Good morning. I am Eleanor from Kakao's IR team. Let's begin Kakao's Q1 2021 earnings release conference call. With me today are CEO Minsoo Yeo and Chief Investment Officer Bae Jae-hyun. Please be reminded that the earnings results are consolidated estimates under the KIFRS basis and are hence subject to change upon the auditor's review. Let me now invite Minsoo for key business highlights. [Non-English content] Good morning. This is Minsoo Yeo. As Kakao signaled season two of its business last year, we embarked on a project named Kakao Talk Update for All. Kakao Talk is evolving from a platform that connects people to people, to a platform that connects people to the rest of the world. People can prove their identification via KakaoTalk, subscribe to services essential to daily life, and topics that they're interested in, as KakaoTalk is becoming an essential tool that expands a person's scope of activity in the digital age that's coming our way faster than expected. First, Kakao Digital Wallet service, introduced last December, saw its user base break 10 million mark as of end of Q1, and it continues to grow sharply. Users are adapting quickly to digital age, using KakaoTalk to do their tax returns and use Government 24 simple logins, among others. In the future, use cases for the digital wallet will increase, such as using the wallet QR to enter unmanned stores and offline sites. Also, if the user wishes to disclose one's credentials based on identification and qualification certificate in the wallet, user will be assigned profile certificate badge, whereby users' certified qualifications are shared with other people. We are planning a new service, like the personnel search based on this, and expect this will lead to a new type of relationship forming among people. [Non-English content] KakaoTalk is also offering a more evolved subscription service on the KakaoTalk Channel. Product subscription service launched last year allows for a unique experience-based consumption, whereby users can make a purchase with only several clicks inside the KakaoTalk Channel of partner companies, renting out water coolers, massage chairs, and subscribing to hand-dripped coffee and even salad dishes. Whereas our business partners are offered back office features, i.e. SST, which help to improve operational efficiencies and better their experience as a business. We're also planning to launch content subscription service within the year, using KakaoTalk Channel as a bridge to design a space that connect creators with subscribers. Any creator can distribute their content via KakaoTalk Channel, and users can add creators' channel to their friends list, subscribing to content of their interest. People can make their own subscription platform in KakaoTalk space where daily activities take place, and we expect once that happens, it will kickstart a more active consumption of content. New service offerings like the digital wallet, which broadens the scope of activity of an individual, both on and offline, and subscription services, will further bolster mid to long-term growth engine behind the TalkBiz. By introducing changes to KakaoTalk, which underpin all of the upcoming Kakao services, we will connect users and businesses from multiple angles, identify and develop business opportunities, so as to bring tangible business outcomes. [Non-English content] [Non-English content] Let's now take a look at the platform business. First, TalkBiz ad revenue was up 59% Q1 Q, sustaining high growth in the first quarter. Advertisers of Bizboard are increasing their budget on the back of successful marketing they already experienced, we are also seeing faster inflow of new advertisers who benchmark against such success cases. It drove Bizboard Q1 revenue up more than two-fold year-over-year. Brands who have expanded customer interface via Bizboard are using KakaoTalk Channel and simple sign up through KakaoTalk, which is called Sync, to attract hardcore customers, which led to a better customer retention. Since Q4, we have been providing tools that help better connect with Sync to hosting companies of five main shopping platform, including Cafe24 and MakeShop. Since then, number of advertisers adopting Sync has risen by 3x. Number of channel friends of advertisers using Sync has gone up sharply, which all led to greater monthly average marketing spend by the advertisers on the KakaoTalk Channel. Based on such positive loop, KakaoTalk Channel revenue was up 72% year-on-year, rewriting historical high every single quarter. During the first half, we plan to showcase an upgraded version of KakaoTalk Channel. Just as brands open up stores in locations where there is highest level of traffic, we believe businesses will open their Kakao branch stores on the Talk platform, which will facilitate activities such as purchase, payment, and counseling, which will in turn further promote the KakaoTalk Channel. [Non-English content] For transactional commerce business of TalkBiz, Kakao Commerce GMV was up 58% year-on-year, driven by even growth from Gift, TalkStore, and Makers. With the spread of contemporary gifting culture and luxury product lineup of fashion, beauty, high-end living, and other department store brands, there were increases in number of new buyers, repeat purchases, and basket size, which led to 54% year-over-year GMV growth for KakaoTalk Gift. By onboarding new sellers and quickly securing lineup of products and improving customer experience via personalized recommendations and promoting Talk Deal gift cards, Q1 GMV for TalkStore was up by more than two-fold year-over-year. Kakao Shopping Live delivers live streaming of carefully selected items and is setting itself up as a live commerce platform with an exceptional attraction factor. In Q1, Kakao Shopping Live was introduced enabling brand companies to produce contents themselves, and we are also increasing the number of live sessions on the shopping tab. We're going to focus on diversifying content through collaborations so that it may grow into a new commerce platform that can generate sizable transaction volume on a standalone basis. [Non-English content] Next is on Mobility. On the back of demand recovery, taxi service in Q1 recorded highest daily average calls, while T Blue taxi fleet grew to 21,000 in Q1, driven by brand awareness, efficiency improvements, and service expansions to Jeju. We've also seen greater demand increase for premium taxis, including T Blue, Venti, and Black. KakaoNavi has introduced new services like calling in for car wash, repair and car resale, and is evolving into a platform for car owners by connecting partners with users. In the greater scope of mobility, we have introduced quick courier service, flower and snack delivery for Kakao T's business partners. Kakao Mobility will seek opportunities to connect objects and services that people need and become a smart mobility platform that can answer to all of the mobility needs people may have through one single platform. [Non-English content] [Non-English content] Next is Tech Fin business. Kakao Pay's Q1 TPV was up 58% on year to KRW 22.8 trillion, breaking the KRW 20 trillion quarterly mark for the first time. Excluding money transfer, both payments and financial services drove revenue expansion, which led to 127% year-over-year growth for Kakao Pay. Payment TPV was up 78% on year, still growing Q1Q despite Q1 being an off season, while the previous quarter had positive seasonality. What's noteworthy is that online payment from the non-captive market, which is from the outside partner, showed steeper growth compared to payment volume from Kakao's captive market, and as such, online influence of Kakao's payment platform is propagating. Financial services underpinned by loan brokerage and investment was up more than 10x year-over-year, reporting a very high growth. In loans, we are leading the market with highest amount of loan brokerage since September last year. In just one year since the launch of investment services, there were 4 million cumulative accounts openings and based on Kakao Pay Securities account number of securities accounts, number of people who invested into funds reached 1.6 million. For money transfer, growth wasn't as high as payment or financial services, but is nonetheless sustaining an uptrend. Because P2P transfer works as a traffic builder, it is a leading indicator of total TPV and top-line revenue. Therefore, higher money transfer TPV in Q1 will bring growth from non-transfer businesses as we go forward. [Non-English content] Next, on paid content. Q1 global platform GMV was up 77% on-year, reporting KRW 245.9 billion. First, Kakao Japan's Q1 GMV was KRW 152.1 billion. On competitive content and aggressive promotion, number of users and payment size per user was up, leading to almost triple growth year-on-year in terms of both GMV and revenue. Piccoma ranked third in global top-line growth out of non-game apps in Q1, taking its position in top 10 grossing apps as the only digital comic application. Kakao Entertainment's Page Company saw ratio of global platform GMV grow sharply with total GMV, including platforms and IP distribution, up 62% year-on-year, reporting KRW 167.2 billion. This year, Page Company will place full momentum behind network expansion of its global platform. We've seen clear GMV growth from increase in original IPs provided to Tapas, which is a North American platform, which is driving expectations for success in the North American market. Come June, starting with Taiwan and Thailand, we will bring to life innovation of story entertainment on a bigger global stage. [Non-English content] M Company of Kakao Entertainment is also generating meaningful performance supported by content planning and production capabilities, which were internalized over the years. Vincenzo, produced by Logos Film, was number one drama across all channels in the concurrent time slot and is a popular content on both domestic and global OTT platforms, proving that we have competitiveness in making dramas in the global media market. Kakao's original contents are growing in popularity as they are featured on not only KakaoTV, but other platforms, i.e., Netflix and Wavve. In particular, March of the Ants was nominated for Baeksang Arts Awards, which is a first for a digital platform-based entertainment content, leaving a strong impression of KakaoTV as a brand and attesting to quality of Kakao's original content. [Non-English content] Lastly, on Kakao's ESG update. Last February, we defined our ESG activities as Kakao's promise and responsibility towards making a better world, and we are actively pursuing such practices. In terms of environment, we are the first IT company to receive ISO 14001 certificate, and by building greenhouse gas inventory, we laid down the basis for environmental management. In terms of the social factor, in January, we declared Kakao's Human Rights Based Business Management and announced Principles on Eradicating Hate Speech as part of the initiative. Also, to grow together with our partners from an ethical basis, we developed Sustainable Management Guide for Kakao and its Partners. Lastly, ESG committee is given ESG risk management and supervision roles, and we adopted evaluation mechanism for the Board of Directors to build a sound governance structure and to enhance BoD efficiency. As such, based on our promise and our responsibilities, we wish to practice ESG management and will be communicating Kakao's sustainable efforts and plans through the ESG report, which will be published in May. [Non-English content]. Present the highlights of the business. Jae Bae, our Chief Investment Officer, will present on Q1 financial results. [Non-English Content] Hello, this is Jae. I will present on the financials. Q1 consolidated operating revenue was KRW 1 trillion, 258 billion, up 2% on quarter and 45% year-on-year. First, platform revenue was up 3% on quarter and 51% on year to KRW 668.8 billion. First on TalkBiz revenue. Ad revenue on negative seasonality drove Bizboard revenue down slightly, but message ads products continued quarterly growth on the back of cross-sales promotions with Bizboard, offsetting the impact from slow seasonality. Supported by a stronger product lineup and growing user base, Gift and TalkStore revenue posted a steady growth, driving total TalkBiz revenue up 2% quarter-on-quarter and 61% year-on-year to KRW 361.5 billion. TalkBiz revenue was down 4% quarter-on-quarter due to negative seasonality, but on base effect from COVID pandemic was up 1% year-on-year to KRW 117.5 billion. Driven by strong taxi revenue on expansion of T Blue franchise and TPV growth from payment and financial services of Kakao Pay, new business revenue was up 9% quarter-on-quarter and 89% year-on-year to KRW 189.8 billion, posting highest growth of all business segments. [Non-English content] Content revenue was up 1% Q-on-Q and 38% year-on-year to KRW 589.2 billion. Paid content revenue was up 7% on quarter and 80% on year to KRW 174.7 billion on the back of competitive IP of Page Company and explosive growth of global GMV underpinned by Kakao Japan's number one platform. For music content, we were able to keep paid subscriber base quite solid through stronger marketing of Melon platforms and revamping of the app. Due to the base effect from accounting changes for the digital music distribution in Q4, there was 3% Q-on-Q decline while growing 4% year-on-year with revenue coming in at KRW 156.8 billion. For games, top line trend stabilized with a new title, 'Elyon,' which was launched last quarter, and the termination of overseas servicing of Black Desert, game content revenue was down 7% Q-on-Q and up 35% year-on-year to KRW 113.3 billion. Lastly, IP business and other revenue was up 7% on quarter and 55% on year to KRW 127.4 billion on higher content production revenue from Kakao Entertainment and strong performance from music distribution. [Non-English content] Next is on consolidated operating expense and operating profit. Q1 operating expense on a consolidated basis was up 1% on quarter and 41% on year to KRW 1,100.4 billion. Looking at key items, labor cost was up 10% on quarter from bonus pay of treasury shares and salary increase. Compared to last year, on continuing new hires, cost was up 47%, totaling KRW 292.9 billion. Revenue-linked expense was flat Q-on-Q at KRW 493 billion, which is 29% higher year-over-year. With continuous growth in commerce, where its ad business has lower costs, and most of the top line of the book is net sales basis, and an increase in mobility revenue, mostly around Kakao T Blue franchise, ratio of revenue-linked expenses have been trending down every quarter. For your information, Q1 revenue-linked expense was 39% against the revenue. [Non-English content] Outsourcing and infrastructure expense was KRW 144.5 billion flat Q-on-Q, while it was up 57% year-on-year on increasing commissions for mobility and content. Marketing expense was down 23% Q-on-Q on base effect from aggressive marketing in Q4 and changes in marketing schedule for some of the businesses. On increase in marketing for Kakao Japan and mobility, marketing expense was up 125% on year, totaling KRW 67.2 billion. Just to note, Q1 marketing spend against revenue was at 5.3%. All in all, Q1 operating profit was up 5% quarter-on-quarter and 79% year-on-year to KRW 157.5 billion, while operating profit margin came in at 12.5%. [Non-English content] Next is non-operating revenue and expense. Other revenue was KRW 54.4 billion on the impact from disposition gains from shares subject to equity method treatment, driving the figure up 150% year-on-year, but down 70% quarter-on-quarter due to the base effect. On the back of base effect from previous quarter's impairment loss on intangibles, including Melon's goodwill, other expense was down 99% Q-on-Q and 31% year-on-year to KRW 6.6 billion. Equity method gain reported KRW 150.9 billion, a significant rise Q-on-Q on the back of profit growth from Dunamu and KakaoBank, which are subject to equity method treatment. Equity method loss was KRW 15.8 billion from invested companies. Financial revenue was KRW 47.9 billion on dividend from SK Telecom and rise in dollar value leading to FX translation gain from foreign currency deposit. It was up 30% year-on-year and down 60% Q-on-Q from the base effect. Driven by FX translation loss and fund related financial expenses, financial expense was up 64% on quarter and 337% on-year, reporting KRW 69.7 billion. [Non-English content] Q1 corporate income tax expense was KRW 78.8 billion, while consolidated net profit reported KRW 239.9 billion. Lastly, Q1 CapEx breakdown is KRW 36 billion for tangible assets, including servers, KRW 20.3 billion for intangible assets, including intellectual property rights, and KRW 56.3 billion for investment activities. This concludes Q1 2021 earnings results highlights. We will now begin the Q&A. Please, in consideration for time, limit your questions to two per person. [Non-English content] Now Q&A session will begin. Please press star one, that is star and one if you have any questions. Questions will be taken according to the order you have pressed star and number one. For cancellation, please press star two, that is star and two on your phone. [Non-English content] The first question will be presented by Eric Cha from Goldman Sachs. Please go ahead with your question. [Non-English content] Thank you. I would like to ask you two question. Under the topic advertisement business, Bizboard has been well highlighted while other areas I believe have been less highlighted and markets understanding of these other areas are less compared to Bizboard. You talked about how KakaoTalk Channel could create good synergies with Bizboard. It will have a very effective role in locking in the user base. Could you elaborate a little more on what the strategy is? Also you mentioned the content subscription service and the KakaoTalk Channel. Could you elaborate also a little more on what the strategy is and what are the type of contents that we could expect through that service? Second is what is your strategy vis-a-vis the acquisition of Zigzag, the commerce platform. How does that acquisition fit under your overall Kakao's commerce strategy? [Non-English content] This is Minsoo. I will provide you with the answers regarding the synergies between Talk Channel, Bizboard, and the content subscription service, and I will turn it over to Jae to elaborate on Zigzag acquisition. If you look at TalkBiz ad revenue in Q1 on a year-over-year basis, there was a significant growth of around 59%. Basically, when people click to Bizboard, it will lead you to the Talk Channel, and also there will be seamless connection via Sync. Because of these factors, the interfaces that the advertisers could utilize have been very quickly expanded. Thanks to that, we were able to onboard user base by the use of the Bizboard, and then through Talk Channel and Sync provide strong connection to the user base, which will help with the customer retention. By employing such an integrated marketing approach, we were able to bring about a virtuous cycle, and that is a key driver. [Non-English content] I just summarized how the synergies actually were generated between Bizboard and Talk Channel. We were able to really see that and observe it in practice. Since Q4 of last year, we have been providing a tool that could easily connect the Sync with other partners, the so-called hosting companies, the ECPs, our five main shopping platforms, including Cafe24 and MakeShop. Since that point in time, we've seen number of advertisers who've adopted Sync actually rise by 3x. Actually, those advertisers who utilize Sync have seen the increase trend and people adding them to their friends list actually go up by 3x as well. We've seen that after the adoption of the Sync by these advertisers, monthly average KakaoTalk Channel marketing spend had actually gone up quite significantly. [Non-English content] Just to cite a example for your understanding, in Korea, we have a mobile flea market called [Non-English content]. Basically what they did was they adopted Sync, which will help with the KakaoTalk Channel and also connecting with their membership subscriber bases. They were able to communicate this aspect through their Bizboard advertisement. As a result, number of their KakaoTalk Channel friends before the adoption of this Sync service was around 10,000. In just seven months after the adoption of this tool, they have seen a significant increase to 3 million users. This platform has really grown to a mega-sized KakaoTalk Channel. [Non-English content] Another point on KakaoTalk Channel is, in the first half of the year, there were large scale and small scale enhancements and rebounds on KakaoTalk Channel. What we did was we provided a feature where KakaoTalk Channel home, as well as the company's own website, could be very easily connected. A good case in point is Nike. Basically, they had a KakaoTalk Channel that had already 3.46 million of KakaoTalk Channel friends. What Nike did was they connected that channel with their nike.com, the commerce site, and they made use of Bizboard and Sync and conducted marketing activities. As a result, they were able to significantly increase their channel friends. [Non-English content] Regarding the content subscription services, basically, we are preparing to launch this service in the second half of the year, so we will be able to share with you more detailed timeline as we go forward. Just as we were able to utilize Talk Channel and really was able to prove the strong relationship that the Talk Channel has vis-a-vis the users from a business perspective, we will be utilizing Talk Channel to connect the creators of content and the users of the content. We believe that through these efforts, we will be able to enrich this ecosystem further. [Non-English content] This is Jae responding to a question as to why we decided to acquire Zigzag and what are the possible synergies that we could enjoy going forward. As you know, fashion is a category, is quite large in size, and the demand is actually growing as we go forward under the commerce segment. Also in this vertical, we have not yet seen any single dominant player emerge. We believe that if we were to utilize the platform and technology of Kakao, that we could really quickly gain an upper hand in this segment. What we did was we physically spun off Kakao Style, and we decided to merge it with Croquis.com, that is the operator of Zigzag. As you know, this platform targets people in their 20s and 30s for fashion products. We believe that Korea has a strength in the fashion and beauty vertical in the global market. After the acquisition, what we are planning to do is to expand the category from fashion to beauty and also to have a stronger expansion on the global stage. [Non-English content] In terms of the synergies that we can expect, there are actually three key drivers. First, we would utilize different ad services and tools that KakaoTalk has and bring on top of it the fashion content that Zigzag could offer. We, therefore, would like to showcase the products to these KakaoTalk users and also strengthen onboarding of users to the Zigzag channel. Second is an expansion of our global commerce business. K-contents and celebrities are popular globally. If we are to bring in global fashion and beauty trends on top of this popularity, we think that there could be a big and positive impact. At the end of the day, on the global stage, we will be able to expand our commerce business in the future. Currently, Zigzag has its capabilities around targeting people in their 20s and 30s. If we were to utilize Kakao's technology and its entertainment asset, we could expect quite a bit of synergy in the future. Third, from Kakao's Talk business. KakaoTalk Channel, we could also look forward to synergies with KakaoTalk Channel as well. In the second half of the year, we are going to add customized features for each of the verticals and categories. We plan to increase the number of partners for each of the categories under the Talk channel. In the fashion category, Zigzag has more than 4,000 vendor pools. If we were to able to successfully link that up with KakaoTalk Channel, we think that that's going to bring about a very sharp growth in terms of the number of partners and traffic on KakaoTalk Channel. [Non-English content] Just to share with you a couple of numbers. Zigzag's 2020 GMV was KRW 750 billion. That was about up 25% compared to the previous year. This year, we're looking to post GMV of KRW 1 trillion and top line growth of 70%. More higher growth to come as we go into the future. Just to elaborate one more aspect, unlike what the press had mentioned with respect to the acquisition structure, it wasn't where we were acquiring the shares of that company by using cash. Basically what we did was, we spun off the style business unit of Kakao Commerce, and then we valued that entity as well as Croquis.com's business entity. Based on the valuation of those individual entities, we decided on the ratio of merger between the two, and Kakao, through acquisition, had gained the status of majority shareholder of Croquis.com. This information was not correct, as was mentioned in the press articles, I just wanted to clarify that point. [Non-English content]. Next question. [Non-English content]. The next question will be presented by Seungjoo Ro from CLSA. Please go ahead with your question. [Non-English content] Just to follow up on your commerce business. In Q1, I would like to understand what the total number of merchants or vendors or sellers that you have on Talk Channel, KakaoTalk Gift, as well as Kakao Makers. What is the growth rate of that, growth rate of number of merchants? Also, if you could also shed light on the size of the GMV, that would be helpful. Out of the total TalkBiz, what's the% that e-commerce accounts for? Do you have a guidance as to a full year GMV figure or full year top line figure for this? [Non-English content] This is Jae. First, responding to your question on Kakao Commerce. In Q1, basically, if you look at the total Kakao Commerce GMV, which includes Gift, Talk Store, and Makers, it was up 58% year-on-year. Now, Gift was up 54%, Makers was up 79%, and Talk Store posted a twofold growth. Despite the fact that previous quarters, the growth rate was very high, but still we were able to continue on with a solid growth rate in Q1 as well. If you look at the key drivers behind such solid growth, first looking at KakaoTalk Gift, as a culture of giving online gifting really expanded, we have seen significant expansion of the user base, and these users would revisit KakaoTalk Gift on a repeated basis and also increased their purchases. We are seeing that figure go up on a quarterly basis. In terms of the types of products that they're gifting, it's not only fashion, beauty, luxury products, which we increase and enhance the lineup. We've seen a significant growth in the delivery-based GMV as well as the basket size, and that is really driving the overall growth of the commerce GMV. On top of fashion and beauty, we see consumer electronics, high-end living, and premium food category also grow. Once again, delivery-based gift growth rate has outperformed that of the total growth rate. [Non-English content] [Non-English content] In terms of the TalkStore, thanks to the popularity of the Talk Deal in Q1, monthly average number of buyers and number of payments have really gone up by twofold and we see continuous uptrend, a very steep one that is, in the number of users, as well as the frequency of use. TalkStore, the brand awareness is very high. For the TalkStore, basically branded companies, the branded merchants that have high level of brand awareness and quite meaningful signs of transaction volume have really onboarded our TalkStore. Basically, the number of TalkStores have actually gone up and really driving the overall GMV growth. On a Q-on-Q basis, number of these stores were up by 10%. Year-over-year, it was up by 60%. Right now we're in the process of laying down and solidifying the infrastructure to better support these merchants. We believe that once we do that, we will be able to further drive up the number of stores on TalkStore. [Non-English content] Now, if you look at Makers, its Q1 growth rate was quite encouraging. That is because Makers has become a quite popular space for brands to launch their new products as well as to communicate and do marketing for their new products. Branded companies are really preferring the use of Makers. In Q1, not just small and medium businesses, but larger scale brand companies have pre-launched their new products on this platform, and there were differentiated and unique products which gained quite a bit of popularity. For instance, the hotel Staycation. In line with that trend, there were also accommodation products that were sold through the platform, and we have seen very good sales performance that drove the GMV. In terms of the specific figure, it will be difficult for me to give you a detailed or a specific number per se, but we believe that we will be able to sustain the GMV as well as top line growth since there is a continuous user increase and seller increase as well as higher level of purchases and bigger basket size. [Non-English content] Next question, please. [Non-English content]. The next question will be presented by Jingu Kim from KTB Investment and Securities. Please go ahead with your question. [Non-English content] Can you provide your performance guidance on a per annum basis for your top line revenue, operating profit and OP margin? Also since the launch of Kakao Entertainment, what are some of the business model related changes that you could elaborate on for Kakao M, and what is the mid to long term revenue and OP guidance for that entity? [Non-English content] Hi, this is Minsoo. Responding to your question. In Kakao Q1, if you look at OP margin, it was 12.5%. High increase in our labor cost, we were able to, on a Q-on-Q basis, further increase revenue and reduce marketing expense, hence we were able to slightly improve our margin. On a per-annum basis currently Kakao engages in a [inaudible] business which entails high level of profitability and this business is continuing to grow. If you look at our new businesses, including pay and mobility, they were able to successfully turn around, the business's fundamentals are structurally becoming better. Compared to where we are today, we believe that there's a significant buffer for us to further up our OP margin. [Non-English content] Having said that, if you look at our global content business, over the couple of quarters, basically the performance had significantly outperformed our internal plan as well as market expectation. We were able to gain confidence in this business in the process. For the time being, rather than maximizing profit, we believe that we want to bring better results in the future in the global business. We believe that should be our priority by making meaningful investments. In light of these factors, we are currently planning a more aggressive global marketing and content investment. [Non-English content] Also, in our new business area, which is B2B, which we began last year, this year, we plan to significantly increase the investment. All in all, in terms of spending our budget, in order to accelerate the speed of growth this year, we're going to be quite bold and agile at the same time. The size of the operating profit will be determined based on such strategic approach. [Non-English content] To summarize, as we communicated at the beginning of the year, this year as well, in all of the business areas, we will be able to see quite sizable growth in terms of volume. We expect that we'll be able to achieve top-line growth rates that is similar to what we've experienced in the past. Thanks to a solid growth of advertisement and commerce under TalkBiz, we're expecting more than 50% year-on-year growth. This year will be an important watershed and the initial year where our global sales mix is going to account for double digits as against the total top-line revenue. I think this year we will be able to show you that our revenue base will be globally diversified. On top of that, our new business platforms, including Pay and Mobility, have been making a double-fold growth. We think since they were able to successfully turn around to profit, we expect to be able to bring about good performance in the new business areas as well. [non-English content] Kakao Entertainment, basically, we expect it's going to evolve into a global content company that leverages off of original IPs. Recently, the story IPs have proven its unlimited scalability, and that received quite a bit of highlight, and there is a fiercer competition to secure that original content IP. Kakao Entertainment currently owns more than 8,000 original IPs, and also it has been able to internalize the entire value chain from planning, production, and investment of content that cuts across different types of content, including webtoons, web novels, music, and videos or films. We at Kakao Entertainment have a global-tier competitiveness that can actually best highlight the intrinsic value of such original IPs. [Non-English content] Kakao Entertainment, which is a merged entity between Kakao Page and Kakao M, their role is not going to stop at just bringing webtoons or web novels to a motion picture. We believe that the meaning lies in the fact that they could create a super IP-based universe where the added value of the story IPs can be planned and developed through different myriad of avenues. In terms of the financial objectives, through this merger, we were able to set up an unrivaled value chain in the entertainment industry. Compared to the past where they existed separately, we believe that the growth rate is going to be much more accelerated, and we can amply achieve more than KRW 1 trillion in top line revenue in 2021. In terms of profitability, although there is going to be very aggressive investment with a view to expand the global paid content platform network and also to discover and identify story IPs and developing and distributing the secondary or derivative creative content, yes, there will be aggressive investment. Based on very solid competitiveness of its core business, we believe that we can continue on with a quite sound financial structure that could bring about a strongly grounded growth. [Non-English content] Next question please. [Non-English content] The next question will be presented by Dong-Hee Kim from Meritz Securities. Please go ahead with your question. [Non-English content] I would like to ask you two questions. First is on mobility. If you're going to launch new services like car wash, flower delivery, and quick courier service, what is the addressable size of the market? What's the target market and the size? Also, aside from the existing services like Kakao T Blue and designated driver service, out from these new services, what's the size of revenue that you're expecting? In Q1, what was the size of the operating loss that you booked for your new businesses? [Non-English content] This is Jae, responding to your question on mobility. Kakao Mobility wants to lead the mobility market by offering different connections for different mobile needs, mobility needs. On top of taxi and designated driver service, we are expanding into other new areas like parking, quick service, and vehicle management. Starting this year, we started operating parking lot operation business, starting with Everland and COEX, diversifying the revenue base. Also to strengthen our service as a car owner's platform, we added on the third tab of KakaoNavi, my car management features, which allows for repairs as well as you can call in for a car wash and charging up of your EV or resale of the cars. Also for the courier delivery service, which is moving objects rather than people, we are going to launch that service with our business partners within the first half of the year. [Non-English content] In terms of investment to continuously up our service capabilities, we are actively investing into areas like parking, rental cars, as well as pet related taxi services. We acquired My Valet, which is a smart parking management system, and Deal Car as a broker of rental vehicles, and Pet Me Up, which is a service provider to people with pets. By acquiring this, we are at this point looking at ways to maximize synergies within the Kakao T platform. In terms of the mobility platform from Q1, we will be filling in Kakao Bizboard advertisement on the main page as well as different pages of Kakao T. Other than the use of the Bizboard, we could also think of other outside advertisements in vehicle for our franchise taxis and Kakao T Blue. We will study further as to the user experience and the overall circumstances and make decisions going forward. In terms of the subscription model, we are very positively looking at introducing subscription service in consideration of the demand from the users and the market landscape, nothing has yet been finally confirmed. [Non-English content] [Non-English content] In terms of the size of the target market, domestic taxi market is estimated to be around KRW 10 trillion, and the government has the plans to encourage the platform taxi market and grow that into KRW 15 trillion by 2030. There's a lot of rules and regulations that are being put in place to further promote the platform taxi business. Kakao Mobility, through its Kakao T Blue, is considered to be a leading company in the platform taxi segment, and taxi companies are very actively participating in our initiative. We believe that we could actually grow the entire pie and also contribute to the further growth of the taxi market. From a mid to long-term perspective, it will be difficult for me to share with you any specific market share numbers or our targets and the number of franchise fleet. For Kakao T Blue, we are planning to achieve about 30,000 vehicle units by end of the year and also expand on our larger size Venti fleet as well. Through these efforts, we seek to really solidify our position as a number one taxi provider in the market. In terms of designated driver, we think that the estimated market size is around KRW 3 trillion-KRW 4 trillion. At this point, our mobile service market share is very low compared to the offline market, but we believe that we could utilize big data, AI technology to further enhance matching efficiencies and also through very steady demand and supply dynamics, we are in the process of expanding on our market share. For the very new services like car wash and delivery, we have only started it, so we have not yet set a clear target for that business. [Non-English content] [Non-English content] In terms of the operating loss for our new business, as you know, we have classified Kakao Pay, Mobility, Global Blockchain, AI under our new business since 2018- 2020, and we've been communicating their operating loss sizes for each of the businesses. These new businesses of our Kakao affiliate is continuously recording operating profit, or some are very close to turning around and is really setting itself up as core businesses that really contribute to the growth and bottom line of Kakao and its affiliates. Kakao Japan has posted a explosive growth despite aggressive promotion and have been in the black since 2019, and its size of the profit is also going up quite sharply. Pay and Mobility also supported by solid growth. We're expecting an annual turnaround for this year. In light of these situations, starting Q1 of this year, we've decided and we are planning not to disclose separately the operating losses from these businesses. Just for your information, from Kakao's new businesses, operating losses in 2018 was KRW 209.9 billion. In 2019 it was KRW 172.2 billion, and in 2020 it significantly declined to KRW 97.4 billion. In areas that require more long-term investment, like AI Blockchain, as well as Kakao Enterprise, which is going to require quite a bit of investment in its B2B business. Just as we've mentioned before, we're going to do our utmost so that these businesses could become a long-term growth drivers. [Non-English content] Since it's 10:30 A.M., we will take the final question and then end the earnings release. [Non-English content] The last question will be presented by Stanley Yang from JPMorgan. Please go ahead with your question. [Non-English content] Can you provide some color on the IPO schedule for your subsidiaries? There have been some press reports that it's a bit confusing. If you could clarify, that would be helpful. Also, do you have plans to list your Kakao Commerce business in the long run? Also after the IPO, I think the investors would have room to do some Pure Play. Wouldn't that not, I guess, disperse the attractiveness of Kakao as a target of investment? What would be your strategy to offset that? [Non-English content] In terms of the schedule, Kakao Pay and Kakao Bank have submitted their preliminary applications in April, and also they have set the IPO date within the year and have started on their IPO process. Their position is that they will go IPO at the most optimal period in light of the market situation and their shareholder value. The current preparations are underway as per the schedule of individual or each of these companies. For entertainment in Japan, the businesses are currently reviewing the possibility of IPO, in terms of any specific timing or corporate value, it's difficult for us to disclose or communicate anything at this point in time. For commerce, once again, same applies here. There are yet no specific plans or timing with respect to the commerce business as of yet. [Non-English content] Even if some of our subsidiaries go IPO, internally, we're not concerned about Kakao's corporate value being eroded. The reason is because KakaoTalk owns a very strong platform, based on that, we think that high growth on top line and bottom line will continue. On the partner business side, our advertisement business is continuing a very high growth rate, and we expect this rate to continue into the future. Also on the user business side, we started new businesses like Emoji Plus and subscription services, which will continuously build on top of that, and underpinned by strong platform power that Kakao wields, we believe that we can continue on with sustainable growth with very two strong pillars of partner business and user business. Also, in many of the future business and industry areas, we're going to be adding new businesses on our portfolio, and we continuously discover and identify new growth drivers. Also, in terms of ways whereby we could further enhance the business value of Kakao, the mother company, and also improving the operational structure and the governance of our subsidiaries and Kakao and its affiliates as a whole. We're continuously reviewing multiple options, and really endeavoring towards a better product. [Non-English content] Thank you. That brings us to the end of Q1 2021 earnings presentation. Thank you for joining us, despite your very busy schedule.