Financial Data and Key Metrics Changes - Total company revenue for the full year 2024 was €1.1 billion, an increase of €229 million or 26% compared to 2023, driven by higher client spending and contributions from new ATP and NBA deals [36] - Adjusted EBITDA for the year was €222 million, up €56 million year-on-year, with adjusted EBITDA margins increasing by over 100 basis points to 20% [38] - In Q4 2024, record revenues reached €307 million, a 22% increase compared to the same quarter last year, with a customer net retention rate of 127% [39] Business Line Data and Key Metrics Changes - Betting Technology & Solutions revenue was €247 million, showing 21% growth year-on-year, primarily due to a 30% increase in betting and gaming content [40] - Sports Content, Technology & Services revenue was €60 million, up €11 million or 23% year-on-year, led by a 22% growth in Marketing & Media Services [42] - Managed Trading Services (MTS) turnover reached €35 billion in 2024, with a margin of 10.7%, an improvement from 9.8% in 2023 [25] Market Data and Key Metrics Changes - U.S. revenues increased by 58% year-on-year, now accounting for 24% of total revenue, up 500 basis points from the previous year [37] - The Rest of World revenue grew by 19%, indicating strong global performance [36] - The company has signed 35 new sportsbook clients in Brazil, reflecting strong market demand [29] Company Strategy and Development Direction - The company is expanding its global content portfolio through the acquisition of IMG ARENA, which is expected to enhance its footprint in key sports and deliver significant value [8] - The focus is on leveraging technology and AI to automate and increase accessibility to sports data, aiming for multiyear margin expansion and significant cash flow generation [34] - The company is strategically positioned to capitalize on emerging markets, particularly in Brazil, where it is piloting marketing services for iGaming [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving significant operating leverage and margin expansion due to long-term sports rights agreements and disciplined cost management [44][45] - The company anticipates continued robust growth in 2025, with revenue expected to reach at least €1.273 billion, representing a year-over-year growth of at least 15% [54] - Management highlighted the importance of the IMG acquisition in accelerating revenue and EBITDA growth, with expectations for margin expansion despite increased costs [54] Other Important Information - The company generated free cash flow of €118 million in 2024, up from €50 million in 2023, with a conversion rate of 53% [50] - The balance sheet remains strong, with €348 million in cash and no debt outstanding [49] - The company has repurchased approximately $20 million worth of stock under its share repurchase program, with plans to accelerate repurchases once the trading window opens [52] Q&A Session Summary Question: Can you provide details on the IMG deal structure and its impact? - Management indicated that the IMG deal is a milestone for the company, enhancing its position as a premium provider in the B2B sports market, with expected revenue and margin accretion [60][63] - The acquisition primarily involves sports rights, with operational synergies anticipated to improve margins [66] Question: What is driving the success of MTS in Brazil? - The strong local team and strategic partnerships, including an integrity partnership with the soccer confederation, are key factors driving MTS success in Brazil [70] Question: How does the Taiwan Lottery hardware sale impact organic growth? - The impact of the Taiwan Lottery hardware sales was significant, with MTS growth in Q4 expected to be in the mid to high-20% range without the one-time fees from last year [78] Question: What is the expected revenue and EBITDA contribution from IMG? - Management estimates that if IMG had been part of the portfolio for the full year, revenue growth could have been in the high-20% range, with expectations for higher margins due to operational synergies [88][89]