DoubleDown Interactive Co Ltd (DDI) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to DoubleDown Interactive earnings conference call for the second quarter ended June 30, 2025. My name is Michelle, and I'll be your operator this afternoon. Prior to this call, DoubleDown issued its financial results for the second 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 home page.

下午好，歡迎參加 DoubleDown Interactive 截至 2025 年 6 月 30 日的第二季財報電話會議。我叫米歇爾，今天下午我將擔任您的接線生。在這次電話會議召開前，DoubleDown 已透過新聞稿發布了 2025 年第二季的財務表現。新聞稿副本可在本公司網站 www.doubledowninteractive.com 的「投資者關係」版塊取得。 「投資人關係」版塊的連結位於公司首頁頂端。

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

參加今天電話會議的有 DoubleDown 執行長 IK Kim 先生和執行長 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喬·賈福尼 (Joe Jaffoni) 將做一個簡短的介紹性演講。賈福尼先生？

Thank you, Michelle, and good afternoon, everyone. 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.

謝謝你，米歇爾，大家下午好。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（修訂版）和《1934 年證券法》第 21E 條（修訂版）含義內的前瞻性陳述，我們特此要求《1995 年私人證券訴訟改革法》的安全港條款的保護。

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, and can, estimate, continue, should, anticipate or other similar words. 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，包括期望和預測，而非現在或歷史事實，可以透過使用諸如可能、也許、將、預期、假設、相信、可以、估計、繼續、應該、預期或其他類似詞語來識別。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 upon them. We refer you to DoubleDown's annual report on Form 20-F filed with the SEC on April 21, 2025, and other SEC filings for a more detailed discussion of risks that could impact future operating results and financial condition.

前瞻性陳述受多種風險和不確定性的影響，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 2025 年 4 月 21 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 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.

這些前瞻性陳述僅截至今天電話會議之日作出。除法律要求外，本公司不承擔並明確否認因新資訊、未來事件或其他原因而更新或更改前瞻性聲明的任何義務。

As noted in this afternoon's release, beginning with the 2024 fourth quarter, DoubleDown is reporting its financial results in accordance with IFRS. As such, the financial results for the 2025 second quarter reflect IFRS as to the comparable period for 2024. Previously, the company reported its financial results in accordance with GAAP accounting standards. The change to IFRS aligns DoubleDown's financial reporting with financial reporting standards of its controlling shareholders in Korea.

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，2025 年第二季的財務表現反映了 2024 年可比較期間的 IFRS。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標準保持一致。

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. I would like to remind everyone that this call is being recorded and will be able for replay via a link in the Investor Relations section on DoubleDown's website.

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、孤立地或取代根據國際財務報告準則編制的財務結果。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。我想提醒大家，本次通話正在錄音，可以透過 DoubleDown 網站投資者關係部分的連結重播。

With that, it's now my pleasure to turn the call over to DoubleDown CEO, IK Kim. Please go ahead.

現在我很高興將電話轉給 DoubleDown 執行長 IK Kim。請繼續。

Thank you, Joe. Good afternoon, everyone. We are delighted to be with you today to discuss not only our strong 2025 second quarter milk and our continued progress with SuprNation, but also our other recent initiatives intended to enhance shareholder value.

謝謝你，喬。大家下午好。我們很高興今天能與大家一起討論我們強勁的 2025 年第二季度牛奶和我們與 SuprNation 的持續進展，以及我們旨在提高股東價值的其他近期舉措。

Let's start with the quarterly results. This afternoon, we reported second quarter consolidated revenue of $84.8 million and adjusted EBITDA of $33.5 million. Q2 revenue was comprised of $69.3 million generated by Social Casino operations and $15.5 million generated by our iGaming business SuprNation. In Q2, we again delivered on our key operating priority of driving a high conversion of revenue to cash flow, even as we comprehend our strong Social Casino performance in the second quarter of 2024.

讓我們從季度業績開始。今天下午，我們公佈了第二季合併營收 8,480 萬美元，調整後息稅折舊攤提前利潤 3,350 萬美元。第二季收入包括社交賭場業務產生的 6,930 萬美元和 iGaming 業務 SuprNation 產生的 1,550 萬美元。在第二季度，我們再次實現了我們的關鍵營運重點，即推動收入向現金流的高轉化，儘管我們了解到 2024 年第二季度社交賭場業務表現強勁。

Cash flow from operations were $19.7 million bringing our total for the first half of 2025 to $60.1 million, and we are able to continue delivering this profit and cash flow results even as we continue to prudently increase marketing spend to acquire new players at SuprNation. Our reflected DoubleDown casino app continues to be the engine of cash flow generation for the company. Monetization metrics for the second quarter reflect this performance with ARPU down at $1.33 equal to that of Q2 2024 as well as payer conversion rate at 7%, increasing from both Q2 2024 and Q1 2025.

經營現金流為 1,970 萬美元，使我們 2025 年上半年的總現金流達到 6,010 萬美元，即使我們繼續審慎增加行銷支出以招募 SuprNation 的新球員，我們也能夠繼續實現這一利潤和現金流結果。我們所反映的 DoubleDown 賭場應用程式繼續成為公司現金流的引擎。第二季的貨幣化指標反映了這一表現，其中 ARPU 下降至 1.33 美元，與 2024 年第二季度持平，而付款人轉換率為 7%，較 2024 年第二季和 2025 年第一季均有所上升。

In Q2, we again increased the proportion of our Social Casino revenue generated by direct-to-consumer purchases. With this progress, DTC revenue is now running at over 15% of total Social Casino revenue. As you know, the ability to convert more Social Casino revenue to DTC further enhances our profitability as we offer players different ways to make purchases.

在第二季度，我們再次增加了社交賭場直接面向消費者的購買收入的比例。隨著這一進展，DTC 收入現已佔社交賭場總收​​入的 15% 以上。如您所知，將更多社交賭場收入轉換為 DTC 的能力進一步提高了我們的盈利能力，因為我們為玩家提供了不同的購買方式。

As I mentioned a moment ago, we are complementing our strong free cash flow profile and financial position through other initiatives intended to build new value for shareholders. Our ongoing commitment to the Social Casino business is highlighted by DoubleDown's recently completed acquisition of WHOW Games or Social Casino operator based in Hamburg, Germany. With this acquisition which closed on July 15, EDI is further expanding its presence in Europe as WHOW's revenue is primarily generated in Germany using single game content that is familiar and opposing to local players.

正如我剛才提到的，我們正在透過其他旨在為股東創造新價值的措施來補充我們強大的自由現金流狀況和財務狀況。DoubleDown 最近完成了對總部位於德國漢堡的社交賭場營運商 WHOW Games 的收購，這突顯了我們對社交賭場業務的持續承諾。此次收購於 7 月 15 日完成，EDI 進一步擴大了其在歐洲的業務，因為 WHOW 的收入主要來自德國，使用當地玩家熟悉且反對的單一遊戲內容。

The integration of WHOW games further geographically diversified DTI's top line, which historically has been concentrated in the US. And we are excited to begin leveraging DoubleDown's knowledge and expertise in a number of key operational areas to accelerate WHOW's success going forward.

WHOW 遊戲的整合進一步實現了 DTI 營收的地域多元化，而此前該公司營收一直集中在美國。我們很高興開始利用 DoubleDown 在多個關鍵營運領域的知識和專業技能來加速 WHOW 未來的成功。

Turning to explanation. Q2 revenue of $15.5 million yet again represented the highest quarterly performance of the business since our acquisition in late 2023 and grew by $2.3 million from the first quarter of 2025. For perspective, SuprNation's quarterly revenue run rate has more than doubled since DoubleDown closed this acquisition. SuprNation's second quarter growth reflects our strategy to prudently tail investments to acquire new players for their three iGaming online casinos.

轉向解釋。第二季的營收為 1,550 萬美元，再次創下了自 2023 年底收購以來的最高季度業績，並且比 2025 年第一季成長了 230 萬美元。從長遠來看，自從 DoubleDown 完成此次收購以來，SuprNation 的季度營收運作率已經成長了一倍多。SuprNation 第二季度的成長反映了我們的策略，即謹慎地進行投資，為其三家 iGaming 線上賭場吸引新玩家。

Our investments continues to generate excellent payback and strong returns even as the number of new players increased. At this time, we believe that such expenditure can drive further success and growth for SuprNation in the second half of 2025. Our experience in owning and operating SuprNation over the last few quarters and our success with integrating its operations and driving very healthy level of top line growth makes us increasingly confident that we can leverage our core strengths, financial discipline and strong balance sheet to further diversify our company by focusing on new gaming categories and underserved geographies.

即使新玩家數量增加，我們的投資仍持續產生豐厚的回報和強勁的收益。目前，我們相信此類支出可以推動 SuprNation 在 2025 年下半年取得進一步的成功和成長。我們在過去幾季擁有和經營 SuprNation 的經驗以及我們成功整合其營運並推動非常健康的營收成長水準使我們越來越有信心，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，透過專注於新的遊戲類別和服務不足的地區來進一步實現公司多元化。

This priority is reflected in our acquisition of WHOW 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 it serves to create value for shareholders.

這項優先事項體現在我們對 WHOW Games 的收購以及我們持續尋找其他符合我們標準的收購目標，以將我們的業務擴展到新市場，同時進一步實現收入和現金流多樣化，從而為股東創造價值。

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

現在，我將把時間交給我們的財務長喬·西格里斯特 (Joe Sigrist)，他將透過我的結束語向我們介紹我們的財務狀況。喬？

Thank you, IK, and good afternoon, everyone. As was earlier mentioned, beginning with the fourth quarter of 2024, we are now reporting our financial results in accordance with IFRS and the comparisons of our 2025 second quarter results to 2024 second quarter results reflect that change for the prior year period under IFRS. The financial statement implications and switching to IFRS from GAAP are generally insignificant with the biggest change being how our leases are treated as some amounts are now included in depreciation and amortization under IFRS. This generally underscores our reported adjusted EBITDA slightly higher.

謝謝，IK，大家下午好。如前所述，從 2024 年第四季開始，我們將按照 IFRS 報告財務業績，而 2025 年第二季業績與 2024 年第二季業績的比較反映了 IFRS 下去年同期的變化。從 GAAP 到 IFRS 對財務報表的影響通常並不大，最大的變化在於我們的租賃處理方式，因為根據 IFRS，現在某些金額已包含在折舊和攤銷中。這通常表示我們報告的調整後 EBITDA 略有上升。

As IK mentioned revenues for the same quarter of 2025 were $84.8 million and were comprised of $69.3 million, revenues from our Social Casino business was $15.5 million, our revenues from SuprNation. This compares to total company revenues of $88.2 million for Q2 2024. On a year-over-year basis, as expected, given our strong Social Casino performance in Q2 last year, Social Casino revenues declined 14% and were down approximately 1.5% from Q1 2025. At the same time, iGaming revenues nearly doubled, increasing 6% from the second quarter of 2024. And as IK stated were up $2.3 million on a sequential basis.

正如 IK 所提到的，2025 年同一季度的收入為 8,480 萬美元，其中社交賭場業務收入 6,930 萬美元，SuprNation 收入 1,550 萬美元。相比之下，2024 年第二季公司總營收為 8,820 萬美元。與去年同期相比，正如預期的那樣，鑑於我們去年第二季度社交賭場的強勁表現，社交賭場收入下降了 14%，比 2025 年第一季下降了約 1.5%。與此同時，iGaming 營收幾乎翻了一番，較 2024 年第二季成長了 6%。正如 IK 所說，我們的收入比上一季增加了 230 萬美元。

With our focus on leveraging our platform and driving free cash flow, we continue to generate strong monetization in the Social Casino business in Q2. Average revenue per daily active user or ARPDAU at $1.33 in Q2 2025 was equal to that in Q2 2024. Payer conversion rate, which is the percentage of players who pay within the Social Casino apps increased to 7% in Q2 2025 compared to 6.7% in Q2 2024. And average monthly revenue per payer continued to be strong at $286 in Q2 2025, which is down just slightly from $288 in the prior year period.

透過專注於利用我們的平台和推動自由現金流，我們在第二季度繼續在社交賭場業務中實現強勁的貨幣化。2025 年第二季每活躍用戶平均收入 (ARPDAU) 為 1.33 美元，與 2024 年第二季持平。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 2024 年第二季的 6.7% 上升至 2025 年第二季的 7%。2025 年第二季度，每位付款人的平均月收入持續保持強勁，達到 286 美元，較去年同期的 288 美元略有下降。

As reviewed on recent quarterly calls, industry revenues are forecasted to decline in 2025. These industry forecasts, combined with our strong performance throughout 2024 will make year-over-year Social Casino comps challenging in 2025. As IK described, we remain steadfast in our commitment to the Social Casino business. With our flagship DoubleDown casino, we have the right strategies in place, including a focus on product development improvements, live operations enhancements and payer-based marketing initiatives to support its strong industry position. And with the acquisition of WHOW Games, we look forward to taking our Social Casino business to the next level.

根據最近的季度電話會議回顧，預計 2025 年行業收入將會下降。這些行業預測，加上我們在 2024 年全年的強勁表現，將使 2025 年社交賭場的同比業績面臨挑戰。正如 IK 所描述的，我們堅定不移地致力於社交賭場業務。憑藉我們的旗艦 DoubleDown 賭場，我們制定了正確的策略，包括專注於產品開發改進、現場營運增強和基於付款人的行銷計劃，以支持其強大的行業地位。透過收購 WHOW Games，我們期待將我們的社交賭場業務提升到一個新的水平。

In the second quarter of 2025, operating expenses of $52.4 million were essentially flat compared to $51.9 million in the second quarter of 2024. Lower research and development expenses and a decline in the cost of revenue were partially offset by higher sales and marketing and G&A expenses.

2025 年第二季的營運費用為 5,240 萬美元，與 2024 年第二季的 5,190 萬美元基本持平。較低的研發費用和收入成本的下降被較高的銷售和行銷費用以及一般及行政費用部分抵銷。

Sales and marketing expense for the second quarter of 2025 were $13.1 million compared to $11.6 million in the second quarter of 2024. In Q2, we continue to optimize spending to acquire new players for DoubleDown casino, while at the same time, increasing sales and marketing spend for SuprNation to focus on new player acquisitions.

2025 年第二季的銷售和行銷費用為 1,310 萬美元，而 2024 年第二季為 1,160 萬美元。在第二季度，我們繼續優化支出以吸引 DoubleDown 賭場的新玩家，同時增加 SuprNation 的銷售和行銷支出以專注於吸引新玩家。

Profit, excluding noncontrolling interest for the second quarter of 2025 was $21.9 million or $8.82 per diluted share and $0.44 per ADS compared to profit excluding noncontrolling interest of $33.2 million or $13.35 per diluted share and $0.67 per ADS in the second quarter of 2024. This decline in profit, excluding noncontrolling interest was primarily driven by lower revenue and especially increased unrealized loss on foreign currency due to the weakening of the US dollar in Q2.

2025 年第二季不包括非控股權益的利潤為 2190 萬美元，即每股攤薄收益 8.82 美元，每股美國存託憑證 0.44 美元，而 2024 年第二季度不包括非控股權益的利潤為 3320 萬美元，即每股攤薄收益 13.35 美元，每股美國存託憑證。不包括非控制權益的利潤下降主要是由於收入下降，尤其是第二季美元走弱導致的外匯未實現損失增加。

Adjusted EBITDA for the second quarter of 2025 was $33.5 million compared to $37.5 million for the prior year quarter. Adjusted EBITDA margin was 39.5% for Q2 2025 compared to 42.5% in Q2 2024. Net cash flows provided by operating activities in Q2 2025 were $19.7 million compared to $34.8 million in Q2 2024 and $41.1 million in Q1 2025. The decline in net cash flows in Q2 was primarily attributed to income tax payment timing. For the first half of 2025 net cash flows provided by operating activities were approximately $60 million.

2025 年第二季調整後 EBITDA 為 3,350 萬美元，去年同期為 3,750 萬美元。2025 年第二季調整後 EBITDA 利潤率為 39.5%，而 2024 年第二季為 42.5%。2025 年第二季經營活動提供的淨現金流為 1,970 萬美元，而 2024 年第二季為 3,480 萬美元，2025 年第一季為 4,110 萬美元。第二季淨現金流的下降主要歸因於所得稅繳納時間。2025 年上半年經營活動產生的淨現金流約為 6,000 萬美元。

Finally, turning to our balance sheet. As of June 30, 2025, we had $481.2 million in cash, cash equivalents and short-term investments with a net cash position at quarter end of approximately $444 million or approximately $8.97 per ADS. Our current cash position has, of course, been subsequently reduced due to the approximate $64 million payment made in July for the WHOW Games acquisition.

最後，來看看我們的資產負債表。截至 2025 年 6 月 30 日，我們擁有 4.812 億美元的現金、現金等價物和短期投資，季度末的淨現金狀況約為 4.44 億美元，或每股 ADS 約 8.97 美元。當然，由於 7 月為收購 WHOW Games 支付了約 6,400 萬美元，我們目前的現金狀況隨後有所減少。

As a final note, I'd like to acknowledge the sale of shares during the second quarter by our private equity investor in Korea, our second largest shareholder. The successful completion of this process has expanded our shareholder base and increased liquidity of our publicly traded stock. I'd like to take this opportunity to welcome these new investors to DoubleDown.

最後要說的是，我想感謝我們的第二大股東韓國私募股權投資者在第二季出售了股份。這個過程的成功完成擴大了我們的股東基礎，並提高了我們公開交易股票的流動性。我想藉此機會歡迎這些新投資者加入 DoubleDown。

Now I turn it back to IK for closing remarks.

現在我把話題轉回給 IK，請他做結束語。

Thank you, Joe. In summary, DoubleDown Interactive is delivering strong cash flow from its two meaningful and exciting businesses, Social Casino and iGaming. Our strong balance sheet and cash position allow us to continue to make disciplined investments in each of our business while continually evaluating new opportunities to enhance the growth of each. This includes investments through both organic means as we leverage the strength of our talented teams and through our evaluation of potential future acquisitions.

謝謝你，喬。總而言之，DoubleDown Interactive 的兩大業務——社交賭場和 iGaming——正在產生強勁的現金流。我們強大的資產負債表和現金狀況使我們能夠繼續對每項業務進行有紀律的投資，同時不斷評估新的機會以促進每項業務的成長。這包括透過有機方式進行的投資，因為我們利用了我們優秀團隊的力量，並透過對未來潛在收購的評估進行投資。

We are now happy to take your questions. Michelle?

我們現在很高興回答您的問題。米歇爾？

(Operator Instructions)

（操作員指示）

Aaron Lee, Macquarie.

麥格理的 Aaron Lee。

Hi, good afternoon. Thanks for taking my question. Maybe to start with WHOW Games, any color on how you're thinking about balancing growth versus profitability for that business and I guess generally, how do you see the drivers of growth for that business going forward. Thank you.

嗨，下午好。感謝您回答我的問題。也許可以從 WHOW Games 開始，您可以談談您如何考慮平衡該業務的成長與獲利能力，以及您如何看待該業務未來的成長動力。謝謝。

Yeah. Thanks, Aaron. WHOW Games for us is a very exciting opportunity because on one hand, of course, we understand the Social Casino business quite well, and on the other hand, it's incremental to what we're doing today relative to their strength in Europe and specifically in Germany and their use of more of a white, I'll call it a white label model relative to how they work with some of their major partners, especially partners that are strong with content and land-based gaming.

是的。謝謝，亞倫。WHOW Games 對我們來說是一個非常令人興奮的機會，因為一方面，我們當然非常了解社交賭場業務，另一方面，相對於他們在歐洲，特別是在德國的實力，這是我們目前所做工作的增量，他們更多地使用白色，我稱之為白標模式，相對於他們與一些主要合作夥伴的合作方式，特別是在內容和實體遊戲方面雄厚的合作夥伴。

So for us, we want to lean into what they do well, as you may know, Europe relative to the rest of the world has had some growth more recently in the Social Casino industry, and we want to take full advantage of that and that's through this acquisition and, through the ways that we can help them, help WHOW Games grow and take advantage of what they're already doing well.

因此，對於我們來說，我們希望依靠他們擅長的領域，正如您可能知道的，相對於世界其他地區，歐洲的社交賭場行業最近取得了一些增長，我們希望充分利用這一點，那就是透過這次收購，透過我們可以幫助他們的方式，幫助 WHOW Games 成長並利用他們已經做得很好的領域。

Okay, got it. And then on direct to consumer, you previously talked about B2C surpassing 15% as the target for 2025 and you guys have already achieved that. I guess looking further out, what do you think is an appropriate medium or long term target? Thank you.

好的，明白了。然後關於直接面向消費者，您之前談到 B2C 超過 15% 是 2025 年的目標，而你們已經實現了這一目標。我想從更長遠的角度來看，您認為合適的中期或長期目標是什麼？謝謝。

Yeah, thanks for making that comparison. I appreciate that, Aaron. Yeah, I mean -- we're really pleased just to lean into that a little bit on the progress we've made -- well, really since we started this initiative in earnest 1.5 year ago but especially what we've been able to do in the last six months and we look to do more. I mean, relative to the target -- I know some of our peers have put targets out there I mean certainly it's going to grow from -- continue to grow from here, I guess we have to update our end of year target now, but relative to continued progress, I mean we have initiatives from a product and a marketing perspective that will allow us to grow from the 15%-plus of Social Casino revenue that we are now, I don't have a target for you specifically but, I certainly believe that we'll be higher by the end of the year than we are now.

是的，謝謝你所做的比較。我很感激，亞倫。是的，我的意思是——我們真的很高興能夠稍微談談我們所取得的進展——嗯，實際上自從我們一年半前認真啟動這項計劃以來，特別是過去六個月我們所能做的，我們希望做得更多。我的意思是，相對於目標——我知道我們的一些同行已經設定了目標，我的意思是它肯定會從現在開始增長——繼續從現在開始增長，我想我們現在必須更新我們的年底目標，但相對於持續的進步，我的意思是我們從產品和營銷的角度採取了一些舉措，這將使我們能夠從現在的社交收入的 15% 以上的 15% 以上

Okay, understood. Congrats on the quarter. Nice job. Good luck with WHOW.

好的，明白了。恭喜本季。幹得好。祝 WHOW 好運。

Yeah. Thanks Aaron.

是的。謝謝 Aaron。

David Bain, Texas Capital Bank.

德克薩斯資本銀行的戴維·貝恩。

Great. Thanks. I was hoping to get a little bit of background on the WHOW Games M&A process, if you were looking for a Social Casino opportunity or if it was more opportunistic is just a great price bolt on fit with the core business and then going forward, does that shift the spectrum of the M&A genre focus, size, timing, as you look to digest WHOW and grow SuprNation.

偉大的。謝謝。我希望了解 WHOW Games 併購流程的背景，如果您正在尋找社交賭場機會，或者它更具機會性，只是與核心業務高度契合的價格，那麼在您尋求消化 WHOW 和發展 SuprNation 的過程中，這是否會改變併購類型的重點、規模和時機。

Yeah. Great, question, Dave. I mean, we definitely have been looking as you know for ways to leverage our strong balance sheet to grow the business, to grow the company. And well our first acquisition was an iGaming business, and we've been looking primarily outside of Social Casino, this was opportunistic it's something that came across the desk and the more we looked into it, the more we realized it was -- as I mentioned earlier to Aaron, kind of a little bit of what we do and incremental opportunity based on what they could add to the current Social Casino business that is our strength.

是的。好問題，戴夫。我的意思是，正如你所知，我們一直在尋找利用我們強大的資產負債表來發展業務、發展公司的方法。我們的第一筆收購是 iGaming 業務，我們主要關注社交賭場之外的業務，這是一個機會，是我們偶然發現的，我們研究得越多，就越意識到這一點 — — 正如我之前對 Aaron 提到的，這有點像我們所做的事情，以及基於他們可以為當前社交賭場業務增添什麼而產生的增量機會，而這正是我們的優勢。

So it was a really nice thing to execute on and I'd say it was opportunistic. Because of that, it doesn't take our focus away from the other searches that we're doing and our other looks relative to future and potential new ways to use our strong balance sheet and I don't think it delays our excitement or what we think we can execute on if the right thing comes across.

所以這確實是一件非常好的事情，而且我認為這是一個機會主義的。正因為如此，它不會分散我們對正在進行的其他搜索的注意力，也不會分散我們對未來以及利用我們強大資產負債表的潛在新方法的關注，而且我認為這不會延遲我們的興奮感，也不會延遲我們認為如果遇到正確的事情我們可以執行的操作。

Okay. All right. So I guess the next one would be on the regulatory action towards sweeps in markets where some of the larger players have at least abided by cease and desist letters. I know a lot haven't yet. Are you seeing any increase in trend for sign-ups or play? Is it too early to monitor or see that? And are you trying to anticipate in some of those territories to make marketing changes?

好的。好的。因此，我想下一個將是關於對一些較大的參與者至少遵守停止和終止信函的市場進行清理的監管行動。我知道還有很多事情還沒發生。您是否發現註冊人數或遊戲人數有增加的趨勢？現在監測或觀察是否為時過早？您是否試圖預測某些地區的行銷變化？

Well, I mean just to be clear to everybody on the call, I mean we're not involved in the sweepstakes business we do not have anything akin to sweepstakes casinos, and I think your question is do we see upside because of the, --

嗯，我的意思是，為了讓電話裡的每個人都清楚，我的意思是，我們沒有參與抽獎業務，我們沒有類似抽獎賭場的東西，我想你的問題是，我們是否看到了好處，因為，--

Correct.

正確的。

Yeah, I just want to be clear upside because of potential action that's been taken or is being taken against them. The short answer is, no we haven't I there's nothing I can quantify or tell you that is a positive impact if you will to whatever has been occurring legislatively or regulatory -- on the regulatory side with those with those games. It's not something that we can say has had a specific impact.

是的，我只是想明確指出由於已經採取或正在對他們採取的潛在行動所帶來的好處。簡短的回答是，沒有，我無法量化或告訴你，這對立法或監管方面發生的事情會產生積極影響——就這些遊戲的監管方面而言。我們不能說它產生了具體的影響。

Okay. And if I could just one more, I'm sorry, I know I'm going over by one, but I was checking news on WU and they have a history of return of capital shareholders, as like in this July 8 news, I'm reading it right of a buyback of KRW35 billion. Is there any kind of just high level thoughts regarding the parents returning capital activity versus double down thought process towards their own or the parent thought process? I mean, understanding valuation considerations between companies and things like that, but I would actually think that would work towards us. I'm just trying to understand like, if the view of the differential, if you have one.

好的。如果我可以再問一個，對不起，我知道我多說了一個，但我正在查看 WU 的新聞，他們有資本股東回報的歷史，就像這條 7 月 8 日的新聞一樣，我讀到的是 350 億韓元的回購。關於父母返還資本活​​動與加倍下注自己或父母的思考過程的思考過程，是否存在某種高層次的思考？我的意思是，了解公司之間的估值考慮等等，但我實際上認為這對我們有利。我只是想了解一下，如果你有差異的觀點。

Yeah. I mean -- no, no -- we can't comment on double use actions or double use activity, I mean obviously they're a separate company. Yes, they are controlling shareholder and obviously that's an important part of our corporate structure, but I can't comment on what they're doing with their company.

是的。我的意思是——不，不——我們不能對雙重使用行動或雙重使用活動發表評論，我的意思是他們顯然是一家獨立的公司。是的，他們是控股股東，顯然這是我們公司結構的重要組成部分，但我無法評論他們對公司所做的事情。

Fair enough. Thanks guys.

很公平。謝謝大家。

Josh Nichols, B Riley.

喬許·尼可斯、B·萊利。

Yeah. Thanks. Just want to double click real quick on the WHOW acquisition, I guess one in terms of the revenue to EBITDA profitability is that relatively comparable where you're looking at something that's like 30% plus but overall like just as you integrate this acquisition I'm thinking about some of the potential synergies and expanding direct to consumer is that something that they're doing or even potentially, expanding your content agreements with like DoubleDown, DoubleU or IGT to WHOW and potential pauses that they could have on the business as you integrate that.

是的。謝謝。我只想快速雙擊 WHOW 收購，我想就收入與 EBITDA 盈利能力而言，兩者是相對可比的，你會看到 30% 以上，但總的來說，就像你整合這次收購一樣，我正在考慮一些潛在的協同效應，並擴大直接面向消費者的業務，這是他們正在做的事情，甚至有可能將你與 DoubleDown. WHOW，以及在你整合這些協議時他們可能對業務產生的潛在影響。

Yeah. Josh, certainly there are synergy opportunities relative to growing the business and improving profitability some of those things you mentioned such as our direct consumer initiatives, that you know we're seeing success with that that we're going to be discussing with the WHOW team. And from a content standpoint, while perhaps not all of our content are not all of the traditional DoubleDown or DoubleDown Casino content, will be appropriate given, the European player, some of it very well may be.

是的。喬希，當然，在發展業務和提高盈利能力方面存在協同效應機會，您提到的一些事情，例如我們的直接消費者計劃，您知道我們正在看到成功，我們將與 WHOW 團隊進行討論。從內容的角度來看，雖然我們的內容可能並非都是傳統的 DoubleDown 或 DoubleDown Casino 內容，但考慮到歐洲玩家的需求，其中一些內容很可能是合適的。

And so those are also other discussions that we're starting to have with the WHOW team, especially that content by the way that that we've developed internally in our Korean studios, which then of course would be royalty fee revenue for us and for WHOW. So yes, I mean we've started to have discussions about a number of those initiatives both to grow the top line or accelerate their growth on the top line as well as improve profitability.

因此，這些也是我們開始與 WHOW 團隊進行的其他討論，特別是我們在韓國工作室內部開發的內容，這些內容當然會成為我們和 WHOW 的版稅收入。是的，我的意思是我們已經開始討論一些舉措，旨在增加收入或加速收入成長以及提高獲利能力。

Thanks. So then just looking at the cadence here, Social Casino revenue efficient seems to be attenuating at least sequentially when you look at the trajectory, I know it's expected to be down year-over-year in '25, but, do you think that that business could start to be closer to flat sequentially or maybe up sequentially by the end of this calendar year or what are the expectations for the back half excluding the acquisition but on an organic basis.

謝謝。那麼，僅從這裡的節奏來看，社交賭場的收入效率似乎至少在連續下降，當你看軌跡時，我知道預計 25 年會同比下降，但是，您是否認為該業務可能會在今年年底開始接近環比持平或環比上升，或者對下半年的預期是什麼（不包括收購但以有機方式增長）。

Yeah. Well, obviously we don't give specific guidance, but I'll say that your observation is right relative to obviously the flattening of the revenue here over the last couple of quarters and we're really feeling good about the initiatives that we've enacted in the first half of the year to create that flattening if you will, and we've got additional monetization features, retention features, features that will enhance the continued payment from players that we're continuing to introduce -- in fact we'll be continue to introduce this summer that we think all lend towards our continued trajectory if you will of where the kind of double down traditional Social Casino business is trending right now.

是的。嗯，顯然我們沒有給出具體的指導，但我想說，你的觀察是正確的，顯然過去幾個季度收入趨於平緩，我們對上半年為實現這種平緩而採取的舉措感到非常滿意，我們還有額外的貨幣化功能、保留功能，這些功能將增強我們正在繼續推出的玩家的持續付費——事實上，我們將在今年夏天繼續推出這些功能，我們認為所有社交趨勢

Thanks. This is last question for me, very high growth right that we're seeing on the iGaming business from SuprNation, I think you mentioned previously that was running around break even when we think of this, you're close to 100% year-over-year growth, is that type of cadence something that you think is sustainable and are you still expecting that, that business would be positive, as it scales next year to even a contribution and to what extent potentially?

謝謝。這是我的最後一個問題，我們看到 SuprNation 的 iGaming 業務實現了非常高的增長，我想您之前提到過，當我們想到這一點時，我們的收支平衡點就在附近，而您的同比增長接近 100%，您認為這種節奏是否可持續？您是否仍然期待這項業務會帶來正面影響，因為它明年會擴大規模，甚至會做出貢獻，那麼潛在的貢獻程度如何？

Hi, Josh, let me take the question about SuprNation's sustainable growth. From a marketing payback perspective our current operations consistently with our ROI targets, making these investments accretive rather than dilutive to profitably. Based on our experience, scaling remains the priority in the iGaming business. Looking at larger market peers, we believe that once we achieve the sufficient scale, SuprNation can starts to deliver a profit margin of over 30 bps to drive further revenue growth, we are planning to launch fourth and fifth brand site in addition to our existing three like along with native apps on each site. So these initiatives are expected to enhance retention and bring additional efficiencies within the SuprNation ecosystem.

你好，喬希，讓我來回答一下關於 SuprNation 永續成長的問題。從行銷回報的角度來看，我們目前的營運符合我們的投資報酬率目標，使得這些投資能夠增值而不是稀釋利潤。根據我們的經驗，擴展仍然是 iGaming 業務的首要任務。縱觀更大的市場同行，我們相信，一旦我們達到足夠的規模，SuprNation 就可以開始提供超過 30 個基點的利潤率，以推動進一步的收入增長，我們計劃在現有的三個類似網站以及每個網站上的原生應用程序的基礎上推出第四個和第五個品牌網站。因此，這些舉措有望提高保留率並為 SuprNation 生態系統帶來額外的效率。

Lastly, beyond our existing flash table games, we are also restoring entry into the verticals as well as geographic expansion within Europe and into Canada with focus execution we aim to accelerate both growth and operational efficiency. Hope it helps.

最後，除了我們現有的 Flash 桌上遊戲之外，我們還在恢復垂直領域的進入以及歐洲和加拿大的地理擴張，重點是執行我們的目標是加速成長和營運效率。希望有幫助。

Yes, it does. Thank you.

是的。謝謝。

Eric Handler, Roth Capital.

漢德勒（Eric Handler），羅斯資本（Roth Capital）。

Good afternoon. Thank you for the question. Want to dig in a little bit on what you were just saying there. Are you saying you're looking to expand beyond UK and Sweden at this point, and I'm just curious, what sort of -- as you look at scaling that business, what are you finding that's working well more so than others and some of your other findings in the last couple quarters

午安.謝謝你的提問。想深入了解您剛才所說的內容。你是說你現在正尋求將業務擴展到英國和瑞典以外，我只是好奇，當你考慮擴大這項業務時，你發現哪些方面比其他方面更有效，以及你在過去幾個季度中的一些其他發現

Yes, it depends on regulatory direction changes. Currently, we are seeing additional licenses into Finland, Spain, and additional other Western Europe countries including Canada, to tell you.

是的，這取決於監管方向的變化。目前，我們看到芬蘭、西班牙以及包括加拿大在內的其他西歐國家正在發放更多許可證。

And Eric, I just want to be clear when IK had mentioned the fourth and fifth, he was talking about potential brands, meaning additional web -- essentially additional websites that could be additional or additive to the three set of online casinos they have today, and then of course there's potential for regional expansion as well.

艾瑞克，我想明確一點，當 IK 提到第四個和第五個品牌時，他指的是潛在的品牌，也就是額外的網站——本質上是可以補充或添加到他們目前擁有的三套在線賭場中的額外網站，當然還有區域擴張的潛力。

Got it. And just, as a follow up as I said, what do you I mean these are highly competitive markets, what are you doing that is specifically you think allowing you to sort of grow and maybe outpace the market a little bit, it's something that you're finding with marketing that's just resonating well.

知道了。正如我剛才所說，作為後續問題，我的意思是，在競爭激烈的市場中，您所做的具體工作是什麼，您認為這可以讓您實現增長，甚至可能稍微超越市場，這是您在營銷中發現的能夠引起良好共鳴的事情。

Yeah. I think, honestly we're bringing a certain amount of discipline and professionalism and improvement to what had previously been going on and so to that extent it's been a little bit of low hanging fruit in that where we're just doing better as a marketing team in acquiring new players.

是的。我認為，老實說，我們正在為之前發生的事情帶來一定程度的紀律性和專業性以及改進，因此從某種程度上來說，這只是一個唾手可得的成果，我們作為行銷團隊在招募新玩家方面做得更好。

Yeah. It's actually combination of production enhancement and real-time marketing enhancement as well. If we look for iGaming business, it is about a bit traditional marketing style related to affiliate marketing sources. So our experience in Social Casino industry, it helps a lot to increase our short term ROI level and long term retention level as well from product standpoint. So we see nowadays a bit better performance compared to recent two or three years ago.

是的。這實際上也是生產增強和即時行銷增強的結合。如果我們尋找 iGaming 業務，它是與聯盟行銷來源相關的傳統行銷風格。因此，從產品角度來看，我們在社交賭場產業的經驗對提高我們的短期投資報酬率和長期保留率有很大幫助。因此，與兩三年前相比，我們現在的表現要好一些。

Great. Very helpful. Thank you.

偉大的。非常有幫助。謝謝。

Thanks, Eric.

謝謝，埃里克。

Thank you. There are no further questions at this time. This does conclude today's conference call and you may now disconnect. Everyone, good day.

謝謝。目前沒有其他問題。今天的電話會議到此結束，您可以斷開連線了。大家好。