Good morning. This is Jia Kim, IR team leader at NHN. Thank you very much for attending our 2023 full year and fourth quarter earnings call. NHN CEO Woojin Jeong, CFO Ahn Hyun-sik, and CEO of NHN Comico, Younghun Jeong, and CEO of NHN Cloud, Kim Dong-hoon, are also present. CFO Ahn Hyun-sik will start off the presentation with our financial results, followed by CEO Woojin Jeong's business updates before taking your questions. The earnings announced today have been prepared based on IFRS consolidated financial statements and are subject to change depending on the results of the external auditor's review currently underway. Also, I remind you that the conference call contains forward-looking statements and the company's actual business results may differ materially. Now, CFO Ahn Hyun-sik will start off today's conference call with a look at financial and business results. CFO Ahn Hyun-sik. Hello, this is CFO Ahn Hyun-sik. I'd like to share with you our 2023 full year and fourth quarter business results. The annual revenue was KRW 2,269.6 billion, up 7.3% year-over-year, and operating profit was KRW 65.5 billion, up 42.2% year-over-year. Q4 consolidated revenue was KRW 598.3 billion, 6.7% increase year-over-year and 4.7% growth quarter-over-quarter. However, in Q4, operating income was a loss of approximately KRW 7.8 billion, swinging to red both on quarter and on year. Excluding the impact of one-time bad debt expense at NHN Commerce and the revenue deduction related to public sector business at NHN Cloud, Q4 operating profit is estimated to be about KRW 202.2 billion. NHN Commerce recognized long-term uncollectible accounts of KRW 15 billion, induced by prolonged economic downturn in China, as one-off bad debt expense. While it is still uncertain whether the Chinese economy will recover in the near term, over the past year, NHN Commerce has focused on improving its fundamentals by drastically reducing fixed costs and has already discontinued transactions with potential risk of non-payment. Therefore, we expect an improvement in its profitability in 2024. Due to temporary delays in service delivery to domestic public cloud business last year, NHN Cloud deducted, in the fourth quarter, approximately KRW 13 billion from already recognized revenue. Limited revenue growth coupled with increased fixed costs resulted in temporary reverse leverage. This year we will improve P&L drawing on a more favorable public sector market environment and expansion in private sector sales led by financial services industry. I'd like to discuss Q4 performance of our business divisions. Game revenue was KRW 111.8 billion, up 2.7% year-over-year and 1.4% quarter-over-quarter. Revenue from PC online games was KRW 39.2 billion, a 1.1% drop year-over-year and 1.5% decrease quarter-over-quarter. Revenue from mobile games was KRW 72.5 billion, a 4.9% increase year-over-year and 3% lift quarter-over-quarter. Webboard games maintained robust traffic, showing 2.4% year-over-year increase on last year's already elevated base from deregulation. The revenue was on par with the previous quarter, despite the impact of Chuseok holidays in Q3. Mobile game revenue, excluding webboards, grew 3.2% year-over-year and 3.9% quarter-over-quarter, thanks to stable sales of Mobile Odyssey and the effects of the #Compass collaboration in December. Revenue from the payment and advertising business was KRW 293 billion, up 23.6% year-over-year and 10.5% quarter-over-quarter. NHN PAYCO continued to narrow operating losses in the fourth quarter, posting the lowest quarterly operating loss ever. As a result, annual operating loss was KRW 15.7 billion in 2023, reducing operating loss by KRW 33.9 billion from the previous year. NHN KCP continued to grow rapidly with rising transaction volume with key merchants in and outside Korea in Q4, and with partial reflection of revenue from the recently expanding Chinese commerce platform. Commerce revenue was KRW 73.4 billion, down 0.8% YOY due to sluggish Singles' Day performance, but up 20.9% QOQ thanks to a change in the commission system at NHN Global in the U.S. Content revenue Tech business revenue was KRW 78.9 billion, a 24.8% decrease YOY and 17.3% drop QOQ. As previously mentioned, it is largely because of the revenue deduction due to delay in service delivery in public cloud business. CSP business, including NHN Cloud, decreased 35.9% YOY and 9.6% QOQ, and the deconsolidation of Cloud Nexar, which was sold in September, also contributed to the decrease in tech business revenue. Content revenue was KRW 49.7 billion, up 0.4% YOY but down 0.6% QOQ. NHN Comico enjoyed consistent traffic and posted revenue increase of 5.5% QOQ. Despite a decrease in sports ticket sales, NHN Link revenue increased 2.1% QOQ, thanks to peak season for concerts. NHN Bugs revenue dropped 9.1% QOQ due to intensified competition. Other business revenue surged by 243% YOY and 29% QOQ to KRW 13.2 billion, driven by increased travel sales. 지난해 11월 다이퀘스트 매각으로 인해 연결 대상 인원이 전분기 대비 278명 감소한 것이 주 원인입니다. 광고 선전비는 전분기 대비 3.5% 감소한 191억원으로 집계되었고, 4분기 매출액 대비 마케팅 비용의 비중은 3.2%로 전분기 대비 0.3%p 감소하였습니다. 감가상각비는 전분기 대비 51.4% 증가한 319억원을 기록하였고, 기술자회사의 IDC 서버 리스 회계처리로 인해 사용권 자산 상각비와 통신비 계정 간 대체 회계처리가 반영되었습니다. 감가상각비와 통신비를 합산한 비용은 전분기 대비 5.8% 증가하였으며, 광주 국가 AI 데이터센터가 가동되면서 일부 감가상각비가 반영되었습니다. 기타 영업비용은 317억원으로 전분기 대비 77.9% 증가하였습니다. 앞서 말씀드린 바와 같이 중국 커머스 사업 장기 미회수 매출 채권에 대해 대손상각비를 인식한 영향입니다. Let me now turn to operating expenses. Total operating expenses amounted to KRW 606.1 billion, up 10.1% YOY and 10.6% QOQ. Commission fees increased 12.6% QOQ, reaching KRW 414.3 billion, impacted by NHN KCP's revenue-linked commission and higher costs at Ikonic, our Italian commerce subsidiary. Labor cost was KRW 112.4 billion, a 2.8% decrease QOQ. This is mainly because 278 were removed from the consolidated headcount following the sales of NHN Diquest in November last year. Advertising and marketing expenses decreased 3.5% QOQ to KRW 19.1 billion, and Q4 marketing to revenue ratio was 3.2%, down by 0.3 percentage point on quarter. Depreciation increased 51.4% QOQ to KRW 31.9 billion, reflecting right of use asset amortization due to the lease accounting treatment of tech subsidiaries, IDC servers and inter-accounting treatment of telecommunications cost. The combined expense of depreciation and communication increased 5.8% QOQ, to which operation of Gwangju National AI Data Center and subsequent depreciation was reflected. Other operating expenses were KRW 31.7 billion, an increase of 77.9% from the previous quarter. As mentioned earlier, this was due to the recognition of bad debt expense for long-term uncollectible receivables in the Chinese commerce business. 4분기 전체 영업 손실은 78억원으로 전년 동기 대비 그리고 전분기 대비 적자 전환하였으며, 당기순손실은 579억원입니다. 영업외 손익에서는 영업권 등 무형자산의 손상 차손이 약 309억원 발생하였으며, 당기손익 공정가치 측정 항목 평가손실이 약 240억원 반영되며 당기순손실이 확대되었습니다. NHN은 연결 기준 연간 당기순손실에도 불구하고 현금 배당을 진행하게 되었습니다. 비록 단기적으로 비정상적인 손익 악화가 발생하였으나, 장기적인 관점에서 안정적인 이익 실현을 예측함에 따라서 이루어진 이사회의 의사 결정입니다. 그럼 이상으로 2023년 4분기 재무실적에 대한 설명을 마치고 정우진 대표께서 각 사업의 현안에 대해서 말씀드리겠습니다. The overall operating losses for the fourth quarter was KRW 7.8 billion, swinging to red YOY and QOQ, and the net loss was KRW 57.9 billion. Included in non-operating income were impairment losses on intangible assets such as goodwill worth KRW 30.9 billion and valuation loss and asset measured at fair value through profit or loss worth KRW 24 billion, which widened the net loss. Despite the annual net loss on a consolidated basis, NHN decided to pay cash dividends. This is a decision made by the board of directors as we expect to realize stable profits in the long run, despite non-recurring deterioration in profitability in the short term. This concludes my presentation on 2023 full year and Q4 results. Now CEO Woojin Jeong will discuss major business topics. 안녕하세요. NHN 정우진입니다. 지난해 NHN은 마케팅 비용을 필두로 적극적 비용 통제를 통해 전사 이익을 개선하는 데 주력하였고, 그 결과 23년 연간 마케팅 비용은 783억원으로 전년도 대비 38.2% 감소하였습니다. 앞서 안현식 CFO가 말씀드린 4분기의 일회적 요인으로 지난해 연간 영업이익의 개선은 기대에 미치지 못했으나, 올해에는 지난해 비용 통제 기조를 이어가는 동시에 커머스와 기존 사업의 체질 개선을 통해 역대 최고 수준의 연간 영업이익을 목표로 사업에 매진하겠습니다. 한편 지난해 NHN 별도 영업이익은 964억원을 기록하며 전년 대비 67.7% 상승하였고, 24년도 NHN의 최소 주주환원 재원은 약 317억원으로 증가하였습니다. NHN은 약 117만 주에 해당하는 자기 주식 특별 소각과 200억원 규모의 자기 주식 매입을 진행할 예정이며, 창사 이래 처음으로 주당 500원의 결산 배당을 결정하였습니다. 근본적인 ROE 개선을 통해 점진적으로 회사의 기업 가치는 적정하게 평가받을 것으로 기대하고 있으며, 회사의 이익 성장을 주주님들과 향유할 수 있도록 주주환원정책을 보다 강화해 나가겠습니다. 2025년부터 적용할 3개년 주주환원정책의 경우, 이익과 연계할 수 있는 최적의 방식을 검토하여 올해 중 결정되는 대로 말씀드리겠습니다. Hello, this is Woojin Jeong from NHN. Last year, NHN focused on improving corporate-wide profitability through aggressive cost control, particularly in marketing expenses. As a result, annual marketing expenses in 2023 were KRW 78.3 billion, down 38.2% YOY. As mentioned by CFO Hyun Shik Ahn, although the improvement in annual operating profit last year fell short of our expectation due to the one-off factors in Q4, we will continue with the cost control initiatives from last year, revamp the very fabric of commerce and tech business, and devote ourselves to the goal of achieving a record high annual operating profit. NHN's separate operating profit last year was KRW 96.4 billion, up 67.7% YOY. NHN's minimum resources for shareholders' return in 2024 will increase to approximately KRW 31.7 billion. NHN plans to conduct a special retirement of 1.17 million shares of treasury stock and a share buyback worth KRW 20 billion. NHN has decided to pay a closing dividend of KRW 500 per share for the first time since its foundation. Our corporate value will be adequately appreciated gradually through fundamental ROE improvement, we will further strengthen our shareholders' return policies so that the company's profit growth can benefit shareholders further. Regarding the three-year shareholder return policy starting in 2025, we will review the best way to link it to profits and share more details as soon as the decision is made this year. 그럼 먼저 게임 사업 현안에 대해 말씀드리겠습니다. NHN은 규제 환경에 의존하지 않고 지난 2년간 한 게임만의 차별화된 콘텐츠를 선보이며 모바일 웹보드의 성장을 도모하였고, 2023년 웹보드 게임의 연간 매출은 전년 대비 11% 상승했습니다. 올해에는 더욱 많은 이용자들이 웹보드 게임을 즐기는 것을 목표로 게임별 타겟팅을 계획하고 있으며, 모바일 포커는 올해 출시 10주년을 맞아 하반기에 다양한 이벤트를 보여드릴 예정입니다. 지난해 10월 출시 이후 국내 이용자들에게 많은 사랑을 받고 있는 우파루 오딧세이는 올해 6월 글로벌로 확대 출시할 예정입니다. 소셜 네트워크 장르와 과거 우파루 마운틴의 인기를 감안했을 때 일본 시장에서도 좋은 반응을 보일 것으로 기대하고 있습니다. 한편, 다키스트 데이즈는 2월 말부터 국내에서 CBT 테스터를 모집합니다. 완성도를 높이기 위해 최대 두 차례에 걸친 CBT를 진행할 예정이며, 3월 말 첫 CBT를 통해 게임성을 검증하여 올해 3분기 중 정식으로 출시하겠습니다. 지난 1월에는 링게임즈가 개발 중인 신작, 스텔라판타지에 대한 퍼블리싱 계약을 체결했습니다. 서브컬쳐 장르의 재미를 살려 연내 글로벌 시장에 선보일 예정이며, 그 외에도 NHN 및 NHN PlayArt에서 준비 중인 다수의 신작 개발에 박차를 가하고 있습니다. First, let me discuss the game business. NHN has been promoting the growth of mobile web boards by introducing differentiated content unique to Hangame over the past two years without relying on regulatory environment. In 2023, the annual revenue of web board games increased 11% YOY. This year, we are planning to conduct more effective targeting for each game to attract more users to enjoy web board games. In celebration of 10th anniversary of Mobile Poker, we will showcase diverse events in the second half of the year. In June this year, Wooparoo Odyssey will be launched globally, building on the great response from Korean users since its domestic launch in October last year. Given the popularity of the social network genre and the Wooparoo Mountain, we expect it to be well-received in the Japanese market. Meanwhile, Darkest Days will recruit CBT testers in Korea from the end of February, and up to two rounds of CBT will be conducted to improve the quality of the game. As we verify its gameplay through the first CBT at the end of March, we will gear up for official launch in Q3 in this year. In January, we signed a publishing agreement for Stella Fantasy, a new title developed by Ring Games. We plan to introduce it to the global market within the year, expanding on the fun of the subculture genre. We are also accelerating the development of many other new games being prepared by NHN and NHN PlayArt. PAYCO는 매출에 기여하는 기업 복지 솔루션, 포인트, 쿠폰 서비스의 사업 역량을 집중하고 있으며, 4분기 매출 기여 거래 금액은 1.4조 원을 기록하며 전년 동기 대비 11% 성장하였습니다. 2023년 PAYCO의 연간 거래 금액은 최초로 10조 원을 돌파하며 전년 대비 10% 상승하였으나, 올해 1월 부로 삼성페이 결제 연동이 종료됨에 따라 오프라인 거래 금액의 감소는 불가피한 상황입니다. 그러나 PAYCO는 앞으로도 수익성 개선에 주력할 예정이기 때문에 올해부터는 매출 연동 거래 금액을 주요 지표로 말씀드릴 예정입니다. 2025년 연간 영업손익 흑자 전환을 목표로 올해에도 매출 확대를 통해 적자 규모를 줄여나가겠습니다. With PAYCO, we are focusing our capabilities on revenue-contributing businesses, such as corporate employee benefit solutions, points, and coupon services. In Q4, revenue-contributing transaction volume reached KRW 1.4 trillion, up 11% YOY. In 2023, PAYCO's annual transaction volume exceeded KRW 10 trillion for the first time, up 10% year-on-year. However, Samsung Pay payment support ended in January this year. A decrease in offline transaction volume is inevitable. However, PAYCO will continue to focus on improving profitability. From this year onward, we will report revenue contributing transaction volume as a key indicator. With a goal of turning an annual operating profit in 2025, we will continue to narrow the loss by expanding sales this year. NHN Cloud는 강력한 AI 인프라 역량을 기반으로 국내 AI 생태계 조성 및 기술력 향상에 본격적으로 이바지해 나갈 예정입니다. NHN Cloud는 본격 가동을 시작한 광주 국가 AI 데이터센터의 H100 GPU와 공공 내부망인 전남 광주 온나라 2.0 클라우드 전환 사업 경험을 바탕으로 업계 최고 수준의 AI 인프라 역량을 보유하고 있습니다. 이에 지난해 Saltlux와의 협약에 이어 2월 5일에는 NAVER Cloud와 AI 공동 사업을 위한 업무 협약을 체결하였습니다. 국내에서도 고사양 인프라에 대한 수요가 점진적으로 증가함에 따라 NHN Cloud는 앞으로도 다방면의 협력 모델을 통해 개화하는 AI 시장에 적극적으로 대응해 나가겠습니다. 또한 일본에서 MSP 사업을 영위하는 NHN Techorus는 지난 1월 Amazon Web Services와 전략적 협업 계약을 체결하고 AWS 리세일 관련 매출을 3년 누적 ¥500억까지 성장시켜 나가기로 하였습니다. NHN Techorus는 2023년에도 연간 매출이 전년 대비 27.5% 상승하였으며, 이번 전략적 협업에 따라 올해에도 30% 이상의 매출 상승을 기대하고 있습니다. 그럼 이상으로 주요 사업 현안에 대한 공유를 마치고 투자자 여러분의 질의에 답변드리도록 하겠습니다. NHN Cloud will continue to contribute to the creation of an AI ecosystem and advance in technological prowess in Korea based on our strong AI infrastructure capabilities. NHN Cloud has industry leading AI infrastructure and experience from the H100 GPU powered Gwangju National AI Data Center, which has begun full-scale operation and cloud migration projects for public sector intranets of Chungnam and Gwangju On-nara 2.0. Following the agreement with Saltlux last year on February 5th, we signed a partnership agreement with NAVER Cloud for joint AI projects. As the demand for high-end infrastructure gradually increase in Korea, NHN Cloud will continue to actively respond to the local AI market through multifaceted cooperation model. In addition, NHN Techorus and MSP in Japan signed a strategic collaboration agreement with Amazon AWS in January and pledged to grow AWS resale revenue to JPY 50 billion cumulatively over 3 years. NHN Techorus posted a 27.5% YOY increase in annual revenue in 2023, and we expect to see over 30% uplift in revenue this year, driven by the strategic alliance. With that, I would like to conclude my sharing of major business topics and answer any questions you might have. [Foreign language] [Foreign language] [Foreign language] [Foreign language] 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. In order to allow as many Q&A chances as possible within the limited time, we would have appreciated only two questions for each participant. [Foreign language] The first question will be provided by Jin-Gu Kim from Kiwoom Securities. Please go ahead, sir, please. 질문 기회 감사드립니다. 커머스 관련해서 한 가지 질문을 드리려 하는데요. 최근 중국 커머스 시장 분위기가 어떠한지 말씀해 주시고, 올해 중국 커머스 사업에서 탑라인 그로스 그리고 마진율을 어떻게 목표하고 계신지, 그리고 해당 과정에서 Ikonic의 기여분을 어떻게 보고 계신지 말씀을 부탁드리도록 하겠습니다. 감사합니다. Thank you for the opportunity. I have a number of questions regarding commerce. Can you share with us some of the market landscape trends in China commerce market? Also tell us your target for top line growth and the margin for Chinese commerce business. In the process of achieving that target, how much do you think Ikonic business will contribute to that? 네. 커머스에 대해서는 제가 말씀드리겠습니다. CFO 안현식입니다. 중국 커머스 시장이 사실 리오프닝을 하면서 좀 풀릴 거라는 예상들을 했었는데 현재로서는 그렇게 괄목할 만한 변화는 보이지 않고요. 단기적으로 여러 가지 뉴스나 계속 보시겠지만 이커머스 쪽이 중국 업체들도 좀 힘들어하는 상황이긴 합니다. 그래서 지금 단기적으로 드라마틱한 회복이 있을 거라고 예상하고 있지는 않고요. 그에 따라서 좀 더 저희 효율화적인 방안을 준비를 했습니다. This is CFO Hyun Shik Ahn. I will answer questions regarding commerce. In fact, the Chinese commerce market was expected to recover after reopening according to many analysts, but we haven't seen any remarkable changes yet. As you might have read from the news, many Chinese players are also struggling. We do not expect any dramatic recovery in the short run. We are focusing on introducing and bringing more efficiency to our business. In the short run, we are seeking to bring more diversity to the items and assortments we are offering. Expanding from the Korean providers that we are transacting with currently, we are going to add more diverse and various providers and suppliers. We are working on expanding the transaction volume, not just on operating margin. You also asked a question about the contribution of Ikonic to top line, and the revenue of Ikonic is basically linked to the performance of the Chinese market. Because of the uncertainty in the Chinese market, it is quite difficult, and I am a little bit cautious to offer any specific forecast. I can reiterate that with the efficiency in cost control and diversification of items, we will seek to expand our revenues of Chinese commerce business. The following question will be presented by Dongho Kim from Global Securities. Please go ahead with your question. In this year, because of the delay in service delivery in public cloud business of NHN Cloud, CSP revenue was deducted. How big is the risk for 2024, and can you share any budgets or government budget for related business for public cloud business in the public sector? The second question has to do with the partnership agreement you have. There was an announcement of Saltlux MOU and other strategic alliance and partnership, and how much would it contribute to the competitiveness and the performance of the company? The third question is about amortization. The depreciation in the fourth quarter increased by KRW 10 billion compared to the quarters of one to three. How would the server lease cost will be treated in the accounting going forward, and how much depreciation impact will be experienced from the Gwangju IDC center? Because of the quality of the line, I could not hear the question clearly. If my answers are a little bit off the target, off the mark, please let me know. To answer your first question regarding the revenue impact of delayed service delivery, that happened as a one-time event this year, and we cannot really confirm what's going to happen next year or this fiscal year. If there is delay in service delivery, the revenue might decrease, but it is quite difficult to estimate exact amount. 저희가 프로젝트 수년에 따라서 사실 기간에 대한 변동이 발생해서 매출 차감이 되는데요. 이거는 아마 올해 그리고 24년, 25년 초에 매출에 반영될 예정으로 잡혀 있고요. 그리고 23년 같은 경우는 저희가 22년에 공공 클라우드 전환 사업이 22년에 인식이 되고 23년에 인식되는 개념으로 매출이 인식이 됐었는데, 저희가 23년에 공공 클라우드 전환 사업 같은 경우는 사실 23년이 아니고 24년에 매출 인식이 됩니다. 그래서 이게 어떤 의미냐면 사실은 수주 잔고 측면을 봤을 때 23년 대비 저희가 24년에 약 20% 이상이 매출에 대한 사전 확보가 되어 있다, 이렇게 이해해 주시면 될 것 같습니다. 두 번째 연결해서. I am CEO Kim Dong-hoon of NHN Cloud. I will answer the remaining question. Last year, because of the delay in the project delivery, there was a little bit of revenue deduction. The revenue of projects that are planned will be recognized in 2025 and early 2025. In case of 2022, all the public cloud migration revenues were to recognize in 2023. That has been changed. In 2023, the revenues will not be recognized in FY 2023, it will be recognized in FY 2024. In terms of our remaining order, there is already 20% revenues for FY 2024 secured under our belt. 세 번째 질문에 대해서 답변을 드리겠습니다. 두 번째 답변드리도록 하겠습니다. 네이버나 Saltlux에 대한 협약 이후에 대해서 영향에 대해서 말씀하셨는데요. 저희가 NHN Cloud같이 NVIDIA GPU, 그리고 Graphcore의 IPU, 그리고 국내 Sapeon, 전체적인 국내 최대 규모의 GPU 기반의 여러 가지 다양한 AI 인프라 부분에 대해서 국내 최대로 구축 및 운영들을 하고 있고요. 그래서 국내 여러 가지 생성형 AI 하는 기업들과 전략적으로 계속 MOU나 저희 인프라를 활용한 다양한 서비스들을 만들 계획을 가지고 있습니다. You asked a question about the impact of partnership with Naver and Saltlux. NHN has the biggest level, biggest scale AI infrastructure that are operational already based on NVIDIA's GPU, Graphcore's IPU, and Sapeon's GPU. We are seeking diverse strategic alliance and MOUs with diverse players, including the domestic generative AI players, to make available new infrastructure and bring new services to the market. 세 번째 질문 답변드리겠습니다. 감가상각비는 이번에 통신비와 리스 회계처리 영향에 따라서 계정 배치가 된 부분이 있어서 좀 혼동스러운 부분이 있는데요. 사실 광주 AI 센터와 관련된, 주로 클라우드와 관련된 감가상각비 증가가 있었고, 저희가 예측으로는 분기 기준으로 약 25억 정도 증가했습니다. To answer your third question, there was a little bit of confusion because of inter-account replacement regarding the telecommunication cost and the lease accounting when it comes to depreciation. Of course, AI data center in Gwangju and other cloud infrastructure created depreciation, which is about KRW 2.5 billion in this quarter. There was an increase of KRW 2.5 billion on a quarterly basis. [Foreign language] Next question will be provided by Donghwan Oh from Samsung Securities. Please go ahead, sir. 질문 기회 감사드립니다. 두 가지 질문이고요. 첫 번째는 웹보드 게임 규제 완화에 대한 기대감이 있는데, 이 부분이 지금 어떻게 진행되고 있는지 좀 궁금하고요. 만약에 규제가 추가로 완화되지 않았을 때 올해 자연적인 웹보드 게임 측의 매출 성장은 어느 정도 보시는지도 말씀해 주시면 감사하겠습니다. 두 번째는 저희의 그 구조조정 계획에 대해서 좀 듣고 싶은데요. 지난해 2023년 전략에서 마케팅 비용을 좀 줄이고 구조조정도 좀 더 진행하겠다, 이렇게 말씀하셨는데 2024년에도 수익성이 안 나오는 자회사에 대한 구조조정 계획이 어떻게 잡혀 있는지 말씀해 주시면 감사하겠습니다. Two questions. There are high expectations in the market regarding deregulation for webboard games. Can you share the latest developments? If there is no addition of new regulation, how much do you think the revenue will grow organically? Second question has to do with reorganization or deconsolidation of different subsidiaries. Last year, you focused on controlling marketing costs strategically. Can you share more details about your plan of deconsolidating consolidated subsidiaries? 첫 번째 웹보드 규제는 항상 보수적으로 저희가 접근을 하고 있습니다. 희망은 항상 하고 있으나, 정부의 의사 결정이 어떻게 일어날지 조심스럽게 기다리고 있는 수준이고, 최근 PC에서 모바일로의 이동에서 좀 긍정적인 반응 중에 하나라고 말씀드릴 수 있는 것은 이용하는 세대의 generation이 굉장히 젊어지고 있고, 특히나 모바일 포커와 섯다 같은 경우에는 2, 30대까지도 이용자 층이 내려가고 있는 것을 확인하고 있습니다. 따라서 24년도에도 견조한 성장을 저희는 기구적으로 전망하고 있습니다. Regarding web board deregulation, we are always having more conservative approaches. We are not giving up our hope, but we are always cautiously waiting on the decisions from the part of the government. There is a very positive trend regarding transition from PC to mobile. The user demographics have become much younger in terms of generations. Games like Mobile Poker and Sutda now are welcoming 20-something users as well. Because of this, in 2024, we are expecting a robust growth. 저희가 2022년 대비해서 2023년에 약 12개 법인을 매각하고, 혹은 청산, 또 합병 등을 통해서 줄였습니다. 당초에 2024년 말까지 저희가 연결 종속회사 70개 이하로 감소를 시키겠다고 말씀을 드렸는데요. 그 목표에 맞춰서 열심히 지금 실행을 하고 있습니다. Compared to 2022, in 2023, we reduced the number of consolidated subsidiaries by 12, through the means of selling off and liquidation, and also mergers. We originally communicated that we were going to bring down the number of subsidiaries below 70 by 2024, and we are executing different measures in line with that goal. 계속 말씀드리지만, 기본적으로 저희가 핵심 사업이라고 하는 5대 사업의 주요 계열사에 어떤 시너지가 나는 회사가 아닌 회사들에는 기본적으로 이익이 나더라도 계속 정리를 하고 있는 상태고요. 올해도 그 기조는 계속될 예정입니다. As I have communicated enormously. Basically, we are going to streamline our subsidiaries, even when they are profitable, if they are outside of our five core businesses without creating any synergetic effect. That will be our philosophy and framework going forward this year as well. 네, 올해도 지금 10법인 이상 정리될 계획이 있고요. 그 부분들은 가능한 한 저희가 어떤 매각이나 이런 방식을 통해서, 저희 그룹에서는 시너지를 못 내지만, 그 회사 자체들도 다른 데서 다시 한번 기회를 가질 수 있는 방향으로 진행할 계획입니다. We do have plans to deconsolidate more than 10 subsidiaries this year, and we will seek ways of sales as much as possible, because they would not create any synergetic effect within our group, but they can have another opportunity elsewhere. [Foreign language] If you have any additional questions, please press star one, star and one to give your question. 더 이상 질문이 없으시므로 이상으로 23년 연간 및 4분기 NHN 실적 발표를 마치겠습니다. 추가로 궁금하신 사항은 IR팀으로 연락 주시면 성실하게 답변드리도록 하겠습니다. 오늘 참석해 주신 모든 투자자 여러분들께 감사 말씀 드리겠습니다. 안녕히 계십시오. With no further question, we will conclude the annual and the fourth quarter 2023 earnings release conference call. Please let us know if you have any additional questions, and our team will be happy to answer your question. Thank you for your participation today.