DoubleDown Interactive Co., Ltd.

Good afternoon and welcome to Double Down Interactive's earnings conference call for the first quarter ended March 31st, 2026. My name is Lateef and I will be your operator this afternoon. Prior to this call, Double Down issued its financial results for the first quarter of 2026 and a press release, a copy of which is available in the investor relations section of the company's website at www.doubledown.com. 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. Cook Kim, and its CFO, 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?

And thank you, Lateef. And 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 provision 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 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 Down's annual report on Form 20-F filed with the SEC on March 31, 2026 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 today's call, management will discuss non-IFRS financial measures, which management believes 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 financial results prepared in accordance with IFRS. A full reconciliation of these measures to the most directly comparable IFRS measures 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 by the link in the Investor Relations section on Double Down's website. Thank you for your patience with that, and it's now my pleasure to turn the call over to Double Down's CEO, I.K. Kim. I.K., please go ahead. Thank you, Joe.

Good afternoon, everyone. We are delighted to be with you today to discuss Double Down Interactive's first quarter 2026 results. Key highlights include overall financial results reflecting a solid start to 2026, the high quarterly revenue at SuperNation since our acquisition of the business back in 2023, significant continued growth of our direct consumer social casino revenue, and another quarter of delivering consistent profitability and significant free cash flow. We believe these results validate our strategy and demonstrate our ability to drive operational excellence across our portfolio. Let's start with the financial results. This afternoon, we reported first quarter consolidated revenue of $94.1 million up nearly 13% year-over-year, along with adjusted EBITDA of $38.2 million, up 24% year-over-year. In Q1, we again delivered on our priority to drive a high conversion of revenue to profit and cash flow. Net cash flow from operations was $46.4 million in the quarter. We deliver this strong profit and cash flow results even as we invested in new player acquisition activities at SuperNation, specifically in support of its recently launched first iGaming brand, Las Vegas, which has met with a strong player response. Our social casino segment remains the primary engine of Double Down's profit and cash flow generation. In the first quarter, social casino revenue grew 9.5% year-over-year to $76.9 million, driven by the contribution from WOW Games, which was acquired in the third quarter of last year. The direct-to-consumer or DTC aspect of our social casino business remains a driving force behind our continued strong profitability. As mentioned on our last conference call, WOW Games already benefits from a relatively large DTC component due to its strong web-based history. And over the last few quarters, we have made significant progress in ramping up DTC purchases made in our flagship social casino, Double Down Casino. In the first quarter of 2026, this direct-to-consumer transition accelerated as the DTC component of double-down casino revenue exceeded 40%. As a result, DTC revenue in the first quarter was 44% of total social casino revenue, up sequentially from 33% in Q4 2025. We plan to remain focused on optimizing the contribution of DTC revenue as a percentage of our overall social casino revenue throughout 2026. Recognizing that the global social casino market is estimated to be in secular decline, our priorities in this business segment remain precise execution of our product development initiatives around player and player retention. Focus on marketing and live ops activities to maximize payer conversion and purchasing activity. and continued focus on the direct consumer transition. Turning to our iGaming business, SuperNation's Q1 2026 revenue was $17.2 million, an increase of 30% year-over-year and up 6% from Q4 2025. The recent introduction of our first iGaming casino title, Las Vegas, contributed to the strong SuperNation results in the first quarter. Going forward, we look to leverage this early positive results as we continue to acquire new players through marketing and advertising investments. At SuperNation, we are also focused on continuing to find offsets to the recently introduced higher UK gambling tax rate through product adjustments such as reducing, rates. I am pleased to report the only result of this action to be positive. Our first quarter results highlight how prudent targeted investments are uncovering growth opportunities while sustaining our track record of strong profitability and cash flow generation. We are successfully integrating acquisitions and optimizing our core Double Down business M&A remains a strategic priority as we evaluate opportunities in online gaming and mobile entertainment to drive long-term shareholder value. Now, I will turn the call over to our CFO, Joe Sigrist, to walk us through the financials before providing my closing remarks.