Good morning. This is Chia Kim, head of IR team at NHN. Thank you very much for attending our 2024 third quarter earnings conference call. NHN CEO, Ujin Chung, CFO, Hyung Sik Kang, and CEO of NHN Cloud, Dong Kim, are also present. CEO Ujin Chung will start with a business update, followed by CFO Hyung Sik Kang's presentation on financial results 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. I remind you that the conference call contains forward-looking statements and that the company's actual business results may differ materially. Now, CEO Ujin Chung will address some key business topics. 안녕하세요. NHN 정우진입니다. 지금부터 각 사업의 현안에 대해 말씀드리겠습니다. 3분기 중에는 웹 보드게임이 안정적 트래픽을 기록하는 한편, 한게임 포커 클래식은 지난 9월 출시 5주년 이벤트를 진행하였고, 이를 통해 월간 신규 이용자가 전년 동기 대비 2배 이상 증가하는 성과를 기록하였습니다. 5주년 이벤트와 추석 및 10월 초 연휴에 힘입어 한게임 포커 클래식은 10월 8일 AOS 매출 7위를 기록하며 역대 최고 순위 달성하였고, 4분기에는 경쟁 콘텐츠인 길드전을 통해 더 많은 이용자의 참여를 독려함으로써 긍정적 흐름을 이어갈 것으로 예상하고 있습니다. 일본 모바일 게임의 경우 #COMPASS와 요괴워치 푸니푸니가 3분기 중 인기 IP와 협업을 진행하며 전분기 대비 유의미한 매출 성장을 기록하였습니다. Good morning. This is Ujin Chung, CEO of NHN. I will share some key updates for each line of business. During Q3, web board game recorded stable traffic and Hangame Poker Classic carried out its fifth anniversary event in September, resulting in more than twice inflow of new users per month than the previous year. Thanks to the fifth anniversary event, the Chuseok holidays, and also a string of public holidays in early October, Hangame Poker Classic ranked number 7 in AOS highest grossing chart in October 8th, setting a new record, and is expected to continue this positive momentum in Q4, using competitive content guild wars to attract even more users. In Japan Mobile Games, Compass and Yo-kai Watch Puni Puni carried out collaboration with popular IPs during Q3 and recorded meaningful QoQ revenue growth. NHN의 웹 보드게임 역량을 글로벌로 확장하기 위하여 지난 9월 25일에는 소셜 카지노 게임 Pebble City를 소프트 런칭하였습니다. 현재 각 국가에서 기술 검증 과정을 거치고 있으며, Pebble City만의 세련되고 트렌디한 신규 슬롯과 커뮤니티 게임을 추가하여 2025년 2월 북미와 서유럽을 중심으로 정식 출시할 계획입니다. 한편, Darkest Days는 모바일과 PC 버전을 동시에 출시할 예정이며, 내년 2월에는 Steam Next Fest에서 파이널 테스트를 진행합니다. 또한 서브컬쳐 장르의 Stella Fantasy는 신규 세계관에 부합하도록 게임명을 Abyssdia로 변경하였고, 내년 2분기 출시를 확정 지었습니다. 2025년 출시를 목표로 Darkest Days와 Abyssdia를 포함한 총 여덟 종의 신작을 준비 중에 있으며, 준비 중인 다수의 신작을 성공적으로 런칭하고 시장에 안착할 수 있도록 게임의 완성도를 높이는 데 적극 매진하겠습니다. In order to extend NHN web board game capabilities globally, the social casino game Pebble City was soft launched on September 25th. Currently, it is undergoing tech review in each country. We plan to add well-polished and trendy new slot and community games unique to Pebble City for an official launch aimed for February 2025, including key markets of North America and Western Europe. Meanwhile, Darkest Days is preparing for simultaneous mobile and PC launch and will be conducting its final test during Steam Next Fest in February 2025. The subcultural genre game Stella Fantasy has been renamed Abyssdia, which better captures the game's new universe. Abyssdia will be launched during Q2 next year. Including Darkest Days and Abyssdia, a total of eight new games are preparing for launch in 2025, and we will concentrate on delivering top-grade, well-made games to ensure successful launch and market take-up of all the games in the pipeline. NHN 페이코는 티메프 사태 관련 미회수 채권을 영업 비용으로 대손 회계 처리하였습니다. 이번 대손 상각비는 회생 절차 중에 있는 주식회사 TMON 및 주식회사 Happy Money Inc.와 관련된 것으로, 향후 법원의 요구 사항에 적극적으로 대응하며 여러 방면에서 회수 노력을 지속하겠습니다. 현재 NHN 페이코는 비상 경영 체제를 갖추고 일부 한계 사업의 정리와 비용 효율화를 극대화하기 위한 방안을 모색하고 있으며, 자회사인 NHN KCP와 본격적 시너지를 도모하기 위하여 25년 1분기 중에는 NHN KCP의 구로 사옥으로 본점을 이전할 예정입니다. TMON, 위메프향 온라인 결제 중단은 당분간 페이코의 거래 금액에 영향을 미칠 것으로 전망되지만, NHN 페이코는 빠른 적자 개선을 위해 주력 사업의 성장에 보다 집중하겠습니다. 페이코 주력 사업인 B2B 기업 복지 솔루션은 3분기 거래 금액이 전년 동기 대비 31% 증가하며 성장세를 이어나갔습니다. 페이코 모바일 식권은 이미 약 7만여 개의 사용처를 확보하여 업계 최고 수준의 편의성을 자랑하는 한편, 지난 10월에는 Starbucks를 식권 가맹점으로 확보하는 등 서비스 확장을 지속하고 있습니다. NHN Payco has wrote off its outstanding receivables in connection with TMON and WeMakePrice issue as operating expense. The bad debt write-off is related with TMON and Happy Money Inc., which are companies undergoing corporate rehabilitation procedures. We will continue to actively cooperate with the court's requests and pursue various methods of collecting our receivables. Currently, NHN Payco is in emergency business management mode and is working on closing down some marginal businesses and maximizing cost efficiency. In order to generate greater synergies with subsidiary NHN KCP, NHN Payco is planning to move its head office to NHN KCP's building in Guro during Q1 of next year. The stop of Payco online payments for TMON and WeMakePrice will impact Payco's transaction volume for some time, but NHN Payco will focus even more on growing its key businesses to quickly improve its losses. Payco's main service, the B2B corporate welfare solution, saw its transaction volume increase 31% YOY in Q3, continuing an upward trend, and Payco mobile meal coupon is already accepted in about 70,000 locations, which is the highest level of convenience in the industry, and continues to expand its service coverage, including the addition of Starbucks last October. NHN Commerce는 자회사 IBT의 중국 사업을 지속적으로 재정비하며 신규 성장 동력을 물색하는 데 박차를 가하고 있습니다. IBT는 일부 운영 대행 사업을 포함한 부실 사업 정리를 계속하고 있으며, 이에 따른 구조조정으로 비용 구조가 개선되고 있습니다. 시장의 회복 속도는 여전히 더디지만 IBT는 중국 소비자에게 소구할 수 있는 브랜드를 지속적으로 발굴하여 사업 경쟁력 확대해 나갈 예정입니다. 올해 새롭게 중국 총판 계약을 맺은 한국의 인기 화장품 브랜드 BBIA는 순조로운 성장세를 보이고 있으며, 자체 브랜드인 W.Lab의 경우 연내 신상품 출시를 예정하고 있습니다. NHN Commerce continues to focus on reorganizing the Chinese business of its subsidiary IBT, as well as uncovering new growth engines. IBT continues to fold unprofitable businesses, including some operation agencies, and such restructuring has resulted in improved cost structure. Even though market recovery is still slow, IBT plans to improve its business competitiveness by continuously identifying brands that appeal to Chinese consumers. This year, it signed a Chinese distribution contract with BBIA, which is a popular Korean makeup brand, which has shown healthy growth, and W.Lab, which is our own brand, is planning to launch new products during the year. 기술 사업의 경우 AI 역량을 강화함과 동시에 공공 및 금융 분야에서 의미 있는 수주를 이어가고 있습니다. NHN Dooray!는 지난 10월 AI 기능을 접목한 Dooray! AI를 공개하였습니다. Dooray! AI는 고객사 니즈에 따라 글로벌 거대 언어 모델부터 고객사 내부의 언어 모델까지 다양한 LLM을 유연하게 적용할 수 있으며, 데이터 유출 방지 기능과 내부 감사 모니터링을 통해 보안성까지 갖추어 좋은 반응을 얻고 있습니다. NHN Dooray!는 최근 우주항공청, 국방부 등 유의미한 공공 부문 신규 수주를 이어가는 한편, 국내 SaaS 업계 최초의 CSP 안정성 평가를 받으며 금융 수요에도 적극적으로 대응해 나가고 있습니다. 최근 금융위원회가 발표한 망분리 규제 완화에 발맞춰 우리금융그룹, 신한투자증권 등 4개 금융기관이 Dooray! 서비스를 대상으로 혁신 금융 서비스를 신청하였으며, 내부 행정망에 Dooray! 협업툴 도입을 준비하고 있습니다. 한편, NHN Cloud는 지난 9월 범정부 서비스 통합창구 클라우드 임차 사업을 수주하였고, 이를 포함하여 올해 국가정보자원관리원 대구센터 관련 사업에서 전체 규모의 60% 이상을 수주하며 가장 큰 성과를 기록하였습니다. 또한 올해 클라우드 네이티브와 관련하여 여러 공공기관의 클라우드 설계를 성공적으로 수행하였기에, 향후 대구센터 등 정부의 민관 협력형 사업에서도 좋은 성과를 낼 것으로 기대하고 있습니다. In our tech business, we continue to strengthen our AI capabilities and win meaningful projects in public sector and finance. NHN Dooray! launched the Dooray! AI in October. Dooray! AI is capable of flexibly using various LLM, including global LLMs, as well as the customer's own internal language models, and offers heightened security with data leakage prevention and internal audit monitoring. NHN Dooray! recently won meaningful public sector projects, including the Korea AeroSpace Administration and Ministry of National Defense, and is actively seeking out financial sector projects as the first company in the Korean SaaS industry to receive CSP stability assessment. In response to recent announcement by the Financial Services Commission to ease network separation regulations for financial institutions in Korea, four major financial institutions, including Woori Financial Group and Shinhan Investment Securities, have applied to have Dooray recognized as an innovative financial service, and is preparing to adopt Dooray collaboration tools in their internal administrative networks. NHN Cloud won the Pan-Government Service Integration Cloud Integration counter cloud lease project in September, and including this project, won more than 60% of the entire project budget related with the National Information Resources Service Daegu Center this year. Furthermore, in connection with the cloud native initiatives, NHN Cloud successfully carried out cloud designs for several public institutions, thereby positioning itself favorably in future private-public cooperation projects led by the government, including the Daegu Center. In my letter to shareholders dated September 27th, I addressed the possible impact of the TMON and WeMakePrice issue on Payco, and also explained our shareholder return policy for 2025. Despite the one-off bad debt write-off, NHN remains committed to support its share price, and plans to pay out dividends next year at level similar to previous years, and to buy back additional shares corresponding to 3% of current number of outstanding shares, and to cancel the entire buyback shares within 2025. Already, approximately 31.1 billion KRW of buyback has been carried out, and from today, an additional 10 billion KRW of buyback will start. We will focus on creating a profit model based on selection and concentration in order to become able to announce additional mid-to-long-term shareholder return policies that are predictable and sustainable in the future. That completes my business update. Now CFO Hyun Sik Ahn will take you through our Q3 financial results. 안녕하세요. CFO 안현식입니다. 지금부터 24년 3분기 경영실적에 대해서 말씀드리겠습니다. 24년 3분기 연결 기준 매출은 6,084억 원으로 전년 동기 대비 6.4%, 전분기 대비 1.5% 증가하였습니다. 3분기 영업손익은 약 1,134억 원의 적자를 기록하였으며, 이는 티몬, 위메프 사태로 발생한 미환수채권 전액을 대손상각비로 반영한 영향입니다. 일회성 대손상각비 제외 시 3분기 영업이익은 273억 원으로 전년 동기 대비 16.8% 증가하였고, 전분기 대비로는 4.2% 감소하였습니다. 먼저 각 사업 부문별 매출을 설명드린 뒤에 일회성 비용의 세부 내용을 말씀드리도록 하겠습니다. 3분기 게임 매출은 전년 동기 대비 2.1%, 전분기 대비 5.7% 증가한 1,125억 원입니다. 전체 웹보드 게임 매출은 전년 동기 대비로는 8.1% 증가하였고, 전분기와는 유사한 수준을 기록하였습니다. 한게임 포커 클래식의 5주년 이벤트 및 추석 연휴 효과로 PC 게임의 매출은 440억 원을 기록하였고, 전년 동기 대비 10.4%, 전분기 대비 2.4% 증가하였습니다. 한편, 모바일 게임의 매출은 686억 원으로 전년 동기 대비 2.6% 감소하였으나, 전분기 대비로는 8% 증가하였습니다. 3분기 중에는 #COMPASS가 일본 인기 애니메이션인 K2와 콜라보레이션을 진행하여 좋은 성과를 보였고, 요괴워치 푸니푸니는 전년 동기에 요괴워치 IP 10주년 이벤트로 분기 기준 최고 매출을 기록하였으므로 홀로라이브 콜라보레이션 호조에도 불구하고 전년 동기 대비로는 매출이 감소한 것으로 집계되었습니다. Good morning. This is CFO Hyun Sik Ahn. I would like to share our 2024 Q3 results. 2024 Q3 consolidated revenue was 608.4 billion KRW, which is a 6.4% year-over-year increase and 1.5% quarter-over-quarter increase. Q3 operating loss was approximately 113.4 billion KRW as we wrote off the entire amount of overdue receivables arising from TMON and WeMakePrice issue. When this one-off write-off is excluded, Q3 operating profit would be 27.3 billion KRW, which is a 16.8% year-over-year increase and 4.2% quarter-over-quarter decrease. I will go through the revenue by business line before explaining the one-off expense in detail. Q3 game revenue was 112.5 billion KRW, which is a 2.1% year-over-year and 5.7% quarter-over-quarter increase. Total webboard game revenue increased 8.1% year-over-year and remained flat QoQ. PC game revenue was KRW 44 billion, which is a 10.4% year-over-year and 2.4% quarter-over-quarter growth thanks to the Hangame Poker Classic 5th anniversary event and the Chuseok holiday effect. Mobile game revenue was KRW 68.6 billion, which is a 2.6% year-over-year decrease, but 8% increase quarter-over-quarter. During Q3, #COMPASS delivered strong performance thanks to the rerun collaboration with "Fate/stay night," the popular Japanese anime. Yo-kai Watch Puni Puni also showed strong performance with its collaboration with Hololive, but on a year-over-year basis still recorded a revenue decrease against Q3 of last year, when it recorded the highest quarterly revenue with the Yo-kai Watch 10th anniversary event. Payment and advertisement revenue was KRW 292.6 billion, which is a 10.3% year-over-year increase and 1.1% quarter-over-quarter decrease. For NHN PAYCO, despite top-line growth in key businesses, the discontinuation of online merchant transactions related with TMON and WeMakePrice had an impact. NHN KCP revenue decreased 1.5% quarter-over-quarter due to some impact of the TMON WeMakePrice issue and decrease in vehicle deliveries by the imported automobile merchant, but on a year-over-year basis increased 12% with growth of overall transaction volume, leading the growth of the payment business. Commerce revenue was KRW 61 billion. IBT, the subsidiary covering China, saw a rebound in revenue both year-over-year and quarter-over-quarter as it strengthened business with new brands. The Chinese business may undergo further volatility in volume given that restructuring of loss-making businesses are still underway. It will focus on building profitable businesses by identifying new brands to collaborate with. NHN Global, which covers the U.S., continues to feel the weight of the weak U.S. economic sentiment, but has succeeded in limiting the decline in revenue compared to the fall in order placements by redesigning its benefit structure. Tech revenue was KRW 102.7 billion, which is a 7.6% year-over-year and 4.7% quarter-over-quarter increase. When excluding the impact of DieQuest and Cloudnexa, which were excluded from consolidation from Q4 of last year, Q3 tech revenue grew by 21.5% year-over-year. NHN Cloud's revenue included revenue from projects related with the cloud native consulting for public sector institutions, and Q3 revenue increased 22.5% year-over-year and 0.9% quarter-over-quarter. NHN Dooray! also grew by double digits, both year-over-year and quarter-over-quarter basis, reflecting revenue from public sector. Content revenue was KRW 50.5 billion, which is a 1% growth year-over-year, but a 5.3% decrease quarter-over-quarter. NHN Link revenue increased 33% year-over-year, thanks to ticket sales driven by large concerts and festivals. NHN Comico and NHN Bugs revenue somewhat decreased due to intensive competition. Other business recorded revenue of around KRW 10 billion, which is a 10.7% quarter-over-quarter growth, reflecting the peak summer travel season. 다음으로 영업 비용에 대해 말씀드리겠습니다. 전체 영업 비용은 7,218억 원으로 전년 동기 대비 31.7% 증가하였고, 전분기 대비로는 26.4% 증가하였습니다. 지급 수수료는 모바일 게임 등의 매출 연동 수수료 증가에 따라 4,090억 원을 기록하며 전분기 대비 2.1% 증가하였습니다. 인건비는 1,073억 원으로 전분기 대비 3.6% 감소하였습니다. NHN KCP의 고정 성료가 반영되었음에도 불구하고, 전사적 사업 효율화가 지속되며 연결 대상 인원수가 전분기 말 대비 122명가량 줄어들었습니다. 광고 선전비는 전분기 대비 21% 증가한 177억 원으로 집계되었습니다. 한게임 포커 클래식 5주년 이벤트 영향으로 웹보드 관련 마케팅 비용이 증가하였지만, 매출액 대비 마케팅 비중은 2.9%로 여전히 안정적인 수준을 유지하고 있습니다. 감가상각비의 경우에 전분기 대비 7% 증가한 272억 원을 기록하였고, NHN Cloud의 사용권 자산 감가상각비가 반영되었습니다. Our operating expenses. Total operating expense was KRW 721.8 billion, which increased by 31.7% year-over-year and 26.4% quarter-over-quarter. Commission expense was KRW 409 billion, which is a 2.1% quarter-over-quarter increase, reflecting increase of mobile games revenue-linked commission expense. Labor cost was KRW 107.3 billion, a 3.6% quarter-over-quarter decrease. Despite the effect of NHN KCP's regular bonuses, enterprise-wide efficiency initiatives continued and consolidated headcount decreased by 122 persons versus the end of Q2. Advertisement and marketing was KRW 17.7 billion, which is a 21% increase quarter-over-quarter. Web board game-related marketing expense increased due to the Hangame Poker Classic fifth anniversary event. Marketing expense to revenue ratio in Q3 was 2.9%, still within stable range. Depreciation was KRW 27.2 billion, a 7% increase quarter-over-quarter, reflecting depreciation of NHN Cloud's right of use assets. 기타 영업비용은 1,568억 원으로 TMON, 위메프 관련 일회성 대손상각비가 약 1,407억 원 반영된 수치입니다. 이번 일회성 대손상각비는 계열사의 TMON, 위메프 관련 미회수 매출 채권 중 기한이 도래한 채권을 100% 반영하였습니다. 이 중 NHN 페이코의 대손상각비는 1,237억 원이며, 관련 비용을 영업비용에 반영하는 것으로 확정함에 따라 2분기 영업외 비용으로 반영한 대손상각비 102억 원을 추가로 조정하였습니다. 그 외 NHN KCP의 반영분은 13억 원이며, 광고와 여행 등의 사업에서 발생한 관련 미수채권을 인식하였습니다. 일회성 대손상각비를 제외한 기타 영업비용은 161억 원으로 전분기 대비 4.1% 증가하였습니다. Other operating expenses was KRW 156.8 billion, including the KRW 140.7 billion of one-off bad debt expenses related with TMON and WeMakePrice. The one-off bad debt expense reflects 100% of all receivables of our affiliates related with TMON and WeMakePrice that have come due. Among the amounts, NHN Payco's bad debt expense is KRW 123.7 billion, and according to the decision to reflect the expense as operating expense, the KRW 10.2 billion bad debt expense, which had been accounted for as non-operating expense in Q2, was additionally adjusted for in Q3. The amount reflected by NHN KCP is KRW 1.3 billion, which accounts for uncollected receivables arising from advertisement and travel businesses. Other operating expenses, excluding the one-off bad debt expense, was KRW 16.1 billion, which is a 4.1% increase quarter-over-quarter. 일회성 비용을 반영한 3분기 영업 손익은 1,134억 원의 적자를 기록하였습니다. 일회성 대손상각비를 제외한 3분기 영업이익은 273억 원으로 전년 동기 대비로는 16.8% 증가하였고, 전분기 대비로는 4.2% 감소하였습니다. 전년 동기 대비로는 작년 3분기 대비 일본 모바일 게임 매출이 감소하였음에도 불구하고 결제, 기술, 콘텐츠 등의 사업이 고르게 손익을 개선하였습니다. 전분기 대비로는 게임, 커머스 사업 부문의 손익이 개선되었으나, NHN 페이코의 거래 규모 감소와 NHN Cloud의 감가상각비 인식이 반영되었습니다. 한편, 3분기 당기 순손실은 1,103억 원으로 적자 전환하였고, 영업외 비용에서는 전분기 반영하였던 NHN 페이코 미회수 채권 약 102억 원을 차감하였습니다. 그럼 이상으로 2024년 3분기 재무실적에 대한 설명을 마치고 투자자 여러분 질의에 답변드리도록 하겠습니다. After the one-off expense, Q3 recorded an operating loss of KRW 113.4 billion. Without the one-off bad debt expense, Q3 operating profit would be KRW 27.3 billion, a 16.8% year-over-year increase and a 4.2% quarter-over-quarter decrease. On a year-over-year basis, despite a fall in Japan mobile game revenue versus Q3 of last year, profitability improved evenly across businesses including payment, tech, and content. On a quarter-over-quarter basis, even though profitability improved in game and commerce, the decrease of NHN Payco's volume and NHN Cloud's depreciation had an impact. Q3 net loss was KRW 110.3 billion. In terms of non-operating expense, NHN Payco's bad debt of around KRW 10.2 billion, which had been reflected in Q2, was deducted. That completes the presentation on 2024 Q3 financial results. Now we will take your questions. 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 phones. The first question will be provided by Dong Kim from Kyobo Securities. Please go ahead, sir. I have two questions. The first question is about the TMON and WeMakePrice bad debt write-off. Would it be correct for us to understand that with the write-off that you took this quarter, most of the risks that are related with that issue have been resolved, that that is in the past? Is that correct? Going forward, what kind of vision do you have for the NHN payment related services going forward? Second question is about your games. You said that there are eight games that are preparing to launch next year in 2025. Among the eight, is there a title that you are particularly excited about? How much growth are you expecting from your game business next year internally? To answer your first question, yes, you are correct to understand that most of the risk related with TMON and WeMakePrice have been resolved. There is a possibility of additional receivables, even if that does arise, the size relative to what we have recognized as write-offs would be minimal. Regarding what we have in plan for our payment business going forward, there are two focuses. One is to focus on efficiency. As we mentioned during the presentation, Payco is planning to move to the Guro office of KCP. By relocating together with KCP, the focus would be on efficiency by removing some redundancies that overlap between Payco and KCP, also continuing to focus on efficiency and streamlining its cost structure and the human resource structure. While focusing on efficiency, it will also focus on areas where it has competitive edge over other payment services, such as CLO and B2B. 발생된다는 것 때문에 Pebble City를 통해서 글로벌에서의 웹보드 매출을 확보하는 것이 25년도의 전략 중에 한 가지입니다. 두 번째는 지금 한국의 Darkest Days와 또 일본에서 진행하고 있는 큰 프로젝트인 Ghost도 마찬가지로 미드코어 이상의 장르 다변화를 시도하고 있습니다. 그래서 25년도의 게임 전략은 미드코어로서의 장르의 다변화 확대와 웹보드의 글로벌 두 가지로 말씀드릴 수 있을 것 같고, 두 가지 전략 모두가 성공적으로 시장 내에 안착된다면 20에서 30%까지의 목표를 두고 매출 확대 목표를 가지고 있습니다. To answer your second question about our game business next year, looking at our strategy in the game business next year, I think there are two key directions. One is globalizing our web board game capabilities. As you know, we have a very distinctive, overwhelming advantage in web board games in the Korean market. We have continued to increase our market share. That said, the Korean web board market in terms of the size is limited, that is why we're focusing on Pebble City to expand our web board game capabilities to the global market. This will give us access to very stable revenue flow, as you know, which is one of the key features of web board game. Once we have the market share, it is a source of stable income. That is why one key focus of our game business next year strategically is to globalize our web board game through Pebble City. The second focus is to continue to diversify our user base and genre. This will go for the mid-core genre games such as Darkest Days and Ghost, which is what we're working in Japan. We want to further diversify our genre beyond using, leveraging our mid-core games that we're preparing next year. With both of these strategies successfully implemented, we're looking forward to 20%-30% top-line growth in our game business next year. [Foreign language] The following question will be presented by Jaemin An from NH Investment Securities. Please go ahead your question. 안녕하세요. NH투자증권의 안재민입니다. 질문 기회 주셔서 감사합니다. 이번 티몬, 위메프 사태로 인해서 페이코 전반적인 사업, 그리고 KCP까지 연결해서 저희 결제 광고 사업에 미치는 영향, 그리고 내년도에 거래 대금이나 이런 것들이 또 성장을 할 수 있는지, 이 부분에 대한 전망 한 번만 말씀해 주시면 감사하겠고요. 두 번째는 그래도 클라우드랑 일본의 테코러스 같은 기술 사업들이 꾸준히 성장세를 보여주고 있는 것 같은데, 이 부분 관련해서도 내년도의 전망 조금 이야기해 주시면 감사하겠습니다. I have two questions about next year outlook. First question is your outlook for the payment and advertisement business. First of all, can you just briefly recap what kind of impact affecting overall from the TMON, WeMakePrice issue for not only PAYCO, but including KCP? Do you think that it is possible to expect increase of volume next year in your payment and advertisement business, for example? Second question is your next year guidance outlook for your overall tech business. It's great to see your Cloud and also Techorus in Japan continuing to grow. What kind of outlook do you have for your tech business next year? 네, 먼저 첫 번째 질문에 대해서 답변 드리겠습니다. 아시다시피 저희가 기존에 선불 수단을 활용한 결제 사업 쪽에서는 다소 타격을 입을 걸로 생각이 됩니다. 아무래도 전반적인 신용 구조에 대한 불안함들이 있기 때문에 상품권을 통한 선불 결제 수단의 충전이나 이런 부분들이 줄어들 걸로 예상이 되고요. 그로 인해서 페이코 거래 대금은 감소가 불가피할 걸로 보이고요. 다만 이 부분이 저희가 물론 이게 기여한 부분도 있지만, 기존에 저희가 다른 회사에 비해서 잘해오던 CLO 사업이라든가 이런 쪽에서는 저희가 꾸준히 좋은 성장들을 보이고 있어서 그쪽에서 거래액을 늘리는 부분이라든가, 다른 혜택 구조에서 늘리는 부분, 이런 거를 고민하고 있습니다. 그래서 여러 가맹점들과의 제휴라든가 이런 부분을 통해서 최대한 거래 대금을 유지 내지 성장시키도록 노력해 보겠습니다. Regarding your first question, I think in terms of payments that use the prepayment means, for example, gift certificates being used to charge PAYCO, those transactions would inevitably feel a negative impact because of an overall insecurity that users feel about the credit structure. In that aspect, in terms of PAYCO transaction volumes tied to prepaid means, a decrease in volume at this point appears to be inevitable. However, we are going to focus on making up for that decrease by increasing our other businesses where PAYCO has an advantage, such as the CLO business, by increasing the transaction volume there and also designing new and different benefit structures and leveraging the alliances that we have with the large number of PAYCO merchants. For next year, our goal will be to maintain or even increase the overall volume. 일단 클라우드 쪽 먼저 말씀을 드리면요. 올해 같은 경우는 사실은 공공부문의 예산 집행이나 내년에 집행된 예산들은 거의 비슷한 수준으로 예산은 확정돼 있는데, 올해도 사실은 미집행된 비용을 감안하면 올해 대비 한 2배 정도가 내년에 시장으로 보고 있습니다. 그래서 올해보다는 시장적으로 좋아질 거로 기대를 하고 있고요. 그리고 공공부문 정책들이 CSAP라는 게 있고, 또 MLS라는 새로운 정책이 나오다 보니까 올해는 그 사업들이 예상 대비 사실은 모두 원래는 한 2Q나 3Q 정도에 나왔던 사업들이 4Q에 지금 나오고 있고요. 그런 부분들을 감안했을 때 저희 NHN Cloud 같은 경우는 이미 CSAP나 MLS 대응 가능한 수준의 기술 수준을 갖추고 있고, 인증을 준비하고 있기 때문에 이런 부분에 기술 우위를 가져갈 수 있을 거로 생각하고 있고요. This is Song Kim of NHN Cloud. First of all, to give you a bit of outlook on market, the public sector market next year, even though the public sector cloud-related budget size is similar this year and next year, a large part of this year's budget is still left unexecuted. Assuming that will be carried forward to next year, actually next year's public sector cloud budget market size may be close to double to what we had this year. Overall market outlook next year on a year-on-year basis is very positive. Also, if you look into the details, the public sector projects are largely CSAP or MLS projects. MLS is a relatively new project and that is why many of these projects that were scheduled to come to market in Q2 and Q3 are finally coming to market in Q4. NHN Cloud has the capabilities and technology to take on the MLS projects. We're preparing for the relevant certifications. Compared to other players targeting the public sector market, NHN Cloud has the technology advantage. 추가로 VMware에 대한 가격 정책 변화에 따라서 지금 최근에 기업들뿐만 아니라 공공기관들도 VMware 대체재 수요들이 다양하게 나오고 있는 상황이고, NHN Cloud 같은 경우는 AWS Outposts 형태의 Landing Zone이라든지 Station, 그리고 VMware를 대체할 수 있는 MPD 같은 제품들을 최근에 출시를 했습니다. 그래서 그런 것들의 수요를 감안했을 때 내년에는 public뿐만 아니라 private 시장에서도 괄적 성과를 낼 수 있을 것으로 기대하고 있습니다. The other change that we're seeing in the market has been triggered by the change in VMware pricing policy, which has triggered not only private companies, but also the public sector to try to search for alternatives to replace VMware. NHN Cloud offers as an AWS Outposts services that can do that, also offers the MPD, which can serve as an alternative to VMware. We're also looking forward to, therefore, more demand for these services from not only private sector, but also public sector next year. AI 서비스의 경우에는 기존에는 자원을 보유하고 있는 기업을 대상으로 판매가 되던 시장인데요. 지금은 최근 들어서는 가격 경쟁력을 갖추었을 때 판매를 하는 시장으로 변화되고 있습니다. NHN Cloud는 AI 전용 센터를 구축하고 있고 내년부터는 본격적으로 광주 인프라를 재판매가 가능한 시점이 되기 때문에 이 부분에서도 시장의 기대에 부합되는 기술을 지원하고 또 가격을 갖춘 상품들을 제공할 수 있을 것으로 기대하고 있습니다. In terms of the AI service, previously AI service was mainly sold to customers or clients that already had the resources, now AI service is becoming more of a service that can sell only when there is a price competitiveness. We have the advantage in AI service in the fact that we have our dedicated AI center. From next year, we'll be able to resell the Gwangju capability, the Gwangju data center capability. We have the capabilities to sell and also the technical support capabilities as well as the price competitiveness. 덧붙여서 일본 MSP 사업에 대해서 간단히 말씀드리겠습니다. 올해도 작년 대비 좋은 성장을 기록했고, 내년에도 꽤 좋은 성장률을 기록할 것으로 예상이 됩니다. 다만 이익단을 보면 환율 이슈라든가 아마존의 정책 이슈들이 좀 있을 것 같아요. 그래서 약간은 이익단의 성장은 MSP 사업만 놓고 보면 다소 제한적일 수 있을 것 같습니다. To give you a bit more information on the Japan MSP business. The MSP business in Japan has recorded positive growth on a year-on-year basis this year. We're expecting there to be healthy top-line growth next year. That said, on the bottom line basis, we are expecting, for example, impact of foreign exchange rates, impact due to changes in Amazon's policy. The growth at the bottom line level in MSP in Japan may be limited relative to the top line growth. 네, 그러면 추가 질의가 없으시므로 2024년 3분기 NHN 실적 발표를 마치겠습니다. 추가로 궁금하신 사항은 IR팀으로 연락 주시면 성실하게 답변드리도록 하겠습니다. 오늘 참석해 주신 모든 투자자 여러분들께 감사 말씀드립니다. Since there's no further questions, we will end the conference call here. Thank you very much for joining our 2024 Q3 earnings conference call. Please forward any remaining questions to the IR team. Thank you.