GDEV Inc (GDEV) 2024 Q2 法說會逐字稿

Hello everyone from the sunny island of Cyprus. And thank you for joining us today on the second quarter 2024 earnings results presentation for GVEV Inc. On today's call, our presenters will be Andrey Fadeev, Founder and CEO; Alexander Karavaev, Chief Financial Officer and me Roman Safiyulin, Chief Corporate Development Officer.

來自陽光明媚的塞浦路斯島的大家好。感謝您今天參加我們 GVEV Inc. 2024 年第二季財報。財務長 Alexander Karavaev 和首席企業發展長 Roman Safiyulin。

Before we get started, I would like to remind you that today's discussion may contain forward-looking statements which may not develop as we currently expect. We have posted a supplementary presentation at gdev.inc, which contains information and precautionary warnings on forward-looking statements as well as our non-IFRS financial measures, and we will also post our prepared remarks. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC.

在我們開始之前，我想提醒您，今天的討論可能包含前瞻性陳述，這些陳述可能不會按照我們目前的預期發展。我們已在 gdev.inc 上發布了補充演示文稿，其中包含有關前瞻性陳述以及我們的非 IFRS 財務措施的資訊和預防性警告，我們還將發布我們準備好的評論。有關風險和不確定性的更完整討論，請參閱我們向 SEC 提交的文件。

With that, I'll pass it over to Andrey.

這樣，我會把它交給安德烈。

Andrey Fadeev, CEO, Founder of this machine, it's me. And we're back on-air after a nice long break, we're finally back in action. And you know what that means, we've recovered enough to show our faces again and fill you in on what's been going on with us.

Andrey Fadeev，首席執行官，這台機器的創始人，是我。經過一段愉快的長時間休息後，我們又回到了直播中，我們終於又開始行動了。你知道這意味著什麼，我們已經恢復到足以再次露面並向您介紹我們發生的事情。

If you've noticed that we've become more visible and are steadily growing our footprint, well, you're not wrong. We're making waves everywhere and we'll do it. Why? Because we're excited and eager to show the world what we're made of. And trust us, we're not stopping anytime soon.

如果您注意到我們的知名度越來越高，而我們的足跡正在穩步擴大，那麼您沒有錯。我們正在到處掀起波瀾，我們會做到的。為什麼？因為我們很興奮並渴望向世界展示我們的實力。相信我們，我們不會很快停止。

As I've said in my posts before, you can find it in LinkedIn for example, we're here to do things differently. Our mission? To pleasantly surprise, first and foremost, our users, and secondly, you, our dear current and future shareholders -- I hope you will be our further shareholders.

正如我之前在帖子中所說，您可以在 LinkedIn 中找到它，例如，我們在這裡做不同的事情。我們的使命？首先是我們的用戶，其次是您，我們親愛的當前和未來的股東——我希望您將成為我們更多的股東。

Now, I'm not here to talk about Q2 or H1, that's what my much more professional colleagues are for. I'm here to talk about the future, with no promises, of course. And yeah, we do have a future, and it's looking brighter by the day. Each of our game studios now has a clear plan on how they'll create the number-one game for their audience, every single one of them. Our dreams of diversifying beyond a single asset are finally starting to take shape.

現在，我在這裡不是在談論第二季度或第一季度，這是我更專業的同事的目的。我來這裡是為了談論未來，當然，我不做任何承諾。是的，我們確實有未來，而且它看起來一天比一天光明。我們的每個遊戲工作室現在都有一個明確的計劃，關於如何為他們的每位觀眾創造第一款遊戲。我們超越單一資產多元化的夢想終於開始成形。

Fortunately, we see strong growth potential for our flagship franchise, Hero Wars. And after our cautious, sometimes awkward, first steps with Pixel Gun 3D on Steam, we've realized that buying that fantastic product was worth every penny. If you're curious, you can check out the success of our other studios on platforms like Data.ai.

幸運的是，我們看到了我們的旗艦系列《英雄戰爭》的強勁成長潛力。在我們在 Steam 上謹慎地、有時甚至有些尷尬地邁出了 Pixel Gun 3D 的第一步後，我們意識到購買這款出色的產品是值得的。如果您好奇，您可以在 Data.ai 等平台上查看我們其他工作室的成功經驗。

We're also seeing interest from top founders in the gaming industry who have expressed that they want to join us. It's incredibly gratifying to watch our long-time and long-term dreams slowly become reality. Sure, it takes time, and it's not happening overnight. But if there is one thing you can count on from us, it's that we never give up, and we're in it for the long haul.

我們也看到遊戲產業頂級創辦人的興趣，他們表示希望加入我們。看著我們長久以來的夢想慢慢變成現實，真是令人無比欣慰。當然，這需要時間，而且不是一朝一夕就能實現的。但如果有一件事情是您可以信賴的，那就是我們永不放棄，並且我們將長期投入其中。

So next will be Alexander Karavaev.

接下來是亞歷山大·卡拉瓦耶夫。

Thank you Andrey. Now a few words about our financial results. Overall, our Q2 results are on track. We have expected the numbers that we achieved given seasonal factors and the current product mix.

謝謝你安德烈。現在簡單介紹一下我們的財務表現。整體而言，我們第二季的業績步入正軌。考慮到季節性因素和目前的產品組合，我們已經預期了我們所達到的數字。

In the second quarter of 2024, we generated revenue of $106 million, compared to $115 million in the same period of 2023, mostly due to a decrease in the recognition of deferred revenue associated with bookings recorded in previous periods.

2024 年第二季度，我們的收入為 1.06 億美元，而 2023 年同期為 1.15 億美元，主要是由於與前期記錄的預訂相關的遞延收入確認減少。

Bookings though, which we consider a very important metric for our business, remained relatively stable in the second quarter of 2024. They only decreased by 3% year-over-year primarily due to a decline in advertising revenue. It is important to note that the amount of in-app purchases, which is our core revenue stream, was relatively stable year-over-year.

不過，我們認為預訂量對我們的業務非常重要，但它在 2024 年第二季度保持相對穩定。值得注意的是，作為我們核心收入來源的應用內購買量比去年同期相對穩定。

Platform commissions decreased by 16% in the second quarter of 2024 versus prior year. This was driven by a decrease in revenues generated from in-game purchases, amplified by the higher share of revenues derived from our web platform, which are subject to lower platform commissions.

2024 年第二季度，平台佣金較去年同期下降 16%。這是由於遊戲內購買產生的收入減少，而來自我們的網路平台的收入份額增加而放大的，而網路平台的收入受到較低的平台佣金的影響。

Game operation costs decreased by $2 million in the second quarter of 2024. It was primarily driven by an optimization of employee head count as part of our ongoing program to optimize the costs. Selling and marketing expenses in the second quarter of 2024 decreased by $3 million and amounted to $47 million. This decrease is driven by a successful execution of our strategy of enhancing the efficiency of user acquisition in second quarter of 2024.

2024 年第二季度，遊戲營運成本減少了 200 萬美元。 2024 年第二季的銷售和行銷費用減少 300 萬美元，達到 4,700 萬美元。這一下降是由於我們在 2024 年第二季度成功執行了提高用戶獲取效率的策略。

As a result, we managed to attract payers more efficiently in this quarter than in the respective period of 2023. In simple terms, it means that our core efficiency parameter, which is the lifetime value of a payer divided by the cost of payer, increased in this quarter as compared with the second quarter of prior year.

因此，我們在本季比 2023 年同期更有效地吸引了付款人。二季度相比。

Moreover, we continue to execute on our strategy to enhance efficiency of the business. In the next couple of quarters, we plan to concentrate primarily on the product across all our titles and platforms.

此外，我們繼續執行我們的策略以提高業務效率。在接下來的幾個季度中，我們計劃主要關注我們所有遊戲和平台的產品。

The primary goal is obviously to enhance the gaming experience and to increase the lifetime value of our players as a consequence. In this respect we adhere as we did in the past to a disciplined approach towards the investments in user acquisition. We generally only aim to invest in the user cohorts that produce sufficient returns, and this is the primary reason why we are not scaling the marketing investments now. We just saving the cash for future investments after we enhance our products the way we want it.

主要目標顯然是增強遊戲體驗並提高玩家的終身價值。在這方面，我們像過去一樣堅持對用戶獲取投資採取嚴格的方法。我們通常只投資於能夠產生足夠回報的用戶群體，這也是我們現在不擴大行銷投資的主要原因。在以我們想要的方式增強我們的產品後，我們只是為未來的投資節省現金。

It also important to stress that one of the reasons why bookings stagnated in 2024 can be traced back to the fact that we have not invested heavily in user acquisition in 2022 and 2023. You might be aware that the market was tough over the past couple of years, and we didn't want to waste our resources into acquiring user cohorts that are not good enough from the internal rate of return point of view or not predictable enough.

還需要強調的是，2024 年預訂停滯的原因之一可以追溯到我們在 2022 年和 2023 年沒有在用戶獲取方面投入大量資金。來獲取從內部報酬率角度來看不夠好或不夠可預測的使用者群體。

Starting from the second half of 2023, we noticed that the cycle started to change. First of all, we saw that user behavior started to normalize. The same is true in respect of the costs of our user acquisition, the prices are getting less volatile and more predictable. These factors all together with our internal initiatives helped us to substantially increase the efficiency of the business in 2024. We also think that this trend is sustainable, and it gives us a certain confidence regarding our future growth.

從2023年下半年開始，我們注意到週期開始改變。首先，我們看到使用者行為開始正常化。我們的用戶獲取成本也是如此，價格的波動性越來越小，並且更加可預測。這些因素加上我們的內部舉措，幫助我們在 2024 年大幅提高了業務效率。

As a result of all our steps, we booked a profit for this period, net of tax, of $15 million. Adjusted EBITDA amounted to $16 million, a slight increase of $600,000 compared with the same period in 2023. Cash flows generated from operating activities remained relatively stable at $11 million in this quarter. And the last, but not the least, our total cash position as of the end of Q2, which includes all our investments into highly liquid and low-risk government bonds, is $140 million, which is indeed a great resource to sustain our development in the future.

由於採取了所有措施，我們在此期間實現了 1500 萬美元的稅後利潤。調整後 EBITDA 為 1,600 萬美元，較 2023 年同期小幅增加 60 萬美元。最後但並非最不重要的一點是，截至第二季末，我們的總現金部位（包括對高流動性和低風險政府債券的所有投資）為1.4 億美元，這確實是維持我們發展的巨大資源。

With that, I pass it over to our Chief Corporate Development Officer, Roman Safiyulin, who continues with a discussion of our operating metrics and a product update. Roman?

之後，我將其交給我們的首席企業發展長 Roman Safiyulin，他繼續討論我們的營運指標和產品更新。羅馬？

Thank you, Alexander. I'll now go over the group's operational performance and offer some insights into our main franchises. Starting with the operating metrics, average bookings per paying user increased by 2% year-over-year while monthly active users as well as monthly paying users across all games were relatively flat declined by slight 3% year-over-year, which indicates a better dynamics compared to the decline in marketing spend in the quarter.

謝謝你，亞歷山大。現在，我將回顧該集團的營運績效，並對我們的主要特許經營業務提供一些見解。從營運指標開始，每位付費用戶的平均預訂量年增 2%，而所有遊戲的每月活躍用戶和月付費用戶則相對持平，同比小幅下降 3%，這表明與本季度行銷支出的下降相比，動態更好。

However, our operating metrics, demonstrate the higher quality and stickiness of cohorts we acquired recently and also reflect the improved ability to retain and monetize existing players' cohorts. But the blended numbers never provide the right picture for each product in particular, and we as you know are very focused on each and every product we develop. So I believe it makes sense to dive into some details game by game.

然而，我們的營運指標表明，我們最近獲得的玩家群體的品質和黏性更高，也反映出保留現有玩家群體並透過其獲利的能力有所提高。但混合數字永遠無法為每種產品提供具體的正確訊息，正如您所知，我們非常關注我們開發的每種產品。所以我相信逐場深入研究一些細節是有意義的。

Hero Wars: Dominion Era, our PC RPG title, showed solid performance in Q2 2024. In terms of bookings, both year-over-year and quarter-over-quarter figures remained flat. It is important to understand that this game is tailored for a more hardcore and narrow player base who spend more time and money inside the game, but acquiring them is more challenging compared to the mobile version of the game.

我們的 PC RPG 遊戲《Hero Wars: Dominion Era》在 2024 年第二季度表現穩健。重要的是要明白，這款遊戲是為更硬核和更狹窄的玩家群體量身定制的，他們在遊戲中花費更多的時間和金錢，但與移動版本的遊戲相比，獲取它們更具挑戰性。

So the average bookings per paying user grew by 6% quarter-over-quarter and 3% year-over-year. And the focus for Hero Wars: Dominion Era is in-game play depth development and life time value growth of existing player base, as opposed to growth via scaling user acquisition investments.

因此，每位付費用戶的平均預訂量較上季成長 6%，較去年同期成長 3%。 《英雄戰爭：統治時代》的重點是遊戲內遊戲的深度開發和現有玩家群的生命週期價值成長，而不是透過擴大用戶獲取投資來實現成長。

In our mobile RPG title, Hero Wars: Alliance, the team is focused on achieving product improvements, driving the lifetime value of users, which are planned to be used for more significant and effective user acquisition investments during the peak seasons of the fourth quarter and the first quarter 2025.

在我們的行動RPG遊戲《英雄戰爭：聯盟》中，團隊專注於實現產品改進，提升用戶的終身價值，並計劃在第四季度和旺季期間用於更重要和有效的用戶獲取投資。季度。

Due to this approach, marketing expenses in the second quarter 2024 declined 15% year-over-year, while the user economics of the acquired users was much stronger compared to last year as Alexander has mentioned before. These factors led to a 4% year-over-year decrease in bookings for Hero Wars: Alliance, although the figure remained flat quarter-over-quarter, which is in line with our decision to focus on stronger growth in a hot season.

由於這種方法，2024 年第二季的行銷費用比去年同期下降了 15%，而正如 Alexander 之前提到的，所獲取用戶的用戶經濟性比去年要強得多。這些因素導致《英雄戰爭：聯盟》的預訂量年減 4%，儘管該數字與上一季持平，這符合我們專注於在炎熱季節實現更強勁增長的決定。

Importantly, Hero Wars has recently celebrated a major milestone with its first ever in-game collaboration, featuring the legendary gaming icon Lara Croft. This partnership with Crystal Dynamics, a part of Embracer Group, showed the scale and power of Hero Wars franchise. It has garnered positive feedback from our player community and was supported by extensive brand marketing campaigns.

重要的是，《英雄戰爭》最近透過與傳奇遊戲偶像勞拉克勞馥的首次遊戲內合作慶祝了一個重要的里程碑。這次與 Embracer Group 旗下 Crystal Dynamics 的合作展示了《英雄戰爭》系列的規模與力量。它獲得了玩家社群的正面回饋，並得到了廣泛的品牌行銷活動的支持。

These efforts propelled the Hero Wars brand to an all-time high in Google Trends search interest and the number of new players during the months of collaboration, so at 25% year-over-year and 17% month-over-month increase.

這些努力推動《Hero Wars》品牌在合作幾個月內的 Google 趨勢搜尋熱度和新玩家數量創下歷史新高，年增 25%，季增 17%。

Now, let's move on to our Pixel Gun 3D franchise. I would like to once again highlight the good start of Pixel Gun 3D PC Edition on the Steam platform. This launch once again demonstrated the strong brand of Pixel Gun, as the results were reached without significant marketing investments, relying solely on the title's community and power of name recognition.

現在，讓我們繼續了解 Pixel Gun 3D 系列。我想再次強調 Pixel Gun 3D PC 版在 Steam 平台上的良好開局。這次發布再次展示了 Pixel Gun 的強大品牌，因為在沒有大量行銷投資的情況下，僅僅依靠遊戲的社群和知名度的力量就取得了這樣的結果。

As a result, in the second quarter, the Pixel Gun 3D franchise saw a 10% year-over-year increase in monthly active users and a 45% year-over-year increase in monthly paying users. While we currently see a decline after the initial spike, which is typical with PC launches, the team is working diligently to offer the best product for this audience and develop the success of the game.

因此，第二季 Pixel Gun 3D 系列的每月活躍用戶較去年同期成長 10%，每月付費用戶較去年同期成長 45%。雖然我們目前看到在最初的高峰之後出現下降（這是 PC 發布的典型情況），但團隊正在努力為這些受眾提供最好的產品，並推動遊戲成功。

Moving on to Island Hoppers, our mobile farming title, this year the team has significantly improved retention and monetization of paying users, thanks to LiveOps improvements and currently we are happy with the quality of the product, but still building a marketing infrastructure which can allow us to scale the user acquisition investments later this year. To stay effective we have significantly decreased the UA investment in the second quarter for this product.

轉向我們的行動農業遊戲Island Hoppers，今年，由於LiveOps 的改進，該團隊顯著提高了付費用戶的保留率和貨幣化率，目前我們對產品的質量感到滿意，但仍在構建營銷基礎設施，以允許我們將在今年稍後擴大用戶獲取投資。為了保持有效性，我們在第二季大幅減少了該產品的用戶獲取投資。

Regarding the geographic breakdown of bookings in second quarter, the US market was 34%, remains the largest revenue contributor, while the most significant year-over-year increase of five percentage points we have in the share from the European region, which reached 29% of total bookings.

從第二季預訂的地理分佈來看，美國市場為 34%，仍然是最大的收入貢獻者，而最顯著的同比增長來自於歐洲地區的份額，增長了 5 個百分點，達到了 29%。佔總預訂量的百分比。

This was achieved by a more tailored marketing approach in Germany, our top one country in the region, and as well as brand marketing activities including experimental TV commercials in Poland, which helped to grow Hero Wars bookings in this country by more than 50% year-over-year.

這一目標是透過我們在該地區排名第一的國家德國採取的更量身定制的營銷方式以及包括波蘭實驗性電視廣告在內的品牌營銷活動實現的，這些活動幫助《英雄戰爭》在該國的預訂量增長了50% 以上-同比。

Additionally, in the second quarter, the share of PC revenue increased by 4 percentage points compared to the same period in 2023, mostly due to the release of Pixel Gun 3D on the Steam platform as well as good performance of Hero Wars: Dominion Era.

此外，第二季PC營收比重較2023年同期成長4個百分點，主要得益於Steam平台上《Pixel Gun 3D》的發布以及《英雄戰爭：統治時代》的良好表現。

Moving forward this year, our primary focus is on enhancing our key franchises. Our teams are dedicated to improving the user experience to increase retention, engagement, and monetization metrics, with the goal of growing the projected lifetime value. And importantly we plan to reinvest the gains from these LTV improvements into more aggressive user acquisition efforts in the hot season, which is expected to generate new high quality cohorts and support continued growth in the future.

展望今年，我們的主要重點是增強我們的主要特許經營權。我們的團隊致力於改善用戶體驗，以提高保留率、參與度和貨幣化指標，目標是提高預期的生命週期價值。重要的是，我們計劃將這些 LTV 改進所帶來的收益再投資到炎熱季節更積極的用戶獲取工作中，預計這將產生新的高品質群體並支持未來的持續成長。

With that, we conclude our second quarter 2024 earnings results presentation for GDEV Inc. We will now address any questions you may have during the conference call. Operator?

至此，我們結束了 GDEV Inc. 2024 年第二季財報。操作員？

(Operator Instructions) Martin Yang, Oppenheimer.

（操作員說明）馬丁楊，奧本海默。

Hi. Yeah, thanks for taking my question. The first question is on marketing spend. How you think about the relationship between the scale of your users and forward-looking budget for marketing. Do you expect your marketing spend to stay at similar level to 2Q, while able to maintain your current paying user and active user base into the next few quarters?

你好。是的，謝謝你回答我的問題。第一個問題是行銷支出。您如何看待使用者規模與前瞻性行銷預算之間的關係。您是否預期行銷支出將維持與第二季相似的水平，同時能夠在未來幾季維持目前的付費用戶和活躍用戶群？

Hi Martin. Thanks a lot. We actually expect that in Q3, as we said, it's primarily going to be the focus on the product development and we don't really want to overspend the marketing these periods, up until we make the product the way we want it. So we would expect that in Q3, it will probably be more or less comparable with what we achieved in Q2. And then if we're in good shape, it's certainly going to increase in Q4 and maybe in Q1 of the next year. And then again, it's going to be subject to seasonality throughout the 2025.

嗨馬丁。多謝。正如我們所說，我們實際上預計第三季的重點將主要放在產品開發上，我們真的不想在這段時間過度花費行銷費用，直到我們按照我們想要的方式生產產品。因此，我們預期第三季的業績可能或多或少與第二季的業績相當。如果我們狀況良好，第四季肯定會增加，也許明年第一季也會增加。再說一遍，整個 2025 年它將受到季節性影響。

Thank you. Then the next question is regarding your launch on Steam. How do you think about the potential of expanding the distribution for Hero Wars on PC? Does Hero Wars -- does it make sense for you to distribute Hero Wars also through Steam and maybe other PC marketplaces?

謝謝。那麼下一個問題是關於您在 Steam 上發布的問題。您如何看待《英雄戰爭》在 PC 上擴大發行的潛力？ 《Hero Wars》－你們透過 Steam 甚至其他 PC 市場發行《Hero Wars》是否有意義？

Look, well, it's a very promising platform. It's something that specifically for Pixel Gun, we have really never done. Yeah, it's the first launch of such type on Steam. And actually now, we have an extended development mode.

看起來，這是一個非常有前途的平台。這是專門針對 Pixel Gun 的事情，我們確實從未做過。是的，這是 Steam 上首次推出此類遊戲。實際上現在我們有一個擴展的開發模式。

So we tested the platform, really understood that the reaction of the players was very good, both in terms of the monetization, but also in terms of the interest that we attracted. And what we're now going to be doing is actually to prepare the product in the way we want it, so that we can really scale it massively on the PC platform.

所以我們測試了這個平台，確實了解到玩家的反應非常好，無論是在貨幣化方面，還是在我們吸引的興趣方面。我們現在要做的實際上是按照我們想要的方式準備產品，這樣我們就可以真正在 PC 平台上大規模擴展它。

So it's likely going to happen in 2025, at least that's our plan. But for now, we really would like to prepare better for the product as such.

所以這很可能會在 2025 年發生，至少這是我們的計劃。但就目前而言，我們確實希望為產品本身做好更好的準備。

Got it. My last question is on advertising. You commented on declining CPM rates in '24. And is there anything you see in the market that may change your view on CPM rates in upcoming quarters?

知道了。我的最後一個問題是關於廣告的。您評論了 24 年 CPM 率下降的情況。您在市場上看到的任何東西可能會改變您對未來幾季每千次曝光費用費率的看法嗎？

Martin, can you please repeat your questions more clear? Thank you.

馬丁，你能更清楚地重複你的問題嗎？謝謝。

Sure. So CPM rates were depressed as you mentioned in the press release. Is there anything on the market that may change your mind regarding the CPM rates in the next couple of quarters on a forward-looking basis?

當然。因此，正如您在新聞稿中提到的那樣，每千次曝光費用率受到了抑制。市場上是否有任何東西可能會改變您對未來幾季 CPM 費率的前瞻性看法？

Okay, yeah, thanks a lot. Look, well, we closely monitor the market. So, so far the dynamics has been very nice. Actually, it works both ways. So first of all, we sell the advertising ourselves, but it's also we're using the advertising to attract the users. That has stabilized, stabilized on the proper level. And as I said, it started the normalization of the market in the second half of 2023. And for now, we see that this trend is kind of stable, so we would not really expect any substantial deviations.

好的，是的，非常感謝。看，我們密切關注市場。所以，到目前為止，動態非常好。事實上，它是雙向的。所以首先，我們自己銷售廣告，但同時我們也在利用廣告來吸引用戶。這已經穩定下來，穩定在適當的水平。正如我所說，市場在 2023 年下半年開始正常化。

It can have certain changes towards the end of the year. That's fairly usual in the market, because it's going to be really massive advertising campaigns by many retailers around the year end. But other than that, we really see that the market is going back to normal.

到年底可能會有一些變化。這在市場上相當常見，因為許多零售商在年底都會進行大規模的廣告活動。但除此之外，我們確實看到市場正在恢復正常。

Got it. Thank you very much. That's it for me.

知道了。非常感謝。對我來說就是這樣。

Vinay Bhardwaj, Cantor Fitzgerald.

維奈·巴德瓦吉，坎托·菲茨杰拉德。

Hi guys. Vinay from Cantor here. So bookings remain stable versus Q1, which is a pretty solid result, but down year-over-year. Specifically you call out the strength in in-app purchases offsetting the weakness in ad bookings. Is that a general market trend you are seeing and you expect that to continue? And how does this play into your expectations for bookings growth in H2, and also gross profit margins given the margin difference between ad bookings and in-app purchases?

嗨，大家好。來自康托爾的維奈在這裡。因此，預訂量與第一季相比保持穩定，這是一個相當不錯的結果，但同比有所下降。具體來說，您指出應用程式內購買的優勢抵消了廣告預訂的劣勢。這是您所看到的整體市場趨勢嗎？鑑於廣告預訂和應用程式內購買之間的利潤差異，這對您對下半年預訂量成長以及毛利率的預期有何影響？

Yeah, I would expect that the trend would continue more or less. So we wouldn't really expect any substantial increase in the advertising monetization, but also would expect that the in-app purchases would be strong. Though we -- market is still -- it's now much more predictable, but it still can be volatile. So that's why we're not really providing the guidance for now.

是的，我預期這種趨勢或多或少會持續下去。因此，我們並不真正期望廣告貨幣化有任何實質成長，但也期望應用程式內購買將會強勁。儘管我們——市場仍然——現在更加可預測，但它仍然可能不穩定。這就是為什麼我們現在沒有真正提供指導。

But our expectations are very solid in respect of the growth in the second half of this year, but also in 2025, especially.

但我們對今年下半年的成長以及 2025 年的成長抱持著非常堅定的預期。

Okay, thank you for that. Then secondly, can you provide an update on the underlying FTP market, specifically on user spend, ad bookings, and user acquisition effectiveness, and how you are navigating these trends?

好的，謝謝你。其次，您能否提供有關 FTP 基礎市場的最新信息，特別是用戶支出、廣告預訂和用戶獲取有效性方面的信息，以及您如何駕馭這些趨勢？

Well, look, it really has been a massive amount of work first of all that we did internally. Just to start with, as I said, the market as such really helped us. And it's not necessarily the fact that the CPIs went down. So they are just higher than pre-COVID level.

嗯，看，首先我們內部所做的工作量確實很大。首先，正如我所說，市場本身確實幫助了我們。這不一定是消費者物價指數下降的事實。所以它們只是高於新冠疫情前的水平。

But the problem that all the gaming markets faced over the past couple of years is that they were very volatile, so the predictions were very hard to make, so whenever we were in a position to invest in the market, and they started to be much more predictable. And it basically worked well along with our initiatives around the LTV. So as soon as we see the product in a way, so that the LTV is an appropriate level, then obviously the IRR, the Internal Rate of Returns that we target specifically for the cohort, it's in a very good level.

但過去幾年所有遊戲市場面臨的問題是，它們非常不穩定，因此很難做出預測，所以每當我們有能力投資這個市場時，它們就開始變得非常多。它基本上與我們圍繞 LTV 的舉措配合良好。因此，一旦我們以某種方式看到產品，使 LTV 處於適當的水平，那麼顯然 IRR（我們專門針對該群體的內部回報率）就處於非常好的水平。

So again, in our business, it's all about the predictability, and that really stabilized over the first two quarters of 2024. And again, as I said, that's likely the trend that we believe is going to continue throughout 2024 and next year as well.

因此，在我們的業務中，一切都與可預測性有關，並且在 2024 年前兩個季度真正穩定下來。

Okay, that's very clear. Thank you. Just a final question from me. Despite bookings and active users being stable to down slightly versus Q1, profit is up materially as user acquisition is lower. Is this a sign of more efficient user acquisition spend and conversion and improving retention in the titles?

好的，這很清楚。謝謝。這是我的最後一個問題。儘管預訂量和活躍用戶數與第一季相比穩定略有下降，但由於用戶獲取量較低，利潤大幅增加。這是更有效的用戶獲取支出和轉換以及提高遊戲保留率的標誌嗎？

It's actually both. It's the payment conversion and retention in the title, but also it's a way of really trying to address the entire lifetime course in a way. So it's -- in different titles, it's like different types of products or pipelines. So we generally would like to fix the retention within the first seven days, then within the first 30 days, and it goes like that. And then obviously, as soon as we fix that, then we go to a deeper monetization through like days after registration 360 and so on.

實際上兩者都是。這是標題中的付款轉換和保留，但也是真正嘗試以某種方式解決整個生命週期的一種方式。所以，在不同的標題中，它就像是不同類型的產品或管道。因此，我們通常希望在前 7 天內固定保留率，然後在前 30 天內固定，就這樣。顯然，一旦我們解決了這個問題，我們就會透過註冊 360 等天後進行更深層的貨幣化。

Yeah, it's familiar around the product. We really see that the behavior of the user started to be predictable throughout the entire platform.

是的，它對產品很熟悉。我們確實看到，整個平台上使用者的行為開始變得可預測。

Okay, thank you very much. That's very clear.

好的，非常感謝。這非常清楚。

Papy Bakayoko, Gestion Cristallin.

帕皮·巴卡約科，管理克里斯塔林。

Hello. I would like to know if there is any strategy actually to broaden the shareholder base and improve the liquidity of the stock. Like if there is any initiative that you started?

你好。我想知道是否有任何策略實際上可以擴大股東基礎並提高股票的流動性。例如您發起了什麼倡議？

Excuse me, can you please repeat your question? Is it about the liquidity of the stock?

打擾一下，您能重複您的問題嗎？與股票的流動性有關嗎？

Exactly. If you have like any initiative actually to improve the liquidity of the stock and to broaden the shareholder base, because currently the stock is not -- like there are not many people trading the stock. There are not many people aware about the stock. So if you are doing anything actually to improve that state of --

確切地。如果您實際上有任何舉措來提高股票的流動性並擴大股東基礎，因為目前股票還沒有——就像沒有多少人交易股票一樣。知道該股的人並不多。因此，如果你實際上正在做任何事情來改善這種狀態——

Look, we have -- if I understand you correctly. So just to address the liquidity of the stock, we really -- I mean, we inherited that as a result of the IPO through the merger with the SPAC that we did in the past. And we as the management, but also the board were on top of it. So we developed a program of how we would like to tackle that.

聽著，如果我沒理解錯的話，我們有。因此，為了解決股票的流動性問題，我們確實——我的意思是，我們透過過去與 SPAC 的合併，繼承了 IPO 的結果。我們作為管理階層，而且董事會也在其中。因此我們制定了一個計劃來解決這個問題。

First of all, we really would like to be much more visible to the investors, but also much more in that pipeline. But we also understand that this is a program that will likely take several months at least, or maybe just more than a year. So we are passionate about that.

首先，我們確實希望更多地受到投資者的關注，但也希望更多參與其中。但我們也知道，這個計劃可能至少需要幾個月的時間，或者可能只需要一年以上的時間。所以我們對此充滿熱情。

We really want to have it in place. And there are like a few steps in this plan that we are not really able to announce for now. We're working on them internally. We have to go through all the approval processes. But that's what can I -- what I can assure you is that the top priority for the management and our board.

我們真的很想把它落實到位。這個計劃中有一些步驟我們目前還不能真正宣布。我們正在內部研究它們。我們必須完成所有審批流程。但這就是我能做的——我可以向你們保證，這是管理階層和董事會的首要任務。

So we could see like -- in which time frame can we see this actually enacted, because you said there's some regulatory order to go through. So like, in what time frame we could see something happen or some announcement?

所以我們可以看到——在什麼時間範圍內我們可以看到這實際上已頒布，因為你說有一些監管命令需要通過。那麼，在什麼時間範圍內我們可以看到一些事情發生或一些公告？

Excuse me, but the line is not as good. Can you please repeat it again?

抱歉，線路不太好。您能再重複一遍嗎？

Okay, yeah. If I heard you properly, you said there's some regulatory order to go through. So I wonder in which time frame could we see you enacted those initiatives. Like could we see like some announcement related to that or anything like this? Because since the stock has been released, there's not much actually which has been announced about this. We don't see anything actually to increase the awareness about the stock, yeah.

好吧，是的。如果我沒聽錯的話，你是說需要遵守一些監管命令。所以我想知道我們在什麼時間範圍內可以看到你們頒布這些措施。就像我們可以看到一些與此相關的公告或類似的東西嗎？因為自從該股票發布以來，實際上並沒有太多關於此事的公告。是的，我們實際上沒有看到任何東西可以提高人們對該股票的認識。

As I said, that program, timing wise, its -- we believe can take several months. So we're not really looking at something at the short term. Really would like to build, I mean, the shareholder value and the part of this liquidity over the mid-to-long term. So it's probably going to be this year, next year, yeah.

正如我所說，該計劃從時間安排來看，我們認為可能需要幾個月的時間。所以我們並沒有真正關注短期的事情。我真的很想在中長期建立股東價值和流動性部分。所以可能會是今年、明年，是的。

Because I don't see you on the roadshows, on the conferences. Because shareholders, there are many shareholders and different type of shareholders. You are not exposed there for them to know about your stock. So this is like the main issue that I see related to that.

因為我在路演和會議上沒有看到你。因為股東，股東很多，股東類型也不同。您不會暴露在那裡，讓他們了解您的股票。這就是我認為與之相關的主要問題。

Also, there might be the fact that you are being tainted as maybe a Russian corporation, but they seem to remove that perception from the market. But I don't see you doing much actually toward this. So it would be a good thing for you to work on that and also make it faster and weighted along the way.

此外，可能存在這樣的事實：您可能被認為是俄羅斯公司，但他們似乎從市場上消除了這種看法。但我認為你並沒有為此做太多實際工作。因此，對你來說，努力做到這一點是一件好事，同時讓它變得更快、更有分量。

Yeah. Look, again, if I understood you correctly, you are exactly right. So we have not been really active in this space. We really wanted to like, fix all the things in the product and really to see where the market is going. But from now on, you are exactly right. So we plan to use all the instruments that we have available. So we're going to participate in the conference like the normal public company should do.

是的。再說一遍，如果我理解正確的話，那麼你是完全正確的。所以我們在這個領域並沒有真正活躍。我們真的很想修復產品中的所有問題，並真正了解市場的走向。但從現在開始，你是完全正確的。因此，我們計劃使用我們現有的所有工具。因此，我們將像普通上市公司一樣參加會議。

But also, we actually have already done like an NDR earlier in this year and this is something that we plan to do in the future. Maybe one more will happen this year and we certainly will have at least one more next year or maybe more than that. So it's quite a robust plan in respect of this.

而且，我們實際上已經在今年早些時候做了類似 NDR 的工作，這是我們計劃在未來做的事情。也許今年還會發生一次，明年我們肯定還會發生至少一次，甚至更多。因此，在這方面這是一個相當穩健的計劃。

Okay, I'm looking forward to get more information about it. Thank you.

好的，我期待獲得更多相關資訊。謝謝。

Thank you.

謝謝。

(Operator Instructions) There are no further questions on the phone. Please continue with any webcast questions.

（操作員說明）電話中沒有其他問題。請繼續回答任何網路廣播問題。

Yeah, as of now there are no webcast questions. So I think with that, we can conclude. Thank you everybody for joining the call.

是的，到目前為止還沒有網路廣播問題。所以我認為，我們可以得出結論。感謝大家加入通話。