GDEV Inc (GDEV) 2024 Q3 法說會逐字稿

Good day, everyone and warm greetings from Cyprus. We are delighted to have you join us today as we present Jade's third quarter, 2024 earnest results on today's call. Our presenters will be Andre Piv founder and CEO Alexander Karev, Chief Financial Officer, and me, Romans, chief corporate development officer.

大家好，來自塞浦路斯的熱烈問候。我們很高興您今天加入我們，我們將在今天的電話會議上介紹 Jade 2024 年第三季的認真業績。我們的演講者將是 Andre Piv 創辦人兼執行長、財務長 Alexander Karev 和我，Romans，首席企業發展長。

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 GDV dot inc which contains information and precautionary warnings on forward-looking statements as well as our non Ira s financial matters for a more complete discussion of the risk and asserts. Please see our findings with the SEC. Now let me hand it over to Andre.

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 GDV dot 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 Ira 財務事項的資訊和預防性警告，以便對風險和主張進行更完整的討論。請參閱我們與 SEC 的調查結果。現在讓我把它交給安德烈。

Yes, I'm Andre. Thank you, Roman. I greet everyone and especially our dear and respected analysts. Thank you for your work.

是的，我是安德烈。謝謝你，羅曼。我向大家致意，特別是我們親愛的、受人尊敬的分析師。謝謝你的工作。

Looking back on the third quarter, we see revenue growth compared to the prior quarter and exceeding analyst expectations for both revenue and adjusted EBITA.

回顧第三季度，我們看到營收較上一季度有所成長，並且超出了分析師對營收和調整後 EBITA 的預期。

As you all know, we take a long term perspective on our key products focusing on lacking their potential and fostering sustainable growth over quick wins.

眾所周知，我們對我們的關鍵產品採取長遠的眼光，重點關注其潛力的不足，並促進永續成長，而不是快速獲勝。

The gaming landscape continues to evolve rapidly shaped by dynamic player preferences, shifting gameplay trends and intensifying competition across the entertainment industry. And rather than concentrating on short term enhancements with limited impact, our studios are moving toward implementing thoughtful long term product changes aimed at fostering sustained growth and deeper player engagement.

受動態玩家偏好、不斷變化的遊戲趨勢以及整個娛樂產業競爭加劇的影響，遊戲格局持續快速發展。我們的工作室並沒有專注於影響有限的短期增強，而是致力於實施深思熟慮的長期產品變革，旨在促進持續成長和更深入的玩家參與。

These updates span various aspects of our games including card game play mechanics, meta progression, live operations, monetization models, marketing strategies and art direction.

這些更新涵蓋了我們遊戲的各個方面，包括卡牌遊戲機制、元進程、即時運營、貨幣化模型、行銷策略和藝術指導。

By aligning game play more closely with audience preferences and enhancing emotional engagement. We aim to steadily improve key metrics such as player retention, lifetime value and cohort monetization while also increasing the efficiency of our marketing efforts to help our studios achieve these ambitious goals. I'm excited to share that we bolstered our leadership team with the appointment of Olga Lasko Tova as our new Chief Operating Officer with her extensive managerial expertise in various consumer industries and valuable contributions. As GDFS board member, Olga is uniquely positioned to guide our studios to achieving their strategic goals and fostering sustainable growth.

透過讓遊戲玩法更符合觀眾的喜好並增強情感參與度。我們的目標是穩定提高關鍵指標，例如玩家保留率、終身價值和群體貨幣化，同時提高行銷工作的效率，以幫助我們的工作室實現這些雄心勃勃的目標。我很高興與大家分享，我們任命 Olga Lasko Tova 為我們新的首席營運官，以她在各個消費行業的豐富管理專​​業知識和寶貴貢獻來加強我們的領導團隊。作為 GDFS 董事會成員，Olga 具有獨特的優勢，可指導我們的工作室實現其策略目標並促進永續成長。

Olga's appointment will help us in our drive to achieve success in our product strategy to become a top tier title in their genre.

Olga 的任命將幫助我們在產品策略上取得成功，成為同類遊戲中的頂級遊戲。

In summary, we truly believe that our strategy and ongoing efforts will unlock the full potential of our key titles, driving long term success and creating value for all stakeholders.

總而言之，我們堅信我們的策略和持續的努力將釋放我們主要產品的全部潛力，推動長期成功並為所有利害關係人創造價值。

Thank you, Alexander.

謝謝你，亞歷山大。

Thank you, Andre. Hello, everyone. Now let me say a few words about our financial performance in the third quarter of 2024.

謝謝你，安德烈。大家好。現在讓我簡單介紹一下我們2024年第三季的財務表現。

Despite now being in a transformation phase, our results remain within our expectations and even surpassed endless consensus. As Andre just mentioned in Q3, 2024 revenue amounted to $111 million reflecting a 5% growth quarter over quarter, but a 9% decline year over year. This was nevertheless in line with our expectations and was primarily due to the decline in bookings, bookings declined by eight year over year to EUR93 million because our team is focused on long term product improvement, as just said by Andre. As a part of this initiative, we reduced the number of in game events and man in general as we want to ensure in the first place that the product changes positively impact player experience and retention.

儘管現在正處於轉型階段，但我們的成績仍然在我們的預期之內，甚至超越了無盡的共識。正如安德烈剛剛在第三季提到的，2024 年營收達到 1.11 億美元，季增 5%，但年減 9%。儘管如此，這還是符合我們的預期，主要是由於預訂量下降，預訂量比去年同期下降了 8 倍，至 9,300 萬歐元，因為我們的團隊專注於長期產品改進，正如安德烈剛才所說。作為該計劃的一部分，我們總體上減少了遊戲內事件和人員的數量，因為我們希望首先確保產品的變化對玩家體驗和保留產生積極影響。

This initiative applies not only to our core title, Hero Wars, but also to Pixel Gun and Island hoppers specifically in Pixel Gun and Island Hoppers, we are undertaking several experiments and searching for opportunities that would enable us to grow these or similar titles in the future.

這項舉措不僅適用於我們的核心遊戲《英雄戰爭》，也適用於《像素槍》和《島嶼跳躍者》，特別是《像素槍》和《島嶼跳躍者》，我們正在進行多項實驗並尋找機會，使我們能夠在未來。

In the meantime, we don't want to spend too much for scaling and live ops because we prefer to adhere to our disciplined approach regarding the investments, we are also still continuing to feel the underinvest in marketing back in 2022 which was 33% lower as compared to 2023 which we consider to be normal. Last year.

同時，我們不想在擴展和實時運營上花費太多，因為我們更願意遵守嚴格的投資方法，我們仍然繼續感受到 2022 年營銷投資不足的情況，下降了 33%與我們認為正常的2023 年相比。去年。

This under investments affected the dynamic of our bookings over the past few quarters including Q3, 2024.

這種投資不足影響了我們過去幾季的預訂動態，包括 2024 年第三季。

Now moving on to our expenses, we generally continue to execute on our disciplined approach around costs and expenses platform commissions decrease by 13 year over year or $4 million driven by lower revenues from in game purchases. And a higher share of revenues from the PC platform which is associated with lower commissions.

現在轉向我們的費用，我們總體上繼續執行圍繞成本和費用的嚴格方法，由於遊戲內購收入下降，平台佣金同比減少 13 美元或 400 萬美元。PC 平台的營收份額較高，佣金較低。

Game operation costs remained stable at EUR30 million. While general and administrative expenses were tightly controlled and declined slightly to EUR7 million compared to EUR8 million in Q3 2023.

遊戲營運成本穩定在3000萬歐元。雖然一般和管理費用受到嚴格控制，但與 2023 年第三季的 800 萬歐元相比，略有下降至 700 萬歐元。

I would also like to highlight that our marketing investments increased by 9 million year over year reaching EUR52 million.

我還想強調的是，我們的行銷投資年增了 900 萬歐元，達到 5,200 萬歐元。

It is in line with our strategic plan. This reflects our efforts to scale marketing activities across multiple channels and experiments around new channels and new instruments in order to find future growth opportunities.

這符合我們的策略計劃。這反映了我們努力跨多個管道擴大行銷活動，並圍繞新管道和新工具進行實驗，以尋找未來的成長機會。

As a result of all these factors, the net profit in Q3 2024 amounted to EUR15 million compared to EUR24 million in the same period last year. This decrease was primarily due to lower revenue and higher marketing spend just bid up for the quarter was EUR16 million down EUR13 million over a year However, cash flows generated from operating activities increased to EUR12 million compared to EUR8 million in Q3, 2023.

綜合以上因素，2024 年第三季淨利為 1,500 萬歐元，而去年同期為 2,400 萬歐元。這一下降主要是由於收入下降和行銷支出增加，該季度的支出為1,600 萬歐元，比一年前減少了1,300 萬歐元 不過，經營活動產生的現金流量增加至1,200 萬歐元，而2023 年第三季為800 萬歐元。

It demonstrates our effective cash management during this period of transformation, geographically over the past few quarters, we focused on Europe as a result, the bookings in Europe grew year over year, increasing the region's share of total bookings from 26 to 30.

這表明我們在這段轉型時期進行了有效的現金管理，在過去的幾個季度中，我們重點關注歐洲，因此，歐洲的預訂量逐年增長，該地區佔總預訂量的份額從26 個增加到30 個。

Specifically Germany, France, the United Kingdom and Poland delivered a solid performance on the back of our various marketing initiatives. Just to summarize this quarter underscores our commitment to sustainable growth. We continue to explore different growth initiatives both across product and marketing and at the same time, achieving our financial goals and we remain confident in our strategic focus on product evolution and marketing investments. Thank you and now I will hand it over to Roman for the update on capital markets, Roman.

特別是德國、法國、英國和波蘭在我們各種行銷措施的支持下取得了穩健的業績。總而言之，本季強調了我們對永續成長的承諾。我們繼續在產品和行銷方面探索不同的成長計劃，同時實現我們的財務目標，我們對產品發展和行銷投資的策略重點仍然充滿信心。謝謝你，現在我將把資本市場的最新情況交給羅曼，羅曼。

Thank you, Alexander. Yes, I would just like to make a quick update on our progress of improving the stock profile. So we as we have previously stated, improving the corporate profile of our stock and providing more liquidity is a high priority for shareholders board and management team as it can open for us, more opportunities in in organic growth. On August 21st, we executed a one for 10 stock split better aligning our stock with investors preferences and enhancing the market appeal and optics. This was followed by the announcement of the eight at the market offering on September 12th, the at the market offering enables us to place from time to time up to 1.8 million of our ordinary shares acquired through our sales tender offer in the beginning of 2024 which we currently hold as treasury shares into the market at the prevailing market price. As long as the ATM program is effective, this move is intended to increase the public flow bolstering trading liquidity without diluting existing shareholders together. These measures are aimed to have a lasting positive impact on our stock performance. And we already see first signs of liquidity improvements with the average daily trading volume growing more than 15 times after the reverse stock split was announced compared to the same period before with that, we conclude our third quarter, 2024 earnest call for GDA Inc and we will now address any questions you might have during the conference call. Thank you.

謝謝你，亞歷山大。是的，我只想快速更新一下我們改善庫存狀況的進展。因此，正如我們之前所說，改善股票的公司形象並提供更多流動性是股東董事會和管理團隊的首要任務，因為它可以為我們提供更多有機成長的機會。8 月 21 日，我們執行了 1 換 10 的股票分割，更好地使我們的股票符合投資者的偏好，並增強市場吸引力和視覺效果。隨後，我們於 9 月 12 日宣布了 8 次公開發售，此次公開發售使我們能夠不時發行透過 2024 年初的銷售要約收購獲得的最多 180 萬股普通股，其中我們目前以現行市場價格作為庫存股進入市場。只要ATM計畫有效，此舉旨在增加公共流量，增強交易流動性，而不會稀釋現有股東的股權。這些措施旨在對我們的股票表現產生持久的正面影響。我們已經看到流動性改善的初步跡象，宣布反向股票分割後，平均每日交易量與之前同期相比增長了15 倍以上，我們結束了對GDA Inc 的2024 年第三季度的熱切呼籲，我們現在將解決您在電話會議期間可能提出的任何問題。謝謝。

Thank you dear participants. As a reminder. If you wish to ask a question, please press star 11 on your telephone keypad and wait for your name to be announced to withdraw a question. Please press star 11 again, please TBO. We compile the Q&A studies will take a few moments.

謝謝親愛的參與者。作為提醒。如果您想提問，請按下電話鍵盤上的星號 11，然後等待您的名字被宣布即可撤回問題。請再按星號 11，TBO。我們編制問答研究需要一些時間。

Once again. If you wish to ask a question, please press star 11.

再次。如果您想提問，請按星號 11。

And now we're going to take the first question and it comes from the line of Patrick McCann From Noble capital markets. Your line is open. Please ask a question.

現在我們要回答第一個問題，它來自高貴資本市場的 Patrick McCann。您的線路已開通。請問一個問題。

Hey, thanks for taking my question. I was curious about pixel Gun on Steam. How much success that's had so far? You know, what, what might be the impact on user growth? If you could just give an update there.

嘿，謝謝你回答我的問題。我對 Steam 上的像素槍很好奇。到目前為止取得了多少成功？你知道，這對用戶成長可能會產生什麼影響？如果你能在那裡提供更新的話。

Thank you, Pat. This is Roman and I will take this question. So yes, definitely. The launch of the Pixel Gun on Steam was a huge success. But as it is typical for the Steam platform after the launch and the initial spike, the interest went down. That is fine. We have already stabilized on some levels of the average plain users. So we on average have around 2.5 to 3,000 concurrent users and that number is growing month over month right now.

謝謝你，帕特。這是羅馬，我將回答這個問題。所以是的，絕對是。Pixel Gun 在 Steam 上的推出取得了巨大成功。但正如 Steam 平台在發布和最初的高峰之後的典型情況一樣，興趣下降了。那很好。我們已經穩定在一般普通用戶的某一水平。因此，我們平均有大約 2.5 到 3,000 個並髮用戶，而且這個數字現在正在逐月增長。

So we believe that the launch of this great franchise on Steam was the right decision and we see interest on this platform to this product. And right now, we also are looking on the product improvements which can better address the platform and the audience of Steam.

因此，我們相信在 Steam 上推出這個偉大的系列是正確的決定，並且我們看到了人們對該平台上的產品的興趣。目前，我們也正在尋求產品改進，以更好地滿足 Steam 平台和受眾的需求。

Great. And then I was also curious with the with regard to the ATM that you, you mentioned in the press release. You know, could you kind of give an update on how you, how you see capital allocation and and the sort of, you know how you would intend to spend money in as far as growth is concerned or any updates as far as capital allocation.

偉大的。然後我也對您在新聞稿中提到的 ATM 機感到好奇。您知道，您能否提供有關您如何看待資本配置的最新資訊以及您知道您打算如何在增長方面花錢或資本配置方面的任何更新。

Yeah, thanks a lot. This is Alexandra. Look, we, we generally launch it here, not because we need the capital. We obviously have a quite substantial cash cushion on the balance sheet. It's its primary goal is basically to bolster the liquidity. So in general, we continue to look for different opportunities out there in the market. But I mean, in terms of M&A especially, but it's obviously something that you cannot plan. It's unfortunately, we cannot build build the pipeline. So we just will help hold the cash for any type of future development that we may have. We, we don't for now have anything special on the table.

是的，非常感謝。這是亞歷珊卓。你看，我們，我們通常在這裡推出它，不是因為我們需要資金。顯然，我們的資產負債表上有相當可觀的現金緩衝。其主要目標基本上是增強流動性。因此總的來說，我們繼續在市場上尋找不同的機會。但我的意思是，特別是在併購方面，但這顯然是你無法計劃的事情。不幸的是，我們無法建造管道。因此，我們將幫助為我們可能擁有的任何類型的未來開發保留現金。我們，目前沒有任何特別的東西擺在桌面上。

Great. Thank you. And then finally, I was, you know, you of course, have multiple game development studios and, and the prospect for, for launching new games you know, outside of your core games. I was curious if, if there is anything exciting in the pipeline that might be coming soon or if you had any updates on kind of on, on what you expect as far as far as potentially new franchises.

偉大的。謝謝。最後，我，你知道，你當然擁有多個遊戲開發工作室，並且有可能在你的核心遊戲之外推出你知道的新遊戲。我很好奇，是否有任何令人興奮的事情即將推出，或者您是否有任何關於潛在新特許經營權的更新。

Yeah, I will take this one. So you're right, we have like R&D teams in all of our studios, so some develop games in the area of their core genre. Some are making experiments and yes, we have like always lots of games in the development, always prototyping and looking for the new concepts. And right now, we have some games showing a good metrics and we are like working on them and some are even in the scale and mode. So hopefully we'll be able to share some details.

是的，我會接受這個。所以你是對的，我們所有的工作室都有研發團隊，所以有些人在其核心類型領域開發遊戲。有些人正在做實驗，是的，我們總是有很多遊戲在開發中，總是在製作原型並尋找新概念。現在，我們有一些遊戲表現出了良好的指標，我們正在開發它們，有些遊戲甚至在規模和模式上都處於領先地位。所以希望我們能夠分享一些細節。

Later.

之後。

Excellent. Thank you very much. And congrats on the quarter.

出色的。非常感謝。恭喜本季。

Thank you.

謝謝。

Thank you.

謝謝。

Now, we're going to take up the next question and the question comes from the line of Edward James from contour. Figure out your line is open, please ask a question.

現在，我們要討論下一個問題，這個問題來自愛德華詹姆斯的輪廓線。確定您的線路已開通，請提問。

Thank you for taking my question. I've got three questions. So if we just take them one by one, firstly, just on the user acquisition market, can you give us an update as to how things have developed there in terms of user acquisition efficiency? And if you have seen the market improve and in terms of your ability to deploy user acquisition capital at high Roy and related to that, how we should expect U A spend to trend into Q4.

謝謝你回答我的問題。我有三個問題。那麼如果我們一一列舉的話，首先就用戶獲取市場而言，您能否為我們介紹一下用戶獲取效率方面的最新進展？如果您看到市場有所改善，並且就您以高 Roy 部署用戶獲取資本的能力以及與之相關的情況而言，我們應該如何預期 U A 支出將進入第四季度。

Okay. Thanks a lot. I, I take this one.

好的。多謝。我，我拿這個。

Actually, it's the market didn't change a lot since Q2. So we're still investing with a fairly decent irr and, and ros return on advertising spend, but it's, it's not really kind of improving a lot. So we're kind of still at the same, at the same level. And again, we're doing a lot of internal initiatives just to test new types of of creative, new types of channels just to see where we can scale in the future. But this is kind of still still in the experimental mode as for the Q4. So usually what we were having season wise, I mean, from the standpoint of seasonality Q4, just the around the year end and the beginning of the next year would be usually the period of time and we spend quite a lot of marketing. This year, we also plan certain initiatives but not probably as massive because as we said, we first want to really make a certain products changes so that we really, first of all address the the players experience. So, I mean, in general, I would, I would expect more or less same, same level of marketing Q4 and in Q3 with a decent level of of irr yeah, that's, that's, that's more or less kind of the trend for now.

事實上，自第二季以來，市場並沒有太大變化。因此，我們仍在以相當不錯的 IRR 和 ROS 廣告支出回報進行投資，但實際上並沒有太大改善。所以我們仍然處於相同的水平。再說一次，我們正在做很多內部計劃，只是為了測試新型創意、新型管道，看看我們未來可以在哪裡擴展。但對 Q4 來說，這仍處於實驗模式。因此，通常我們的季節明智，我的意思是，從第四季度季節性的角度來看，每年年底和明年年初通常是我們花費大量行銷的時間段。今年，我們還計劃了某些舉措，但可能不會那麼大規模，因為正如我們所說，我們首先希望真正對產品進行某些更改，以便我們可以真正先解決玩家體驗問題。所以，我的意思是，總的來說，我希望第四季度和第三季度的營銷水平或多或少相同，具有相當程度的irr 是的，那是，那是，這或多或少是目前的趨勢。

It's interesting and just a related question, but then thinking about profitability, clearly, the EBITDA number has exceeded most people's expectations for Q3 and the previous quarter. And judging by your comments on user acquisition, should we expect bookings growth to remain or bookings to remain more or less where they are the profitability to remain you know, at relatively solid levels for, for the near term and I understand, you don't provide guidance, but I'm just trying to put those two pieces of the puzzle together.

這很有趣，而且只是一個相關的問題，但考慮到盈利能力，顯然，EBITDA 數字已經超出了大多數人對第三季和上一季的預期。從您對用戶獲取的評論來看，我們是否應該期望預訂量保持增長，或者預訂量或多或少保持在盈利能力的水平上，您知道，短期內保持在相對穩定的水平，我理解，您我不知道我不提供指導，但我只是試著將這兩塊拼圖拼湊在一起。

Yeah, look, we, I mean, we again, we don't really expect any substantial changes to the, to the bookings. I mean, at least for the Q4 given, given that Q3 was really kind of very, very good one, even if you don't kind of push a lot for the marketing in Q4, we still, we believe going to be very well within the, within the con consensus. So that's why and, and, and, and as, as we said, we don't really going after the financial results for now, we first of all really need to improve the product in a way that that enables the future growth. So, but generally, as you can expect, we're going to be, we're going to be more or less within, within the consensus in respect of of revenues and probably a little bit higher in terms of the bookings. But that's, that's something that difficult to say for now because at the end of the year, if you really see the opportunity, we might, we might spend a little bit more on the market. So that's something that we will decide right on the spot when we see how the market behaves at the end of the year.

是的，聽著，我們，我的意思是，我們再次，我們真的不希望預訂發生任何重大變化。我的意思是，至少對於第四季度來說，考慮到第三季度確實非常非常好，即使你沒有在第四季度大力推動行銷，我們仍然相信會非常好在共識內。這就是為什麼，正如我們所說，我們現在並不真正追求財務業績，我們首先確實需要以能夠實現未來成長的方式來改善產品。所以，但總的來說，正如你所期望的那樣，我們將或多或少地在收入方面達成共識，並且在預訂方面可能會更高一些。但這是目前很難說的事情，因為到年底，如果你真的看到機會，我們可能會在市場上花更多的錢。因此，當我們看到年底市場的表現時，我們將立即做出決定。

Understood. And my final question, there's been a sort of diverging performance between the wars alliance, which has been very, very solid. And in fact, you know, over the last four quarters has has seen an upward trend in in bookings, generally speaking, and here was Dominion era which is reduced in size slightly. So the question is why is there a slightly different trend on the two games? Is that down to different experiments and optimization processes going on between the two? Is it a slightly different strategy? And I'd just be interested in your thoughts there? Thanks.

明白了。我的最後一個問題是，戰爭聯盟之間的表現存在某種分歧，但它一直非常非常穩定。事實上，你知道，過去四個季度的預訂量總體呈上升趨勢，而現在是 Dominion 時代，其規模略有縮小。那麼問題來了，為什麼兩款遊戲的趨勢略有不同呢？這是因為兩者之間進行了不同的實驗和最佳化過程嗎？這是一個稍微不同的策略嗎？我只是對你的想法感興趣？謝謝。

Thanks. That's, that's a very good question. Look, I I would say to a certain extent, a different strategy, the web version, it's, I mean, it's a very nice instrument for us to be diversified. And as as we discussed many times, it's fairly different game though, they share the same, same umbrella brand. It's like an instrument for us to tap to a kind of different market that that like provides for kind of different gameplay and different user economics. But this type of market really has a limited scalability and it's, it's really difficult to scale that game to something that I mean, it's it's difficult to say that it's probably like will grow two times. It's it can grow to a certain extent, but we are more targeting and efficiency. So to say in this game, the mobile game, it's something that I mean, the mobile market in general was not really growing much of the past to use, but we still believe that the core market for this game and the majority of the focus both in respect of the marketing investment, but also in respect of the product is primarily with mobile game. And this is where we are doing the majority of the experiments and where we really expect the majority of the new product updates to come both at the end of this year and, and, and of the next year. And, and, and this is the mobile version, we believe it's the game that can be scaled like quite substantially from from now on. So to a certain extent, yes, the the market is different, the the strategy is different to a certain extent. But again, we don't really expect any substantial changes in the portfolio. We still would expect a certain growth going forward of the web version while mobile is something that we where we spend the majority of our efforts for now.

謝謝。這是一個非常好的問題。聽著，我想說，在某種程度上，一種不同的策略，網路版本，我的意思是，它是我們多元化的一個非常好的工具。正如我們多次討論的那樣，儘管這是完全不同的遊戲，但它們共享相同的品牌。它就像我們進入不同市場的工具，可以提供不同的遊戲玩法和不同的用戶經濟。但這種類型的市場確實具有有限的可擴展性，而且很難將遊戲擴展到我的意思是，很難說它可能會成長兩倍。就是它可以有一定程度的成長，但是我們更有針對性和效率。所以說在這款遊戲中，移動遊戲，我的意思是，移動市場總體上並沒有像過去那樣真正增長太多，但我們仍然相信這款遊戲的核心市場和大多數人的關注點無論是在行銷投入方面，還是在產品方面都以手機遊戲為主。這就是我們正在進行大部分實驗的地方，也是我們真正期望大部分新產品更新將在今年年底和明年推出的地方。而且，而且，這是行動版本，我們相信從現在開始，這款遊戲可以大幅擴展。所以在某種程度上，是的，市場不同，策略在某種程度上也不同。但同樣，我們並不真正期望投資組合會發生任何重大變化。我們仍然預期網路版本會出現一定的成長，而行動版本是我們目前花費大部分精力的地方。

Thank you. Thanks for taking my questions.

謝謝。感謝您回答我的問題。

Thank you dear participants. As a reminder. If you wish to ask a question, please press star 11 on your telephone keypad and wait for your name to be announced.

謝謝親愛的參與者。作為提醒。如果您想提問，請按下電話鍵盤上的星號 11，然後等待宣布您的名字。

Just give us a moment and now we're going to take our next question and the question comes line of Martin Yang from Opco. Your line is open. Please ask a question.

請給我們一點時間，現在我們要回答下一個問題，問題來自 Opco 的 Martin Yang。您的線路已開通。請問一個問題。

I thank you for taking my question. I have a few first. Can you share us, share with us your latest thinking? On the synergy between your games. How do you see the potential for cross promotion and maybe down the line, cross progression between the games in your portfolio?

我感謝您提出我的問題。我先有幾個。可以和我們分享一下您最新的想法嗎？關於遊戲之間的協同作用。您如何看待交叉推廣的潛力，以及您投資組合中遊戲之間交叉進展的潛力？

Okay, I will get this, Andre. Hi. Hi Martin. I am Andre as you know. Yes. So I'm, I'm here 17 years and firstly here like in gaming industry and 1st, 1st some year years, I thought that that like cross cross gaming and cross promotion could be something very, very interesting and very useful. We tested on our, some of our games of our early games and we found that that it's completely stupid to to move your players, your very different players from your first game to second game and what you need to think. And II I know this like just now, not, not 15 years ago, what you need to think that you need to work with cohorts, you need to understand completely your audience. And sometimes it's it's hard to, it's hard to find audience of game two in, in audience in game one. And firstly, what, what you need to think is about cohort analysis. You need to get a specific exact like users from games. And it's doesn't matter whether it's your game or other game and mathematical, I, I think like mathematical economic can't, can't work. It, it will be not not profitable inside your in, inside your games and you need, you need to, you need to calculate the figure.

好的，我會得到這個，安德烈。你好。嗨馬丁。如你所知，我是安德烈。是的。所以我，我在這裡已經 17 年了，首先是在遊戲產業，第一年，第一年，我認為像交叉遊戲和交叉推廣可能是非常非常有趣和非常有用的東西。我們對我們早期遊戲的一些遊戲進行了測試，我們發現將你的球員、你的非常不同的球員從你的第一場比賽轉移到第二場比賽以及你需要思考的事情是完全愚蠢的。我現在就知道這一點，而不是 15 年前，你需要認為你需要與群體合作，你需要完全理解你的受眾。有時很難，很難在第一場比賽的觀眾中找到第二場比賽的觀眾。首先，你需要考慮的是隊列分析。您需要從遊戲中獲得特定的用戶。無論是你的遊戲還是其他遊戲和數學，我認為數學經濟學都行不通。它，在你的遊戲中，它不會獲利，你需要，你需要，你需要計算這個數字。

Oh So about cross promotion. I think it's not, it's not so working you need to, you need to think about the specific users. And I, I think I told you a second question about which kind of synergies we can find between our like teams.

哦，關於交叉推廣。我認為不是，它不是那麼有效，你需要考慮特定的使用者。我想我告訴了你們第二個問題，我們可以在相似的團隊之間找到什麼樣的協同作用。

What what we found that, that sometimes like in our mobile gaming, sometimes like super bright ideas or super creative and like interesting thoughts inside the teams that can create ac tr like CTR is a metrics of effi efficiency of the retirement. Sometimes in one team, you can find some methods that can be applied in like in second team and you can, you can improve and you can improve the work of the second team just by, by applying very, very like very, very simple, simple things. But what you need to understand is that this thing will help the second team. And here because now we have like more than four different teams in different, in different stages of consolidation. We we see that different teams is good in different things and we can get this super knowledge from team one to put this super knowledge in team two and to enforce them, like to, to decrease the cost of production, for example, or to increase the speed of prototyping or to increase the efficiency of advertisement. It's unfortunately, it's not so fast as I want. I wanted like a next moment or next second, we need to, we need time to develop things, but I see a lot of progress when you can, when you can touch like different different, separate teams that can be good in different things. And here I see like a lot of a lot of synergies and most of them are concentrated in how you how you use artificial intelligence. But it's not for this question. Like, thank you, Martin.

我們發現，有時像我們的手機遊戲，有時像超級聰明的想法或超級有創意，像團隊內部有趣的想法，可以創造像點擊率這樣的行動，這是退休效率的衡量標準。有時在一個團隊中，你可以找到一些可以應用於第二個團隊的方法，你可以，你可以改進，你可以透過應用非常非常簡單的方法來改進第二個團隊的工作，簡單的事情。但你要明白的是，這件事會對第二支球隊有幫助。因為現在我們有超過四個不同的團隊處於不同的、不同的整合階段。我們看到不同的團隊擅長不同的事情，我們可以從第一團隊獲得這種超級知識，然後將這種超級知識放入第二團隊並強制執行，例如降低生產成本，或增加生產成本。的速度或提高廣告的效率。不幸的是，它沒有我想要的那麼快。我想要下一刻或下一秒，我們需要，我們需要時間來開發東西，但當你可以時，當你可以像不同的、不同的、獨立的團隊一樣在不同的事情上表現出色時，我看到了很多進步。在這裡，我看到了很多協同效應，其中大部分集中在你如何使用人工智慧。但這不是為了這個問題。就像，謝謝你，馬丁。

Got it. Thank you, Andre. And my next question is about geographic expansion. Can you talk about your latest thoughts on, you know, where the geographic expansion will be focused on and how important is it to your near term and mid term bookings growth.

知道了。謝謝你，安德烈。我的下一個問題是關於地理擴張。您能否談談您對地理擴張將集中在哪裡以及它對您的近期和中期預訂增長有多重要的最新想法。

So I can take it if I may. Thanks. Thanks Martin. That's, that's a very good question. Look. Well, it's obviously would like to be presented globally. So we are thinking now a lot about expanding to different geographies. We have already quite substantial footprint in developed countries. So it's it's like the public information, you know, our core markets are Europe, United States, like some other developed countries like Australia, Canada. So we now have a fairly substantial footprint in, in Asia, in Japan, Taiwan, South Korea. So we're thinking about really expanding substantially to other geographies like Latin America, Asia, India and so on. It's, it certainly takes time. So, I mean, all those market, first of all, they have their own specifics, they have their own in combat players, they have I mean, in order to be able to like be present and be successful in those markets, you should need to gain certain expertise both on the product side, but also on a marketing side, I mean, we, I mean, we generally are present all across all those geographies. But I mean, and, and, and again, as I said, they, they in different kind of stage of development. So we certainly need to go one by one. We need to develop a certain strategies around how we attack all those markets and the like the vast majority of the product updates that we are doing now, they are to a certain extent addressing those new markets. Because what we, I mean, generally, if you talk about like the markets in Asia or in Africa, it's in general, usually younger population and young players and what we are trying to achieve while we're updating the games, it's to make the game play more modern in a way, so more adapted to the younger audience. So that's one of the kind of one of the steps to really attack the market. So second phase would be specific marketing instruments while looking actually one by one to all those countries, including the Middle East, for example. And again, it's, we have like a certain parts in, in this respect, we have discussed certain partnerships and yeah, we, we certainly going to be attacking those markets, but it's, it's not something that you will see like next quarter. It, it requires certain effort both on the marketing side, but also as I said on the product side. And that's, yeah, again, if, if, if, if will be successful there, it's certainly going to be quite substantial boost both in terms of the revenues and profitability. But it's more kind of longer term view. It's not something as I said, that will like happen next quarter, so long, longer term. It's, it's one of the cornerstone of our strategy.

所以如果可以的話我可以接受。謝謝。謝謝馬丁。這是一個非常好的問題。看。嗯，它顯然希望在全球範圍內展示。因此，我們現在正在考慮擴展到不同的地區。我們在已開發國家已經有了相當大的足跡。所以就像公開資訊一樣，你知道，我們的核心市場是歐洲、美國，就像澳洲、加拿大等其他一些已開發國家一樣。所以我們現在在亞洲、日本、台灣、韓國都有相當大的足跡。因此，我們正在考慮真正大幅擴展到其他地區，例如拉丁美洲、亞洲、印度等。是的，這當然需要時間。所以，我的意思是，所有這些市場，首先，他們有自己的特點，他們有自己的戰鬥玩家，他們有我的意思是，為了能夠在這些市場中出現並取得成功，你應該需要在產品方面和行銷方面獲得一定的專業知識，我的意思是，我們通常遍布所有這些地區。但我的意思是，並且，並且，正如我所說，他們，他們處於不同的發展階段。所以我們當然需要一一去。我們需要圍繞如何攻擊所有這些市場來製定特定的策略，就像我們現在所做的絕大多數產品更新一樣，它們在某種程度上是針對這些新市場的。因為我們，我的意思是，一般來說，如果你談論亞洲或非洲的市場，一般來說，通常是年輕人口和年輕玩家，而我們在更新遊戲時想要實現的目標是，讓該遊戲在某種程度上更加現代，因此更適合年輕玩家。所以這是真正進攻市場的步驟之一。因此，第二階段將是具體的行銷工具，同時實際上一一關注所有這些國家，例如包括中東。再說一遍，我們在這方面有某些部分，我們已經討論了某些合作夥伴關係，是的，我們當然會攻擊這些市場，但這不是你下個季度會看到的事情。它,它需要在行銷方面做出一定的努力,而且正如我所說的在產品方面。是的，如果，如果，如果，如果在那裡取得成功，那麼收入和盈利能力肯定會得到相當大的提升。但這更像是一種更長遠的觀點。這不像我說的那樣，會在下個季度發生，從長遠來看。它是我們策略的基石之一。

Thank you, Alexander. My final question is more of a model question. Can you share your diluted share count in the third quarter?

謝謝你，亞歷山大。我的最後一個問題更像是模型問題。您能否分享第三季稀釋後的股份數量？

It's actually, it's not really changed since we since we published Q2 report. So you can see that that is available on the AC C website. So it's been like a very tiny portion of the options issued. But general, the checkout is, it's exactly the same and same valid also for the share count of the shares that we held in treasury. So you can count pretty much on those numbers.

事實上，自從我們發布第二季報告以來，情況並沒有真正改變。所以你可以在 AC C 網站上看到它。所以這只是所發行選擇權的一小部分。但總的來說，結帳是，它對於我們在庫存中持有的股票的股數來說是完全相同的，並且同樣有效。所以你可以非常依賴這些數字。

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

知道了。謝謝。對我來說就是這樣。

Thank you, the participants. As a reminder. If you wish to ask a question, please press star 11 on your telephone keypad.

謝謝各位參與者。作為提醒。如果您想提問，請按電話鍵盤上的星號 11。

And now we're going to take our last question for today and it comes to the line of Michael Kupinski from Noble. Your line is open. Please ask your question.

現在我們要回答今天的最後一個問題，涉及來自 Noble 的 Michael Kupinski。您的線路已開通。請提出你的問題。

Thank you. And thanks for taking my question. As you kind of think about these new territories, new geo geographies. I was wondering and, and you mentioned that these geographies might be have a little bit different demographic. I was wondering if you feel that your current content plays to that demographic and that wondering if you feel like maybe that you might need to look at maybe some M&A to kind of position yourself, you know, to enter some of those markets with maybe different content or just your general thoughts about the M&A environment as well.

謝謝。感謝您提出我的問題。當你思考這些新的領域、新的地理區域。我想知道，並且您提到這些地區的人口統計可能略有不同。我想知道您是否覺得您當前的內容適合該人群，並想知道您是否覺得您可能需要考慮一些併購來為自己定位，您知道，進入其中一些可能不同的市場內容或只是您對併購環境的一般想法。

Yeah. Hi. Hi. Hi Michael. Thanks a lot. That's, that's a very good one. Look. It's it is M&A M&A is something that we're obviously kind of constantly looking. But as I said, it's something that you cannot, cannot really plan for. So it's it's fairly much opportunistic and especially buying certain studios in those new evolving. This would be a good thing we're just now thinking around, I mean, how we structure that, but also on the product side look. It's, I mean, two of our core franchises are fairly, fairly old in a way. So it's, it's, it's not kind of a bad thing. It's a good thing because it has already kind of proven IP and like sticky audience. But also it's, it, it certainly needs to be adapted for the kind of, to be more modern. And that's, that's one of the, one of the core efforts around that. So we again, we, we believe it certainly needs to be a lot of, a lot of initiatives in our product pipelines that are bringing our product more closely to the younger generation. It's, yeah, it's, it's, it's one of our priorities. M&A M&A is also something that can be really helpful in those geographies. We're looking at it, but again, as I said, it's something that just, I mean, it's very opportunistic. So we really need to carefully analyze all the opportunities.

是的。你好。你好。嗨邁克爾。多謝。那就是，這是一件非常好的事情。看。這就是併購 併購顯然是我們一直在關注的事情。但正如我所說，這是你無法、無法真正計劃的事情。因此，這是相當機會主義的，尤其是在這些新的發展中購買某些工作室。這將是一件好事，我們現在正在思考，我的意思是，我們如何建造它，並且考慮產品方面的外觀。我的意思是，我們的兩個核心特許經營權在某種程度上已經相當非常老了。所以，這，這，這並不是一件壞事。這是一件好事，因為它已經擁有了經過驗證的 IP，並且擁有黏性觀眾。但它、它、它當然也需要改造，變得更現代。這就是圍繞這一點的核心努力之一。因此，我們再次相信，我們的產品線中肯定需要採取大量舉措，以使我們的產品更貼近年輕一代。這是，是的，這是，這是，這是我們的優先事項之一。併購 在這些地區，併購也確實很有幫助。我們正在研究它，但正如我所說，這只是，我的意思是，這是非常機會主義的。所以我們真的需要仔細分析所有的機會。

Thank you. That's all I have and congratulations on your quarter.

謝謝。這就是我所擁有的一切，並祝賀您的季度。

Thank you, the speakers. In order further questions for today, I would not like to hand the conference over to the management team for any closing remarks.

謝謝各位發言者。為了今天提出更多問題，我不想將會議交給管理團隊進行總結發言。

Thank you, everyone for joining the call. See you next quarter.

謝謝大家加入通話。下季見。

Byebye.

再見。