DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down Interactive's earnings conference call for the third quarter ended September 30th, 2025. 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 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, our Double Down CEO, Mr. N. Kukun, and its CFO, Mr. Joe Sigris. Following their remarks, we will open the call for questions. Before we begin, Joe Jafone, The company's investor relations advisor will make a brief introductory statement.

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 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, merger 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 Dan's annual report on Form 20-F file with the SEC on April 21, 2025, 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 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, Double Down is reporting its financial results in accordance with IFRS. As such, the financial results for the 2025 third 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 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'd like to remind everyone that today's call is being recorded and will be made available for replay via a link in the investor relations section of Double Down's website. It's now my pleasure to turn the call over to Double Down's CEO, In-Kook Kim. Please go ahead.

Thank you, Joe. Good afternoon, everyone. We are delighted to be with you today to discuss our strong 2025 third quarter results, the continued growth of supernations. initial results from our newest acquisition WOW Games and other recent initiatives intended to enhance shareholder value. Let's start with the quarterly results. This afternoon, we reported third quarter consolidated revenue of $95.8 million and adjusted EBITDA of $37.5 million. Q3 revenue was comprised of $79.6 million million generated by social casino operations, and $16.2 million generated by SuperNation, our iGaming business. In Q3, we again delivered on our key operating priority of driving a high conversion of revenue to profit and cash flow. Cash flow from operations was $33.4 million, bringing our total for the first nine months of 2025 to $94.1 million. And we are delivering these profits and cash flow results even as we continue to invest in the business and prudently increase marketing spending to acquire new players at SuperNation. Our flagship Double Down Casino app continues to be the engine of profit and cash flow generation for the company. Monetization metrics for the third quarter reflected this performance with ARPA DAO at $1.39 up from $1.30 in Q3 of 2024 and from $1.33 in Q2 of 2025. The payer conversion rate also rose during the quarter to 7.8% up from both Q3 2024 and Q2 2025 levels. We continue to develop innovative enhancements to Double Down Casino, including with upcoming releases of a new slot lobby for our mobile app and a new link jackpot system. We also remain very focused on the direct-to-consumer social casino opportunity and DTC remains an important part of our growth strategy. In Q3, we increased the percentage of social casino revenue generated by DTC purchases as DTC revenue for Double Down Casino is now running at over 15%. We are also launching additional product changes within app purchase messaging to drive further growth of DTC revenue as a percentage of our overall social casino revenue. DTC not only helps to improve margins, it also enhances player engagement and retention. Our goal is to execute Q4 with a DTC percentage of social casino revenue of over 20%. As I mentioned a moment ago, we are complementing our strong free cash flow profile and financial positions through other initiatives intended to build new value for shareholders. Our commitment to building our social casino business is highlighted by the July acquisition of Wow Games, a social casino operator based in Hamburg, Germany. We believe the growth potential in international social casino market is currently greater than in the United States. and we are working to leverage this investment for our shareholders. Turning to SuperNation, Q3 revenue of $16.2 million yet again represented the highest quarterly performance of the business since our acquisition in late 2023 and grew $700,000 on a quarterly sponsor basis. For perspective, SuperNation's quarterly revenue run rate has more than doubled since Double Down closed this acquisition as we continue to make steady positive progress on acquiring new players. Our investment in new player acquisition continues to generate strong returns even as the number of new players increase. At this time, we believe that investment in player acquisition could drive further success and growth for SuperNation into 2026. We are also excited to share with you that our team has been working on a new first iGaming casino with a new name to be launched early next year. Our experience in owning and operating SuperNation over the last few quarters and our success with integrating its operations and driving very healthy levels of pipeline growth reinforce our confidence 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 WoW games 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 social shareholders. Now I will turn it over to our CFO, Joe Sigrich, to walk us through our financials before providing my closing remarks. Joe?