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- **CEO Transition & Strategy**: Peter Jackson exits after 9 years, emphasizing long-term value through strategic investments. Dan Taylor succeeds with focus on customer-first growth in U.S. and international markets.
- **U.S. Market Momentum**: 6% YoY revenue decline offset by strong engagement (2.3M World Cup customers), with $270M incremental investment in loyalty and product improvements.
- **Prediction Markets Expansion**: $50M annual market-making revenue target, with One App launch integrating sports and prediction markets nationwide.
- **Financial Update**: Full-year revenue guidance reduced to $17.91B, with adjusted EBITDA at $2.655B, reflecting NFL delay and cost transformation investments.
- **Cost Efficiency**: $500M gross savings target by 2029 to support growth and de-leverage to 2-2.5x leverage range.
- **International Growth**: Italy up 10% YoY, Brazil adapting to regulatory challenges with product improvements.


**【CEO Summary Section】**
- **Leadership Transition**: CEO Peter Jackson announced his departure at the end of September, with Dan Taylor succeeding him. Jackson emphasized long-term value creation through strategic investments, citing past successes like FanDuel's growth despite short-term costs.
- **U.S. Market Performance**: Q2 U.S. revenue declined 6% YoY due to sports result volatility (e.g., Knicks' World Cup win), but underlying trends were stable. Customer engagement was strong during NBA Finals and World Cup, with 82% of surveyed customers rating the loyalty program positively.
- **Sportsbook Improvement Plan**: Investments in customer-first initiatives (e.g., Bet Protect+, Super Sub) drove sequential improvements. FanDuel's handle grew 40% YoY during NBA Finals, and 2.3M customers engaged in World Cup betting.
- **Prediction Markets Expansion**: Flutter Predicts generated $50M in expected annual revenue, with market-making capabilities scaling at low incremental cost. The One App launch will integrate sports and prediction markets nationwide.
- **International Growth**: Italy revenue grew 10% YoY, driven by SNAI migration recovery and iGaming expansion. Brazil faced regulatory challenges but showed potential with product improvements.
- **Cost Transformation**: Phase 2 of cost restructuring aims to deliver $500M in gross savings by 2029, supporting growth investments and margin protection.

**【CFO Financial Commentary】**
- **Q2 Financials**: Revenue grew 3% YoY, but adjusted EBITDA declined 45% due to U.S. sports result volatility, U.K. gaming tax, and strategic investments. Net loss was $296M, driven by one-off tax costs and reduced segment profitability.
- **Guidance Update**: Full-year revenue guidance reduced by $395M to $17.91B midpoint, with adjusted EBITDA guidance down $210M to $2.655B. Key drivers include NFL season delay ($75M revenue impact), market-making investments ($50M EBITDA benefit), and $270M incremental U.S. spending.
- **Cash Flow**: Free cash flow decreased 56% YoY, but H2 cash generation expected to reduce leverage from 4.3x to target range of 2-2.5x over time.
- **Cost Savings**: Phase 1 cost transformation delivered $300M+ savings, with Phase 2 targeting $500M in gross savings by 2029 through AI, tech efficiency, and duplication removal.

**【Q&A Highlights】**
- **U.S. Investment Rationale**: CEO and CFO emphasized high returns on marketing (e.g., 26% YoY active growth in World Cup), with 6% handle-based generosity spend in H2 to accelerate momentum. NFL season delay will not change investment posture, with college football and Rewards Club driving engagement.
- **Prediction Markets Cannibalization**: Low single-digit impact on sportsbook, but viewed as incremental TAM. Market-making revenue grew to $6M in Q2, with $50M annual target.
- **International vs. U.S. Allocation**: Both markets merit investment due to strong returns (e.g., 7% UK iGaming growth, 10% Italy revenue growth). U.S. focus reflects customer momentum and market leadership.
- **Brazil Outlook**: Regulatory challenges persist, but product improvements (e.g., Bet Builder) and iGaming expansion position Flutter for long-term success.


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