DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down Interactive's earnings conference call for the second quarter into June 30th, 2025. My name is Michelle and I'll be your operator this afternoon. Prior to this call, Double Down issued its financial results for the second quarter of 2025 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. I.K. Kim, and its CEO, Mr. Joe Sigrist. Following their remarks, we will open the call for questions. Before we begin, Joe Giaffone, the company's investor relations advisor, will make a brief introductory statement. Mr. Giaffone?

Thank you, Michelle, and good afternoon, everyone. 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 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 words. 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 upon them. We refer you to Double Down's annual report on Form 20-F filed with the SEC on April 21, 2025, and other SEC filings for a more detailed discussion of risks that could impact future operating results and financial condition. These forward-looking statements are made only as of the date of today's 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 doubled down as reporting its financial results in accordance with IFRS. As such, the financial results for the 2025 second quarter reflect IFRS, as do the comparable period for 2024. Previously, the company reported its financial results in accordance with GAAP accounting standards. The change to IFRS aligns Double Down's financial reporting with financial reporting standards of its controlling shareholders 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 on Double Down's website. With that, it's now my pleasure to turn the call over to Double Down's CEO, I.K. Kim. Please go ahead.

Thank you, Joel. Good afternoon, everyone. We are delighted to be with you today to discuss not only our strong 2025 second quarter results and our continued progress with SuperNation, but also our other recent initiatives intended to enhance shareholder value. Let's start with the quarterly results. This afternoon, we reported second quarter consolidated revenue of $84.8 million and adjusted EBITDA of $33.5 million. Q2 revenue was comprised of $69.3 million generated by social casino operations and $15.5 million generated by our iGaming business, SuperNation. In Q2, we again delivered on our key operating priority of driving a high conversion of revenue to cash flow, even as we come again our strong social casino performance in the second quarter of 2024. Cash flow from operations were $19.7 million, bringing our total for the first half of 2025 to $60.1 million. And we are able to continue delivering this profit and cash flow results, even as we continue to prudently increase marketing stance to acquire new players at SuperNation. Our Flixit Double Down Casino app continues to be the engine of cash flow generation for the company. Monetization metrics for the second quarter reflect this performance with RPD at $1.33, equal to that of Q2 2024, as well as payer conversion rate at 7%, increasing from both Q2 2024 and Q1 2025. In Q2, we again increased the proportion of our social casino revenue generated by direct-to-consumer purchases. With this progress, DTC revenue is now running at over 15% of total social casino revenue. As you know, the ability to convert more social casino revenue to DTC further enhances our profitability as we offer players different ways to make purchases. As I mentioned a moment ago, we are complementing our strong free cash flow profile and financial position through other initiatives intended to build new value for shareholders. Our ongoing commitment to the social casino business is highlighted by Double Down's recently completed acquisition of VOW Games a social casino operator based in Hamburg, Germany. With this acquisition, which closed on July 15th, CDI is further expanding its presence in Europe as well. Revenue is primarily generated in Germany using casino game content that is familiar and appealing to local players. The integration of WoW games further geographically diversify DDI's top line, which historically has been concentrated in the U.S. And we are excited to begin leveraging Double Down's knowledge and expertise in a number of key operational areas to accelerate BAU's success going forward. Turning to Supranation, Q2 revenue of $15.5 million, yet again, represented the highest quarterly performance of the business since our acquisition in late 2023 and grew by $2.3 million from the first quarter of 2025. For perspective, SuperNation's quarterly revenue run rate has more than doubled since Doubletown closed this acquisition. SuperNation's second quarter growth reflects Our strategy is to prudently scale investments to acquire new players for their 3i gaming online casinos. Our investment continues to generate excellent payback and strong returns, even as the number of new players increases. At this time, we believe that such expenditure can drive further success and growth for SuperNation in the second half of 2025. Our experience in owning and operating SuperNation over the last few quarters and our success with integrating its operations and driving very healthy level of top line growth makes us increasingly confident that we can leverage our core strengths, financial discipline, and strong balances to further diversify our company by focusing on new gaming categories and underserved geographies. This priority is reflected in our acquisition of wild game and our ongoing search for other acquisition targets that meet our criteria for expanding our operations into new markets while further diversifying our revenue and cash flow sources to create value for shareholders. Now I will turn it over to our CFO, Joe Sigrid, to walk us through our financial report, providing my closing remarks. Joe?