DoubleDown Interactive Co Ltd (DDI) 2025 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, 2025. My name is Daniel, and I will be your operator this afternoon.

下午好，歡迎參加 DoubleDown Interactive 截至 2025 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。

Prior to this call, DoubleDown issued its financial results for the third 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 homepage.

在本次電話會議之前，DoubleDown發布了一份新聞稿，公佈了其2025年第三季的財務表現。新聞稿可在公司網站www.doubledowninteractive.com的「投資者關係」欄位中找到。您可以在首頁頂部找到“投資者關係”欄目的連結。

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, Joe Jaffoni, the company's Investor Relations adviser, will make a brief introductory statement.

今天參加電話會議的有 DoubleDown 的執行長 In Keuk Kim 先生和財務長 Joe Sigrist 先生。在他們發言結束後，我們將開放提問環節。在正式開始之前，公司投資者關係顧問喬·賈福尼將作簡短的介紹性發言。

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 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發言將構成經修訂的 1933 年證券法第 27A 條和經修訂的 1934 年證券法第 21E 條所指的前瞻性陳述，我們特此聲明，我們將受到 1995 年私人證券訴訟改革法案安全港條款的保護。

Forward-looking statements are 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, merger and acquisition strategy, strategic and financial objectives, expected performance and financial outlook.

前瞻性陳述是關於未來事件的陳述，包括預期和預測，而不是現在或歷史事實，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 on 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 the risks that could impact future operating results and financial condition.

前瞻性陳述受許多風險和不確定因素的影響，可能導致實際結果與公司預期結果有重大不利差異。因此，在解讀和依賴這些內容時應謹慎。有關可能影響未來經營業績和財務狀況的風險的更詳細討論，請參閱 DoubleDown 於 2025 年 4 月 21 日向美國證券交易委員會提交的 20-F 表格年度報告以及其他美國證券交易委員會文件。

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.

這些前瞻性陳述僅代表截至今天電話會議當天的觀點。除法律要求外，本公司不承擔任何更新或修改前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因。

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 2025 third quarter reflect IFRS as do 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 the financial reporting standards of its controlling shareholder in Korea.

如同今天下午的新聞稿所述，從 2024 年第四季開始，DoubleDown 將按照國際財務報告準則 (IFRS) 報告其財務業績。因此，2025 年第三季的財務業績反映了國際財務報告準則，2024 年同期也是如此。此前，該公司按照公認會計準則報告其財務業績。採用 IFRS 準則使 DoubleDown 的財務報告與其在韓國的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.

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（IFRS）財務指標，管理階層認為這些指標有助於評估公司的營運績效。這些措施不應被視為優於、單獨使用或取代依照國際財務報告準則所編製的財務結果。

A full reconciliation of these measures to the most directly comparable IFRS measure is available in the earnings release issued this afternoon. I'd like to remind everyone that today's call is being recorded and will be made available for replay via a link in the Investor Relations section of DoubleDown's website.

今天下午發布的獲利報告中提供了這些指標與最直接可比較的 IFRS 指標的完整調節表。我想提醒大家，今天的電話會議正在錄音，錄音將透過 DoubleDown 網站投資者關係部分的連結提供回放。

It's now my pleasure to turn the call over to DoubleDown's CEO, In Keuk Kim. Please go ahead.

現在我很高興將電話轉交給 DoubleDown 的執行長金仁克先生。請繼續。

Thank you, Joe. Good afternoon, everyone. We are delighted to be with you today to discuss our strong 2025 third quarter results, the continued growth of SuprNation, initial results from our newest acquisition, WHOW Games and other recent initiatives intended to enhance shareholder value. Let's start with the quarterly results.

謝謝你，喬。大家下午好。今天我們很高興與各位討論我們強勁的 2025 年第三季業績、SuprNation 的持續成長、我們最新收購的 WHOW Games 的初步業績以及旨在提升股東價值的其他近期舉措。我們先來看季度業績。

This afternoon, we reported third quarter consolidated revenue of $95.8 million and adjusted EBITDA of $37.5 million. Q3 revenue was comprised of $79.6 million generated by social casino operations and $16.2 million generated by SuprNation, our iGaming business.

今天下午，我們公佈了第三季合併營收為9,580萬美元，調整後EBITDA為3,750萬美元。收入包括社交賭場業務產生的 7,960 萬美元和我們的 iGaming 業務 SuprNation 產生的 1,620 萬美元。

In Q3, we again delivered on our key operating priority of driving a high conversion of revenue to profit and cash flow. Cash flow from operations was $33.4 million, bringing our total for the first nine months of 2025 to $94.1 million, and we are delivering the profit and cash flow results even as we continue to invest in the business and prudently increased marketing spending to acquire new players at SuperNation.

第三季度，我們再次實現了關鍵營運目標，即提高收入到利潤和現金流的轉換率。經營活動產生的現金流為 3,340 萬美元，使我們 2025 年前九個月的總現金流達到 9,410 萬美元。即使我們繼續投資於業務，並謹慎地增加行銷支出以在 SuperNation 獲得新玩家，我們仍然實現了盈利和現金流目標。

Our flagship DoubleDown Casino app continues to be the engine of profit and cash flow generation for the company. Monetization metrics for the third quarter reflected this performance with ARPUDAU at $1.39, up from $1.30 in Q3 of 2024 and from $1.33 in Q2 of 2025. The payer conversion rate also rose during the quarter to 7.8%, up from both Q3 2024 and Q2 2025 levels. We continue to develop innovative enhancements to double-down casino, including with upcoming releases of new slot lobby for our mobile app and a new link Java system.

我們的旗艦產品 DoubleDown Casino 應用一直是公司利潤和現金流的引擎。第三季的貨幣化指標反映了這一表現，ARPUDAU 為 1.39 美元，高於 2024 年第三季的 1.30 美元和 2025 年第二季的 1.33 美元。本季支付方轉換率也上升至 7.8%，高於 2024 年第三季和 2025 年第二季的水準。我們將繼續開發 Double Down 賭場的創新增強功能，包括即將推出的行動應用程式新老虎機大廳和新的 Java 連結系統。

We also remain very focused on the direct-to-consumer social casino opportunity, and DTC remains an important part of our growth strategy. In Q3, we increased the percentage of social casino revenue generated by DTC purchases as DTC revenue per DoubleDown Casino is now running at over 15%.

我們也依然非常重視直接面向消費者的社交賭場機會，DTC 仍然是我們成長策略的重要組成部分。第三季度，我們提高了 DTC 購買帶來的社交賭場收入比例，目前 DoubleDown Casino 的 DTC 收入已超過 15%。

We are also launching additional product changes within app purchase messaging to drive further growth of DTC revenue as a percentage of our overall social casino revenue. This not only helps to improve margins. It also enhances player engagement and retention.

我們也將在應用購買資訊中推出其他產品變更，以進一步推動 DTC 收入占我們整體社交賭場收入的比例成長。這不僅有助於提高利潤率。它還能提高玩家參與度和留存率。

Our goal is to execute for with a DTC percentage of social casino revenue of over 20%. 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 per shareholders.

我們的目標是實現社交賭場收入中 DTC 佔比超過 20%。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舉措，來補充我們強勁的自由現金流狀況和財務狀況。

Our commitment to building our social casino business is highlighted by the July appreciation of WHOW Games a social casino operator based in orange in Q3 of we believe the growth potential in international social market is currently greater than in the United States and we are working to leverage this investment for our shareholders.

我們對發展社交賭場業務的承諾體現在 WHOW Games（總部位於美國橙縣的社交賭場營運商）在 7 月的股價上漲上。在第三季度，我們相信國際社交市場的成長潛力目前大於美國，我們正在努力利用這項投資為我們的股東創造價值。

Turning to SuprNation. Q3 revenue of $16.2 million yet again represented the highest quarterly performance of the business since our acquisition in late 2023 and grew $700,000 on a quarterly concert basis. For perspective, SuprNation's quarterly revenue run rate has more than doubled since DoubleDown closed this acquisition as we continue to make steady positive progress on acquiring new players.

轉向 SuprNation。第三季營收達到 1,620 萬美元，再次創下自 2023 年底收購以來的最高季度業績，按季度計算增長了 70 萬美元。從這個角度來看，自從 DoubleDown 完成此次收購以來，SuprNation 的季度收入運行率已經翻了一番多，因為我們在收購新玩家方面繼續取得穩步的積極進展。

Our investment in new player acquisition continues to generate strong returns even as the number of new players increased. At this time, we believe that investment in player acquisition could drive further success and growth for SuprNation into 2026.

即使新玩家數量不斷增加，我們對新玩家招募的投資也持續產生強勁的回報。目前，我們認為對球員招募的投資可以推動 SuprNation 在 2026 年取得更大的成功和成長。

We are also excited to share with you that our team has been working on a new first iGaming casino with a new name to be launched only next year. Our experience in owning and operating SuprNation over the last few quarters and our success with integrating its operations and driving very healthy levels of top-line growth reinforce our confidence 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.

我們也很興奮地告訴大家，我們的團隊一直在開發一個全新的、首個 iGaming 賭場，該賭場將以一個全新的名稱於明年推出。過去幾個季度，我們擁有並經營 SuprNation 的經驗，以及我們在整合其營運和推動營收健康成長方面取得的成功，增強了我們的信心，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，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 sources to create value for shareholders.

這項優先事項體現在我們收購 WHOW games 以及我們持續尋找符合我們標準的收購目標上，這些目標旨在將我們的業務擴展到新市場，同時進一步使我們的收入和現金流來源多元化，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 before providing my closing remarks. Joe?

現在我將把發言權交給我們的財務長喬·西格里斯特，讓他為我們介紹一下財務狀況，然後再作我的總結發言。喬？

Thank you, IK, and good afternoon, everyone. As was mentioned earlier, beginning with the fourth quarter of 2024, we are now reporting our financial results in accordance with IFRS. And the comparisons of our 2025 third quarter results to 2024 third quarter results reflect that change for the prior year period under IFRS.

謝謝你，IK，大家下午好。如前所述，從 2024 年第四季開始，我們將按照國際財務報告準則 (IFRS) 報告我們的財務表現。我們將 2025 年第三季業績與 2024 年第三季業績進行比較，以反映上一年 IFRS 下的這項變化。

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 makes our reported adjusted EBITDA slightly higher.

從 GAAP 過渡到 IFRS 對財務報表的影響總體上微不足道，最大的變化是租賃的處理方式，因為根據 IFRS，部分金額現在計入折舊和攤銷。這通常會使我們公佈的調整後 EBITDA 略高一些。

To review, revenues for the third quarter of 2025 were $95.8 million, and were comprised of $79.6 million in revenues from our social casino business and $16.2 million of revenues from SuprNation. This compares to total company revenues of $83.0 million in the third quarter of 2024.

回顧一下，2025 年第三季的收入為 9,580 萬美元，其中社交賭場業務的收入為 7,960 萬美元，SuprNation 的收入為 1,620 萬美元。相比之下，該公司 2024 年第三季的總收入為 8,300 萬美元。

Our social casino segment grew nearly 6% from the third quarter of 2024 and nearly 15% sequentially and as we realized initial contributions from the WHOW Games transaction, which further increased our revenue in Europe, specifically in Germany. The initial results from WHOW Games are encouraging, and we are assessing their operations and will include the impact on our social casino KPIs when we report our Q4 2025 results.

我們的社交賭場業務從 2024 年第三季開始成長了近 6%，環比成長了近 15%，隨著 WHOW Games 交易的初步貢獻，我們在歐洲，特別是德國的收入進一步增加。WHOW Games 的初步結果令人鼓舞，我們正在評估他們的營運情況，並將在公佈 2025 年第四季度業績時，將其對我們社交賭場 KPI 的影響納入考慮。

iGaming revenues more than doubled, increasing 108% from the third quarter of 2024. And as IK stated, we're up $700,000 on a quarterly sequential basis. With our focus on leveraging our platform and driving free cash flow, we continue to generate strong monetization in the social casino business in Q3.

iGaming 營收翻了一番多，比 2024 年第三季成長了 108%。正如 IK 所說，我們季度環比增長了 70 萬美元。我們專注於利用我們的平台並推動自由現金流，因此在第三季度，我們在社交賭場業務中繼續實現了強勁的利潤。

Average revenue per daily active user or ARPDAU at $1.39 in Q3 2025 was up from $1.30 in Q3 2024. Payer conversion rate, which is the percentage of players who pay within the social casino apps increased to 7.8% in Q3 2025 compared to 6.8% in Q3 2024.

2025 年第三季每日活躍用戶平均收入 (ARPDAU) 為 1.39 美元，高於 2024 年第三季的 1.30 美元。2025 年第三季度，在社群賭場應用程式內進行支付的玩家轉換率（即玩家在應用程式內支付的百分比）從 2024 年第三季的 6.8% 上升至 7.8%。

And average monthly revenue per payer continued to be strong at $272 in Q3 2025, which is down just slightly from $281 in the prior year period. Again, this last quarter's results are KPIs that exclude WHOW Games.

2025 年第三季度，每位付費用戶的平均月收入持續保持強勁勢頭，達到 272 美元，僅比去年同期的 281 美元略有下降。再次強調，上一季的業績指標不包括 WHOW Games。

In the third quarter of 2025, operating expenses were $60.9 million compared to $47.6 million in the third quarter of 2024. The increase is primarily due to increased operating expenses related to SuprNation driven by revenue growth and the inclusion of operating expenses related to the addition of operations from WHOW Games.

2025 年第三季營運支出為 6,090 萬美元，而 2024 年第三季為 4,760 萬美元。成長的主要原因是 SuprNation 的營運費用增加，這是由於收入成長以及 WHOW Games 業務的併入所致。

Sales and marketing expenses for the third quarter of 2025 were $15.7 million compared to $9.2 million in the third quarter of 2024. In Q3, we continued to optimize spending to acquire new players for DoubleDown Casino while increasing sales and marketing spending for SuprNation focused on new player acquisition and marketing expenses at WHOW Games were included in our financial results for the first time.

2025 年第三季的銷售和行銷費用為 1,570 萬美元，而 2024 年第三季為 920 萬美元。第三季度，我們繼續優化 DoubleDown Casino 的支出，以獲取新玩家，同時增加 SuprNation 的銷售和行銷支出，重點是獲取新玩家；此外，WHOW Games 的行銷費用首次納入了我們的財務業績。

Profit, excluding noncontrolling interest for the third quarter of 2025 was $32.8 million or $13.21 per diluted share and $0.66 per ADS compared to profit, excluding noncontrolling interest of $25.0 million or $10.10 per diluted share and $0.51 per ADS in the third quarter of 2024.

2025 年第三季利潤（不包括少數股東權益）為 3,280 萬美元，即每股攤薄收益 13.21 美元，每股美國存託憑證 (ADS) 收益 0.66 美元；而 2024 年第三季利潤（不包括少數股東權益）為 2,500 萬美元，即每股攤薄收益 10.05 美元，每股股東權益）為 10.500 萬美元，即每股攤薄收益，每股 10.05 美元，每股 10.15 美元，每股盈餘 10.15 每股收益，每股 10.15 美元，每股 10.15 美元，每股 10.15 美元，每股 10.100 美元。

Adjusted EBITDA for the third quarter of 2025 was $37.5 million compared to $36.5 million for the third quarter of 2024 and $33.3 million for Q2 2025. Adjusted EBITDA margin was 39.1% for Q3 2025 as compared to 44.0% in Q3 2024 and 39.5% and in Q2 2025.

2025 年第三季調整後 EBITDA 為 3,750 萬美元，而 2024 年第三季為 3,650 萬美元，2025 年第二季為 3,330 萬美元。2025 年第三季調整後 EBITDA 利潤率為 39.1%，而 2024 年第三季為 44.0%，2025 年第二季為 39.5%。

Net cash flows provided by operating activities in Q3 2025 were $33.4 million compared to $32.1 million in Q3 2024 and $19.7 million in Q2 2025. For the first nine months of 2025, net cash flows provided by operating activities were $94.1 million. We are on track to yet again generate over $100 million in free cash flow for the full year.

2025 年第三季經營活動產生的淨現金流量為 3,340 萬美元，而 2024 年第三季為 3,210 萬美元，2025 年第二季為 1,970 萬美元。2025 年前九個月，經營活動產生的淨現金流量為 9,410 萬美元。我們預計在全年再次創造超過 1 億美元的自由現金流。

And finally, turning to our balance sheet. As of September 30, 2025, we add $439.2 million in cash, cash equivalents, and short-term investments with a net cash position at quarter end of approximately $404 million or approximately $8.14 per ADS. Our current cash position reflects the approximate $65 million payment made in July for the WHOW Games acquisition.

最後，我們來看看資產負債表。截至 2025 年 9 月 30 日，我們新增現金、現金等價物及短期投資 4.392 億美元，季末淨現金部位約為 4.04 億美元，即每股 ADS 約 8.14 美元。我們目前的現金狀況反映了7月為收購WHOW Games而支付的約6,500萬美元。

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

現在我將把電話轉回給IK，請他作總結發言。

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 businesses 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 的兩項重要且前景廣闊的業務——社交賭場和線上遊戲——都帶來了強勁的現金流。我們強勁的資產負債表和現金狀況使我們能夠繼續對旗下各項業務進行審慎的投資，同時不斷評估新的機會，以促進各項業務的成長。這包括透過發揮我們優秀團隊的優勢進行有機成長的投資，以及透過評估未來潛在的收購項目所進行的投資。

We are now happy to take your questions. Daniel?

現在我們很樂意回答您的問題。丹尼爾？

(Operator Instructions)

（操作說明）

Aaron Lee, Macquarie.

Aaron Lee，麥格理集團。

Hey, guys, thanks for taking my question. Maybe to start with SuprNation. So you've driven really nice growth out of that asset over the last couple of quarters, another over 100% growth in 3Q. Maybe share your thoughts on how you're thinking about the balance between investing for growth versus profitability from here? Thanks.

嘿，各位，謝謝你們回答我的問題。或許可以先從 SuprNation 開始。所以，在過去的幾個季度裡，你們從這項資產中實現了非常可觀的成長，第三季又成長了超過 100%。或許您可以分享一下您如何看待在成長型投資和獲利型投資之間取得平衡？謝謝。

Yeah. Thanks, Aaron. The reality is that we really believe that -- have believed that there was capacity in SuprNation's business to add users profitably. And as you know, we measure not only in our iGaming business, but in the social casino business as well, the ROI of all the cohorts that we acquired when we market to acquire new players. And the good news is adding new players to the SuprNation business continues to meet our targets for return on ad spend.

是的。謝謝你，亞倫。事實上，我們一直堅信 SuprNation 的業務有能力獲利地增加用戶。如您所知，我們不僅在 iGaming 業務中，而且在社交賭場業務中，都會衡量我們在行銷以獲取新玩家時所獲得的所有用戶群的投資回報率。好消息是，SuprNation 業務不斷增加新玩家，持續達到我們的廣告支出回報目標。

As we go forward, we'll just continue to monitor that. And when -- and I think we've talked before that essentially our payback period for acquiring new users about six months. And as long as we're achieving or hopefully even beating that threshold, we'll continue to add players. But if not, we'll dial it back and spend less to acquire new players.

接下來，我們會繼續關注此事。而且——我想我們之前也討論過——基本上，我們獲取新用戶的投資回收期大約是六個月。只要我們能夠達到甚至超過這個門檻，我們就會繼續增加球員。但如果不行，我們會縮減規模，減少在招募新球員方面的支出。

Got you. Okay. That's helpful. And then on WHOW Games, now that you've had some more time with that business and the team there, has anything changed in terms of how you think about the drivers of growth or the ramp time line for that acquisition?

抓到你了。好的。那很有幫助。那麼，關於 WHOW Games，現在你與這家公司和團隊有了更多的時間，你對成長的驅動因素或收購的進度安排有什麼看法上的變化嗎？

Yeah. It seems like it's been a long time, but it was just July when we closed the deal, and there's still work for us to do to really dig in. But so far, so good. We are, as I think I can mentioned excited about the growth in the European social casino sector, and we want to lean into that as much as we can. Again, just as I mentioned with the SuprNation, it's all about the road, the return on ad spend as we acquire new players, and so that's first and foremost on our mind.

是的。雖然感覺已經過了很久，但實際上我們七月才完成交易，我們還有很多工作要做，才能真正深入其中。但目前為止，一切順利。正如我所能提到的，我們對歐洲社交賭場行業的成長感到興奮，我們希望盡可能地抓住這個機會。再說一遍，就像我之前提到的 SuprNation 一樣，一切都取決於發展路徑，取決於我們在招募新玩家時廣告投入的回報，所以這是我們首先考慮的。

And then secondly, it's about product, product development. So slot games, how we could help them relative to potentially even bringing some of the slot games that we have in the other parts of our social casino business into their apps and how we could help on the technology side and meta features. And so that's kind of a next level evaluation that we're making as we're always looking to improve the product as well.

其次，是關於產品，關於產品開發。所以，關於老虎機遊戲，我們如何幫助他們，例如將我們社交賭場業務其他部分的一些老虎機遊戲引入他們的應用程序，以及我們如何在技術和元功能方面提供幫助。所以，這是我們正在進行的更高層次的評估，因為我們一直在尋求改進產品。

All right. Got it, Joe. Appreciate the color. Thank you.

好的。明白了，喬。很喜歡這個顏色。謝謝。

Thanks, Aaron.

謝謝你，亞倫。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Good afternoon, thanks for the question. Just want to follow up that last question with WHOW. I mean, now that you've had up for 2.5 months, I'm sort of wondering if you could maybe lay out the road map over the next six months of what you hope to achieve?

下午好，謝謝你的提問。我想就最後一個問題補充一下 WHOW 的情況。我的意思是，既然你已經運作了兩個半月，我想知道你是否可以製定一個未來六個月的路線圖，說明你希望實現的目標？

Yeah. I think as I mentioned to Aaron, we're looking really in the short term to determine how acquiring players can support the business with the product that they have because that's the quickest and perhaps simplest way to affect the business in the short term. And then secondarily, we want to look at the product and some of the features and technology that we are interested in potentially leveraging from our traditional social casino business.

是的。我認為正如我跟亞倫提到的那樣，我們目前主要著眼於短期，確定收購球員如何利用他們現有的產品來支持業務，因為這是短期內影響業務最快、也許最簡單的方法。其次，我們希望了解該產品及其一些功能和技術，以便從我們傳統的社交賭場業務中加以利用。

And then I think, thirdly, one of the things that they've done a really good job on is kind of a build for third-party casino apps. So I think as we've discussed, they have a casino that they operate that is 100% supported with [mercure blocks], and they work with mature directly the care being a German slot machine manufacturer in that app. And so being able to lean into that and in fact, perhaps more with that -- with others is something that we're also looking at leveraging.

第三，我認為他們做得非常出色的一點是，他們為第三方賭場應用程式的建置做出了貢獻。所以我覺得正如我們討論過的，他們運營的賭場完全由[mercure blocks]支持，並且他們直接與一家德國老虎機製造商合作，該製造商在該應用程序中提供老虎機。因此，能夠充分利用這一點，事實上，或許可以更多地利用這一點——與其他方面——這也是我們正在考慮如何利用的。

That's helpful. Thanks. And then as a follow-up, fully recognizing that there's a big difference between being shown acquisitions and being some quality acquisitions. I wonder if you could talk a little bit about your M&A pipeline at this point on what you're seeing?

那很有幫助。謝謝。然後，作為後續行動，充分認識到被展示收購項目和成為高品質的收購項目之間存在著很大的區別。我想請您談談目前貴公司併購專案的進度？

Yeah. I think the M&A pipeline continues to be busy. I mean it's interesting, obviously, that there are gaming assets that are ones that we all know about or that have been around for a while that are potential opportunities for us to integrate into our business. So that's on one end of the spectrum, and we continue to look at some of those.

是的。我認為併購市場依然十分活躍。我的意思是，很明顯，有一些我們都知道或已經存在一段時間的遊戲資產，它們有可能成為我們整合到自身業務中的機會，這很有趣。所以這是光譜的一端，我們將繼續研究其中的一些方面。

And then there are those that are newcomers, if you will. And that's across the board in all kinds of different genres of games, and we look at those. And so we're open for both ends of the spectrum, and we're looking at opportunities, again, both for games that we all know about and are familiar with that could be for sale as well as those that are, as I said, up in comes.

然後還有一些新來者。而且這種情況在各種不同類型的遊戲中普遍存在，我們會關注這些情況。因此，我們對各種情況都持開放態度，並且正在尋找機會，包括我們都知道和熟悉的、可以出售的遊戲，以及正如我所說，即將推出的遊戲。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Yeah, thanks for taking my question. Good to see the progress. Just real quick, it looks like we're seeing potentially some stabilization in the social casino business. I didn't hear if you broke it out. What was the revenue contribution from WHOW for the quarter?

好的，謝謝你回答我的問題。很高興看到取得進展。簡單來說，社交賭場業務似乎正在趨於穩定。我不知道你是否把它弄壞了。WHOW在本季的營收貢獻是多少？

Yeah. We haven't broken it out, and we're not going to separate it since it's all integrated with our segment reporting for social casino, but it was consistent with what we had previously said was essentially the run rate of their business. So there was no real surprise there from WHOW's operations in the summer.

是的。我們沒有將其單獨列出，也不會將其分開，因為它已全部整合到我們的社交賭場細分報告中，但這與我們之前所說的他們的業務運行速度基本一致。所以，WHOW在夏季的營運情況並沒有讓人感到意外。

Understood. And then there's been a lot of action that's being taken again like stat comps. You've seen things in California, there's a ban that's going into effect for 2026 overall. I'm curious historically, that had been pushing user acquisition costs higher. You're also seeing some potential action from Google on advertising.

明白了。然後，又出現了許多新的行動，例如統計數據對比。你們在加州也看到了，那裡有一項禁令，將於 2026 年全面生效。我很好奇，從歷史角度來看，這是否推高了用戶獲取成本。你也會看到谷歌在廣告方面可​​能採取的一些行動。

Has that started to alleviate some of the player acquisition costs? And is there an opportunity for you guys to deploy some additional capital to start growing that user base? Or are you not seeing much of an effect yet?

這是否已經開始緩解部分球員獲取成本？你們是否有機會投入一些額外資金來擴大用戶群？還是你還沒看到明顯的效果？

Yeah. No, I appreciate you mentioning what's going on in Sweepstakes category. It's obviously very interesting. I think it's a little early for it to have. And you're right, by the way, we've said it's probably the biggest impact on us that we can have perceived with the sweepstakes business is upward pressure on CPIs on advertising costs.

是的。不，我很感謝你提到抽獎活動類別裡發生的事情。這顯然非常有趣。我覺得現在說這個還太早。你說得對，順便說一句，我們說過，抽獎業務對我們造成的最大影響可能是廣告成本的 CPI 上漲壓力。

I think it's a little early given that California's ban just kicked in and some of the other states actions are early. But it's a little too soon to determine if that's going to have an impact on lowering cost. But I think all in all, none of this can hurt and we're obviously glad to see it.

我認為現在下結論還為時過早，因為加州的禁令剛剛生效，其他一些州的行動也處於早期階段。但現在判斷這是否會對降低成本產生影響還為時過早。但總的來說，我認為這一切都不會造成傷害，我們當然很高興看到這種情況。

Appreciate it. Thanks.

謝謝。謝謝。

Thank you.

謝謝。

David Bain, Texas Capital.

David Bain，德州資本。

Great, thank you. I guess I would first ask about direct-to-consumer. I know you're at 15% in 2Q and over that in 3Q. And IK you mentioned 20% is the goal. And if that's the case, I was wondering if you could put a time frame on that? And then also, is that sort of like an interim goal? I'm just looking at the industry leader. Was it 31% in 3Q and they want to get to 40% over two years? So I'm just kind of wondering what your overall thought process is with D2C.

太好了，謝謝。我想先問問直接面向消費者的銷售模式。我知道你第二季的成長率是 15%，第三季超過了這個數字。而且我知道你提到目標是20%。如果情況確實如此，我想知道您能否給出一個時間表？那麼，這算是階段性目標嗎？我只是在關注行業領導者。第三季是 31%，他們希望在兩年內達到 40% 嗎？所以我想知道你對D2C的整體思路是什麼。

Well, let me answer the target question. And if IK, if you want to talk a little bit about what we're doing to even accelerate our results in D2C, I'll let you do that. But yeah, our -- and I think IK mentioned that our goal is to exit Q4, exit this quarter with a run rate of over 20% D2C.

好，讓我來回答這個問題。IK，如果你想談談我們正在採取哪些措施來加速我們在 D2C 領域的成果，我會讓你來談的。是的，我們的－我想IK也提到過，我們的目標是在第四季結束時，本季結束時D2C的運行率超過20%。

So we really think that it's possible to achieve something considerably higher than what we did over the last six months. And we've been doing some product work and we've been afforded. I think, based on what's happening in the industry as a whole, the ability to be more aggressive in messaging and in product and that kind of thing.

因此，我們真的認為，我們有可能取得比過去六個月所取得的成就更高的成績。我們一直在做一些產品方面的工作，而且我們也得到了相應的資源。我認為，根據整個產業的發展趨勢，我們需要在資訊傳遞、產品開發等方面採取更積極主動的態度。

IK, do you want to talk a little bit about what we're doing --

IK，你想稍微談談我們正在做的事情嗎？--

Yeah, for the broader D2C co-system especially in terms of providing more flexibility in how developers can communicate with and transact direct with users, the recent direction of this platform is very helpful.

是的，對於更廣泛的 D2C 生態系統而言，尤其是在為開發者提供更大的靈活性，使其能夠直接與用戶溝通和交易方面，該平台最近的發展方向非常有幫助。

At DDI, we've already been investing in our own D2C capabilities particularly through our own channels and direct CRM strategy. We engage players more freely and cost effectively outside of traditional platform constraints which opens up potential for margin expansion and improved lifetime value. We view this as a long-term tailwind for our business and for the industry at large. Thank you.

在 DDI，我們已經投資於我們自己的 D2C 能力，特別是透過我們自己的管道和直接 CRM 策略。我們擺脫了傳統平台的限制，以更自由、更具成本效益的方式與玩家互動，從而為利潤成長和提高終身價值創造了潛力。我們認為這對我們的業務和整個行業來說都是一個長期的利好因素。謝謝。

Okay. No, that's helpful. So it sounds like there's no cap on that 20% either. This is by the end of the year, and you'll reassess from there, was my take anyway.

好的。不，這很有幫助。聽起來這 20% 的漲幅也沒有上限。這是到年底的情況，到時候再重新評估，反正我是這麼認為的。

Well, maybe switching gears to SuprNation unless you had something to add on that. I'll go to SuprNation. So I believe on the last call, you cited the potential entry into new regions within Europe and into Canada. Maybe if you could provide us any sort of time frames or ideas or kind of updates with that? And then IK, you also mentioned a new brand, I believe, by the end of the year, if you could expand on that as well would be helpful.

好吧，或許我們可以換個話題聊聊SuprNation，除非你還有什麼要補充的。我要去SuprNation。所以我相信在上次通話中，您提到了進軍歐洲新地區和加拿大的潛在機會。如果您能提供一些時間安排、想法或最新進展，那就太好了？IK，你也提到一個新品牌，我記得是在年底前推出的，如果你能詳細介紹一下就太好了。

Yeah. Let me start first about the first front. From a marketing payback perspective, as Joe mentioned, our current operation consistently with ROI targets, making these investments accretive rather than dilutive to profitability for the future.

是的。讓我先從第一個戰線說起。從行銷回報的角度來看，正如喬所提到的，我們目前的營運符合投資報酬率目標，因此這些投資對未來的獲利能力是增加的，而不是稀釋的。

Based on our experience, new brands help drive scalability and better ROI and scaling remains the priority in the iGaming business looking at larger market peers, we believe that once we ship a sufficient scale, then SuprNation, we can start to deliver a profit margin of over to it. To drive further revenue growth, we are about to launch our first brand Las Vegas sites in addition to our existing three [long-rate apps]. This initiative are expected to enhance retention and bring additional efficiencies within the SuprNation ecosystem. Hope this helps.

根據我們的經驗，新品牌有助於推動規模化和提高投資回報率，而規模化仍然是 iGaming 業務的首要任務。考慮到更大的市場競爭對手，我們相信，一旦我們達到足夠的規模，SuprNation 就能開始實現超過 100% 的利潤率。為了進一步推動營收成長，除了現有的三個拉斯維加斯網站外，我們即將推出首個拉斯維加斯品牌網站。[長速率應用]。這項措施可望提高用戶留存率，並提升 SuprNation 生態系統的效率。希望這能幫到你。

Definitely helpful. And any update on geographic expansion?

非常有幫助。關於地域擴張方面有什麼最新進展嗎？

Dave, I'd say that we still feel like there's low-hanging fruit relative to the markets we're already serving, given how low our book share is. And so we're continuing to evaluate new markets. It's a more long-term thing. And we have room to run with our existing markets. So I wouldn't put a time frame on expansion, but we're always continue to evaluate that.

戴夫，我認為，鑑於我們目前的市場份額很低，相對於我們已經服務的市場而言，我們仍然覺得還有很多容易實現的目標。因此，我們將繼續評估新市場。這是更長遠的問題。我們現有的市場還有很大的發展空間。所以我不會為擴張設定時間表，但我們會一直持續評估這一點。

Great, thanks, Joe. Thanks, IK.

太好了，謝謝你，喬。謝謝，IK。

Thanks, David.

謝謝你，大衛。

Thank you. This concludes our question-and-answer session and today's conference call. Thank you for participating. You may now disconnect.

謝謝。我們的問答環節和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了。

Thanks.

謝謝。