Snail, Inc.

Ladies and gentlemen, greetings and welcome to the Snail Inc. First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jake Pisano, Investor Relations. Please go ahead.

Thank you. Good afternoon and welcome to Snail Inc.' 's first quarter 2024 earnings conference call and webcast. On today's call are Tony Tan, Snail's co-chief executive officer, Peter Kang, chief operating officer, and Heidi Chow, chief financial officer. By now, everyone should have access to the company's first quarter 2024 earnings press release filed today with the SEC after market close. This earnings press release is available on the investor-related section of Snail Inc.' 's website at www.snail.com or the SEC's website at www.sec.gov. During this call, management may make forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations, and forward-looking statements are subject to the risks and uncertainties. Please refer to the company's most recent Form 10-Q that was filed today with the SEC, the most recent Form 10-K that was filed with the SEC on April 1, 2024, and other SEC filings. The company makes these forward-looking statements as of today and disclaims any duty or obligation to update them or to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will refer to bookings and EBITDA, which are non-GAAP financial measures that provide us with useful information for the company's investors. you will find the historical reconciliation of bookings and EBITDA with its corresponding gap measures and the earnings press release and the company's SEC filings. And with that, I'll turn the call over to Tony. Tony?

Good afternoon, everyone, and thank you for joining us today. It's an honor to be speaking with you for the first time as the new co-CEO of Snail. I first want to express my gratitude to Jim Cai for his leadership over the past several years in building Snail into the successful gaming company it is today. It laid a strong foundation and I am excited to build upon it as we enter this next chapter. I'm thrilled to have the opportunity to lead Snail forward. This company has an incredibly passionate and talented team with cutting edge technology and leading franchises like Ark that have cultivated incredibly engaged and dedicated communities of gamers. As a long-time player of Ark myself, I have a deep appreciation for the creativity and innovation this company embodies. Looking ahead, I'm mostly excited about our plans to further leverage artificial intelligence across our development pipelines. The AI technologies that steam mission in the past, such as MedShine, Luma AI, DevDev, and the Society of Brands have immense potential to accelerate our creativity while maintaining premium quality. Our goal is to make SNAIL an AI trailblazer that enhances our talented human teams rather than replacing them. I'm also eager to capitalize on the widespread attention of the arc animating. The gaming world's eyes will be on this franchise, providing an ideal opportunity to engage new players and further energize our existing community. With that, let's quickly review the quarter, and then I will hand it over to Peter Kang or COO, to dive a little bit further into recent updates to our product roadmap. Our Arc franchise continues to be an incredible, successful story. Through March 31, 2024, Arc has been played for an astonishing 3.5 billion hours, with an average playing time per user of 163.7 hours. Impressively, the top 21% of all players have spent over 100 hours immersed in the game, according to data from Steam's platform. For the first quarter of 2024, Snail generated net revenue of $14.1 million, up from $13.5 million in Q1 2023. Net loss for Q1 2024 with 1.8 million versus a 3.0 million net loss in Q1 2023. With that, let me hand it over to Peter to review our product roadmap.