DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down's interactive conference call for the third quarter ended September 30, 2021. My name is Buena and I will be your operator this afternoon. Before this call, Double Down issued its financial results for the third quarter of 2021 in a press release, a copy of which has been furnished in a report on Form 6-K filed with SEC and is available in the investor relations section of the company's website at www.doubledowninteractive.com. You can find the link to the investor relations section at the top of the homepage. Joining on us today's call are Double Down CEO, Mr. Inkyuk Kim, CFO, Mr. Joe Sigrist. Following their remarks, we will open the call for questions. Before we begin, Jeff Gramp, the company's outside investor relations advisor, will make a brief introductory statement. Mr. Gramp.

Thank you, Buena. Before management begins their formal remarks, we need to remind everyone that some of management's comments today will be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. And we hereby claim the protection of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future events and include expectations and projections not present in historical facts, and it can be identified by the use of words such as may, might, will, expect, assume, believe, intend, estimate, continue, should, anticipate, or other similar terms. Forward-looking statements include and are not limited to those regarding our future plans, mergers and acquisitions strategy, strategic and financial objectives, expected performance, and financial outlook. Forelooking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially and adversely from what we expect. Therefore, you should exercise caution in interpreting and relying on them. We refer you to Double Down's annual report on Form 20F and other SEC filings for a more detailed discussion of these risks that could impact future operating results and financial condition. These forelooking statements are made only as of the date of this call. The company does not undertake and expressly disclaims any obligation to update or alter the forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. During the call, management will discuss non-GAAP measures, which are believed to be useful in evaluating the company's operating performance. These measures should not be considered superior to, in isolation, or as a substitute for the financial results prepared in accordance with GAAP. A full reconciliation of these measures to the most directly comparable GAAP measures is available in the earnings release and on form 6K filed with the SEC. I would like to remind everyone that this call is being recorded and will be made available for replay following the instructions in the company's earnings release. Now I would like to turn the call over to Double Down CEO, Mr. Inko Kim.

Thank you, Jeff. Good afternoon, everyone. Thank you for joining us on our inaugural call. earnings call following our successful IPO in the third quarter. I'd also like to welcome our new shareholders. We are appreciative of your support. Before we discuss the results of our third quarter, I'd like to first provide some background on DoubleDAO for those of you who are newer to our company. We are a leading developer and publisher of digital games on mobile and web-based platform We were an early pioneer in the social casino gaming segment as one of the initial publishers to launch a social casino game on Facebook in 2010. Our goal is to become one of the world's leading global gaming companies by delivering differentiated content and playing experiences to our users. Our flagship game Double Down Casino has been among the top 20 grossing mobile games annually on the Apple App Store since 2016, according to App Annie. We believe we have a deep understanding of our users, which allows us to refine our game development, content strategies, and game operations. We also have unique access to content through our relationship with IGT and our parent, WGames, We are able to leverage their slot games, many of which are exclusive to Double Down, while also developing our own content to provide a wide array of new and exciting casino-style games for players. We have what we call an all-in-one approach with our Double Down casino app. We believe that users prefer fewer apps on their smartphone not more, so having an all-in-one solution creates better retention, lower user acquisition costs, and higher lifetime value. Double Down Casino provides a diverse set of offerings to our players, ranging from authentic land-based slots to more casual slot games, as well as other casino-style games, such as bingo and table games. A key part of our strategy is to augment our revenue streams by launching gaming apps outside of traditional social casino. Our first effort in this regard is, on that word, Sure Survival, which is an RPG that was launched globally at the end of September. While it is very early, we are pleased with initial player retention results and excellent rating scores in the App Store and Play Store. For the remainder of this quarter, we will focus on further improving player engagement as we continue to acquire new users. And we are continuing to tune the game economy and the operation of its heroes. We expect to release additional non-social casino gaming apps like Undead Wolf in 2022. Our next such game is in the later stages of development and is currently planned to be released in open beta in Q1 of next year. We will also continue to make updates to our core Double Down casino platform to enhance customer engagement and strengthen customer lifetime value. Regarding our financial results, we are pleased with our third quarter performance, our first as a public While revenue decreased 6% from Q3 2020 due to the easing of stay-at-home initiatives during the height of COVID-related restrictions last year, adjusted EBITDA increased 4%. We were able to grow adjusted EBITDA despite lower revenue as we focused on optimizing returns from our sales and marketing spending, which our CFO, Joe Sigris, will discuss in more detail momentarily. Also during this quarter, we generated $33.7 billion in net operating cash flows and ended the quarter with a cash balance of $223.1 billion, providing us with a strong financial position. Importantly, our business model should continue to be one that produces significant POSITIVE FREE CASH FLOW EACH QUARTER. NOW I WILL TURN IT OVER TO OUR CFO TO WORK YOU THROUGH OUR FINANCIAL STIFFER PROVIDING MY CLOSING REMARKS. JOE?