DoubleDown Interactive Co., Ltd.

Good afternoon, ladies and gentlemen, and welcome to Double Down's earnings conference call for the financial results for the first quarter ended March 31st, 2022. My name is Livia and I'll be your conference operator this afternoon. Prior to this call, Double Down issued and audited financial results for the first quarter 2022 in a press release, a copy of which has been furnished in a report on Form 6K filed with the SEC and is available in the investor relations section of the company's website, at www.doubledowninteractive.com. You can find a link to the investor relations section at the top of the homepage. Joining us on today's call are Double Down CEO, Mr. Inko Kim, and his CFO, Mr. Joe Sigrist. Following their remarks, we will open the call for questions. Before we begin, Mr. Grant, the company outside investor relations advisors, will make a brief introductory statement. Mr. Grant?

Thank you. 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 or historical facts. and can be identified by use of the words such as may, might, will, expect, assume, believe, intend, estimate, continue, should, anticipate, or other similar items. Forward-looking statements include and are not limited to those regarding the company's future plans, mergers and acquisitions strategy, strategic and financial objectives, expected performance, and financial outlook. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially and adversely from what the company expects. Therefore, you should exercise caution in interpreting and relying on them. We refer you to Double Dan's annual report on Form 20F filed with the SEC on April 4, 2022, and other SEC filings for a more detailed discussion of the risks that could impact future operating results and financial conditions. These forward-looking 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 by management 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 measure is available in the earnings release and on our Form 6-K filed with the SEC prior to this call. I would like to remind everyone that this call is being recorded and will be made available for replay via a link available in the investor relations section of Double Down's website. Now, I would like to turn the call over to Double Down's CEO, Mr. Inko Kim.

Thank you, Jeff. Good afternoon, everyone. Thank you for joining us on the only call for our first quarter 2022 results. Our first quarter results for 2022 continue to demonstrate the attractiveness of our business model. While revenue was down sequentially on the fourth quarter of 2021, this was primarily due to our decision to scale back sales and marketing costs for our first non-social casino app, and that was Your Survival, as we make certain product changes to improve the app's monetization metrics. This reduction in sales and marketing costs decrease in revenue generated from network during this period. Despite the revenue decrease, our adjusted EBITDA and adjusted EBITDA margin improved sequentially with a reduction in cost, illustrating the adaptability of our business model to varying industry and macroeconomic conditions. We also continue to generate positive operating cash flow ending the quarter with a cash and cash equivalent balance of $268 million. And we hope to continue generating positive operating cash flows in the future. Our decision to scale down sales and marketing costs on that wall in the near term also demonstrates our commitment to being good stewards of capital. While we continue to focus on growing our business, we will not sacrifice or overrule the importance of generating returns on our investment for our shareholders for the sole purpose of achieving goals. By scaling back our investment for Undead World in the near term to revisit our monetization strategy for the app, we have been able to introduce data tests of several improvements for the app. If the monetization KPIs for the game trend positively, we may increase marketing spending for Undead World during the current second quarter and beyond. As a leader in the social casino genre, through our project title Double Down Casino, we believe that we have the team in place to shift on successful monetization strategies of gaming apps adjacent to social casino. Now I will turn it over to our CFO, Joe Siglitz, to walk you through our financials before providing my closing remarks. Joe?