DoubleDown Interactive Co Ltd (DDI) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to DoubleDown Interactive’s earnings conference call for the first quarter ended March 31, 2026. My name is Latif, and I will be your operator this afternoon. Prior to this call, DoubleDown issued its financial results for the first quarter of 2026 and 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 2026 年 3 月 31 日止第一季的財報電話會議。我是 Latif，今天下午將擔任各位的會議主持人。在本次電話會議之前，DoubleDown 已發布其 2026 年第一季財務結果與新聞稿，副本可於公司網站 www.doubledowninteractive.com 的投資人關係（Investor Relations）專區取得。您可在首頁頂端找到投資人關係專區的連結。

Joining us on today’s call are DoubleDown CEO, In Keuk Kim; and 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. Mr. Jaffoni?

今天與會者包括 DoubleDown 執行長 In Keuk Kim，以及財務長 Joe Sigrist 先生。在他們的致詞之後，我們將開放提問。在開始之前，公司投資人關係顧問 Joe Jaffoni 將先做簡短的開場說明。Jaffoni 先生？

Thank you, Latif. 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，Latif。在管理團隊開始正式致詞之前，我們需要提醒各位，管理團隊今天的部分評論將構成前瞻性陳述，係依據經修訂之《1933 年證券法》第 27A 條及經修訂之《1934 年證券交易法》第 21E 條之定義，且我們在此主張適用《1995 年私人證券訴訟改革法》之安全港條款所提供的保護。

Forward-looking statements are statements about future events and include expectations and projections, not present or historical facts, and can be identified by use of words such as may, might, will, expect, assume, believe, intend, estimate, continue, should, anticipate, or other similar terms. Forward-looking statements include, but are not limited to, those regarding the company’s future plans, merger and acquisition strategy, strategic and financial objectives, expected performance, and financial outlook. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially and adversely from what the company expects. 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 31, 2026, and other SEC filings for a more detailed discussion of the risks that could impact future operating results and financial condition. These forward-looking statements are made only as of the date of this call. The company does not undertake and expressly disclaims any obligation to update or alter the forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

前瞻性陳述係關於未來事件之陳述，包含預期與預測，而非當前或歷史事實，並可透過使用 may、might、will、expect、assume、believe、intend、estimate、continue、should、anticipate 或其他類似用語加以辨識。前瞻性陳述包括但不限於有關公司未來計畫、併購策略、策略與財務目標、預期表現及財務展望等內容。前瞻性陳述受多項風險與不確定性影響，可能導致實際結果與公司預期出現重大且不利的差異。因此，您在解讀與依賴該等陳述時應審慎。我們請您參閱 DoubleDown 於 2026 年 3 月 31 日向美國證券交易委員會（SEC）提交之 Form 20-F 年報及其他 SEC 申報文件，以取得可能影響未來營運結果與財務狀況之風險的更詳細說明。上述前瞻性陳述僅截至本次電話會議當日為止。除法律要求外，公司不承擔且明確聲明不負有更新或修訂前瞻性陳述之任何義務，不論係因新資訊、未來事件或其他原因所致。

During today’s call, management will discuss non-IFRS financial measures, which management believes 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 financial results prepared in accordance with IFRS. A full reconciliation of these measures to the most directly comparable IFRS measures is available in the earnings release issued this afternoon. I would like to remind everyone that this call is being recorded and will be made available for replay via a link in the Investor Relations section of DoubleDown’s website.

在今天的電話會議中，管理團隊將討論非 IFRS 財務衡量指標，管理團隊認為該等指標有助於評估公司的營運表現。這些衡量指標不應被視為優於依 IFRS 編製之財務結果，亦不應單獨使用或作為其替代。該等衡量指標與最直接可比之 IFRS 指標之完整調節表，已載於今天下午發布的財報新聞稿中。提醒各位，本次電話會議將被錄音，並將透過 DoubleDown 網站投資人關係專區的連結提供重播。

Thank you for your patience with that. It's now my pleasure to turn the call over to DoubleDown CEO, IK Kim. IK, please go ahead.

感謝各位的耐心聆聽。現在我很高興把電話會議交給 DoubleDown 執行長 IK Kim。IK，請開始。

Thank you, Joe. Good afternoon, everyone. We are delighted to be with you today to discuss DoubleDown Interactive’s first-quarter 2026 results. Key highlights include overall financial results reflecting a solid start to 2026, the highest quarterly revenue at SuprNation since our acquisition of the business back in 2023, significant continued growth of our direct-to-consumer social casino revenue, and another quarter of delivering consistent profitability and significant free cash flow. We believe these results validate our strategy and demonstrate our ability to drive operational excellence across our portfolio.

謝謝你，Joe。各位下午好。我們很高興今天與各位一同討論 DoubleDown Interactive 2026 年第一季的業績。重點摘要包括：整體財務表現顯示 2026 年開局穩健；SuprNation 自我們於 2023 年收購該業務以來創下最高單季營收；我們的直面消費者（direct-to-consumer，DTC）社交賭場營收持續顯著成長；以及我們再度於單季交出穩定獲利與可觀自由現金流。我們相信，這些結果驗證了我們的策略，並展現我們在整體投資組合中推動卓越營運的能力。

Let's start with the financial results. This afternoon, we reported first-quarter consolidated revenue of $94.1 million, up nearly 13% year-over-year, along with adjusted EBITDA of $38.2 million, up 24% year-over-year. In Q1, we again delivered on our priority to drive a high conversion of revenue to profit and cash flow. Net cash flow from operations was $46.4 million in the quarter. We delivered this strong profit and cash flow results even as we invested in new player acquisition activities at SuprNation specifically in support of its recently launched first iGaming brand, Las Vegas, which has met with a strong player response.

先從財務結果談起。今天下午，我們公布第一季合併營收為 9,410 萬美元，年增近 13%；調整後 EBITDA 為 3,820 萬美元，年增 24%。在第一季，我們再次落實將營收高比例轉化為獲利與現金流的優先事項。本季營運活動產生的淨現金流為 4,640 萬美元。即使我們在 SuprNation 投入新玩家獲取活動（特別是為支援其近期推出的首個 iGaming 品牌「Las Vegas」）的同時，我們仍交出強勁的獲利與現金流成果，而該品牌已獲得玩家熱烈回響。

Our social casino segment remains the primary engine of DoubleDown's profit and cash flow generation. In the first quarter, social casino revenue grew 9.5% year-over-year to $76.9 million, driven by the contribution from WHOW Games which was acquired in the third quarter of last year. The direct-to-consumer, or DTC, aspect of our social casino business remains a driving force behind our continued strong profitability. As mentioned on our last conference call, WHOW Games already benefited from a relatively large DTC component due to its strong web-based history. And over the last few quarters, we have made significant progress in ramping up DTC purchases made in our flagship social casino, DoubleDown Casino.

我們的社交賭場（social casino）部門仍是 DoubleDown 獲利與現金流產生的主要引擎。第一季社交賭場營收年增 9.5% 至 7,690 萬美元，主要受惠於我們於去年第三季收購的 WHOW Games 的貢獻。我們社交賭場業務中的直面消費者（DTC）面向，仍是支撐我們持續強勁獲利能力的關鍵動能。如同我們在上次電話會議中提到的，WHOW Games 因其強大的網頁端歷史，本來就具備相對較高的 DTC 比重。而在過去幾個季度，我們也在提升旗艦社交賭場產品 DoubleDown Casino 的 DTC 購買方面取得顯著進展。

In the first quarter of 2026, this direct-to-consumer transition accelerated as the DTC component of DoubleDown Casino revenue exceeded 40%. As a result, DTC revenue in the first quarter was 44% of total social casino revenue, up sequentially from 33% in Q4 2025. We plan to remain focused on optimizing the contribution of DTC revenue as a percentage of our overall social casino revenue throughout 2026. Recognizing that the global social casino market is estimated to be in secular decline, our priorities in this business segment remain precise execution of our product development initiatives around player and player retention, focus on marketing and live activities to maximize payer conversion and purchasing activity and continued focus on the direct-to-consumer transition.

在 2026 年第一季，這項直面消費者轉型進一步加速，DoubleDown Casino 營收中的 DTC 比重已超過 40%。因此，第一季 DTC 營收占社交賭場總營收的 44%，較 2025 年第四季的 33% 連續成長。我們計畫在 2026 年持續聚焦於優化 DTC 營收占整體社交賭場營收的比重。鑑於全球社交賭場市場被估計正處於長期性下滑，我們在此業務部門的優先事項仍然明確：精準執行以玩家體驗與玩家留存為核心的產品開發計畫；聚焦行銷與線上活動以最大化付費玩家轉換與購買活動；並持續推進直面消費者轉型。

Turning to our iGaming business. SuprNation's Q1 2026 revenue was $17.2 million, an increase of 30% year-over-year and up 6% from Q4 2025. The recent introduction of our first iGaming title, Las Vegas, contributed to the strong SuprNation results in the first quarter. Going forward, we look to leverage this only positive results as we continue to acquire new players through marketing and advertising investments. At SuprNation, we are also focused on continuing to find offsets to the recently introduced higher UK gambling tax rate through product adjustments, such as reducing bonusing rates. I'm pleased to report the only result of this section to be positive.

接著談我們的 iGaming 業務。SuprNation 2026 年第一季營收為 1,720 萬美元，年增 30%，並較 2025 年第四季成長 6%。我們近期推出的首個 iGaming 產品「Las Vegas」，為 SuprNation 第一季的強勁表現作出貢獻。展望未來，我們將在持續透過行銷與廣告投資獲取新玩家的同時，善用這些正面成果。在 SuprNation，我們也專注於透過產品調整（例如降低紅利發放率）來抵銷近期英國博彩稅率上調所帶來的影響。我很高興回報，本段內容的唯一結果為正面。

Our first quarter results highlight how prudent targeted investments are uncovering growth opportunities while sustaining our track record of strong profitability and cash flow generation. We are successfully integrating acquisitions and optimizing our core DoubleDown business. M&A remains a strategic priority as we evaluate opportunities in online gaming and mobile entertainment to drive long-term shareholder value.

我們第一季的業績凸顯，審慎且具針對性的投資如何在維持我們強勁獲利能力與現金流創造紀錄的同時，發掘成長機會。我們正成功整合併購案，並優化我們核心的 DoubleDown 業務。在我們評估線上遊戲與行動娛樂領域的機會、以推動長期股東價值之際，併購（M&A）仍是策略優先事項。

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

接下來我將把電話會議交給我們的財務長 Joe Sigrist，在我做結語之前，請他帶大家檢視財務數據。Joe？

Thank you, IK, and good afternoon, everyone. To review, revenues for the first quarter of 2026 were $94.1 million. This compares to total company revenues of $83.5 million in the first quarter of 2025. Our social casino segment grew approximately 9% from the first quarter of 2025 to $76.9 million, boosted by the inclusion of revenue from WHOW Games. As you'll recall, the Wild Games acquisition closed in July of last year.

謝謝你，IK，各位下午好。回顧一下，2026 年第一季營收為 9,410 萬美元。相較之下，2025 年第一季公司合併營收為 8,350 萬美元。我們的社交賭場（social casino）部門自 2025 年第一季起約成長 9% 至 7,690 萬美元，主要受惠於納入 WHOW Games 的營收。各位應該記得，Wild Games 的收購案於去年 7 月完成交割。

iGaming revenues grew by $4 million or 30% year-over-year to $17.2 million and was up over $1 million from Q4 2025. Regarding our overall social casino KPIs, we mentioned last quarter that the metrics from WHOW Games are somewhat different from those from DoubleDown Casino. Specifically, the WHOW Games business experiences a higher payer conversion rate and lower average monthly revenue per payer. With this in mind, overall social casino KPI highlights for the first quarter include the payer conversion rate, which is the percentage of players who pay within the social casino apps, increased to 9.7% in Q1 2026 compared to 6.9% in Q1 2025. The average revenue per daily active user, or ARPDAU, of $1.34, up from $1.29 in Q1 2025.

iGaming 營收年增 400 萬美元（或 30%）至 1,720 萬美元，且較 2025 年第四季增加逾 100 萬美元。關於我們整體社交賭場的 KPI，我們在上季提到，WHOW Games 的指標與 DoubleDown Casino 的指標略有不同。具體而言，WHOW Games 的付費轉換率較高，而每位付費用戶的平均月營收較低。基於此，第一季社交賭場 KPI 重點包括：付費轉換率（即在社交賭場 App 內付費的玩家占比）在 2026 年第一季提升至 9.7%，相較 2025 年第一季為 6.9%。每位日活躍用戶平均收入（ARPDAU）為 1.34 美元，高於 2025 年第一季的 1.29 美元。

And an average monthly revenue per payer at $207 in Q1 2026, down from $276 in the prior year period. In the first quarter of 2026, operating expenses were $58.7 million compared to $53.9 million in the first quarter of 2025. The increase is primarily due to the addition of WHOW Games expenses. Sales and marketing expenses for the first quarter of 2026 were $17.4 million compared to $14.1 million in the first quarter of 2025, which again did not include WHOW Games.

而每位付費用戶平均月營收在 2026 年第一季為 207 美元，低於去年同期的 276 美元。2026 年第一季營業費用為 5,870 萬美元，相較 2025 年第一季為 5,390 萬美元。增加主要是因為新增 WHOW Games 的費用。2026 年第一季銷售與行銷費用為 1,740 萬美元，相較 2025 年第一季為 1,410 萬美元，而後者同樣未包含 WHOW Games。

In addition, and as IK mentioned earlier, in Q1, we invested to acquire new players through SuprNation's recently announced fourth brand. And in the fourth quarter -- excuse me, and in the first quarter, we also saw an opportunity to increase advertising investment in DoubleDown Casino based on recent positive ROI trends. Profit, excluding noncontrolling interests for the first quarter of 2026 increased 48% to $35.4 million or earnings per fully diluted common share of $14.28 or $0.71 per American depositary share in the first quarter of 2026 compared to profit for the interim period of $23.8 million or earnings per fully diluted share of $9.62, $0.48 per ADS in Q1 of 2025. The increase primarily reflects higher revenue and higher unrealized gains on foreign currency, partially offset by higher overall operating expenses, which was primarily due to the inclusion of WHOW Games, and increased costs associated with the revenue growth from SuprNation.

此外，正如 IK 先前提到的，在第一季我們投入資金，透過 SuprNation 近期宣布的第四個品牌來獲取新玩家。另外在第四季——抱歉，是在第一季——我們也基於近期正向的投資報酬率（ROI）趨勢，看到了增加 DoubleDown Casino 廣告投資的機會。2026 年第一季（不含非控制權益）的獲利增加 48% 至 3,540 萬美元；或完全稀釋後普通股每股盈餘 14.28 美元；或每股美國存託憑證（ADS）0.71 美元。相較之下，2025 年第一季該期間獲利為 2,380 萬美元；完全稀釋後每股盈餘 9.62 美元；每股 ADS 0.48 美元。增幅主要反映營收提高以及外幣未實現收益增加，部分被整體營業費用上升所抵銷；費用上升主要因納入 WHOW Games，以及與 SuprNation 營收成長相關的成本增加。

Adjusted EBITDA for the first quarter of 2026 rose to $38.2 million compared to $30.8 million for the first quarter of 2025 and $40.6 million for Q4 2025. Adjusted EBITDA margin was 40.6% for Q1 2026 as compared to 36.9% in Q1 2025 and 42.4% in Q4 2025. Net cash flows provided by operating activities in Q1 2026 were $46.4 million compared to $41.1 million in Q1 2025 due to higher profit and lower income tax paid. Inclusion of Q1 2026 meaningful cash generation, we had $533.4 million in cash, cash equivalents, and short-term investments with a net cash position on March 31, 2026, of approximately $500 million or approximately $10.10 per ADS.

2026 年第一季調整後 EBITDA 上升至 3,820 萬美元，相較 2025 年第一季為 3,080 萬美元，2025 年第四季為 4,060 萬美元。2026 年第一季調整後 EBITDA 利潤率為 40.6%，相較 2025 年第一季為 36.9%，2025 年第四季為 42.4%。2026 年第一季營業活動提供的淨現金流為 4,640 萬美元，相較 2025 年第一季為 4,110 萬美元，主要因獲利較高且支付的所得稅較低。納入 2026 年第一季可觀的現金創造後，截至 2026 年 3 月 31 日，我們持有現金、約當現金與短期投資合計 5.334 億美元，淨現金部位約 5 億美元，約合每股 ADS 10.10 美元。

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

現在我把電話會議交回給 IK 做結語。

Thank you, Joe. DoubleDown Interactive powered by our core social casino and iGaming segment delivered another quarter of strong profitability and cash flow. Building on this solid part to 2026, we remain committed to the innovation and discipline high ROI investments and to drive DTC revenues to optimize social casino margins. Finally, our strong balance sheet and cash position provides the flexibility to pursue strategic M&A, a core pillar of our strategy to enhance long-term shareholder value.

謝謝你，Joe。DoubleDown Interactive 在核心社交賭場與 iGaming 部門的帶動下，再度交出強勁的獲利能力與現金流表現。在 2026 年良好開局的基礎上，我們仍致力於以創新與紀律進行高 ROI 投資，並推動 DTC 營收以優化社交賭場利潤率。最後，我們強健的資產負債表與現金部位，提供我們追求策略性併購的彈性；併購是我們提升長期股東價值策略的核心支柱。

We are now happy to take your questions. Latif?

我們現在很樂意回答各位的提問。Latif？

(Operator Instructions) David Bain, Texas Capital Bank.

（接線員指示）David Bain，Texas Capital Bank。

Great. And I did read the press release where you're sort of not going to be answering too much around the W expression of interest. With that being stated, though, rather than asking about vote outcome potential or some of the nuances with that offer, is there any way you could help shareholders or potential ones just to review the process and kind of the structure, the related structure with it from here? Just any detail around that would be helpful.

很好。我也讀了新聞稿，裡面提到你們大概不會就 W 的意向表達（expression of interest）回答太多。在此前提下，我不問投票結果的可能性或該提案的一些細節，而是想請問：你們是否能協助股東（或潛在股東）回顧一下接下來的流程，以及相關的架構安排？任何相關細節都會很有幫助。

This independent committee who may be on it, the timing of some of the voting logistics? Anything that you think you could share would be helpful.

例如獨立委員會可能由哪些人組成、一些投票作業的時程安排？任何你們覺得可以分享的內容都會很有幫助。

Yeah, Dave. I mean, it is really not possible to say anything more than what's already been publicly disclosed. As you know, we formed a special committee. The Board voted to form a special committee of independent disinterested directors just after receiving the proposal. And their objective is to review, evaluate, and determine the next steps that would be in the interest of the company and its unaffiliated shareholders.

是的，Dave。我的意思是，除了已公開揭露的內容之外，確實不太可能再多說什麼。如你所知，我們成立了一個特別委員會。董事會在收到該提案後不久，即表決成立由獨立且無利害關係的董事組成的特別委員會。其目標是審查、評估並決定下一步行動，以符合公司及其非關聯股東的利益。

Other than that, there's not anything else the company can comment on.

除此之外，公司沒有其他可以評論的內容。

Okay. I understand. And then I guess, let me just add two fundamental ones because that one I didn't get much. The incremental -- or the increased visibility into SuprNation EBITDA contribution this time around relative to last time, are we seeing the endpoint on that inflection broadly this year and we sort of still breakeven with that business line?

好的。我了解。然後我想，我再補充兩個比較根本的問題，因為剛剛那個我沒有得到太多資訊。這次相較於上次，對 SuprNation EBITDA 貢獻的增量——或更高的可見度——我們是否在今年大致上看到那個拐點的終點，而我們在那條業務線上仍然大概是損益兩平？

Yeah. Yeah, great question. So as you know, we've been looking to get beyond breakeven even with SuprNation's since we purchased them. And by the way, SuprNation had a very strong quarter. And so with Q1, not yet including the increased tax burden from the increase in the UK, we saw that they actually were able to reach breakeven and even turn a bit of a profit. The tailwind of the growth of the business, the fourth brand that was recently launched, all were very positive.

是的。是的，問得很好。如你所知，自從我們收購 SuprNation 以來，我們一直希望即使在 SuprNation 這邊也能超越損益兩平。順帶一提，SuprNation 這一季表現非常強勁。因此在第一季，尚未納入英國稅負上調所帶來的增加稅負之前，我們看到他們實際上已經能達到損益兩平，甚至略有獲利。業務成長的順風、近期推出的第四個品牌等，都非常正面。

Of course, the headwind now, if you will, starting April 1, is the increased UK tax amount. But as IK mentioned, some of the actions that we're taking have been at least so far early days looking good as it relates to trying to kind of mitigate some of the expenses on the business. And so it's a little too early to tell just based on the fact that we're only a little over a month into the new tax regimen. But we're still very focused on getting that business to be profitable and to grow the profit over time.

當然，若要說逆風的話，從 4 月 1 日開始就是英國稅額提高。但如 IK 提到的，我們正在採取的一些行動，至少到目前為止、在初期看起來，對於試圖在業務上緩解部分費用是有不錯的效果。因此現在下結論還太早，因為我們進入新的稅制才一個多月。但我們仍然非常專注於讓該業務實現獲利，並隨時間推進提升獲利。

Okay. Awesome. And then if I could just have one more follow-up. Just -- and you did mention, Joe, the KPI nuances between WHOW and DDI, DoubleDown Interactive. But if you could bifurcate perhaps DTC growth or the mix with the two. I mean, we're getting here at like 44%.

好的。太棒了。然後如果可以的話，我還有一個追問。你確實提到過，Joe，WHOW 和 DDI（DoubleDown Interactive）之間 KPI 的一些細微差異。但如果你能把 DTC 成長或兩者的組合占比拆分一下。我的意思是，我們現在大概是 44%。

We were kind of 20%-plus, I would think by now with DDI. Can we get -- can you help us like -- can we get to 50% plus? I'm trying to understand where we are inning-wise with DD as a full company?

我原本以為到現在 DDI 應該已經是 20% 以上了。我們能不能——你能幫我們理解一下——能不能到 50% 以上？我想了解就整個 DD 作為一家完整公司而言，我們現在進展到第幾局（inning）了？

Well, I think as I believe IK mentioned, DDI traditional, if I can use that word, let's call it, DoubleDown Casino by itself was over 40% in Q1. So the growth essentially sequential from 33% DTC total in social casino last in Q4 to 44% in Q1. In one quarter, going from 33% to 44% was primarily based on the growth of DTC and DoubleDown Casino.

嗯，我想如 IK 提到的，若我可以用「傳統」這個詞來說，先姑且這麼稱呼，單就 DoubleDown Casino 而言，第一季就超過 40%。因此，社交賭場的 DTC 總占比從第四季的 33% 依序成長到第一季的 44%。在一個季度內從 33% 到 44%，主要是由 DTC 與 DoubleDown Casino 的成長所帶動。

It's a great question. How far can it go -- how far further can it go both with traditional DDI as well as WHOW? It's hard to predict. I mean, we've made incredible progress over the last two years. And it's hard to handicap it, but we're really pleased with the results so far.

這是個很好的問題。它還能走多遠——無論是傳統的 DDI 還是 WHOW，還能再往上走多少？這很難預測。我的意思是，過去兩年我們取得了驚人的進展。很難去精準評估，但我們對目前的成果非常滿意。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

I'm going to beat the horse to death here with the question on the W offer. But when you look at potential acquisitions, is that on hold for the moment until the offer has been evaluated or are you still actively looking for potential deals?

我這裡要把關於 W 收購要約的問題問到徹底。但當你們看潛在併購時，是否會先暫停，等要約被評估完之後再說？還是你們仍在積極尋找潛在交易？

Well, I mean, from a operating the company perspective, the management team here at DoubleDown continues to operate business as usual. And so we are continuing not only to run the current businesses we have, but to evaluate and analyze M&A opportunities because that's certainly been a big part of what we've been focused on. And so it's a big part of our growth strategy, and so we're continuing to look at opportunities.

嗯，我的意思是，從公司營運的角度來看，DoubleDown 這邊的管理團隊仍然照常運作。因此我們不僅持續經營現有業務，也持續評估與分析併購（M&A）機會，因為那一直是我們關注的重點之一。這是我們成長策略的重要部分，所以我們會持續尋找機會。

Okay. And then as a follow-up, so you did give a little bit of comment on the higher you pay casino tax or iGaming tax. What are you doing to sort of mitigate the impact? Are you passing some of that along to the consumer? And what's happening to user acquisition costs with this in the last, I guess, 40 days?

好的。接著追問一下，你們確實稍微談到較高的付費賭場稅或 iGaming 稅。你們打算怎麼做來緩解影響？你們會把其中一部分轉嫁給消費者嗎？而在過去大概 40 天裡，使用者取得成本發生了什麼變化？

Yes. So IK, if you'd like, I'll talk a little bit about CPI user acquisition costs, if you want to talk a little bit about what we're doing to counteract the headwind of the tax increase, feel free. I mean, as it relates to CPIs, there has been, I think, moderation in the expense. I don't know if it's been reduced significantly. But certainly, some of the increases that we saw not only in the iGaming space, but also in gaming as a whole, I'll say, I mentioned that we leaned in a bit more even on the social casino side with DoubleDown Casino in the last quarter.

是的。所以 IK，如果你願意，我可以先談一下 CPI（每次安裝成本）等使用者取得成本；如果你想談談我們為了對抗稅率上調帶來的逆風所做的事情，也請隨意。就 CPI 而言，我認為費用確實有所趨緩。我不確定是否有顯著下降。但可以肯定的是，我們看到的不僅是 iGaming 領域，整體遊戲市場也出現了一些上升；我也提到過，上季我們在社交賭場端、特別是 DoubleDown Casino 上，投入得更積極一些。

We're seeing some opportunities for us to spend more. And so that's been positive. Relative to the situation with iGaming in the UK, it's still very early days. We're very keen to continue to observe what our much larger competitors are doing in that space. But we certainly are being -- trying to be as flexible as we can because we are still, as I mentioned earlier, very focused on getting the profitability up on the iGaming business.

我們看到一些可以讓我們加大投放的機會。所以這是正面的。至於英國 iGaming 的情況，現在仍是非常早期的階段。我們非常希望持續觀察在該領域規模大得多的競爭對手在做什麼。但我們確實會——盡可能保持彈性，因為如我先前提到的，我們仍然非常專注於提升 iGaming 業務的獲利能力。

IK, do you want to talk a little bit about some of the things we're doing on SuprNation?

IK，你要不要談談我們在 SuprNation 上做的一些事情？

Yes. On the marketing operational side, we actually leveraged real-time data analytics to optimize user acquisition costs and enhance retention. And while we are mindful of the evolving regulatory and tax landscape in the UK side, we are seeing the decreasing CPI costs, but it will depend on the budget size. So our strategy is to mitigate this headwind through portfolio expansion.

好的。在行銷營運面，我們實際上運用即時數據分析來優化使用者取得成本並提升留存。同時，我們也留意英國端不斷演變的監管與稅務環境；我們看到 CPI 成本正在下降，但這也會取決於預算規模。因此，我們的策略是透過擴充產品組合來緩解這股逆風。

And I think we are testing the ramping up right now. So it's only to say, but yeah. It will go better.

而且我想我們現在正在測試加速拉升。所以只能先這麼說，但對，是的。情況會更好。

Aaron Lee, Macquarie.

Aaron Lee，Macquarie。

Maybe to start just building off the earlier question on M&A. Can you just update us on what the M&A environment looks like today? Are you still seeing deals across your desk? And what's been the gating factor so far? Are these deals just too small to move the needle?

或許先延續先前關於併購（M&A）的問題。您能否更新一下目前的併購環境看起來如何？您們桌上是否仍有案子在看？到目前為止的關鍵卡點是什麼？這些交易是否只是規模太小、無法帶來顯著影響？

Or are seller expectations misaligned? Any color on the M&A picture would be helpful.

還是賣方的期望不一致？若能提供一些併購情況的補充說明會很有幫助。

Yes, I mean there are still deals out there. I mean, it's clear that valuation expectations, as we've discussed in the past -- or the more recent past are down, which as a buyer is good.

是的，我的意思是，市場上仍然有交易案。很明顯，如同我們過去——或更近期——討論過的，估值預期已經下調，這對買方而言是好事。

And there are a number of deals that are also smaller, Aaron, to your point, which for us, we've been looking to continue to ratchet up. I mean, our first deal with SuprNation spent $30 million, $40 million. Our next deal was WHOW, spent $65 million and added something on the order of $40 million to $50 million in annual revenue. And so the next deal is also looking to be a step-up, we would expect. But it's hard to predict when that will happen.

而且也有不少交易案規模較小，Aaron，如你所說；對我們而言，我們一直希望持續把規模往上拉。我的意思是，我們第一筆與 SuprNation 的交易花了 3,000 萬到 4,000 萬美元。下一筆交易是 WHOW，花了 6,500 萬美元，並增加了約 4,000 萬到 5,000 萬美元的年營收。因此我們預期下一筆交易也會是再往上一步的規模。但很難預測那會在何時發生。

There are deals out there, and we're continuing to use our disciplined approach to analyzing them and -- yes, we're on the look.

市場上有交易案，我們也持續以嚴謹的方法來分析它們——是的，我們正在尋找機會。

Okay. And I also wanted to ask about your comment about the opportunity you saw during the quarter to increase the advertising investment in DoubleDown Casino. Is there any more detail you can provide on what you saw in the market as you move through the quarter? And do you have visibility into whether those trends are sustainable in the coming quarters?

了解。我也想問一下您提到本季看到機會、因此提高對 DoubleDown Casino 的廣告投資。您能否提供更多細節，說明您在本季進行過程中在市場上看到了什麼？以及您是否能掌握這些趨勢在未來幾季是否可持續？

Yeah, no, good question. We were pleased to see that, as IK, I think, also mentioned, the CPIs had looked a little better for us, a little lower in Q1. Q4 is always a pretty tough environment. So there's always a Q4 to Q1 improvement.

是的，這是個好問題。我們很高興看到，正如 IK 我想也提到的，我們的 CPI 看起來對我們稍微好一些，在第一季略低一些。第四季一向是相當艱難的環境。所以通常第四季到第一季都會有所改善。

But that, coupled with our -- I mean, it's the ROI that's the most important, right? Can you monetize quickly in the new player acquisition, and we were able to see that. So not only was there good news on the CPI side, but we were also able to translate that into payer engagement. And so that's why we spent -- not a ton more, but a bit more. And certainly, we're always glad to do that.

但除此之外，還有我們的——我的意思是，最重要的是 ROI，對吧？你能否在新玩家獲取上快速變現，而我們確實看到了這點。所以不僅 CPI 方面有好消息，我們也能把它轉化為付費玩家的參與度。因此我們的投入——不是多很多，但多了一點。而且當然，我們也一直樂於這麼做。

As far as whether it's sustainable or not, it's very difficult to tell. But again, as we've talked in the past, we analyze the cohorts that we acquired new player cohorts that we acquire on a daily, weekly basis. And so we're always looking to lean in to acquiring new players if we can.

至於是否可持續，這非常難判斷。但同樣地，如同我們過去談過的，我們會以每日、每週的頻率分析我們獲取的新玩家分群（cohorts）。因此只要可以，我們總是希望加大力度去獲取新玩家。

(Operator Instructions) Josh Nicholas, B. Riley.

（接線員指示）Josh Nicholas，B. Riley。

Just to touch on the social casino business. We've seen some improvement there. What was the organic growth rate ex WHOW. I'm just curious how we should be thinking about that trajectory as we lap the WHOW acquisition in July and move into the second half?

想簡單談一下社交賭場（social casino）業務。我們看到那邊有一些改善。若排除 WHOW，內生（organic）成長率是多少？我想了解，當我們在 7 月度過 WHOW 收購的比較基期、進入下半年時，應該如何看待這個走勢？

Yes. I mean, certainly, as mentioned earlier, social casino is a very mature category, and it's estimated to be in secular decline. So there's no question that there's a headwind when it comes to trying to grow existing -- the existing business, whether it would be DoubleDown Casino or WHOW. But if you look at our results compared to what Eilers, for instance, estimates, we think we did more than hold our own in the first quarter.

是的。我的意思是，如先前提到的，社交賭場是一個非常成熟的類別，且估計正處於長期性下滑。因此毫無疑問，在試圖成長既有——既有業務（無論是 DoubleDown Casino 或 WHOW）方面，確實存在逆風。但如果你把我們的結果與例如 Eilers 的估計相比，我們認為第一季我們不僅守住了表現，甚至做得更好。

But there's no question given the maturity of this category. It's still incredibly cash generative, incredibly profitable. But given the maturity of the category, that's why our strategy is also focused on, well, optimizing profitability, as we've talked about through DTC and leaning into opportunities to grow as we can relative to acquiring new players when the ROI makes sense. And then obviously, the company looking for M&A opportunities to continue to expand the top line.

但考量到這個類別的成熟度，毫無疑問。它仍然非常能產生現金、非常獲利。但也因為類別成熟，所以我們的策略也聚焦在——嗯——如同我們談過的，透過 DTC 來最佳化獲利能力，並在 ROI 合理時把握相對於獲取新玩家的成長機會。然後很明顯，公司也在尋找併購機會，以持續擴大營收規模。

And last question for me. I mean, there's been a couple of questions on that, obviously. I wouldn't expect you to comment on the proposal itself, but anything you could say about the timing around forming a special community or how long until the process could reach a decision?

我最後一個問題。顯然已經有幾個相關問題了。我不預期您會評論提案本身，但您能否談談成立特別委員會（special committee）的時程，或這個流程大概多久可能做出決定？

Well, the special committee has informed. I mean, we sent out a press release couple of weeks ago on that. And so they've been unable to do their job, and as far as the process or the timeline, it's not something that we have exposure to at the company.

嗯，特別委員會已經成立。我的意思是，我們在幾週前就此發布了新聞稿。因此他們一直在履行其職責；至於流程或時間表，這不是我們公司層面能掌握或可見的事項。

Thank you. That does conclude the Q&A portion of our call and our conference for today. Thank you for participating. You may now disconnect.

謝謝。我們今天的電話會議問答環節到此結束，也結束今天的會議。感謝各位參與。您現在可以掛線。