DoubleDown Interactive Co Ltd (DDI) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to DoubleDown Interactive's earnings conference call for the third quarter ended September 30, 2024. My name is Daniel, and I will be your operator this afternoon. Prior to this call, DoubleDown issued its financial results for the third 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 home page.

下午好，歡迎參加 DoubleDown Interactive 截至 2024 年 9 月 30 日的第三季財報電話會議。我叫丹尼爾，今天下午我將擔任您的接線生。在本次電話會議之前，DoubleDown 在一份新聞稿中發布了其 2024 年第三季度的財務業績，該新聞稿的副本可在公司網站 www.doubledowninteractive.com 的投資者關係部分查閱。您可以在主頁頂部找到投資者關係部分的連結。

Joining us on today's call are DoubleDown's Mr. In Keuk Kim; and its CFO, Mr. Joe Sigrist. Following their remarks, we will open the call for questions. Before we begin, Richard Land, the company's Investor Relations adviser, will make a brief introductory statement. Mr. Land?

參加今天電話會議的有 DoubleDown 的 In Keuk Kim 先生；及其財務長喬·西格里斯特先生。在他們發言之後，我們將開始提問。在我們開始之前，公司投資者關係顧問理查德·蘭德 (Richard Land) 將做一個簡短的介紹性演講。蘭德先生？

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 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.

謝謝你，丹尼爾。在管理階層開始正式發言之前，我們需要提醒大家，管理階層今天的一些評論將屬於《1933 年證券法》第27A 條及其修訂版和《1934 年證券交易法》第21E 節所定義的前瞻性陳述。我們特此請求 1995 年私人證券訴訟改革法案安全港條款的保護。

Forward-looking statements or 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, 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.

前瞻性陳述或關於未來事件的陳述，包括非當前或歷史事實的期望和預測，可以透過使用諸如可能、或許、將會、預期、假設、相信、打算、估計、繼續、應該、預期，或其他類似術語。前瞻性陳述包括但不限於有關公司未來計劃、併購策略、策略和財務目標、預期業績和財務前景的陳述。前瞻性陳述受多種風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與公司預期有重大不利差異。

Therefore, you should exercise caution in interpreting and relying on them. We refer you to DoubleDown'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.

因此，您在解釋和依賴它們時應謹慎。我們建議您參閱 DoubleDown 於 2024 年 3 月 28 日向美國證券交易委員會提交的 20-F 表年度報告以及其他美國證券交易委員會文件，以更詳細地討論可能影響未來經營業績和財務狀況的風險。這些前瞻性陳述僅截至本次電話會議召開之日作出。本公司不承擔更新或修改前瞻性聲明的任何義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。

During the call, management will discuss non-GAAP 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 GAAP.

在電話會議中，管理階層將討論非公認會計準則財務指標，管理階層認為這些指標有助於評估公司的營運表現。這些指標不應被視為優於單獨的指標或取代根據 GAAP 編制的財務結果。

A full reconciliation of these measures to the most directly comparable GAAP 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 DoubleDown's website.

今天下午發布的收益報告中提供了這些指標與最直接可比較的 GAAP 指標的完整對帳表。我想提醒大家，本次通話正在錄音，可透過 DoubleDown 網站投資者關係部分中的連結重播。

With that, it's now my pleasure to turn the call over to DoubleDown's CEO, In Keuk Kim.

現在我很高興將電話轉給 DoubleDown 的執行長 In Keuk Kim。

Thank you, Richard. Good afternoon, everyone. Thank you for joining us on our 2024 third-quarter earnings call. This afternoon, we reported strong financial results for the third quarter, with consolidated revenue rising 14% year over year to $83 million, which helped drive a 22% increase in adjusted EBITDA to $36.1 million. Total Q3 revenue was comprised of $75.2 million generated by our social casino/free-to-play games and $7.8 million generated by SuprNation, our iGaming business acquired in Q4 2023.

謝謝你，理查。大家下午好。感謝您參加我們的 2024 年第三季財報電話會議。今天下午，我們報告了第三季強勁的財務業績，綜合收入年增 14% 至 8,300 萬美元，這推動調整後 EBITDA 成長 22% 至 3,610 萬美元。第三季總收入包括我們的社交賭場/免費遊戲產生的 7,520 萬美元和我們在 2023 年第四季收購的 iGaming 業務 SuprNation 產生的 780 萬美元。

Q3 was the fourth consecutive quarter of year-over-year revenue growth for our free-to-play/social casino business as it was up 3% compared to Q3 2023. Importantly, our top-line growth is being achieved within our criteria of consistently converting revenue to profit and cash flow. We generated cash flow from operations of $31.8 million in the third quarter of 2024. And for the first three quarters of 2024, we have generated, in aggregate, more than $101 million of cash flow from operations.

第三季是我們免費遊戲/社交賭場業務連續第四個季度實現收入同比增長，與 2023 年第三季度相比增長了 3%。重要的是，我們的營收成長是在將收入持續轉化為利潤和現金流的標準範圍內實現的。2024 年第三季度，我們的營運現金流為 3,180 萬美元。2024 年前三個季度，我們總計產生了超過 1.01 億美元的經營現金流。

DoubleDown Casino consistently drives our growth and results as we again generated strong year-over-year increases in some of our most important KPIs, including ARPDAU, average monthly revenue per payer, and payer conversion rate. The growth of our social casino business over the last four consecutive quarters has been in part driven by continuous release of new meta features for DoubleDown Casino. Focusing on player and payer retention, we continue to adjust and enhance these features to deliver high levels of excitement and engagement among DoubleDown Casino players.

DoubleDown Casino 持續推動我們的成長和業績，我們一些最重要的 KPI 再次實現強勁同比增長，包括 ARPDAU、每位付款人的平均月收入和付款人轉換率。過去連續四個季度，我們的社交賭場業務的成長在一定程度上得益於 DoubleDown Casino 不斷發布新的元功能。我們專注於玩家和付款人的保留，並不斷調整和增強這些功能，以在 DoubleDown Casino 玩家中提供高水準的興奮度和參與度。

Turning to SuprNation. Q3 revenues of $7.8 million for SuprNation was again above our estimates of what the business quarterly run rate was prior to our acquisition in late 2023. In Q3, we continued to be disciplined with spending on player acquisitions in line with our approach for our social casino business. The industry-wide margins for iGaming businesses are attractive once scale is achieved.

轉向 SuprNation。SuprNation 第三季的營收為 780 萬美元，再次高於我們在 2023 年底收購之前對該業務季度運行率的估計。在第三季度，我們繼續嚴格控制玩家以獲取支出，這與我們的社交賭場業務方針一致。一旦達到規模，iGaming 業務的整個行業利潤率都很有吸引力。

As we continue to gain experience in operating this business, we see a strong path towards scaling SuprNation's top line. And we believe we can do so in a manner that is consistent with our focus on driving positive cash flow. As we have previously discussed, our approach towards scaling SuprNation will include leveraging our strengths, such as our product development expertise and our marketing platform to improve SuprNation's profitability.

隨著我們不斷累積經營這項業務的經驗，我們看到了擴大 SuprNation 營收的強勁成長之路。我們相信，我們可以以符合我們推動正現金流重點的方式做到這一點。正如我們之前討論過的，擴大 SuprNation 規模的方法包括利用我們的優勢，例如我們的產品開發專業知識和行銷平台，以提高 SuprNation 的獲利能力。

We continue to believe that SuprNation will be a long-term driver of top-line growth and cash flow generation for DoubleDown. With a year of owning and operating SuprNation, 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 to new gaming categories that have a highly addressable market opportunity.

我們仍然相信 SuprNation 將成為 DoubleDown 營收成長和現金流創造的長期推動力。以擁有和經營SuprNation 一年為例，我們越來越有信心，我們可以利用我們的核心優勢、財務紀律和強大的資產負債表，進一步使我們的公司多元化，涉足具有高度可尋址市場機會的新遊戲類別。

As an example, we are optimistic for the release of an internally developed type game, which is currently in beta trial. And we have a pipeline of additional internally developed mobile games that we hope to launch in 2025. 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.

舉個例子，我們對一款內部開發類型的遊戲的發布持樂觀態度，該遊戲目前正在進行測試。我們還有一系列內部開發的手機遊戲，希望在 2025 年推出。我們也將繼續評估符合我們標準的併購機會，將業務擴展到新市場，同時進一步實現我們的收入和現金流來源多元化，從而為股東創造新的價值。

Now I will turn it over to our CFO, Joe Sigrist, to walk us through our financials before providing my closing remarks. Joe?

現在，我將把時間交給我們的財務長喬·西格里斯特 (Joe Sigrist)，讓他向我們介紹我們的財務狀況，然後發表我的結束語。喬？

Thank you, IK, and good afternoon, everyone. Our revenues for the third quarter of 2024 were $83.0 million and were comprised of $75.2 million in revenues from our social casino/free-to-play games and $7.8 million of revenues from SuprNation. This compares to total company revenues of $73.0 million last year. As IK mentioned, Q3 social casino/free-to-play revenue was up 3% year over year, our fourth consecutive quarter of year-over-year growth.

謝謝，IK，大家下午好。我們 2024 年第三季的收入為 8,300 萬美元，其中包括社交賭場/免費遊戲的收入 7,520 萬美元和來自 SuprNation 的收入 780 萬美元。相比之下，去年公司總收入為 7,300 萬美元。正如 IK 所提到的，第三季社交賭場/免費遊戲收入年增 3%，這是我們連續第四個季度實現同比增長。

In the third quarter, several KPI metrics for our social casino business improved again compared to the year ago period, including average revenue per daily active user, or ARPDAU, increased to $1.30 in Q3 2024 from $1.06 in Q3 2023, marking a 23% increase.

第三季度，我們社交賭場業務的幾個KPI 指標與去年同期相比再次有所改善，包括每日活躍用戶平均收入（ARPDAU）從2023 年第三季度的1.06 美元增至2024 年第三季度的1.30 美元，增幅達23% 。

Payer conversion ratio, which is the percentage of players who pay within the social casino apps, increased to 6.8% in Q3 2024 compared to 5.9% in Q3 2023. And average monthly revenue per payer increased 15% to $281 in Q3 2024 from $245 in Q3 2023.

付款人轉換率（即在社群賭場應用程式內付款的玩家百分比）從 2023 年第三季的 5.9% 上升至 2024 年第三季的 6.8%。2024 年第三季每位付款人的平均每月收入從 2023 年第三季的 245 美元成長 15% 至 281 美元。

DoubleDown's continued growth in social casino requires ongoing focus on product development and marketing execution as well as a continuation of the positive macro effects that has driven the US economy more recently. Given our recent performance, we anticipate that year-over-year comps will become more challenging going forward.

DoubleDown 在社群賭場領域的持續成長需要持續專注於產品開發和行銷執行，以及延續近期推動美國經濟的正面宏觀效應。鑑於我們最近的表現，我們預計未來同比業績將變得更具挑戰性。

Operating expenses rose on a year-over-year basis and declined on a quarterly sequential basis to $47.7 million compared to $43.3 million in the third quarter of 2023 and $52 million in the second quarter of 2024. Operating expenses for the 2024 third quarter include the operating expenses associated with our ownership of SuprNation, which we did not own in Q3 2023.

營業費用較去年同期增加，季減至 4,770 萬美元，而 2023 年第三季為 4,330 萬美元，2024 年第二季為 5,200 萬美元。2024 年第三季的營運費用包括與我們擁有 SuprNation 的所有權相關的營運費用，而我們在 2023 年第三季並不擁有 SuprNation。

These were partially offset by lower sales and marketing and research and development expenses for our social casino/free-to-play operations. Sales and marketing expenses for the third quarter of 2024 were $8.9 million, a decline of 16% compared to Q3 2023 and down 20% on a quarterly sequential basis.

這些收入被我們社交賭場/免費遊戲業務的銷售和行銷以及研發費用的降低部分抵消。2024 年第三季的銷售和行銷費用為 890 萬美元，與 2023 年第三季相比下降 16%，與上一季相比下降 20%。

In Q3, we continued to focus on optimizing spending to acquire new players for our flagship social casino app, DoubleDown Casino. This is particularly important as the cost to acquire new players continues to rise due to the large investments now being made by sweepstakes games publishers.

在第三季度，我們繼續專注於優化支出，為我們的旗艦社交賭場應用 DoubleDown Casino 吸引新玩家。這一點尤其重要，因為由於抽獎遊戲發行商的大量投資，獲取新玩家的成本不斷上升。

We also continue to be measured in our approach to ramping the top line of SuprNation as we manage this business to establish the foundation to generate consistent profitability and cash flow. Net income for the third quarter of 2024 was $25.1 million or $10.11 per diluted share and $0.51 per ADS compared to net income of $26.9 million or $10.87 per diluted share and $0.54 per ADS in the third quarter of 2023.

在管理 SuprNation 業務的過程中，我們也將繼續採取衡量方法來提升 SuprNation 的營收，為實現持續獲利和現金流奠定基礎。2024 年第三季的淨收入為2,510 萬美元，即每股攤薄收入10.11 美元，每股美國存託憑證0.51 美元，而2023 年第三季的淨收入為2,690 萬美元，即每股攤薄收入10.87美元，每股美國存託憑證0.54 美元。

Adjusted EBITDA for the third quarter of 2024 increased 22% to $36.1 million compared to $29.7 million for the prior year quarter. Adjusted EBITDA margin was 43.5% for Q3 2024, representing a 280 basis point improvement from 40.7% in Q3 2023.

2024 年第三季的調整後 EBITDA 較去年同期的 2,970 萬美元成長 22% 至 3,610 萬美元。2024 年第三季的調整後 EBITDA 利潤率為 43.5%，比 2023 年第三季的 40.7% 提高了 280 個基點。

The improved margin mainly reflects the third quarter year-over-year revenue increase. Net cash flows provided by operating activities for the third quarter of 2024 were $31.8 million compared to $28.7 million in the third quarter of 2023. The increase is again driven by higher comparable revenue.

利潤率的提高主要反映了第三季營收的年成長。2024 年第三季經營活動提供的淨現金流為 3,180 萬美元，而 2023 年第三季為 2,870 萬美元。成長的再次原因是可比收入的提高。

And finally, turning to our balance sheet. As of September 30, 2024, we had $373 million in cash, cash equivalents, and short-term investments with a net cash position at quarter end of approximately $335 million or approximately $6.76 per ADS.

最後，來看看我們的資產負債表。截至 2024 年 9 月 30 日，我們擁有 3.73 億美元現金、現金等價物和短期投資，季末淨現金狀況約為 3.35 億美元，或每股 ADS 約 6.76 美元。

That completes my financial summary. Now I'll turn the call back over to IK for closing remarks.

這就是我的財務摘要。現在我將把電話轉回給 IK，請他作結束語。

Thank you, Joe. Our operating momentum remained on track in Q3 with year-over-year growth in our core social casino business and continued solid performance of our SuprNation iGaming business. In closing, I want to reiterate that for both our social casino and iGaming operations, our strategies to continue driving higher player engagement and monetization are being implemented consistently with our capital efficiency discipline.

謝謝你，喬。我們的營運動能在第三季保持良好，核心社交賭場業務較去年同期成長，SuprNation iGaming 業務持續表現穩健。最後，我想重申，對於我們的社交賭場和 iGaming 業務，我們將繼續推動更高的玩家參與和貨幣化，並遵循我們的資本效率紀律實施。

We will continue to enhance the entertainment value of DoubleDown Casino while remaining disciplined in our user acquisition and R&D spend to drive strong profitability and free cash flow. As previously mentioned, we have also focused this year on increasing direct-to-consumer revenue, thereby enhancing social casino profitability as we offer players different ways to make purchases.

我們將持續提升 DoubleDown Casino 的娛樂價值，同時嚴格控制用戶取得和研發支出，以實現強勁的獲利能力和自由現金流。如前所述，我們今年也致力於增加直接面向消費者的收入，從而透過為玩家提供不同的購買方式來提高社交賭場的獲利能力。

These efforts have progressed well so far and this will be an ongoing area of attention for the company. And our strategies to scale SuprNation are being implemented and reflect the positive results of these efforts to become more evident in 2025.

這些努力目前進展順利，這將成為公司持續關注的領域。而我們擴大 SuprNation 規模的策略正在實施中，這些努力的正面成果將在 2025 年變得更加明顯。

DoubleDown has established a track record of consistently generating attractive free cash flow. This continues to strengthen our balance sheet and provide additional financial flexibility to continue to pursue growth by exploring opportunities in adjacent gaming categories through our in-house development efforts and through potential M&A opportunities.

DoubleDown 已建立了持續產生可觀自由現金流的良好記錄。這將繼續加強我們的資產負債表，並提供額外的財務靈活性，以便透過我們的內部開發努力和潛在的併購機會探索相鄰遊戲類別的機會來繼續追求成長。

We are now happy to take your questions. Operator?

我們現在很高興回答您的問題。操作員？

(Operator Instructions)

（操作員指令）

David Bain, B. Riley.

大衛貝恩、B.萊利。

IK, Joe, appreciate the commentary. First, I was hoping -- I know IK touched on it towards the end of prepared remarks. But the direct-to-consumer piece, it looks like cost of revenue was down 60 basis points quarter over quarter, 120 basis points from 1Q. I assume that, that drops to profit and it's largely reflective of D2C efforts unless there was something going on with third-party content versus your proprietary mix in a big way. And I'm just hoping we can unpack that just a little bit more today, like the mix, where it is versus longer-term goals. And then I have some follow-ups on it as well. I'll keep it with that subject.

IK，喬，感謝您的評論。首先，我希望——我知道 IK 在準備好的演講結束時談到了這一點。但直接面向消費者的部分，看起來收入成本比上一季下降了 60 個基點，比第一季下降了 120 個基點。我認為，利潤會下降，這很大程度上反映了 D2C 的努力，除非第三方內容與您的專有組合發生了重大變化。我只是希望我們今天能進一步闡述這一點，例如它與長期目標之間的關係。然後我對它還有一些後續行動。我將繼續討論這個主題。

Great. Thanks, Dave. Yes, as IK said, D2C efforts are a big part of our strategic focus and has been since really the end of last year. As he mentioned, we're making very good progress. I do believe the progress has contributed some at least to the improvement in gross margins. There are, as you said, other factors like mix of royalty games, et cetera.

偉大的。謝謝，戴夫。是的，正如 IK 所說，D2C 工作是我們戰略重點的重要組成部分，從去年年底開始就一直如此。正如他所說，我們正在取得非常好的進展。我確實相信這些進展至少對毛利率的提高做出了一定的貢獻。正如您所說，還有其他因素，例如皇室遊戲的混合等等。

But it definitely is a contributor, and we think it will continue to be a contributor to gross margin improvement as we move forward. We're on a journey that, as I said, began late last year in earnest. And we definitely expect to continue to improve every quarter as we look to get players to be more interested in the alternative to purchasing chips. And we're working hard on various product and marketing levers to get that done.

但它肯定是一個貢獻者，而且我們認為，隨著我們未來的發展，它將繼續成為毛利率提高的貢獻者。正如我所說，我們正在踏上一段旅程，這段旅程在去年年底正式開始。我們當然希望每季都能繼續進步，因為我們希望讓玩家對購買籌碼的替代品更感興趣。為了實現這一目標，我們正在努力利用各種產品和行銷手段。

Okay, great. That's helpful. Is there any way you can give us an idea of what the mix shift has looked like? I know that sort of the market share leader in the space is close to 30% at this point. I assume you're not at that level, but maybe if you can give us a broad-based idea of where you are. And how do you hedge creating player friction? And then my last question around this, I promise, is processors, what they're charging versus the typical platform fee of 30%, that would be really helpful.

好的，太好了。這很有幫助。您能告訴我們混合轉變的情況嗎？我知道目前該領域的市佔率領先者已接近 30%。我認為你還沒有達到那個水平，但是你能否大致告訴我們你的水平如何？那麼你該如何避免造成玩家摩擦呢？我保證，關於這個問題的最後一個問題是處理器，他們收取的費用與典型的 30% 平台費用相比是多少，這將非常有幫助。

Great. Well, I'm glad you highlighted the risk. And as you mentioned, we are behind, if you can even use that word, what others may be doing as far as their conversion, if you will, to D2C revenue. And we're being careful. I mean, we don't want to create the friction.

偉大的。嗯，我很高興你強調了風險。正如您所說，如果您願意使用這個詞的話，我們落後了，其他人在向 D2C 收入的轉換方面可能正在做同樣的事情。我們非常小心。我的意思是，我們不想製造摩擦。

I mean, as I think we all know on this call, we get more out of our players from a payment standpoint than anyone. And so we're especially sensitive and respectful of our players as it relates to adding friction. And so we want to do this and we believe are doing it in the right way.

我的意思是，我想我們都知道，從報酬的角度來看，我們從球員身上獲得的回報比任何人都多。因此，在增加摩擦方面，我們對我們的玩家特別敏感和尊重。因此我們想這樣做，並且我們相信我們正在以正確的方式做這件事。

And at the same time, we are going to take our time. And we're going to do it in a way that generates greater margins, but at the same time, doesn't negatively impact revenue.

同時，我們也會慢慢來。我們將採取一種能夠產生更大利潤但同時不會對收入產生負面影響的方式來做到這一點。

Okay, fair enough. Great execution again.

好吧，夠公平。再次出色的執行。

Aaron Lee, Macquarie.

麥格理的 Aaron Lee。

Wanted to touch on SuprNation. Understanding that your strategy here is still focused on growth mode and player acquisition and kind of converting those players to payers. Just curious, when do you think is the right time to start pursuing some of the synergies that you've talked about like game development, live ops? Is that something you see yourself tackling in 2025?

想要談談 SuprNation。了解您的策略仍然專注於成長模式和玩家獲取以及將這些玩家轉化為付費者。只是好奇，您認為什麼時候是開始追求您所談到的一些協同效應（例如遊戲開發、即時營運）的最佳時機？您認為自己會在 2025 年解決這個問題嗎？

Well, we've laid the ground -- thanks, Aaron. We have laid the groundwork for that. We have actually kicked off, and in some cases, began, in earnest, executing on programs to bring games to their platform, games from a social casino perspective to their platform.

好吧，我們已經奠定了基礎 - 謝謝，亞倫。我們已經為此奠定了基礎。我們實際上已經啟動，在某些情況下，已經開始認真執行將遊戲引入他們的平台的計劃，將社交賭場視角的遊戲引入他們的平台。

And also from an engineering standpoint, we have initiated work there. We do, in fact, have folks in Malta, where they're based, from our Korean offices as we speak, assisting in implementing these projects. So real work has gone on.

而且從工程角度來看，我們已經在那裡開展工作。事實上，我們在馬耳他確實有來自我們韓國辦事處的人員，正在協助實施這些計畫。真正的工作已經開始。

As far as the payoff, if you will, for those, I think IK had mentioned that we're excited to really start seeing the benefit of some of this synergy work in 2025 and that's really been our focus.

至於回報，如果你願意的話，對於這些，我認為 IK 曾提到，我們很高興在 2025 年真正開始看到這些協同作用帶來的好處，而這確實是我們關注的重點。

Okay, understood. That's helpful. As a quick follow-up, touching on monetization. You've obviously done a really good job making gains this year. It seems like the product road map is really working out. Have there been any learnings that you can apply next year to kind of keep the momentum going here just in terms of meta features or events or balancing the game economy? Anything of the sort?

好的，明白了。這很有幫助。作為快速的後續行動，涉及貨幣化。顯然，你今年已經取得了很大的進步。看起來產品路線圖確實有效。您是否學到了什麼，可以在明年應用，以便在元功能或事件或平衡遊戲經濟方面保持發展勢頭？有這樣的事嗎？

Yes, it's IK. Aaron, actually, like your Flame Power, Wonder Cards, and Mission Pass, all these kinds of meta features and could always satisfy users and give them motivation to play more. DDC has been one of the pioneers in the social casino space for over 14 years. We focus on providing our users with fun elements through slot content and meta content.

是的，是的。亞倫，實際上，就像你的火焰力量、奇蹟卡和任務通行證一樣，所有這些元功能總是能夠讓用戶感到滿意並激勵他們玩更多遊戲。14 年來，DDC 一直是社交賭場領域的先驅之一。我們專注於透過插槽內容和元內容為用戶提供有趣的元素。

However, as we introduce more features and benefits for the users in recent years, the content flow and the economy became complicated. So last year, we refactored and reformed many flows and features from the user experience perspective. So we will continue to experiment with fun retention features as we have been working hard in the past.

然而，隨著近年來我們為用戶推出更多的功能和優惠，內容流和經濟變得複雜起來。所以去年我們從使用者體驗的角度重構和改革了許多流程和功能。因此，我們將繼續嘗試有趣的保留功能，就像我們過去一直在努力的那樣。

Nice quarter.

不錯的季度。

Greg Gibas, Northland Securities.

北國證券公司的格雷格·吉巴斯（Greg Gibas）

Congrats on the quarter. Regarding your commentary on having increased confidence in your ability to leverage your core strengths to newer gaming categories, I just -- and I guess, expand to further diversify revenues and cash flows. Would you say -- I just wonder if you could speak to maybe, does that mean you're looking more at kind of M&A prospects there in terms of diversifying revenue further? Or maybe how it relates to your organic growth pursuits as well?

恭喜本季取得佳績。至於您說自己對將核心優勢運用到新遊戲類別的能力越來越有信心，我只是——我想，是擴大規模以進一步實現收入和現金流的多樣化。您會說——我只是想知道您是否可以談談，這是否意味著您正在更多地考慮在那裡進行併購的前景，以進一步實現收入多元化？或者它與您的有機成長追求有何關係？

Sure, Greg. I mean, we believe that growing the top line is an important and a very important part of the continued evolution of this company. And to that end, we are on an ongoing journey with our internal development studios to expand, as we've been focused over the last few years, beyond social casino, and we continue to look at various specialty free-to-play categories beyond social casino that where we can leverage our technology, our creative assets, our artists, et cetera.

當然，格雷格。我的意思是，我們相信提高營業額是公司持續發展的一個重要且非常重要的部分。為此，我們正與內部開發工作室一起不斷拓展，過去幾年來，我們一直專注於社交博彩以外的領域，並繼續關注各種特色免費遊戲類別。我們的創意資產、我們的藝術家等等。

But by the same token, the focus is definitely also on the M&A options. Obviously, we have a lot of dry powder and the M&A focus that we have had post-IPO continues. We pulled the trigger once with SuprNation. It's been just about a year since that close. We're very happy with the progress we've made. I think we've continued to show that we can execute in acquiring and executing and operating an acquired company going forward. And we're very serious on our ongoing quest to look for and find the right thing there as well.

但同樣，重點肯定也放在併購選擇。顯然，我們擁有大量的資金，我們仍將像 IPO 後一樣專注於併購。我們曾與 SuprNation 合作過。從那次關閉到現在已經過了一年左右。我們對所取得的進展感到非常高興。我認為我們已經繼續證明，我們可以在收購、執行和經營被收購的公司方面發揮作用。我們也非常認真地持續尋找並找到正確的東西。

Got it. That's helpful. And I was hoping to dive in a little deeper on kind of what drove the upside. First, relating to really nice improvement across those KPI metrics that you spoke to. Wanted to see if there's anything worth calling out that's kind of driving those nice improvements in metrics.

知道了。這很有幫助。我希望更深入地探究推動上漲的因素。首先，與您談到的那些 KPI 指標確實取得顯著進步有關。想看看是否有什麼值得一提的因素可以推動指標的良好改善。

And separately, kind of, once again, I think internal expectations will be for SuprNation. And wanted to just get a sense of what that kind of relates to. Is it just an increased player count? I mean, obviously, there's more engagement than you anticipated. But is there anything kind of worth calling out or specific that you think that upside is related to?

另外，我再次認為內在期望將針對 SuprNation。只是想了解一下這跟什麼有關。只是增加了玩家數量嗎？我的意思是，顯然參與程度比你預期的還要高。但是，您認為這種上升趨勢與什麼值得一提或具體相關的因素有關嗎？

Well, firstly, on the social casino business, there has been a real focus on player and especially payer retention. As I mentioned earlier, we have the best payers in the category. And so existing players but especially existing payers are incredibly valuable to us. And so from a marketing perspective, from an awareness, from a new game launch standpoint, et cetera, we're always very focused.

首先，在社交賭場業務方面，我們真正關注的是玩家，尤其是付款人的保留。正如我之前提到的，我們擁有該類別中最好的付款人。因此現有玩家，特別是現有付費玩家對我們來說非常有價值。因此，從行銷角度、從知名度、從新遊戲發布的角度等等，我們始終非常專注。

But I think over the last few quarters, I'd say even we've been even more focused on player and payer retention and continuing to reach out to them, to make them excited about continuing to play. And to a great extent, that's what these meta features we've been talking about are. They're ways to reward players for their repeat play and their repeat connection, if you will, to DoubleDown Casino.

但我認為在過去幾個季度裡，我們甚至更加關注玩家和付費用戶的保留，並繼續與他們保持聯繫，讓他們對繼續玩遊戲感到興奮。在很大程度上，這就是我們一直在談論的元特徵。如果你願意的話，它們是獎勵玩家重複玩和重複連接 DoubleDown Casino 的方式。

As it relates to SuprNation, SuprNation's scale is really about acquiring new players and our ability to lean into marketing investments where the ROI makes sense. And we're excited about both the markets they serve in both in the UK and Sweden. And we think, especially given the relatively small market share they have in both countries, that it's definitely time for us to start leaning in to acquire new players for that business.

就 SuprNation 而言，SuprNation 的規模實際上在於獲取新玩家，以及我們在投資回報率合理的地方進行行銷投資的能力。我們對他們在英國和瑞典的服務市場感到非常興奮。我們認為，特別是考慮到他們在兩個國家的市佔率相對較小，現在絕對是我們開始傾向於為該業務招募新參與者的時候了。

Got it. Congrats again.

知道了。再次恭喜。

I'm showing no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

我目前沒有其他問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。