DoubleDown Interactive Co Ltd (DDI) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to DoubleDown Interactive's earnings conference call for the fourth quarter and full year ended December 31, 2024. My name is Marvin, and I'll be your operator this afternoon.

下午好，歡迎參加 DoubleDown Interactive 截至 2024 年 12 月 31 日的第四季和全年財報電話會議。我叫馬文，今天下午我將擔任您的接線生。

Prior to this call, DoubleDown issued its financial results for the fourth 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 a link to the Investor Relations section at the top of the home page.

在本次電話會議之前，DoubleDown 在一份新聞稿中發布了其 2024 年第四季度的財務業績，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 CEO, 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 Investor Relations adviser, will begin a brief introductory statement. Mr. Lan.

參加今天電話會議的有 DoubleDown 的執行長 In Keuk Kim 先生和財務長 Joe Sigrist 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。蘭先生。

Thank you, Marvin. 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，馬文。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經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券交易法第 21E 條所定義的前瞻性陳述，我們在此要求受到 1995 年私人證券訴訟改革法安全港條款的保護。

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.

前瞻性陳述或關於未來事件的陳述包括並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、預期、假設、相信、打算、估計、繼續、應該、預期或其他類似術語來識別。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。

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 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.

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。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。

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. As noted in this afternoon's press release, beginning with the 2024 fourth quarter, DoubleDown is reporting its financial results in accordance with IFRS. As such, the financial results for the 2024 fourth quarter and full year periods reflect IFRS as due to the comparable periods for 2023.

這些前瞻性陳述僅截至本次電話會議召開之日作出。除法律要求外，本公司不承擔並明確否認任何因新資訊、未來事件或其他原因而更新或修改前瞻性陳述的義務。如同今天下午的新聞稿所述，從 2024 年第四季開始，DoubleDown 將按照 IFRS 報告其財務表現。因此，2024 年第四季和全年的財務表現反映了 IFRS，與 2023 年可比期間一致。

Previously, the company reported its financial results in accordance with GAAP accounting standards. The change to IFRS aligns DoubleDown's financial reporting with the financial reporting standards of its controlling shareholder in Korea.

此前，該公司依照GAAP會計準則報告財務業績。此 IFRS 變更使 DoubleDown 的財務報告與其韓國控股股東的財務報告準則保持一致。

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.

在今天的電話會議上，管理階層將討論非國際財務報告準則的財務指標，管理階層認為這些指標對於評估公司的營運表現很有用。這些措施不應被視為優於單獨的措施或取代根據國際財務報告準則所編製的財務結果。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 IFRS 指標的完整對帳表。

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

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

Thank you, Richard. Good afternoon, everyone. Thank you for joining us on our 2024 fourth quarter earnings call. This afternoon, we reported financial results for the first quarter with consolidated revenue down slightly year-over-year to $82 million and adjusted EBITDA of $35.1 million.

謝謝你，理查。大家下午好。感謝您參加我們的 2024 年第四季財報電話會議。今天下午，我們報告了第一季的財務業績，綜合收入同比略有下降至 8,200 萬美元，調整後 EBITDA 為 3,510 萬美元。

Total Q4 revenue was comprised of $73 million generated by our social casino/free-to-play games and $9 million generated by SuperNation, our iGaming business acquired in Q4 2023. Importantly, we continue to drive a high conversion of revenue to profit and cash flow, the hallmark of our operating priorities.

第四季總收入包括我們的社交賭場/免費遊戲產生的 7,300 萬美元和我們在 2023 年第四季收購的 iGaming 業務 SuperNation 產生的 900 萬美元。重要的是，我們繼續推動收入向利潤和現金流的高轉化，這是我們營運重點的標誌。

We again generated significant cash flow from operations in the quarter, contributing to our ability to generate over $148 million of cash flow from operations in full year 2024. DoubleDown's Casino continues to have a solid competitive position in the social casino industry. While average DAU and MAU were down in Q4 from Q3 2024 we again generated strong year-over-year increases in some of our most important monetization KPIs, including ARPDAU, average monthly revenue per payer and payer conversion rate.

我們在本季再次產生了大量經營現金流，這有助於我們在 2024 年全年產生超過 1.48 億美元的營運現金流。DoubleDown 賭場在社交賭場產業持續保持穩固的競爭地位。雖然第四季的平均 DAU 和 MAU 較 2024 年第三季有所下降，但我們一些最重要的貨幣化 KPI 再次實現了強勁的同比增長，包括 ARPDAU、每位付款人的平均月收入和付款人轉換率。

These strong monetization metrics largely reflect the success of our focus on continued enhancement of the entertainment value of DoubleDown Casino, including from the introduction of meta features, which have proven popular with players. Focusing on player and payer retention, we continue to adjust and enhance these features to deliver high levels of excitement and engagement among double-casino players.

這些強勁的貨幣化指標在很大程度上反映了我們專注於持續提升 DoubleDown Casino 的娛樂價值所取得的成功，包括引入已被證明受玩家歡迎的元功能。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，以在雙賭場玩家中提供高水準的興奮感和參與度。

Turning to SuperNation. Q4 revenues of $9 million represents the highest quarterly performance of the business since our acquisition in late 2023. In fact, SuperNation's Q4 revenue was more than 30% higher than our estimate of what the business quarterly run rate was prior to our acquisition. We are continuing to gain experience and expertise in operating SuperNation and believe we can further grow the business top line in 2025 as we increase our investment in new player acquisitions.

轉向超級國家。第四季的營收為 900 萬美元，這是我們自 2023 年底收購以來該業務的最高季度業績。事實上，SuperNation 第四季的營收比我們收購前對該業務季度運行率的估計高出 30% 以上。我們在經營 SuperNation 方面不斷累積經驗和專業知識，並相信隨著我們增加對新球員招募的投資，我們可以在 2025 年進一步增加業務收入。

Within a year of owning and operating SuperNation 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 into new gaming categories that have a highly addressable market opportunity. This diversification can include internally developed new games such as casual game. As you know, we are very cautious with our approach to launching products in new gaming categories as we conduct extensive player trialing prior to committing to invest in a commercial launch.

以擁有和經營 SuperNation 為例，在一年內，我們越來越有信心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，進入具有高度可尋址市場機會的新遊戲類別。這種多樣化可以包括內部開發的新遊戲，例如休閒遊戲。如您所知，我們在推出新遊戲類別的產品時非常謹慎，因為我們在承諾投資商業發布之前會進行廣泛的玩家試用。

At the game has continued, we are refining and optimizing features around both player retention and monetization based on the feedback we've received. 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. With the success we are achieving with SuperNation, we are optimistic that we can identify acquire and integrity companies that can be a long-term driver of revenue, cash flow and growth for the company.

隨著遊戲的繼續，我們根據收到的回饋，不斷改進和優化玩家保留和貨幣化功能。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樣化，從而為股東創造新的價值。憑藉我們在 SuperNation 所取得的成功，我們有信心找到能夠長期推動公司收入、現金流和成長的收購和誠信公司。

The strength of our balance sheet give us the foundation to pursue additional opportunities that bring with them more scale compared to SuperNation as we generally believe that the effort to integrate a company 2 or 3x the size of SuperNation is essentially the same as what we have -- we can do successfully. If the right value-creating opportunity presents itself, we are ready to act.

我們強勁的資產負債表為我們尋求更多機會提供了基礎，這些機會比 SuperNation 更大規模，因為我們普遍認為，整合一家 2 倍或 3 倍於 SuperNation 規模的公司所付出的努力與我們所做的基本相同——我們可以成功做到。如果出現正確的創造價值機會，我們就準備好採取行動。

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. As was highlighted at the beginning of this call, we are now reporting our financial results in accordance with IFRS. The impacts on our financial statements and switching to IFRS from GAAP are generally insignificant. The biggest change is how our leases are treated as some amounts are now included in depreciation and amortization under IFRS. This makes our reported adjusted EBITDA slightly higher.

謝謝，IK，大家下午好。正如本次電話會議開始時所強調的那樣，我們現在按照國際財務報告準則報告我們的財務結果。從 GAAP 轉向 IFRS 對我們的財務報表的影響通常微不足道。最大的變化是我們租賃的處理方式，因為根據國際財務報告準則，現在一些金額已包含在折舊和攤提中。這使得我們報告的調整後 EBITDA 略高。

And from an income statement presentation perspective, depreciation and amortization is not called out as a separate line item. Rather, items associated with depreciation and amortization are included in their functional expense categories. This is a presentation change only and again, is consistent with IFRS.

從損益表的呈現角度來看，折舊和攤提並非作為單獨的項目列出。相反，與折舊和攤銷相關的項目包含在其功能費用類別中。這只是一種呈現方式的改變，並且與 IFRS 一致。

Our revenues for the fourth quarter of 2024 were $82.0 million and were comprised as IK mentioned, of $73 million in revenues from our social casino/free-to-play games and $9 million of revenue from SuperNation. This compares to total company revenues of $83.1 million last year. In the fourth 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 Q4 2024 from $1.24 in Q4 2023.

我們 2024 年第四季的收入為 8,200 萬美元，正如 IK 所提到的，其中包括來自社交賭場/免費遊戲的 7,300 萬美元收入和來自 SuperNation 的 900 萬美元收入。相比之下，去年公司總收入為 8,310 萬美元。第四季度，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或 ARPDAU 從 2023 年第四季度的 1.24 美元增加到 2024 年第四季度的 1.30 美元。

Payer conversion ratio, which is the percentage of players who pay within the social casino apps increased to 6.9% in Q4 2024 compared to 6.4% in Q4 2023. And average monthly revenue per payer increased to $282 in Q4 2024 from $279 in Q4 2023. For the full year 2024, total revenue was $341.3 million, a 10% increase from $308.9 million in full year 2023. Most of this increase reflects the acquisition of SuperNation, which closed on October 31, 2023.

付款人轉換率，即在社交​​賭場應用內付款的玩家百分比，從 2023 年第四季的 6.4% 上升至 2024 年第四季的 6.9%。每位付款人的平均每月收入從 2023 年第四季的 279 美元增至 2024 年第四季的 282 美元。2024 年全年總營收為 3.413 億美元，較 2023 年全年的 3.089 億美元成長 10%。大部分成長反映了對 SuperNation 的收購，該收購於 2023 年 10 月 31 日完成。

Our social casino business grew slightly in 2024 as compared to 2023 and even as overall industry revenues were estimated to have declined. Analysts are forecasting industry revenues to decline again in 2025. These industry forecasts, combined with our comps for 2024, will make year-over-year growth within the social casino category, a challenge in 2025. That being said, you can expect us to continue to strive for improvements in the retention and monetization of our players through the ongoing focus on product development and live enhancements, allowing us to generate attractive margins and strong free cash flow.

與 2023 年相比，儘管預計整體行業收入有所下降，但我們的社交賭場業務在 2024 年仍略有增長。分析師預測該產業營收將在 2025 年再次下降。這些行業預測，結合我們對 2024 年的預測，將使社交賭場類別的同比增長在 2025 年成為一項挑戰。話雖如此，您可以期待我們繼續致力於透過持續關注產品開發和即時增強來提高玩家的保留率和貨幣化，從而讓我們產生可觀的利潤率和強勁的自由現金流。

Operating expenses were $47.8 million compared to $47.4 million in the fourth quarter of 2023, essentially flat. Operating expenses for the 2024 fourth quarter include the operating expenses associated with our full quarter of super nation operations as compared to the 61-day we own the business in the 2023 fourth quarter. The somewhat higher expenses of operating super nation were partially offset by lower marketing and research and development expenses for our social casino free-to-play operations.

營業費用為 4,780 萬美元，而 2023 年第四季為 4,740 萬美元，基本持平。2024 年第四季的營運費用包括與我們整個超級國家營運季度相關的營運費用，而 2023 年第四季我們擁有該業務的時間為 61 天。經營超級國家的費用略高，但被社交賭場免費遊戲業務的營銷和研發費用降低部分抵消。

Sales and marketing expenses for the fourth quarter of 2024 were $10.4 million, in line with the fourth quarter of 2023 and slightly higher than the third quarter of 2024. In Q4, we continue to focus on optimizing spending to acquire new players for our flagship social casino app DoubleDown Casino. This is partially important as the cost to acquire new players continues to rise due to the large investments now being made by Sweepstakes games publishers.

2024 年第四季的銷售和行銷費用為 1,040 萬美元，與 2023 年第四季持平，略高於 2024 年第三季。在第四季度，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。這在一定程度上很重要，因為由於抽獎遊戲發行商目前的大量投資，獲取新玩家的成本不斷上升。

At the same time, we increased our sales and marketing efforts for SuperNation as we focus on ramping the top line. As IK noted, SuperNation had its highest quarterly revenue under our ownership in Q4. With a full year of operating super nation under our belt, we are focused on growing its market share this year in their main UK and Sweden markets.

同時，我們加大了 SuperNation 的銷售和行銷力度，專注於提高營收。正如 IK 所指出的，SuperNation 在我們控股期間的第四季實現了最高的季度收入。我們已經經營超級國家一整年，今年我們專注於在其主要英國和瑞典市場擴大其市場份額。

Profit, excluding noncontrolling interest for the fourth quarter of 2024 was $35.6 million or $14.37 per diluted share and $0.72 per ADS compared to net income of $29.9 million or $10.47 per diluted share and $0.52 per ADS in the fourth quarter of 2023. Adjusted EBITDA for the fourth quarter of 2024 was $35.1 million compared to $37 million for the prior year quarter. Adjusted EBITDA margin was 42.8% for Q4 2020 as compared to 44.5% in Q4 2023.

2024 年第四季不包括非控股權益的利潤為 3,560 萬美元，即每股攤薄利潤 14.37 美元，每股美國存託憑證利潤 0.72 美元，而 2023 年第四季的淨利潤為 2,990 萬美元，即每股攤薄利潤 10.47 美元，每股美國存託憑證利潤。2024 年第四季調整後 EBITDA 為 3,510 萬美元，去年同期為 3,700 萬美元。2020 年第四季的調整後 EBITDA 利潤率為 42.8%，而 2023 年第四季為 44.5%。

For the full year 2024, adjusted EBITDA was $141.9 million compared to $122.1 million in 2023, with an adjusted EBITDA margin in 2024 of 41.6% compared to 39.5% and in 2023. While I highlighted that the full year revenue increase was primarily due to the acquisition of SuperNation, the full year increase in adjusted EBITDA and was entirely due to our ability to generate higher profitability from our social casino operations.

2024 年全年調整後 EBITDA 為 1.419 億美元，而 2023 年為 1.221 億美元，2024 年調整後 EBITDA 利潤率為 41.6%，而 2023 年為 39.5%。雖然我強調全年營收成長主要歸功於收購 SuperNation，但全年調整後 EBITDA 的成長完全歸功於我們能夠從社交賭場業務中獲得更高的獲利能力。

For the full year, net cash flows provided by operating activities were $148.5 million in 2024 compared to $24.1 million in 2023. As you may recall, 2023 cash flow from operation included a final $95.3 million payment for the Benson legal setting. And finally, turning to our balance sheet. As of December 31, 2024, we had $415 million in cash, cash equivalents and short-term investments with a net cash position at quarter end of approximately $381 million or approximately $7.69 per ADS. That completes my financial summary.

就全年而言，2024 年經營活動提供的淨現金流為 1.485 億美元，而 2023 年為 2,410 萬美元。您可能還記得，2023 年營運現金流包括為 Benson 法律設定支付的最終 9,530 萬美元。最後，來看看我們的資產負債表。截至 2024 年 12 月 31 日，我們擁有 4.15 億美元現金、現金等價物和短期投資，季末淨現金狀況約為 3.81 億美元，或每股 ADS 約 7.69 美元。這就是我的財務摘要。

Now I'll turn the call back to IK for closing remarks.

現在我將電話轉回給 IK，請他作結束語。

Thank you, Joe. We are proud of our results in 2024 with total revenue of $341 million, up 10% compared to 2023 and adjusted EBITDA up nearly 16% year-over-year to $141.9 million. And as we highlighted earlier, we generated more than $148 million in cash from operations. For both our social casino and iGaming operations, our strategy in 2025 is to continue driving -- sorry, player engagement and monetization while maintaining our capital efficient discipline.

謝謝你，喬。我們對 2024 年的業績感到自豪，總收入為 3.41 億美元，較 2023 年增長 10%，調整後 EBITDA 同比增長近 16% 至 1.419 億美元。正如我們之前強調的那樣，我們從營運中產生了超過 1.48 億美元的現金。對於我們的社交賭場和 iGaming 業務，我們 2025 年的策略是繼續推動玩家參與和貨幣化，同時保持我們的資本效率紀律。

We recognize that the social casino category is, and this sets up some challenging comparisons for 2025. That said, we are confident that our continued focus on enhancing the entertainment value of DoubleDown Casino will held us maintain our competitive position while our discipline around user acquisition and R&D plans will result and continued strong profitability and free cash flow.

我們認識到社交賭場類別的存在，這為 2025 年建立了一些具有挑戰性的比較。儘管如此，我們相信，我們繼續專注於提高 DoubleDown Casino 的娛樂價值將使我們保持競爭地位，而我們對用戶獲取和研發計劃的紀律將帶來持續強勁的盈利能力和自由現金流。

We will also continue to focus on increasing direct-to-consumer revenue, which will further enhance the profitability of our social casino operations as we offer players different ways to make purchases. We made good progress with these efforts in 2024 and expect additional success this year. With a full year of experience operating SuperNation, we expect to achieve additional top line growth this year. We are encouraged by super nation results in 2024 and see opportunities to increase our investment in acquiring new players in both Sweden and the UK SuperNation's main market.

我們也將繼續專注於增加直接面向消費者的收入，這將進一步提高我們的社交賭場營運的獲利能力，因為我們為玩家提供不同的購買方式。我們在 2024 年的努力中取得了良好進展，並期待今年取得更大的成功。憑藉著營運 SuperNation 一整年的經驗，我們預計今年將實現額外的營收成長。我們對 2024 年超級國家隊的表現感到鼓舞，並看到了增加投資以在瑞典和英國超級國家隊的主要市場中收購新參與者的機會。

In closing, we expect to extend our track record of consistently generating attractive cash flow this year. As we do so, we will further strengthen our balance sheet and the foundation, we have to pursue growth by exploring opportunities in adjacent gaming categories through our in-house development efforts and through potential M&A opportunities.

最後，我們希望今年能延續持續產生可觀現金流的紀錄。在這樣做的同時，我們將進一步加強我們的資產負債表和基礎，我們必須透過內部開發努力和潛在的併購機會來探索相鄰遊戲類別的機會來追求成長。

We are now happy to take your questions. Marvin?

我們現在很高興回答您的問題。馬文？

(Operator Instructions) Aaron Lee, Macquire.

(操作員指示) Aaron Lee，Macquire。

I wanted to start with SuperNation. As you pointed out, it's been a year since the acquisition. So could you just reflect on your accomplishments with that over the past year? What went right? Maybe what's been surprising, and you talked about increasing SuperNation's market share with increased marketing spend.

我想從 SuperNation 開始。正如您所說，收購已經一年了。那麼您能回顧一下過去一年所取得的成就嗎？什麼進展順利？也許令人驚訝的是，您談到透過增加行銷支出來提高 SuperNation 的市場份額。

Any other initiatives you would highlight maybe from a live ops or a content standpoint?

從即時營運或內容的角度來看，您還想強調其他哪些措施？

Yes. I think the marketing -- I'll speak to the marketing execution and maybe IK, you want to talk about product content or product development. But I highlight the marketing execution because what we've learned and found is that the ROI associated with acquiring new users has room to run. And as we have continued to test various different ways of acquiring new users. We have optimized around a set of channels and techniques that seem to be working.

是的。我認為行銷——我將談論行銷執行，也許IK，你想談談產品內容或產品開發。但我強調行銷執行，因為我們已經了解並發現，獲取新用戶相關的投資報酬率還有上升空間。我們也會繼續測試各種不同的獲取新用戶的方法。我們針對一系列看來有效的管道和技術進行了最佳化。

And this has allowed us to acquire more users spend more money, but most importantly, do it profitably with the return that is well within our target. And so that gives us increase -- as the year went on, really gave us increased confidence that we could spend more money in the acquisition of new players.

這使我們能夠獲得更多用戶，花費更多資金，但最重要的是，我們能夠實現盈利，並獲得遠超我們目標的回報。因此，隨著時間的推移，這確實給了我們增加的信心，我們可以花更多的錢來招募新球員。

I mean, if you look at Q3 versus Q4 of this year, we, as a company, spent more -- somewhat more money in marketing, and that was entirely in spending more money with SuperNation. And that just reflects the confidence we have that will pay off, and it has almost immediately in the sense of ramping the revenue.

我的意思是，如果你看看今年第三季與第四季的對比，我們作為一家公司，在行銷上花了更多——更多的錢，而這全部花在了 SuperNation 上。這正是反映了我們對獲得回報的信心，而且從增加收入的意義上來說，它幾乎立即就產生了回報。

Yes. So first, Joe's comment. The most important thing for us now is to find scalability to gather a bigger market share, geo-expansion and brand enhancement and marketing investments are the priorities. Given that now we have three attractive scalable brands, are seeing this brand potential to grow recently. And in addition, we will seek additional differentiated opportunity by offering compelling features as we are doing in social casino platform.

是的。首先，喬的評論。對我們來說，現在最重要的是找到可擴展性來獲得更大的市場份額，地理擴張、品牌提升和行銷投資是首要任務。鑑於現在我們有三個具有吸引力的可擴展品牌，我們看到最近這個品牌的成長潛力。此外，我們將透過提供引人注目的功能來尋求額外的差異化機會，就像我們在社交賭場平台上所做的那樣。

Purely, we will focus more on improving our users lifetime value as we develop KPI. That's our core strength in recent years. So this virtuous cycle should be essential to scale up the business from ROI perspective as well.

純粹來說，在製定 KPI 時，我們將更加重視提高用戶的終身價值。這是我們近年來的核心優勢。因此，從投資報酬率的角度來看，這種良性循環對於擴大業務也至關重要。

Great. That's good color. And then as a follow-up, over the last couple of quarters, we've seen the success you've had with introducing new meta features and growing monetization. With regard to the product road map, can you just help us understand how you're positioning yourselves to continue the momentum, given that you'll be lapping some tough comps from your success this year?

偉大的。這顏色真好。作為後續行動，在過去幾個季度中，我們看到了您在引入新的元功能和提高貨幣化方面取得的成功。關於產品路線圖，考慮到今年你們將取得的成功，並面臨一些艱難的挑戰，您能否幫助我們了解你們如何定位自己以繼續保持這種勢頭？

Yes. Let me start first. Both effective event features combination are mainly, for example, these three combinations in. Actually, the first one is daily, weekly missions like mission, plus leader challenges. This encourages daily logging.

是的。讓我先開始。兩種有效的事件特徵組合主要有例如這三種組合。其實第一個是每日、每週的任務，像是任務，加上領袖挑戰。這鼓勵每日記錄。

The second one is card collection events like Wonder cards plus seasonal events like VIP races and journey. This maintains long-term retention and attract users. Actually, the third one is we are researching now personalized experiencing using AI system. This can enhance our user interaction and boost user engagement. So we believe, as a result, this kind of efforts -- our ongoing efforts will help us maintain user attraction and longevity, and we are working very hard to bring and refresh them yet.

第二個是像奇蹟卡這樣的卡片收集活動以及像 VIP 比賽和旅程這樣的季節性活動。這可以保持長期保留並吸引用戶。其實第三個是我們現在正在研究利用人工智慧系統來實現個人化的體驗。這可以增強我們的用戶互動並提高用戶參與度。因此，我們相信，這種努力——我們的持續努力將幫助我們保持用戶吸引力和長久性，我們正在努力帶來和更新它們。

Greg Gibas, Northland Securities.

北國證券公司的格雷格·吉巴斯（Greg Gibas）

I wanted to follow up on SuperNation. Can you discuss, I guess, the efforts and investments you're making for market share growth you talked about UK and Sweden. What kind of investments are you making there to grow your market share? And then kind of separately, like do you expect to expand SuperNation into new iGaming markets?

我想跟進 SuperNation。您能否討論一下您為擴大英國和瑞典的市場份額所做的努力和投資？您在那裡進行什麼樣的投資來擴大市場佔有率？然後再分別說一下，您是否希望將 SuperNation 擴展到新的 iGaming 市場？

Yes. I think the major investment, as I mentioned a minute ago that is very visible and has almost frankly, an immediate impact is in marketing and in acquiring new users. And the monetization of new users is especially in the UK, but also in Sweden, is incredibly fast.

是的。我認為，正如我剛才提到的，主要的投資非常明顯，坦白說，對行銷和獲取新用戶產生了直接影響。新用戶的貨幣化速度在英國尤其快，但在瑞典也是如此。

And so our ROI targets, our payback period targets, the ones that we have from our social casino business are almost too modest compared to what we're seeing with the iGaming business. And so we really feel good about within reason, of course, spending more money there, and that's why you saw for instance, in Q4 the fact that we increased marketing as a company pretty much solely on the back of the investment in SuperNation.

因此，我們的社交賭場業務的投資報酬率目標和投資回收期目標，與 iGaming 業務相比，幾乎過於溫和。因此，我們確實對在合理範圍內在那裡投入更多資金感到滿意，這就是為什麼例如在第四季度，我們作為一家公司增加了行銷費用，這幾乎完全是依靠對 SuperNation 的投資。

And IK mentioned also leveraging the brands and product development. I mean all of that is really in the focus on the kind of the high entertainment iGaming player. One of the things that you'll perhaps recall is the thing that attracted us most -- or one of the things that attracted us most of SuperNation -- they just weren't looking for the turn and burn gambler.

IK 也提到了利用品牌和產品開發。我的意思是，所有這些實際上都集中在高娛樂性的 iGaming 玩家身上。您也許會記得最吸引我們的事情之一——或者說 SuperNation 最吸引我們的事情之一——他們只是沒有尋找轉牌和燒錢的賭徒。

They also have this idea of the entertainment style online slot player. And that really speaks to the fact that there's been a good investment in product development and feature development and brand development around the three major brands that they have.

他們也有這種娛樂式線上老虎機玩家的想法。這確實說明了他們在三大品牌的產品開發、功能開發和品牌開發方面進行了良好的投資。

Got it. That's helpful. And as it relates to your commentary on future games, what categories maybe make the most sense for development? And I wanted to get a sense of if you could share any timing of potential new titles to come.

知道了。這很有幫助。就您對未來遊戲的評論而言，哪些類別對於開發來說最有意義？我想知道您是否可以分享即將推出的新作品的具體時間。

Well, the most near term is the match three game that we have currently in beta. That's a totally internally developed game that we're working on now. And as IK mentioned, we're tweaking, optimizing during its beta period. And then the pipeline of additional games that we have fall into other casual gaming categories that I can't be too specific about relative to the schedule or timing. But from an organic standpoint, we are focused on the casual gaming category.

嗯，近期我們推出的是三消遊戲，目前處於測試階段。這是一款我們目前正在完全內部開發的遊戲。正如 IK 所提到的，我們正在測試期間進行調整和最佳化。然後，我們即將推出的其他遊戲屬於其他休閒遊戲類別，我無法太具體地透露其時間表或時間表。但從有機角度來看，我們專注於休閒遊戲類別。

From an M&A perspective, of course, the aperture widens. We're looking at all sorts of different types of gaming opportunities, both in the regulated side of the business as well as, of course, in the casual game category or even hyper casual category, but that's also kind of an ongoing focus of the company.

當然，從併購的角度來看，範圍會擴大。我們正在尋找各種不同類型的遊戲機會，既包括受監管的業務，也包括休閒遊戲類別甚至超休閒類別，但這也是公司持續關注的重點。

Thank you. This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。

Thank you.

謝謝。