Greetings. I am Dong Hwan Kim, Head of Finance Planning at Netmarble. I thank the investors and analysts for taking the time off of your busy schedule to attend Netmarble's twenty twenty four fourth quarter and annual earnings conference call. On the site with us are CEOs, Yongsi Kwan and Pyong Kyo Kim and CFO, Kyung Do. We will address any questions that may arise during the call after the main presentation. Please note that the contents of the earnings report have yet to undergo an independent auditors review and could be subject to changes with the audit results. And with this, CFO, Kyub Dou will present the annual earnings. Greetings. My name is Kyuk Do, and I will present overall 2024 annual earnings. Please refer to Page two. Annual revenue for year 2024 was KRW 2,663,800,000,000.0, up 6.5% year over year. EBITDA was KRW 370,000,000,000, up KRW 216,500,000,000.0 year over year. EBITDA margin rate marked 13.9% plus 9.2 percentage points Y o Y as a result of higher revenue and cost saving efforts. The following page summarizes our Q4 financial results. Q4 revenues increased quarter over quarter by 0.3% due to seasonal boost in sales of overseas subsidiaries, marking KRW649.0 billion, which is down 2.5% year over year. EBITDA marked KRW 73,400,000,000.0, down 28.6% quarter over quarter and up 19.3% year over year due to higher marketing expenses. EBITDA margin rate marked 11.3%. Next page, we are looking at operating income and net income. Q4 operating income recorded KRW 35,200,000,000.0 and net loss of KRW 166,700,000,000.0. Controlling shareholders' net loss marked KRW 162,700,000,000.0. Net loss in Q4 was due to the recording of impairment of intangible assets. Next page, we're looking at game portfolios. At Q4 end, we're seeing a diversified portfolio of game titles, evenly generating revenue with Marvel Contest of Champions, marking 13% of the total revenue, followed by Jackpot World, 8% Lots of Slot 8% Cash Frenzy 7% Solo Leveling Arise 6% Raven 25% and Seven Deadly Sins Grand Cross 5%. Next is revenue ratio by Jio and Genre. Q4 regional breakdown of revenue contribution was 46% in North America, 17 Percent in Korea, Fifteen Percent in Europe, 9 Percent in Southeast Asia, 6 Percent in Japan and other regions 7%. Overseas revenue share marked 83% plus six percentage points quarter over quarter. Revenue contribution breakdown by genre consists of casual gains 40%, RPG 39%, MMORPG 13 and others 8%. Next is on major cost structure. Q4 operating expenses was KRW 613,800,000,000.0, up 5.5% QoQ and down 5.1% year over year. Commissions increased by 3% QoQ at KRW 231,600,000,000.0, 8 point 6 percent lower than the previous year, largely due to increase in sales of licensed IP title. Personnel expense marked KRW 178,700,000,000.0, down 0.2% Q on Q and down 2.2% Y o Y due to lower headcount. Marketing expenses marked KRW120.5 billion, up 15.2% Q o Q and down 5.6% Y o Y due to new launches in Q4. Next, I would like to announce our new game cut pipeline. Netmarble plans to launch nine new titles starting from RF Online Next, followed by Game of Thrones: Kings Road and Seven Deadly Sins Origin. In previous year, Netmarble was able to make a meaningful turnaround through launching new selected titles and driving success, while continuously making efforts to improve our financials. Netmarble will take a new leap in the year 2025 through launching a variety of competitive titles on multi platforms. We ask for your continued support and interest in Netmarble as we continue to strive our best in the remaining year ahead. This concludes our earnings presentation. Should you have any questions, we would be happy to address them now. Thank you. Now Q and A session will begin. The first question will be provided by Kim Jun Hyun from HSBC. Please go ahead with your question. I have two parts to my question. My first question is, what are the main focuses for the game development strategies for Netmarble? I understand that there are many MMORPGs within Korea. Is Net Mobile does Net Mobile have plans to expand within the Korean market? Or do you have other strategies? My second part to my question is, I believe that we have you have announced nine new titles. Among the nine new titles, what is the one title that you have the most highest expectations on? Thank you for your questions. This is Theo Kwan addressing your first question on our game strategies. I believe that you are asking this question because three of the nine titles that we have announced as new launches in 2025 are of the genre MMORPG. However, as we explained, our main development strategy has not changed, and it remains as genre diversification and platform diversification as well as expansion in the global market. We plan to remain retain our development strategy as it is, and we look for your continued support. As for the second part of your question on which game out of the nine new titles has we have the highest anticipation on. I would like to say that we have our most our highest anticipation towards all of our nine projects, and we will do our best to work relentlessly to concentrate on bringing the success of all of these titles. Next question please. The following question will be presented by Dan Kim from Morgan Stanley. Please go ahead with your question. Thank you for the opportunity to speak. I have just one question. I believe that there were some expenses in the non operating side of KRW216 billion. Could you explain what impairment of intangible asset this was? And what is the size of this asset? I believe that there was some effects due to the foreign exchange rate. Does this also have effects on operating side? Is the CFO though addressing your question? Thank you for your question. I would like to explain that the majority of the impairments of intangible assets is related to spinnex. So spinnex has already done performed three impairments three years in a row. And based on the projections right now, we believe that there will not be any large scale impairments in the future. In terms of on your questions on liabilities, so because we have already converted everything to Korean won converted all the liabilities to Korean won, there will be we do not expect any risk due to the exchange rate. Next question please. The following question will be presented by Kang Sago from Sinan Investment Securities. Please go ahead with your question. Thank you for the opportunity to speak. There are three parts to my question. My first question is with the reduction of app commissions. I believe that products like titles like Raven two and Arthur Chronicles last year, they have been you've also moved on to the PC platform. I'd like to know whether the number of users on PC platform is also being maintained and also if there is any change in user behaviors on PC. My second question is, I believe that the personnel expenses have been controlled severely in the past year. We'd like to I'd like to know whether there is any increase in the cost this year and what plans you have in terms of costs. My third question and my last question is regarding the dividends. Is there any change in Netmarble's return to shareholders policy? And do you have other financial activity plans such as M and A and returning back to the shareholders this year? This is CEO Kwan addressing your first question. So as you have mentioned already, starting from year 2024, commissions to for apps have decreased and the ratio of app commissions have also decreased. Also because we are launching games not only on mobile, but also on PC simultaneously and we are remaining our strategies this way, we believe that there will be some cost saving effects this year. This is again Theo Kwan addressing your second question on personnel costs and marketing costs. So we cannot say that we have controlled our personnel costs to a strong degree last year. We have to say that the number of headcounts increased after COVID has came down to a level that is more sustainable. And so it's been a reflective a reflection of the headcount reduction natural reduction after COVID. And we plan to remain this number of personnel within this year as well. In terms of marketing expenses, we must say that ever since we began ROAS marketing starting from 2024, the marketing costs have been well controlled. However, I must note that the marketing costs may also is also subject to increase due to new launches in new launches this year, and we plan on running our marketing marketing as effectively and efficiently as possible this year. This is DFO addressing your final question on our dividend plans and also plans for M and A. In terms of our dividend policy, we have decided on the amount of dividend within our existing policy, and we do not have any specific plans to change our existing policy as of now. And if we do have any plans to change, we'll be addressing this separately. In terms of M and A, we do not have a specific target at this point of time. However, we must say that if there are any opportunities in the market, we are open to review possible M and A. But currently, we do not have any specific plans at hand. Next question please. The following question will be presented by Yee Zun Ho from Hana Securities. Please go ahead with your question. For the opportunity to speak, I have two questions. The first one is amongst your lineup for the second half of the year, there is a game, Seven Deadly Sins Origin, which is an open world based subculture game. I'd like to know what differentiates this game amongst all of the other subculture open world games? My second question is, you have you also have plans to launch solo leveling Arise on Steam this year. We'd like to know if this game will be this game on Steam would be operated on a separate build from the one that is operating now and also on Steam if this is a different build. This is Theo Kwan addressing your first question on seven Deadly Sins Origin. So the main differentiated point for our game seven Deadly Sins Origin as an open world subculture game is our interpretation of IP. Our plan is basically to interpret this game this IP well so that it fits into the open world theme and to be able to really incorporate all of the contents within the game. I believe that not many companies, including ourselves, have experience with this specific genre. Therefore, we are placing in a lot of efforts and as well as personnel into this game in order to be able to provide the players with sufficient content that makes the players be able to engage in the game more and to have fun within the game. In the end, we do want users to be able to play this game for in a long term. This is Theo Kwan again addressing your second question on Solo: Gathering Arise. The Steam build for this game is basically the same genre, but just a different build from the mobile one. We are targeting the Steam users with differentiated content and an improved VM that fits the users on Steam. Next question please. Currently, there are no participants with questions. The following question will be presented by Dan Kim from Morgan Stanley. Please go ahead with your question. Thank you for the opportunity to speak. I have two questions. My first question is, do you have any content updates for the increase in revenue in the first half of twenty twenty four for the game, solar leveling arise. My second question is, you have explained you have shared that commissions have increased due to the increase of sales of external IPs. Is this mainly due to solar leveling arise? And I'd also like to know whether this commission comes in every does it affect every quarter or does it come in every year? This is Siew Kwan addressing your first question on solo leveling. Ever since the large scale updates and the improvement of user experience in last December, I'd say that all of the KPI is right now rising, particularly amongst the global users and global active users. The DAU has recovered to a point in point that is seven months back and also revenue is at a recovering state. Most of this recovery is centered around global users. This is Seo Kwon addressing your second question on increase in commissions. The increase in IP commissions, IP royalty fee in the fourth quarter is primarily due to Marvel Contest of Champion sales in December and seasonal sales of Marvel Contest and Champions. And basically, for commission, this is primarily affected by the revenue and sales of a particular game in that quarter. And I hope this answers the questions that you have. Next question please. The following question will be presented by Boonjun Gi from Barring Asset Management. Please go ahead with your question. Thank you for the opportunity to speak. I have just one question. So I'd like to know about the size of impairment due to intangible assets this quarter And also in terms of Spinex's PPA amortization, I believe that the cost is around KRW 2,500,000,000.0 every quarter. Is this also affected incorporated into this quarter as well? Thank you for your question. This is Theo Do addressing your question. As I have explained previously, the majority of the impairment of intangible assets is due to Spinix and partly from due to partly from Kadam. And the total size of impairment is KRW $260,000,000,000. And this is also offset by gains of disposal of Hyatt shares. Also in terms of amortization, yes, the amount is also impacted the PPA amortization of SPINX has also impacted the quarter impairment. But I have to say that if there is a reduction of impairments, then this will also reduce reduced the amortization as well. And so in 2024, the we are expecting that the amortization fee will also decrease. Next question please. Currently, there are no participants with questions. This concludes twenty twenty four Q4 and Agile Netmarble earnings conference call. Thank you for your attendance. And should you have any additional questions, please do not hesitate to contact the Netmarble IL team.