NEXON Co., Ltd. Q4 FY2020 Earnings Call

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Nexon Q4 and Full Year 2020 Earnings Summary

  • Record Revenues: Nexon posted its highest ever Q4 revenue at ¥66.4 billion, up 35% YoY. Full-year 2020 revenue reached ¥293.0 billion, an 18% YoY increase, making it the highest revenue year in Nexon’s history.
  • Mobile Growth: Mobile game revenue surged 60% YoY, now contributing one-third of Nexon’s total annual revenue. This includes strong performances from The Kingdom of the Winds: Yeon, KartRider Rush+, and FIFA MOBILE.
  • Franchise Highlights:
    • MapleStory (Korea) grew 98% YoY in 2020, driven by its winter updates and BTS collaboration, marking an exceptional result for a 17-year-old game.
    • Dungeon&Fighter (Korea) grew 55% YoY; Sudden Attack grew 56% YoY.
    • Dungeon&Fighter (China) was down 18% YoY in Q4 amid player ID verification issues and reduced engagement. However, ARPPU increased due to a lower share of light users.
  • Operating Income: ¥111.5 billion for FY 2020, up 18% YoY. Q4 operating income was ¥15.6 billion (within guidance), although net income dropped to ¥56.2 billion (−51% YoY) due to FX losses and deferred tax liabilities.

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Operator: Good day, everyone, and welcome to Nexon's 2020 Fourth Quarter Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Maiko Ara, Head of Investor Relations and Corporate PR. Please go ahead, ma'am. Maiko Ara: Hello, everyone, and welcome. 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 about our results of operation and financial conditions such as revenues attributable to our key titles, growth prospects, including with respect to online game 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 owner of the parent as stated in Nexon's consolidated financial results. Furthermore, this confer

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