DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down Interactive's earnings conference call for the fourth quarter and full year ended December 31st, 2024. My name is Marvin and I'll be your operator this afternoon. Prior to this call, Double Down issued its financial results for the fourth 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 Sigris. Following their remarks, we'll open the call for questions. Before we begin, Richard Land, the company investor relations advisor, will begin a brief introductory statement. Mr. Land.

Thank you, Marvin. 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 meeting 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 that 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 20-F 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. As noted in this afternoon's press release, beginning with the 2024 fourth quarter, Double Down is reporting its financial results in accordance with IFRS. As such, the financial results for the 2024 fourth quarter and full year periods reflect IFRS, as do the comparable periods for 2023. Previously, the company reported its financial results in accordance with GAAP accounting standards. The change to IFRS aligns Double Down's financial reporting with the financial reporting standards of its controlling shareholder in Korea. During today's call, management will discuss non-IFRS 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 IFRS. A full reconciliation of these measures to the most directly comparable IFRS 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 CEO, Inko Kim.

Thank you, Richard. Good afternoon, everyone. Thank you for joining us on our 2024 first quarter earnings call. This afternoon, we reported financial results for the first quarter with consolidated revenue down slightly year-over-year to $82 million. and adjusted EBITDA of $35.1 million. Total Q4 revenue was comprised of $73 million generated by our social casino free-to-play games and $9 million generated by SuperNation, our iGaming business acquired in Q4 2023. Importantly, we continue to drive a high conversion of revenue profit and cash flow, the hallmark of our operating priorities. We again generated significant cash flow from operations in the quarter, contributing to our ability to generate over $148 million of cash flow from operations in full year 2024. Double Down Casino continues to have a solid competitive position in the social casino industry. While average DAU and MAU were down in Q4 from Q3 2024, we again generated strong year-over-year increases in some of our most important monetization KPIs, including ARP DAU, average monthly revenue per payer, and payer conversion rate. These strong monetization metrics largely reflect the success of our focus on continued enhancement of the entertainment value of Double Down Casino, including from the introduction of meta features, which have proven popular with players. 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, Q4 revenues of $9 million represent the highest quarterly performance of the business since our acquisition in late 2023. In fact, SuperNation's Q4 revenue was more than 30% higher than our estimate. of what the business quarterly loan rate was prior to our acquisition. We are continuing to gain experience and expertise in operating SuperNation and believe we can further grow the business top line in 2025 as we increase our investment in new players' acquisitions. With their 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 sheet to further diversify our company into new gaming categories that have a highly addressable market opportunity. This diversification can include internally developed new games such as a casual match-three-style game. As you know, we are very cautious with our approach to launching products in new gaming categories as we conduct extensive player trialing prior to committing to invest in a commercial launch. As the beta trial period for our Match Street game has continued, we are refining and optimizing features around both player retention and monetization based on the feedback we've received. 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. With the success we are achieving with SuperNation, we are optimistic that we can identify, acquire, and integrate companies that can be long-term drivers of revenue, cash flow, and growth for the company. The strengths of our balances give us the foundation to pursue additional opportunities that bring with them more scale compared to super nations as we generally believe that The effort to integrate a company two or three times the size of SuperNation is essentially the same as what we have already proven we can do successfully. If the right value-creating opportunity presents itself, we are ready to act. Now I will turn it over to our CFO, Joe Sigrist, to walk us through our financials before providing my closing remarks. Joe?