DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down Interactive's earnings conference call for the third quarter and its September 30th, 2024. My name is Daniel and I will be your operator this afternoon. Prior to this call, Double Down issued its financial results for the third quarter of 2024 in a press release, a copy of which 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 us on today's call are Double Down CEO, Mr. N. Cook Kim, and its CFO, Mr. Joe Sigrist. Following their remarks, we will open the call for questions. Before we begin, Richard Land, the company's investor relations advisor, will make a brief introductory statement. Mr. Land.

Thank you, Daniel. 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 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 the company's future plans, mergers and acquisition 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 Down's annual report on Form 20F, filed with the SEC on March 28, 2024, and other SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. 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 financial 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 issued this afternoon. I would like to remind everyone that this call is being recorded and will be made available for replay via a link in the investor relations section of Double Down's website. With that, it's now my pleasure to turn the call over to Double Down's CEO, Nkuk Kim.

Thank you, Richard. Good afternoon, everyone. Thank you for joining us on our 2024 third quarter earnings call. This afternoon, we reported strong financial results for the third quarter with consolidated revenue rising 14% year-over-year to $83 million, which helped drive a 22% increase in adjusted EBITDA to $36.1 million. Total Q3 revenue was comprised of $75.2 million generated by our social casino free-to-play games and $7.8 million generated by SuperNation, our iGaming business acquired in Q4 2023. Q3 was the first consecutive quarter of year-over-year revenue growth for our free-to-play social casino business as it was up 3% compared to Q3 2023. Importantly, our top line growth is being achieved within our criteria of consistently converting revenue to profit and cash flow. We generated cash flow from operations of $31.8 million in the third quarter of 2024, and for the first three quarters, of 2024, we have generated in aggregate more than $101 million of cash flow from operations. Double Down Casino consistently drives our growth and results, as we again generated strong year-over-year increases in some of our most important KPIs, including ARPDAL, average monthly revenue per payer, and payer conversion rate. The growth of our social casino business over the last four consecutive quarters has been in part driven by continuous release of new meta features for Double Down Casino. Focusing on player and payer retention, we continue to adjust and enhance these features to deliver high levels of excitement and engagement among Double Down Casino players. Turning to SuperNation, Q3 revenues of $7.8 million for SuperNation was again above our estimates of what the business quarterly loan rate was prior to our acquisition in late 2023. In Q3, we continue to be disciplined with spending on player acquisitions in line with our approach for our social casino business. the industry-wide margins for iGaming businesses are attractive once scale is achieved. As we continue to gain experience in operating this business, we see a strong path towards scaling SuperNation's top line, and we believe we can do so in a manner that is consistent with our focus on driving positive cash flow. As we have previously discussed, Our approach towards scaling SuperNation will include leveraging our strengths such as our product development expertise and our marketing platform to improve SuperNation profitably. We continue to believe that SuperNation will be a long-term driver of top-line growth and cash flow generation for Double Down. With a year of owning and operating SuperNation as an example, We are increasingly confident that we can leverage our core strengths, financial discipline, and strong balance sheets to further diversify our company into new gaming categories that have a highly addressable market opportunity. As an example, we are optimistic for the release of an internally developed match-three-style game, which is currently in beta trial. and we have a pipeline of additional internally developed mobile games that we hope to launch in 2025. We also continue to evaluate M&A opportunities that would meet our criteria for expanding operations into new markets while further diversifying our sources of revenue and cash flow, thereby creating new value for shareholders. Now I will turn it over to our CFO, Joe Sigris, to walk us through our financials before providing my closing remarks. Joe?