Good afternoon. I'm Sophie Lee from KRAFTON's IR team. Dear investors and analysts, thank you for joining our first quarter 2025 earnings release. I have with me today Head of PUBG IP Franchise T. S. Chang 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. Today's presentation is based on KIFRS consolidated estimates, which are subject to change upon the independent auditor's review. Let me now invite T. S. Chang to present on PUBG IP Franchise: Shaping the Future with Fans. Good afternoon. I am T. S. Chang, Head of PUBG IP Franchise. Since its release eight years ago in March, PUBG is now in its ninth year of service. Although it's been many years since the launch, we still have analysts and investors around the world who continue to show support for PUBG. Thank you for that. Following early access release in March of 2017, PUBG sold more than 80 million copies on a cumulative basis, and since adopting free-to-play in January 2022, we've been growing continuously with the passionate support from global fans. Although there were times when we had to really think of ways of surviving, we are confident that PUBG today is not merely making a short-lived rebound, but evolving into a sustainable game with ultra-long PLC. Above all, trust and anticipation by global fans have been growing with the build-up of their love for the game, which is driving growth across current, returning, and new users. After the release of the eighth-anniversary content update and events last March, we saw 1.4 million peak concurrent users, which is a testament to the potential of our core fandom growth. Today, I will share the dream we have of the future of PUBG IP Franchise under the title: A franchise cherished by fans across generations and regions for years to come. We are making bold investments into content to deliver new fun to fans across core services of PUBG IP Franchise, across PC, console, and mobile. We believe the driving force behind making PUBG a long-standing evergreen IP is to have robust growth of its core fandom and for PUBG to be viable as a relevant game service. We will thus continue to deliver cultural experiences, and the impact will continue to grow. We have many upcoming cultural collaborations with artists and brands, which many fans are waiting for, and will bring varied cultural elements to bear on PUBG experience that will appeal to Western and younger generations. We will also enable PC and mobile fans to enjoy content together and strengthen the Nexus with esports. Major IP content collaborations planned for PUBG PC this year will be carried out jointly with PUBG Mobile, and we will actively share core contents across platforms, just as we did for the Rondo map. In addition, by trying new things for the upcoming esports events this year, we will solidify PUBG IP's presence and maximize synergies across services. In the longer run, PUBG core services will evolve into a gameplay platform. Under PUBG 2.0, we will deliver varied gameplay experiences aside from battle royale through well-made modes and user-generated content. We are working on Unreal Engine 5 update, which will not only deliver a highly immersive visual-auditory experience but also strengthen the technological foundation for ultra-long global services. Unreal Engine 5 is now in the pre-production stage and well-made mode, which is co-developed with external studios and UGC content, where users participate, will both go through update and sequence beginning second half of the year. We are also actively developing new titles to tap into potential fans of PUBG IP Franchise across various genres, platforms, and regions. Project Black Budget is a new title, an extraction shooter game reimagined by PUBG, and is under development in collaboration between Amsterdam and Seoul. Following closed beta tests in Q1, we will run an open beta test before the end of the year. Project Valor is a new battle royale title for consoles in its early development stage by the PUBG Madison studio. Our intention is to cater to console shooter game fans but also bring a new gameplay experience beyond what is battle royale. PUBG Blindspot is a top-view tactical shooter game under development by Seoul, a demo of which was showcased at the Steam Next Fest in Q1, and through the open beta test, we will update the game's completeness with the help of our fans. We're also developing new console and mobile titles targeting Western and emerging markets and the new generation. Taking on a long-term perspective through repeated challenges, we will verify core fun factor and make investment into content catering to potential fans of the global market. Globally, it is extremely rare to find a game IP receiving such a raving support for over 10 years from its global fanbase, but PUBG is that rare case. PUBG IP Franchise will continue to deliver PUBG's unique fun and excitement through its strong core services and through many new challenges, which will also no doubt contribute to the growth of KRAFTON as a company. We will also solidify PUBG's identity and relentlessly seek ways to expand the value and influence of the IP as a franchise going beyond the bounds of gaming. We look forward to your continued interest and support for PUBG IP Franchise. Thank you. Next, our CFO, Dongkeun Bae, will present on KRAFTON's first quarter 2025 business and financial results. Hello, I'm Dongkeun Bae, KRAFTON's CFO. Supported by continuing growth of PUBG IP, KRAFTON reported record-high revenue and profit in Q1 of 2025 since the founding of the company. Despite strong performance last year, we set challenging goals internally for PUBG IP and have steadily reached that target in Q1. As T. S. mentioned, with a clear perspective on making a long-standing PUBG IP Franchise, we have fine-tuned live servicing and content operations, which is leading to stronger performance. As a result, Q1 revenue was KRW 874.2 billion, up 31% year-over-year, with operating profit of KRW 457.3 billion, up 47% on year, rewriting our quarterly record. inZOI, which was released March 28, grossed in sales from 1 million copies in just seven days, attesting to its growth potential as a new IP with long-term sustainability. Results from inZOI is meaningful not simply as good short-term earnings, but more so as it is laying the basis for KRAFTON's sustainable growth as a gaming company. By developing and servicing a variety of games underpinned by the creatives and through trust-building and communication with the user base, we will create a brand value which is distinct to KRAFTON. Also, in line with five-year mid to longer-term strategy announced last February, we are placing our efforts behind securing teams with original creatives from around the world. Noh Jung-Hwan joined as the Head of our subsidiary, OmniCraft Labs, and we're in the process of onboarding three teams with development leadership and expertise and making four minority investments, which is underway. Our plan is to speed up longer-term pipeline expansion through different options, such as attracting development teams and taking minority stakes, and through M&As. Next, I will run through financial results and update on how we're moving to capture growth engine for our future. I will begin with revenue breakdown by platform. Q1 PC platform revenue was KRW 323.5 billion, up 33% year-on-year and 39% Q1Q. On top of PUBG PC growth, there was a revenue stream from inZOI, which helped to rewrite quarterly revenue record. Supported by higher traffic, new-year rerun events and promotion received raving user feedback, enabling a sharp increase despite strong performance seen last year. In April, we introduced new premium content called the Contender System, and in the second half, the highly anticipated K-pop artist and car collaboration is upcoming. Last year, you will remember that we had a big success through NewJeans and Lamborghini collaborations, and considering the quality and size of this year's collaboration, I have bigger expectations. Q1 revenue for mobile platform was KRW 532.4 billion, up 32% year-over-year and 47% Q1Q. For PUBG Mobile, we launched products that greatly appealed to user preference, such as high-end, high-value skins for cars, various IP collaborations, and local content, which led to an increase in the number of buying users, driving year-over-year revenue growth. We also launched PUBG PC's original content, the Rondo map, delivering a new experience on PUBG Mobile. During the second half, we will strengthen brand synergies through co-marketing with PUBG PC to widen the touchpoint with a broader user base. BGMI has also seen growth in the share of buying users thanks to enhancements of first-time purchase experience. We had collaborations with Mahindra, which is a major car manufacturer in India during the first quarter, which appealed greatly to our users, which drove highest revenue among other localized contents. We will strengthen brand awareness of BGMI by continuing strategic collaborations with major Indian companies. For the console platform, Q1 revenue was KRW 13.1 billion, which is an increase of 14% on year and 7% on quarter. Let me now talk about performance from inZOI launch. Since its release on March 28, inZOI landed number one on Steam Wishlist, building on that anticipation and reached sales of 1 million copies in just seven days. The fact that 95% of sales came from the global market demonstrates that KRAFTON's original IP is greatly appealing to our users globally, which is yet another testament to the potential we have following the success of PUBG. Considering that inZOI is a single-player game and that this was in early access, we feel that we took a successful first step in establishing the title as a long-standing global IP. Based on proactive communication and reflecting user feedback, we've won good response and trust from the community, creating such fandom organically without having to go through paid marketing. We are truly looking forward to advancing to the next stage of growth through the upcoming updates, the full launch, and expansion into the console platform. Although we have yet to unveil the details, we are making thorough preparations for the next level under a bigger and longer vision and plan than what appears from the outside. When the time comes, we will share with you what they are. Next, an update on key strategic titles for 2025. First, the publishing rights of Dinkum Original were transferred to KRAFTON on February 12, and we now support 14 languages. After the official launch in Q2, we will expand into the console platform. Until the launch of Dinkum Together, we will improve awareness of the original title, expand the community to eventually focus on turning Dinkum IP into a solid franchise. For Project AB and Subnautica 2, we are fine-tuning strategies for development and publishing. For Project AB, we are in the middle of changing the name of the game from Dark and Darker Mobile and setting up the direction forward. We will come back to you once details are confirmed. Subnautica 2 is gearing up for early access launch within the year. It's a way in which we make the game together with our users, just as we did for its prequel. We will be implementing snowball strategy for publishing, working together with the community and the users. KRAFTON's AI technology is applied in an actual game for the first time and based on the technology that we've built up, o ur objective is to revolutionize the gameplay experience. With the release of inZOI early access, a variety of AI technologies, including SmartZOI, were used in-game, drawing positive user responses from its natural and immersive simulation experience. SmartZOI is an experimental feature used to render an immersive simulation experience, and using our CPC technology, it delivers distinct play experience unlike what's out there. Moreover, our plan is to introduce the AI architecture, AI motion capture, and other fun gaming features in sequence. Lastly, India is KRAFTON's core strategic market, and through ongoing growth of BGMI and various new attempts, we are solidifying our position as a publisher in India. For BGMI, through scaled-up localized services, we will expand the touchpoint with prospective users. Like the collaboration with Mahindra, India's major car brand, that we did in Q1, we plan to broaden such collaboration with many other national brands. Aside from collaborations, we will drive growth by offering in-game content and trying marketing approaches that will appeal to Indian users. On the publishing side, we made investments into Nautilus Mobile in an effort to gamify cricket, which is India's national sport. We acquired a controlling share of Nautilus Mobile last March, gaining the IP of Real Cricket, which is market share number one in India's mobile cricket game segment. Real Cricket has cumulative downloads of 250 million, with an MAU of above 10 million. With a strong user base and proven development capacity, it is indeed a flagship sports game. Based on the know-how of Nautilus Mobile, we will grow cricket games and will continue to give a go at publishing to discover the next BGMI. In India, we are also looking into different strategies to expand into a broader domain. Aside from the game business, we are preparing to execute several of them. We will update investors and the market on these efforts in due course. Next is the first quarter's operating expense breakdown and operating profit. Following investment into the PUBG IP Franchise and headcount increase for new title development, labor costs increased year-over-year and Q-over-Q, reporting KRW 148.4 billion. On the back of growth in PUBG PC console and BGMI service revenue, platform fees and cost of revenue were up year-over-year and Q-on-Q, reaching KRW 105 billion. Commission was lower Q-on-Q due to esports-related base effect last quarter, but an increase in outsourcing costs for new title development and for PUBG 2.0 and higher traffic, which led to an increase in server costs. Commissions were up year-over-year, reaching KRW 84.1 billion. Marketing costs fell Q-on-Q due to the base effect of having to participate in the G-Star event previous quarter, but with expanded marketing activities for PUBG PC console and BGMI, marketing costs increased year-on-year to KRW 22.9 billion. Stock-based compensation increased Q-on-Q on rise in the stock price, but following the change in the stock option from cash-settled to stock-settled SBC in August 2024, there was a change in the way the expense was recognized, which drove SBC down year-on-year to KRW 17.9 billion. Q-on-Q operating profit was up 47% year-over-year and 112% Q-on-Q to KRW 457.3 billion on the back of top-line growth. Adjusted EBITDA in Q after adjusting for SBC was up 33% year-on-year, reporting KRW 505.1 billion. With the dollar slightly weakening, FX-related gains narrowed, and thus Q-on-Q operating profit came in at KRW 49.5 billion, and Q-on-Q net profit reported KRW 379.4 billion, up 7% year-over-year. Thank you. [Foreign language]. Now we will begin the Q&A session. If you have any questions, please use the raise hand icon at the bottom of [Foreign language]. We'll take the first question from Eric Cha of Goldman Sachs. Please go ahead. [Foreign language]. [Foreign language]. Thank you for taking my question. I would like to ask you two questions. The first one is, despite the fact that we've seen significant improvement in terms of traffic for PUBG franchise last year, we still see an uptrend. I would like to understand as to why you believe this was possible. What were the key strategies that enabled such growth? Do you believe that this uptrend can continue on during this year? I also see that your business models have actually scaled up. If you were to compare the business model that you currently have versus what it was like last year, that would also be quite helpful. Moving on to the second question. Thank you very much for walking us through the PUBG franchise's strategy going forward. You did mention a couple of new challenges that you will embark on, and included in that is that you will enter into the new market and also diversify the genre of the game that you're in. Can you elaborate as to what you mean by that? [Foreign Language]. This is T. S. I would like to answer to your first question. If you look at the indicators, basically for the PUBG PC in 2024, our MAU had significantly improved, and we've seen that growth in terms of the new users as well as returning users and existing users as well. There was meaningful growth in terms of traffic in 2024 versus 2023. You see that recently the existing base of users, they tend to prefer to continuously play the game that they are used to and that they like playing. We were able to identify that trend is actually taking place if you look at PUBG's traffic as well. [Foreign language]. [Foreign Language]. If you look at the biggest driver behind last year's traffic growth, it's actually from the existing as well as returning users. We see that the content updates that we've been able to provide, as well as the premium content which we deliver, is not simply just providing them with the fun factor where people just come in and go out, but we see that they have really built up a traffic where there is a high level of retention. [Foreign Language]. Regarding the challenges that we are embarking on, basically rather than simply depending on the core services from the franchise's perspective, we are making preemptive investments and very actively exploring new opportunities so as to drive the growth of the entire franchise. [Foreign Language]. When we had that perspective, we felt that there was no reason for us to limit PUBG within the bounds of Battle Royale. Hence, that was where we started to think of expanding to other genres and other platforms. Basically that is the basic thinking behind us and behind our approach in diversifying and expanding into multiple platforms, regions, and generations. [Foreign language]. Adding on to what T. S. has just mentioned, this is a CFO, with regards to the upgrade in the business model and how we could compare this year's BM to that of last year. [Foreign language]. Now, if you have been tracking different indicators and measures regarding the PUBG PC and console services, you will know that in the past we were able to drive a top-line revenue growth, thanks to the weapons upgrade system, the progressive skin that we introduced. Basically this is decorating your ammunitions and guns with these skins. Basically people thought at that time after this weapons upgrade system that there would not be any other driver that could drive growth of the top-line revenue, but then came the rerun events. This year we also introduced the contender system. What this is, is it's also providing a progressive costume and outfit for the game characters. We are very much focused on providing an attractive and highly appealing product to the users without harming and undermining the gameplay. I believe that that was the core strength of PUBG. [Foreign language]. Although I won't be able to share all of the details, I can tell you that underpinned by our fundamental philosophy of driving up traffic from PUBG, our number one priority is to make sure that the fans really feel satisfied with the services that PUBG offers. Of course, because we are a profit-making company and we're engaging in a business, we do think very deeply and consider a lot about the business model that we employ. There are many things that is currently under preparation. You can look forward to a more evolved PUBG servicing in the future. [Foreign language]. Next question will be from Jae-min Han of NH Investment & Securities. Please go ahead. [Foreign language]. Thank you. I am Han Jae-min from NH Investment & Securities. Would like to ask you two questions. First one is on your inZOI product. In just seven days since its release, you sold 1 million copies, which is a very outstanding result. I see that if you look at the recent measures, your number of concurrent users is showing a downward trend. Can you provide an update as to where inZOI stands at this point? You will probably be doing about three either updates or downloadable contents this year. Do you think that with the introduction of those updates, we will be able to see an uptick in sales? Second question is on Subnautica 2. I expect that you would be making preparations in terms of marketing behind Subnautica 2. Would like to know as to how things are going in terms of preparation and when can we expect to see early access for Subnautica 2. [Foreign language]. Responding to your question on inZOI, I think it would be helpful if I provided you with more detailed context with respect to this game. Now, if you look at Steam platform, there are about this year about 20,000 game titles that were provided through Steam platform. Out of that, the totally new IPs that actually sold more than 1 million copies, there's less than 10 titles that were able to achieve that measure. The fact that inZOI during its early access sold about 1 million copies, it's quite monumental. [Foreign language]. Koreans are used to multiplayer online game titles, but if you look at inZOI, it is not a PVP play. It is a game. It is a single play game, which means that the indicators that we are used to in Korea, such as number of concurrent users, really is not as meaningful when it comes to games like inZOI, because we should actually view it as a package game, as you know, like the ones that a lot of people played in the past. Whenever a new and important update is released, it's important to see how many packages or how many copies of these games were sold. That indicator will provide you with a more accurate standing for this title. [Foreign language]. We have communicated the fact that we reached 1 million copies sold. That basically is the first milestone for this game. At this point, this inZOI is also steadily selling out quite well. What's more important, as I said before, when the DLCs are ready and when there is a major update, it will be important to see how much of an additional sales inZOI will be able to generate. When the time comes for next year for a full release, up until that point in time, we will really build the anticipation of the gamers and the fans of this game. For inZOI, the fact that during the early access that it reached this certain level of sales is quite meaningful, but we would, going forward, it would be helpful to also for you to look at whenever there is a major update, how much of an additional sales that this game title is able to bring would be a very important indicator for you to follow and a basis for you to determine whether inZOI could really become a long-term global IP. [Foreign language]. Regarding Subnautica 2, scheduled for this year, second half of 2025, we are going to go into early access for PC and console. The prequel to this game title, the prequel IP, actually sold around 8 million copies, and so we have quite high expectations for Subnautica 2 as well. [Foreign language]. For those of you who've been following KRAFTON for some time would know that we stay away from spending huge amounts of money behind marketing to arbitrarily boost the popularity of a certain game title. For inZOI, as we've done with some other titles, as we've done for inZOI and other titles, basically we want to work together with our fan base to really enhance the level of completeness of such games through early access. Our objective is to grow together with the user community. [Foreign language]. Just as a reference, last week we uploaded a Dev blog video on YouTube platform, and in just 24 hours, the views have accumulated to 3.3 million, which attests to the highest level of the interest that fans and users have on Subnautica 2. [Foreign language]. Just to clarify, that number of views is YouTube plus TikTok put together. [Foreign language]. As we communicated during our last earnings call on February, we told you that KRAFTON is the only game company that has two game titles on the top 10 Steam wish list. We will continue to upload relevant development or Dev blog videos, and as we've done for Subnautica 2, once it was released, the Dev blog, once the development blog video was released, Subnautica 2 landed on number four in terms of that wish list. We will continue to unveil such videos and gameplay-related reels so that we could truly implement the snowballing strategy that we have. [Foreign language]. Next question will be from Stanley Yang of JPMorgan. Please go ahead. [Foreign language]. Thank you for taking my question. I have two, but before asking the question, congratulations on your record-high performance. My question goes to T. S. You talked about the expansion strategy for PUBG. Would like to know as to, you know, when can we actually see like UGCs and Unreal Engine 5 update applied to the game and, you know, users start to engage and enjoy these upgrades? When would that timing be? What is the impact that you are shooting for? Are you looking to expand your, for instance, new users or returning users, or, you know, is there any other objective that you have? In terms of the IP life cycle, you know, what it is that you are targeting? The second question is that we see that your mobile revenue has gone up 32% year on year. Can you give us a breakdown of this into China's Peacekeeper Elite and global mobile? I asked this question because compared to the third-party data, your growth rate seems to be a little more elevated. Since the first quarter results were, you know, very strong, do we have to expect a slowing performance as we enter into Q2? [Foreign language]. Yes, with regards to Unreal Engine 5 and user-generated content, all of these are part of the effort to evolve PUBG PC into a gaming platform going forward. For our gamers who are enjoying this game as of now, or who will be our gamers in the future, basically Unreal Engine 5 update is to make sure that our game is a relevant game that provides fresh and relevant game services to the games. That way we will be able to continue to service this game as we've done in the past and for more years to come into the future in terms of the long-term life cycle of the game. The intent is to lay the technological foundation to enable that. [Foreign language]. Whereas for Unreal Engine 5 and Well-Made Mode, these developments are content that's developed led by the developers. Unlike that, UGCs are like a playground to the users. The gamers and users themselves make the content themselves, and they share it within the game. It is a key element that will make sure that the gamers and users stay with us over a longer term. [Foreign language]. Responding to your question on mobile revenue, for those of you who've been tracking our company over a longer term would know, Q2 usually there is seasonality in the second quarter. Rather than making comparison to the first quarter, in order to make an appropriate health check of PUBG IP franchise, it's better to compare on a year-over-year basis. [Foreign language]. If you look at, for instance, the breakdown, the PUBG Mobile Global, BGMI, the PUBG M Korea, Japan, and Peacekeeper Elite, across the four product lines on a year-over-year basis, the growth has been quite significant, 20%, 30% to 40%. If you ask me the question whether we will be able to grow compared to second quarter of last year, I can tell you with confidence that yes. [Foreign language]. Because we're in the business of providing live servicing, it's extremely difficult to make accurate projections regarding the sales going forward, and I'm sure the analysts would understand as, and also understand that, you know, it would be difficult for you to make projections as well. If you look at early April on PUBG Mobile, we introduced a new progressive outfit costume skin, and it recorded record-high sales on a daily basis. Looking at that, we think that even if as we move into the second quarter for mobile, we were quite positive. [Foreign language]. The last question will be from Christopher Kim of CLSA. Please go ahead. [Foreign language]. Thank you. I see that your earnings and performance is indeed, you know, quite extraordinary. My question, first one goes to T. S. Now, with respect to the Unreal Engine 5 update, I think from the user side, the system requirement is now becoming much more higher. For instance, for people who used to play Sims, for them to play inZOI, there's a higher level of system specification that they need to be able to meet. In that aspect, there may be a hurdle for these users to come on board and, you know, enjoy these types of games that require a high level of specification in terms of the devices that they use. How are you making preparations against this? How are you going to overcome that constraint? My second question goes to the CFO. In the second quarter of last year, there was a one-off incentive-related revenue or income that you made or received from the publisher. Is it correct to understand that this quarter in Q1, that there was no such impact? Also, as now PUBG has become a title that is grossing in above KRW 1 trillion of operating profit, I think there is a much higher level of expectations that's placed on PUBG. At the same time, you would need to lower the sales mix coming from PUBG. Still, there seems to be quite a low level of visibility in terms of the pipeline and the upcoming titles for this year. Aside from Black Budget, I do not see that much of a new title. I would like to know as to when is the timing that we can expect to see some meaningful contribution from new games. [Foreign language]. You are right on. Internally, that performance-related specification is something that we are very sensitively thinking of within the company as well. When we update to Unreal Engine 5, it may be the case that the very low single-digit number of users may be impacted because of the high level of performance specification that it requires. The PC market itself is a market where upgrade takes place quite aggressively. Also, another factor is that an update to Unreal Engine 5 is not going to happen either this year or next year. Just as PUBG, when it was first launched, really gave a shockwave to the PC market, changing the behavior of how people are upgrading to higher specifications. We believe that when we upgrade to Unreal Engine 5, the users will be quite actively updating in order to really experience the game, the PUBG game, and the servicing that we are offering. Also, at the same time, we are coming up with plans and making preparations to make sure that this does not hinder the experience of the gamers. [Foreign language]. Second question, I think you said any one-off that we received from a publisher. No, there was none in Q1. [Foreign language]. Regarding the third question, I completely understand where you're coming from. In February, we made a report on our mid to longer-term business plan to our CEO, and we shared that our revenue target will be, you know, 7 trillion, and the split between PUBG and new IPs will be 60 to 40. With time, by 2029, you know, I do agree that we will need to, and we will be increasing the mix, the sales mix from other titles, so non-PUBG titles. [Foreign language]. In terms of the timing of when the new titles will thought to contribute, you know, I would love to give you a specific timing, but in light of the characteristics of game development and game servicing, you will know that that time will eventually coincide with the point in time where the game title becomes a global IP and truly grows to be a global IP. [Foreign language]. Maybe I'm going too far into the past, but if you look at right after when we got listed, in 2021, the major title was PUBG New State, so that was the one single title, and in 2022, there was The Callisto Protocol. [Foreign language]. Since 2022, we've been reorganizing our publishing organization, and we set up a champion system internally so that on top of, as a company, KRAFTON, on top of servicing PUBG, which of course is an important and critical business for us, we really focused on adding new growth. There were a lot of preparations that went in to enable that. That is why initially we were a company that would release one title per year, but in 2025, we have five or six titles that are lined up, and they are not just any simple game. These are games that are receiving a lot of interest from the Steam platform as well. I would like to ask that you please highlight and focus on these aspects that really show that KRAFTON has undergone quite a bit of change and transformation and growth. [Foreign language]. As I have mentioned in February, we have shared the mid to longer-term business plan of the company, and we were able to really establish a framework and a system within the company that will enable us to become a global game developer and a global game publisher. We will embark on different challenges toward this, and we have been able to achieve a certain level of success in that regard. That is why we have shared stretched goals with the outside as well. Currently, KRAFTON has about 30 different game titles either under development or in the publishing-related pipeline. What is important is not merely the number of games. We internally really think very hard as to how we could develop and publish certain games. We go through very rigorous milestones and gateways in deciding on the game that will be released. What's more important is, whichever game that gets released into the market, you know, will the users be able to welcome that game? I think that's the most important aspect. Compared to the past KRAFTON, I can tell you that in terms of the challenge that we undertake, it's deeper and there are many challenges that we embark on. We will continue to make sure that we communicate with you and to allow people to know that there are many games, high-quality games that will be unveiled through KRAFTON.