Good afternoon. I'm Claire Lee from KRAFTON's IR team. We're grateful to analysts and investors, both domestic and from overseas for joining us today, 2022 earnings conference call. Please note that today's earnings presentation is K-IFRS consolidated estimates, and hence business and financial information are subject to change following the independent auditor's review. Also, forward-looking estimates are based on assumptions, and actual results may differ from figures included in today's presentation. With that, I will invite our Chief Financial Officer, Dong-Keun Bae to provide business and financial highlights. Good afternoon. This is Chief Financial Officer Dong-Keun Bae of KRAFTON. Outdoor activities that were halted with COVID saw earnest recovery in Q3 2022, and KRAFTON, a global gaming company, was faced with changing business conditions. With post-COVID reopening, the global gaming market that has seen years of expansion, saw an overall market size decrease. From a macro perspective, the environment has become more challenging. However, with platform, service, and region-tailored strategies to meet the expectations of gamers, KRAFTON was able to record a stable quarterly result in the new given environment. I believe the game industry will face a new chapter. In the past years, an important driver of game industry growth was bringing PC and console-tested games to the mobile platform. Going forward, the mobile platform, just like other platforms, will have to approach the gamers with new game ability and content. We look forward to the day that our competitiveness that comes from the pursuit of original creative and new game ability over multi-platforms be recognized in the market. Throughout all the platforms, including the PC, console, and mobile, KRAFTON has provided fundamental value centering on the user and focused on new game ability. We believe continued creation of original creative is the way to cement our position as a global top tier game company. I sincerely thank investors and analysts who constantly support our challenges and worthy attempts, and all the staff and management of KRAFTON and independent studios. Now, I will brief you on our major business results. First, on the PC business, our PC revenue in Q3, with the growth of PUBG PC, grew 48% QOQ at KRW 131.1 billion. This is the largest quarterly revenue in three years. PUBG PC traffic remains solid after transition to free-to-play, and acquisition of new players continue. The Deston map that was introduced in Q3 is receiving enthusiastic response in the western market, especially from the North American market, leading to traffic increase from the region. The company is seeing inflow of new users from diverse regions after the transition, and we will increase map launches and event content that will resonate with users in different regions. In our last earning session, we briefed you on the popularity of the workshop content that was introduced in July. Time-limited seasonal shop in September introduced McLaren supercar collaboration on the PC platform for the first time, leading to very enthusiastic responses. PUBG PC is ranked as the number one weekly top seller game for 17 consecutive weeks since July 12th on the Steam platform with only in-game sales. Q4 is a low season, so the company is executing strategies for a large winter concept update that could enhance user, also increase contact with gamers both in offline and online spaces. I believe that you are well aware of the fact that there are only a few titles eligible for esports. PUBG Esports is a content that could be enjoyed by the fans and the one that encourages communication. It is positively influencing user return. On the invitation from the Dubai government, KRAFTON is hosting the PUBG Global Championship. 32 teams from around the globe have participated all offline. It is the first PUBG PC esports to take place in the Middle East and expected to present MENA region and global PUBG fans a new esports experience. As is proven with results after the transition to free play, with a leveled up live service and attractive content, PUBG PC service is expected to continue growth. Uh, Now to our mobile business. Mobile revenue decreased 12% QOQ and 26% YOY at KRW 282.4 billion. The revenue decrease with Indian BGMI service halt is the more regrettable. Mobile revenue in Q3 recorded a similar level to Q3 2020, when the pandemic had already spread. The influence from reopening was relatively greater in Korea and in Japan, but the other regions showed similar traffic levels compared to the previous quarter. Paying users and ARPU all showed growth and still holds a favorable position to other battle royale genre games. The game in-game concert of Blackpink in July and September's introduction of new map Nusa with strength in short play time led to traffic enhancement and high value product skin increased revenue growth. PUBG Mobile will increase users with entry-level phones in new emerging markets through lightweighting of builds. With map content for different regions will continue increasing traffic. For paid content, the company hopes to focus on content that will get the attention of game users, and with new in-house sports car skin and collaboration with world-class football stars such as Messi and premium super cars. 또한 중단된 BGMI 서비스 재개를 위해 현재 다각도로 노력하고 있으며, 인도 게임 시장의 발전을 위한 기여 투자를 계속해 가고 있습니다. To restart the BGMI service, the company is making efforts in diverse ways and continues to contribute and invest for the development of the Indian game market. 이어서 콘솔 부분에 대해 설명드리겠습니다. 크래프톤은 TERA, PUBG에 이어 Unknown Worlds의 Subnautica까지 지난 17년 이래 한국 게임사 중 가장 많은 콘솔 게임을 서비스하고 있습니다. 이번 3분기 콘솔 부분 매출은 전 분기 대비 22%, 전년 동기 대비 134% 성장한 ₩117억을 기록하였는데요. Subnautica 시리즈의 안정적 매출과 PUBG: Deston Map과 Pass가 콘솔 유저층에서 좋은 반응을 얻으며 성장을 견인했습니다. 참고로 3분기 현재 크래프톤의 PC 콘솔 매출의 합산 비중은 33%에 달합니다. 아직까지는 콘솔 매출 규모가 크지 않으나 향후 이 비중은 크게 늘어날 것으로 예상합니다. Now on to our console business. KRAFTON is servicing the most number of console titles since 2017, including TERA, PUBG, and Unknown Worlds' Subnautica. Console revenue in Q3 grew 22% QOQ and 134% YOY at KRW 11.7 billion. Stable revenue of Subnautica and PUBG's Deston Map and Pass received good response from the console users, leading growth. For your reference, the combined PC and console revenue accounts for 33% in Q3. Console revenue is not big now, but is expected to grow huge in the future. 오는 12월 2일 출시를 앞두고 있는 The Callisto Protocol은 지난 10월 초 개발 완성도에 대해 이미 검증을 마친 상태이며, 글로벌 게임 시장, 특히 미국과 유럽 지역에서 높은 기대를 받고 있습니다. 지난 10월 진행된 전세계 150개 매체 대상 미디어 프리뷰에서도 플레이 내내 생생히 느껴지는 긴박함과 긴장감이 굉장히 신선했다는 반응이 많았습니다. 또한 깊이 있는 근접, 원거리 전투 방식에 대해서도 호평이 많았던 만큼, 서바이벌 호러 장르의 진화를 주도하며 액션 호러, 나아가 액션 어드벤처 게임 유저층에도 신선한 재미를 전달하고자 합니다. 다가오는 지스타에서도 부스 시연이 가능한 만큼 많은 분들의 관심을 부탁드립니다. Callisto Protocol is to be launched in December 2nd. The development completeness has been verified in October. There is much anticipation for the game from our global audience, especially the game markets in the US and Europe. A media preview took place last October with the presence of 150 press. The general feedback on the play was that it is very fresh and new, lively with high tension level and excitement. In-depth close and remote combats were well received too. The company wishes to lead the evolution of the survival horror genre and deliver fresh fun to the action horror and also action adventure game users as well. Booth demonstration is possible in the upcoming G-Star event, so I look forward to your interest. 크래프톤은 The Callisto Protocol 이외에도 PUBG: Black Budget, Project Rome, Subnautica 2 등 다양한 장르의 신작들을 PC와 콘솔로 개발하고 있습니다. 크래프톤은 앞으로도 Triple-A PC 및 콘솔 타이틀 개발을 지속적으로 추진하여 경쟁 우위를 확대해 나갈 계획입니다. Aside from The Callisto Protocol, the company is working on many new titles in different genres for the PC and console platform, including PUBG: Black Budget, Project Rome, and Subnautica 2. KRAFTON is going to enhance their competitive edge with continued Triple-A PC and console title development. 크래프톤은 지역별 개발 역량 확보와 IP 확장 역시 계속해 나가고 있습니다. 북미 지역에서는 지난 2019년 Striking Distance Studios를 설립, 2021년에는 Unknown Worlds 인수에 이어서 현재 Project Windless의 개발을 위해 캐나다에 새로운 스튜디오 설립을 추진 중에 있습니다. Project Windless의 개발을 담당할 글로벌 개발 인력 또한 이미 영입하였습니다. 올해 초부터는 유럽 지역에서도 스튜디오 지분 투자를 통해 영향력을 넓혀 왔습니다. 지난 3월에는 폴란드에 위치한 Covenant.dev에 투자를 집행하여 슈팅 장르 신작의 퍼블리싱 우선권을 확보하였고, 9월에는 스웨덴 소재 Neon Giant를 인수하였습니다. We also continue to secure regional development capabilities and IP expansion. In North America, we established Striking Distance Studios in 2019 and acquired Unknown Worlds in 2021. We are working on a new studio formation in Canada to work on the development of Project Windless. Global developers to work on the project has already been recruited. We have been expanding our presence in Europe as well, with equity investment in the region studios. The company executed our investment in March to Covenant.dev in Poland, securing publishing rights to new shooting genre new titles, and acquired Neon Giant in Sweden in September. Neon Giant가 작년 출시한 PC 콘솔 게임 The Ascent는 다수의 매체에서 게임상 후보에 오르며 게임성을 인정받은 게임입니다. 글로벌 메이저 게임사에서 Triple-A 게임 제작을 해온 역량 높은 개발진으로 구성된 Neon Giant는 현재 오픈월드 FPS 장르의 차기작을 개발 중에 있습니다. 이외에도 크래프톤 내부 신작 개발 승인 과정을 통과한 액션 어드벤처 신작이 유럽과 한국 지역에서 PC 콘솔 버전으로 개발될 예정입니다. The Ascent, a PC console game released by Neon Giant, was recognized for its gameplay with nominations to game awards by various media. The talent there has worked on development of Triple-A titles in global majors. These talents are currently working on their next release in the open world FPS genre. New action-adventure titles that have passed our internal new development approval process will be developed for the PC and console platform in Europe. 크래프톤은 현재 플랫폼, 지역, 신작 IP의 확장기에 있습니다. 글로벌 IP를 만들어내기 위해서는 끊임없는 도전과 시도가 필요하다고 생각합니다. 이를 위해 크래프톤은 세계 여러 지역의 글로벌 개발진과 함께 새로운 IP를 창작하기 위한 속도를 높여가는 중이며, 크래프톤의 차별화된 정체성과 글로벌 경쟁력을 바탕으로 글로벌 IP를 확장해 나가고자 합니다. KRAFTON is in an expansion phase for platforms, regions, and new IPs. Ceaseless challenges and attempts must take place to create a global IP. To this end, KRAFTON is accelerating speeds together with global developers across diverse regions. With our differentiated identity and global competitiveness, we hope to expand our global IP. 다음으로 2022년 3분기 재무실적에 대한 설명을 드리겠습니다. Now on to our financial results for Q3 2022. 3분기 연결 매출액은 4,338억원으로 전분기 대비 2% 성장, 전년 동기 대비 17% 감소하였습니다. Q3 consolidated revenues stood at KRW 433.8 billion. This is a growth by 2% on a QOQ basis, and a decrease by 17% on a YOY basis. 이어서 3분기 연결 영업비용은 전분기 대비 321억 증가, 전년 동기 대비 332억원 감소한 2,935억원을 기록하였습니다. Now on to our OP. On a consolidated basis, our third quarter OP recorded KRW 293.5 billion, which is an increase by KRW 32.1 billion QOQ basis, and a decrease by KRW 33.2 billion on a YOY basis. 인건비의 경우 사업의 성장에 따른 인원 증가 영향으로 전분기 대비 52억 증가한 1,021억원을 기록하였습니다. 전년 동기 대비로는 213억원이 증가하였습니다. Now on to our labor costs. With our business growth, there have been an increase in our headcount. Compared to the previous quarter, it has seen a rise by KRW 5.2 billion at KRW 102.1 billion. Over the previous year, it was an increase by KRW 21.3 billion. 앱 수수료 매출액 항목은 전분기 대비 23억원, 전년 동기 대비 119억원 감소한 478억원을 기록하였는데, 이는 저희가 직접 퍼블리싱을 하고 있는 인도 BGMI 서비스 중단에 주로 기인합니다. 지급 수수료 비용은 12월 출시를 앞둔 칼리스토 프로토콜의 런칭 준비가 본격화되면서 신작 준비와 관련된 외주 비용 등의 증가로 전분기 대비 38억원, 전년 동기 대비 155억원 증가한 855억원을 기록하였습니다. Now on to our app commissions and cost of sales. Well, this item has seen a decrease by KRW 2.3 billion on a QOQ basis, and then on a YOY basis, it was a decrease of KRW 11.9 billion at KRW 47.8 billion. It's mainly due to the service halt of BGMI for which we do direct publishing. Now on the commissions paid. With earnest preparation for a The Callisto Protocol launch in December, there had been increase in our outsourcing costs. Compared to the previous quarter, it has seen a rise by KRW 3.8 billion and KRW 15.5 billion increase compared to the previous year at KRW 85.5 billion. 광고 선전비는 마케팅 활동 확대로 전분기 대비 84억원 증가하였으며, 전년 동기 대비로는 7억원 감소한 197억원을 기록하였습니다. 주식 보상 비용의 경우 전분기에는 환입이 발생했으나, 3분기에는 78억원을 기간 안분에 따라 인식하였으며, 상장 직후 주식 기준 보상 적용에 따른 일회성 비용 인식이 있었던 전년 동기 대비로는 628억원 감소하였습니다. Now to our advertisement expenses. Due to more marketing activities, it has seen a rise by KRW 8.4 billion over the previous quarter. On a YOY basis, it was a decrease by KRW 0.7 billion at KRW 19.7 billion. As for share-based compensation expenses, there was a reversal in the previous quarter, but in the third quarter, there had been a proportionate recognition amounting to KRW 7.8 billion. Right after the listing, there was a one-off expense recognition according to the share-based compensation scheme. Compared to the previous year, we have seen a decrease by KRW 62.8 billion. 결과적으로 3분기 영업이익은 전분기 대비 14%, 전년 동기 대비 28% 감소한 1,403억원을 기록하였으며, 3분기 영업이익률은 32%입니다. 한편, 주식 보상 비용을 반영한 조정 EBITDA는 1,709억원, 조정 EBITDA 이익률은 39%를 기록하였습니다. In conclusion, our operating profit for Q3 has seen a change by 14% on a QOQ basis. On a YOY basis, it has seen a decrease by 28% at KRW 140.3 billion. The third quarter operating margin rate stands at 32%. As for adjusted EBITDA reflecting share-based compensation expenses, it has recorded a number of KRW 170.9 billion, and the adjusted EBIT of profit rate stands at 39%. 이어서 영업외 손익에 대해 말씀드리겠습니다. 기타 손익과 금융 손익을 포함하는 영업외 손익은 달러 강세로 인한 외환 관련 이익이 증가하며 1,691억 원을 기록하였습니다. 마지막으로 3분기 연결당기순이익은 영업외 손익 성장으로 인해 전분기 대비 325억 증가, 전년 동기 대비 481억 증가한 2,264억 원을 기록하였으며, 당기순이익률은 62%입니다. Now on our non-operating profit and loss. Well, the non-operating numbers include other, losses and income and also financial losses and income. Due to the stronger dollar, we've seen a gain in our foreign currency related profits, and thus our number recorded KRW 159.1 billion. Lastly, to our net profit numbers. On a consolidated basis in Q3, our net profit has recorded KRW 226.4 billion. It has seen on a Q-over-Q basis, a rise of KRW 32.5 billion, thanks to the increase in our non-operating numbers. Compared to the previous year, it was an increase by KRW 48.1 billion. The net profit rate stood at 52%. 이상으로 2022년 3분기 실적에 대한 설명을 마치고 질의응답 시간을 갖도록 하겠습니다. 질문이 있으신 분은 말씀 부탁드립니다. This concludes our results presentation for Q3 2022. Now we will be entertaining your questions. 그럼 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 일 번을 눌러주시기 바랍니다. 별표와 일 번을 누르신 순서대로 발언 기회를 드리겠습니다. 질문을 취소하시려면 별표와 이 번을 눌러주시면 됩니다. 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. 처음으로 질문해 주실 분은 키움증권의 김진구 님입니다. The first question will be provided by Kim Jin-gu from Kiwoom Securities. Please go ahead with your question. 네, 질문 기회 감사합니다. 간단한 두 가지 질문을 좀 드릴까 하고요. 첫 번째는 칼리스토 프로토콜에 대한 예약 판매 현황에 대해서 좀 말씀 부탁드리겠고요. 두 번째 질문은 배틀그라운드 모바일과 관련된 인도 ban이 된 건인데, 이거 관련해서 그 이후의 변화사항, 그리고 사측이 기대하시는 정상화 시점은 언제로 보시는지 이런 거에 대해서 말씀 부탁드리도록 하겠습니다. 감사합니다. Yes, I have two questions. First is on your presales for Callisto Protocol. What was it like? This is my first question. My second question is related to BGMI ban. Could you please give us an update of what's happening on the ground and when do you think things will be back to normal? 첫 번째 칼리스토 예약 현황에 대해서 질문 주셨는데요. 실제로 저희가 이제 캠페인을 통해서 제품에 대한 인지, 그리고 이제 타겟 유저층과 같이 이제 기대치를 잘 쌓아가고 있습니다. 숫자가 궁금하실 수도 있는데, 숫자 자체는 저희가 지금 진행 중인 마케팅에 이제 영향을 줄 수 있기 때문에, 말씀드리기는 어렵고요. 다만 저희가 이제 지역별로는 미국과 유럽이, 그리고 플랫폼별로는 PlayStation 5에서 가장 높은 비중을 차지하고 있습니다. 일단 저희가 보기에는 이제 예상했던 것보다는 조금 더 좋은 현황이어서 일단은 긍정적으로 바라보고 있습니다. Yes. On to your first question related to Callisto Protocol presales, well, we are working hard to build up the awareness of our new title. We are also building up expectations for the target users. As to the concrete numbers, since revealing them could somewhat influence our marketing numbers, I am not at liberty to disclose to you any number-wise information. I can safely say that it is getting much enthusiastic response from the U.S. and European market, and on a platform basis, the focus is with PlayStation 5. The result to date is better than our expectations, so we have high hopes for it. 두 번째 질문 주신 BGMI ban 관련 현황, 그리고 정상화 시점에 대해서 말씀 주셨는데요. 잘 아시겠지만 인도는 저희 크래프톤한테는 대단히 중요한 시장이고, 사실 서비스가 중단됐지만 여전히 인도의 유저들은 SNS나 이런 걸 통해서 서비스 재개를 요청, 요구, 지지하고 있는 상황입니다. 당연히 저희 회사로서는 서비스 재개를 위해서 다양한 채널을 통해서 인도 관계당국과 많은 대화를 하고 있고요. 그와 동시에 사실 향후에도 인도 게임 시장에서 크래프톤이 발전 성장, 인도 게임 시장의 성장을 위해서 계속 기여하는 그런 모습을 보이고는 있습니다. 다만 궁금해하시는 것처럼 언제쯤 정상화될 거냐, 이 부분은 저희가 속단해서 말씀드리기는 좀 어렵고요. 다만 부지런히 관계된 분들과 논의를 계속하고 있고, 저희가 실제로 구체적인 진전 사항이 있으면 빠르게 업데이트 드리도록 하겠습니다. Now to the second question, which was on the BGMI situation, what is the current situation? What was the progress? When do we think things will be back to normal? Well, India is a very important market for KRAFTON and, well, we've seen a service ban or service halt in that important market. However, the Indian users, they are requesting unbanning of our title, and, they are expressing their support for our titles through various channels, including the SNS. We are doing our best to resume our services in the Indian market, and we are using various channels to communicate with the involved parties. Well, Indian market is a very important one to us, and we are going to contribute to the development of the Indian gaming industry. As to the timing of normalization, well, I cannot give you a pinpoint date on that. Once again, we are engaging in earnest discussion with all the involved parties. Should there be much of a progress, we will be making sure to deliver the news to you. 네, 다음 질문 받겠습니다. Next question, please. 다음으로 질문해 주실 분은 삼성증권의 오동환 님입니다. The following question will be presented by Dong-hwan Oh from Samsung Securities. Please go ahead with your question. 네, 질문 감사드립니다. 두 가지 질문인데요. 첫 번째는 이제 사분기 한 달 좀 넘게 진행이 됐는데 배그 PC랑 모바일의 추이가 어떤지 좀 궁금하고요. 특히 중국 지역 같은 경우는 아직까지 정부의 규제 영향이 많이 남아 있는지가 궁금합니다. 두 번째는 차기작 라인업 질문인데요. Project Windless 개발이 중단된 걸로 알고 있는데 기존에 Project FF로 알려졌던 게임도 중단되는 건지 좀 궁금하고, 그렇다면 2024년 출시 예정인 PUBG: Black Budget 이전에 나오는 신작은 없는 건지 궁금합니다. Yes, I have two questions. We are a month into the fourth quarter, so could you give us the directionality of your PC games and also mobile games? This is my first question. Also, I would like to say or hear something more about your Chinese operations. Is the influence from the Chinese government still being heavily felt? Now on your next titles, I've heard that there was a stopping of your next project in the pipeline, Project FF. Does that mean that there will be no introduction of new titles before the mentioned Black Budget project? 첫 번째는 사분기에 PC, 모바일 그리고 중국 규제 영향 지속 여부에 대해서 말씀해 주셨는데요. 일단 아까 모두에 설명드릴 때 말씀드렸지만 전통적으로는 사분기가 좀 비수기이긴 합니다. 근데 저희 구월 말에 했었던 그 McLaren collaboration이 십월까지 좀 이어지는 현상도 있고, 그리고 또 저희가 요번 겨울에 뭐 구체적인 건 제가 말씀드리기는 어려운데 어쨌든 새로운 게임 경험 그리고 월드컵 이벤트 그리고 겨울 시즌 중심으로 라이브 서비스를 해서 트래픽이랑 매출 방어를 하고자 하는 노력을 하고 있습니다. 이렇게 긍정적으로 좀 바라보고 있고요. 모바일과 관련해서는 사분기 트래픽 비수기라는 거는 이미 아실 거고, 다만 저희가 신규 모드를 조금 출시해볼 건데요. 신규 모드랑 마찬가지로 월드컵 테마 활용해서 업데이트를 할 거기 때문에 일단 기본적으로는 트래픽 방어에 많은 노력을 좀 하려고 생각하고 있습니다. Yes. On your question on the directionality of our PC and mobile performances in the fourth quarter, and now also on the Chinese regulation. Well, as was mentioned during the presentation, the fourth quarter is typically a low season, and we have started our McLaren supercar collaboration in the end of September. This collaboration work will continue in or has continued into the month of October. I'm not at liberty to give you much detail, but we have plans for the upcoming winter season. We are going to provide new game experiences, and we're going to use the Football World Cup games. So we're going to use that theme too. With stronger live services, we hope to defend our revenue and traffic in the low season. Same thing can be said for the mobile platform as well. It is a low season for our mobile games as well, with lower traffic, compared to the previous quarters. With an introduction of a new mode and also using the World Cup theme, we hope to defend our traffic when it comes to mobile platform. 중국 규제 영향 지속 여부 말씀해 주셨는데, 중국 서비스를 저희가 직접 하고 있지는 않으니까요. 여러 전문가들, 다양한 사람들로부터 제가 이해하기에는 어쨌든 지금까지 이어온 규제는 계속 좀 지속될 거라고 보는 시각들이 좀 많은 것 같고요. 다만, 저희가 실제로 이렇게 성과들을 그동안 보면 그런 규제 하에서 현명하게 서비스하는 방법들, 이런 부분들을 많이 저희 파트너사가 잘 찾아서 이렇게 운영해 오고 있기 때문에, 지금과 급격한 변화가 있으리라고는 생각하지는 않습니다. As to the second part of your question regarding the Chinese government influence or the regulators influence, well, we do not directly engage in providing our services in the Chinese market. Many experts say that the regulations are to remain as they are. This is a majority view of the export experts. If you look at our results, even with the given regulatory environment, our partner companies have found clever and wise ways to provide their services in that given market. Yes. Now moving on to the lineup related question. Well, the gist of the question, I believe, is will there be new titles prior to the release of Black Budget? Well, we do mention some titles during our earnings session, but not all, because some projects, they may be dropped if they do not meet the expectation, internal expectations during the development phase. If a core game ability is not proven with the project, we could drop it. That is why we do not disclose all the projects that we are working on. But at KRAFTON, we have set up a structure of development with our independent studios and independent studios plus KRAFTON. We are working on various projects. To the core of your question, will there be a new title before Black Budget? There could be one. Of course, you would be curious as to what kind of project it is. Well, I could say that as of today, we are working on 20+ projects. I am not at liberty to disclose you any more information on them. In 2023 earnings session, I think we will be able to give you a more clearer and more tangible picture of our future lineup and the regions and platforms that we will be focusing on. Next question, please. The following question will be presented by Soyun Shin from Credit Suisse. Please go ahead with your question. Uh, Yes, I have two questions. First is on the ex-China PUBG Mobile grossing expectations. Well, compared to year 2021, we have seen a relatively weaker figure for non ex-China PUBG Mobile grossing in 2022 because the pandemic situation, it was changed now into an endemic situation. What will be your revenue expectation for next year when things will be more back to normal pre-pandemic? Will this segment see a stop in the downward movement? Do you expect to see a rebound and another growth going into the future? This is my first question. My second question is related to your new IP, The Bird That Drinks Tears. Well, in our previous earnings session, you did mention about putting together a development team. I would like to hear about the current development status. Are the graphics ready? Well, will there be a teaser release? Uh, 내년에 어떻게 될 것으로 예상하느냐라고 질문 주셨는데요. 아시다시피 전체 글로벌 게임 시장 사이즈가 좀 축소가 됐고, 그런 부분에 대한 우려들은 많은 것도 알고 있고, 당연히 배틀로얄 장르, 그다음에 그 안에 상대적인 우위를 점하고 있지만 PUBG 모바일도 영향을 받았습니다. 그래서 그게 얼마나 더 떨어질 것이냐, 아니면 이게 바닥이 되고 다시 올라갈 거냐, 속단하기는 어려운데, 저희 회사로서는 사실은 과거에도 보면 PUBG PC 서비스도 그랬고, 저희 BGMI 인도 서비스도 그랬고, 저희 생각에는 일시적으로 이런 좀 트래픽이나 매출에 영향이 있었던 경험들이 있습니다. 근데 결과적으로 저희가 보셨다시피 그걸 턴어라운드 해서 높여 온 경험들이 많고요. 저희 PUBG 모바일 글로벌 같은 경우에는 원래 저희는 오리지널리티에 대한 자부심이 되게 좀 있기 때문에, 소위 말해서 pay-to-win이나 이런 것들을 이제 대단히 많이 지양해 왔었습니다. 어쨌든 비즈니스로서 PUBG 모바일 글로벌이 성장하는 것도 중요해서, 그런 요소들을 넣겠다는 뜻은 아니지만, 매출 효율을 더 높이는 구조 이런 부분에 대해서 지금 많이 고민했고, 또 개발 중에 있고요. 또 아까 잠깐 말씀드릴 기회가 있었던 것 같은데, 저희가 이제 보면 특히나 저희 PUBG 모바일 글로벌이 다른 경쟁작 대비해서는 조금 용량이 헤비한 경향이 좀 없지 않아 있습니다. 그래서 그 부분도 저희가 이제 경량화 노력을 좀 해서, 4분기에는 그동안 PUBG 모바일 글로벌이 원활하게 닿지 못했던 그런 지역의 유저들을 공략할 것으로 생각하고 있기 때문에, 당연히 저희는 여기서 이제 PUBG 모바일 글로벌이 다시 좀 이렇게 성장세로 돌아설 것으로 예상하고 있습니다. Yes, now on to the next part of your question, which was with PUBG Global's expectation for next year. As was mentioned during the presentation, and as you're well aware, the global gaming market has seen a deep, and I know that investors and analysts have concerns over this macro element. PUBG, we have the upper edge, relative upper edge in the battle royale genre and has things bottomed out for this genre and title. Will there be a rebound going into the future? I cannot say for sure, but we have various experiences of turning things around as you have witnessed with our PUBG PC experience and also BGMI experience. Even if there were a temporary downward drop in terms of traffic and revenue, we successfully saw a turnaround of the situation. We do have such experience. As for PUBG Mobile Global, we are quite proud in the originality of this title. In the past, we tried to stay away from approaches such as pay-to-win. We have this basic stance in place, but going forward, we are going to think about adding more revenue efficiency to our game structure. We are currently working on it. Compared to our competing titles, I know that PUBG Mobile Global is a little heavy, so we are working on lightweighting the title to approach new user bases that we did not really service in the past. In the first quarter, this lightweighting effort will continue in earnest. With that, we do hope to see a turnaround and even a growth in our numbers. 눈물을 마시는 새 관련해서 개발 현황, 영상 공개 일정 등에 대해서 말씀 주셨는데요. 위원님 되게 성격이 급하신 것 같습니다. 지금 저희가 스튜디오 설립하고 Executive PD, 그다음에 각 영역별로 중요한 인력, 핵심 인력, 인재들을 영입은 했고, 그 전에 저희가 9월에 눈물을 마시는 새 관련해서 비주얼 컨셉 트레일러를 이미 한번 공개했고, 상당히 좋은 반응들을 많이 받았었습니다. 11월 중으로는 아트북 출시, 국내에서 먼저 아트북 출시하고, 그 이후에 해외에서 그래픽 노블도 출시를 할 계획이 있고요. 예전에도 말씀드렸던 것처럼 어쨌든 한국에서는 너무 유명한 작품인데, 게임이 나중에 나오기 전에 해외에서도 인지도를 높일 수 있도록 다른 transmedia 중심으로 먼저 인지도를 높여가는 작업을 하고 있고요. 말씀하신 부분이 인게임 아트 영상의 공개를 물으신 거라면 그거는 좀 기다리셔야 될 것 같습니다. Yes, to your second question, which is on Project Windless, you've asked on how the development is going, well, you are far ahead of us, because we've just recruited our Executive PD, and we successfully recruited the core personnel and is working on the studio. We've disclosed our visual concept trailer in September and received good response, according to it. There will be an update release in Korea in November this month. We are going to work on introducing graphic novels to the global audience. It is quite a famous IP in Korea, but we have to work on enhancing global awareness of this IP. We will be working in a transmedia way to get awareness up. Well, for in-game art, I think that you were asking about in-game art. In-game art. You would have to wait a while to see our in-game art. Due to time constraints, we will entertain one last question. The last question will be presented by Jae-min Ahn from NH Investment & Securities. Please go ahead with your question. Yes. Yes. The Callisto Protocol is soon to be launched. What will be your marketing plans? Could you give us your expected marketing expense for Q4 and then next year? Uh, Okay. Yes, now to your question related to our marketing expense with Callisto Protocol launch. Well, we are taking a different approach, as you may have felt. Well, it's not a use of existing IP, so we are going to take a different approach to it. We're working on the State of Play. Well, we will be participating in global events such as State of Play and Summer Game Fest and other important events and gatherings. We hope to enhance the target audience group, including core horror fans, and we want to expand this basis to include action horror users as well. Widening of the target audience is also something that is on top of our minds. I mean, to that end, we have to enhance the awareness of Striking Distance, and we will also be working with the disclosure of story trailers. There will be a TV ad featuring the main character of this game title. We will take the marketing in stages and according to different markets and countries. We do get support and help from our platform partners. As for our marketing expense, on a yearly basis, we spend about mid-single digit compared to our revenue. This execution, half of it is geared towards the fourth quarter. We will be working with Striking Distance The Callisto Protocol mostly in the fourth quarter. Yes, I am a PC game player, not much of a console player. I'm going to buy a console set. I'm going to buy the game pack to enjoy the ultimate horror, and I hope you do so too. This concludes the earnings session for Q3 2022. I once again thank you for taking time out of your very busy schedules.