Webtoon Entertainment Inc (WBTN) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the WEBTOON Entertainment second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。我叫約翰，今天我將擔任您的會議主持人。現在，我歡迎大家參加 WEBTOON Entertainment 2025 年第二季財報電話會議。（操作員指示）

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

現在我想將電話轉給投資者關係副總裁 Soohwan Kim。請繼續。

Good afternoon, and thank you for joining us. Our remarks today will include forward-looking statements 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.

下午好，感謝您加入我們。我們今天的演講將包括關於我們未來計劃、目標和預期業績的前瞻性陳述，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 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. These forward-looking statements represent our outlook only as of the date of this call.

有關風險、不確定性和其他因素的資訊可能會導致這些結果有所不同——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。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。

We undertake no obligation to revise or update any forward-looking statements. Additionally, the matter 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. Non-GAAP financial measures should be considered in addition to and not as a substitute for GAAP measures.

我們不承擔修改或更新任何前瞻性陳述的義務。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。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. With that, I will now turn the call over to our Founder and CEO, Junkoo Kim.

今天參加電話會議的還有創辦人兼執行長 Junkoo Kim、財務長兼營運長 David Lee 和首席策略長 Yongsoo 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 the call today. I'll make a few brief remarks on the second quarter before turning the call over to David to discuss our results and outlook. For my full thought on the quarter, please see the shareholder letter posted on our Investor Relations website.

感謝大家今天參加電話會議。在將電話轉給大衛討論我們的業績和前景之前，我將對第二季度做一些簡短的評論。如需了解我對本季度的完整想法，請參閱我們投資者關係網站上發布的股東信。

We are pleased to report strong second-quarter results, with both revenue and adjusted EBITDA coming in above the top end of our guidance range. Let me share some highlights from the second quarter.

我們很高興地報告第二季業績強勁，營收和調整後的 EBITDA 都高於我們的預期範圍上限。讓我分享一下第二季的一些亮點。

For our English-language webcomic app, we continued to implement significant product update in May and June to enhance the user experience, making it easier for our readers to find new titles and drive engagement. We are pleased to see increased user activity compared to last quarter as a result of these changes and will continue to focus on ways to improve our platform experience for users.

對於我們的英文網路漫畫應用程序，我們在五月和六月繼續實施重大產品更新，以增強用戶體驗，使我們的讀者更容易找到新書並提高參與度。我們很高興看到這些變化導致用戶活動與上一季相比增加，我們將繼續致力於改善用戶平台體驗的方法。

We are expanding our library and audience even further through reformat of existing franchise and titles, and saw significant readership with our initiative in this area. In the quarter, we launched two popular Japanese manga titles, Fullmetal Alchemist and From Old Country Bumpkin to Master Swordsman, that have attracted millions of views on our platform.

我們正在透過重新格式化現有的特許經營權和標題來進一步擴大我們的圖書館和讀者群，並且透過我們在這一領域的舉措獲得了大量讀者。本季度，我們推出了兩部熱門日本漫畫《鋼之鍊金術師》和《從鄉巴佬到劍聖》，在我們的平台上吸引了數百萬的觀看次數。

Building on our partnership with IDW Publishing, which launched in April, we expanded our content offering in June by partnering with Dark Horse Comics. This strategic expansion brings beloved franchise such as The Legend of Korra, a follow-up to Nickelodeon, Avatar: The Last Airbender, to our English-language platform.

在 4 月與 IDW Publishing 建立合作夥伴關係的基礎上，我們又在 6 月與 Dark Horse Comics 合作，擴大了我們的內容供應。這次策略擴張將把《科拉傳奇》等深受喜愛的系列電影（尼克國際兒童頻道的續集《降世神通：最後的氣宗》）引入我們的英語平台。

We are also incredibly excited to announce today that WEBTOON Entertainment and Disney are teaming up to bring iconic comics from Disney, Marvel, 20th Century Studio, and Star Wars to our mobile vertical-scroll format.

今天，我們也非常高興地宣布，WEBTOON Entertainment 和迪士尼將聯手將迪士尼、漫威、20 世紀工作室和星球大戰的標誌性漫畫引入我們的移動垂直滾動格式。

WEBTOON Entertainment and Disney will bring around 100 blockbuster comics to WEBTOON, starting with an all-new dedicated section on our global English-language app. Fans will first to be able to enjoy Amazing Spider-Man, Avengers, Star Wars, and Disney As Old as Time: A Twisted Tale.

WEBTOON 娛樂和迪士尼將為 WEBTOON 帶來約 100 部大片漫畫，首先在我們的全球英語應用程式上推出全新的專用部分。粉絲們將首先能夠欣賞《超凡蜘蛛人》、《復仇者聯盟》、《星際大戰》和《迪士尼古老時光：扭曲的故事》。

In addition to reformatted comics, brand-new original WEBTOON series are also in development for WEBTOON's global platform. These original webcomic series will introduce new adventures for beloved characters, from superhero epics to galaxy-spanning adventure, giving fans more of what they love. We are thrilled to kick off this collaboration with iconic series from their comic book catalog, and this is just the start.

除了重新格式化的漫畫外，全新的原創 WEBTOON 系列也正在為 WEBTOON 的全球平台開發。這些原創網路漫畫系列將為深受喜愛的角色帶來新的冒險，從超級英雄史詩到橫跨銀河系的冒險，為粉絲帶來更多他們喜愛的內容。我們很高興能與他們的漫畫書中的標誌性系列展開這次合作，而這只是一個開始。

Together, we are bringing this legendary storytelling to a new generation of mobile-native comic fans while giving existing fans a new way to experience series and characters they love. Please stay tuned. I'm pleased with the progress we have made thus far this year and look forward to making continued strategic investments and progress during the second half of the year.

我們將共同把這個傳奇故事帶給新一代行動漫畫迷，同時為現有漫畫迷提供一種新的方式來體驗他們喜愛的系列和角色。敬請期待。我對我們今年迄今為止的進展感到滿意，並期待在今年下半年繼續進行策略性投資並取得進展。

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

說完這些，我現在將電話轉給大衛。

Thank you, JK, and thank you, everyone, for joining us today. I'll be discussing the details on second-quarter 2025 results compared to the comparable quarter in the prior year, unless otherwise noted.

謝謝 JK，也謝謝大家今天加入我們。除非另有說明，我將討論 2025 年第二季與去年同期相比的業績細節。

During the second quarter, we grew revenue 5.5% on a constant currency basis, similar to last quarter with growth across all revenue streams. Reported revenue was up 8.5%. Net loss was $3.9 million compared to a net loss of $76.6 million in the year prior, driven by lower G&A expenses associated with the IPO, which took place in the prior-year quarter.

在第二季度，我們的營收以固定匯率計算成長了 5.5%，與上一季所有收入來源的成長相似。報告收入增長了8.5%。淨虧損為 390 萬美元，而去年同期的淨虧損為 7,660 萬美元，這主要是由於去年同期進行的 IPO 導致的一般及行政費用 (G&A) 降低。

Adjusted EBITDA was $9.7 million compared to $20.4 million in the same quarter of 2024. As a result, our adjusted earnings per share for the quarter was $0.07 compared to adjusted earnings per share of $0.18 in the prior year.

調整後的 EBITDA 為 970 萬美元，而 2024 年同期為 2,040 萬美元。因此，本季我們的調整後每股收益為 0.07 美元，而去年同期的調整後每股收益為 0.18 美元。

Turning to operational health. We delivered another successful quarter of webcomic app user growth, attracting a highly engaged audience with better monetization opportunities. While app MAU declined 3.4% overall, we saw a 4.8% increase in webcomic app MAU, excluding the impact of webnovel users.

轉向營運健康。我們又成功實現了網路漫畫應用用戶成長的一個季度，吸引了大量參與的受眾，並帶來了更好的獲利機會。雖然應用程式 MAU 整體下降了 3.4%，但我們發現網路漫畫應用程式 MAU 成長了 4.8%，這不包括網路小說用戶的影響。

This growth was led by increases across important English-speaking markets as well as growth in most of our non-English markets. Our English platform webcomic app MAU was up 19% for the second consecutive quarter, demonstrating continued momentum in this important region.

這一成長主要得益於重要英語市場的成長以及大多數非英語市場的成長。我們的英文平台網路漫畫應用程式 MAU 連續第二季成長 19%，顯示出這一重要地區的持續成長勢頭。

We believe recently introduced reformat title launches and product changes will continue to drive increased user activity over time. With regard to global MAU, it was down 7.6% in the quarter, primarily driven by Korea and rest of world, including Wattpad’s impact, in particular, as it is the largest contributor to rest-of-world MAU.

我們相信，最近推出的重新格式標題發布和產品變化將繼續推動用戶活動的增加。就全球 MAU 而言，本季下降了 7.6%，主要受韓國和世界其他地區的影響，尤其是 Wattpad 的影響，因為它是世界其他地區 MAU 的最大貢獻者。

Wattpad continues to be impacted by a government ban in one country, which we expect will lap in Q3. Additionally, another country that represents a smaller number of users, enacted a new ban on Wattpad towards the end of Q2.

Wattpad 繼續受到國家政府禁令的影響，我們預計禁令將在第三季結束。此外，另一個用戶數量較少的國家在第二季末對 Wattpad 實施了新的禁令。

Last quarter, we also discussed the impact of our MAU from a Wattpad security upgrade, which affected search engine indexing. It's taking longer than anticipated for the search engine to recrawl the majority of our pages. And we expect to see lingering effects on MAU in the near term.

上個季度，我們也討論了 Wattpad 安全升級對 MAU 的影響，這影響了搜尋引擎索引。搜尋引擎重新抓取我們大部分網頁所花的時間比預期的要長。我們預計短期內 MAU 仍將受到持續影響。

While Wattpad is not currently a significant revenue driver, it plays a critical role in our broader ecosystem as a powerful source of IP. Wattpad continues to be a leading global platform for webnovels, and we are focused on driving growth over time.

雖然 Wattpad 目前並不是重要的收入驅動因素，但它作為強大的 IP 來源在我們更廣泛的生態系統中發揮關鍵作用。Wattpad 繼續成為全球領先的網路小說平台，我們致力於推動其長期成長。

Now I'd like to provide an update on our different revenue streams at a consolidated level, starting with Paid Content. In the quarter, we posted 2.0% revenue growth on a constant currency basis year over year. This was driven by continued strength in Japan, offset by declines in Korea and rest of world. ARPU or ARPPU growth on a constant currency basis was 7.4% in the quarter, with increases in all three regions.

現在，我想從綜合層面介紹我們不同的收入來源的最新情況，首先是付費內容。本季度，我們的營收以固定匯率計算年增 2.0%。這是由於日本的持續強勁表現，抵消了韓國和世界其他地區的下滑。本季度，以固定匯率計算的 ARPU 或 ARPPU 成長率為 7.4%，三個地區均有所成長。

We believe there's further opportunity for monetization, as there's still a great deal of free content on our platform before users hit the paywall. And our ARPU is relatively low for the amount of entertainment we deliver. We believe new platform upgrades and new content will continue to help bolster this.

我們相信還有進一步的貨幣化機會，因為在用戶付費之前我們的平台上仍然有大量免費內容。相對於我們提供的娛樂內容而言，我們的 ARPU 相對較低。我們相信新的平台升級和新內容將繼續幫助增強這一點。

Advertising posted 10.2% revenue growth in the second quarter on a constant currency basis year over year, driven by constant currency revenue growth in Korea and Japan, offset by a decline in rest of world. In Korea, this growth was the result of increased ad sales from both NAVER as well as other partners. Japan's growth was driven by continued growth in pre-roll ads. In the rest of world, the decline was primarily driven by Wattpad impacts.

以固定匯率計算，第二季廣告收入年增 10.2%，這得益於韓國和日本固定匯率收入的成長，但被世界其他地區的下滑所抵銷。在韓國，這一成長是 NAVER 和其他合作夥伴的廣告銷售成長的結果。日本的成長是由片頭廣告的持續成長所推動的。在世界其他地區，下滑主要是受到 Wattpad 的影響。

Finally, our IP Adaptations business saw revenue increase 42.6% year on year on a constant currency basis in Q2, driven by revenue growth on a constant currency basis in Korea and rest of world, offset by a decline on a constant currency basis in Japan. Korea benefited from revenue recognition of The Remarried Empress.

最後，我們的 IP 改編業務第二季度營收以固定匯率計算年增 42.6%，這得益於韓國和世界其他地區按固定匯率計算的收入增長，但被日本按固定匯率計算的收入下降所抵消。韓國受益於《再嫁皇貴妃》的收入確認。

In Japan, we are relatively early days with our IP Adaptation business, with a small revenue base that can fluctuate depending on milestones. But we're pleased with our pipeline of upwards of 20 anime projects in Japan. As we've discussed in the past, revenue recognition for IP Adaptations is dependent on achieving certain milestones, which can vary from quarter to quarter.

在日本，我們的 IP 改編業務仍處於相對早期階段，收入基礎較小，並且會根據里程碑而波動。但我們對日本 20 多個動漫項目感到滿意。正如我們過去所討論的，IP 改編的收入確認取決於實現某些里程碑，而這些里程碑每個季度可能有所不同。

Now let's take a look at our results in the context of our core geographies. In Korea, during the second quarter, our revenue grew 9.2% year over year on a constant currency basis, driven by double-digit constant currency growth in Advertising and IP Adaptations, offset by a single-digit constant currency decline in Paid Content.

現在讓我們從核心地理區域的角度來看我們的業績。在韓國，第二季度，我們的營收以固定匯率計算年增 9.2%，這得益於廣告和 IP 改編業務的兩位數固定匯率成長，但被付費內容的個位數固定匯率下降所抵銷。

During the second quarter, Korea MAU was 23 million, decreasing 11.1% year over year. Korea MPU was 3.4 million, declining 8.5%. But we saw strong growth of 8.3% for Korea ARPU on a constant currency basis. Paying ratio was 14.9%, up 42 basis points year over year.

第二季度，韓國月活躍用戶數為2,300萬，較去年同期下降11.1%。韓國MPU為340萬，下降8.5%。但我們看到韓國 ARPU 按固定匯率計算強勁成長 8.3%。派息比率為14.9%，較去年同期上升42個基點。

Moving to Japan, revenue growth on a constant currency basis was 5.7% year over year. This was driven by single-digit constant currency revenue growth in Paid Content, double-digit constant currency revenue growth in Advertising, and offset by a double-digit constant currency revenue decline in IP Adaptations.

轉向日本，以固定匯率計算的營收年增 5.7%。這是由付費內容的個位數固定匯率收入增長、廣告的兩位數固定匯率收入增長以及 IP 改編的兩位數固定匯率收入下降所推動的。

As mentioned in our shareholder letter, LINE Manga was the number one overall app for revenue, including mobile games, for the second consecutive quarter and for the first half of 2025 according to Sensor Tower. Japan's MAU increased 2.8% year over year to 22.6 million. MPU grew 1.3% year over year to 2.3 million, and paying ratio was 10%, down 15 basis points year over year.

正如我們在股東信中提到的那樣，根據 Sensor Tower 的數據，LINE Manga 連續第二季以及 2025 年上半年在包括手機遊戲在內的整體應用程式收入中排名第一。日本的每月活躍用戶較去年同期成長 2.8%，達到 2,260 萬人。MPU 年成長 1.3% 至 230 萬，付費率為 10%，較去年同期下降 15 個基點。

Our paid users remained strong with our Japan ARPU of $23.70, growing 3.8% year over year on a constant currency basis. Rest of world saw a revenue decline of 4.4% year over year on a constant currency basis, driven by declines in Paid Content and Advertising, offset by double-digit growth in IP Adaptations. While rest-of-world MAU and MPU declined 8.7% and 5.9% year over year, respectively, paying ratio of 1.5% was up 5 basis points year over year.

我們的付費用戶保持強勁，日本的 ARPU 為 23.70 美元，以固定匯率計算年增 3.8%。以固定匯率計算，世界其他地區的收入年減 4.4%，主要原因是付費內容和廣告收入下降，但 IP 改編收入實現兩位數成長，抵消了這一影響。雖然世界其他地區的 MAU 和 MPU 分別年減 8.7% 和 5.9%，但 1.5% 的付費率比去年同期上升了 5 個基點。

Rest-of-world ARPU of $6.60 grew 2.2% year over year on a reported and constant currency basis. We're pleased with the user response and increased engagement we have seen so far from changes we've made in our English-language webcomic app.

世界其他地區的 ARPU 為 6.60 美元，按報告和固定匯率計算年增 2.2%。我們對英語網路漫畫應用程式的改進所帶來的用戶反應和參與度的提升感到非常滿意。

Turning now to profitability, gross profit for the quarter increased 5.1% to $87.3 million. Gross profit benefited from higher cross-border Paid Content growth in Japan and better Advertising in Japan. This resulted in gross margin of 25.1% compared to 25.9% in the prior year. Gross margin was up sequentially from 22% in Q1.

現在談談獲利能力，本季毛利成長 5.1% 至 8,730 萬美元。毛利受惠於日本跨境付費內容的成長和日本廣告的改善。這使得毛利率達到 25.1%，而去年同期為 25.9%。毛利率較第一季的 22% 較上季上升。

The year-over-year compare is less operationally relevant because as we disclosed previously, starting in Q4 of 2024, we began to improve our attribution from marketing to cost of revenue. We continue to see gross profit margin accretion from mix as we generate more revenue from higher-margin businesses. Adjusted EBITDA for the quarter was $9.7 million compared to $20.4 million in the prior year.

與去年同期相比，與營運的相關性較小，因為正如我們之前所揭露的那樣，從 2024 年第四季開始，我們開始將歸因從行銷改善為收入成本。隨著我們從利潤率更高的業務中獲得更多收入，我們繼續看到毛利率的成長。本季調整後的 EBITDA 為 970 萬美元，而去年同期為 2,040 萬美元。

Total G&A expenses for the quarter were $65 million compared to $138.7 million in the prior year. The prior-year quarter included several one-time expenses primarily related to our IPO. Interest income for the quarter was $4.9 million compared to $2 million in the prior year. And other loss for the quarter was $1.4 million compared to other income of $2.3 million in the prior-year period.

本季總行政費用為 6,500 萬美元，去年同期為 1.387 億美元。去年同期包括幾項主要與我們的 IPO 相關的一次性費用。本季利息收入為 490 萬美元，而去年同期為 200 萬美元。本季其他損失為 140 萬美元，而去年同期其他收入為 230 萬美元。

Income tax benefit was $0.8 million in the quarter compared to income tax expense of $1.9 million in the prior year. Depreciation and amortization for the quarter was $8.4 million compared to $8.9 million in the prior year.

本季所得稅收益為 80 萬美元，而去年同期所得稅支出為 190 萬美元。本季折舊和攤提為 840 萬美元，而去年同期為 890 萬美元。

Net loss for the second quarter was $3.9 million compared to a net loss of $76.6 million in the prior-year quarter due to lower G&A expenses associated with the IPO. As a result, GAAP loss per share was $0.03 compared to loss per share of $0.70 in the prior-year period. Adjusted earnings per share was $0.07 in the quarter compared to adjusted earnings per share of $0.18 in the year prior.

第二季淨虧損為 390 萬美元，而去年同期淨虧損為 7,660 萬美元，原因是與 IPO 相關的 G&A 費用較低。因此，每股 GAAP 虧損為 0.03 美元，去年同期每股虧損為 0.70 美元。本季調整後每股收益為 0.07 美元，而去年同期調整後每股收益為 0.18 美元。

Moving on to our business outlook for the third quarter. For third-quarter 2025, we expect to deliver revenue growth in the range of 9.4% to 12.2% on a constant currency basis. This represents anticipated revenue in the range of $380 million to $390 million. This guidance is based on current FX rates.

接下來談談我們對第三季的業務展望。對於 2025 年第三季度，我們預計營收成長率在 9.4% 至 12.2% 之間（以固定匯率計算）。這意味著預期收入在 3.8 億美元至 3.9 億美元之間。本指南基於目前外匯匯率。

As we complete our infrastructure updates, we expect to see improvement in product start to realize towards the end of the year. We anticipate third-quarter adjusted EBITDA in the range of $2 million to $7 million, representing an adjusted EBITDA margin in the range of 0.5% to 1.8%. We expect to maintain our investment in marketing to drive future growth.

隨著我們完成基礎設施更新，我們預計產品將在年底開始實現改進。我們預計第三季調整後的 EBITDA 在 200 萬美元至 700 萬美元之間，調整後的 EBITDA 利潤率在 0.5% 至 1.8% 之間。我們希望繼續對行銷進行投資以推動未來的成長。

The first half of this year has been an exciting one for WEBTOON Entertainment, and we're pleased with the progress we've made. With product improvement and greater diversity of content, we remain optimistic for the future.

今年上半年對 WEBTOON Entertainment 來說是令人興奮的一年，我們對所取得的進展感到非常滿意。隨著產品的改進和內容的更加多樣化，我們對未來仍然保持樂觀。

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

現在，我想將話題轉回給我們的接線生，開始問答環節。

(Operator Instructions) Eric Sheridan, Goldman Sachs.

（操作員指示）高盛的 Eric Sheridan。

Thanks so much for taking the question, and congrats on the Disney announcement parallel to the earnings release.

非常感謝您回答這個問題，並祝賀迪士尼在發布收益的同時宣布了這一消息。

I want to go back to Disney as well as the announcement intra-quarter around Dark Horse Comics and get a better sense from you as to how to think about bringing very established IP like this to the platform, what you think that might do to user growth, what it might do to monetization levels looking out over the next couple of years.

我想回到迪士尼以及本季內關於黑馬漫畫的公告，從您那裡更好地了解如何將像這樣的成熟 IP 引入平台，您認為這可能會對用戶增長產生什麼影響，以及對未來幾年的貨幣化水平產生什麼影響。

And is there any way to have a better understanding of some of the unit economics between the content provider and your platform as some of these agreements scale? Thanks so much.

隨著這些協議的擴展，是否有任何方法可以更好地了解內容提供者和平台之間的一些單位經濟狀況？非常感謝。

Thank you, Eric. This is David Lee to start us off. First, I wanted to highlight the difference in this major milestone in our collaboration with Disney versus our proven track record, as you know, in partnering with great franchises like IDW.

謝謝你，埃里克。首先請到的是 David Lee。首先，我想強調一下我們與迪士尼合作的這一重要里程碑與我們與 IDW 等優秀特許經營權合作的良好記錄之間的區別。

We have a great history. We know how to bring Sonic the Hedgehog, for example, with IDW to our North America users, in particular, to mutually benefit our partner. But this relationship, this collaboration with Disney is remarkable, one, for the amount of IP that Disney holds. They are a great company, and we're privileged to be able to have this collaboration.

我們有著偉大的歷史。例如，我們知道如何將《刺猬索尼克》與 IDW 一起帶給我們的北美用戶，從而使我們的合作夥伴互惠互利。但與迪士尼的這種關係和合作是非同尋常的，首先，迪士尼擁有大量的智慧財產權。他們是一家很棒的公司，我們很榮幸能夠與他們合作。

I wanted to make sure I highlight that this includes partnership and collaboration with Marvel, 20th Century Studios, Star Wars. There was recently a variety article that posted where a sense of how this will roll out was revealed per quotes from Disney, Amazing Superman, Avengers, Star Wars, Alien, Disney As Old As Time. So the power of Disney's IP, I think, is a standout for us.

我想強調的是，這包括與漫威、二十世紀影業、星際大戰的合作。最近有一篇綜藝文章，其中引用了迪士尼、超凡超人、復仇者聯盟、星際大戰、異形、迪士尼古老時光等內容，揭示了這項計劃將如何展開。因此，我認為迪士尼智慧財產權的力量對我們來說非常突出。

However, we also have global category leadership and what we've called in the past, demographic gold, particularly here in the United States, where you're seeing us for actually three consecutive quarters drive nearly 18% to 19% English webcomic app MAU growth with, importantly, a strong Gen Z population that is super relevant for global storytellers like Disney.

然而，我們也擁有全球品類的領導地位，以及我們過去所說的人口黃金，特別是在美國，你可以看到我們連續三個季度推動英文網絡漫畫應用程序 MAU 增長近 18% 至 19%，重要的是，我們擁有強大的 Z 世代人口，這對於像迪士尼這樣的全球故事講述者來說非常重要。

We have not disclosed any significant deviation in our strong unit economics. And I think that when you think about the opportunity, it gives us the opportunity to accelerate new user growth to let them discover stories that they had not had access to prior.

我們尚未揭露強大的單位經濟效益方面有任何重大偏差。我認為，當你考慮這個機會時，它為我們提供了加速新用戶成長的機會，讓他們發現以前無法接觸到的故事。

And we hope to deliver equal or more value to our friends at Disney by introducing a brand-new relevant format of vertical scrolling content in the hands of Gen Z consumers on their app. So we're really excited about this particular relationship, which will span several years.

我們希望透過在應用程式上為 Z 世代消費者引入一種全新的垂直滾動內容相關格式，為迪士尼的朋友們提供同等或更多的價值。因此，我們對這種將持續數年的特殊關係感到非常興奮。

Let me caveat as I can imagine your next question is, how much of that is showing up in your Q3 guidance? And I also want to be explicit on that. We are extremely bullish on the strategic value to both parties in the mid to long term. But we are not incorporating any short-term financial benefit as we built this collaboration for the long term. And we expect to see those benefits to both parties in the mid- to long term over time.

我可以想像您的下一個問題是，其中有多少體現在您的第三季指引中？我也想明確說明這一點。我們非常看好這對雙方的中長期策略價值。但我們不會考慮任何短期經濟利益，因為我們建立這種合作關係是為了長期的。我們預計，從中長期來看，雙方都將受益。

Great, appreciate it. Thank you so much.

太好了，非常感謝。太感謝了。

Benjamin Black, Deutsche Bank.

班傑明·布萊克，德意志銀行。

Hi, this is Jeff, on for Ben. Thanks for taking my question. Just as a follow-up on the Disney partnership, is there any sort of marketing arrangements or any other kind of aspects of the partnership that you could talk about?

大家好，我是 Jeff，接替 Ben。感謝您回答我的問題。作為與迪士尼合作的後續，您可以談談任何行銷安排或其他方面的合作嗎？

Yeah. I think that this partnership being a milestone for us, it's also important to note, as we just mentioned, that being able to give Disney the ability to reach out to this next generation of users, the Gen Z generation, which is already spending upwards of 30 to 60 minutes on our English WEBTOON platform is critical.

是的。我認為這次合作對我們來說是一個里程碑，同樣值得注意的是，正如我們剛才提到的，讓迪士尼有能力接觸下一代用戶，即 Z 世代，這一點至關重要，他們已經在我們的英文 WEBTOON 平台上花費了 30 到 60 分鐘的時間。

And then for us, attracting new users faster. We already are demonstrating nearly 19% webcomic app MAU growth. And I wanted to clarify -- I think I got too excited -- it's not Superman; it's Spider-Man that we're very excited to partner with Disney.

對我們來說，可以更快地吸引新用戶。我們已經看到網路漫畫應用程式的 MAU 成長了近 19%。我想澄清一下——我想我太興奮了——我們非常高興與迪士尼合作的不是超人，而是蜘蛛人。

At this point, we haven't provided more specifics that I can share. But I think it's strategically a great opportunity, a great collaboration for both parties.

目前，我們還沒有提供更多我可以分享的細節。但我認為從戰略上來說，這對雙方來說都是一個很好的機會，一次很好的合作。

Okay, great. Thanks. And maybe just one quick follow-up. You talked about your new onboarding process with the revamped home tab driving increased personalization. Can you talk about how we should be thinking about user trends going forward? You talked about the English-language webcomic app MAU growing strong again. How can -- how should we see that impacting trends? Thanks.

好的，太好了。謝謝。也許只需要一個快速的後續行動。您談到了新的入職流程，其中改進的主頁選項卡可以提高個人化程度。您能談談我們應該如何思考未來的用戶趨勢嗎？您談到了英語網路漫畫應用程式 MAU 再次強勁成長。我們如何看待這種影響趨勢？謝謝。

Yeah. First, let me cover the specific introductions because they're quite significant in totality. So as you mentioned, we have a new onboarding process, and this allows for preference input. So it guides the consumer to be able to pick content that is more relevant.

是的。首先我來介紹一下具體的部分，因為整體來說，這部分內容比較重要。正如您所提到的，我們有一個新的入職流程，這允許偏好輸入。因此它可以引導消費者選擇更相關的內容。

We have a new home tab. We have a new search tab. And a very exciting new upgrade is we have new and hot, which is how users can find new and trending titles using a trailer-like-style video. All of which we've talked about has been aggressively rolled out to date. But frankly, there's more product updates to come. So we're not done.

我們有一個新的主頁標籤。我們有一個新的搜尋標籤。一個非常令人興奮的新升級是，我們擁有新的和熱門的內容，即用戶可以使用類似預告片風格的影片找到新的和流行的標題。到目前為止，我們所討論的所有內容都已積極推出。但坦白說，還會有更多的產品更新。所以我們還沒完成。

In terms of your question of how we expect it to roll out, going forward, the reason why we're clearly investing to drive this nearly 19% in the last three quarters webcomic English app MAU growth is because we're pairing it with ways for the consumer to discover and habituate content.

至於您問到我們預期它將如何推出，展望未來，我們之所以明確投資推動網絡漫畫英文應用 MAU 在過去三個季度增長近 19%，是因為我們將其與消費者發現和習慣內容的方式相結合。

I point you to ARPU. ARPU has been a highlight for us across all regions, even nascent regions, like what we call rest of world. That ARPU growth for us for a new potential market where we are less mature -- and here, we're talking about an increase in rest of world of 2.2%, but it's strongly up as a total company. To us, that shows potential to habituate more webcomic app users, particularly those in our English-speaking regions, and to pair it with improved product.

我向你指出 ARPU。ARPU 一直是我們所有地區（甚至是新興地區，例如我們所說的世界其他地區）的亮點。對於我們這個還不太成熟的新潛在市場來說，ARPU 的成長是相當可觀的——我們這裡說的是世界其他地區的 ARPU 成長 2.2%，但對於整個公司來說，ARPU 的成長幅度非常大。對我們來說，這顯示出吸引更多網路漫畫應用程式用戶（尤其是英語地區的用戶）的潛力，並將其與改進的產品相結合。

We haven't provided guidance beyond Q3. So I'm not going to give you specific financial guidance tied to the product rollout. But our testing, as we've described even before we began this rollout, has continued to be quite promising.

我們尚未提供第三季度之後的指導。所以我不會給你提供與產品推出相關的具體財務指引。但正如我們在開始推出之前所描述的那樣，我們的測試仍然非常有希望。

We look at everything from episodes read. We look at light, heavy, medium users. And we're very excited about the promise of what we're doing here in the US. And the fact that it's the largest addressable market from a country size standpoint means that we're going to invest behind those opportunities as well.

我們回顧所讀劇集的所有內容。我們關注輕度用戶、重度用戶和中度用戶。我們對我們在美國所做的事情的前景感到非常興奮。從國家規模的角度來看，它是最大的目標市場，這意味著我們也將投資這些機會。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Hi, this is David, on for Mark. Can you maybe just talk about your Advertising outlook for Q3 and maybe the second half especially on video? How exposed is ad growth to macro versus your product levers? And then just on the Disney partnership, anything you can share around the partnership terms, the commercial terms? Thank you.

大家好，我是 David，代表 Mark。您能否談談對第三季以及下半年的廣告前景，尤其是影片廣告？廣告成長對宏觀因素和產品槓桿的影響有多大？那麼關於與迪士尼的合作關係，您可以分享一些有關合作條款和商業條款的資訊嗎？謝謝。

Sure. First on Advertising, Advertising continues to be a strong driver of growth, speaking first to our performance in the reported quarter of Q2. So from a global standpoint, on a constant currency basis, you'll note, as we mentioned in the call that we were up 10.2% double digit. And when you look at the composition of that growth, it's remarkable that we continue to see strong growth on a constant currency basis, both in Korea and Japan.

當然。首先是廣告，廣告繼續成為成長的強勁動力，這首先說明了我們在第二季報告季度的業績。因此，從全球角度來看，以固定匯率計算，您會注意到，正如我們在電話會議中提到的那樣，我們的成長率達到了 10.2% 的兩位數。當你觀察這種成長的組成時，我們會發現，以固定匯率計算，韓國和日本都持續保持強勁成長。

With regard to video, having consumers have the opportunity to watch a video to access content that they otherwise would pay on average, that $0.15 to $0.70 for that paid episode in Daily Pass, is an alternative way to create more habit formation, frankly, for Paid Content as well as to generate higher-CPM, video-based advertising.

對於影片而言，讓消費者有機會透過觀看影片來獲取他們原本平均需要付費的內容，即每日通行證中每集付費 0.15 到 0.70 美元，這是為付費內容創造更多習慣的另一種方式，坦白說，也是產生更高 CPM 的基於影片的廣告的方式。

I'd like to say it's a proven formula for the company as pioneered in Korea and what we're seeing in Japan. I think it's extremely early days for us in North America. In North America, we frankly are still putting in place the foundation to realize the financial return we believe exists for '26 and beyond. And it's why senior leadership has taken a direct focus on North America because it's not just potentially accretive.

我想說，對於公司來說，這是一個經過驗證的模式，正如我們在韓國所開創的，並且在日本也看到了這樣的模式。我認為我們在北美市場還處於早期階段。在北美，坦白說，我們仍在奠定基礎，以實現我們認為在 26 年及以後能夠實現的財務回報。這就是為什麼高層領導直接關注北美，因為它不僅具有潛在的增值作用。

We see it as a way to create habit formation for US consumers, who may not yet be habituated but one day will, to have an alternative video ad format to access a dropping episode, potentially from some of our great collaborations with folks like Disney and IDW.

我們認為這是讓美國消費者養成習慣的一種方式，他們可能還沒有習慣，但有一天會習慣的，他們可以透過另一種影片廣告形式來觀看正在播出的劇集，這可能是我們與迪士尼和 IDW 等公司合作的結果。

With regard to Disney, unfortunately, it's too early for us to disclose any financial terms. I want to reiterate how pleased we are to be able to have this collaboration with Disney. And I also want to reiterate that we did not disclose any material significant change in unit economics going forward in any of our guidance. We think this is a strategic win-win and a financial win-win for both parties.

對迪士尼來說，遺憾的是，現在透露任何財務條款還為時過早。我想重申一下，我們很高興能夠與迪士尼合作。我還想重申，我們在任何指導下都沒有透露未來單位經濟的任何重大變化。我們認為這對雙方來說是一個策略性的雙贏和財務上的雙贏。

Matthew Cost, Morgan Stanley.

摩根士丹利的馬修‧科斯特。

Hi, thanks for taking the question. I guess, as you think about all the success that you've had recently in terms of bringing on kind of existing IP and content onto the English-language service over the past couple of months, how does that impact the strategy of making the app a destination for native user-generated content and sort of giving consumers the experience of thinking, well, hey, I can cross over to become a creator and they can distribute my own content through WEBTOON as well? Is there a conflict there, or do you think it's an on-ramp for people to get on to WEBTOON? Thank you.

你好，謝謝你回答這個問題。我想，當您回想過去幾個月在將現有 IP 和內容引入英語服務方面取得的所有成功時，這對將應用程式打造成本地用戶生成內容目的地的策略有何影響，並為消費者提供思考體驗，好吧，嘿，我可以跨界成為一名創作者，他們也可以透過 WEBTOON 分發我自己的內容？這其中是否存在衝突，或者您認為這是人們進入 WEBTOON 的入口嗎？謝謝。

Thank you. I'll start, but I would love for Yongsoo, who leads our strategy but most importantly, the business you're speaking of, what we call Global WEBTOON, to offer his view directly. From a corporate standpoint, we think it's actually complementary.

謝謝。首先，我想請 Yongsoo 直接發表他的觀點，他領導我們的策略，但最重要的是，他負責您所說的業務，也就是我們所說的 Global WEBTOON。從企業的角度來看，我們認為這其實是互補的。

When you think about content that people love, they haven't seen in our webcomic format, like what we're talking about with Disney, it's a wonderful way to generate new users for us, but also to create a new generation of fans and fandom for partners like Disney.

當你想到人們喜愛的內容時，他們還沒有在我們的網路漫畫形式中看到過，就像我們與迪士尼談論的那樣，這是一種為我們吸引新用戶的絕佳方式，同時也為迪士尼等合作夥伴創造了新一代粉絲和粉絲群。

And yet we have always had a strong creator ecosystem, 24 million creators that have the ability to create content that we call originals, new content. And then Yongsoo can speak to this, but we also have that ability to merge those two concepts even with IP from a partner like Disney.

然而，我們一直擁有強大的創作者生態系統，2,400 萬創作者有能力創作我們稱之為原創、新內容的內容。然後 Yongsoo 可以談論這一點，但我們也有能力將這兩個概念融合在一起，甚至可以透過像迪士尼這樣的合作夥伴的 IP 來實現。

This deal does include these 100-or-so potential opportunities with this collaboration, does include the ability to create original content using our great creators to create a refreshed storyline from wonderful franchises Disney has long had in place.

這項交易確實包括了此次合作的 100 個左右的潛在機會，包括能夠利用我們偉大的創作者來創作原創內容，從迪士尼長期以來的精彩系列中創造出煥然一新的故事情節。

Let me turn to Yongsoo so he can provide his perspective, too.

讓我來聽聽 Yongsoo 的觀點。

Yeah. David already covered the right point. And this kind of collaboration based on well-known IP in the market, bringing a lot of new users to WEBTOON platform.

是的。大衛已經講到了正確的觀點。而這種基於市場知名IP的合作，也為WEBTOON平台帶來了大量新用戶。

And with the recommendation feature in our app, in homepage, and from onboarding, those users will also discover and experience WEBTOON Original as well as (inaudible). Naturally, we believe that this kind of partnership will increase our user consumption, leading consumption, as well as new user acquisition.

透過我們應用程式、主頁和入門指南中的推薦功能，這些用戶還可以發現和體驗 WEBTOON Original 以及（聽不清楚）。當然，我們相信這種合作關係將增加我們的用戶消費、領先消費以及新用戶的獲取。

Doug Anmuth, JPMorgan.

摩根大通的道格·安穆斯。

Right. This is [Dave], on for Doug. Thanks for taking the questions; I have two. First one, on your 3Q guide, it includes a very strong acceleration in constant currency revenue growth. So could you talk about some of the drivers of that growth and how you think about sustainability of that strength looking out over the next few quarters? And I have a follow-up.

正確的。我是 [Dave]，代替 Doug。謝謝您回答問題；我有兩個問題。首先，在您的第三季指南中，它包括恆定貨幣收入成長的強勁加速。那麼，您能否談談這種成長的一些驅動因素，以及您如何看待未來幾季這種成長的可持續性？我還有一個後續問題。

Thank you, [Dave]. First, I want to be clear that the Q3 guide does not include any short-term impact from the collaboration we were just discussing with Disney. When you think about either it sequentially or year on year, I want to break out the components to the extent I can, as I know we typically have not guided by subtype.

謝謝你，[Dave]。首先，我想明確指出，第三季的指引並不包括我們剛剛與迪士尼討論的合作所帶來的任何短期影響。當您按順序或逐年考慮時，我希望盡可能地分解各個組成部分，因為我知道我們通常不會按子類型進行指導。

Crossover IP was a theme, as we mentioned, with Remarried Empress in Q2. But it's an important theme in Q3 on a YoY basis incorporated in the guide. Now the reason why that's important is we've long said -- even when we released Q1 data, I remember speaking to you saying that the fundamentals of our Paid Content business are strong and our Advertising business continues to grow.

正如我們所提到的，跨界 IP 是第二季《再嫁皇后》的主題。但這是指南中納入的同比第三季的一個重要主題。這之所以重要，是因為我們早就說過——甚至在我們發布第一季數據時，我記得曾對您說過，我們的付費內容業務基本面強勁，我們的廣告業務持續成長。

But the timing in a given quarter, potentially to the detriment of expectation in Q1, can also be to our benefit in a quarter. And you've seen that now in Q2, and we think you'll see that to a certain extent in Q3. The basis of our guidance, though, in terms of our philosophy remains the same.

但是，特定季度的時間可能會損害第一季的預期，但也可能對我們有利。您現在已經在第二季度看到了這一點，我們認為您會在第三季度在一定程度上看到這一點。然而，就我們的理念而言，我們的指導基礎保持不變。

Let me briefly also touch upon the adjusted EBITDA as that may be a question both on the year-on-year compare as well as, more recently, the sequential compare. When you think about the adjusted EBITDA guide midpoint of $4.5 million for the quarter, it reflects our desire to continue to invest in the English-speaking webcomic app MAU growth, paired with the new product rollout that you've seen.

讓我也簡單談談調整後的 EBITDA，因為這可能是同比比較以及最近的環比比較的問題。當您想到本季調整後的 EBITDA 指引中值為 450 萬美元時，它反映了我們希望繼續投資於英語網路漫畫應用程式 MAU 成長，並結合您所看到的新產品的推出。

There are other factors, but that is the single factor I wanted to mention to you. It's a proactive, strategic decision that JK and the team has made, I think, for the right long-term growth versus a passive forecast. There really is no mention or disclosure of a weakness in the Q3 guide.

還有其他因素，但這是我想向您提及的唯一因素。我認為，這是 JK 和團隊為了實現正確的長期成長而非被動預測而做出的積極主動的策略決策。Q3 指南中確實沒有提及或揭露任何弱點。

It's a deliberate choice to grow, as I think we have some great collaborations in place, great product now in place. And I think product market fit already in places like the US.

這是一個經過深思熟慮的成長選擇，因為我認為我們已經建立了一些很好的合作關係，並且推出了很棒的產品。我認為產品市場已經適合美國等地。

And then I guess, a follow-up on the Disney collaboration. I think in the letter, you talked about them creating a brand-new original webcomic series for your platform. Is this exclusive to you guys? And it kind of sounds to me in a way -- like, their way of acknowledging your platform and webcomic as a new way to deliver their content?

然後我想，這是與迪士尼合作的後續行動。我認為在信中，您談到了他們為您的平台創建一個全新的原創網路漫畫系列。這是你們獨有的嗎？在我看來，這聽起來有點像他們承認你的平台和網路漫畫是傳遞內容的新方式？

Is that kind of the right way to think about it? And when you look at the collaboration overall, do you feel more excited about this new webcomic series? Or is it the existing series that are being reformatted to your web content that's more exciting? Thank you.

這是正確的思考方式嗎？當您從整體上看待這次合作時，您是否對這個新的網路漫畫系列感到更加興奮？還是將現有系列重新格式化為更令人興奮的網路內容？謝謝。

Well, first, we're excited about both, to answer your last question. I mean, imagine an original permutation of a story or a follow-on or a back story to one of the great franchises that Disney already has in place with huge fandom in place. We find that very exciting for Disney and for us, which is the concept of new originals that start with the storyline that they may have already created.

嗯，首先，我們對這兩者都很興奮，回答你的最後一個問題。我的意思是，想像迪士尼已經擁有並擁有大量粉絲的偉大系列作品的故事、後續故事或背景故事的原始排列組合。我們發現這對迪士尼和我們來說都非常令人興奮，這是從他們可能已經創作的故事情節開始的新原創概念。

With regard to exclusivity, there was a recent article that went live by Variety, where Disney themselves are quoted. I would turn you to their quote, which acknowledges us and recognizes WEBTOON as the category leader in this format, with its increasing relevance to Gen Z.

關於獨家性，《綜藝》雜誌最近發表了一篇文章，其中引用了迪士尼自己的話。我想讓你看看他們的引言，這句引言認可了我們，並承認 WEBTOON 是這種格式的類別領導者，並且與 Z 世代的相關性越來越大。

So that, I think, in their own words is where you should interpret how -- what acknowledgment they may be thinking. We're very honored to be acknowledged by them, and we're very excited to go forward. We have said and they have said that this is several years of durability.

所以，我認為，你應該用他們自己的話來解釋他們可能在想什麼。我們非常榮幸能夠得到他們的認可，並且非常期待繼續前進。我們和他們都說過，這是幾年的耐用性。

Beyond that, at this point, I can't really disclose more. Over time, I want to let you know that you'll be immediately seeing some of the wonderful stories, the existing franchises, from Disney appear on our platform.

除此之外，目前我還不能透露更多。隨著時間的推移，我想讓你知道，你會立即看到迪士尼的一些精彩故事和現有的特許經營權出現在我們的平台上。

These great originals we mentioned, we don't want to rush. We want to honor the original story. And they will take more time, which is why the agreement is in duration for several years. I think that's what we can say on the collaboration with Disney.

我們提到的這些偉大的原創作品，我們不想倉促行事。我們想尊重原始故事。而且這需要更多時間，這就是為什麼協議的期限長達數年。我想這就是我們對與迪士尼合作的看法。

Okay. I look forward to reading this on your web -- on your app.

好的。我期待在您的網站或應用程式上閱讀此內容。

Andrew Marok, Raymond James.

安德魯馬羅克、雷蒙詹姆斯。

Thanks for taking my question. I saw in the shareholder letter the talk about the rest-of-world Advertising business kind of being dragged down a bit by some of the Wattpad impacts. But can you talk a bit about that rest-of-world ads business ex the Wattpad impact? I guess, how would you characterize advertiser awareness and appetite in the market at this point? Thank you.

感謝您回答我的問題。我在股東信中看到，世界其他地區的廣告業務受到 Wattpad 的一些影響而受到拖累。但是您能否談談 Wattpad 對世界其他地區廣告業務的影響（例如）？我想，您如何描述目前市場上廣告商的意識和興趣？謝謝。

Thank you, Andrew. It's a great question. I want to be clear. We are so pleased with -- we disclosed so much to you all in terms of MAU. The key metric that's tied to our revenue is the reason why we keep on talking about this webcomic app MAU, which you saw up globally.

謝謝你，安德魯。這是一個很好的問題。我想說清楚。我們非常高興——我們向大家披露了有關 MAU 的許多資訊。與我們的收入相關的關鍵指標是我們不斷談論這個網路漫畫應用程式 MAU 的原因，您在全球範圍內看到了它。

And you also saw them particularly up in the more larger promising regions where English is the language spoken, up nearly 19%. But we also disclosed total MAU. And I want to be clear. Wattpad is the single biggest driver of the company's entire MAU loss year on year.

而且你也看到，在以英語為語言的、更有前景的地區，這個數字尤其上升了近 19%。但我們也揭露了總月活躍用戶數。我想說清楚。Wattpad 是導致該公司整體 MAU 年減的最大因素。

When you double-click into rest of world, while Wattpad is not a significant revenue generator, it continues to be an important source of IP. We've seen many examples of crossover IP become large series releases, for example, on Tubi with Sidelined: The Quarterback and Me.

當你雙擊進入世界其他地方時，雖然 Wattpad 不是一個重要的收入來源，但它仍然是一個重要的 IP 來源。我們已經看到許多跨界 IP 成為大型系列發行的例子，例如 Tubi 上的《Sidelined：The Quarterback and Me》。

So we're committed to that business. But the role of that business is not to contribute large amounts of short-term revenue either in Advertising or Paid Content, frankly. With regard to Advertising -- and let me double-click on that. We talked about two countries banning us, one of which -- the impact of which we will lap already in this current quarter of Q3, specific to Wattpad.

所以我們致力於這項業務。但坦白說，該業務的角色不是透過廣告或付費內容來貢獻大量短期收入。關於廣告——讓我雙擊它。我們談到了兩個國家禁止我們，其中一個——其影響我們將在本季度第三季度就了解，具體到 Wattpad 而言。

So I think some of the issues there -- also the search engine indexing is temporal, which over time, we will overcome and/or lap. We are very bullish still on rest of world ads, but we recognize that it's a new Advertising market for us.

所以我認為那裡的一些問題——搜尋引擎索引也是暫時的，隨著時間的推移，我們將克服和/或克服這些問題。我們仍然非常看好世界其他地區的廣告，但我們認識到這對我們來說是一個新的廣告市場。

So we are taking time to put in place the fundamentals so that we -- when we scale the business, as we grow, for example, this WEBTOON and Wattpad business in the US, we can do so with the best ad products that will take a bit more time to produce and also a direct ad sales team, which we are taking the time to build out. Mid- to long term, we still believe that rest-of-world Advertising will be a very important strategic and financial driver. But it's too early these days to count on it in our guidance.

因此，我們正在花時間打好基礎，這樣當我們擴大業務規模時，隨著我們的發展，例如，美國的 WEBTOON 和 Wattpad 業務，我們就可以使用最好的廣告產品，雖然製作這些產品需要更多時間，但我們也要花時間建立直接廣告銷售團隊。從中長期來看，我們仍然相信世界其他地區的廣告將是一個非常重要的策略和財務驅動力。但現在將其作為指導依據還為時過早。

Pretty clear. Thank you.

很清楚。謝謝。

And it seems that we have no further questions for today. That concludes the Q&A session and today's conference call. We would like to thank everyone for their participation. You may now disconnect your lines. Have a pleasant day, everyone.

看來我們今天沒有其他問題了。問答環節和今天的電話會議到此結束。我們感謝大家的參與。現在您可以斷開線路了。祝大家有個愉快的一天。