NEXON Co., Ltd. Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Overview
  • Revenue: ¥84.1 billion — Up 50% YoY (as reported), and up 40% YoY (constant currency). A record high for Q2.
  • Operating Income: ¥27.7 billion — Up 47% YoY; within expectations.
  • Net Income: ¥24.7 billion — Up 176% YoY; exceeded expectations due to FX gains.
  • FX Gain: ¥27.7 billion — Driven by depreciation of KRW and JPY against USD.
  • Dividend: Interim dividend of ¥5 per share approved for FY2022, same expected at year-end.
  • New Share Buyback Program: ¥100 billion to be executed over three years (by August 2025).
Key Game Performance Highlights (Q2 2022 compared to Q2 2021)
  • MapleStory (Korea): Revenue up 38% YoY. Returned to growth due to strong live operations and player trust recovery after 2021 monetization concerns. NPS (Net Promoter Score) reached a high similar to 2020 peak levels.
  • Dungeon&Fighter (China): Player metrics improved following Level Cap release. Revenue increased YoY, though below plan. Revenue focus secondary to long-term engagement.
  • dungeon&Fighter Mobile (Korea): Launched in March 2022. Quickly hit #1 on app stores. Exceeded Q2 revenue expectations. High user retention; no cannibalization of PC version.

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Takanori Kawai: Hello, everyone and welcome to NEXON’s earnings conference call. Thank you for joining us today. With me are Owen Mahoney, President and CEO of NEXON; and Shiro Uemura, CFO. Today’s call will contain forward-looking statements including statements of our results of operations and financial condition, such as revenues attributable to our key titles, growth prospects, including with respect to the online games industry, our ability to compete effectively, adapt to new technologies and address new technical challenges, our use of intellectual property and other statements that are not historical facts. These statements represent our predictions, projections and expectations about future events, which we believe are reasonable or based on reasonable assumptions. However, numerous risks and uncertainties could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Information on some of these risks and uncertainties can be found in our earnings-related IR documents. We assume no obligation to update or alter any forward-looking statements. Please note, net income refers to net income attributable to owners of the parent as stated in NEXON’s consolidated financial results. Furthermore, this conference call is intended to provide investors and analysts with financial and operational information about NEXON, not to solicit or recommend any sale or purchase of stuff or other securities of NEXON. A recording of this

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