Good morning. Thank you for participating in this conference call for the first quarter of 2022. Now let me begin my presentation with the Q1 earnings highlights. Q1 sales totaled 790.3 billion KRW, representing an increase of 4% QoQ and 54% YoY. Lineage W's performance was captured for the full quarter and Lineage M's quarter sales rebounded. The company again broke its record for the highest sales in a quarter. Operating profit posted 244.2 billion KRW, a jump of 123% quarter-over-quarter and 330% year-over-year, driven by the top line growth and a decline in key operating expenses such as labor cost and marketing. Pre-tax income was KRW 233.2 billion, an increase of 57% QoQ and 151% YoY. Net income was KRW 168.3 billion, up by 38% QoQ and 110% YoY. Next, let me go over the sales of each game. Sales for the four mobile games totaled KRW 640.7 billion, up by 6% QoQ and 97% YoY. The record that we set in the fourth quarter for the highest quarter sales for mobile games was replaced once again. For Lineage W, it came in at KRW 373.2 billion. Excuse me. An increase of 4% quarter-over-quarter. During the five months from the launch in November of last year to the end of the first quarter this year, the title generated KRW 730.8 billion in sales, making it one of the most successful games for the company. The competitive tension created between global users has led to unprecedented levels of traffic, such as daily user numbers of 1.2 million, driving the top line. Lineage M sales was KRW 115.9 billion, growing 31% versus the previous quarter. Relentless efforts to identify user needs and enhance player satisfaction has led to the successful turnaround in sales. Lineage M will have its fifth anniversary next month, and based on stable user traffic, we should be able to continue to expand the game's life cycle. With stable traffic and sales numbers in Korea and abroad, Lineage 2M recorded KRW 127.4 billion, up by 2% quarter-over-quarter. The large scale update we had to celebrate the first anniversary in Japan and Taiwan, and also the tightly packed content updates in Korea and abroad led to the solid performance. As Blade & Soul 2 sales moderated and stabilized, it posted KRW 24.2 billion, a decline of 23% versus the previous quarter. We are preparing for a Japan and Taiwan launch in the second half. The sales of the five PC online games combined was KRW 93.1 billion, an increase of 4% QoQ, but a decrease of 28% YoY. Lineage recorded KRW 26.2 billion, up by 34% QoQ because of more active business activities. While Lineage II posted KRW 23.5 billion% QoQ. Aion sales was KRW 16.1 billion, higher by 14% QoQ due to the classic server 2.2 update. Blade & Soul revenue was KRW 7 billion, down by 25% versus the fourth quarter. Guild Wars 2 posted KRW 20.3 billion, a decrease of 9% QoQ, but up by 24% YoY. The third expansion pack, released on February 28, was well received by the market. Key traffic numbers such as DAU and PCU have improved, resulting in sales outperforming our internal expectations. Lastly, royalty totaled KRW 38.8 billion, down by 10% QoQ and 15% YoY. Taiwan Lineage M royalty softened slightly, and royalty from other PC and licensing games have been on a natural decline over time. Next, let me go over the expenses. The Q1 operating expenses totaled KRW 546.1 billion, a decline of 16% QoQ, but up 20% YoY. To walk through the line items, labor cost was KRW 218.5 billion, a decrease of 15% QoQ and 6% YoY, due to less incentive related to the success of Lineage W and regular bonuses for employees. Marketing was KRW 41.8 billion, a drop of 65% versus the previous quarter as the marketing spend for Lineage W's global launch decreased. On a YoY basis, it was down by 24%. Variable cost and other expenses totaled to KRW 259.3 billion, up by 5% YoY and 76% QoQ. 5% QoQ and 76% YoY, due to more distribution fees paid as global game sales grew. This concludes my presentation on the first quarter performance. In the second half of the year, the company will be busy launching many new titles in the global market. The second round of releases of Lineage W will take place, and also, as mentioned before, Blade & Soul 2 in Asia, and the global launch of TL are all expected to take place in the second half, and we are ramping up the preparations for these launches. We released the TL in-game trailer in March, and in only 2 weeks, it gained 8 million views, of which more than half came from North America and Europe. This enabled us to confirm the anticipation levels of our global users. Internally, it motivated us once again to create one of the best top-tier games by a Korean company in the global market that would be recognized, of course, by such market and audience. Our expectations are growing. In addition, we are planning to host an official showcase for TL during the summer, during which more detailed plans about the launch will be shared, so we look forward to your interest in this event. In addition to TL, we have a diverse lineup of new titles targeting the global market. As mentioned during the previous earnings conference call, the company is adopting an Open R&D strategy, which enables us to communicate with the market from the development stage and ensure the voice of our users are fully reflected in the development process. Through this, we will be taking top-quality innovative games to the global market. Not resting on our laurels as the leader in Korea, everyone in the company is exerting their best efforts and focused very intensely to emerge as an even more competitive company in the global market that receives full recognition. In addition, by launching games from diverse genres on multiple platforms, we will strive to create a more solid foundation on the global stage, and we look forward to your support and interest in our endeavors. Thank you very much. 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 the number star one. For cancellation, please press star two. That is star and two on your phone. The first question will be provided by Jung Eun from Eugene Investment & Securities. Please go ahead with your questions. Yes. Thank you for the opportunity to ask questions. There are three questions that I would like to ask you. First, if you look at your first quarter performance, it does seem to be that in terms of the Lineage-related mobile games, you have had a very strong performance there. However, if you look at the overall mobile game market as of the end of the first quarter, I do believe that there are some changes that have taken place within the overall market dynamics. Reflecting that situation, what would be your expectations for the trend in the second quarter? The second question that I would like to ask you is about your expenses. If you look at the first quarter in general, I do believe that from the market side, we did expect that labor costs would increase, reflecting more incentives related to your Lineage-related games. However, versus that expectation, it seems to be that the actual labor cost was less. In terms of this overall situation, how should we interpret this? In addition to that, to ask a question about the marketing spend, in light of the fact that you will be engaging in marketing for the launches of TL and the second round of countries for Lineage W, if you would compare your marketing spend going forward to the fourth quarter of last year, how much marketing do you think or what would the level of your marketing spend be? The third question that I would like to ask you is that, in the second half of the year, you do have a robust pipeline of new launches that are to take place. You did mention that for TL during the summer, there would be a more official event during which you would disclose your plans. Would it be possible to talk about the general timeline? For example, would there be a possibility that the launch in itself would get delayed to next year? In addition to that, for TL, in terms of your internal evaluation about this game, what would be the overall target evaluation that you're looking at? What are the internal expectations? For example, should we deem this to be a AAA level game at the company level? Maybe I can take your questions one by one. The first question that you asked was what would our expectations be about the second quarter in terms of the overall trends that we see there? I think that what we can start by saying is that for Lineage W, the overall target that we have for this game would be that similar to the previous titles that we had had before Lineage W, we want to ensure that we have a very moderate revenue stabilization take place with this game. As you are aware, for Lineage W, if you look at the overall business model and also the way that the game is being serviced, there are some differences versus the previous games that we have had. As a result of that, there may be a view that versus the previous IPs, that the overall revenue stabilization trend in itself may take place at a more accelerated pace. However, how the company views this overall situation is that because this game versus its previous peers does enjoy a higher traffic level, we do think that that will have the effect of offsetting some of the overall decline. We do expect it to be in line with the previous games. When compared to the other games within the market launched by other companies that you have mentioned, I would have to say that if you look at the user base, it actually is a very different user profile. As a result of that, we don't believe that that will be an impact. To move on to maybe Lineage M and Lineage 2M, talking about them one by one, with the launch of Lineage W, I do believe that, you know, there were some concerns about cannibalization. What I can say is that, as of the current time, I don't believe that this is an issue anymore. The reason for that is because if you look at Lineage M, Lineage M is a game that enjoys a very loyal customer base. As a result of that, as you can see by the numbers, the overall revenues have been very stable and maintained at a very stable level. For Lineage 2M in the second half of the year, there is a very large change that we are planning to create within the game to be able to see a recovery in the overall revenue. As a result of that, if we look at the overall trend, we do think that the second quarter versus the first quarter will be a softer level in terms of the top line. However, that have been said, at the same time and in the same note, we do think that with regards to the trends themselves, that they will be very stable and there will be continuous efforts to try to create change within the games to continue to evolve. As a result of that, if we look at the second quarter, we do think that the second quarter will be more of a transitional phase. If we go into the third quarter and then into the fourth quarter, I think that all in all, the overall trends that we will see will represent a soft landing. Again, if we talk about this year and the overall scope of the year, and this is also in line with the third question that you have asked. As you are well aware, we do have the launch of TL and also Lineage W in the secondary regions, to be upcoming. As a result of that, before that in the second quarter and in the third quarter, I do think that there will be an overall moderately stabilizing trend that will be taking place. I do think that to take an objective view about the trends going forward, that we will see that taking place in the near future. However, if we look at the degree of the moderation, I would have to say that not being a hard situation, it would be more of a soft landing that we will try to continue to create throughout. That have been said, going towards the end of the year and the beginning of next year, when we actually see the effects of the new launches that we have and also the global launches kick in, we do think that at that time, the overall direction will be what we will see really take off. Before that, again, I think that the moderation is something that we will experience. Maybe to move on to the expense side, first talking about labor cost and then taking on marketing cost. In the case of labor cost, for the Lineage W incentive specifically, this is something that we had tried to reflect in the previous quarter as much as possible, and we actually were able to do so. As a result of that, if you look at the first quarter of this year, we have not had, you know, large size incentives, actually, be incurred or necessary for this quarter. Going into the second quarter of the year, on the labor cost side, we don't see any special elements that would need to be mentioned, and I do think that the current trend is something that will be maintained. To talk about costs in general, I do think that of course, when we need to spend, we do need to spend. However, that having been said, we are trying to take more prudent control, because of course, we do believe that cost control is something that is very important. Internally, we have our own cost limits, and this is something that is strictly applied. To move on to the marketing spend, if you look at the second quarter versus the first quarter, I do think that there will be an increase in our overall activity. As a result of that on a QoQ basis, there will be a slight increase in the marketing budget. However, that have been said, as you are aware, going into the fourth quarter, we will have the launch of TL and also, the second regions for Lineage W take place. So before that, across the second quarter to the third quarter, I think that we will see an overall increase in the overall marketing activity that we engage upon, before that. That have been said, one thing that I would like to highlight is that, different from the past, going forward, I do think that we will try to emphasize more efficiency of our overall expenses. As a result of that, I think that the general rule of thumb that we are going to take would be to have it not exceed 10% of our overall percentage of revenue. That is the overall direction in which we would be heading. 세 번째 질문 신작 말씀드리겠습니다. 저희는 그 사분기에 TL을 글로벌 동시 출시를 지금 목표로 하고 있고요. 이게 밀리지 않도록 전사적으로 노력을 최대한 노력을 하고 있다는 점 말씀드립니다. Thirdly, to talk about our new game launches, for the fourth quarter, we do have TL slated for that, which would be a global simultaneous launch. Internally, we are exerting the full company's efforts behind ensuring that this does not get pushed back. 잘 아시다시피 TL은 PC 콘솔 플랫폼 동시 출시고요. 그렇기 때문에 저희가 Windows, 그 다음에 Mac, PlayStation, Xbox 그리고 Steam, 모든 여기서 출시를 지금 준비 작업을 진행하고 있습니다. As you are aware, TL will be a game that will be supported and be used both on PC and console platforms. As a result of that, the preparations are be able to support a Windows, Mac, PlayStation, Steam, Xbox environment. 여기 계시는 분들이 게임 전문가분들이시니까 더 잘 아시겠습니다마는, 이 TL이 globally 출시가 됐을 때 기존에 저희가 했었던 기존 IP를 mobile based 된 것처럼 그런 숫자가 나오지 않는다는 거는 저희도 회사에서도 잘 인지하고 있습니다. 저희가 지금 TL을 통해서 목표로 하는 거는 이 나라에서 개발된 MMORPG 중에서, 사실 MMORPG란 장르가 서구권에서 mainstream의 장르가 아니라는 거는 저희도 잘 알고 있고요. 하지만 이 MMORPG를 서구권에서 시장을 형성하는 데 있어서 저희가 의미 없는 성과가 아닌 최초의 한국 게임으로서 의미 있는 성과를 내는 거를 목표로 하고 있습니다. 그래서 그런 측면에서 회사가 그냥 단순하게 한번 시장에 내보자 이게 아니고요. 여러 가지 BM이라든지 그다음에 게임 안에서의 어떤 뭐라 그럴까요? play하는 방식, 그다음에 contents, 이런 모든 측면에서, 저희가 showcase 때 좀 자세하게 보여드릴 수 있겠지만, 좀 다른 기존의 NC 모바일 게임과는 다른 전략을 확실하게 보여드리려는 의지가 있습니다. 다시 한번 말씀을 드리지만, BM, platform, content에서 달라지는 모습을 보여드릴 수 있다고 확신을 합니다. pay to win 같은 저희의 그런 여러 가지 우려 사항을, 이거는 play to win으로 저희가 확실하게 방향성을 바꾸려고 하고요. 그다음에 여러 가지 BM 측면에서도 지금은 저희가 공개 못합니다마는, 내부적으로 BM 자체가 기존 BM하고 다른 BM을 계획을 하고 있기 때문에, 그런 측면에서 우려 사항, 시장에서 갖고 계시는 우려 사항, 좀 더 그냥 터놓고 말씀을 드리면, 어떤 특별한 기대를 하지 않을 수도 있는 지금까지의 저희나 다른 저희 한국 회사 MMORPG 해외 출시에 대해서는 당연히 그런 전략이 있었기 때문에 충분히 이해합니다. 그래서 그걸 저희도 깰 수 있는 첫 번째 case가 되기 위해서 많은 노력을 하고 있다는 점을 말씀을 드립니다. Because you are all experts in the game industry, I think that what I can say is that for the TL launch, of course, this will be a global launch for us. If you compare that to the cases in which we had an existing IP that we took on a mobile format, I do think that we do recognize that there will be differences in how the performance actually takes place. However, that has been said, what we're trying to achieve by having TL is that of the overall MMORPG games that have been developed, we do understand that MMORPG as a genre is not considered to be mainstream in the Western markets. However, what we are trying to do by launching this game in an MMORPG format is that we do think that there is a high probability that we can achieve very meaningful and make a new market within this market in creating a market. From that standpoint, the overall attitude that we have is not, you know, just let's try to attempt and do something in this market. Whether it be from the actual business model side or in terms of how the gameplay takes place and how it's created, or in terms of the content that is required for the game across the board in all aspects. Of course, this is something that we will be able to show you during the showcase in more detail, but I do think that we're trying to take a very different approach in terms of our NC mobile game strategy. As a result of that, I do think that it will be very clear that from a business model side, from a platform support side, from a content side, that in all areas that you will be able to see that there are points of differentiation that we will be able to highlight and also leverage. We do understand that there are various concerns within the market space. What I can say is, again, you know, the business model will be very different from the models in the past. Added to that, because of various concerns, there may be some of you within the market that don't have very high expectations towards this game. Of course, we do understand where you're coming from. However, I do think that we are putting our best efforts behind proving you wrong and showing you that this will be a case in which we will be able to make a breakthrough. I think that the interpreter probably used too strong language when saying, "Proving you wrong." It would be closer to say that, you know, we are aware of the situation, and we will try to make sure that the results are not something that you would expect. The next question will be provided by Oh Dong-hwan from Samsung Securities. Please go ahead with your questions. There are two questions that I would like to ask you. The first is that for your new game lineup after TL, what would that actually be? If it's difficult to actually talk about the overall pipeline in terms of the actual schedule, then could you at least share the overall order in which you would be launching projects going forward? The second question that I would like to ask you is about Guild Wars 2. It does seem to be that though you have actually sold a new expansion pack, that the overall revenue has actually not been coming in in terms of the overall impact. Is there a specific reason for that? In addition to that, if you look at the Guild Wars 2 IP, is there any intention for you to actually create a mobile game using Guild Wars 2, or is NC West in itself planning to develop any new games for the future? launch 하는 거를, 출시하는 거를 계획을 하고 있습니다. 그리고 여러분들이 제일 관심을 가지고 계시는 AION 2에 대해서도 지금 개발에 박차를 가하고 있습니다. 저희 회사에서 올해 하반기에 AION 2에 대한 로드맵을 상세하게 공개할 기회를 갖도록 하겠습니다. 하반기부터 2024년까지 일곱 개인 거죠? 네. 2023년. Yes. If we look at the overall new game lineup, I do think that what we can say to that would be that as you are aware for TL that will be coming in the fourth quarter for the second round of regions for Lineage W that will be coming in the fourth quarter also. We will have NFT included in that. In addition to that, we have Blade & Soul S, which is a new IP or BSS, and that will be coming in the second quarter of next year. It would be the first round of regions which will mostly be focusing on Asia. In addition, there's also a project that we call Project R, which would be an action battle royale genre. We're planning to have a soft launch in the fourth quarter and then maybe in the second half of next year, target a global launch for this game. Also for Blade & Soul 2, for the Asian region launches, that is something that is slated for the second half of the year. From the second half of this year up until the end of 2023. All in all, we are planning to launch seven titles which include Lineage W, second regions, Blade & Soul 2 Asia and also TL going global. In addition to that, I know that there's a lot of interest about AION 2. This is also something that is right now in development. I do think that sometime during the second half of the year, we will have an opportunity to talk in more detail about the roadmap for AION 2 going forward. Guild Wars 2 말씀을 드리겠습니다. 그 확장팩 효과가 1분기에는 좀 부분적으로 반영이 됐다고 보고요. 이 분기부터는 본격적인 매출 반영이 돼서 QoQ로 매출이 증가하지 않을까 생각합니다. 확장팩 판매 매출이 3개월 분할 인식되기 때문에 그런 점에서 말씀을 드리고요. 그다음에 그 Guild Wars 2 IP 기반으로 저희가 지금 현재는 그 확장팩 서비스에 모든 노력을 하고 있지만, 말씀해 주신 것처럼 장기적으로 저희가 그 Guild Wars IP 가치를 활용할 계획을 가지고 있고요. 그건 말씀하신 대로 NC West에서 주도적으로 지금 진행을 하고 있습니다. 그래서 여러 가지 방안이 있습니다마는 아직 지금 단계에서 저희가 외부적으로 발표드릴 단계는 아니기 때문에 요 정도로 말씀드리겠습니다. For Guild Wars 2, I think that for the expansion pack in the first quarter, there was a partial recognition of some of the performance. However, going into the second quarter, we will have the full quarter revenues being reflected. As a result of that, on a QoQ basis, there will be enough uplifts that we will be able to enjoy. In addition, if you look at the overall sales recognition of this, it takes place every three months in installments. In addition, for the Guild Wars 2 mobile in that area and using the IP in other areas, this is something that we are looking into and making efforts for. Of course, we do want to take efforts to enhance the overall value of the IP in itself. These efforts and initiatives are being led, as you said, by NC West. We are looking at various avenues of opportunities. I don't think that we are ready to share anything with you yet. However, I do think that what I can say would be that there is a lot of efforts that we have ongoing. 다음으로 질문해 주실 분은 이베스트 투자증권의 성종화 님입니다. The next question will be presented by Sung Jong-wha from eBEST Investment & Securities. Please go ahead with your questions. 질문 기회 감사드립니다. 신년 축하드리고요. 저는 신작 일정에 대한 부가 질문 두 가지 드리겠습니다. 첫 번째는 하반기 일정 중에 원래 Lineage W 이번 역은 3분기로 알고 있었고, TL 글로벌은 4분기로 알고 있었는데, 방금 말씀하실 때 Lineage W 이번 역과 TL 글로벌을 모두 다 4분기로 말씀하셨고요. 그리고 Blade & Soul 2 아시아는 굳이 분기로 이야기하지 않으시고 하반기라고 말씀하셨는데, 혹시 Blade & Soul 2, Blade & Soul S까지, Blade & Soul S, Blade & Soul, Blade & Soul 2 아시아까지 만약에 4분기면 하반기 중에 3분기는 일정이 없고 4분기에 이 세 가지 일정이 집중되는 것인지요? 좀 더 구체적으로 세분해서 말씀해 주시면 감사하겠고요. 두 번째는 지난번 티징 영상 공개한 다섯 개 중에 TL하고 Blade & Soul S 외에 Project E, Project R, Project M에 대한 일정도 가능하시면 조금 구체적으로 말씀해 주시면 감사하겠습니다. 이상입니다. So thank you for the opportunity to ask questions, and congratulations on a very strong quarter. There are two questions that I would like to ask you about your new game launches. When you mentioned the schedule for the second half, I think that initially we thought that for Lineage W and the second round of regions, that would take place in the third quarter, and then the global launch of TL would take place in the fourth quarter. However, when you mentioned your schedule, you said that for Lineage W second round and for TL, it's all fourth quarter's business. You also mentioned that Blade & Soul 2 Asia will be coming in the second half. If second half does mean the fourth quarter, then should we take this to mean that the overall third quarter would be void of any new game launches, and then there would be a concentration taking place in the fourth quarter across these three games? If you could elaborate a bit more about that would be appreciated. In addition to that, if you look at the five teasers that you have shared before, you know, setting aside TL and also Blade & Soul 2, I think that you also have Project E, Project R, and Project M. Would it be possible to maybe elaborate a bit more about these three titles? For Lineage W, the second round of regions, I think that we did try to be a bit conservative in sharing the schedule with you. As a result of that, what I can say is that as you are aware, you know, what is most important with this game is to understand the user characteristics of the addressable audience that we are going to cater to with the second region launches. In terms of the content and the BM, that would actually appeal to such users. This is a discussion that we are having. In addition, we are also going to include NFT into the service in itself. This is something that we did mention before. I do think that at the same time, what we told you before and what is still valid now is that when we are including NFT, we are trying to think of an approach that would minimize the impact on the existing economic systems that we have for our existing games, as much as possible. Added to that, as you are aware, if you look at the games within the market or the existing games that do use NFT, whether they have coins or whether they apply blockchains or have a crypto aspect to them, I think that there is volatility within the performance that we see. As a result, we think that rather just going out in the third quarter and having users face a maybe unexpected situation, what we want to do is have a very thorough and full review of the overall situation and also their business model. That's why I tried to keep some buffer when I was talking about the second half. It was not to say that the company is intentionally trying to push back a launch. 저희가 일단 구체적인 timeline을 제가 내부적으로 가지고 있는 거를 다 말씀을 드릴 순 없지만, 일단 아까 말씀하신 그 게임 중에 하반기에 공개될 미공개 신작이 두 종이 있습니다. 그 하반기에 공개될 미공개 신작 두 종은 내년에 확실히 출시를 하려고 하고 있고요. 말씀하신 이제 Project R도 기본적으로 저희가 올 연말에 준비를 해서 2023년 저희가 출시를 하려고 하고 있고요. 그거는 제가 분기를 특정할 수 없는 점은 좀 이해를 부탁드립니다. 저희가 아까 말씀드렸다시피 Open R&D라는 걸 도입해 가지고, 저희가 이 실적 발표를 통하지 않고 저희 개발팀이 직접 시장에 개발 과정과 그 timeline을 발표하는 지금 회사의 그 정책을 실행하고 있기 때문에 아마 중간중간에 계속 저희가 말씀을 드릴 거라고 생각을 합니다. 그리고 그 IM 저희가 발표한 그때 자료 중에 Interactive Movie, 그 어떤 새로운 게임 장르인데요. IM 같은 거하고 그다음에 Project E, 저희 TL과 세계관을 같이 하고 있는 그 Project E, 이런 거에 대해서도 아까 말씀드린 것처럼 개발팀이 개별적으로 제가 Open R&D를 통해서 설명을 드리도록 하겠습니다. As mentioned, up until 2023, there are seven titles that we are planning. However, as you are probably expecting and as you are aware, it would be difficult for us to share our internal targets in terms of specific timelines with you as of this point. What I can say is that in the second half of the year, there will be two undisclosed new titles that we will be sharing with you that are targeting next year. In addition, for Project R, which was one of the games that you mentioned, this is something that we are preparing by the end of the year for a launch in 2023. Unfortunately, I won't be able to specify a specific quarter, but I think that in terms of communication, as mentioned before, the company does have an Open R&D policy. For various communication about the development process and also the timelines going forward, I think that rather than through the earnings conference call, we want to have the development team take the lead for the various announcements and communication. As a result of that, I do think that during the quarter and in the interim periods, there will be, you know, announcements and also communications made. Added to that, there's also interactive movies that will be a new genre that we will be engaging upon. There would be Project E, which shares the overall, you know, UNIVERSE with TL. Again, for this Project E, it would be the same. I think that the development team there will be leading the communication about more details about how that game will be taken forward. The following question will be presented by Kim Jin-gu from Kiwoom Securities. Please go ahead with your questions. 네, 질문 기회 감사드립니다. 두 가지 질문을 드릴 거고요. 일단 전체적인 질문은 신규 사업 쪽에 저는 포커스를 좀 맞추고 싶은데요. 첫 번째는 Metaverse 사업에 대한 질문입니다. 회사가 지금 Metaverse 사업을 바라보시는 시각하고 그다음에 중장기 전략이 있으면 말씀해 주시고요. 특히 게임과 UNIVERSE 사업을 포함해서 좀 언급을 해주시고요. 그리고 액션 플랜을 위해서 기술 솔루션 부분을 포함한 별도의 투자 계획이 있으시면 그 부분도 좀 말씀을 부탁드리도록 하겠습니다. 그리고 두 번째 질문은 회사가 AI 사업에도 관심이 많으신 걸로 알고 있는데, 최근의 성과하고 향후 방향성, 투자 계획이라든가, 그리고 게임과 콘텐츠 사업과 관련해서 기대하시는 시너지 효과가 있으시면 이 부분도 좀 강조해서 말씀을 부탁드리도록 하겠습니다. 감사합니다. Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you about new business areas. First is about Metaverse. This is an area in which I do know that you are planning to enter into. I do understand that there may be a mid- to long-term strategy involved with that. If you could elaborate a bit about that, including your angle by including games or maybe your Universe service. In addition to that, in the execution or action plan for Metaverse, is there any investment plans that you would have, for example, including any investments that would be made in technical solutions? The second question that I would like to ask you is about AI. I do know that the company is deeply interested in AI, so I would like to know what type of progress you have made in this area to date and also for the direction going forward. For example, with the various games and contents that you have, what type of synergies are you expecting to be able to enjoy from AI? Metaverse, this is an area that we continue to prepare. Of course, in terms of what we're operating right now, we do have Universe, and maybe Universe can be deemed to be one form of Metaverse, but it's not the Metaverse that we're contemplating. We look at what we are trying to do, it would be a much larger and broader concept. For the Metaverse strategy, it is to have games of course, but also to have non-game content within the overall platform. Added to that, I do think that there's a lot of progress that we have been making internally to this end. As a result, I do think that in the not too far future, we will have an opportunity to share more details and announce more details. Recently the company did register some trademarks, and I think that there have been many questions about whether this is related to our Metaverse initiative. The answer to that would be yes. What I can say is that we're looking at not only games to exist within this Metaverse, but also to be able to link NFT and crypto because of course, at the end of the day, having these all mashed together is something that is very important. As we say, you know, time and time again, for the crypto and NFT side, it would not be to have P2E. That's not the intention, and we're not to apply, you know, the existing P2E format. However, within the Metaverse, of course, our Universe that we have now could be one of the content. Added to that, we would also have game and non-game content all together. By having a wide variety of mix and also having you know various cohesion between all of these different contents, I think that from the user's point of view, what we want to have is a place that is really somewhere where people want to reside and stay. Creating that type of need and creating that type of attraction is what we're focused on. Again, I think that the company will have a separate opportunity to elaborate about this further. For AI, as you mentioned, this is an area in which we do have a long history and long interest. For AI being applied in the game production cycle, of course this is something that is already being done, and we're also exploring avenues through which we would apply AI in non-game related areas. For that, once we do have some results, I do think that would be something that we would be able to share with you. The next question will be presented by Cha Min-woo from Goldman Sachs Securities. Please go ahead with your questions. There are two questions that I would like to ask you. First is that I think that from our point of view, for the new games, that will be launched going forward or for the midterm forecasts, of course, from institutions like ourselves, we try to take our own view about the situation. However, for existing games like LM, which is the game that I would like to ask you about, I think that we do refer a lot on what the company says in terms of the momentum and what the view that the company holds on the way forward, is something that we will take in weight in terms of the forecasting. If you look back in the fourth quarter, I think that before that, when you were talking about LM, I think that the overall color that we read to be was that you were expecting a soft landing. I think that was something that you had tried to share with us. In actuality, if you look at what took place in the fourth quarter, there was a drop of 40% QoQ. If we look at the first quarter, I think that what was shared with us in terms of the view was that you did believe that the first quarter would be an extension of the fourth quarter momentum. However, if you look at first quarter actual, it was actually a drop of 30% QoQ. For games that are already within the market, I do think that, you know, it's not a situation in which the user traffic is very volatile. In terms of the top line performance, it's something that would be geared by the overall business model strategy that the company is implementing. As a result of that, the question that I would like to ask you is: Why is it difficult for the company to forecast for the near future for these games? What element makes it challenging? The second question that I would like to ask you is about TL. Needless to say, this is a very important game, new game for the company. If you look at the teaser, as mentioned before, I think that the engagement levels are very high. Within the Korean game industry, I think it was at the highest level that we have seen. If you look at the teasers released by other competitors, they released these teasers through the global game shows, and that is actually what made it viral and made it pick up. However, for the company and for the TL teaser, you actually did not do this, and still, you saw this huge engagement. Internally, how have you analyzed this phenomenon and what do you think the drivers were that actually drove that type of engagement? 이거는 제가 볼 때는 굉장히 좀 힘든 노력을 하신 것 같고요. 이제 이 분기도 1분기와 유사한 실적을 이렇게 계속 유지하실 수 있도록 당연히 우리 팀이 캠프가 노력을 하고 있는 걸로 알고 있습니다. 잘 아시다시피 이 기존 게임의 어떤 하향 안정화라는 게 항상 이렇게 저희가 노력한 대로 좋을 수도 있지만, 또 항상 그렇지 않을 수도 있기 때문에 그 점은 저희가 계속 노력 중이라는 거 말씀을 드리도록 하겠습니다. For LM, of course, it's not a situation in which we intentionally have been going up and down. What I can say is that I think that if we look at the first quarter, for the first quarter in itself, it is a result of, you know, very successful efforts from the Lineage M team in operating the game. Whether it be for existing users, whether it be for the re-users that returned after being dormant, or whether it be for new users who have been coming into the game, all of these different types of users do have different types of needs, and I think that they have been able to successfully cater content that satisfies all of these different types of user profiles. In addition to that, for the more older contents or more dated contents that we had, there were improvements that were made. The overall user convenience areas also were improved. I think that it was really a customer centric concerted effort made by the team that was able to create the overall revenue rebound that we have seen. I do think that, you know, it's a result of a very difficult and challenging efforts that were made by the team. If we forecast the second quarter, I think that the momentum that we have created in the first quarter, the team will be focusing on trying to maintain that into the second quarter. I think that, you know, for existing games, the overall moderation and also, stabilization of revenue is a trend that takes place. You know, there are efforts that are made to try to offset that as much as possible. TL에 말씀 주셨는데요. 아까도 제가 말씀을 드렸다시피 MMORPG에 대한 서구권에서의 관심은 충분히 있다고 생각합니다, 저희는. 과거에도 여러 가지 Aion, L2 이런 PC 게임에서 경험했던 고객들이 많고, 최근에 Lost Ark 같은 경우도 통해서 MMO에 대한 저변이 있고 또 넓어질 수도 있다고 생각하는데요. 제일 중요한 점은 그 전에 제일 그랬던 pay to win에 대한 거부감, 그게 한국 MMORPG 게임의 해외에서의 성장을 저해하는 요인이 아니었나 생각합니다. 그래서 저희가 처음부터 TL은 기존의 MMORPG와 다르다는 거를 충분히 communicate 했고, 또 teaser 자체 trailer 자체의 달라진 content 측면, 이런 거가 잘 반영이 되지 않았나 생각을 합니다. 결국은 아까 말씀드린 것처럼 여러 우려를 결국은 저희가 그 실적, 그 론치 이후의 성과로 저희가 보여드려야 되는 거기 때문에, 시장에서 우려하시는 거를 저희가 최대한도로 우려를 긍정으로 바꿀 수 있도록 온 그 회사 전체가 노력을 경주하고 있습니다. 그래서 그 점이 좀 잘 될 수 있도록 앞으로 저희가 모든 R&D에서 계속 또 feedback을 시장에 구할 테니까요. 거기에 대해서 좀 아주 좋은 말씀이나 feedback을 주시면 저희 project 캠프가 충분히 반영하리라고 생각을 합니다. To talk about your second question, which was about the teaser for TL. I think that for MMORPG, within, you know, the Western hemisphere, that we have seen a lot of interest. Even in the past, you know, interest did exist. So if we look at the experience that we had with Aion or with Lineage II, though it was on a PC platform basis, we did have a sizable, you know, user base then. Also if you look at the more recent developments taking place, through the example of Lost Ark, I think that there is a potential very broad, user base that can be tapped into. However, I think that one thing that has been hindering maybe the potential and the leverage of such was the fact that there was a pay to win element coming from the Korean games. That actually hindered the growth that we were able to achieve overseas. That's why for TL from the start, very clearly, we have been communicating that it would be very different from the MMORPGs in the past. I think that that is something that did contribute. At the same time, in the trailer in itself, I think that people had an opportunity to actually see what the contents, how different they are. As a result of that, at the end of the day, I think that what we need to do is, you know, try to, though there are concerns within the market, you know, show what we can do through our performance. For the concerns that people may have, to try to address them as much as possible and change and create more positivity is something that we wanna do. I think that this is an area in which, from all sectors within the company and from all areas within the company, we are exerting our best efforts to try to do that. Again, you know, the company does have an Open R&D policy, so we will be looking for feedback from the market. I think that, you know, the project team in that process will be taking your comments and reflecting them into the overall development process. The last question will be provided by Kim Dong Jun from CLSA. Please go ahead with your questions. Thank you for the opportunity to ask a question. The question that I would like to say is that if you look at the Google Play ranking of the games that you have across April to May, for example, for Lineage M, I think that it's been ranking number one and keeping that spot, for some time, and then for Lineage W, it went down to maybe number four. However, if you look at the first quarter and in terms of the average daily revenue, it seems to be that there is a significant gap, between Lineage W and Lineage M. For Lineage M, I think that the rebound started at the end of March, so maybe that is something that is continuing into April and May. From the comments that you made previously, I think that for the Lineage mobile games, what you said as a general sentiment would be that there would be a moderation in the overall revenue numbers and that what you're trying to do is that for LM. I think that for LW in actuality, we do see that taking place. As a result, I think that what the company is getting at is that you're trying to create a soft landing for that. If that is so, if you could talk about the overall, you know, trends that you see for April and also May. In addition to that, I think that there's the element that may not be being reflected in the Korean, you know, game rankings, which would be the overseas performance. In terms of the percentage of overseas revenue and also, the overseas performance in general, is it very stable? How much does it account for? If we look at the trends in the fourth quarter of last year and the first quarter of this year, what would that represent? Maybe if you could talk about all of that, it would help us understand this better. I think that, you know, it's good to see that there's a lot of discussion around LM, Lineage M. If we look at the trends of revenue up until, you know, today, I think that we do see the very good performance being continued that we saw in the first quarter to the current time. Again, I think that as mentioned before from the project team or from the game team that there is continuous efforts that are being made and that has been leading to the current situation. For Lineage W, it was not my intention to say that there would be a steep decline in the overall situation. It's more that I think that in the first quarter, I personally did think that there were things that we could have done that may take place in the second quarter. I think that all in all, as mentioned before, what we are expecting would be that as we have seen in other titles, a very gradual, soft landing. I think that would be, you know, the best way to say it and to create that, you know, very gradual soft landing would be what we're trying to do. These types of games are not something that we're doing for the first time. We do have accumulated experience. To talk about the point that you made about overseas, of course, Taiwan is very a strong market for the game. Also, if you look at the contribution, it does account for a significant portion for LW. For LW, you know, it has continued to rank number one in Taiwan since launch. As LW is launched in the second round of regions, you know, we're not going to try to do everything at once, but I think that in a very gradual basis, we are going to try to create again a very good sound landing for both LW and TL. I think that what we're trying to achieve here would be you know a real solid first breakthrough within these markets. Again, I would like to thank everyone for participating in today's call, and I do think that, you know, going forward, we will try to do our best for the plans that we have set out. Once again, thank you.