NEXON Co., Ltd. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights
  • Q4 2021 Revenue: ¥54.3 billion (↓18% YoY as-reported, ↓22% YoY constant currency), within company outlook.
  • Operating Income: ¥3 billion (↓81% YoY), impacted by higher marketing spend and a ¥2.8B impairment loss on NAT Games’ IP.
  • Net Income: ¥22 billion (↑driven by ¥14.6B deferred tax assets, ¥3.2B FX gains, and ¥1.2B Bitcoin revaluation).
  • FY2021 Revenue: ¥274.5 billion (↓6% YoY as-reported, ↓12% constant currency).
  • FY2021 Operating Income: ¥91.5 billion (↓18% YoY as-reported).
  • FY2021 Net Income: ¥114.9 billion (↑104% YoY as-reported), boosted by investment and FX gains.
Operational Highlights
  • Dungeon&Fighter (China): Revenue ↓ YoY in 2021 due to controlled monetization, but engagement improved. Expected to grow YoY in Q1 2022 due to successful Lunar New Year update.
  • MapleStory (Korea): Revenue ↓ YoY due to 2020’s high base and monetization restraint. Net Promoter Score improved by 50 points since March 2021 low.
  • Sudden Attack: Revenue ↑ 125% YoY in 2021, near all-time high since 2015.
  • Other strong performers: FIFA Online 4 and Korea Dungeon&Fighter.

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Operator: Good day, everyone, and welcome to NEXON's Fourth Quarter and Full Year 2021 Earnings Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Takanori Kawai, Team Leader of Investor Relations. Please go ahead, sir. 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 about 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 con

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