Good morning and thank you for standing by. Welcome to the SciPlay First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Robert Weiner, Vice President, Investor Relations, SciPlay Corporation. Please go ahead. Thank you, operator, good morning, everyone. During today's call, we will discuss our first quarter 2023 financial results and operating performance, which will be followed by a question-and-answer period. With me today are Josh Wilson, CEO, and Daniel O'Quinn, Interim CFO. Our call today will contain remarks that include forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed during the call. For more information regarding these risks and uncertainties, please refer to our earnings release issued yesterday and our filings with the SEC. We will also discuss certain non-GAAP financial measures and certain key performance indicators, which are based on in-app purchases only. A description of each non-GAAP measure and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our earnings release as well as in the Investors section on our website. As a reminder, this conference call is being recorded. A replay of this webcast will be archived in the Investors section of our website at sciplay.com. Now, I am pleased to turn the call over to Josh. Good morning. Thanks so much for joining us. I'm excited to report that SciPlay continued its industry-leading performance with a strong first quarter. Our games again outperformed, hitting tremendous numbers and again setting multiple records. For five consecutive quarters, our year-over-year growth has outperformed the entire social casino market. We accomplish this because we are innovative, focused, and driven by our passion to win. Our SciPlay teams consistently deliver engaging and entertaining experiences that our players enjoy and demand. We know what is happening and when it is happening all the time. We evaluate and manage the business with precision and real-time KPIs. We invest wisely with discipline and financial rigor. All of this is made possible by our global team of over 800 SciPlayers strong. We are united in our mission to be a player-first focus and just win. We began the year with significant momentum, focused execution, winning strategies, and smart investments. Our current achievements are phenomenal and are driving us to push beyond mere success. Our passion to win is deeply rooted in our culture and in everything we do. SciPlay is delivering value to our players and our shareholders, and we are investing in our future from a position of strength. Here are the details of Q1's results. Revenue grew to $186 million, up from $158 million in Q1 last year. This is 18% growth year-over-year, driven by the enduring strong performance of our game franchises. Net income attributable to SciPlay was $5.5 million or $0.24 per diluted share in the first quarter, increasing by 25% and 33% respectively compared to the first quarter of 2022. Our Q1 AEBITDA grew to $54 million, up from $44 million compared to last year's first quarter. This is year-over-year AEBITDA growth of 21%. We are growing profitability at a faster pace than revenue growth, illustrating the leverage we are gaining from our investments. Combined, our investments in the SciPlay engine and the platform scalability are setting us up for long-term growth. In the first quarter, our payer base grew, and we increased monetization from existing payer cohorts. These two points are very important. They forecast the value of our games and their sustainability. Our games attract, retain, and grow players and then convert them to payers. We have 6 million active customers, and just over 10% are currently payers. This gives us enormous opportunity to continue expanding our payer base. We are proving these points by achieving several record KPIs, resulting in strong sequential growth in Q1. We had high-performing payer conversion rate of 10.3%, up 16% year-over-year. In fact, we hit our highest number of payers again this quarter to more than 600,000, growing 6% over Q4 and up 12% year-over-year. We achieved Q1 ARPDAU of $0.89, an increase of 20% year-over-year. Our average monthly revenue per paying user increased by 5% year-over-year to $97.43 compared to $92.45 in Q1 last year. Q1 was a very strong quarter and exceeded our expectations. Our game franchises continue to provide compelling entertainment to our players. Jackpot Party Social Casino had strong double-digit growth. The game set its third consecutive quarterly revenue record and maintained its number one ranking amongst all social casino games in the U.S. Quick Hit Slots posted its fifth consecutive quarter, quarterly revenue record. The game hit a new record with the highest number of DAU in its history. Quick Hit Slots is now one of the fastest-growing games in social casino. During Q1, we launched a winning day campaign with Jerry O'Connell for Quick Hit Slots. The ads were run live on national TV, including major networks, cable, and streaming devices. The campaign was integrated in-game on Facebook and other digital channels, creating continuity, and it yielded great returns. Quick Hit Slots was ranked number one in the free casino games category on the Google Play Store during a majority of the campaign's period. The results were impressive. We continue to attract new players and new payers. As a result, we have extended the campaign into the second quarter. Overall, we continue to significantly outpace the social casino market. Our three main investment pillars, the SciPlay engine, ad tech, and talent are driving our industry-leading performance. The SciPlay engine is a centralizing force. It is instrumental as both a portal and a unifier of data, cross-platform learnings, and as a stout provider of resources across our organization. Whether it's data science, economy, features, or game mechanics, the SciPlay engine is a scalable and robust solution. It provides real-time insights into player behavior, enabling us to offer improved segmentation, specialization, and game performance. The player's experience is enhanced and enheightened. This leads to increased playing time and increased spending. Payer conversion rates remain high. Our players are more inclined to pay and pay more often. This is due to our teams improving player analytics and the introduction of new content and features into our games. Our live ops teams have developed dynamic game roadmaps that increase engagement and monetization. The teams leverage the SciPlay engine's real-time learnings to optimize our player relationships and deliver unique, personalized experiences. This improved segmentation and specialization has yielded positive results. We are growing our payer base by converting existing cohorts. SciPlay effectively adapted to the changes in the mobile gaming landscape by investing in our ad tech. Our teams develop proprietary ad tech that includes new retention retargeting tools and optimized ASO models. Player-focused content marketing and creative-based segmentation are incorporated to improve engagement, retention, and conversions, all factors that drive revenue growth. This year, we are evolving our marketing activities into mature growth spaces by focusing on reactivation, audience expansions, amplified brand awareness, all of which increase traction and further propagate our growth. We invest in our talent and provide the tools and support to cultivate professional development and growth. Internal initiatives, programs, and structuring have further invigorated our teams. Our teams are more productive than ever before, and our games are greater than ever. For example, we strategically manage our games portfolio from a holistic view across the entire organization, monitoring, adapting, pivoting, and maximizing the capabilities of our agile platform. Our teams evaluate KPIs in relation to specific revenue and both fixed and variable costs. This enables the implementation of real-time initiatives in our games. This mindset is embedded in our culture and in the SciPlay DNA. We live and breathe this very hands-on approach every day, melding great data with great innovation and great execution to achieve our outcomes. At SciPlay, we continue to invest to drive long-term growth, competitive advantages, profitability, and market expansion. We set stringent objectives and put each investment through rigorous financial evaluation and gate each stage of the investment's life cycle. When we see wins, we reinvest based on ROI. When we don't see the expected returns, we realign capital investments. We are disciplined in our execution and capital deployment and remain ROI-focused every step of the way. For example, first DTC platform, which is currently in the evaluation and testing phase. We are now in the crawl stage of our crawl, walk, and run release process, ensuring we have maximum protection of all of our valuable customers. Second, we are broadening our scope to find new players with new marketing initiatives, ad tech, and brand awareness efforts, allowing us to continue increasing our marketing spend ROI. Finally, our global operations footprint is expanding into areas of known for engineering prowess. This quarter's performance is a clear reflection of our team's strong execution and unwavering passion to win. Our SciPlayers around the world are responsible for our success. Our teams build the technology, develop the games, and are continuously innovating to provide the greatest entertainment experience possible. We are so proud and grateful of each SciPlayer's contribution. We remain committed to our players, our teams, and our shareholders. Our dynamic growth plans, our player-first focus, and the resilience of our game franchises are the key elements to our success. Now to you, Daniel. Thanks, Josh. Good morning, everyone. Thank you for joining our call today. SciPlay posted strong financial results in the first quarter. This reflects the progress of our key objectives, delivering great entertainment experiences to our players, investing in our game franchises, growing market share in social casino, and prudently allocating capital. Our Q1 results continue to illustrate our path of overperformance compared to the overall social casino market. We're benefiting from the investments we made in our game franchises, our proprietary technologies, our systems, and organizational scalability. By continuing to invest in our game franchises, we're delivering great player experiences. This comes through customization and segmentation from the SciPlay engine, improved data science and analytics. Investments in people, product, and process surrounding the SciPlay engine have increased the speed, collaboration, and effectiveness of our teams while sparking increased creativity and innovation. These are reflected in our sustained overperformance and continuing robust growth. Here are the key highlights for Q1. First, we continue to deliver strong financial performance with our game franchises. We've set new records, achieving the highest number of payers based on increased player engagement. Second, our team's industry-leading performance is reflected in the quality of our revenues and profitability growth, which is organically driven and sustainable. Third, we grew year-over-year net income and EBITDA at a faster pace than revenue. While expanding margins, we're also investing in our assets and future growth opportunities. Fourth, we have the liquidity, flexibility, and financial strength provided by a high cash-generating business. We generated $42 million in operating cash flow in Q1, and we completed the $60 million share repurchase program. Let's get into some of the financial performance details. We generated strong first quarter revenue of $186 million, an all-time record, up 18% year-over-year, with our social casino games significantly outperforming the market. We generated first quarter net income of $42 million for a 22% margin and diluted earnings per share attributable to SciPlay of $0.24. We grew EBITDA by 21% year-over-year to $54 million, achieving a 29% margin. We continue to set records in several of our key performance indicators. In the first quarter, we grew our payers 12% year-over-year to a record 625,000. We also saw increases in payers on a sequential basis, which began in Q1 of last year. Our average monthly revenue per paying user was $97.43, marking the 12th consecutive quarter above $90. We also set a record ARPDAU of $0.89, an increase of 20% year-over-year. We firmly believe strong revenue growth and even faster EBITDA growth, combined with strong cash flow, are the key drivers of shareholder value. SciPlay is executing all three of these objectives. They are driving increased scalability and efficiencies, enabling key investments, and building on our competitive advantages. We continue to operate from a position of strength, generating $42 million in operating cash flow in Q1, ending the quarter with strong liquidity of $358 million in cash and total liquidity of $508 million. We have the financial strength and flexibility to deploy excess capital to drive increasing shareholder value. Currently, we're deploying capital in two areas. We're investing in our game franchises, which are driving profitable growth and translating into increasing shareholder value. We're also driving additional shareholder value by returning capital to shareholders through our execution of our share repurchase program. I'm pleased to report that in less than one year, we've fully completed our $60 million share repurchase authorization, buying approximately 4.1 million shares through May 9th. Our board and our team view repurchases as a good use of capital, boosting returns to shareholders, particularly in the current market environment. Our board last week authorized a new $60 million share repurchase plan, which we plan to execute in the same manner as the last plan. I'd like to talk about two topics to add perspective to our fiscal discipline and our anticipated performance throughout the year. As I mentioned, our capital is being deployed wisely with a high focus on organic growth, the element within our greatest control. Of course, we see the macro environment just like everyone else. We'll watch it closely and manage our business with a firm focus on both operating environments, the macro external and the micro within our direct markets. To date, we've not seen adverse macro trends impact our business. Our philosophy is fiscally responsible capital management. This is particularly prudent in the current macro environment, and this is why we hold a significant portion of our cash and equivalents in government-backed money market securities, offering a high level of safety and security. This enables us to operate confidently in all environments. We're a data-driven company and always have been. Our decision-making continues to be predicated on ROI. We plan growth investments each year, including deploying capital appropriately. We have the financial strength and flexibility to invest in multiple future growth initiatives at the same time. We have the data, expertise, and financial strength to make informed ROI-driven decisions, and we continue to see long-term growth opportunities. Let me discuss the anticipated full-year performance and point out the differences we expect compared to last year. While we've not communicated specific financial guidance for 2023, we've committed to continuing to grow our business at a faster rate than the estimated social casino market. In Q1, we posted our fifth consecutive quarter of doing just that. We remain committed to this objective and are on track to achieve it this year. As a reminder, the summer months are historically slower in our business as the weather gets warmer, as schools let out, and vacation plans begin. We generally see less daily gameplay as people are outside enjoying the season. I'd also like to point out that we will incur additional expenses in 2023 over the run rates we had in 2022. The incremental expense began in Q1 of 2023 and will continue in the next three quarters of this year. Specifically, we grew our head count last year in key areas to execute our growth strategy. In aggregate, we anticipate incremental spend of $14 million for the remainder of the year. As we've previously noted, we expect incremental legal expenses of approximately $5.5 million to defend state allegations and legal matters. We just began to incur these expenses in Q1, leaving about $1.7 million per quarter for the next three quarters. Marketing spend timing is different this year as compared to last year. Our anticipated offline marketing expense of approximately $12 million will be spread more evenly across the year as compared to the $11 million we spent last year, which was predominantly weighted in Q3. To sum it up, we anticipate incremental expense of approximately $6.5 million in each of the next three quarters, totaling roughly $20 million. SciPlay is a disciplined and focused company with an industry-best team. We're benefiting from our investments in scalable and proprietary systems that our people are leveraging for sustainable growth and market leadership. We generate a high-percentage cash flow yield from our revenues. We invest our resources prudently for both the near and long term. Our team is aligned and focused on achieving three primary goals. One, outpace the growth of social casino market and take share. Two, expand margins prudently, not at the expense of making investments in future growth. Three, generate significant and growing operating cash flows. These are SciPlay's goals that we focus on every day. They are the keys to winning in the market, growing our business, and increasing shareholder value. We are off to a great start in Q1 and look forward to continuing on our path of sustainable, profitable growth. Operator, you can open it up for questions now. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Ryan Sigdahl with Craig-Hallum. Please go ahead. Good morning. This is Will on for Ryan. Thanks for taking our questions. First wanted to touch on Spell Spinner. Testing's ongoing, plays a little differently when we compare it to your other titles. That said, what does the target audience, how does it differ from your existing demographic? What does the customer acquisition strategy look like going forward? Thanks. Thanks, Ryan. Or sorry. Thanks, Will. Yeah, I mean, as you know, you've played it, you see it, the way it behaves. It is significantly different as far as the rest of the portfolio goes. Therefore, it does go after a little bit different target demographic. It tends to skew a little bit more into RPG, overlapping with casual than, you know, most of our games which all fall into the, like, more casual or social casino as a whole. It would tend to have a little bit younger demographic, therefore, you know, the marketing strategy as a whole would be a little bit different because you're gonna look at different pockets where those individuals are gonna keep playing and where they're going to be able to see ads. You know, the strategy around it right now is just understanding what the cost is, overall, so doing just light market testing, continuing to do early testing on, you know, early KPIs. You know, to really comment on what a scaling would look like, we're way too early to talk about that because it's really still in the, you know, crawl phase of our, you know, crawl, walk, run, process. To your, to your original question, it would be a much, not I shouldn't say much younger, but definitely younger demographic. Great. Maybe as a quick follow-up, does this greater expansion into casual categories make the content partnership with Light & Wonder less critical going forward? How do you think about that? You know, it's relatively interesting because when I think about it, I kind of don't think about it as, you know, am I expanding into social casino or casual or I look at it as I'm expanding into a place that has a group of people that behave in the way I need in order to grow a game or expand a game. So, when we look inside of the casual market, you know, really what we're seeing is people who behave in the meta game and the live ops very similar as social casino. So, we kind of go around to saying like the same type of mechanics work around those simple core loops. The content for Light & Wonder is as important today as it's ever going to be because it is a big part of not only the branding of how we grow and how we actually advertise the games itself, but it is, you know, for better or worse, they're new simple math models that get put into our game that are proven to work in casinos around the world, and we get free access to them. At no point would I ever say it's less important. We will just have some games that don't use it. Great. Thanks for that. Yeah. You're very welcome, Will. Have a great day. The next question comes from Ben Soff with Deutsche Bank. Please go ahead. Hey, guys. Thanks for the question. Really strong results this quarter. You guys talked a little bit more generally about the factors that led to that. I'm wondering if you have some more specific examples of kind of the segmentation and optimization that you guys are doing. Then maybe a housekeeping question, can you guys talk about the growth for social casino versus ad revenue this quarter? Maybe how we should sort of think about milestones or evaluating the ad business as we go through the rest of the year. Thanks. Yeah. Ben, it's great to hear from you, and thank you so much for the compliment. We're really proud of, you know, everything we were able to accomplish. It's very difficult to look at the world and say this segmentation or this specialization is what's driven the growth because the reality is execution across multiple pillars that are what allowing us to be able to grow the way we are. All of these pillars were fundamental in the investments that we made in 2022 to build foundations for each of these. When I look at the foundation, you know, first is the SciPlay engine, which really gives us these learnings around features, live ops, data, technology, which really gives us more information for being able to segment out users in a more finite level. This really gets us the ability and, you know, if I would've said, "Hey, you know, we go out there and we have, you know, 20 segments that people that bucket together and go." Being able to do this, we're actually able to go to an infinite number of segments because we sub-segment them down by adding in more metrics and more attributes to create a new look-alike for the group. It's really not easy to say it's this segment or this segment. Now, what's worked really, really amazing with this is because of this, it flows right over to how do we run the live game. In running the live game, the most important thing is being able to get the right, you know, the right billboard or the right feature or the right task in front of the right person at exactly the right time, and this increases our odds of getting that in front of them. The two really work together in order to thrive. The amazing part out of this is all this does is make the user more engaged. By becoming more engaged, they're worth more money. We see a higher LTV, and then we couple all of that with the amazing investments that we are making in our ad tech/marketing team, where we're doing everything we can to find the right users in the right place, no matter what channel it is, be able to get them for the right cost, giving us just adding all three together, the highest ROIs that we have seen in a really, as long as I can remember. I hope I'm doing a good job of answering it, but it would do it not justice to just say the segmentation on itself. Okay. Makes sense. Then on the ad side? On the ad side, I think the way to think of it right now is we kind of expect our ad business to stay relatively flat over the next quarter or two. In the background, we're actually working on ways to kind of pivot and move out of what's happened in the market right now. As we all know, the hypercasual market has significantly changed over the last year, since about May last year, mainly driven by, you know, the further or further pushing of IDFA and making the marketing or the advertised marketing much, much harder. With this, you have to develop a way of getting what I would call a little bit higher, call it day 30 retention. Our very talented Alictus team has been working on kind of a new system of games that is built on engaging people much sooner in their life cycle to keep them in multiple games, sorry, keeping them in multiple days per week, which then will all add to that longer term retention. You know, as far as looking model-wise, I would assume very, very flat over the next couple quarters, but then heading towards the end of the year, kind of starting to creep up from there, but really having the momentum in 2024. Okay. Thanks a lot. Yeah. You're very welcome. Thank you, Ben. The next question comes from Aaron Lee with Macquarie. Please go ahead. Hey, good morning. Thanks for taking my question and congrats on another record quarter. Wanted to touch on marketing. Thanks so much, Aaron. Really strong sequential user growth and payer growth, obviously. Seems like the marketing innovation campaigns continue to pay off and still an area where you continue to differentiate yourselves. Can you talk about what you learned from the latest round of marketing innovation and just how we should be thinking about marketing and UA spend for the balance of the year? Yeah. Thanks a lot, Aaron. You know, I'm also very, very proud of the team and everything they did in order to, you know, show the results, really up to all of them that is, you know, getting us to where we are as a company today. You know, like I kind of answered in the last question, to me, marketing is one of the pillars. You can't do any of the pillars great and the other two just okay or you will fail. We kind of look at it as, you know, as we grow the player the way we are, it gives us the luxury of being able to continue to invest in marketing. Now, what our team has been able to do, which is, what I would say is best in market at the current moment based on everything else that we're seeing, is they're able to take the user information that is coming in and be able to get a very accurate idea of the value. By being able to do this, we're able to ping more and more channels across the entire network. Now being able to even expand it into, as you just, you know, mentioned, the innovation world. The innovation world, we're taking the exact same approach that we do with every other dollar we spend, which is we wanna make sure that we're getting the right investment for the dollar. We're not spending our money to grow revenue. We're spending our money to eventually grow AEBITDA. What the team has been able to do is put together a way of measuring this with a lot very precise accuracy, which gives us a lot of confidence in spending, which was allow us to continue spending through the Q1 quarter, which led to, you know, to be honest, our, you know, our results that were above our own expectations. You know, we're gonna take those learnings, which is basically understanding what places, what channels, what times, what shows, where are the right places to do things, and then when to invest the most into that area, and then dive in deeper. What we will say is it's not just the innovation of spending the dollars, it's also the integrating it into the game, integrating it into our social media world. It's really building an entire experience for the user, so they don't just see an ad and come in. They literally feel like they're walking into this environment, that was driven by innovation spend. The reality is the whole experience is being innovated. We're super pleased with the results. Our plan is to do a couple more runs at it by the end of the year, as long as it's ROI positive. That's kind of how our approach is gonna look. Great. That's very helpful. Also wanted to touch on generative AI, which seems to be the topic of the hour. Any thoughts as to how you view this generative AI technology broadly, and whether it can be something you incorporate into your business? Thank you. Yeah. I mean, AI is a really interesting one, right? It feels like in the last quarter, it went from, you know, 10 mi an hour to 100 mi an hour, and, like, everyone's talking about it, everyone's going. What I would say is there's so much low-hanging fruit to it that can be really utilized across different departments inside of our, you know, our company from, you know, fast generation of art in order to get multiple concepts done quicker through concept art. Therefore allowing us to do prototypes quicker. Really will be very innovative in the marketing art world, where you need to make, you know, hundreds of just concepts in order to find the one or two that work. This is the low-hanging fruit that you just do right away. There's the, you know, the communication part. Is there a way that we can integrate it into our VIP/customer service? Different ways that we message things, different texts that's used throughout the game. You know, different ways of just making things quicker, faster. The long term is looking at, like, how do we use it in order to help make decisions? Now, it sounds amazing and great, but the one thing to remember is in order for it to work, you have to feed it. Every time you're feeding it with information that is unique or IP that is unique to you and your company, you've now shared those learnings with everyone else who uses it. I think where companies are going to be really quick about just jumping in all in, they're not gonna understand the ramifications of what it meant for the next person that says, "Write me a game like this," and now the AI has an example of what you did. For us, we're being a little bit more cautious about anything that we feel is our own secret sauce, but for sure going to continue evaluating ways that we can either bring the information or the AI internally where we own both sides of it, or as we feel more and more comfortable that the data can be secluded off. Right now, we've already seen a couple of companies have breaches, and so you know it happens. Awesome. That's great color. Appreciate it. Congrats again on the quarter. You're very welcome. Thank you, Aaron. Our next question comes from Franco Granda with D.A. Davidson. Please go ahead. Hi. Good morning, everyone. Congrats on the good results. I have a couple questions for you this morning. You've done a really good job at, you know, growing your payer base from converting your existing cohorts, but I was wondering if you could speak to what you've seen happen to the overall audience size for social casino. I have a follow-up. You know, I would say I'm gonna first answer it from what I see on our side and how we feel it's going, and then I'll give a hypothesis of what I think is happening. You know, I obviously don't have access to everyone's data, so I'm gonna say it's a hypothesis. You know, on our side, we had really, really good growth on the audience side in Q1, mainly driven from a few different things. You know, the first quarter is seasonality. A lot of installs come in, organics go up pretty dramatically. With that, CPIs come down because the marketing competition also normally takes a break out of the fourth quarter. Add onto that is the very tremendous performance that we got out of the Jerry O'Connell. You know, like in this case, 1+1+1 =4 for us. Now, you know, I don't just expect that growth to continue going because the seasonality wears in and then the marketing comes in. I do expect, you know, us to do what we've done in the past, which is be able to really close to maintain our audience growth or our audience throughout the year. You know, maybe a little degradation to it, but that degradation is mainly because of how we ROI focus our marketing more than it is anything else. Now what do I expect to see in the overarching market? Probably Q1, you know, everything probably went up a little over Q4 because seasonality would have went everywhere. I doubt majority of companies had the 1+1+1=4. I would say they're probably 1+1=2. As we continue getting into the rest of the year, what I would imagine is that payers in the market stay relatively flat, but you see, you know, kind of MAUs across come down a little bit. You know, this has less to do with anything else other than, you know, how well do you maintain your, you know, your paying group. This is something we focus on. This is something that is, you know, 100% what we are aiming to do all the time. It is our mission as a player first focus company. I don't think everyone in the industry has that mentality. A lot of people have the mentality of give me money, not play my game. Yeah. I know that makes a lot of sense, and I hope to one day be able to add 1+1+1 and get four or five on my end. Yeah. as you are right now. my other question was around are your revenue per monthly paying user. You know, it keeps reaching new highs, nearing $100 now. How much more room for upside do you see from here? It seems like it's quite high at this point. Yeah. I'll be honest, Franco, it's not my favorite KPI, and it's honestly not one as a company we spend a lot of time focusing on. The reason I say that is it is more important to me that I have more payers than it is how much payers pay. Now, the reason ours continues to go up is the people who are later in their life cycle, people who have been playing three, four years, year-over-year, they've just become worth more and more as our game becomes the one that they continue investing in and growing. If our, you know, if our growth and marketing team can bring me in a whole bunch of new users at great price, technically that metric won't go up, but my payers will go up dramatically. I think the best way to probably pay attention to this is like MPU payers and ARPDAU are probably really the things that show health in the business. How high do I think it can go? As long as we keep running the business like we are today, I expect it to continue rising year-over-year. Like I said, it's not a focus of ours. Yep. No, that makes total sense. If I could squeeze a last one in here. You obviously talked about all of the different areas you're investing your capital on and, you know, how much more, I guess, availability you have for that. What is still appetite for M&A? Obviously, you're still absorbing the acquisition from last year and making changes to that, but are you seeing attractive opportunities in the space? Hey, hey, Franco. It's Daniel. Yeah, in terms of M&A, I mean, you know, like we've talked about before, our capital allocation strategy is kind of, you know, three points of focus, which are, you know, investing in the business and talking about the investments that we've been making and the results we've been getting. Then we have the share repurchase program. Then lastly, we have M&A. I mean, you know, we are consistently looking at opportunities, but we have a pretty high bar in terms of making sure we have the right strategic fit. We also look at, you know, making sure we have the right ROIs and if it's decreed for SciPlay. Yeah, wouldn't rule anything out, but, you know, we're just looking, you know, constantly in the market. You wanna add anything, Josh? Yeah. I'll add a little bit. This is just more market dynamics than it is anything else, you know. Where we have seen some of the market multipliers coming down, then we see something like, you know, what happened with Scopely that, you know, crazy changes that market dynamic all again. I don't think we've hit the bottom of the M&A market yet. I do think it's come down some. Right now, enough companies have enough cash that they're able to provide, you know, be able to sustain. I think they're trying to sustain long enough for the market growth to turn around and then get back to, you know, growth as a company and therefore add value to their business. The question is going to be: Will the overarching market turn around before they run out of cash? If, you know, if it doesn't happen, then I think we're gonna have a lot of stuff come up at once, and it'll be a very, very attractive multiplier. At this point, as me looking at the world, I don't imagine that things will turn around for the masses unless Apple comes out with a solution for firing people from their network. Majority of companies do not have the overarching game building and growth abilities we do, and this is why they're struggling to grow today. Great. thanks for all that color. I really appreciate it. Thanks for your time. Thanks. It's great talking to you, Franco. The next question comes from Eric Sheridan with Goldman Sachs. Please go ahead. Thanks for taking the question, and hope everyone on the team is well. If I can come back, I think you talked about the DTC platform being in the testing phase. As we look out, not only to 2023, Josh, but beyond, help us better understand what's being built on the DTC platform, how would you be thinking about being deployed more widely within your array of your go-to-market strategies, not only just this year, but on a multi-year view. What are you sort of continuing to look for for the DTC platform to go wider as we move a couple quarters down the road? Thanks so much. Yeah. Thank you. Thank you, Eric. It's great to talk to you. You know, the DTC platform is very interesting, and we're very excited for what it can do for our company and what it'll bring. During the script, you know, I said we're at the crawl phase of it. We're at this phase because every payer that we have inside of any platform that is already paying is part of who we are today and is part of our success and growth. Any time you move them from what they're already doing, you have a risk. The reason we're in the crawl phase is we wanna make sure that if we try to move a payer from one platform to our DTC, we have, like, a 99.9% conversion rate, and we don't, you know, potentially lose someone because it's much better off to get them to purchase than not get them to purchase at all. The worldwide is really think about it less of probably a worldwide and look at it as more of expansion through our games over time. You know, we'll start with different games and ramp them up. The first will be, you know, talking to people through emails, introducing it to them because that's the least amount of risk. Now with everything that Apple has come out and announced, over the last month or so with everything that's happening at Epic, it's now opening up the door for potentially doing an option inside of the game and pushing them. Now, the email has almost zero risk because they weren't in the game when they did it. The other one does have what I would call is an inherent risk to it, which is they're in the game, they have to leave the game, and then come back to the game. Every time you add a friction point is a potential that someone could leave. This part will take us a long time to make sure that it's perfect. Our goal is to do it right, not to do it fast. I would expect to see, you know, towards the end part of this year, we're starting to probably push it up a little bit more, but still a very small percentage of the reach of our population. In 2024, we're going to expect it to start hitting a larger population of our payers throughout, at least our largest four games. Great. Thank you. Thank you, Eric. This concludes our question and answer session. I would like to turn the conference over to Joshua Wilson for any closing remarks. You know, we're off to a great start in 2023. We're hungry. We continue to charge forward. We have so much more things we wanna do and accomplish. A big thank you to all of our awesome SciPlayers around the world. You're amazing. Every day you prove it to us. I look forward to reporting on the progress in our second quarter call this summer. Thank you for participating. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.