Webtoon Entertainment Inc (WBTN) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is [John]. I will be your conference operator today.

感謝您的支持。我的名字是[約翰]。今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the WEBTOON Entertainment first-quarter 2025 earnings call.

現在，我歡迎大家參加 WEBTOON Entertainment 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Soohwan Kim, Vice President of Investor Relations. Mr. Kim, please go ahead.

現在我想將電話轉給投資者關係副總裁 Soohwan Kim。金先生，請繼續。

Good afternoon. Thank you for joining us.

午安.感謝您加入我們。

Our remarks today will include forward-looking statements, including those regarding our future plans, objectives, and expected performance; in particular, our guidance for the next quarter. Actual results may vary, materially, from today's statements.

我們今天的評論將包括前瞻性陳述，包括有關我們未來計劃、目標和預期業績的陳述；特別是我們對下一季的指導。實際結果可能與今天的聲明有重大差異。

Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings, including those stated in the Risk Factors section of our annual report on Form 10-K.

有關風險、不確定性和其他可能導致這些結果不同的因素的資訊包含在我們的 SEC 文件中，包括我們 10-K 表格年度報告的風險因素部分中所述的資訊。

These forward-looking statements represent our outlook only as of the date of this call. We undertake no obligation to revise or update any forward-looking statements.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。我們不承擔修改或更新任何前瞻性陳述的義務。

Additionally, the matters we'll discuss today will include both GAAP and non-GAAP financial measures. Reconciliations of any non-GAAP financial measures to the most directly comparable GAAP measures are set forth in our earnings press release.

此外，我們今天討論的問題將包括 GAAP 和非 GAAP 財務指標。任何非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳均在我們的收益新聞稿中列出。

Non-GAAP financial measures should be considered in addition to and not as a substitute for GAAP measures.

非公認會計準則 (Non-GAAP) 財務指標應被視為公認會計準則 (GAAP) 指標的補充，而非替代。

Joining me today on the call are Junkoo Kim, Founder and CEO; David Lee, CFO and COO; and Yongsoo Kim, Chief Strategy Officer.

今天參加電話會議的還有創辦人兼執行長 Junkoo Kim； David Lee，財務長兼營運長；以及首席策略長 Yongsoo Kim。

With that, I will now turn the call over to our Founder and CEO, Junkoo Kim.

現在，我將把電話轉給我們的創辦人兼執行長 Junkoo Kim。

Thank you, everyone, for joining us today.

感謝大家今天加入我們。

I'll make a few brief comments on our first quarter performance. And then, David will provide more detail on our results and outlook.

我將對我們第一季的表現做一些簡短的評論。然後，大衛將提供有關我們的結果和展望的更多細節。

For my thoughts on the first quarter and our path forward, please refer to the shareholder letter posted on our Investor Relations website.

有關我對第一季和未來發展方向的想法，請參閱我們投資者關係網站上發布的股東信。

We reported strong first-quarter results, with revenue and adjusted EBITDA, both coming in at the top end of our guidance range as our flywheel of creators, content, and users continue to drive significant value.

我們公佈了強勁的第一季業績，營收和調整後的 EBITDA 均達到了我們預期範圍的最高端，因為我們的創作者、內容和用戶組成的飛輪繼續創造巨大的價值。

Now, I'd like to share a few highlights from the first quarter.

現在，我想分享第一季的一些亮點。

We have grown our presence in Japan, which represented over 50% of our revenue in Q1. Japan grew all three businesses in this quarter, paid content, advertising, and IP adaptations. We are pleased to maintain our top position in Japan with LINE Manga ranking number 1 in overall app ranking chart for revenue, including the mobile games according to [Sensor] Tower.

我們擴大了在日本的業務，日本市場占我們第一季營收的 50% 以上。日本本季三項業務均實現成長，即付費內容、廣告和 IP 改編。我們很高興能夠保持在日本的領先地位，根據 [Sensor] Tower 的數據，LINE Manga 在包括手機遊戲在內的整體應用收入排行榜上位居第一。

We talked, last quarter, about how we initially exported Korean content to Japan to get started; but have since built our local creator ecosystem in the market. We are now taking our cross-border strategy one step further by taking Japanese content to other markets.

上個季度，我們談到了最初如何將韓國內容出口到日本；但此後我們已經在市場上建立了本地創作者生態系統。現在，我們正將跨國策略向前邁進一步，將日本內容推向其他市場。

We have launched Oversummoned, Overpowered, and Over It! in the US and France, ranking in the top 10 of paid GMV for each respective country for the month ending March 31.

我們已經推出了 Oversummoned、Overpowered 和 Over It！在美國和法國，截至 3 月 31 日的月份，其付費 GMV 在相應國家排名前 10。

The Beloved Incompetent Stepmom was another Japanese title that performed well on our English language platform, ranking second in launch paid GMV.

《寵愛的無能繼母》是另一部在我們的英語平台上表現良好的日本作品，在首發付費 GMV 中排名第二。

Leveraging our learning from core market in Korea and Japan, we are making key investments in our English language platform. We have a number of initiatives from a new user onboarding experience to our revamp of the Home, Search, and New & Hot tabs, which form the core content discovery experience.

利用我們在韓國和日本核心市場的經驗，我們正在對我們的英語語言平台進行重點投資。我們推出了一系列舉措，從新的用戶入職體驗到主頁、搜尋和新熱門標籤的改進，這些構成了核心內容髮現體驗。

Even though it's in the early days, we are pleased to see users in our test group show a 9% increase in the number of episode read, compared to the control group. We look forward to bringing reformative titles like Sonic the Hedgehog and Fullmetal Alchemist to our platform this quarter, which we believe will help us expand our user base.

儘管還處於早期階段，但我們很高興地看到，與對照組相比，測試組的用戶閱讀劇集數量增加了 9%。我們期待本季將《刺蝟索尼克》和《鋼之鍊金術師》等改革性遊戲引入我們的平台，我們相信這將有助於我們擴大用戶群。

Finishing up with IP adaptation, our adaptations of our Spanish hit titled Mala Influencia recently launched on Netflix. As we discussed in the shareholder letter, we are pleased to continue building on our past Spanish language success.

作為 IP 改編的收官之作，我們改編的西班牙熱門作品《Mala Influencia》最近在 Netflix 上線。正如我們在股東信中所討論的那樣，我們很高興繼續鞏固我們在西班牙語領域的成功。

We believe we have compelling content that resonates with audience around the globe and that IP adaptation will continue to drive new users to our platform.

我們相信，我們擁有引人入勝的內容，能夠引起全球觀眾的共鳴，而 IP 改編將繼續吸引新用戶造訪我們的平台。

Before I turn the call over to David, I want to acknowledge the recent uncertainty and volatility in the market.

在我將電話轉給大衛之前，我想承認最近市場存在不確定性和波動性。

While we are monitoring the market health of our users closely, we believe we have a resilient global business model that can withstand a potential downturn.

在我們密切關注用戶的市場健康狀況的同時，我們相信我們擁有一個能夠抵禦潛在經濟衰退的有彈性的全球商業模式。

Our ARPU is around $12 per month, which is not a large amount, especially for the entertainment value that we provide. This is also not a single subscription price but never made of many micro transactions.

我們的 ARPU 約為每月 12 美元，這並不是一個很大的數目，尤其是對於我們提供的娛樂價值。這也不是單一的認購價格，而是由許多微交易構成的。

Depends on the geographic market, fast pass typically cost $0.50 to $0.70 per episode, while the daily pass cost is $0.30 to $0.40 per episode. We also provide a large amount of free content and offer our users the option of reading episode for free by watching advertisement.

根據地理市場，快速通行證通常每集花費 0.50 至 0.70 美元，而每日通行證每集花費 0.30 至 0.40 美元。我們還提供大量免費內容，並為用戶提供透過觀看廣告免費閱讀劇集的選項。

As a result, we believe we can continue to deliver great value to our users, regardless of the environment.

因此，我們相信，無論環境如何，我們都能繼續為使用者提供巨大的價值。

I'm pleased with the results we delivered this quarter and look forward to making continued strategic progress, as we move through the balance of the year.

我對本季所取得的成果感到滿意，並期待在今年餘下的時間裡繼續取得策略進展。

With that, I will now turn the call over to David. David, please go ahead.

說完這些，我現在將電話轉給大衛。大衛，請繼續。

Thank you, JK. Thank you, everyone, for joining us.

謝謝你，JK。謝謝大家加入我們。

I'm going to focus my commentary on first-quarter 2025 results, compared to the comparable quarter in the prior year, unless otherwise noted.

我將重點放在 2025 年第一季的業績，並與去年同期的業績進行比較，除非另有說明。

During the first quarter, we grew revenue 5.3% on a constant currency basis, with growth across all revenue streams. Our reported revenue was roughly flat year over year.

第一季度，我們的營收以固定匯率計算成長了 5.3%，所有營收來源均成長。我們報告的收入與去年同期基本持平。

We faced a tough comparison from Q1 last year, as there was an extra day in February, as well as increased traffic from a successful IP adaptation of Marry My Husband on Amazon Prime.

與去年第一季相比，我們面臨嚴峻的考驗，因為 2 月多了一天，而且 Amazon Prime 上《嫁給我的丈夫》的 IP 改編成功也增加了流量。

Net loss was $22 million in the quarter, compared to net income of $6.2 million in the year prior, driven by higher general and administrative expenses due to public company costs and higher marketing expenses.

本季淨虧損為 2,200 萬美元，而去年同期的淨收入為 620 萬美元，原因是上市公司成本導致的一般及行政開支增加以及行銷費用增加。

Adjusted EBITDA was $4.1 million in the quarter compared to $22.2 million in the same quarter of 2024. As a result, our adjusted earnings per share for the quarter was $0.03 compared to adjusted earnings per share of $0.20 in the prior year.

本季調整後 EBITDA 為 410 萬美元，而 2024 年同期為 2,220 萬美元。因此，本季我們的調整後每股收益為 0.03 美元，而去年同期的調整後每股收益為 0.20 美元。

Turning to operational health. Total company MAU was down 10.5% in the quarter, driven almost entirely by Rest of World.

轉向營運健康。本季公司 MAU 總量下降了 10.5%，幾乎完全受世界其他地區的影響。

As a reminder, Wattpad remains the largest contributor to Rest of World MAU.

提醒一下，Wattpad 仍然是世界其他地區 MAU 的最大貢獻者。

A Wattpad security upgrade in January temporarily affected search engine indexing, causing a dip in search traffic and contributing to a drop in web MAU in February.

1 月 Wattpad 的安全升級暫時影響了搜尋引擎索引，導致搜尋流量下降，並導致 2 月網路 MAU 下降。

While we promptly addressed these settings, we expect to see the impact for another quarter. As we've discussed for the past two quarters, Wattpad also continues to be impacted by a government ban in one country. And we are actively working to address concerns expressed by the government.

雖然我們迅速解決了這些問題，但我們預計其影響將持續一個季度。正如我們在過去兩個季度所討論的那樣，Wattpad 也繼續受到一個國家政府禁令的影響。我們正在積極努力解決政府表達的擔憂。

While web novels may generate lower revenue and profitability, they serve as a valuable source of content as we convert popular titles like Marry My Husband to webcomics.

雖然網路小說的收入和獲利能力可能較低，但在我們將《嫁給我老公》等熱門作品改編成網路漫畫時，它們卻是一個寶貴的內容來源。

Web novels also have lower barriers of entry, allowing more creators to showcase their stories on our platform.

網路小說的進入門檻也較低，讓更多創作者在我們的平台上展示他們的故事。

Millions of creators come to our platform to share their love of writing and storytelling with the world. Wattpad remains the leading global platform for web novels. And we are focused on driving growth over time. We continue to be focused on driving webcomic app users who are more engaged and present better monetization opportunities.

數百萬創作者來到我們的平台，與世界分享他們對寫作和講故事的熱愛。Wattpad 仍然是全球領先的網路小說平台。我們致力於推動長期成長。我們將繼續致力於推動網路漫畫應用程式用戶的參與度更高，並提供更好的獲利機會。

While app MAU decreased by 3.2% overall, we saw a 4.2% increase in webcomic app MAU, when we remove the impact of web novel users. This growth was led by increases across important English-speaking markets, as well as other key countries like France and Thailand.

雖然應用程式 MAU 整體下降了 3.2%，但如果剔除網路小說用戶的影響，我們發現網路漫畫應用程式 MAU 成長了 4.2%。這一成長主要得益於重要英語市場以及法國和泰國等其他主要國家的成長。

We are particularly pleased to see 19% growth in English platform webcomic app MAU, ahead of product changes we are introducing in May. We believe these product changes will also drive better user engagement, as we make it easier for users to find new titles and read more episodes.

我們特別高興地看到，在我們 5 月推出的產品變化之前，英文平台網路漫畫應用程式的 MAU 成長了 19%。我們相信這些產品變化也將推動更好的用戶參與度，因為我們讓用戶可以更輕鬆地找到新標題和閱讀更多劇集。

Now, I'd like to provide an update on our revenue streams at a consolidated level.

現在，我想提供我們合併後的收入來源的最新情況。

Starting with paid content. In the quarter, we posted 2.8% revenue growth on a constant currency basis year over year. This was driven by our ongoing strength in Japan, offset by declines in Korea and the Rest of World.

從付費內容開始。本季度，我們的營收以固定匯率計算年增 2.8%。這是由於我們在日本的持續強勁表現，抵消了韓國和世界其他地區的下滑。

Additionally, ARPPU growth on a constant currency basis was 8.4% in the quarter, with an increase in all three regions. There's still a great deal of free content available before users get to the paywall. And we believe our ARPU still represents tremendous entertainment value for our users.

此外，以固定匯率計算，本季 ARPPU 成長率為 8.4%，三個地區的 ARPPU 均有所成長。在用戶進入付費牆之前，仍然可以享受大量免費內容。我們相信我們的 ARPU 仍然為用戶帶來巨大的娛樂價值。

Advertising posted 13.6% revenue growth in the first quarter on a constant currency basis year over year. This strong performance was driven by double-digit constant currency revenue growth in Korea and Japan, offset by a decline in Rest of World revenue.

以固定匯率計算，第一季廣告營收年增 13.6%。這一強勁表現得益於韓國和日本兩位數的固定匯率收入增長，但被世界其他地區收入的下降所抵消。

In Korea, this growth was the result of increased ad sales from NAVER, while ad sales from other partners were relatively consistent. Japan's growth was driven by achievement-based ads and pre-roll ads.

在韓國，這一成長是由於 NAVER 廣告銷售額的成長，而其他合作夥伴的廣告銷售額相對穩定。日本的成長是由基於成就的廣告和片頭廣告所推動的。

And in Rest of World, the decline was primarily driven by a decline in Wattpad revenue.

在世界其他地區，收入下降主要是由於 Wattpad 收入下降所致。

Finally, our IP adaptation business saw revenue increase 20.7% year over year on a constant currency basis in Q1, driven by double-digit revenue growth on a constant currency basis in Korea and triple-digit revenue growth on a constant currency basis in Japan, offset by a double-digit revenue decline on a constant currency basis in Rest of World.

最後，我們的 IP 改編業務第一季營收按固定匯率計算年增 20.7%，其中韓國收入按固定匯率計算實現兩位數增長，日本收入按固定匯率計算實現三位數增長，但世界其他地區收入按固定匯率計算出現兩位數下降。

Now, I'd like to look at our results in the context of core geographies.

現在，我想從核心地理的背景下來看看我們的結果。

In Korea, during the first quarter, our revenue grew 3.6% year over year on a constant currency basis, primarily driven by double-digit constant currency revenue growth in advertising and IP adaptations, offset by a single-digit constant currency decline in paid content.

在韓國，第一季度，我們的收入按固定匯率計算同比增長 3.6%，主要得益於廣告和 IP 改編收入的兩位數固定匯率增長，但付費內容收入的個位數固定匯率下降抵消了這一增長。

Korea faced tough comps from last year as the Marry My Husband IP adaptation released on Amazon Prime drove increased traffic to our original web comic.

去年，韓國面臨嚴峻的競爭形勢，因為亞馬遜 Prime 上發布的《嫁給我的老公》 IP 改編版為我們原創的網路漫畫帶來了更大的流量。

During the first quarter, MAU of 24.2 million decreased 10.3%. MPU of 3.4 million declined 10.6%. That said, we saw healthy 6.7% growth in the first quarter ARPU on a constant currency basis.

第一季度，每月活躍用戶數為2,420萬，下降10.3%。MPU 為 340 萬，下降了 10.6%。也就是說，以固定匯率計算，我們看到第一季的 ARPU 成長了 6.7%，表現十分健康。

Our paying ratio of 14.2% was consistent with the prior year.

我們的支付率為 14.2%，與前一年持平。

Starting January 1, 2025, NAVER adjusted their methodology for measuring MAU in Korea. Korea is the only region where NAVER serves as a source of our MAU data.

自 2025 年 1 月 1 日起，NAVER 調整了其韓國 MAU 測量方法。韓國是 NAVER 作為我們 MAU 資料來源的唯一地區。

NAVER recently adjusted their methodology for identifying and counting web users for all their services. This change is only related to web MAU in Korea. There is no change in the app MAU numbers and MPU and ARPU are also unaffected.

NAVER 最近調整了其所有服務的網路使用者識別和統計方法。此變更僅與韓國的網路 MAU 有關。應用程式的 MAU 數量沒有變化，MPU 和 ARPU 也不受影響。

All the other regions are reporting their metrics in the same way as previous quarters. Please see the table in our shareholder letter for a reconciliation with previously reported MAU.

所有其他地區都以與前幾季相同的方式報告其指標。請參閱我們股東信中的表格，以了解與先前報告的 MAU 的對帳情況。

Moving to Japan. For the quarter, Japan posted revenue growth on a constant currency basis of 9.4%. This was driven by all three revenue streams as we saw single-digit constant currency revenue growth in paid content, double-digit constant currency revenue growth in advertising and triple-digit constant currency revenue growth in IP adaptations.

移居日本。本季度，日本的營收以固定匯率計算成長了 9.4%。這是由所有三個收入來源推動的，因為我們看到付費內容的收入以個位數的恆定貨幣收入增長，廣告的收入以兩位數的恆定貨幣收入增長，而 IP 改編的收入以三位數的恆定貨幣收入增長。

As JK mentioned, we are pleased to be number1 on Japan's overall app ranking charts for revenue, including mobile games. Compared to Q1 2024, Japan's MAU of 21.9 million increased 3.7%. MPU of 2.2 million grew 5.2% and paying ratio of 10.3% was up 14 basis points year over year.

正如 JK 所提到的，我們很高興能夠在日本包括手機遊戲在內的整體應用程式收入排行榜上排名第一。與 2024 年第一季相比，日本的每月活躍用戶數為 2,190 萬，成長了 3.7%。MPU 為 220 萬，成長 5.2%，支付率為 10.3%，較去年同期上升 14 個基點。

Engagement with paid users remains strong with first quarter ARPU of $23 growing 3.5% year over year on a constant currency basis.

付費用戶的參與度依然強勁，第一季 ARPU 為 23 美元，以固定匯率計算年增 3.5%。

In the Rest of the World, we saw revenue decline 4% year over year on a constant currency basis in the quarter, driven by declines in paid content, advertising and IP adaptation.

在世界其他地區，本季我們的營收以固定匯率計算年減 4%，原因是付費內容、廣告和 IP 改編收入下降。

While first-quarter MAU and MPU declined 12.9% and 5.9% year over year, respectively, paying ratio of 1.6% was up 12 basis points year over year.

雖然第一季的 MAU 和 MPU 分別年減 12.9% 和 5.9%，但付費率為 1.6%，較去年同期上升了 12 個基點。

ARPU of $6.50 grew 3.5% year over year on a constant currency basis. We're making significant changes to our English language web comic app. And while it's early, we believe these changes have been well received by our users.

以固定匯率計算，ARPU 為 6.50 美元，年增 3.5%。我們正在對我們的英語網路漫畫應用程式進行重大更改。雖然還為時過早，但我們相信這些變化已經受到了用戶的歡迎。

Turning to profitability. Gross profit for the quarter was $71.6 million compared to $82.4 million in the prior year. This resulted in a gross margin of 22% compared to 25.2% in the prior year.

轉向盈利能力。本季毛利為 7,160 萬美元，去年同期為 8,240 萬美元。這使得毛利率達到 22%，而去年同期為 25.2%。

There were one-time impacts from a larger SBC expense recognized in cost of revenue, as well as a true-up accrual for Japan creator revenue share from the prior year. In addition, free coin marketing expenses in Korea were moved from marketing to cost of revenue starting in Q1.

收入成本中確認的較大 SBC 費用以及上一年日本創作者收入份額的真實應計產生了一次性影響。此外，從第一季開始，韓國的免費幣行銷費用從行銷轉移到收入成本。

While these discrete items temporarily affect our reported progress on gross margin expansion, we believe our gross margin can improve over time as we execute on our cross-border content distribution strategies. Adjusted EBITDA for the quarter was $4.1 million compared to $22.2 million in the prior year, driven by higher general and administrative expenses due to public company costs and higher marketing expense.

雖然這些離散項目暫時影響了我們報告的毛利率擴張進展，但我們相信，隨著我們實施跨境內容分銷策略，我們的毛利率會隨著時間的推移而提高。本季調整後的 EBITDA 為 410 萬美元，而去年同期為 2,220 萬美元，原因是上市公司成本導致的一般及行政費用增加以及行銷費用增加。

On the cost side, total G&A expenses for the quarter were $66.7 million as compared to $48.7 million in the prior year quarter, primarily as a result of public company costs.

成本方面，本季的一般及行政費用總額為 6,670 萬美元，而去年同期為 4,870 萬美元，這主要由於上市公司成本所致。

Interest income in the first quarter was $5.1 million compared to $1.2 million in the prior year, and other income was $2.7 million compared to $1.4 million in the prior year period. Income tax expense of $2.5 million in the quarter compared to $6.7 million in the prior year.

第一季利息收入為 510 萬美元，而去年同期為 120 萬美元；其他收入為 270 萬美元，而去年同期為 140 萬美元。本季所得稅費用為 250 萬美元，去年同期為 670 萬美元。

Depreciation and amortization was $8.4 million compared to $9 million in the prior year.

折舊和攤提為 840 萬美元，而上年為 900 萬美元。

Net loss of $22 million was primarily driven by higher general and administrative expenses due to public company costs and higher marketing expense. As a result, GAAP loss per share was $0.17 compared to earnings per share of $0.06 in the prior year period.

淨虧損 2,200 萬美元，主要是因為上市公司成本和行銷費用增加導致的一般及行政費用增加。因此，每股 GAAP 虧損為 0.17 美元，去年同期每股收益為 0.06 美元。

Adjusted earnings per share was $0.03 in the quarter compared to adjusted earnings per share of $0.20 in the prior year period.

本季調整後每股收益為 0.03 美元，而去年同期調整後每股收益為 0.20 美元。

Before I wrap up, I'd like to spend a few moments discussing our second quarter outlook.

在結束之前，我想花一點時間討論我們第二季度的展望。

For the second quarter of 2025, we expect to deliver revenue growth in the range of 2.2% to 5.2% on a constant currency basis. This represents anticipated revenue in the range of $335 million to $345 million. This guidance is based on current FX rates.

對於 2025 年第二季度，我們預計營收成長率在 2.2% 至 5.2% 之間（以固定匯率計算）。這意味著預期收入將在 3.35 億美元至 3.45 億美元之間。本指南基於目前外匯匯率。

As we've discussed previously, we expect we will face FX headwinds in the first half of this year as rates were more favorable in the first half of 2024. Our infrastructure investments are proceeding on schedule as we prepare for anticipated product improvements in the back half of 2025.

正如我們之前討論過的，我們預計今年上半年我們將面臨外匯逆風，因為 2024 年上半年的利率更為優惠。我們正在為 2025 年下半年預期的產品改進做準備，基礎設施投資正在按計劃進行。

We anticipate second-quarter adjusted EBITDA in the range of $0.5 million to $5.5 million, representing an adjusted EBITDA margin in the range of 0.1% to 1.6%. We expect to maintain our investment in marketing to drive future growth.

我們預計第二季調整後的 EBITDA 在 50 萬美元至 550 萬美元之間，調整後的 EBITDA 利潤率在 0.1% 至 1.6% 之間。我們希望繼續對行銷進行投資以推動未來的成長。

We also have additional public company expenses this quarter that we did not have in the year-ago quarter as a private company.

本季我們也產生了額外的上市公司費用，而去年同期作為私人公司時則沒有這些費用。

JK noted this earlier, but I would like to reiterate that we are monitoring the market health of our users closely and believe in the resilience of our business model regardless of the current macroeconomic uncertainty.

JK 之前已經提到了這一點，但我想重申，我們正在密切關注用戶的市場健康狀況，並且相信無論當前宏觀經濟如何不確定，我們的商業模式都具有韌性。

In addition to the free content our users can already enjoy, with or without ads, we believe we deliver a tremendous amount of entertainment value with flexible price points made up of many micro transactions.

除了我們的用戶已經可以享受的免費內容（無論有無廣告）之外，我們相信，我們可以透過由許多微交易組成的靈活價格點提供巨大的娛樂價值。

In closing, we believe we are off to a great start to the year. While there remains a lot of work ahead of us, the first quarter laid a strong foundation to the year, and we have many anticipated developments we're encouraged about in 2025.

最後，我們相信今年我們已經有一個好的開始。雖然我們還有很多工作要做，但第一季為今年奠定了堅實的基礎，我們對 2025 年的許多發展充滿期待。

We remain focused on executing our strategy, underpinned by our powerful flywheel of creators, content, and users, which we believe will generate profitable growth over the long term.

我們將繼續專注於執行我們的策略，以創作者、內容和用戶組成的強大飛輪為支撐，我們相信這將在長期內帶來獲利成長。

With that, I'd like to turn it back to our operator to begin the Q&A session.

說完這些，我想把話題轉回給我們的接線生，開始問答環節。

(Operator Instructions)

（操作員指示）

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Two, if I could. In terms of the user growth initiatives you have planned for the remainder of this year, can you talk through a little bit of what your key priorities are and how we should be thinking about that as an investment cadence putting pressure on margin for the remainder of this year and how to think about it as an output for user growth exiting the year? And then maybe I have a quick follow-up.

如果可以的話，兩個。關於您為今年剩餘時間規劃的用戶成長計劃，您能否稍微談談您的主要優先事項是什麼，以及我們應該如何將其視為一種投資節奏，為今年剩餘時間的利潤率帶來壓力，以及如何將其視為年底用戶增長的產出？然後我可能會快速跟進。

Thanks, Eric. It's a good question. Well, first, it's important to note that we have strong signs of great long-term growth in newer markets. So I think you probably noticed that for the first time, we are very happy to disclose that our English-speaking platform, our web comic app MAU, is up 19% as a function of our continued flow of content and product innovation, along with marketing.

謝謝，埃里克。這是個好問題。首先，值得注意的是，我們有強勁跡象顯示新興市場將實現長期成長。所以我想你可能注意到了，我們第一次非常高興地披露，我們的英語平台、我們的網絡漫畫應用程序 MAU 增長了 19%，這得益於我們持續的內容和產品創新以及營銷。

Those three elements will continue to persist. And we think it's a good investment for the long term as we're seeing great signs of habituation in the form of average revenue per purchaser ARPU because this ARPU represents habituation, particularly in interesting markets that we've highlighted in the script, such as English-speaking markets, but we also noted France is an important market for us as well, along with our Spanish adaptations.

這三個要素將繼續存在。我們認為從長遠來看這是一項很好的投資，因為我們看到了以每位購買者平均收入 (ARPU) 形式體現的良好習慣跡象，因為這個 ARPU 代表了習慣，特別是在我們在劇本中強調的有趣市場，例如英語市場，但我們也注意到法國對我們來說也是一個重要的市場，還有我們的西班牙語改編版。

With regard to guidance and the impact on the P&L, you've seen that we only guide to Q2, but importantly, even as we persist in investments in infrastructure and marketing in the guided Q2 quarter, we still guide to a positive, consistent 0.5 to 5.5% positive adjusted EBITDA.

關於指導和對損益表的影響，您已經看到我們僅指導第二季度，但重要的是，即使我們堅持在指導的第二季度對基礎設施和營銷進行投資，我們仍然指導積極的、一致的 0.5% 至 5.5% 的正調整後 EBITDA。

We believe that we can grow profitably and that these investments will actually pay off in the mid- to long term at a faster rate than what we would see in a given quarter. The underlying business we see we're increasingly more bullish on. And that is why we're making the investments with the strong product cadence in the back half.

我們相信，我們能夠實現獲利成長，而這些投資實際上將在中長期內以比特定季度更快的速度獲得回報。我們看到，我們對基礎業務越來越看好。這就是我們在下半年以強大的產品節奏進行投資的原因。

And then maybe just a follow-up to go a little bit deeper on how important you think local content is in local markets. I think in the prepared remarks, you gave the comment around Japan.

然後也許只是進一步深入探討您認為本地內容在本地市場中的重要性。我認為您在準備好的發言中已經對日本做出了評論。

Just thinking through a little bit of dollars to invest or cadence of investments against potential impact in a market like that specifically.

只要考慮投資一點錢或投資節奏，以應對這樣的市場可能產生的影響。

It's a great question. Let me first answer your question on Japan, but I would love to highlight some of the Spanish IP adaptations as well as the announcement of great content with partners, which is a relatively new disclosure for our English-speaking platform.

這是一個很好的問題。讓我先回答您關於日本的問題，但我想重點介紹一些西班牙 IP 改編以及與合作夥伴共同發布的精彩內容，這對於我們的英語平台來說是一個相對較新的披露。

First, in Japan, Japan is early days. We're very excited about the long-term growth prospect for us. Remember, we are now the number 1 consumer app, inclusive of mobile games. So we have a strong competitive position. We mentioned that key IP, local creator IP that we're building is enhanced by the fact that these creators can publish globally.

首先，在日本，日本還處於早期階段。我們對我們的長期成長前景感到非常興奮。請記住，我們現在是排名第一的消費者應用程序，包括手機遊戲。因此我們擁有強大的競爭地位。我們提到，我們正在建立的關鍵 IP，即本地創作者 IP，由於這些創作者可以在全球範圍內發布作品而得到了增強。

So the example of Oversummoned, Overpowered, and Over It!, which actually debuted in the US and in France from a local Japanese creator, we highlight that because it shows that we're the only platform in the world that JK created that can give local Japanese creators the ability to be strong in Japan, give our number 1 status, but also globally.

因此，我們強調 Oversummoned、Overpowered 和 Over It! 的例子，這些作品實際上是由一位日本本土創作者在美國和法國首次亮相的，因為它表明我們是 JK 創建的世界上唯一一個可以讓日本本土創作者在日本強大起來的平台，讓我們佔據第一的位置，同時也能在全球範圍內保持領先。

We also talked about how, beyond Japan, there were a number of IP adaptations. And you know, as we disclosed in Q1 of 2024, Marry my Husband was a sensation globally. It was Amazon Prime's hit even in North America, which we lapped this quarter. Well, the examples that we highlighted intentionally were not in the English language, there to show that we're strong in Spanish as well.

我們也討論了除日本之外，還有許多 IP 改編作品。你知道，正如我們在 2024 年第一季披露的那樣，《嫁給我的丈夫》在全球引起了轟動。它是亞馬遜 Prime 的熱門產品，甚至在北美也是如此，我們在本季就已完成。嗯，我們故意強調的例子不是英語，是為了表明我們在西班牙語方面也很強。

So JK mentioned Mala Influencia and Sigue Mi Voz, on Amazon Prime, Mala Influencia on Wattpad, this represents how even our web novelist creators, local to one market, can publish globally.

因此 JK 提到了 Amazon Prime 上的 Mala Influencia 和 Sigue Mi Voz，以及 Wattpad 上的 Mala Influencia，這代表即使是我們的網路小說創作者，只限於一個市場，也可以在全球出版作品。

And then finally, I think if you look to the content we're offering on our platform in the English language, this is the first time we've spent a bit of our airtime to talk about our partnership with IDW Publishing, where

最後，我想如果你看看我們在平台上提供的英語內容，這是我們第一次花一些時間來談論我們與 IDW Publishing 的合作關係，

Sonic the Hedgehog and Godzilla, great franchises starting April 25, are now able to be offered here on our platform in English.

4 月 25 日上映的優秀系列電影《刺猬索尼克》和《哥吉拉》現已在我們的平台上提供英文版。

So for us, JK founded this company built on creators, creators who could publish locally and globally, and with our large consumer base. So it's critical for the economic growth of the business, but also the core strategic proposition of what it created.

因此對我們來說，JK 創立了這家以創作者為基礎的公司，這些創作者可以在本地和全球範圍內出版作品，並且擁有龐大的消費者群體。因此，它對於企業的經濟成長至關重要，也是其所創造的核心策略主張。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Okay. Two questions. On the Korea MAU decline year-over-year. I understand that there was a change in methodology by NAVER.

好的。兩個問題。韓國MAU年減。我了解到 NAVER 的方法發生了改變。

Do you have a separate opinion as to what's happening to your MAUs in that country? Or maybe better, what would be realistic expectations? Do you think you can continue to grow MAUs in Korea? Or are you kind of at mature levels? And then just give us an update, please, on advertising revenue in North America.

對於貴公司在該國的 MAU 情況，您有什麼不同的看法嗎？或者更好的是，什麼是現實的期望？您認為韓國的 MAU 數量還能持續成長嗎？或者說您已經達到成熟程度了？然後請向我們介紹一下北美廣告收入的最新情況。

Thanks, Mark. First, on Korea, I need to make sure we all remember that Korea has such high penetration of its population that you will see movement in a given quarter on total MAU.

謝謝，馬克。首先，關於韓國，我需要確保大家都記住，韓國的人口滲透率如此之高，以至於你會看到特定季度的總 MAU 發生變化。

I think what's the most important metric for me for Korea, our most mature market, is the 3.6% constant currency revenue growth we saw. And that was not accidental. If you think about why that was the case, it was driven by our intent to grow constant currency ARPU, which at $8.40 was up 6.7%.

我認為，對於我們最成熟的市場韓國來說，最重要的指標是 3.6% 的恆定貨幣收入成長率。這並非偶然。如果你思考為什麼會發生這種情況，那是因為我們想要提高固定貨幣 ARPU，而該數字目前為 8.40 美元，上漲了 6.7%。

We talked about the AI personalization engine. We talked about improved product. We talked about continuing our strong flow of content. These three areas of focus are showing up. They're showing up in constant currency revenue.

我們討論了 AI 個人化引擎。我們討論了改進產品。我們討論瞭如何持續保持強勁的內容流。這三個重點領域正在顯現。它們體現在固定貨幣收入中。

Now as for your question on what is the MAU growth potential, one of the reasons why we're so focused on describing web comic app MAU, which you saw on a global basis grew 4.2% is even in Korea, we think that our improvement in the product on the app will actually be a better predictor of long-term paid content revenue growth.

現在，關於您對 MAU 成長潛力的問題，我們如此專注於描述網路漫畫應用程式 MAU 的原因之一是，您看到它在全球範圍內增長了 4.2%，即使在韓國，我們認為我們對應用程式產品的改進實際上可以更好地預測長期付費內容收入的成長。

It's also important that independent of the MAU, you saw good performance across the board, across the company with regard to our advertising, which was your other question. Advertising on a constant currency basis was up 13.6%, and a part of that was from Korea, as we mentioned in our script.

同樣重要的是，除了 MAU 之外，您還看到我們整個公司在廣告方面都表現良好，這是您的另一個問題。以固定匯率計算的廣告收入成長了 13.6%，其中一部分來自韓國，正如我們在腳本中提到的那樣。

Now, with regard to the question on North America advertising, I believe it continues to be early days. North America advertising is our largest advertising market potential, but we are still putting in place fundamental products, the backbone of it and the selling organization to benefit us in 2026 and beyond.

現在，關於北美廣告的問題，我認為現在還為時過早。北美廣告是我們最大的廣告市場潛力，但我們仍在建立基礎產品、支柱產品和銷售組織，以便在 2026 年及以後使我們受益。

We're going to continue to deliver on strong growth and profit in the form of paid content and advertising. But I think North America is a proposition that's more mid- to long term, consistent with what we said to you during the IPO process. That being said, we're not in any way taking our foot off the gas.

我們將繼續以付費內容和廣告的形式實現強勁成長和利潤。但我認為北美是一個更具中長期性的提議，與我們在 IPO 過程中向您所說的一致。話雖如此，我們絕對不會放鬆油門。

We think it's a great opportunity, and we hope to be able to give you more tangible examples of our progress in North America over time.

我們認為這是一個很好的機會，我們希望能夠為您提供更多我們在北美取得的進步的具體例子。

Doug Anmuth, J.P. Morgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Great. This is [Dae], on for Doug. I want to follow up on the global franchises and reformat launches. How does that affect your monetization? Because right now, paid content is monetized on unlocking new episodes. So wondering if the global franchises and reformat launches have that type of monetization capabilities built into it as well? And does that affect how your gross margins could look like over time as you get more of these franchises on the platform?

偉大的。我是 [Dae]，代表 Doug 發言。我想跟進全球特許經營和重新格式化的發布。這對您的獲利有何影響？因為現在，付費內容是透過解鎖新劇集來貨幣化的。那麼想知道全球特許經營和重新格式發布是否也具有這種類型的貨幣化能力？隨著您在平台上推出更多此類特許經營權，這是否會影響您的毛利率？

Thanks for your question. First, I wanted to note that global franchises are actually not a new phenomenon for this platform. So when we look back, when we look back even at cross collaborations, for example, in 2021 with BTS or the crossover IP is a form -- Marry my husband, when it crossed over to Amazon Prime, in some ways, is a form of IP outside of the core of our platform benefiting the core. And we made note of it that we lapped a pretty significant impact of that crossover IP as an example.

謝謝你的提問。首先，我想指出的是，全球特許經營對於這個平台來說實際上並不是一個新現象。因此，當我們回顧時，當我們回顧甚至交叉合作時，例如，2021 年與 BTS 的合作或交叉 IP 是一種形式——《嫁給我的丈夫》當它跨界到 Amazon Prime 時，在某種程度上，是一種 IP 形式，它位於我們平台核心之外，使核心受益。我們注意到，我們以交叉 IP 為例，對其產生了相當大的影響。

So when we talk about IDW, we talk about Godzilla. In the past, we had done collabs with, for example, the Batman franchise. This is not a new phenomenon for us. And we believe that the fresh addition of content continues to power the core paid content margin structure and business, meaning if we can create more and more content, even if it originates outside of our existing set of creators, it gives our creators a bigger audience as we attract more consumers.

因此，當我們談論 IDW 時，我們談論的是哥吉拉。過去，我們曾與《蝙蝠俠》系列等合作。對我們來說這並不是什麼新鮮現象。我們相信，新內容的加入將繼續推動核心付費內容利潤結構和業務，這意味著如果我們能夠創造越來越多的內容，即使它來自我們現有的創作者之外，它也會為我們的創作者帶來更大的受眾，因為我們會吸引更多的消費者。

And so the one thing I would also say is that there is a difference between us discovering an amateur creator on CANVAS and turning it into a WEBTOON original, which is clearly an important profit margin for us versus when we collaborate with an existing franchise. I don't want to make you believe that there is not a difference.

因此，我還想說的一件事是，我們在 CANVAS 上發現一個業餘創作者並將其轉變為 WEBTOON 原創作品之間是有區別的，這顯然是我們與現有特許經營商合作時的一個重要的利潤空間。我不想讓你相信這兩者之間沒有區別。

But being competitive in new markets like the one that we're building here in the U.S. means we need to be open to both, higher-margin US originals we create and really popular franchises that don't have access to our audience because we have this great Gen Z audience for them as well. I think both are very important for our structure of margin.

但是，要想在像我們正在美國建立的這樣的新市場中保持競爭力，就意味著我們需要對我們創造的利潤更高的美國原創作品以及無法接觸到我們觀眾的真正受歡迎的系列作品持開放態度，因為我們也擁有龐大的 Z 世代觀眾群。我認為兩者對我們的利潤結構都非常重要。

Got it. And then following up on the U.S. market. You did talk about significant changes to the English app. So curious what the changes are? And is this more about tailoring your app to the U.S. market or English-speaking markets? Or is this more about bringing the learnings that you have from Korea and Japanese market to the English market?

知道了。然後跟進美國市場。您確實談到了英語應用程式的重大變化。那麼好奇到底發生了哪些變化呢？這是否更多是為了使您的應用程式適合美國市場或英語市場？或者這更多的是將您從韓國和日本市場學到的經驗帶到英語市場？

We believe that we have the benefit of both advantages. Our global lessons learned, but tested to the local English-speaking audience is what's required for us to roll out product innovation. I'm going to describe some of it. It's quite extensive. It's probably the most extensive product rollout that I've been a part of since I joined less than two years ago. So for example, in our A/B testing, we saw very promising results to our local English audience. We saw A/B testing results of up to 9% increase on episodes read.

我們相信，我們擁有兩者的優勢。我們汲取了全球經驗，但經過當地英語受眾的檢驗，這正是我們推出產品創新的必要條件。我將描述其中的一些內容。它的範圍相當廣泛。這可能是我加入不到兩年以來參與過的最廣泛的產品推廣。例如，在我們的 A/B 測試中，我們看到了對當地英語觀眾非常有希望的結果。我們發現 A/B 測驗結果顯示閱讀量增加了 9%。

Now with regard to the origin of these product innovations, I want to go through each of them because they're significant, and they have benefited from lessons learned from our global product organization across the world. We installed in Q2 of 2024, a new leader. Our Chief Strategy Officer, Yongsoo Kim, benefiting from the lessons outside of just the U.S. applied to the U.S. took on the global leadership role of leading our global WEBTOON business.

現在關於這些產品創新的起源，我想逐一介紹一下，因為它們意義重大，並且它們受益於我們全球產品組織的經驗教訓。我們在 2024 年第二季任命了一位新的領導者。我們的首席策略長 Yongsoo Kim 吸取了美國以外的經驗教訓並將其應用於美國，承擔起了領導我們全球 WEBTOON 業務的全球領導角色。

So these four areas of new product innovation reflect that global kind of ability to find great product, but the ability to test it locally before we roll it out. It's everything from onboarding to the home tab, to the search tab, even a recurring new and hot feature that could benefit from us seeing different types of trailer style format. So it's quite extensive.

因此，這四個新產品創新領域反映了全球尋找優秀產品的能力，但也反映了在推出產品之前在當地進行測試的能力。它包括從入門到主頁選項卡、搜尋選項卡的一切，甚至是反覆出現的新的熱門功能，我們可以從不同類型的預告片風格格式中受益。所以它的範圍相當廣泛。

It's exciting, but you may not see, even though it's begun to hit the US-based platform, you may not see it at full scale towards the back end of this fiscal year but it's extensive. And again, it's the benefit of a global product organization, but carefully tested for our local consumers.

這很令人興奮，但你可能看不到，儘管它已經開始衝擊美國平台，但你可能不會在本財年末看到它全面推出，但它的影響範圍很廣。再次強調，這是全球產品組織的優勢，但也針對我們當地的消費者進行了仔細的測試。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特。

Maybe I'll start just with the security update to Wattpad that caused the search indexing issue. I guess could you just give a little more update -- a little more detail on what specifically was changed, what impact that's having, the amount of user impact it had on Rest of World for this quarter and then kind of where you are in the process of resolving it?

也許我會從導致搜尋索引問題的 Wattpad 安全性更新開始。我想您能否提供更多更新資訊 - 更詳細地說明具體更改了什麼，產生了什麼影響，本季度對世界其他地區的用戶影響程度，以及您正在解決該問題的過程？

Thanks, Matt, for the question. First, I want to be clear. Wattpad is a very contained source of the majority, the vast majority of our rest of world total MAU declines. And yet, Wattpad is not a significant contributor to the paid content engine. So one of the reasons I just want to make sure we understand this, it's important from a source of IP standpoint. It's important from a potential of advertising business.

謝謝馬特提出這個問題。首先，我想明確一點。Wattpad 是一個非常有限的資源，導致我們世界其他地區 MAU 總量的絕大部分下降。然而，Wattpad 並不是付費內容引擎的重要貢獻者。因此，我只是想確保我們理解這一點，因為從 IP 來源的角度來看這很重要。從廣告業務的潛力來看，這一點很重要。

But the reason why I can begin to describe these two key issues, which were significant for the Wattpad business and have it not be a significant paid content issue is because the role of that business today is really to source IP and to provide advertising revenue.

但是我之所以能夠開始描述這兩個關鍵問題，它們對於 Wattpad 業務來說非常重要，並且不是一個重要的付費內容問題，是因為該業務今天的作用實際上是獲取 IP 並提供廣告收入。

With regard to your question, however, both the ban from one country as well as that security issue that we disclosed accounted for the majority of all of the Wattpad disruption we saw in the quarter. And remember, Wattpad was the primary contributor to total Rest of World MAU decline. So they were significant. Internally, we've talked about having remedying or seeking to remedy these problems.

然而，關於您的問題，一個國家的禁令以及我們揭露的安全問題是本季我們看到的 Wattpad 中斷的主要原因。請記住，Wattpad 是導致世界其他地區 MAU 整體下降的主要原因。所以它們很重要。在內部，我們已經討論過如何補救或尋求補救這些問題。

We don't have an update on the country ban, but we believe that we've begun to address the security issue. And while they'll have persistent impact through the Q2 period and possibly a portion of Q3, we believe that we've identified the issues and are already at work to remedy them.

我們還沒有關於國家禁令的最新消息，但我們相信我們已經開始解決安全問題。雖然這些問題將持續影響第二季甚至第三季的部分時間，但我們相信我們已經發現了這些問題，並且正在著手解決。

But I want to be clear, Wattpad in and of itself to total company performance was the most significant contributor to total MAU loss, particularly in Rest of World. And the 2 issues that we've identified, we believe we're on the mend on, but they were very significant in terms of total MAU impact.

但我想明確一點，Wattpad 本身對公司整體業績而言是造成 MAU 整體損失的最重要因素，尤其是在世界其他地區。我們認為，我們發現的這兩個問題正在好轉，但就整體 MAU 影響而言，它們非常嚴重。

Great. And then just following up on a couple of the prior questions. You've talked a lot about the early success you're seeing with the new onboarding, search and discovery, new and hot, which is great to hear. It sounds like most of those things won't be fully rolled out until the back half.

偉大的。然後繼續回答前面幾個問題。您已經多次談到了新入職、搜尋和發現、新熱點等功能所取得的早期成功，聽到這些我很高興。聽起來大部分事情要到下半年才能完全推出。

I think you mentioned in the prepared remarks something about some product changes coming in May. Is that just a further rollout and more expanded testing of those same features? Or are there other things on the road map that we should be aware of?

我認為您在準備好的評論中提到了有關五月即將發生的一些產品變化。這是否只是對相同功能的進一步推出和更廣泛的測試？或者路線圖上還有其他我們應該注意的事情嗎？

Well, first, I want to be clear that we're really only offering you financial guidance for the Q2 period. We want to be very transparent about how excited we are about the product rollout, not because it's the only items we're working on.

首先，我想明確一點，我們實際上只為您提供第二季的財務指導。我們希望非常透明地表達我們對產品推出的興奮之情，而不是因為這是我們唯一在做的項目。

The company is constantly working on a portfolio of global product innovation. The ones we've highlighted are the ones that we know are rolling out in the back half of this year. But it's not the total limit of what our global product organization continues to test and work on.

該公司不斷致力於全球產品創新組合。我們所強調的是那些我們知道今年下半年將推出的舉措。但這並不是我們全球產品組織持續測試和努力的全部極限。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Maybe expanding on that last question that was just asked on the onboarding process. It sounds like you made some good progress so far, but it sounds, again, like an ongoing sort of iterative piece of product.

也許可以擴展一下入職過程中剛剛提出的最後一個問題。聽起來你到目前為止已經取得了一些進展，但這聽起來又像是持續迭代的產品。

So I guess, one, would you categorize maybe the heaviest lift as being done, and maybe what you're looking forward as more incremental? Or do you think that there is still some kind of fundamental improvements that can be made along the way? Then I have a follow-up.

所以我想，首先，您是否會將最繁重的工作歸類為已經完成的工作，以及您所期望的更多的增量工作？或者您認為在過程中還可以做出一些根本性的改進？然後我有一個後續問題。

Well, first, you did not hear us disclose a significant impact from the product innovation rollout. We specifically talked, JK and I, in our script, about how it would benefit later fiscal periods in the back half of the year. So I don't know that you should infer that the major impact of these product innovations are already in the results we've disclosed today.

首先，您沒有聽到我們揭露產品創新推出帶來的重大影響。JK 和我在我們的腳本中特別討論了它將如何使下半年的後期財政期間受益。所以我不知道你是否應該推斷這些產品創新的主要影響已經在我們今天披露的結果中了。

The second is, I have said and I believe that these product innovations are significant, not incremental. And in terms of level of completeness, the ones that we've talked about, though significant, have been fully tested.

第二，我已經說過並且我相信這些產品創新是重大的，而不是漸進的。就完整性程度而言，我們所討論的內容雖然重要，但已經過全面測試。

In fact, when we say in the script that we saw in certain A/B testing a 9% increase in episodes read, that's a very significant finding in an A/B test. I think it reflects the level of significance of the product update that we've talked through. And when we talk about rolling it out and we specify May, it means that we're not disclosing work yet to be done or that this is incremental.

事實上，當我們在腳本中說我們在某些​​ A/B 測試中看到劇集閱讀量增加了 9% 時，這在 A/B 測試中是一個非常重要的發現。我認為這反映了我們所討論的產品更新的重要性程度。當我們談論推出它並指定在五月時，這意味著我們不會披露尚未完成的工作，或者這是漸進的。

This is a major product rollout that we are going forward with based on strong results. That's how I think we've characterized it. The other thing to point out is that parts of it have already begun to roll out. When we talk about May, we're talking about a nearly set rollout rate because we've been hard at work today.

這是我們基於強勁業績而推出的重要產品。我認為這就是我們對它的定義。另一件需要指出的事情是，部分措施已經開始推出。當我們談論五月時，我們談論的是幾乎確定的推出率，因為我們今天一直在努力工作。

So I don't want to lead you to believe that the results or the impact of the products are already in our numbers. But the strong results that we saw in March, that 9% increase in episodes read as well as the fact that we're going to see even more features in the pipeline possibly impacting the back half of 2025 means that we believe that we're in the beginning of a process, not at the end, and that is significant.

所以我不想讓你相信產品的結果或影響已經反映在我們的數字中。但我們在 3 月看到的強勁結果，即劇集收視率增加了 9%，而且我們將看到更多正在籌備中的功能可能對 2025 年下半年產生影響，這意味著我們相信我們正處於一個過程的開始，而不是結束，這是很重要的。

Understood. And then maybe one more, if I could. We heard some rumblings from the U.S. presidential administration earlier in the week or maybe last week about potential tariffs on foreign-produced films, I guess. Is that having any impact to date? Or do you see that it has any impact on maybe the visibility or planning for your IP adaptations business?

明白了。如果可以的話，也許還會再來一次。我想，本週早些時候或上週，我們聽到了美國總統政府關於可能對外國製作的電影徵收關稅的一些傳言。到目前為止這有影響嗎？或者您認為這可能會對您的 IP 改編業務的知名度或規劃產生影響？

It's a good question. Let me echo what JK and I both said. First, we're very clear-eyed about closely monitoring the health, in particular, of our consumers and creators through changes announced not just by the U.S. presidential administration, but globally.

這是個好問題。讓我重複一下 JK 和我所說的話。首先，我們非常清楚地密切監測健康狀況，特別是消費者和創作者的健康狀況，這不僅透過美國總統政府宣布的變化，也透過全球宣布的變化。

That said, we do not see any impact by any announcements, particularly tariffs, on our core business with the exception of swings in reported FX rates on our results, but not on the core health of our business. In fact, when I recall my time in other consumer tech businesses like mobile gaming, I'm really grateful that JK created a business model that appears to me to be very resilient for the consumer and the creator.

也就是說，我們認為任何公告（尤其是關稅）不會對我們的核心業務產生任何影響，但報告的外匯匯率波動除外，這會影響我們的業績，但不會影響我們業務的核心健康狀況。事實上，當我回想起在手機遊戲等其他消費科技企業工作的經歷時，我真的很感激 JK 創造了一種在我看來對消費者和創造者都非常有彈性的商業模式。

There is so much free, evergreen, new, fresh content by design of the flywheel that arrives today, which does not demand a subscription. The vast majority, almost all of the 80% of paid content, is from micro payments, one fresh episode at a time. That is highly differentiated from almost any consumer platform I've seen.

如今，飛輪設計帶來了大量免費、常青、新穎、新鮮的內容，無需訂閱。絕大多數（幾乎 80%）的付費內容都是透過小額支付購買的，每次只購買一集新鮮的劇集。這與我見過的幾乎所有消費者平台都有很大區別。

So, we haven't seen any specific impact. I actually think we could be quite resilient compared to others. Our focus is just to keep our heads down, provide more and more great access to consumers for creators and great stories for consumers, and weather the storm, but we don't see an impact other than reported FX rates to date.

所以，我們還沒有看到任何具體的影響。我實際上認為與其他國家相比，我們的適應力更強。我們的重點只是埋頭苦幹，為創作者提供越來越多接觸消費者的管道，為消費者提供精彩的故事，並渡過難關，但迄今為止，除了報告的外匯匯率外，我們沒有看到其他影響。

[Jeff Seiner], Deutsche Bank.

[傑夫·希南]，德意志銀行。

Are you seeing a difference in the monetization levels in the app versus the web platform in the US for webcomics?

您是否發現該應用程式與美國網路漫畫的網路平台在獲利水準上有差異？

Thanks for your question. One of the reasons why we're so clear about the difference in disclosing that 19% increase in our English-speaking webcomic app MAU is that we monetize on the app. We do not monetize paid content on the web, period. And so it's a really important distinguish.

謝謝你的提問。我們之所以如此清楚地披露我們的英語網路漫畫應用程式 MAU 成長 19% 的差異，原因之一是我們透過該應用程式實現了盈利。我們不會將網路上的付費內容貨幣化，就是這樣。所以這是一個非常重要的區別。

So when we talk about the overall Rest of World MAU declining driven by a web novel business, it's an important disclosure. But it is not one that is materially an indication of our future performance on paid content.

因此，當我們談論網路小說業務導致世界其他地區整體月活躍用戶數量下降時，這是一個重要的披露。但它並不能從實質上顯示我們未來在付費內容上的表現。

The app is also where our new product features are really focused. So it's not only where we monetize in a big market like English-speaking North America. It's also the beneficiary of this product rollout that we're discussing.

該應用程式也是我們新產品功能真正關注的重點。因此，我們不僅在英語北美這樣的大市場中實現盈利。這也是我們正在討論的此次產品推出的受益者。

And that's why I really want investors to continue to focus on where they see growth in our future revenue and paid content, which to me is about the webcomic app business, which is why we're focused on disclosing that part of the business today.

這就是為什麼我真的希望投資者繼續關注我們未來收入和付費內容的成長點，對我來說，這就是網路漫畫應用業務，這就是為什麼我們今天專注於揭露這部分業務。

Got it. Got it. And then maybe you could talk a little bit about the engagement of comments around your licensed IP in the U.S. compared to sort of the other content on the platform. Are you seeing a benefit where licensed IP is driving new users to the platform? Or is it more driving engagement of your existing users?

知道了。知道了。然後，您可以稍微談談您在美國授權的 IP 相關的評論的參與度，與平台上的其他內容相比。您是否看到了授權 IP 為平台吸引新用戶帶來的好處？或者它更能推動現有用戶的參與？

Well, first, I think it clearly depends upon the actual platform. We have historical experience with great platforms that have the potential to drive user engagement, which increases.

嗯，首先，我認為這顯然取決於實際平台。我們擁有豐富的經驗，開發出具有潛力提升使用者參與度的優秀平台。

But part of, I think, the attraction in our partners is that we have this strong penetration among Gen Z, and they're spending 30 to 60 minutes per day on average as users.

但我認為，我們吸引合作夥伴的部分原因是我們在 Z 世代中擁有強大的滲透力​​，他們作為用戶平均每天花費 30 到 60 分鐘。

And so I don't know if I can categorically answer your question because I do think it depends on the IP that we're talking about. But we see great potential to be additive to our platform and to our partners, which is why we picked IDW, for example, and others that we will announce later to come.

所以我不知道我是否能明確回答你的問題，因為我確實認為這取決於我們正在談論的 IP。但我們看到了為我們的平台和合作夥伴帶來附加價值的巨大潛力，這就是我們選擇 IDW 以及稍後將宣布的其他合作夥伴的原因。

And it seems that we have no further questions for today.

看來我們今天沒有其他問題了。

That concludes the question-and-answer session and today's conference call.

問答環節和今天的電話會議到此結束。

We thank you for your participation. You may now disconnect your lines. Have a pleasant day, everyone.

我們感謝您的參與。現在您可以斷開線路了。祝大家有個愉快的一天。