, up 5% year-on-year, primarily due to the inclusion of IMG as well as higher cloud spending. Overall, adjusted purchase services declined by 84 basis points as a percentage of revenue as we further leverage our existing infrastructure. Adjusted other operating expenses of EUR28 million in the quarter were up 16% year-on-year, with the increase predominantly driven by costs related to IMG.

本季經調整外購服務費用為 4,600 萬歐元，年增 5%，主要因納入 IMG 以及雲端支出增加。整體而言，經調整外購服務費用占營收比重下降 84 個基點，因我們進一步槓桿運用既有基礎設施。本季經調整其他營運費用為 2,800 萬歐元，年增 16%，增幅主要由與 IMG 相關的成本所帶動。

Overall, we continue to anticipate meaningful margin expansion over the long term, given the inherent scale we have in our business and our long-term cost visibility, including the benefits of sports rights being amortized on a straight-line basis. At the same time, we have recently initiated steps to further streamline our business and drive additional cost efficiencies. We anticipate these steps which are expected to result in restructuring charges of between EUR13 million and EUR18 million during the remainder of the year will drive additional operating leverage and optimize our organizational structure for sustained value creation.

整體而言，鑑於我們業務固有的規模效益以及長期成本可視性（包括體育權利採直線法攤銷的效益），我們仍預期長期將有顯著的利潤率擴張。同時，我們近期已啟動進一步精簡業務並提升成本效率的措施。我們預期這些措施在今年剩餘期間將產生 1,300 萬至 1,800 萬歐元的重組費用，並將帶來額外的營運槓桿，優化組織結構以持續創造價值。

Looking at the full P&L. We generated a net loss for the quarter of EUR6 million versus a profit of EUR24 million in the first quarter a year ago as our operating growth year-on-year was offset predominantly by unrecognized foreign currency losses of EUR9 million, primarily associated with our US dollar-denominated sports rights versus a gain of EUR28 million in the same period a year ago.

接著看完整損益表。本季淨損為 600 萬歐元，對比去年第一季獲利 2,400 萬歐元；我們年對年營運成長主要被 900 萬歐元的未認列外匯損失所抵銷，該損失主要與我們以美元計價的體育權利相關，而去年同期則為 2,800 萬歐元的外匯收益。

Turning to the balance sheet. Sportradar remains in a very strong liquidity position, closing the quarter with EUR322 million in cash and cash equivalents and no debt outstanding. In the first quarter, the company generated free cash flow of EUR44 million, an increase of 38% from the first quarter a year ago, and we continue to convert more of each dollar of EBITDA into free cash flow as demonstrated by free cash flow conversion rate of 67% versus 54% a year ago. Looking forward, we continue to anticipate strong free cash flow growth for the full year and a conversion rate above last year's rate of 56%.

接著看資產負債表。Sportradar 仍維持非常強勁的流動性水位，本季末現金及約當現金為 3.22 億歐元，且無任何未償債務。第一季公司產生自由現金流 4,400 萬歐元，較去年第一季增加 38%；同時我們持續將更多的 EBITDA 轉換為自由現金流，從自由現金流轉換率可見一斑：本季為 67%，高於去年同期的 54%。展望未來，我們仍預期全年自由現金流將強勁成長，且轉換率將高於去年 56% 的水準。

Cash and cash equivalents declined EUR44 million from the end of 2025 as the strong free cash flow generation was offset primarily by share repurchases of EUR90 million during the quarter. Our priority with regards to capital allocation remains investing in the long-term growth of the company however, given the significant discount between the current share price and the fundamental strength of our business, we believe there is currently no better use of capital than investing in Sportradar shares.

由於本季強勁的自由現金流主要被 9,000 萬歐元的庫藏股回購所抵銷，現金及約當現金較 2025 年底減少 4,400 萬歐元。在資本配置方面，我們的首要任務仍是投資於公司的長期成長；然而，鑑於目前股價相較於公司基本面實力存在顯著折價，我們認為當前沒有比投資 Sportradar 股票更好的資金用途。

Last quarter, the Board approved a significant increase in our share repurchase program, raising the total plan by an additional EUR700 million to bring the total authorization to EUR1 billion. This quarter, under this expanded authorization, the Board has approved a EUR250 million enhanced open market repurchase program with purchases to commence when our trading window opens and with the expected completion within approximately three months subject to trading volumes. This reflects our conviction in the durable growth trajectory of our business and the multitude of value creation opportunities ahead.

上季董事會核准大幅提高我們的股票回購計畫，額外增加 7 億歐元，使總授權額達 10 億歐元。本季在此擴大授權下，董事會核准 2.5 億歐元的加強版公開市場回購計畫，將於交易窗口開啟後開始買回，並預期在約三個月內完成（視交易量而定）。這反映我們對公司可持續成長軌跡的信念，以及未來眾多價值創造機會的信心。

Turning to our expectations for the year. We are reaffirming our full year 2026 outlook. While there have been some short-term headwinds, there are also a variety of opportunities for the remainder of the year that we expect to capitalize on such as further IMG synergies, the prediction market ecosystem, and global customer renewals. As such, we still anticipate constant currency revenue growth of 23% to 25%, which at current FX rates is expected to be between EUR1.56 billion and EUR1.58 billion reported.

接著談我們對今年的展望。我們重申 2026 全年展望。儘管短期存在一些逆風，但今年剩餘期間也有多項機會可望把握，例如進一步的 IMG 協同效益、預測市場生態系，以及全球客戶續約。因此，我們仍預期以固定匯率計算的營收成長為 23% 至 25%；以目前匯率計算，預期報導營收介於 15.6 億至 15.8 億歐元。

We expect to drive significant operating leverage on this revenue growth with adjusted EBITDA growth of 34% to 37% on a constant currency basis, which at current FX rates is expected to be EUR390 million to EUR400 million reported with approximately 200 to 225 basis points of margin expansion in 2026.

我們預期在此營收成長之上推動顯著的營運槓桿，以固定匯率計算的經調整 EBITDA 成長為 34% 至 37%；以目前匯率計算，預期報導經調整 EBITDA 為 3.90 億至 4.00 億歐元，且 2026 年利潤率將擴張約 200 至 225 個基點。

As a reminder, we expect the strongest revenue growth to occur in the second and third quarters, given the timing of sporting events and the inclusion of IMG content. Additionally, given the weakening of the US dollar throughout 2025, at current currency rates, the FX headwinds will still be significant in Q2.

提醒一下，我們預期最強勁的營收成長將出現在第二與第三季，主要因體育賽事時點以及納入 IMG 內容所致。此外，鑑於美元在 2025 年期間走弱，以目前匯率水準來看，第二季的匯率逆風仍將相當顯著。

Overall, we are very excited about the opportunity Sportradar has moving forward. The investments we have made in content, technology and products, along with an unmatched global customer base, has us well positioned to deliver durable revenue growth as the market expands and additional opportunities arise.

整體而言，我們對 Sportradar 未來的機會感到非常振奮。我們在內容、技術與產品上的投資，加上無可匹敵的全球客戶基礎，使我們在市場擴張與更多機會出現之際，具備良好定位以交付可持續的營收成長。

At the same time, we are becoming even more efficient with our cost structure and with strong visibility regarding sports rights, we fully expect to deliver significant margin expansion and further ramp free cash flow, delivering additional value for our shareholders in the months and years ahead.

同時，我們也正讓成本結構變得更有效率；在體育權利方面具備高度可視性之下，我們完全預期能交付顯著的利潤率擴張並進一步提升自由現金流，於未來數月與數年為股東創造更多價值。

Thank you for your time this morning, and now Carsten and I will be happy to answer any questions you may have.

感謝各位今早撥冗，接下來 Carsten 和我很樂意回答各位的任何問題。

(Operator Instructions) Ryan Sigdahl, Craig Hallum Capital Group.

（接線員指示）Ryan Sigdahl，Craig Hallum Capital Group。

Good to see positive business momentum despite some of those transitory impacts quarter. I want to start with Marketing Services, just to dig in there because that was where most of the miss was versus ours and I think generally Street expectations. But had been a good growth business. It was down 9% in the quarter. Can you talk about what specifically happened in the quarter? And if there's been a structural change in spend from your operator customers, or if it was really a timing of spend? And then along that line, reiterating the guidance, but given that softer start to the year, what gives you confidence to reiterate that?

很高興看到在本季一些短暫性影響之下，業務動能仍然正向。我想先從行銷服務（Marketing Services）開始深入了解，因為那是相較於我們的預估、以及我認為整體市場（Street）預期，落差最大的部分。但它一直是成長表現不錯的業務。本季下滑 9%。能否談談本季具體發生了什麼？以及營運商客戶的支出是否出現結構性改變，或其實只是支出時點的問題？另外，既然你們重申指引，但考量今年開局較疲弱，是什麼讓你們有信心重申該指引？

Sure. Thanks, Ryan. Appreciate the question. When you look at marketing services, listen, it's always been a very choppy revenue line item, right? It really depends on what operators want to do in any given quarter, and they can shift their spending I would say, up to the last minute with regards to when they want to spend.

當然。謝謝你，Ryan。感謝這個問題。談到行銷服務，坦白說，它一直都是一個波動很大的營收項目，對吧？它很大程度取決於營運商在任何一個季度想做什麼，而且我會說，他們在何時要花這筆錢方面，甚至可以到最後一刻才調整支出。

Sometimes they keep it in the current quarter, sometimes they push it out and sometimes they don't spend at all. What I think happened in the first quarter is you did have some people pull back given some of the uncertainty in the space. And I think you also had some people who were saving some of their spend heading into the World Cup, which you should see come back in the second and third quarter. When we look at the marketing spend line for the full year, we still expect it to deliver really nice growth. Our ads business is in really healthy shape and we know the value that we bring to our Sportsbook partners and our gaming partners, and we see a significant opportunity to grow this line moving forward.

有時他們會把支出留在本季，有時會把它往後遞延，有時則乾脆不花。我認為第一季發生的情況是，鑑於該領域存在一些不確定性，確實有部分客戶縮手。我也認為有些客戶在世界盃前先保留部分預算，而這部分你們應該會在第二季與第三季看到回流。當我們看全年行銷支出這一項時，我們仍預期它會帶來相當不錯的成長。我們的廣告業務目前非常健康，我們也清楚我們為體育博彩（Sportsbook）合作夥伴與遊戲合作夥伴帶來的價值，並且我們看到未來推動這條業務線成長的重大機會。

When you think about the guidance for the full year, what we expect, we do expect Marketing Services to grow definitely more in line with what it's done historically, excluding any onetime items. Some of the other things that we look at with regards to guidance for the full year that we are -- gives us confidence that we'll ultimately get to where we guided to at the start of the year.

談到全年指引與我們的預期，我們確實預期行銷服務（Marketing Services）的成長會更貼近其歷史表現，並排除任何一次性項目。另外，關於全年指引我們也會觀察其他一些因素，這些因素讓我們有信心最終能達到年初所給出的指引水準。

One would be the marketing that we just talked about, two would be the continued success that we're seeing with IMG and how it's resonating with our customers. And the third and probably the biggest is we have really good sight lines right now, we think, with regards to some prediction market, revenue opportunity that's going to happen in the predominantly back half of the year. So those three things give us confidence that we're going to hit our guidance for 2026.

第一是我們剛剛談到的行銷；第二是我們在 IMG 上持續看到的成功，以及它如何引起客戶共鳴。第三點、也可能是最大的一點，是我們目前對於某些預測市場（prediction market）的營收機會有相當清晰的能見度，我們認為這將主要發生在今年下半年。因此，這三點讓我們有信心能達成 2026 年的指引。

Helpful. And then for my follow-up, just given the recent news flow kind of over the past handful of days here, from our standpoint, there's a big difference between licensed gray market operators and black market legal operators. Curious if you're willing to quantify and say with confidence what your revenue mix is for operators in black legal markets -- and then if there would be ways for those operators get for radar data without having a direct relationship with the company? And then kind of lastly, with that, how you think about licensed gray market operators.

很有幫助。接著我的追問是，考量過去幾天的新聞動態，從我們的角度來看，持牌的灰色市場業者與黑市非法業者之間有很大的差異。想請問你們是否願意量化並有把握地說明：你們在黑市非法市場業者的營收占比是多少——以及這些業者是否可能在不與公司建立直接關係的情況下取得 Radar 的資料？最後，也想請你們談談你們如何看待持牌的灰色市場業者。

Ryan, this is Carsten. The first point is the black market in the gray market. We do not work with black market operators. For the grad market, we have a solid compliance structure in place and we only work with licensed operators. And the measurements, which we apply here is the risk assessment and irrespective of the licensing and jurisdictions we support only business which has a license.

Ryan，我是 Carsten。第一點是黑市與灰色市場。我們不與黑市業者合作。至於灰色市場，我們有完善的合規架構，且只與持牌業者合作。我們在此採用的衡量方式是風險評估；不論其牌照與司法管轄區為何，我們只支持具備牌照的業務。

The team is constructed out of legal experts, compliance and risk personnel, together with extra advisers. We take this very, very serious, and we are running a very rigid KYC process, which I think I explained later on. But maybe we jump now to the second part of your question to define what is the pocket sitting in this grain market. Overall, it is between low single digit to a mid-double-digit -- sorry, it's a low to mid-single-digit number. So to 12%, 13%.

團隊由法律專家、合規與風險人員以及額外顧問共同組成。我們非常、非常重視這件事，並且執行非常嚴格的 KYC（認識你的客戶）流程，我想我稍後也會再說明。不過也許我們現在先跳到你問題的第二部分，來界定在這個灰色市場中的占比。整體而言，介於低個位數到中雙位數——抱歉，是低到中個位數。也就是大約 12%、13%。

That's the range which we have, and we are drilling this down from our operational business. For this, I hand over to Craig that he can give you these numbers.

這就是我們目前的區間，我們也正從營運業務面進一步拆解。這部分我交給 Craig，由他提供你這些數字。

Sure. Thanks, Carsten. When you think, Ryan, about ultimately our revenues, obviously, we looked at is come up with those numbers at a bottoms-up approach on a client-by-client basis. But let me talk to you a little bit about what is out there from an information that you guys can see, which can frame ultimately what this exposure could be. First, you have to look at our overall revenue.

好的。謝謝你，Carsten。Ryan，談到我們最終的營收，我們當然是以自下而上的方式、逐一客戶（client-by-client）來推算這些數字。但我先跟你談談外部你們也看得到的一些資訊，這些資訊可以用來框定最終可能的曝險程度。首先，你得先看我們的整體營收。

When you think about our overall revenue, there's really two big buckets. You have the bedding technology and solutions a part of our business and then the sports content, technology and services part of our business. The sports content, technology and services part of the business makes up a little over 20% of our revenues, and that is certainly non-bedding related. When you break down the other 78% of our business in the bedding Technology and Solutions products, betting and gaming content and managed bidding services are what make up that kind of product group. Within the betting and gaming content side of that, the primary exposure is from our data and odds business.

談到整體營收，基本上可分成兩大類。一類是我們業務中的博彩技術與解決方案（betting technology and solutions），另一類是體育內容、技術與服務（sports content, technology and services）。體育內容、技術與服務這一部分占我們營收略高於 20%，而這確實與博彩無關。再把其餘 78% 的博彩技術與解決方案拆開來看，博彩與遊戲內容（betting and gaming content）以及代管博彩服務（managed betting services）構成了該產品群。在博彩與遊戲內容這一側，主要曝險來自我們的資料與賠率（data and odds）業務。

The other products in this group are our fan engagement tools, which is predominantly made up of AV streaming, which is not related. Within the managed betting services part of our business, the primary exposure from that is from our MTS business. And when you think about kind of the pieces that I just laid out that are exposed to potential great markets, you're really talking about the data and odds business and the MTS business.

這個產品群中的其他產品是我們的粉絲互動工具（fan engagement tools），主要由影音串流（AV streaming）構成，這部分不相關。在我們的代管博彩服務業務中，主要曝險來自我們的 MTS 業務。因此，綜合我剛剛列出的、可能暴露於灰色市場的部分，主要就是資料與賠率業務以及 MTS 業務。

When you add those pieces together, you're talking about somewhere in the mid 40% of our overall revenues. Out of that 40 -- mid-40% you need to exclude the US revenues, which are generated -- and when you do that, the potential exposure gets reduced to somewhere in the mid-30% range. Then on top of that, there's obviously some large global providers that are in there. Would you remove those out of the equation, and you apply what I would say, our public estimates with regards to what great markets are -- you can see that the math takes you back down to that low to mid-single-digit exposure with regards to gray markets overall.

把這兩塊加總起來，大約占我們整體營收的 40% 中段（mid-40%）。在這個 40%——中段 40% 裡，你需要排除美國營收（US revenues），因為那部分是產生於——排除後，潛在曝險會降到約 30% 中段（mid-30%）。此外，裡面還包含一些大型全球供應商。如果你把那些也從等式中移除，並套用我所說、我們對灰色市場占比的公開估計，你會看到計算結果會回到整體灰色市場曝險約低到中個位數的水準。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Slide 8 was really helpful in terms of outlining the prediction market ecosystem and Craig, you talked about the guidance includes some of that ramp in the back half. And Carsten, you said that there's really good conversations. Is there any other touch points that you can help us with just in terms of thinking about the ramp or which one of those constituents FCM, DCM or market makers is the most important and where we could see some activity in the back half.

第 8 張投影片在勾勒預測市場生態系方面非常有幫助，而 Craig，你提到指引包含了下半年部分的爬坡（ramp）。Carsten，你也說目前有非常好的對話進展。就爬坡的節奏而言，你們還能提供哪些其他切入點，幫助我們思考？另外，在這些參與者（FCM、DCM 或造市商 market makers）之中，哪一方最重要，以及我們可能在下半年看到哪些活動？

Chad, this is Carsten. So as you know, we got the green light from NHL, UFC, MLS and MLB that we can start the marketing here and we created services for this. So there are different needs, exchanges and market makers. We have a fundamental different need when it comes to the ultra low latency data and video feeds, market makers are interested in prediction models based on deep data, how can we forecast the next couple of seconds. This is really very important for them.

Chad，我是 Carsten。如你所知，我們已獲得 NHL、UFC、MLS 與 MLB 的綠燈，可以開始在這裡進行行銷，我們也為此建立了相關服務。因此，不同的需求來自交易所（exchanges）與造市商（market makers）。在超低延遲（ultra low latency）的數據與影像訊號（video feeds）方面，我們面臨的是根本不同的需求；造市商關注的是基於深度數據的預測模型，也就是我們如何預測接下來幾秒鐘會發生什麼。這對他們非常重要。

very different to online sports betting operators where you have a big importance on the result. It must be 100% right because it triggers a payout for market makers, it stimulates liquidity in those directions. So we develop products, meanwhile, for serving gas. So it was good for us that we had some time. If we're looking now to the exchanges, you know that we already have fan engagement towards in customer acquisition here.

這與線上體育博彩營運商非常不同，後者對最終結果的正確性極為重視。它必須 100% 正確，因為它會觸發支付；而對造市商而言，則是刺激流動性朝那些方向流動。因此我們同時也在開發產品，用於服務——。所以對我們來說，有一些時間是好事。如果我們現在看交易所，你知道我們在這裡已經有面向客戶獲取（customer acquisition）的粉絲互動（fan engagement）工具。

And we are speaking with all the players in the market. As Craig said, we are very confident that we will see very soon some bigger news and announcements around this. We think that the NBA is also thinking about prediction markets and how to enter. We are in close partnership with the MBA, as you know, and enhanced conversations. So looking to the brokers, it's the segment where we have the customer acquisition, some visualization tools and of course, for both exchanges, we have then capital services.

而且我們正在與市場上的所有參與者洽談。正如 Craig 所說，我們非常有信心很快會看到一些更重大的消息與公告圍繞這一塊。我們認為 NBA 也在思考預測市場以及如何進入。如你所知，我們與 MBA 保持緊密合作夥伴關係，並且對話正在深化。因此，若看經紀商（brokers），那是我們具備客戶獲取、一些視覺化工具的領域；當然，對於兩家交易所，我們也會提供資本服務（capital services）。

If you look to the business model, what we are running here, it's pretty similar to online sports betting. So we have a fixed fee and a revenue share with a minimum guarantee, and that's at the moment in intensive negotiations.

如果你看商業模式，也就是我們在這裡運作的模式，其實跟線上體育博彩非常相似。因此我們採用固定費用加上營收分成，並設有最低保證金額，而這部分目前正在密集談判中。

That's great. And then with respect to AI at the Investor Day last year, you guys outlined some of the opportunities on the product development side of things. Can you talk about additional AI implementations either on the revenue driving side or on the cost containment side, given the restructuring?

太好了。另外，關於 AI，在去年投資人日你們概述了一些產品開發面的機會。考量到這次重組，你能否談談在推動營收或控制成本方面，還有哪些額外的 AI 落地應用？

We are on both sides. And as told in the last call, the engineering is the prime part of our business. We are one of the very first companies to set KPIs for the engineers how they use the front and how they're working with it. It was leading already to a lead time reduction of 20%, and we are accelerating on this. We see excellent results from an engineering perspective, operational-wise, more and more sports will be automatized.

我們兩方面都有在做。而且如同上次電話會議所說，工程研發是我們業務的核心部分。我們是最早一批為工程師設定 KPI 的公司之一，用來衡量他們如何使用前端以及如何在其上工作。這已經帶來了 20% 的交付前置時間（lead time）縮短，我們也正在加速推進。從工程角度與營運面來看，我們看到非常好的成果，越來越多運動項目將會被自動化。

That's simply a trend, and we are doubling and tripling down to deploy AI and Jenny. Looking now into finance and legal, the opportunities are really big. So there are really things where we can accelerate client contracting processes for the different regions and we are actively deploying this. We are training our people on a gene. We want them to use a genetic agents.

這就是一個趨勢，我們正加倍、甚至三倍投入來部署 AI 和 Jenny。再看財務與法務領域，機會真的很大。例如，我們可以加速不同地區的客戶合約簽署流程，我們也正在積極部署。我們正在訓練員工使用 Gen AI。我們希望他們使用生成式代理（genetic agents）。

I think that's a job every company has to do. We said we want to be the front runner on this. Within this process, of course, we will see efficiency gains. We changed structures and we change processes in the company to the benefit of being more efficient and delivering faster and better quality. Looking to the products, micro markets, foresight, the foundation model and the better sans product, which we developed speaking very clearly on the deployment of Gen AI and how we use this already with product. This is continuing and we double and triple down on this front.

我認為這是每家公司都必須做的工作。我們說過，我們希望成為這方面的領跑者。在這個過程中，當然我們會看到效率提升。我們調整了公司的組織架構並改變流程，以更有效率、交付更快且品質更好為目標。回到產品面，像是 micro markets、foresight、foundation model，以及我們開發的更好的 sans 產品，我們非常清楚地在談 Gen AI 的部署，以及我們如何已經在產品中使用它。這會持續下去，我們也會在這條戰線上加倍、三倍投入。

Barry Jonas, Truist.

Barry Jonas，Truist。

Just curious since the reports came out, if you've had any discussions with league partners or gaming regulators. Curious what the interactions there have been.

我只是好奇，自從那些報導出來之後，你們是否與聯盟合作夥伴或博彩監管機構有過任何討論。也想了解一下你們之間的互動情況。

Barry, Carsten here. The feedback so far is overwhelming to me. I get a lot of support from all sides, our partners, our clients, the industry some commissioners. And from a regulatory perspective, we are in contact with some regulators on a very frequent based. Some of them contacted our teams we're explaining them the situation, and that's an ongoing process.

Barry，我是 Carsten。到目前為止，回饋對我來說非常強烈。我從各方都得到很多支持，包括我們的合作夥伴、客戶、產業內人士以及一些聯盟主席（commissioners）。從監管角度來看，我們也非常頻繁地與一些監管機構保持聯繫。其中一些監管方主動聯絡了我們的團隊，我們向他們說明情況，而這是一個持續進行的過程。

Overall, the response was for me overwhelming that I got so much support and feedback on this allegation.

整體而言，對我來說回應非常強烈，我收到了大量針對這項指控的支持與回饋。

That's great. And then just a follow-up question on prediction markets. Given some of the ongoing US state-by-state legal nuances website, do you expect to have any limitations on the offerings for prediction market operators?

太好了。接著追問一個關於預測市場（prediction markets）的问题。鑑於美國各州逐州的法律細節仍在演變，你是否預期對預測市場營運商的產品提供會有任何限制？

Ask me about this is really a tricky territory. There are so many cases ongoing. At the moment, we don't see limitations. That is something which we leave to the regulators, figuring out the way here. What we can do is we are working hands-on and very quick on the best possible product to serve our partners on the prediction markets and our partners, as you know, can be also online sports betting operators, which are switching into this segment.

你問到這個確實是個棘手的領域。目前有非常多案件正在進行中。就目前而言，我們沒有看到限制。這部分我們交由監管機構來釐清應該如何走。我們能做的是以非常務實、非常快速的方式，打造最好的產品來服務我們在預測市場的合作夥伴；而如你所知，我們的合作夥伴也可能是線上體育博彩營運商，他們正在轉入這個細分領域。

So we are fully focusing on this, and we try to deliver here at the best quality product.

因此我們會全力聚焦在這上面，並努力在這裡交付最高品質的產品。

Jeff Stantial, Stifel.

Jeff Stantial，Stifel。

Maybe just starting off on the marketing business. Carsten, you talked about this a little bit, but just curious to get your latest thoughts on sort of the cadence of commercialization of more of the user acquisition services to predictions, specifically how material was this of a growth driver in Q1 as we think about Q2 and into the back half, have you been able to start to deepen relationships with the exchanges now that you seem to be spending on user acquisition quite aggressively. Just any sort of thoughts there on that process and how you see that playing out through the remainder of the year would be great.

也許先從行銷業務談起。Carsten，你剛剛稍微提到一些，但我想聽聽你最新的看法：關於把更多用戶獲取（user acquisition）服務商業化到預測市場的節奏，尤其是作為成長驅動因素，Q1 的貢獻有多重要？當我們看 Q2 以及下半年時，你們是否已經能開始深化與交易所的合作關係，因為看起來你們在用戶獲取上的投入相當積極。希望你能分享一下這個流程的想法，以及你如何看待它在今年剩餘時間的發展。

Craig FelensteinExecutive

Craig FelensteinExecutive

Yes. Listen, I think as Carsten highlighted and thanks for the question, we're still very early days, right? So we have done, I would say, some collaboration with the prediction markets as they ramp up and we continue to do work with the traditional OSBs as they continue to potentially enter that space as well as grow their existing business. So I would say there's been some work in that space. certainly not up scale compared to what is our traditional marketing business.

是的。聽著，我認為如 Carsten 所強調的，也謝謝你的問題，我們仍然處於非常早期的階段，對吧？所以我們確實與預測市場在其加速成長（ramp up）的過程中做了一些合作；同時我們也持續與傳統 OSB（線上體育博彩）客戶合作，因為他們可能也會進入那個領域，並且也在成長其既有業務。因此我會說，我們在那個領域做了一些工作，但相較於我們傳統的行銷業務規模，當然還談不上擴大到同等量級。

And then shifting over to the report from last week in the 6-K that you filed this morning. So you talked about three types of customers, right, direct license B2C, licensed B2B and then noncustomers, but bad actors that are pirating the data illegally. That second cohort, the licensed B2B distributors, I just want to be clear, Clark, the low to mid-single-digits revenue exposure you talked about for unregulated, would this include B2B resellers that are selling into unregulated markets? I assume you have really no idea which markets that do sell into. So I would think no. And if the answer is no, can you just help us think about how material those relationships are relative to your overall revenues?

接著轉到上週的報告，以及你們今天早上提交的 6-K。你提到三種類型的客戶：直接授權的 B2C、授權的 B2B，以及非客戶但屬於不良行為者、非法盜用資料的人。第二類，也就是授權的 B2B 分銷商，我想確認一下，Clark，你提到對於「未受監管」市場的低到中個位數營收曝險，這是否包含那些把產品轉售到未受監管市場的 B2B 轉售商？我猜你們其實不知道他們具體賣到哪些市場。所以我會想答案應該是否定的。如果答案是否定的，你能否幫我們理解一下，這些合作關係相對於你們整體營收的重要性有多大？

Let me take the overall revenues because that might be a bit confusing before. So on the bridge, which correct it is, I think, pretty clear that the exposure here after looking into the areas of our business is roughly 45% of our business might be subject to exposure. And then Greg said that the US business, which is one-third of this, that comes from managed trading services and from data and ads. These are the two components which are exposed that third goes away.

我先從整體營收的角度說明，因為前面可能有點容易混淆。所以在那個橋接（bridge）分析上——這是正確的——我認為很清楚的是，在檢視我們業務的各個領域後，這裡的曝險大約是：我們約 45% 的業務可能會受到影響。接著 Greg 說，美國業務約占其中三分之一，而這部分來自託管交易服務（managed trading services）以及資料與廣告（data and ads）。這兩個組成部分是有曝險的，也就是那三分之一會消失。

So we are sitting on 30%. And from this 30%, we are looking into our client base, the vast majority of our clients do not operate in unregulated markets, take a flutter or take an into take a fan due, we subtract this and we are coming then down to a number which is low to mid-single digits. That's where we sit. In some cases, if you let now an AI system running through this. And of course, we did simulations with public market data, that might drop into the range of a maximum of 12%.

因此我們剩下的是 30%。在這 30% 裡，我們再去看客戶基礎，絕大多數客戶並不在未受監管市場營運，例如 Flutter，或再例如 FanDuel；把這些扣除後，我們就會降到一個低到中個位數的數字。這就是我們目前的判斷。在某些情況下，如果你讓 AI 系統跑一遍。當然，我們也用公開市場資料做了模擬，這個數字可能會落在最高約 12% 的區間。

We believe it's a low to mid-single-digit number of our total revenues, which are exposed. I hope that clarifies the situation.

我們認為，曝險占我們總營收的比例是低到中個位數。希望這能釐清情況。

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行（Bank of America）。

Maybe just high level, like looking at the quarter and the trends here. I don't know if you gave this, but could you give us a sense of turnover sounded like it was healthy, but obviously, there was an outcome-driven issue on the trading or betting side. Could you normalize for that at all and give us a sense of sort of what core might have looked at either on revenues or EBITDA? had that not been the case?

也許從較高層次來看，看看本季以及這裡的趨勢。我不確定你們是否有提供，但你們能否讓我們了解一下成交量（turnover）？聽起來它是健康的，但顯然在交易或博彩端有一個由結果驅動（outcome-driven）的問題。你們能否對此做一些常態化（normalize）調整，讓我們理解如果沒有那個情況，核心表現可能會是什麼樣子——不論是在營收或 EBITDA 上？如果當時不是那樣的話。

Sure. When you look at our MTS business, Shaun, obviously, it is somewhat outcome dependent. That said, given the diversity that we have in our MTS business, you tend not to see too many fluctuations in a given quarter. But when you look at the growth that we delivered last year from an MTS perspective, and you look at what the growth has been, I would say, relatively consistently with regard to our MTS business here over the last several years. You're going to look for that growth to continue here.

當然。Shaun，當你看我們的 MTS 業務時，很明顯它在某種程度上取決於結果表現。話雖如此，鑑於我們 MTS 業務的多元性，你通常不會在單一季度看到太大的波動。但當你回頭看我們去年從 MTS 角度所交出的成長，以及過去幾年我們 MTS 業務相對一致的成長表現，你會期待這樣的成長在接下來能夠延續。

As we continue to add clients as we continue to grow the overall handle and as we continue to do well from an efficiency perspective. So I don't have any reason to believe that the historical growth rates will alleviate at some point, you do start to face a lot larger numbers, but the trends of the business are very positive overall, aside from the short-term outcomes.

因為我們持續新增客戶、持續擴大整體交易量（handle），並且在效率面持續表現良好。所以我沒有任何理由相信歷史成長率會在某個時間點趨緩；當然，隨著基數變大，你確實會面對更大的數字，但整體而言，除了短期結果波動之外，業務趨勢非常正向。

Okay. And then maybe just a higher level just talk about some of the puts and takes that are in the outlook as it relates to where we stood a quarter ago? And specifically, kind of referring to the cost reduction program you mentioned and then or any incremental uplift for prediction markets or any sort of shift in timing on US growth just as we kind of think about where maybe some of that marketing spend might show up. So just what's changed as it relates to the remainder of the back half, more specifically is the cost reduction program factored into EBITDA? And is that incremental? And then specifically on production markets, is there now a number baked in here that was either bigger or more material than what we had previously.

好的。那再從更高層次來看，能否談談相較於一季前，我們在展望中有哪些拉抬與拖累因素？特別是你提到的成本削減計畫，以及預測市場是否有任何額外的上修，或是美國成長在時點上是否有任何變化——因為我們在思考行銷支出可能會在哪裡反映。所以，回到下半年剩餘期間，具體來說，成本削減計畫是否已納入 EBITDA？而且那是增量的嗎？另外，針對預測市場，現在是否已經把某個數字納入，且相較於先前更大或更具實質性？

Sure. So let's break it down a little bit. So originally, when we gave our guidance a few months ago, there was a few things that have changed since then. First and foremost, the US market growth is definitely slower than it was when we were speaking after our fourth quarter results.

當然。我們把它拆開來看。最初我們在幾個月前給出指引時，之後有幾件事發生了變化。首先也是最重要的，美國市場的成長確實比我們在第四季結果發布後與大家交流時更慢。

At that point, we also did not include anything significant from prediction markets in our results. And IMG was at a certain level. What's changed since then is certainly the US market, we think it's going to grow a little bit slower than we originally anticipated. We are including more from prediction markets.

當時，我們也沒有把預測市場對我們結果的任何重大貢獻納入。而 IMG 也處在某個水準。自那之後的變化是：美國市場我們認為會比原先預期成長得更慢一些。我們也會把更多來自預測市場的貢獻納入。

Carsten talked last quarter about the fact that we think on an annual basis, prediction markets can bring tens of millions of dollars into our ultimate results. We don't expect to generate all of that this year, but we certainly expect to generate some of that this year. And then IMG is continuing to perform better. We're seeing better cross-sell. We're seeing better upsell from IMG, and that will allow us to do better than our 25% revenue synergies than we originally thought.

Carsten 上季提到，我們認為以年度來看，預測市場可為我們最終結果帶來數千萬美元的貢獻。我們不預期今年就能產生全部，但我們確實預期今年會產生其中一部分。另外，IMG 持續表現得更好。我們看到更好的交叉銷售。我們也看到 IMG 帶來更好的加購（upsell），這將使我們能夠做得比原先預期的 25% 營收綜效更好。

So when you layer all those things in together, you do get, I would say, revenue in the range that we expected. From a margin perspective, the cost-out initiatives that we're putting forth will have an impact. Obviously, we're sitting here at the middle of the year, so it's going to have less of an impact in the first half of the year and will be more of an impact in the back half of the year, but there is some savings factored in from a guidance perspective and a margin perspective in the back half of the year. And that's how I would frame it.

所以把這些因素疊加在一起，我會說營收大致落在我們原先預期的區間。從利潤率角度來看，我們推動的成本削減措施會產生影響。很明顯，我們現在在年中，因此對上半年影響較小、對下半年影響較大；但從指引與利潤率的角度，下半年確實已納入部分節省。我會這樣來說明。

Mike Hickey, StoneX.

Mike Hickey，StoneX。

Just a quick follow-up on the allegations here. One piece of it was that your sales team was uploading prospects from legal markets, sort of the status for everyone. Can you just specifically address that allegation Carsten and then I got a follow-up on Playradar.

針對這些指控我想快速追問一下。其中一部分是說你們的銷售團隊正在從非法市場上傳潛在客戶，讓大家了解一下目前狀況。Carsten，你能否具體回應這項指控？另外我還有一個關於 Playradar 的追問。

Mike, can you please repeat the question? So there was a drop out in my line.

Mike，你可以請再重複一次問題嗎？因為我的線路剛剛有斷訊。

Yes. Sorry about that. The part one wrinkle of the allegation was been interviewed or they're acting as prospects, prospect of operators to your sales team at ICE -- and I think you were saying they're from illegal markets and that your team is receptive to that, yes.

可以。抱歉。指控中的其中一個細節是：有人被訪談或假扮成潛在客戶、也就是營運商的潛在客戶，去接觸你們在 ICE 的銷售團隊——我想你剛剛的意思是他們來自非法市場，而你們團隊對此是接受的，是嗎。

So you're speaking about the Sting campaign, which was deployed by us on one of our salesperson. Now you need to know is a gaming show were around about 60,000 spectators. The team is fully loaded with a lot of meetings. I think we had more than 4,000 meetings on these two days or three days of files. And this was deliberately done and the sales go a relatively young sales was teased into it.

你說的是我們針對其中一位銷售人員所遭遇的誘捕（sting）行動。你需要知道的是，那是一個博彩展會，現場大約有 60,000 名觀眾。團隊行程排得非常滿，有大量會議。我想我們在那兩天或三天的時間裡安排了超過 4,000 場會議。這是刻意設計的情境，而銷售端是一位相對年輕的業務，被引誘進入那個對話。

Of course, we did some interviews with him after this. And we know that he was tech for more than two hours and those taking was, of course, not reflecting all his statements. That's the first point. But the second and much more important one is this is never a contract. So when the sales guy is telling something, there is a kickoff of a very intensive KYC process that has the identification, the verification, the license verification against the regulator, the verification of corporate filing and the register, which is in there.

當然，事後我們也對他做了一些訪談。我們知道他被錄音超過兩個小時，而那些錄音當然沒有反映他所有的陳述。這是第一點。但第二點、也是更重要的一點是：這從來都不是一份合約。所以當業務人員說了某些話之後，接下來會啟動非常嚴格的 KYC 流程，包括身分識別、身分驗證、向監管機構核驗牌照、核驗公司申報文件與登記資料等。

Then finally, running this through sanction list, some from all the available markets where we are acting and then it goes to a final review of our legal counsel before a contract is signed. So this is far off from signing a contract and this flows purpose singing campaign on a relatively young sales employee at ICE. No excuse on this, should not happen, but this was far off from signing a contract or teasing somebody into doing business in our legal markets.

最後，還會把資料跑過制裁名單，涵蓋我們所營運的所有可用市場，然後在簽約前交由我們的法律顧問做最終審查。所以這離簽約還非常遠，而這是一場針對 ICE 一位相對年輕銷售員的刻意誘捕行動。這件事沒有藉口，不該發生，但這與簽署合約、或引誘某人在我們的合法市場做生意相去甚遠。

The next question --

下一個問題--

Mike we can't hear you.

Mike，我們聽不到你。

Yes. Apologies. The last question dropped.

是。抱歉。剛剛最後一個問題斷線了。

Yes, Okay. Operator, if we can go to the next question.

好的，了解。接線員，如果可以的話我們進入下一個問題。

Trey Bowers, Wells Fargo.

Trey Bowers，Wells Fargo。

First question, I guess, would just be on the guidance. Well, two questions on the guidance. One, -- just given the timing of when you provided the full year guide coming out of the fourth quarter, any thoughts about giving a specific Q2 guide this late in the quarter? It seems like potentially things really fell off pretty rapidly in March, given the timing of your guide and then ultimately the kind of EBITDA production. And then for the full year, in terms of prediction markets versus kind of traditional OSB -- are you guys seeing that these two things are related? Do you feel like the prediction markets are kind of cannibalizing your OSB business and you're going to make up for it with the higher prediction market business. And I'll stop there.

第一個問題我想是關於指引。嗯，關於指引有兩個問題。第一，—考量你們是在第四季之後提供全年指引的時點，對於在本季已經這麼晚的時間點提供一個更具體的 Q2 指引，你們有什麼想法嗎？從你們指引的時點到最終的 EBITDA 產出來看，感覺 3 月可能下滑得相當快。第二，針對全年，關於預測市場相對於傳統 OSB——你們是否看到這兩者之間有關聯？你們是否覺得預測市場正在侵蝕你們的 OSB 業務，而你們會用更高的預測市場業務來彌補？我先問到這裡。

Yes. I'll answer the guidance question, and then I'll turn it over to Carsten, who would talk about the prediction markets versus traditional OSPs. So Trey, obviously, we don't guide from a quarterly basis. We didn't guide to the first quarter, and we're certainly not going to guide to the second quarter -- but what I would say is when you look at what happened in the first quarter, the biggest change from when we guided to ultimately when we reported, was the, I would say, softness on the marketing line as well as some of the continued softness on the US market being greater than we anticipated.

是的。我先回答指引的問題，然後我會交給 Carsten 來談預測市場相對於傳統 OSP 的部分。Trey，很明顯我們不提供季度指引。我們沒有對第一季提供指引，當然也不會對第二季提供指引——但我要說的是，回頭看第一季，從我們給出指引到最終公布結果之間最大的變化，我會說是行銷費用那一項的疲弱，以及美國市場持續疲弱的程度比我們預期更大。

So those two things obviously, now have already baked into our results. And when you think about our guidance for the year, we're factoring those in. And certainly, we expect to deliver really nice growth during the second quarter from both a revenue perspective but also from a bottom line perspective.

所以這兩件事很明顯，現在都已經反映在我們的業績結果中。而當你思考我們對全年所給出的指引時，我們也已將這些因素納入考量。而且我們確實預期第二季無論從營收面或是從獲利（底線）面，都能交出相當亮眼的成長。

Good. Taking the second part with the cannibalization. Well, first, we see that now more people have the opportunity to place their opinion, I fast in this way, on a prediction market in California or in Texas or in Florida. So that is a big population, which can now get an opinion on a sporty brand and monetize on this. That is principally an expansion of the 10.

好的。談到第二部分，也就是互相侵蝕（cannibalization）。首先，我們看到現在有更多人有機會在加州、德州或佛州的預測市場上，以這種方式快速表達他們的看法。因此這是一個龐大的人口群，現在可以對某個運動品牌形成觀點並將其變現。這基本上是對10的擴張。

We might also discuss arise expansion because the age is dropping to 18, that's at the moment what we see. So we see that this additional market access is by far outpacing whatever cannibalization effect is in there. What I can tell you from talks with the CEOs of our clients is to get the cannibalization is pretty small here. So looking to this, we see an outpacing TAM. We see an expansion opportunity for us, and this is something which excites us.

我們也可以討論另一個擴張的出現，因為年齡門檻正在下降到18歲，這是我們目前看到的情況。因此我們看到，這種額外的市場進入機會，遠遠超過其中任何互相侵蝕的影響。我可以告訴你，從我與客戶CEO的對話來看，這裡的互相侵蝕其實相當小。所以從這個角度看，我們看到TAM正在被超越。我們看到對我們而言的擴張機會，而這正是讓我們感到興奮的事情。

And then if I could just follow up. There's included in these reports we saw last week is the idea that all of the profits of the company are generated from kind of Tier 3 and 4 leagues that are arguably more right with kind of integrity issues. Could you guys just speak to that? Are the primary leagues still major profit centers? And is that a founded accusation?

然後如果我可以再追問一下。上週我們看到的這些報告裡提到一個觀點：公司的所有利潤都來自某種第3、4級聯賽，而這些聯賽可能更容易出現所謂的誠信（integrity）問題。你們能否談談這點？主要聯賽仍然是重要的獲利中心嗎？這樣的指控有根據嗎？

Yes, of course, it's an unfounded acquisition. And looking into our partners and the leagues where we monetize 30% of our complete revenue streams this AV predominantly is dedicated to the Tier 1 lakes, our right investment, which we have there, the partnerships and the products which we develop. By the way, AV is in this allocation, I think, no way disputed. So we have a gearing fencing on this. Our partners are telling us where we can pay out AV screens and how we can play out those trends. So it's in no way that the majority of our revenues and profits are tied to this. This is purely an unfounded allocation.

是的，當然，這是毫無根據的指控。而且看看我們的合作夥伴以及我們變現的聯賽：我們完整營收來源中有30%（這個AV）主要是投入在第1級聯賽上，也就是我們在那裡的權利投資、合作關係以及我們所開發的產品。順帶一提，我認為在這個配置中，AV完全沒有任何爭議。所以我們在這方面有明確的防護欄。我們的合作夥伴會告訴我們在哪裡可以支付AV費用，以及我們如何推動那些趨勢。因此絕非我們大多數的營收與利潤都與此綁在一起。這純粹是毫無根據的指控。

Robin Farley, UBS.

Robin Farley，瑞銀（UBS）。

Just on the prediction markets commentary. I wanted to clarify, you mentioned you expect some revenue now in the second half. But would the timing of an announcement be before then, just it sounded like the discussions are a little more near term than that? And then just to understand whether or how much that could add to guidance. It sounds like maybe since the last quarter's call, even though your full year guidance is unchanged, that there maybe is some prediction market revenue now in that guidance. I'm just trying to get a sense of when we see announcements would certainly be additive to your current guidance levels, just kind of so we can think about what that could mean when we see that announcement.

關於你們對預測市場的評論。我想釐清一下：你提到你們預期下半年會有一些營收。但公告的時間會不會在那之前？因為聽起來討論似乎比那更接近近期。另外也想了解這可能會對指引增加多少。聽起來也許自上季電話會議以來，雖然你們全年指引不變，但指引裡可能已經包含了一些預測市場的營收。我只是想掌握我們何時會看到公告；若公告出來，是否一定會在你們目前指引水準之上帶來增量，好讓我們思考那項公告可能代表的意義。

Well, without putting too much speculation out and Robin. So the tops, which we have with all the players in the prediction markets are pretty intense. We are doing this now since a couple of weeks. We are very optimistic that we soon have something to announce, which is for us important that we have the right framework in place with the players. The same goes for the market makers but one somehow meets the other.

嗯，在不做過多推測的前提下，Robin。我們與預測市場所有參與者的洽談相當密集。我們大概從幾週前開始進行。我們非常樂觀，認為很快就會有事情可以宣布；對我們來說重要的是，與這些參與者建立正確的合作框架。做市商也是同樣的情況，只是某種程度上兩者會相互交會。

So that's the debate, which we currently do with many, many parties in this space. And of course, we are also in discussions with our partners on the league side which are deploying their the official data. This goes on now for a couple of weeks, like I said, we think that the discussions are on a very mature stage. There is nothing to announce now. But we believe soon, we can announce something.

所以這就是我們目前與這個領域非常非常多方正在進行的討論。當然，我們也在與聯盟端的合作夥伴討論，他們正在部署其官方數據。如我所說，這已經進行了幾週，我們認為討論已經非常成熟。目前沒有任何可以宣布的內容。但我們相信很快就能宣布一些事情。

And want over maybe to the impact to you, Craig.

接下來也許請Craig談談對你們的影響。

Yes. And Robin, what I would add in terms of the magnitude of the impact really depends on what ultimately gets done. And Carsten referenced that we're talking to a variety of players from all facets of the prediction market ecosystem, whether it be the brokers, whether it be the exchanges, whether it be the market makers. If anything that happens in the, what I would say, short term and gets announced, you could pretty much assume that, that was included in our estimates for the year. Anything that gets done a little bit later, you can assume is additive on top of that because we're only including in stuff that we feel pretty confident we'll get done here in the short term.

是的。Robin，我要補充的是，影響的幅度其實取決於最終做成了什麼。Carsten提到，我們正在與預測市場生態系各個面向的多種參與者洽談，不論是經紀商、交易所，或是做市商。如果有任何事情在我所說的短期內發生並對外宣布，你幾乎可以假設那已經包含在我們對今年的預估之中。而若是稍晚才完成的事項，你可以假設那會是在此之上的額外增量，因為我們只把那些我們相當有信心能在短期內完成的項目納入。

Okay. Great. That's very helpful. And then just a follow-up question. On the results, if you could just help us quantify, it sounds like the revenues aligned with expectations from a content currency perspective.

好的。很好。這非常有幫助。接著再一個追問。關於本季結果，如果你們能幫我們量化一下：聽起來從內容與貨幣（content currency）的角度，營收是符合預期的。

But typically, your EBITDA grows more than your revenue growth sizably more. So can you just quantify in any way how much was maybe sport outcomes? How much was -- and then if there's anything else you'd call out that for that difference in this quarter and then including , I don't know if you said sports rights increase excluding IMG.

但通常你們的EBITDA成長會明顯高於營收成長、幅度大很多。所以你們能否用任何方式量化：其中有多少可能是運動賽事結果（sport outcomes）造成的？有多少是——以及如果還有其他你們會點出的因素，來解釋本季這個差異；另外也包括，我不確定你是否提到，扣除IMG後的運動權利成本增加？

Yes. Listen, I think we broke it down a little bit earlier. What I would say is if you look at the revenue growth in the quarter, we delivered 11% revenue growth. We indicated that the FX impact to that would have been closer to 16%. Had it not been for FX? And I think that was the biggest, I would call headwinds during the quarter. And a lot of that does fall down to the bottom line. The EBITDA growth would have been certainly larger without the FX.

是的。聽著，我想我們稍早已經稍微拆解過。我會說，如果你看本季的營收成長，我們交出了11%的營收成長。我們也指出，匯率（FX）對此的影響，若排除匯率因素，會更接近16%。如果不是因為匯率的話？而我認為那是本季最大的、我會稱之為逆風的因素。而其中很大一部分也會反映到獲利（底線）。若沒有匯率因素，EBITDA成長肯定會更高。

So other than that, the components that we talked about in the quarter we delivered margin expansion in the quarter despite the revenue coming in a little lower than we traditionally have delivered. And I think that speaks to our ability to control costs and our ability to manage our business as revenues fluctuate up or down.

除此之外，就我們本季談到的各項組成而言，儘管營收略低於我們傳統上所交出的水準，我們仍在本季實現了利潤率擴張。我認為這反映了我們控制成本的能力，以及在營收上下波動時管理業務的能力。

Sam Nielsen, JPMorgan.

Sam Nielsen，摩根大通（JPMorgan）。

Just following up on that last of the 5-point FX headwind in the quarter. If I recall correctly from your last call, 1Q is expected to be the largest headwind for the year. So how should we kind of think about the cadence of these FX headwinds as we go through the balance of the year?

延續剛才關於本季5個百分點匯率逆風的問題。如果我沒記錯，你們在上次電話會議提到，第一季預期會是全年最大的逆風。那我們應該如何看待接下來全年匯率逆風的節奏與走勢？

Yes. So for the most part, it should take itself out after the second quarter. So if you look at what happened with the FX rates in the 2025 US dollar weakened throughout the year, right? So Certainly, in the third and fourth quarter, you're lapping an already weak US dollar. In the first and second quarter, you were not. The impact in the second quarter should not be as great as it was in the first quarter, but it still should be material with regards to the growth rate overall.

是的。大致上，在第二季之後這個影響就會自行消退。如果你看2025年匯率的變化，美元在全年持續走弱，對吧？所以在第三、第四季，你是在與已經偏弱的美元基期相比（lap）。而在第一、第二季則不是。第二季的影響不會像第一季那麼大，但就整體成長率而言仍會是顯著的。

Makes sense. And then following up on the production markets topic and maybe look kind of broader picture, Obviously, it's early, but wondering if you kind of see a bigger revenue opportunity for Sportradar in the data and bedding segment or within the advertising segment at maturity?

有道理。接著延伸到製作市場（production markets）的話題，並且可能從更宏觀的角度來看，顯然現在還早，但想請教您是否認為，在成熟階段，Sportradar 在資料與博彩（betting）領域或在廣告領域，哪一塊會有更大的營收機會？

The clear answer is we see it in both segments. So in the advertising segment, those guys are sitting quite on some fronts that they want to grab market shares. That's a good thing for a provider like us. Same goes now on the downside pressure for online sports betting. So we expect for the World Cup, a material uplift on marketing and investments in this.

明確的答案是：我們在兩個領域都看得到。在廣告領域，那些公司在某些面向上正蓄勢待發、想要搶市占。這對像我們這樣的供應商是好事。同樣地，線上運動博彩目前也面臨下行壓力。因此我們預期在世界盃期間，行銷與相關投資會有顯著提升。

So that's a good opportunity for us. But there is a big opportunity on the data and especially on the ultra low latency data server co-locations, several, which we are actively following up with the operators. Operator, we have time for one more question.

所以這對我們是個好機會。但在資料領域也有很大的機會，特別是在超低延遲資料伺服器共置（co-location）方面，有好幾個案子我們正積極與營運商跟進。接線員，我們再來一個問題。

Clark Lampen, BTIG.

Clark Lampen，BTIG。

I've got two follow-ups, if I may. Maybe going back to, I guess, third question on some of the KYC detail that you put out this morning, which was -- very helpful. I think in one of the passages you talked about the enforcement and verification responsibility essentially being placed on the intermediary. Is it right to think that if something -- if there's a negative event that I guess, impacts revenue for some portion of the sort of 3% to 12% that you dimensionalized before, is the recourse ultimately with the B2B partner and not really with RADAR, is it right to sort of think about it in that context?

如果可以的話，我有兩個追問。先回到今天早上你們提供的 KYC 細節，我想那是——非常有幫助。我記得在其中一段你們提到，執法與驗證責任基本上是落在中介方身上。是否可以這樣理解：如果發生某些——如果有負面事件，影響到你先前量化的約 3% 到 12% 之中某一部分的營收，那最終追索對象是 B2B 合作夥伴，而不太會是 RADAR？可以用這樣的脈絡來理解嗎？

And then Craig, just I guess, another guidance question. You talked about global customer renewals. Could you give us a sense for when you will start to begin the renegotiation or renewal process with some of your partners and whether there's anything baked into guidance for this year in terms of upticks.

然後 Craig，再一個指引（guidance）相關問題。你提到全球客戶續約。你能否讓我們了解一下，你們何時會開始與部分合作夥伴進行重新談判或續約流程？以及今年的指引中，是否已經納入任何續約帶來的上調（upticks）？

I will go on the first part. Let me use another company sample here. We all know Bloomberg, Bloomberg is working predominantly on the terminals with hedge funds and banks. That's the business model, so the data is delivered there, also some of the products. So that's the B2B business.

我先回答第一部分。我用另一家公司的例子來說明。大家都知道彭博（Bloomberg），彭博主要是透過終端機服務對沖基金與銀行。那就是它的商業模式，因此資料在那裡交付，也包含部分產品。所以那是 B2B 的業務。

Some of those partners are supplies and licensing content. They apply a KYC, same like we apply it with highest market standards. So it can be always happening to Bloomberg, but also to us, but some of this content is stolen and I explained to you later on how this is done.

其中一些合作夥伴是供應方，並授權內容。他們會做 KYC，就像我們以最高市場標準所做的一樣。因此這種事情可能會發生在彭博，也可能發生在我們身上：有些內容會被竊取；我稍後會向你解釋這是如何發生的。

But it happens to everybody who is in this space and you have to have methods and mitigation methods in place, how you figure this out. What is the fact is that the regulators are scrutinizing the operators. In Bloomberg example, the banks, if there is a bank which is failing or a fund which is failing, it is not Bloomberg, it is the banks.

但這會發生在所有身處這個領域的公司，你必須建立方法與緩解措施，來找出問題。事實是，監管機構正在審視營運商。以彭博的例子來說，是銀行；如果有一家銀行出問題或某個基金出問題，責任不在彭博，而在銀行。

Looking now to. Our split. The B2C is something where we apply the intensive KYC. That's what we also do with B2B operators. But the B2B operators in our case, they have some syndications and sometimes we are not aware of this. So some of them might also act without our agreement on this one. And we have this. As soon as we see this, we shut it down. There was one case in 2023. Where an operator was exposing in Iran some content.

再看回我們。我們的拆分。B2C 是我們會做強度很高的 KYC 的部分。我們對 B2B 營運商也同樣會做。但在我們的案例中，B2B 營運商會有一些聯合發行／轉授權（syndications），有時我們並不知情。因此其中一些可能在未經我們同意的情況下就這麼做。而我們確實遇過。一旦我們發現，就會把它關掉。2023 年有一個案例。某個營運商在伊朗曝露了某些內容。

We got aware of this. We shut it down immediately. This is now used, old allegations, to put us in discredit and to somehow, yeah, work into the direction that they have a financial profit. But that is the scheme which we have in place, and we indeed have pilots. So Sportradar is probably the most attacked company when it comes to sport data and piracy. Our data is scraped, is redistributed without our knowledge, our IDs and the client IDs can be re-engineered.

我們得知後，立刻把它關掉。現在這被拿來當作舊指控，用來抹黑我們，並且某種程度上，嗯，朝著他們能獲取財務利益的方向操作。但這就是我們的處理機制，而且我們確實有監測／巡查（pilots）。所以就運動資料與盜版而言，Sportradar 可能是被攻擊最多的公司。我們的資料會被抓取（scraped）、在我們不知情下被再分發，我們的 ID 與客戶 ID 也可能被逆向工程。

Yeah, the very important fact here is we speak predominantly around about 90% of this content where there is a Java code on a webpage about live match trackers. I don't know if everybody knows what it is, but this is a live score for a sport. That's it. So it's not a betting functionality. It's an information tool about the score, a league table, live score, which is in there. Or a half time score or a full time score. That is what the tracker is transporting.

對，這裡非常重要的一點是：我們談的主要是大約 90% 的這類內容，也就是在網頁上用 Java 程式碼呈現的即時賽事追蹤器。我不確定大家是否都知道那是什麼，但它就是某項運動的即時比分。就這樣。所以它不是博彩功能。它是一個關於比分的資訊工具，包含聯賽排名、即時比分等。或是半場比分或全場比分。追蹤器所傳遞的就是這些。

I hope I answered the first part of your question.

我希望我已回答了你問題的第一部分。

Yes. With regards to the second part of your question, listen, I think the global customer renewals is actually something that happens on a regular course of business for us. So when you think about our company, about two-thirds of our revenue are fixed fee, a third are variable out of the two-third that are fixed. Traditionally, about a third comes up every single year, and it's not obviously on January 1. It comes up throughout the course of the year and we have some renewals here that are coming up throughout the rest of the year that we think that there's some additional opportunities for which could help us get additional revenue and capture additional share of wallet from some of our customers as we deliver them more value.

是的。至於你問題的第二部分，聽著，我認為全球客戶續約其實是我們日常業務中定期發生的事情。所以當你看我們公司時，大約三分之二的營收是固定費用，三分之一是變動的；在那三分之二的固定部分中，傳統上每年大約有三分之一會到期需要續約，而且顯然不會都在 1 月 1 日。它會在一年當中陸續發生，而今年剩下的時間也有一些續約即將到來；我們認為其中存在一些額外機會，可能幫助我們帶來額外營收，並且在我們為客戶交付更多價值的同時，從部分客戶那裡取得更多錢包份額（share of wallet）。

So that is ultimately some of the upside that we see in the back half of the year as well.

因此，這也是我們在今年下半年所看到的一些上行空間。

That ends our first quarter call. Thank you, everyone. Now I'll turn it back over to the operator.

我們第一季電話會議到此結束。謝謝大家。現在我把時間交回給接線員。

This concludes today's call. Thank you for attending. I will now turn the call back to Jim for closing remarks.

今天的電話會議到此結束。感謝各位參與。我現在把電話交回給 Jim 做結語。

Operator, that's it closing remarks, we'll end the call. Thank you.

接線員，不用結語了，我們就結束電話會議。謝謝。

Perfect. You may now disconnect. Thank you for attending.

好的。您現在可以斷線。感謝各位參與。