Good afternoon. I'm Sophie Lee from KRAFTON's IR team. Dear investors and analysts, thank you all for joining our company's 2024 annual and Q4 earnings release. With me today are CEO of KRAFTON, Changhan Kim, and CFO, Dongkeun Bae. For the benefit of investors from Korea and overseas, presentation will be made through simultaneous interpretation, followed by consecutive translation during the Q&A. As a reminder, today's presentation is based on K-IFRS consolidated estimates, which are subject to change upon the independent auditor's review. Let me first invite our CEO, Changhan Kim, to present on the next five years of KRAFTON franchise IP. Good afternoon. Dear investors and analysts from Korea and abroad, thank you for joining KRAFTON's 2024 annual earnings release. I'm Changhan Kim, CEO of KRAFTON. I would like to begin by thanking shareholders and investors for your unwavering interest in and support for KRAFTON. 2024 was a year of continuous challenge and innovation, working towards PUBG IP franchise in step with the changes in the game industry. We drove meaningful results across AI adoption, new game development, global market expansion, through which we were able to enhance corporate value. On the back of such outcome, we've come up with our five-year mid- to longer-term growth target. Let's begin with PUBG IP franchise, which is KRAFTON's core IP. In 2024, we solidified KRAFTON's footing on the global game market while sustaining growth. Based on PUBG IP, we drove innovation and expansion, which led to great performances in terms of key metrics. PUBG PC has shown solid growth over the past two years, proving its long-term growth potential. It's worth noting that since 2018, PUBG PC service posted record high revenue, attesting to a bigger growth potential. In mobile, with the historical growth of BGMI in India, we established a powerful positioning. BGMI India reported record high traffic and top line becoming a national game in India. PUBG Mobile also expanded its user base through content updates and global marketing, driving a solid performance. 2024 was a year that proved our efforts behind growing PUBG IP that it did indeed work. After a free-to-play, there were continuous content updates, fresh new collaborations, and synergies with premium content. Many users actually returned. As a result, even eight years into the release of the game, growth uptrend is still intact. We want to take this formula of successful development and services to broader PUBG IP franchise. In other words, we will strengthen collaboration content to deliver a cultural experience beyond simply gaming, develop high-quality map and modes, which will be adopted across PC, mobile, BGMI to maximize efficiency and effectiveness. Also, to evolve PUBG PC into evergreen service in the longer run, there will be an Unreal Engine 5 upgrade, many well-made modes developed, and we plan on adding UGC feature as well. Through such efforts, PUBG will set itself up as a platform offering wide-ranging gameplay experience going beyond being just a simple battle royale game. As we speak, we're actively developing new titles based on PUBG IP to diversify the offering. We have Black Budget, an extraction shooter game that inherits PUBG's gunplay. Blind Spot, a top-down tactical shooter showcased at G-Star that delivered novel shooting experience and tactical gameplay. valor will support gameplay based on controllers, targeting Western console users while retaining battle royale experience of PUBG. We are also studying a new PUBG experience for a more younger user base. With PUBG being such a powerful IP, we will continue to drive its value up by expanding into different geographies and platforms, and also by expanding into the domain of new gameplay experience. Next, I will talk about our plan in securing new growth drivers. To recap 2024, under Scale-Up the Creative strategy, we discovered original creatives both internally and externally and implemented the scale-up strategy. In so doing, we are developing new titles such as inZOI, Dark and Darker Mobile, Subnautica 2, and are undertaking ported mobile development. By acquiring Tango Gameworks, we've gained their track record in developing fresh new IPs. KRAFTON's core business, which is all about growing the game business, eventually leads to securing big franchise IPs. To this end, since two years ago, we ran two PP investment strategies to drive original creative discovery at the global level, and we have completed investments into 30 or so studios. From this year onwards, based on our internal capabilities, we will accelerate the speed of securing big franchise IPs and do more of self-production. Based on KRAFTON's development, service, investment experience over the years, we plan to focus on development and investment into four core domains. Emerging is where we meet the challenge of popularizing key characteristics of market emerging gameplay to shape and complete the formation of a genre. Challengers is where we drive innovation in new gameplay in an already established genre with the incumbent champion to claim the championship for our own. In these two domains, the focus is on genre or characteristics where the market is already showing certain results. Genre Champion may seem like a small market, but it's where we are vying to be the ultimate game in a sharpened genre that has core fans' affection. Pioneer is all about pioneering a completely new genre where no one has ever tried, just like PUBG. These two domains focus on original creatives. And it is these four domains that we will focus on speeding up 2PP investment and self-production. Ultimately, to secure big franchise IP under an enhanced management framework, we need to tap into multiple numbers of new titles via preemptive investment. We will also aim to maximize scale-up efforts for IPs in global publishing. To that end, we will increase annual development budget to around 300 billion KRW for the next five years to scale up the publishing revenue volume. So here are four major titles in the pipeline, the IPs which we've developed slated for upcoming release. inZOI adopts up-to-date engine technology and deep learning, equipped to be a champion in the new genre of life simulation where no competition existed for more than a decade. Dark and Darker Mobile, we aim to popularize extraction RPG, which is an emerging gameplay into a mobile platform. Subnautica 2 is a sequel to a unique underwater survival game, already with more than 10 million fans, and we expect to further broaden that fan base. Dinkum is a solo-developed frontier simulation game that KRAFTON will publish and will expand into mobile and the console platform concurrently. Over the past four years, Deep Learning Division, starting with game production, carried on with research to innovate gameplay mechanism. Finally, players can now experience firsthand the gameplay that incorporates deep learning starting this year. KRAFTON's Deep Learning development and use is by far the most advanced among its peers. At last CES, CPC, co-playable character feature, was showcased in collaboration with NVIDIA, which will be used in inZOI, delivering a more natural simulation experience. We will also be showcasing PUBG Ally on PUBG IP, which will allow players to cooperate and communicate as teammates while playing the game. For BGMI, based on its strong footing in India, we will continue updates and run the community to foster longer-term growth. We will further strengthen publishing and development capabilities in India, expand e-sports ecosystem to broaden its global influence. India is KRAFTON's core market, and we will continue to explore additional business opportunities there. In 2025, through continuous development of PUBG IP, Indian market expansion, new title release, and adoption of AI technology, KRAFTON will solidify its positioning in the global game market. Our aim is to grow, driven by game being our core business, reaching KRW 7 trillion in revenue in five years and doubling the corporate value. We will hence carry on with unwavering innovation and challenge. KRAFTON is not simply developing video games. It's growing into a company that creates future game experience, broadening the global entertainment ecosystem. Highly immersive gameplay powered by AI will set us apart as a strong brand on the global stage. We look forward to your continued interest and support. Thank you very much. Next, CFO Dong-geun Bae will present on KRAFTON's fourth quarter and full year 2024 financials. am KRAFTON CFO Dongkeun Bae. Hello. I'm Dongkeun Bae, the CFO. To make PUBG IP into a sustainable service, KRAFTON took various attempts at its business and development. We were thus able to achieve 20% average top line growth over the past five years, and in 2024, recorded both highest revenue and operating profit since the founding of the company. Since early access in 2017, PUBG PC and console pioneered a new genre of battle royale, and the game is well into almost eight years of strong live servicing. With free-to-play in 2022, we are reaching a greater number of global users with peak concurrent user count of 890,000 in 2024 as we continue the traffic uptrend, and with the selection of buzz-generating popular brands, we had IP collaborations offering content that are highly appealing to users, driving combined revenue of PC console to KRW 1 trillion per annum. Since the global launch of PUBG Mobile in 2018, it has become popular and developed in multiple emerging markets alike. With seven-year anniversary nearing based on solid traffic and revenue, PUBG Mobile is cementing its position as a frontrunner in battle royale on the mobile platform. BGMI is also rewriting quarterly revenue records, and through content localization and regional expansion in India, it is building on its influence. All in all, on the growth seen across all of the mobile services, total mobile platform yearly revenue posted 36% year-on-year growth. We are confident of sustainable growth powered by validation and strengthening of levers that drove PUBG IP's traffic and revenue growth. As the CEO mentioned, we plan to have full momentum behind investment and new releases of multiple titles to fuel KRAFTON's longer-term growth. Once we have concrete plans and results to share, we will communicate such in a timely manner. Next, on the fourth quarter 2024 business performance. 2024 annual revenue was KRW 2 trillion 709.8 billion, up 42% year-on-year. And Q4 revenue was up 16% year-on-year, reporting KRW 617.6 billion. Looking at each of the platforms, annual revenue of PC platform was KRW 941.9 billion, up 61% year-on-year on the back of traffic growth and continuous upgrade of proven monetization methods. In 2024, we had intensive deployment of various content and new modes and have sustained elevated traffic trend after the Rondo map release. We also had enhanced monetization coupled with collaborations with NewJeans and Lamborghini that resonated well with users, driving sizable revenue growth. New arcade modes for PUBG, PC, and console, which are Hot Drop and Sanhok World Update, were popular with users, with Q4 peak concurrent user count exceeding 800,000. The terrain destruction feature applied to Sanhok map for the first time offered fresh new gameplay supporting year-over-year traffic growth. Following on from last year, Black Market Shop Update was carried out for the second time, and the relaunch of four progressive weapon skins and Chroma drove good performance, leading Q4 revenue at KRW 232.6 billion, up 39%. In 2025, through various collaborations and well-made game modes, we plan to deliver new game experience to PUBG's fan base and users. During the third Spring Fest held this year, users gave positive feedback to Greek mythology themes, so we expect to see better performance from the seasonal events compared to last year, giving us the confidence that we could achieve about 20% of the revenue. We believe, and we are confident that PUBG IP will contribute to the growth of KRAFTON in 2025. Mobile platform was powered by high traffic and revenue from all of PUBG IP's core mobile product, with annual revenue increasing 36% year-on-year, reporting KRW 1 trillion 689.8 billion. In the emerging market, PUBG Mobile has tried different ways to activate traffic, and we are maintaining solid traffic. Through sophisticated monetization of high-value products such as the Mummy X-Suit, we enhanced revenue efficiency, thereby sustaining growth across the globe. With the launch of voice pack item for non-Hindi speaking regions, done with an aim to expand regional footprint in India and co-marketing with movies and localized content, BGMI has solidified its positioning as India's premium battle royale game title. Q4 mobile platform revenue increased 6% year-on-year to KRW 362.2 billion, and starting Q1 of this year, we will mutually use major content across all of PUBG IP franchise, like for instance, incorporating Rondo map and PC content to the mobile platform in servicing the game. Annual revenue from the console platform was KRW 44.3 billion, down 20% year-on-year, and Q4 revenue posted KRW 12.3 billion, down 29% on year. Next is breakdown of full year and quarterly operating expense. On the back of new hires to gear up for new game launch, annual labor cost increased 21% year-on-year, reporting KRW 516.8 billion, but on slowdown in hiring in Q4, quarterly labor cost was flat, QOQ at KRW 132.7 billion. On higher revenue from PUBG, PC, console, and BGMI, which we serve directly, platform fee and cost of revenue of FY24 was up 54% year-on-year to KRW 349.3 billion. Q4 results were impacted by seasonality pushing down revenue, hence falling 16% QOQ to KRW 84.8 billion. On increase in outsource development cost and higher revenue, which led to increase in engine and server costs and bigger e-sport event spending, commissions paid for the year was up 22% year-on-year to KRW 316.1 billion, while Q4 was up 22% QOQ to KRW 97.9 billion won. On increase in cost for participating in 2024 Gamescom and G-Star and higher market expend for live service games, FY24 marketing expense was up 54% year-on-year to KRW 101.4 billion, and Q4 figure increased 27% QOQ, reporting KRW 37.9 billion. Rise in share price drove full year SPC up 271% year-over-year to KRW 102.4 billion won. In August 2024, cash settled stock option previously assigned changed to stock settled options, with changes to the way the expense is recognized having an impact of driving down Q4 SPC down 27% QOQ to KRW 10.5 billion. Operating profit was driven by high revenue growth, growing 54% year-on-year to KRW 1 trillion 182.5 billion, exceeding 1 trillion level for the first time since the founding of the company. Q4 operating profit was also up 31% year-on-year to KRW 215.5 billion. 2024 adjusted EBITDA after accounting for SPC was up 54% year-on-year, and Q4 adjusted EBITDA was up 15% year-on-year to KRW 253.4 billion. Moving on to non-operating profit, strong dollar drove up FX-related gains with non-operating profit reporting KRW 540.2 billion for the full year. All in all, FY24 net profit was KRW 1 trillion 302.6 billion, growing 119% year-over-year. Q4 net profit was up 305% QOQ, reporting KRW 491.2 billion. This ends the presentation. Thank you.. Now we will begin the Q&A session. If you have any questions, please click the raise hand button at the bottom center of the page. Please note that if you ask a question in English, consecutive interpretation will be provided. First question comes from Goldman Sachs, Eric Cha. Please ask your question. Thank you for taking my question. My question goes to the CEO, and I apologize in advance that I have a bit too many questions. There are actually three questions. First being, I would like to understand what justifies this large-scale investment that you are currently envisioning, and I would like to understand as to the basis or the rationale behind this quite large sum of investment that you've guided us on today. Second question is that in terms of the revenue guidance in five years to come, because right now your revenue is KRW 2.7 trillion and in five years' time you've shared and guided that you will be achieving KRW 7 trillion won, and I take it that most of the key driver behind that 7 trillion is going to be PUBG franchise and the remainder will be the other projects that you are undertaking. So if that is the assumption, and because the company wants to also explore new global mega IPs, if for instance you have a list of 50 projects, are you assuming about 2% success rate of each of those game projects which will land you at the goal that you currently have? Third question is regarding risk management and whether the strategy that you shared is realistic, because for Korea the key driver is going to be the headcount investment, but Korea has a labor market where you cannot be all that flexible. So if you miss on your target and/or if PUBG growth slows down, how will you be able to respond to such risks? Because currently the size of your headcount is KRW 1.5 trillion, which is quite big to begin with, so would you also consider M&A in that regard? I will respond to your first and the third question, and the second will be taken by our CFO. I explained to you last year that the company had focused on stepwise growth. Our assessment was that, and I think this applies to all the other game companies as well, when it comes to the corporate value of game providers, it is a small number of big IPs that really contribute to that value, not many number of multiple titles that have a small scale or small performance. So if you think from this type of perspective, we really thought hard as to the size of the competitive investment amount that we need to put in in order for us to gain a competitive and very strong IP. If we want to have another IP that is on par with what we see in terms of PUBG, or even half of what we have in terms of PUBG IP, we really thought hard as to the size of the investment that would be required for us to get there. And if you look at PUBG IP over the past three years, we have accumulated the experience of growing this IP, and if you think about the investment that we're making for new development, there are many constraints that we have to work under. For instance, last year, the new title development investment amounted to about KRW 140 billion. If you were to spread that out across five years and for us to really develop a KRW 1 trillion worth of IP, now that is too high an objective to set. So we came up with the most appropriate level of investment, and we felt that in light of the new title development, the appropriate budget or the amount for new titles would be about KRW 300 billion on a yearly basis.. So in terms of the timing as to why now, because we are confident in light of the experience that we had on building and further developing PUBG IP over the past three years, and hence we felt that this was the right timing. And as we were able to go through development, actual development process for a handful of new titles, we feel that we have the production-related capability that is required. So we believe that right now is the right timing and an important timing for us. And if you look at the development process we have, we start from concepting stage, vertical slice, full production, and launch. As you go towards the latter part of this process, there's more investment that is required. In the first stage, which is the concept development stage, it's quite important that you go through multiple iterations, and that is the way for you to enhance the efficiency of this whole process. Before we kick off, actually, we're going to be working with about 50 people headcount on the initial stages, and during the vertical slicing and full production, that headcount would probably increase to around 150 headcount. Each of the stages, in terms of selecting the concept, going through the development and management, we will have different metrics, and we will track the progress rate and determine the appropriate level of investment. Once that game title is launched, we will also track the market performance and adjust the investment accordingly. 니. This is the CFO responding to your second question. Yes, we set the target of KRW 7 trillion in five years' time, and you asked about the share of that between PUBG IP and the rest. Just a rough breakdown is we expect PUBG IP to continuously grow into the future, and 60% of that KRW 7 trillion will come from PUBG IP, and the remainder, other big IP franchises, will account for the remaining 40%. In terms of the methodology that you've mentioned in your question, yes, internally we've made that projection based on the methodology that's quite similar to the one that you have mentioned. From now on and every year to come, we've run some simulations as to how many projects that we would need to either develop and launch or make it a success in order for us to get to that KRW 7 trillion target. So yes, we did run a similar methodology and have run the similar simulations.(Foriegn Language) I may also add relating to the other questions, I understand that because we are saying that we want to expand the development and investment going forward, you may be a bit concerned from the cost perspective. But if I were to just compare it to, for instance, the AI semiconductor chip industry, just because the performance from HBM chips is not good, it's not the right choice for the company to decide to slash cost from making investment into those such chips, because that's not the way for that company to gain competitiveness. Rather, the company would need to further expand their development investment in order for them to find what is competitive for their company. So as our CEO has previously mentioned, we need the so-called big franchise IPs in order for us to achieve a stepwise growth. So we've come to a very natural conclusion that in order for us to further grow, gaining that big franchise IP is critical.(Foreign Language) In fact, in terms of managing a business, there are certain periods where we need to focus, of course, on cost efficiency. Over the past three years, as you would agree, all the commitments that we've made to the outside or the market in terms of the strategic direction forward, I feel that we've been able to prove that our decisions have been right through the outcomes and the results that we are generating. If you go to the Steam platform and look at the top 10 wishlist game titles, there are not 10 game companies but nine, and there's only one company that has two titles on that top 10 wishlist, and that is KRAFTON. So it's not just about spending the money we earn. We've really thought long and hard about this approach before making this decision. And this, because we set this goal, that will also mean that the CEO and myself alike, we will probably need to work three times harder in order for us to achieve that goal. So we ask for your support and your trust.. Next question, please. (Foreign Language). Thank you. I am Seungho Choi from Sangsangin Investment & Securities. My question relates to your AI. I would like to understand how, on the inZOI content, the Smart Zoi, how it actually is incorporated into the game itself, and also what is the type of synergy that you are going to expect in terms of incorporating AI to different simulation games? What do you think the synergies and impact would be like? And the second question is on PUBG Ally. After seeing the video footage, I was very much impressed and how it communicates well with the gamers. When will this AI feature be commercialized? That's my question. Third question, I don't know if you could share, but I understand that you've met with Sam Altman. Can you share with us what it is that you discussed with him, if at all possible? (Foreign Language) So in terms of Smart ZOI, basically it's all about bringing the large language model LLM to the simulation aspect because inZOI is a live simulation game. It basically has around 300 different NPCs that's running in the program as a simulation. Basically, in the past, it was actually a human developer or the game designer who would have to set all of these parameters. For instance, if you know if this character feels hungry, then the character has to go eat. Those types of parameters and prompts would have to be entered one by one by the game designer. But LLM is based off of common sense, and it allows for a more natural human-like simulation. And we've worked with NVIDIA to implement a small language model, so a much lightweight version of language model on device. And we've tested that, and we were able to simulate a more natural human-like behavior, and also we're able to imbue it, imbue the persona with a specific characteristics or personality. And so from early access of March the 5th, we will be able to showcase this. And I think, you know, we have a short video that we will be able to share with us, and that will be more easier for you to understand(Foreign Language) Basically what you see here is Smart ZOI, and we have a feature called smart pen, and using the pen to enter a prompt for the NPC. So for instance, if you enter the prompt by saying that, okay, you are going to be a very tidy and neat person, then this NPC is going to react by cleaning, you know, cleaning the room. For instance, if you say that you're a person, you're a person who likes junk food, then the NPC reacts to that prompt. So we believe that there will be many different ways for us to make use of, and these types of simulations, very, natural simulations and have the game players experience many different things. And this would also lead to some other derivative secondary content as well. PUBG Ally(Foreign Language) es a more complicated elements like TTS, STT, and basically all simulated plans and behaviors, all of which is implemented on device because it uses a more complicated model. For instance, you know, you can listen, it can plan, it uses multiple number of small language models and STTs and uses up more memory as well. We ran a live demo at CES event, and so we believe that we are at a level where PUBG Ally is playable. However, because it uses quite a bit of capacity on the memory card of the graphic card, it requires a high level of requirement and specification. So we need to go through more optimization. So at this point, our plan is to, against selected group of users, we're planning on running a beta, and so, you know, to test and validate serviceability of this feature. Our plan at this point is to incorporate or adopt this feature by next year. models that operate on device, and for the high-quality LLMs or flagship models that OpenAI has, whether we can provide CPC of a higher level of quality entirely on a cloud basis, and also for smaller models like that, since OpenAI is making very generic models right now, whether we can fine-tune to a game-specific LM, we mainly discussed these things. Regarding that, we confirmed the willingness to cooperate and currently the working level is discussing specifically how we will cooperate. Regarding the conversation I had with Sam Altman, I mentioned NVIDIA before, and with NVIDIA, we cooperated on implementing the model on device with OpenAI, because they have high quality LLMs and flagship model. We discussed about cloud-based, for instance, having a cloud-based high quality CPCs and also small, because they are more of a generic model, AI model. We also talked about a possibility of a game vertical, specialized fine-tuning that would best fit the game vertical. So we were, I was able to see that we both had an intention to cooperate, and at this point, the working levels are discussing various aspects. (Foreign Language). Thank you for taking my question. My question relates to the revenue coming from PUBG IP, looking at the revenue of Q4 and the outlook for 2025. First, if you look at PUBG Mobile, the growth rate had softened in Q4. The FX environment actually was quite supportive, so we'd like to know as to why the growth rate for Mobile slowed, and if you look at PUBG, if you look at the Steam platform, it's holding a number one position, and since the Rondo update, Rondo map update in the App Store, Peacekeeper Elite performance is also quite good. What is your outlook for the trend going forward for the first quarter of this year? And one of the things that the investors are concerned about is because last year PUBG IP growth was very steep, so we're concerned that maybe that growth was slow coming into this year. If we do some calculation based on your five-year target, the growth rate on a per-year basis from PUBG IP has to be about 9%. So we'd like to know as to what your growth outlook for PUBG IP is for this year and for Q1, and what is the key driver behind this growth for PUBG? When Unreal Engine 5 is applied to PUBG, probably most likely next year, do you also expect to see another push towards revenue growth? question for Q4, I think you're a bit mistaken with regards to the numbers because both on QOQ and YOY basis, we did report a growth during Q4.. Maybe you were a bit confused because we also have a partner who deals with PUBG, but in most cases basically the content update sometimes is geared towards the first quarter, and maybe that's why the content-related performance seemed softened in Q4. Anyhow, for KRAFTON, on both QOQ and YOY basis, we did record a growth.. And also the second question on the revenue outlook for Q1, you understand that we do not guide you on any specific numbers. So combining that question with a third question, we admit that last year the growth rate had been quite steep. Since the update of the Rondo map at the end of 2023, the user base had broadened quite significantly, which explains that steep growth. So although the growth rate last year was quite high, still we are planning for a double-digit PUBG growth for this year as well. Despite the fact that it is quite challenging because the base itself had already enlarged quite extensively, we are still thinking that we will be able to drive that double-digit growth because we transition to Unreal Engine 5, that doesn't directly translate into a revenue boost. The whole significance of going Unreal Engine 5 at upgrade is that we are making PUBG IP into an evergreen service, basically telling our users that we are adopting the most up-to-date and cutting-edge engine technology and that we are fully prepared to meet the user and the gamers' expectation in regards to servicing our game. So a good case in point would be the case of Counter-Strike 2 upgrade. If you refer to that, I think that will help with your understanding as well. And once we do upgrade to Unreal Engine 5, I believe that the churned users will return and we will be able to also expand to Western user base as well. framework, or if you newly created it and set your own classifications within it to classify them in this way. Also, in the future, among these four major areas, I am curious which area will have a bit more resources concentrated. And for games like inZOI or Subnautica that are making a stepwise jump, if they are games for which you have high expectations internally, it would be appreciated if you could tell me. And it seems like you are announcing too many things so suddenly, so in the future, many investors say in their feedback that it is a pity they could not see the representative. So, in the future, if you could communicate more frequently with investors about such big pictures, it would be appreciated. So, because most of the questions that I wanted to ask had already been dealt with, I just, since you're taking my question, just a couple of questions. So you've introduced or you've announced today the four major domains or framework under which you say that you will be making your investment. So all the investment that you've made so far, were that based on this framework that you mentioned today, or is this framework going to be applied to your future endeavors or future investment? And going forward, you'll be categorizing your investment into these four domains. And also, out of the four domains, where would you focus your resource on the most? And it seems the company has high hopes for titles like inZOI and Subnautica 2 to make a stepwise growth going forward. And if that is the case, I would like to understand what your take is. And also today, you know, you shared with us many new news and many substantive information. So we are very happy to be having this opportunity to talk to the CEO directly. So we look forward to more such occasions in the future. (Foreign Language). So we are not a company that likes to come up with a top-down approach. We like doing things bottom-up in terms of our experience in developing game titles, in dropping game titles, many different trials and errors, and also bringing PUBG into a success. Through all of it all, through all of this process, we were able to build our experience and expertise. So originally we began with the vision of original creative, and that was the framework under which we selected the concept of the game titles that we felt would be successful. And that is based on that was the approach that we used when we came up with PUBG, and that we felt that such large success and offering new experience is very key, and that original creative actually forms the very core of all of that. However, because it was too broad, there were also some shortcomings as well, because we met with thousands of studios and we decided that we will zero in on these types of opportunities and categorize it into four key domains. So all of the investment activities that we've undertaken in the past can be categorized into one of these four domains, and it gives us a very intuitive view as to why we are making such investment. (Foreign Language). When we make investment into games or develop games, of course we do it with the hope that it will all become a big IP, and we make that investment based on possibility. But of course we will never know up until the time that we go through the whole process and we get the conclusion, but we attempt at these investments based upon the possibilities that we have identified. So for instance, inZOI is going to begin as a life simulation game, but because of its high visual quality as well as high level of freedom in the game mechanics, we believe that the next step for inZOI will be to expand the domain and scope of the experience that inZOI offers. And for Subnautica, it's a very unique game genre because it's an underwater, it takes place in underwater, and basically this will be a way for us to expand into other fan base that we have not been able to tap into. And then the next chapter will be to explore ways for us to offer different types of experience through the game. And on your last question, yes, I will do my best to make more time so that we have more opportunities to share my views and my strategic direction for the business that I am leading. Thank you.(Foreign Language). This brings us to the end of 2024, fourth quarter and full year earnings release of KRAFTON. Once again, our deepest gratitude to all the investors and analysts for your interest and for joining us today. Thank you.