Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM

6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE

13a-16

OR

15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of

May

, 2024

Commission File Number

001-39349

 

 

DoubleDown Interactive Co., Ltd.

(Translation of registrant’s name into English)

 

 

Joseph A. Sigrist, Chief Financial Officer

c/o DoubleDown Interactive, LLC

605 5

th

 Avenue, Suite 300

Seattle, WA 98104

[phone]

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form

20-F

or Form

40-F.

☒ Form

20-F ☐ Form

40-F

 

 

 

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Table of Contents

INFORMATION CONTAINED IN THIS FORM

6-K

REPORT

Issuance of Press Release; Financial Statements

On May 8, 2024, DoubleDown Interactive Co., Ltd. (the “

Company

”) issued a press release announcing its unaudited financial results for the first quarter ended March 31, 2024, together with its unaudited condensed consolidated financial statements for the three months ended March 31, 2024.

This report on Form

6-K

is hereby incorporated by reference into the Company’s Registration Statement on Form

F-3

(File

No. 333-267422),

to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press release of the Company, dated May 8, 2024
99.2		Unaudited condensed consolidated financial statements of the Company for the three months ended March 31, 2024
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				DOUBLEDOWN INTERACTIVE CO., LTD.
Date: May 8, 2024
				By:		/s/ Joseph A. Sigrist
						Name: Joseph A. Sigrist
						Title: Chief Financial Officer

Exhibit 99.1

 

DoubleDown Interactive Reports First Quarter 2024 Financial Results

SEATTLE, WASHINGTON – May 8, 2024 — DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital games on mobile and web-based platforms, today announced its unaudited financial results for the first quarter ended March 31, 2024. The Company’s consolidated financial results for the three-month period ended March 31, 2024 include the unaudited financial results of SuprNation AB, a European iGaming operator (“SuprNation”), which was acquired by the Company on October 31, 2023.

First Quarter 2024 vs. First Quarter 2023 Summary:  

 

•

Revenue increased to $88.1 million in the first quarter of 2024 from $77.6 million in the first quarter of 2023. Revenue contributed by SuprNation totaled $8.3 million in the first quarter of 2024. Revenue exclusive of the contributions from SuprNation increased to $79.8 million, representing a 3% year over year growth.

 

•

Operating expenses increased to $57.1 million in the first quarter of 2024 from $52.2 million in the first quarter of 2023, primarily due to the inclusion of expenses related to SuprNation operations in the first quarter of 2024, partially offset by lower sales and marketing and research and development expenses.

 

•

Net income increased to $30.4 million, or earnings per fully diluted common share of $12.23 ($0.61 per American Depositary Share (“ADS”)), in the first quarter of 2024, from $23.7 million, or earnings of $9.55 per fully diluted common share ($0.48 per ADS), in the first quarter of 2023. Note each ADS represents 0.05 share of a common share.

 

•

Adjusted EBITDA increased to $31.9 million for the first quarter of 2024 from $25.4 million in the first quarter of 2023, primarily due to higher revenue and lower overall sales and marketing and research and development expenses, partially offset by higher general and administrative expenses. Adjusted EBITDA margin increased to 36.2% in the first quarter of 2024 from 32.8% in the first quarter of 2023.

 

•

Average Revenue Per Daily Active User (“ARPDAU”) for the Company’s social casino/free-to-play games increased to $1.26 in the first quarter of 2024 from $1.03 in the first quarter of 2023 and from $1.24 in the fourth quarter of 2023.

 

•

Average monthly revenue per payer for the social casino/free-to-play games increased to $281 in the first quarter of 2024 from $221 in the first quarter of 2023 and from $279 in the fourth quarter of 2023.

“The first quarter of 2024 marked another quarter of strong financial results, with consolidated revenue of $88.1 million and Adjusted EBITDA of $31.9 million, representing 14% and 26% year-over-year growth, respectively. Revenue from our social casino games increased 3% year-over-year for the second consecutive quarter.” said In Keuk Kim, Chief Executive Officer of DoubleDown. “Our DoubleDown Casino’s performance is benefitting from the recently introduced meta features that are further advancing our ability to improve monetization and generate strong engagement metrics, with ARPDAU rising on a quarterly sequential basis and by 22% year over year, and average revenue per payer also rising from 2023 fourth quarter levels and growing 27% year over year. The strong performance of our social casino business combined with our commitment to remain disciplined with user acquisition and R&D spend delivered another quarter of strong Adjusted EBITDA margin and free cash flow, with cash flow from operating activities of $34.9 million in the 2024 first quarter.

“The first quarter represented our first full quarter of operations of SuprNation, a European iGaming operator, which is off to a strong start as we begin to implement our initiatives to grow the business by leveraging our marketing and player engagement and monetization strategies and expertise. We intend to continue to focus on driving revenue growth for SuprNation for the next several quarters.

“We believe our consistently strong Adjusted EBITDA margins and free cash flow generation again highlights our commitment and success in prioritizing capital efficiency. We ended the first quarter with an aggregate of cash and cash equivalents and short-term investments, net of current borrowing, of approximately $272 million, or approximately $5.50 per ADS. Our operating strategies that drive strong free cash flow, combined with our balance sheet, provides the Company with significant financial flexibility to evaluate opportunities to deploy capital to pursue both organic and accretive acquisition-related growth in related gaming categories to generate attractive profitable growth and additional cash flow thereby creating new value for our shareholders.”

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Summary Operating Results for DoubleDown Interactive (Unaudited)

 

		Three months ended March 31,
		2024				2023
Revenue ($ MM)		$	88.1			$	77.6
Total operating expenses ($ MM)			57.1				52.2
Net income ($ MM)		$	30.4			$	23.7
Adjusted EBITDA ($ MM)		$	31.9			$	25.4
Net income margin			34.4	%			30.5	%
Adjusted EBITDA margin			36.2	%			32.8	%
Non-financial performance metrics(1)
Average monthly active users (000s)			1,478				2,032
Average daily active users (000s)			699				841
ARPDAU		$	1.26			$	1.03
Average monthly revenue per payer		$	281			$	221
Payer conversion			6.4	%			5.8	%

 

(1)	Social casino/free-to-play games only

First Quarter 2024 Financial Results

Revenue inclusive of the contributions from SuprNation (with a total revenue of $8.3 million) in the first quarter of 2024 was $88.1 million, an increase of 13% from $77.6 million in the first quarter of 2023. Revenue exclusive of the contributions from SuprNation increased 3% year over year to $79.8 million, which primarily reflects higher engagement of the existing player base.

Operating expenses in the first quarter of 2024 were $57.1 million, a 9% increase from the first quarter of 2023. The increase in operating expenses is primarily due to the inclusion of SuprNation expenses in the first quarter of 2024, which were not present in the first quarter of 2023.

The Company recorded net income of $30.4 million in the first quarter of 2024, or $12.23 per fully diluted common share ($0.61 per ADS), as compared to net income of $23.7 million, or $9.55 per fully diluted common share ($0.48 per ADS), in the first quarter of 2023. The increase in net income for the first quarter of 2024 was primarily due to increased revenue and lower sales and marketing and research and development expenditures, despite the new expenses for SuprNation, partially offset by higher general and administrative expenses. Note each ADS represents 0.05 share of a common share.

Adjusted EBITDA in the first quarter of 2024 increased 26%, or $6.5 million, to $31.9 million, compared to $25.4 million in the first quarter of 2023. The increase primarily reflects higher revenue and lower sales and marketing and research and development expenses, despite the new expenses for SuprNation, partially offset by higher general and administrative expenses.

Net cash flows provided by operating activities for the first quarter of 2024 was $34.9 million, compared to net cash flows provided by operating activities of $19.2 million in the first quarter of 2023. The increase is primarily due to increased net income and decreased deferred tax asset.

Conference Call

DoubleDown will hold a conference call today (May 8, 2024) at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss these results. A question-and-answer session will follow management’s presentation.

To access the call, please use the following link: DoubleDown First Quarter 2024 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior to the beginning of the call, please register a minimum of 15 minutes before the start of the call.

A simultaneous webcast of the conference call will be available with the following link: DoubleDown First Quarter 2024 Earnings Webcast, or via the Investor Relations page of the DoubleDown website at ir.doubledowninteractive.com. For those not planning to ask a question on the conference call, the Company recommends listening via the webcast. A replay will be available on the Company’s Investor Relations website shortly after the event.

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About DoubleDown Interactive

DoubleDown Interactive Co., Ltd. is a leading developer and publisher of digital games on mobile and web-based platforms. We are the creators of multi-format interactive entertainment experiences for casual players, bringing authentic Vegas entertainment to players around the world through an online social casino experience. The Company’s flagship social casino title, DoubleDown Casino, has been a fan-favorite game on leading social and mobile platforms for years, entertaining millions of players worldwide with a lineup of classic and modern games. Following its acquisition of SuprNation in October 2023, the Company also operates three real-money iGaming sites in Western Europe.

Safe Harbor Statement

Certain statements contained in this press release are “forward-looking statements” about future events and expectations for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs, assumptions, and expectations of industry trends, our future financial and operating performance, and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Therefore, you should not place undue reliance on such statements. Words such as “anticipates,” believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” potential,” “near-term,” long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will,” and similar expressions are intended to identify such forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), we believe the following non-GAAP financial measure is useful in evaluating our operating performance. We present “adjusted earnings before interest, taxes, depreciation and amortization” (“Adjusted EBITDA”) because we believe it assists investors and analysts by facilitating comparison of period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. The items excluded from the Adjusted EBITDA may have a material impact on our financial results. Certain of those items are non-recurring, while others are non-cash in nature. Accordingly, the Adjusted EBITDA is presented as supplemental disclosure and should not be considered in isolation of, as a substitute for, or superior to, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements furnished in our report on Form 6-K filed with the SEC.

In our reconciliation from our reported GAAP “net income before provision for taxes” to our Adjusted EBITDA, we eliminate the impact of the following six line items: (i) depreciation and amortization; (ii) interest income; (iii) interest expense; (iv) foreign currency transaction/remeasurement (gain) loss; (v) short-term investments (gain) loss; and (vi) other (income) expense, net. The below table sets forth the full reconciliation of our non-GAAP measures:

 

Reconciliation of non-GAAP measures		Three months ended March 31,
(in millions, except percentages)		2024				2023
Net income		$	30.4			$	23.7
Income tax benefit (expense)			(8.0	)			(6.8	)
Income (loss) before tax			38.4				30.4
Adjustments for:
Depreciation and amortization			0.8				0.1
Interest income			(3.4	)			(3.1	)
Interest expense			0.4				0.5
Foreign currency transaction/remeasurement gain			(4.3	)			(2.4	)
Short-term investments (gain) loss			0.0				—
Other (income) expense, net			0.0				0.0
Adjusted EBITDA		$	31.9			$	25.4
Adjusted EBITDA margin			36.2	%			32.8	%

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We encourage investors and others to review our financial information in its entirety and not to rely on any single financial measure.

Company Contact:

Joe Sigrist

[e-mail]

[phone]

Chief Financial Officer

https://www.doubledowninteractive.com

Investor Relations Contact:

Joseph Jaffoni or Richard Land

JCIR

[phone]

[e-mail]

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DoubleDown Interactive Co., Ltd.

Condensed Consolidated Balance Sheets

(In thousands of U.S. dollars, except share and per share amounts)

 

		March 31,				December 31,
		2024				2023
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	209,863			$	206,911
Short-term investments			99,653				67,756
Accounts receivable, net			34,183				32,517
Prepaid expenses, and other assets			10,044				8,570
Total current assets		$	353,743			$	315,754
Property and equipment, net			399				444
Operating lease right-of-use assets, net			6,173				7,130
Intangible assets, net			50,430				51,571
Goodwill			396,351				396,704
Deferred tax asset			21,878				28,934
Other non-current assets			2,006				2,807
Total assets		$	830,890			$	803,344
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses(1)		$	14,464			$	13,293
Short-term operating lease liabilities(2)			2,562				3,157
Income taxes payable			1,170				112
Contract liabilities			2,409				2,520
Current portion of borrowings with related party(3)			37,125				38,778
Other current liabilities(4)			10,624				10,645
Total current liabilities		$	68,354			$	68,505
Long-term operating lease liabilities(5)			3,975				4,420
Deferred tax liabilities, net			567				848
Other non-current liabilities			2,784				1,681
Total liabilities		$	75,680			$	75,454
Shareholders’ equity
Common stock, KRW 10,000 par value—200,000,000 Shares authorized; 2,477,672 issued and outstanding			21,198				21,198
Additional paid-in-capital			359,280				359,280
Accumulated other comprehensive income			17,095				19,982
Retained earnings			357,580				327,273
Total shareholders’ equity attributable to shareowners of DDI Co. Ltd.		$	755,153			$	727,733
Equity attributable to noncontrolling interests			147				157
Total equity		$	755,300			$	727,890
Total liabilities and shareholders’ equity		$	830,980			$	803,344

 

(1)	Includes related party royalty and other payables of $1,274 and $1,618 at March 31, 2024 and December 31, 2023, respectively (see Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

(2)	Includes related party operating lease liability of $1,251 and $1,298 at March 31, 2024 and December 31, 2023, respectively (see Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

(3)	Includes related party notes payable of $37,125 and $38,778 at March 31, 2024 and December 31, 2023, respectively (see Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

(4)	Includes related party interest payable of $9,522 and $9,501 at March 31, 2024 and December 31, 2023, respectively (see Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

(5)	Includes related party operating lease liability of $3,975 and $4,414 at March 31, 2024 and December 31, 2023, respectively (see Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

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DoubleDown Interactive Co., Ltd.

Condensed Consolidated Statement of Income and Comprehensive Income

(Unaudited, in thousands except share and per share amounts)

 

		Three months ended March 31,
		2024				2023
Revenue		$	88,143			$	77,596
Operating expenses:
Cost of revenue(1)(2)			27,373				25,719
Sales and marketing(1)			14,760				16,045
Research and development(1)			3,256				5,043
General and administrative(1)(3)			10,871				5,343
Depreciation and amortization			827				54
Total operating expenses			57,087				52,204
Operating income		$	31,056			$	25,392
Other income (expense):
Interest expense(4)			(409	)			(462	)
Interest income			3,431				3,130
Gain on foreign currency transactions			717				252
Gain on foreign currency remeasurement			3,589				2,166
Gain (loss) on short-term investments			(7	)			—
Other, net			(24	)			(47	)
Total other income (expense), net		$	7,297			$	5,039
Income before income tax		$	38,353			$	30,431
Income tax (expense) benefit			(7,992	)			(6,759	)
Net income		$	30,361			$	23,672
Less: Net income attributable to noncontrolling interests			53				—
Net income attributable to DoubleDown Interactive Co., Ltd.		$	30,308			$	23,672
Other comprehensive income (expense):
Pension adjustments, net of tax			136				(157	)
Loss on foreign currency translation			(3,086	)			(1,181	)
Comprehensive income		$	27,358			$	22,334
Earnings per share:
Basic		$	12.23			$	9.55
Diluted		$	12.23			$	9.55
Weighted average shares outstanding:
Basic			2,477,672				2,477,672
Diluted			2,477,672				2,477,672

 

(1)	Excluding depreciation and amortization.

(2)	Includes related party royalty expense of $619 and $752 for the three months ended March 31, 2024 and 2023, respectively (See Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

(3)	Includes related party rent and general and administrative expense of $1,459 and $414 for the three months ended March 31, 2024 and 2023, respectively (See Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

(4)	Includes related party interest expense of $432 and $445 for the three months ended March 31, 2024 and 2023, respectively (See Note 12 to the unaudited consolidated financial statements of the Company for the three months ended March 31, 2024).

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DoubleDown Interactive Co., Ltd.

Condensed Consolidated Statement of Cash Flows

(Unaudited, in thousands of U.S. dollars)

 

		Three months ended March 31,
		2024				2023
Cash flow from (used in) operating activities:
Net Income		$	30,361			$	23,672
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			827				55
(Gain)Loss on foreign currency remeasurement			(3,589	)			(2,166	)
(Gain)Loss on short-term investments			7				—
Deferred taxes			6,756				6,063
Working capital adjustments:
Accounts receivable			(1,808	)			(7,707	)
Prepaid expenses, other current and non-current assets			(269	)			274
Accounts payable, accrued expenses and other payables			1,291				(1,046	)
Contract liabilities			(112	)			(208	)
Income tax payable			158				5
Other current and non-current liabilities			1,293				284
Net cash flows from (used in) operating activities		$	34,915			$	19,226
Cash flow from (used in) investing activities:
Purchases of intangible assets			—				(4	)
Purchases of property and equipment			(14	)			(40	)
Purchases of short-term investments			(31,934	)			(19,298	)
Sales of short-term investments			—				33,725
Net cash flows from (used in) investing activities		$	(31,948	)			14,383
Cash flow from (used in) financing activities:
Net cash flows from (used in) financing activities:		$	—			$	—
Net foreign exchange difference on cash and cash equivalents			(15	)			(22	)
Net increase in cash and cash equivalents		$	2,952			$	33,587
Cash and cash equivalents at beginning of period		$	206,911			$	217,352
Cash and cash equivalents at end of period		$	209,863			$	250,939
Cash paid during year for:
Interest		$	81			$	—
Income taxes		$	93			$	82

Exhibit 99.2

DoubleDown Interactive Co., Ltd.

Condensed Consolidated Financial Statements (unaudited)

March 31, 2024 and March 31, 2023

Contents

 

Consolidated Financial Statements as of and for the three months ended March 31, 2024 and 2023
Condensed Consolidated Statements of Income and Comprehensive Income			F-2
Condensed Consolidated Balance Sheets			F-3
Condensed Consolidated Statements of Changes in Shareholders’ Equity			F-4
Condensed Consolidated Statements of Cash Flows			F-5
Notes to Condensed Consolidated Financial Statements			F-6

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Table of Contents

DoubleDown Interactive Co., Ltd.

Condensed Consolidated Statements of Income and Comprehensive Income

(unaudited, in thousands of U.S. Dollars, except share and per share amounts)

 

		Three months ended March 31,
		2024				2023
Revenue		$	88,143			$	77,596
Operating expenses:
Cost of revenue (1)(2)			27,373				25,719
Sales and marketing (1)			14,760				16,045
Research and development (1)			3,256				5,043
General and administrative (1)(3)			10,871				5,343
Depreciation and amortization			827				54
Total operating expenses			57,087				52,204
Operating income		$	31,056			$	25,392
Other income (expense):
Interest expense (4)			(409	)			(462	)
Interest income			3,431				3,130
Gain on foreign currency transactions			717				252
Gain on foreign currency remeasurement			3,589				2,166
Gain (loss) on short-term investments			(7	)			—
Other, net			(24	)			(47	)
Total other income (expense), net		$	7,297			$	5,039
Income before income tax		$	38,353			$	30,431
Income tax (expense) benefit			(7,992	)			(6,759	)
Net income		$	30,361			$	23,672
Less: Net income attributable to noncontrolling interests			53				—
Net income attributable to DoubleDown Interactive Co., Ltd.		$	30,308			$	23,672
Other comprehensive income (expense):
Pension adjustments, net of tax			136				(157	)
Loss on foreign currency translation			(3,086	)			(1,181	)
Comprehensive income		$	27,358			$	22,334
Earnings per share:
Basic		$	12.23			$	9.55
Diluted		$	12.23			$	9.55
Weighted average shares outstanding:
Basic			2,477,672				2,477,672
Diluted			2,477,672				2,477,672

 

(1)	Excluding depreciation and amortization.

(2)	Includes related party royalty expense of $619 and $752 for the three months ended March 31, 2024 and 2023, respectively (See Note 12).

(3)	Includes related party rent and general and administrative expense of $1,459 and $414 for the three months ended March 31, 2024 and 2023, respectively (See Note 12).

(4)	Includes related party interest expense of $432 and $445 for the three months ended March 31, 2024 and 2023, respectively (See Note 12).

See accompanying notes to consolidated financial statements.

 

F-2

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Table of Contents

DoubleDown Interactive Co., Ltd.

Condensed Consolidated Balance Sheets

(in thousands of U.S. Dollars, except share amounts)

 

		March 31,				December 31,
		2024				2023
		(unaudited)
Assets
Current assets:
Cash and cash equivalents		$	209,863			$	206,911
Short-term investments			99,653				67,756
Accounts receivable, net			34,183				32,517
Prepaid expenses, and other assets			10,044				8,570
Total current assets		$	353,743			$	315,754
Property and equipment, net			399				444
Operating lease right-of-use assets, net			6,173				7,130
Intangible assets, net			50,430				51,571
Goodwill			396,351				396,704
Deferred tax asset			21,878				28,934
Other non-current assets			2,006				2,807
Total assets		$	830,980			$	803,344
Liabilities and Shareholders’ Equity
Accounts payable and accrued expenses (1)		$	14,464			$	13,293
Short-term operating lease liabilities (2)			2,562				3,157
Income taxes payable			1,170				112
Contract liabilities			2,409				2,520
Current portion of borrowings with related party (3)			37,125				38,778
Other current liabilities (4)			10,624				10,645
Total current liabilities		$	68,354			$	68,505
Long-term operating lease liabilities (5)			3,975				4,420
Deferred tax liabilities, net			567				848
Other non-current liabilities			2,784				1,681
Total liabilities		$	75,680			$	75,454
Shareholders’ equity
Common stock, KRW 10,000 par value—200,000,000 Shares authorized; 2,477,672 issued and outstanding			21,198				21,198
Additional paid-in-capital			359,280				359,280
Accumulated other comprehensive income			17,095				19,982
Retained earnings			357,580				327,273
Total shareholders’ equity attributable to shareowners of DoubleDown Interactive Co. Ltd.		$	755,153			$	727,733
Equity attributable to noncontrolling interests			147				157
Total equity		$	755,300			$	727,890
Total liabilities and shareholders’ equity		$	830,980			$	803,344

 

(1)	Includes related party royalty and other payables of $1,274 and $1,618 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

(2)	Includes related party operating lease liability of $1,251 and $1,298 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

(3)	Includes related party notes payable of $37,125 and $38,778 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

(4)	Includes related party interest payable of $9,522 and $9,501 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

(5)	Includes related party operating lease liability of $3,975 and $4,414 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

See accompanying notes to consolidated financial statements.

 

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DoubleDown Interactive Co., Ltd.

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(unaudited, in thousands of U.S. Dollars, except share amounts)

		Common shares				Common stock				Additional paid-in- capital				Accumulated other comprehensive income/(loss)				Retained earnings (deficit)				Equity attributable to noncontrolling interests				Total shareholders’ equity
Three months ended March 31, 2024
As of January 1, 2024			2,477,672				21,198				359,280				19,982				327,273				157				727,890
Net income			—				—				—				—				30,308				53				30,361
Pension adjustments, net of t ax			—				—				—				136				—				—				136
Loss on for e ign currency translation, net of t ax			—				—				—				(3,023	)			—				(62	)			(3,086	)
As of March 31, 2024			2,477,672				21,198				359,280				17,095				357,580				147				755,300
Three months ended March 31, 2023
As of January 1, 2023			2,477,672				21,198				359,280				19,360				226,388				—				626,226
Net income			—				—				—				—				23,672				—				23,672
Pension adjustments, net of tax			—				—				—				(157	)			—				—				(157	)
Loss on foreign currency translation, net of tax			—				—				—				(1,181	)			—				—				(1,181	)
As of March 31, 2023			2,477,672				21,198				359,280				18,022				250,060				—				648,560

See accompanying notes to consolidated financial statements.

 

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DoubleDown Interactive Co., Ltd.

Condensed Consolidated Statements of Cash Flows

(unaudited, in thousands of U.S. Dollars)

 

		Three months ended March 31,
		2024				2023
Cash flow from (used in) operating activities:
Net income		$	30,361			$	23,672
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization			827				55
Gain on foreign currency remeasurement			(3,589	)			(2,166	)
Loss on short-term investments			7				—
Deferred taxes			6,756				6,063
Working capital adjustments:
Accounts receivable			(1,808	)			(7,707	)
Prepaid expenses, other current and non-current assets			(269	)			274
Accounts payable, accrued expenses and other payables			1,291				(1,046	)
Contract liabilities			(112	)			(208	)
Income tax payable			158				5
Other current and non-current liabilities			1,293				284
Net cash flows from (used in) operating activities		$	34,915			$	19,226
Cash flow from (used in) investing activities:
Purchases of intangible assets			—				(4	)
Purchases of property and equipment			(14	)			(40	)
Purchases of short-term investments			(31,934	)			(19,298	)
Sales of short-term investments			—				33,725
Net cash flows from (used in) investing activities		$	(31,948	)		$	14,383
Cash flow from (used in) financing activities:
Net cash flows from (used in) financing activities:		$	—			$	—
Net foreign exchange difference on cash and cash equivalents			(15	)			(22	)
Net decrease in cash and cash equivalents		$	2,952			$	33,587
Cash and cash equivalents at beginning of period		$	206,911			$	217,352
Cash and cash equivalents at end of period		$	209,863			$	250,939
Cash paid during year for:
Interest		$	81				—
Income taxes		$	93			$	82

See accompanying notes to consolidated financial statements.

 

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DoubleDown Interactive Co., Ltd.

Notes to Condensed Consolidated Financial Statements (unaudited)

Note 1: Description of business

Background and nature of operations

DoubleDown Interactive Co., Ltd. (“DDI,” “we,” “us,” “our” or the “Company,” formerly known as The8Games Co., Ltd.) was incorporated in 2008 in Seoul, Korea as an interactive entertainment studio, focused on the development and publishing of casual games and mobile applications. DDI is a subsidiary of DoubleU Games Co., Ltd. (“DUG” or “DoubleU Games”), a Korean company and our controlling shareholder holding 67.1% of our outstanding shares. The remaining 32.9% of our outstanding shares are held by STIC Special Situation Private Equity Fund (“STIC”, 20.2%) and the remainder by participants in our IPO (12.7%). In 2017, DDI acquired DoubleDown Interactive, LLC

(“DDI-US”)

from International Gaming Technologies (“IGT”) for approximately $825 million.

DDI-US,

with its principal place of business located in Seattle, Washington, is our primary revenue-generating entity.

We develop and publish digital gaming content on various mobile and web platforms through our multi-format interactive

all-in-one

game experience concept. We host

DoubleDown Casino, DoubleDown Classic, and DoubleDown Fort Knox

within various formats.

Acquisition of SuprNation AB (“SuprNation”)

On October 31, 2023, the Company closed its previously announced acquisition of iGaming operator, SuprNation AB (“SuprNation”), for a total cash consideration €34.3 million (or approximately $36.5 million based on an exchange rate of €1 = $1.064 as of October 27, 2023). The acquisition diversifies the digital games categories that the Company addresses with the addition of three real-money iGaming sites in Western Europe. Following the closing, SuprNation AB is now a direct, wholly-owned subsidiary of

DDI-US.

Basis of preparation and consolidation

Our unaudited condensed consolidated financial statements (“financial statements”) have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

Our unaudited condensed consolidated financial statements include all adjustments of a normal, recurring nature necessary for the fair statement of the results for the interim periods presented. The results for the interim period presented are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements for the year ended December 31, 2023.

The condensed consolidated financial statements include the balances and accounts of DDI and our controlled subsidiaries. All significant inter-company transactions, balances and unrealized gains or losses have been eliminated. We view our operations and manage our business as one operating segment.

Use of estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures. We regularly evaluate estimates and assumptions related to provisions for income taxes, revenue recognition, expense accruals, deferred income tax asset valuation allowances, valuation of goodwill and intangibles, and legal contingencies. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and the actual results, future operating results may be affected.

Functional currency and translation of financial statements

Our functional currency is the Korean Won (“KRW”), Euro (“EUR” or “€”), and the U.S. Dollar (“dollar,” “USD,” “US$,” or “$”) is the functional currency of our United States subsidiaries. The accompanying consolidated financial statements are presented in USD. The consolidated balance sheets have been translated at the exchange rates prevailing at each balance sheet date. The consolidated statement of comprehensive income and statement of cash flows have been translated using the weighted-average exchange rates prevailing during the periods of each statement. The equity capital is denominated in the functional currency, KRW, and is translated at historical exchange rates. All translation adjustments resulting from translating into the reporting currency are accumulated as a separate component of accumulated other comprehensive income in shareholders’ equity. Gains or losses resulting from foreign currency transactions are included in other income (expense).

 

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Intercompany monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date with the gain or loss arising on translation recorded to other income (expense). Intercompany

non-monetary

items

that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.

Cash and cash equivalents

We consider all money market funds and short-term investments with a maturity of three months or less when acquired to be cash and cash equivalents. Cash and cash equivalents are held by high credit quality financial institutions and balances may exceed limits of federal insurance. We have not experienced any losses resulting from these excess deposits.

Financial instruments and concentration of credit risk

Financial instruments, which potentially expose us to concentrations of credit risk, consist primarily of cash and cash equivalents, accounts receivable and short-term investments.

Accounts receivable are recorded and carried at the net invoiced amount, which is net of platform payment processing fees, unsecured, and represent amounts due to us based on contractual obligations where an executed contract exists. We do not require collateral and have not recognized an allowance as management estimates the net receivable is fully collectible. Apple, Inc. (“Apple”), Facebook, Inc. (“Facebook”), and Google, LLC (“Google”) represent significant distribution, marketing, and payment platforms for our games. A substantial portion of our revenue was generated from players who accessed our games through these platforms and a significant concentration of our accounts receivable balance is comprised of balances owed to us by these platforms.

The following table summarizes the percentage of revenues and accounts receivable generated via our platform providers in excess of 10% of our total revenues and total accounts receivable:

 

		Revenue Concentration
		Three months ended March 31,
		2024				2023
Apple			50.3	%			55.1	%
Facebook			14.8	%			18.4	%
Google			16.2	%			18.7	%

 

		Accounts Receivable Concentration
		As of March 31,				As of December 31,
		2024				2023
Apple			62.7	%			59.3	%
Facebook			10.3	%			9.9	%
Google			11.3	%			10.3	%
Xsolla			12.9	%			11.3	%

 

 

Note 2: Revenue from Contracts with Customers

Our social and mobile apps operate on a

free-to-play

model, whereby game players may collect virtual currency free of charge through the passage of time or through targeted marketing promotions. If a game player wishes to obtain virtual currency above and beyond the level of free virtual currency available to that player, the player may purchase additional virtual currency. Once a purchase is completed, the virtual currency is deposited into the player’s account and is not separately identifiable from previously purchased virtual currency or virtual currency obtained by the game player for free.

Once obtained, virtual currency (either free or purchased) cannot be redeemed for cash nor exchanged for anything other than gameplay within our apps. When virtual currency is played on any of our games, the game player could “win” and would be awarded additional virtual currency or could “lose” and lose the future use of that virtual currency. We have concluded that our virtual currency represents consumable goods, because the game player does not receive any additional benefit from the games and is not entitled to any additional rights once the virtual currency is substantially consumed.

Control transfers when the virtual currency is consumed for gameplay. We recognize revenue from player purchases of virtual currency based on the consumption of this currency. We determined through a review of play behavior that game players generally do not purchase additional virtual currency until their existing virtual currency balances, regardless of source (e.g., bonus currency, gifted currency through social media channels, daily free chips, etc.), have been substantially consumed.

Based on an analysis of customers’ historical play behavior, purchase behavior, and the amount of virtual currency outstanding, we are able to estimate the rate that virtual currency is consumed during gameplay. Accordingly, revenue is recognized using a user-based revenue model with the period between purchases representing the timing difference between virtual currency purchase and consumption. This timing difference is relatively short.

 

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We continuously gather and analyze detailed customer play behavior and assess this data in relation to our judgments used for revenue recognition.

We generate a small portion of our revenue from subscription services. All monthly subscription fees are prepaid and

non-refundable

for a

one-month

period and auto-renew until the end customer terminates the service with the platform provider the subscription services originated. The subscription revenue is recognized on a daily basis beginning on the original date of purchase and has no impact on a customer purchased virtual currency.

Disaggregation of revenue

We believe disaggregation of our revenue based on platform and geographical location are appropriate categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following table represents our disaggregation of revenue between mobile and web platforms (in thousands):

 

		Three months ended March 31,
		2024				2023
Mobile		$	60,437			$	63,330
Web			27,706				14,266
Total		$	88,143			$	77,596

The following table presents our revenue disaggregated based on the geographical location of our players (in thousands):

 

		Three months ended March 31,
		2024				2023
U.S. (1)		$	70,193			$	68,203
International			17,950				9,393
Total		$	88,143			$	77,596

 

(1)	Geographic location is presented as being derived from the U.S. when data is not available.

Principal-agent considerations

Our revenue contracts are with game players who are our customers. We have exclusive control over all content, pricing, and overall functionality of games accessed by players. Our games are played on various third-party platforms for which the platform providers collect proceeds from our customers and remit us an amount after deducting a fee for processing and other agency services. We record revenue at the gross amount charged to our customers and classify fees paid to platform providers (such as Apple, Facebook, and Google) within cost of revenue, contract assets, contract liabilities and other disclosures.

Contract assets, contract liabilities and other disclosures

Customer payments are based on the payment terms established in our contracts. Payments for purchase of virtual currency are required at time of purchase, are

non-refundable

and relate to

non-cancellable

contracts that specify our performance obligations. All payments are initially recorded as revenue, as the player has no right of return after the purchase, consistent with our standard terms and conditions. Based on our analysis, at each period end, we estimate the number of days to consume virtual currency. This represents the revenue amount where the performance obligation has not been met and is deferred as a contract liability until we satisfy the obligation. The contract asset consists of platform fees for which revenue has not been recognized. For subscription revenue, the remaining portion of the daily ratable monthly subscription is recorded as a contract liability and the applicable platform fees as a contract asset.

 

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The following table summarized our opening and closing balances in contract assets and contract liabilities (in thousands):

 

		As of March 31,				As of December 31,
		2024				2023
Contract assets (1)		$	723			$	756
Contract liabilities			2,409				2,520

 

(1)	Contract assets are included within prepaid expenses and other assets in our consolidated balance sheet.

Note 3: Short-term investments

The Company holds investments in marketable securities with the intention of selling these investments within a relatively short period of time

(3-6

months). As such, gains or losses from holding or trading these securities were recognized in the Statements of Income. At March 31, 2024, short term investments comprised of fixed time deposits classified as trading.

Note 4: Goodwill and intangible assets

There were no changes to the carrying amount of goodwill in the three months ended March 31, 2024. We recognized an aggregate $269.9 million impairment of goodwill and intangibles in 2022. Changes in the carrying amount of intangible assets were as follows (in thousands):

 

						March 31, 2024																December 31, 2023
										Accumulated																Accumulated
		Useful life				Gross amount				amortization				Impairment				Net amount				Gross amount				amortization				Impairment				Net amount
Goodwill			indefinite			$	651,244			$	—			$	(254,893	)		$	396,351			$	651,597			$	—			$	(254,893	)		$	396,704
Trademarks			indefinite				50,000				—				(15,000	)			35,000				50,000				—				(15,000	)			35,000
Customer relationships			4 years				84,065				(75,944	)			—				8,121				84,271				(75,387	)			—				8,884
Purchased technology			5-10 years				52,545				(45,720	)			—				6,825				52,707				(45,544	)			—				7,163
Development costs			3 years				9,486				(9,486	)			—				—				9,486				(9,486	)			—				—
Software			4-5 years				2,954				(2,470	)			—				484				2,968				(2,444	)			—				524
Total						$	850,294			$	(133,620	)		$	(269,893	)		$	446,781			$	851,029			$	(132,861	)		$	(269,893	)		$	448,275

The following reflects amortization expense related to intangible assets included with depreciation and amortization (in millions):

 

		Three months ended March 31,
		2024				2023
Amortization Expense			0.8 million				0.0 million

Note 5: Debt

The components of debt at March 31, 2024 and December 31, 2023 are as follows (in thousands):

 

		As of March 31,				As of December 31,
		2024				2023
4.60% Senior Notes due to related party due 2024		$	37,125			$	38,778
Total debt			37,125				38,778
Less: Short-term debt			37,125				38,778
Total Long-term debt		$	—			$	—

4.60% Senior Notes due to related party due 2024

The 4.60% Senior Notes due to related party, which collectively total KRW100 billion at inception, accrue 4.60% interest quarterly on the outstanding principal amount until maturity. Interest and principal are due in full at maturity (May 27, 2024).

Voluntary principal and interest payments were made in June and September 2020. Principal of KRW20 billion and interest of KRW1.2 billion was paid in June 2020 and principal of KRW30 billion and interest of KRW3.1 billion was paid in September 2020.

 

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Note 6: Fair value measurements

The carrying values of our accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities and short-term borrowings approximate their fair values due to the short-term nature of these instruments.

Our cash equivalents (Level 1 of fair value hierarchy) consist of money market funds and Korean government bonds totaling $209.9 million, and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $99.7 million as of March 31, 2024. As of December 31, 2023, our cash equivalents (Level 1 of fair value hierarchy) consisted of money market funds and Korean government bonds totaling $206.9 million, and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $67.8 million. We rely on credit market data to track interest rates for other entities with similar risk profiles.

We record all debt at inception at fair value. We perform subsequent analysis on available data to evaluate the fair value of our borrowing as of the balance sheet date. We rely on credit market data to track interest rates for other entities with similar risk profiles. As of March 31, 2024, the fair value of our senior notes (a Level 3 estimate) was approximately $0.3 million lower than face value.

Note 7: Income taxes

We are subject to federal and state income taxes in Korea, the United States, Malta and Sweden. We account for our provision for income taxes in accordance with ASC 740, Income Taxes, which requires an estimate of the annual effective tax rate for the full year to be applied to the interim period, taking into

account year-to-date amounts

and projected results for the full year.

Our effective tax rate varies from the statutory Korean income tax rate due to the effect of foreign rate differential, withholding taxes, state and local income taxes, notional interest deduction, FDII deduction, and valuation allowances on deferred tax assets in certain jurisdictions. Our effective tax rate could fluctuate significantly from quarter to quarter based on variations in the estimated and actual level

of pre-tax income

or loss by jurisdiction, changes in enacted tax laws and regulations, and changes in estimates

regarding non-deductible expenses

and tax credits. As of March 31, 2024, and December 31, 2023, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized.

The income tax expense of $8.0 million for the three months ended March 31, 2024, reflects an effective tax rate of 20.8% which is lower than the effective tax rate of 22.2% for the three months ended March 31, 2023. The decrease in rate from 2023 to 2024 is primarily due to an increase in the FDII benefit and notional interest deduction.

The effective tax rate of 20.8% for the three months ended March 31, 2024, is higher than the Korean statutory rate of 19%, primarily due to foreign rate differential and state taxes.

Note 8: Net income per share

Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net income per share is computed by dividing net income by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period determined using the treasury-stock

and if-converted methods.

There were no potentially dilutive securities outstanding in either period presented.

Note 9: Leases

We are a lessee for corporate office space in Seattle, Washington, Swieqi, Malta and Seoul, Korea. The lessor for our Seoul, Korea leases is our controlling shareholder, DoubleU Games (see Note 12). Our leases have remaining terms of

seven

to 53 months. We do not have any finance leases. Our total variable and short-term lease payments are immaterial for all periods presented.

The Seattle, Washington lease originated in July 2012 and consists of 49,375 square feet. The lease will expire in October 2024.

The Swieqi, Malta office lease was assumed as part of the SuprNation acquisition in October 2023 and consists of 4,770 square feet. The lease will expire in October 2024.

In September 2023, we executed a new sublease with our controlling shareholder, DUG, for 28,497 square feet of office space in Gangnam-gu, Seoul, Korea. The lease term commences in October 2023, and will expire in September 2028.

Supplemental balance sheet and cash flow information related to operating leases is as follows (in thousands):

 

		As of March 31, 2024				As of December 31, 2023
Operating lease right-of-use asset		$	6,538			$	7,577
Accrued rent			365				447
Total operating lease right-of-use asset, net		$	6,173			$	7,130
Short-term operating lease liabilities			2,562				3,157
Long-term operating lease liabilities			3,975				4,420
Total operating lease liabilities		$	6,538			$	7,577
Operating lease costs		$	866			$	3,201

 

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Supplemental cash flow information related to leases was as follows (in thousands):

 

		Three months ended				Year ended
		March 31, 2024				December 31, 2023
Cash paid for amounts included in the measurement of operating lease liabilities		$	859			$	3,501
Right-of-use assets obtained in exchange for new lease obligations		$	0			$	7,655

Note 10: Accumulated other comprehensive income

Changes in accumulated other comprehensive income (AOCI) by component for the three months ended March 31, 2024 and 2023 were as follows (in thousands):

 

Three months ended March 31, 2024		Currency Translation Adjustments				Defined Benefit Pension Plan				Total
Balance at January 1, 2024		$	22,011			$	(2,029	)		$	19,982
Foreign currency translation loss, net of tax			(3,023	)			—				(3,023	)
Actuarial gain/(loss), net of tax			—				136				136
Balance as of March 31, 2024		$	18,988			$	(1,893	)		$	17,095

 

Three months ended March 31, 2023		Currency Translation Adjustments				Defined Benefit Pension Plan				Total
Balance at January 1, 2023		$	20,792			$	(1,432	)		$	19,360
Foreign currency translation loss, net of tax			(1,181	)			—				(1,181	)
Actuarial gain/(loss), net of tax			—				(157	)			(157	)
Balance as of March 31, 2023		$	19,611			$	(1,589	)		$	18,022

We do not tax effect foreign currency translation gain/(loss) because we have determined such gain/(loss) is permanently reinvested and actuarial gain/(loss) is not tax effected due to a valuation allowance applied to our deferred tax assets.

Note 11: Commitments and contingencies

Legal contingencies

On April 12, 2018, a class-action lawsuit was filed against

DDI-US

demanding a return of unfair benefit under the pretext that the Company’s social casino games are not legal in the State of Washington, United States. On August 29, 2022,

DDI-US

entered into an agreement in principle to settle the aforementioned

Benson

case and associated proceedings, pursuant to which, among other things,

DDI-US

would contribute $145.25 million to the settlement fund. This agreement in principle received final court approval with the final contribution to the settlement fund made in June 2023. The Company recorded an accrual of $95.25 million for the year ended December 31, 2022, which was carried over for the three months ended March 31, 2023 and subsequently settled via a $95.25 million cash payment in the second quarter of 2023.

Publishing and license agreements

DoubleU Games

We entered into the DoubleU Games License Agreement on March 7, 2018, and it was subsequently amended on July 1, 2019 and November 27, 2019. In March 2023, we, through

DDI-US,

entered into a new Game License Agreement with DoubleU Games with effect from January 1, 2023, which supersedes the prior DoubleU Games License Agreement. Pursuant to the new Game License Agreement, DoubleU Games grants us, through

DDI-US,

a

non-exclusive

and worldwide license to service and distribute certain

 

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DoubleU Games social casino game titles and sequels thereto in the social online game field of use. We are obligated to pay a royalty license fee equal to a certain fixed percentage of the net sales of the licensed game titles to DoubleU Games in connection with these rights, with certain customary terms and conditions. As of March 31, 2024, we licensed approximately 49 game titles under the terms of this agreement.

In October 2023, we, through

DDI-US,

entered into a Game Development Services Agreement with DoubleUGames, pursuant to which

DDI-US

will pay service fees to DoubleU Games for certain game maintenance services and product planning and user analysis services provided by DoubleU Games. We incurred total service fees of $1.1 million for the three months ended March 31, 2024.

International Gaming Technologies (“IGT”)

In 2017, we entered into a Game Development, Distribution, and Services agreement with IGT, and it was subsequently amended on January 1, 2019. Under the terms of the agreement, IGT will deliver game assets so that we can port (a process of converting the assets into functioning slot games by platform) the technology for inclusion in our gaming apps. The agreement includes game assets that are used to create new games. Under the agreement, we pay IGT a royalty rate of 7.5% of revenue for their proprietary assets and 15% of revenue for third-party game asset types. We also pay a monthly fee for porting. The initial term of the agreement is ten (10) years with up to two additional five-year periods. Costs incurred in connection with this agreement for the three months ended March 31, 2024 and 2023 totaled $1.8 million and $2.0 million, respectively, and are recognized as a component of cost of revenue.

Note 12: Related party transactions

Our related party transactions comprise of expenses for use of intellectual property, borrowings, and sublease previously described. We may also incur other expenses with related parties in the ordinary course of business, which are included in the consolidated financial statements.

The following is a summary of expenses charged by our controlling shareholder, DoubleU Games (in thousands):

 

		Three months ended March 31,								Statement of
		2024				2023				Income and Comprehensive Income Line Item
Royalty expense (see Note 11)		$	619			$	752			Cost of revenue
Interest expense (see Note 5)			432				445			Interest expense
Rent expense (see Note 9)			334				317			General and administrative expense
Other expense			1,125				97			General and administrative expense

Amounts due to our controlling shareholder, DUG, are as follows (in thousands):

 

		At March 31,				At December 31,				Statement of Consolidated
		2024				2023				Balance Sheet Line Item
4.6% Senior notes with related party		$	37,125			$	38,778			Current portion of borrowings with related party
Royalties and other expenses			1,274				1,618			A/P and accrued expenses
Short-term lease liability			1,251				1,298			Short-term operating lease liabilities
Accrued interest on 4.6% Senior Notes with related party			9,522				9,501			Other current liabilities
Long-term lease liability			3,975				4,414			Long-term lease liabilities

Note 13: Defined benefit pension plan

We operate a defined benefit pension plan under employment regulations in Korea. The plan services the employees located in Seoul and is a final wage-based pension plan, which provides a specified amount of pension benefit based on length of service. The total benefit obligation of $3.3 million and $4.4 million was included in other

non-current

liabilities as of March 31, 2024 and December 31, 2023, respectively, and the change in actuarial gains or losses, which is not significant, was included in other comprehensive income. The plan is funded.

 

F-12

---

Table of Contents

Note 14: Acquisition

Business Combination-SuprNation

On October 31, 2023, the Company completed its acquisition of SuprNation, a European i-Gaming operator, which is now a direct, wholly-owned subsidiary of

DDI-US,

for a total cash purchase price of $30.6 million. There was also a payment into escrow of $5.5 million and a deferred payment of up to $6.5 million, relating to a performance-based holdback amount to be calculated based on the 18 months following the transaction close date. The transaction is expected to enable the Company to expand into the i-Gaming market. The Company accounted for the acquisition as a business combination. Transaction costs incurred by the Company in connection with the acquisition, including professional fees, were $2.0 million.

Contemporaneously with entering into the definitive agreement, the Company also adopted an eighteen-month performance-based incentive plan for certain key employees of SuprNation, under which the key employees may earn up to a total of $6.5 million in addition to $5.5 million held in escrow, contingent upon the achievement of certain revenue and other performance targets by the acquired business and the continued employment of such key employees between 2023 and 2025. Such plan became effective at the closing of the transaction.

The Company’s consolidated statement of operations as of March 31, 2024, includes SuprNation’s revenue of $8.3 million and

pre-tax

loss of $1.6 million.

 

F-13

Cover Page	3 Months Ended
	Mar. 31, 2024
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Entity Registrant Name	DoubleDown Interactive Co., Ltd.
Entity Central Index Key	0001799567
Current Fiscal Year End Date	--12-31

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue		$ 88,143	$ 77,596
Operating expenses:
Cost of revenue	[1],[2]	27,373	25,719
Sales and marketing	[1]	14,760	16,045
Research and development	[1]	3,256	5,043
General and administrative	[1],[3]	10,871	5,343
Depreciation and amortization		827	54
Total operating expenses		57,087	52,204
Operating income		31,056	25,392
Other income (expense):
Interest expense	[4]	(409)	(462)
Interest income		3,431	3,130
Gain on foreign currency transactions		717	252
Gain on foreign currency remeasurement		3,589	2,166
Gain (loss) on short-term investments		(7)	0
Other, net		(24)	(47)
Total other income (expense), net		7,297	5,039
Income before income tax		38,353	30,431
Income tax (expense) benefit		(7,992)	(6,759)
Net income		30,361	23,672
Less: Net income attributable to noncontrolling interests		53	0
Net income attributable to DoubleDown Interactive Co., Ltd.		30,308	23,672
Other comprehensive income (expense):
Pension adjustments, net of tax		136	(157)
Loss on foreign currency translation		(3,086)	(1,181)
Comprehensive income		$ 27,358	$ 22,334
Earnings per share:
Basic		$ 12.23	$ 9.55
Diluted		$ 12.23	$ 9.55
Weighted average shares outstanding:
Basic		2,477,672	2,477,672
Diluted		2,477,672	2,477,672
[1] Excluding depreciation and amortization. [2] Includes related party royalty expense of $619 and $752 for the three months ended March 31, 2024 and 2023, respectively (See Note 12). [3] Includes related party rent and general and administrative expense of $1,459 and $414 for the three months ended March 31, 2024 and 2023, respectively (See Note 12). [4] Includes related party interest expense of $432 and $445 for the three months ended March 31, 2024 and 2023, respectively (See Note 12).

Condensed Consolidated Statements of Income and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Interest expense related party	[1]	$ 409	$ 462
Cost of sales [Member]
Royalty expense		619	752
Related Party [Member]
Interest expense related party		432	445
Related Party [Member] | Cost of sales [Member]
Royalty expense		619	752
Related Party [Member] | General and administrative expense [Member]
Rental and general and administrative expenses		$ 1,459	$ 414
[1] Includes related party interest expense of $432 and $445 for the three months ended March 31, 2024 and 2023, respectively (See Note 12).

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 209,863	$ 206,911
Short-term investments		99,653	67,756
Accounts receivable, net		34,183	32,517
Prepaid expenses, and other assets		10,044	8,570
Total current assets		353,743	315,754
Property and equipment, net		399	444
Operating lease right-of-use assets, net		6,173	7,130
Intangible assets, net		50,430	51,571
Goodwill		396,351	396,704
Deferred tax asset		21,878	28,934
Other non-current assets		2,006	2,807
Total assets		830,980	803,344
Current liabilities:
Accounts payable and accrued expenses	[1]	14,464	13,293
Short-term operating lease liabilities	[2]	2,562	3,157
Income taxes payable		1,170	112
Contract liabilities		2,409	2,520
Current portion of borrowings with related party	[3]	37,125	38,778
Other current liabilities	[4]	10,624	10,645
Total current liabilities		68,354	68,505
Long-term operating lease liabilities	[5]	3,975	4,420
Deferred tax liabilities, net		567	848
Other non-current liabilities		2,784	1,681
Total liabilities		75,680	75,454
Shareholders' equity
Common stock, KRW 10,000 par value—200,000,000 Shares authorized; 2,477,672 issued and outstanding		21,198	21,198
Additional paid-in-capital		359,280	359,280
Accumulated other comprehensive income		17,095	19,982
Retained earnings		357,580	327,273
Total shareholders' equity attributable to shareowners of DoubleDown Interactive Co. Ltd.		755,153	727,733
Equity attributable to noncontrolling interests		147	157
Total equity		755,300	727,890
Total liabilities and shareholders' equity		$ 830,980	$ 803,344
[1] Includes related party royalty and other payables of $1,274 and $1,618 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [2] Includes related party operating lease liability of $1,251 and $1,298 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [3] Includes related party notes payable of $37,125 and $38,778 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [4] Includes related party interest payable of $9,522 and $9,501 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [5] Includes related party operating lease liability of $3,975 and $4,414 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands		Mar. 31, 2024 USD ($) shares	Mar. 31, 2024 ₩ / shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 ₩ / shares
Common Stock, Par or Stated Value Per Share | ₩ / shares			₩ 10,000		₩ 10,000
Common Stock, Shares Authorized | shares		200,000,000		200,000,000
Common Stock, Shares, Issued | shares		2,477,672		2,477,672
Common Stock, Shares, Outstanding | shares		2,477,672		2,477,672
Operating lease liability current	[1]	$ 2,562		$ 3,157
Current portion of borrowing with related party	[2]	37,125		38,778
Operating lease liability non current	[3]	3,975		4,420
Related Party [Member]
Accrued royalties current and non current		1,274		1,618
Operating lease liability current		1,251		1,298
Current portion of borrowing with related party		37,125		38,778
Operating lease liability non current		3,975		4,414
Related Party [Member] | Other current liabilities [Member]
Interest payable current		$ 9,522		$ 9,501
[1] Includes related party operating lease liability of $1,251 and $1,298 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [2] Includes related party notes payable of $37,125 and $38,778 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [3] Includes related party operating lease liability of $3,975 and $4,414 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock [Member]	Additional paid-in-capital [Member]	Accumulated other comprehensive income/(loss) [Member]	Retained earnings (Deficit) [Member]	Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2022	$ 626,226	$ 21,198	$ 359,280	$ 19,360	$ 226,388
Beginning balance (in shares) at Dec. 31, 2022		2,477,672
Net Income	23,672				23,672
Pension adjustments, net of tax	(157)			(157)
Loss on foreign currency translation, net of tax	(1,181)			(1,181)
Ending balance at Mar. 31, 2023	648,560	$ 21,198	359,280	18,022	250,060	$ 0
Ending balance (in shares) at Mar. 31, 2023		2,477,672
Beginning balance at Dec. 31, 2023	727,890	$ 21,198	359,280	19,982	327,273	157
Beginning balance (in shares) at Dec. 31, 2023		2,477,672
Net Income	30,361				30,308	53
Pension adjustments, net of tax	136			136
Loss on foreign currency translation, net of tax	(3,086)			(3,023)		(62)
Ending balance at Mar. 31, 2024	$ 755,300	$ 21,198	$ 359,280	$ 17,095	$ 357,580	$ 147
Ending balance (in shares) at Mar. 31, 2024		2,477,672

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flow from (used in) operating activities:
Net Income	$ 30,361	$ 23,672
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	827	55
Gain on foreign currency remeasurement	(3,589)	(2,166)
Loss on short-term investments	7	0
Deferred taxes	6,756	6,063
Accounts receivable	(1,808)	(7,707)
Prepaid expenses, other current and non-current assets	(269)	274
Accounts payable, accrued expenses and other payables	1,291	(1,046)
Contract liabilities	(112)	(208)
Income tax payable	158	5
Other current and non-current liabilities	1,293	284
Net cash flows from (used in) operating activities	34,915	19,226
Cash flow from (used in) investing activities:
Purchases of intangible assets	0	(4)
Purchases of property and equipment	(14)	(40)
Purchases of short-term investments	(31,934)	(19,298)
Sales of short-term investments	0	33,725
Net cash flows from (used in) investing activities	(31,948)	14,383
Cash flow from (used in) financing activities:
Net cash flows from (used in) financing activities:	0	0
Net foreign exchange difference on cash and cash equivalents	(15)	(22)
Net decrease in cash and cash equivalents	2,952	33,587
Cash and cash equivalents at beginning of period	206,911	217,352
Cash and cash equivalents at end of period	209,863	250,939
Cash paid during year for:
Interest	81	0
Income taxes	$ 93	$ 82

Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of business	Note 1: Description of business Background and nature of operations DoubleDown Interactive Co., Ltd. (“DDI,” “we,” “us,” “our” or the “Company,” formerly known as The8Games Co., Ltd.) was incorporated in 2008 in Seoul, Korea as an interactive entertainment studio, focused on the development and publishing of casual games and mobile applications. DDI is a subsidiary of DoubleU Games Co., Ltd. (“DUG” or “DoubleU Games”), a Korean company and our controlling shareholder holding 67.1% of our outstanding shares. The remaining 32.9% of our outstanding shares are held by STIC Special Situation Private Equity Fund (“STIC”, 20.2%) and the remainder by participants in our IPO (12.7%). In 2017, DDI acquired DoubleDown Interactive, LLC (“DDI-US”) from International Gaming Technologies (“IGT”) for approximately $825 million. DDI-US, with its principal place of business located in Seattle, Washington, is our primary revenue-generating entity. We develop and publish digital gaming content on various mobile and web platforms through our multi-format interactive all-in-one game experience concept. We host DoubleDown Casino, DoubleDown Classic, and DoubleDown Fort Knox within various formats. Acquisition of SuprNation AB (“SuprNation”) On October 31, 2023, the Company closed its previously announced acquisition of iGaming operator, SuprNation AB (“SuprNation”), for a total cash consideration €34.3 million (or approximately $36.5 million based on an exchange rate of €1 = $1.064 as of October 27, 2023). The acquisition diversifies the digital games categories that the Company addresses with the addition of three real-money iGaming sites in Western Europe. Following the closing, SuprNation AB is now a direct, wholly-owned subsidiary of DDI-US. Basis of preparation and consolidation Our unaudited condensed consolidated financial statements (“financial statements”) have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Our unaudited condensed consolidated financial statements include all adjustments of a normal, recurring nature necessary for the fair statement of the results for the interim periods presented. The results for the interim period presented are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements for the year ended December 31, 2023. The condensed consolidated financial statements include the balances and accounts of DDI and our controlled subsidiaries. All significant inter-company transactions, balances and unrealized gains or losses have been eliminated. We view our operations and manage our business as one operating segment. Use of estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures. We regularly evaluate estimates and assumptions related to provisions for income taxes, revenue recognition, expense accruals, deferred income tax asset valuation allowances, valuation of goodwill and intangibles, and legal contingencies. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and the actual results, future operating results may be affected. Functional currency and translation of financial statements Our functional currency is the Korean Won (“KRW”), Euro (“EUR” or “€”), and the U.S. Dollar (“dollar,” “USD,” “US$,” or “$”) is the functional currency of our United States subsidiaries. The accompanying consolidated financial statements are presented in USD. The consolidated balance sheets have been translated at the exchange rates prevailing at each balance sheet date. The consolidated statement of comprehensive income and statement of cash flows have been translated using the weighted-average exchange rates prevailing during the periods of each statement. The equity capital is denominated in the functional currency, KRW, and is translated at historical exchange rates. All translation adjustments resulting from translating into the reporting currency are accumulated as a separate component of accumulated other comprehensive income in shareholders’ equity. Gains or losses resulting from foreign currency transactions are included in other income (expense).   Intercompany monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date with the gain or loss arising on translation recorded to other income (expense). Intercompany non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Cash and cash equivalents We consider all money market funds and short-term investments with a maturity of three months or less when acquired to be cash and cash equivalents. Cash and cash equivalents are held by high credit quality financial institutions and balances may exceed limits of federal insurance. We have not experienced any losses resulting from these excess deposits. Financial instruments and concentration of credit risk Financial instruments, which potentially expose us to concentrations of credit risk, consist primarily of cash and cash equivalents, accounts receivable and short-term investments. Accounts receivable are recorded and carried at the net invoiced amount, which is net of platform payment processing fees, unsecured, and represent amounts due to us based on contractual obligations where an executed contract exists. We do not require collateral and have not recognized an allowance as management estimates the net receivable is fully collectible. Apple, Inc. (“Apple”), Facebook, Inc. (“Facebook”), and Google, LLC (“Google”) represent significant distribution, marketing, and payment platforms for our games. A substantial portion of our revenue was generated from players who accessed our games through these platforms and a significant concentration of our accounts receivable balance is comprised of balances owed to us by these platforms. The following table summarizes the percentage of revenues and accounts receivable generated via our platform providers in excess of 10% of our total revenues and total accounts receivable:        Revenue Concentration        Three months ended March 31,        2024     2023   Apple      50.3 %      55.1 %  Facebook      14.8 %      18.4 %  Google      16.2 %      18.7 %              Accounts Receivable Concentration        As of March 31,     As of December 31,        2024     2023   Apple      62.7 %      59.3 %  Facebook      10.3 %      9.9 %  Google      11.3 %      10.3 %  Xsolla      12.9 %      11.3 %

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 2: Revenue from Contracts with Customers Our social and mobile apps operate on a free-to-play model, whereby game players may collect virtual currency free of charge through the passage of time or through targeted marketing promotions. If a game player wishes to obtain virtual currency above and beyond the level of free virtual currency available to that player, the player may purchase additional virtual currency. Once a purchase is completed, the virtual currency is deposited into the player’s account and is not separately identifiable from previously purchased virtual currency or virtual currency obtained by the game player for free. Once obtained, virtual currency (either free or purchased) cannot be redeemed for cash nor exchanged for anything other than gameplay within our apps. When virtual currency is played on any of our games, the game player could “win” and would be awarded additional virtual currency or could “lose” and lose the future use of that virtual currency. We have concluded that our virtual currency represents consumable goods, because the game player does not receive any additional benefit from the games and is not entitled to any additional rights once the virtual currency is substantially consumed. Control transfers when the virtual currency is consumed for gameplay. We recognize revenue from player purchases of virtual currency based on the consumption of this currency. We determined through a review of play behavior that game players generally do not purchase additional virtual currency until their existing virtual currency balances, regardless of source (e.g., bonus currency, gifted currency through social media channels, daily free chips, etc.), have been substantially consumed. Based on an analysis of customers’ historical play behavior, purchase behavior, and the amount of virtual currency outstanding, we are able to estimate the rate that virtual currency is consumed during gameplay. Accordingly, revenue is recognized using a user-based revenue model with the period between purchases representing the timing difference between virtual currency purchase and consumption. This timing difference is relatively short.   We continuously gather and analyze detailed customer play behavior and assess this data in relation to our judgments used for revenue recognition. We generate a small portion of our revenue from subscription services. All monthly subscription fees are prepaid and non-refundable for a one-month period and auto-renew until the end customer terminates the service with the platform provider the subscription services originated. The subscription revenue is recognized on a daily basis beginning on the original date of purchase and has no impact on a customer purchased virtual currency. Disaggregation of revenue We believe disaggregation of our revenue based on platform and geographical location are appropriate categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following table represents our disaggregation of revenue between mobile and web platforms (in thousands):        Three months ended March 31,        2024      2023   Mobile    $ 60,437      $ 63,330   Web      27,706        14,266                     Total    $ 88,143      $ 77,596                     The following table presents our revenue disaggregated based on the geographical location of our players (in thousands):        Three months ended March 31,        2024      2023   U.S. (1)    $ 70,193      $ 68,203   International      17,950        9,393                     Total    $ 88,143      $ 77,596                       (1)   Geographic location is presented as being derived from the U.S. when data is not available. Principal-agent considerations Our revenue contracts are with game players who are our customers. We have exclusive control over all content, pricing, and overall functionality of games accessed by players. Our games are played on various third-party platforms for which the platform providers collect proceeds from our customers and remit us an amount after deducting a fee for processing and other agency services. We record revenue at the gross amount charged to our customers and classify fees paid to platform providers (such as Apple, Facebook, and Google) within cost of revenue, contract assets, contract liabilities and other disclosures. Contract assets, contract liabilities and other disclosures Customer payments are based on the payment terms established in our contracts. Payments for purchase of virtual currency are required at time of purchase, are non-refundable and relate to non-cancellable contracts that specify our performance obligations. All payments are initially recorded as revenue, as the player has no right of return after the purchase, consistent with our standard terms and conditions. Based on our analysis, at each period end, we estimate the number of days to consume virtual currency. This represents the revenue amount where the performance obligation has not been met and is deferred as a contract liability until we satisfy the obligation. The contract asset consists of platform fees for which revenue has not been recognized. For subscription revenue, the remaining portion of the daily ratable monthly subscription is recorded as a contract liability and the applicable platform fees as a contract asset.   The following table summarized our opening and closing balances in contract assets and contract liabilities (in thousands):        As of March 31,      As of December 31,        2024      2023   Contract assets (1)    $ 723      $ 756   Contract liabilities      2,409        2,520     (1) Contract assets are included within prepaid expenses and other assets in our consolidated balance sheet.

Short-term investments	3 Months Ended
	Mar. 31, 2024
Short-Term Investments [Abstract]
Short-term investments	Note 3: Short-term investments The Company holds investments in marketable securities with the intention of selling these investments within a relatively short period of time (3-6 months). As such, gains or losses from holding or trading these securities were recognized in the Statements of Income. At March 31, 2024, short term investments comprised of fixed time deposits classified as trading.

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangible assets	Note 4: Goodwill and intangible assets There were no changes to the carrying amount of goodwill in the three months ended March 31, 2024. We recognized an aggregate $269.9 million impairment of goodwill and intangibles in 2022. Changes in the carrying amount of intangible assets were as follows (in thousands):               March 31, 2024      December 31, 2023                      Accumulated                         Accumulated                    Useful life      Gross amount      amortization     Impairment     Net amount      Gross amount      amortization     Impairment     Net amount   Goodwill      indefinite      $ 651,244      $ —      $ (254,893 )    $ 396,351      $ 651,597      $ —      $ (254,893 )    $ 396,704   Trademarks      indefinite        50,000        —        (15,000 )      35,000        50,000        —        (15,000 )      35,000   Customer relationships      4 years        84,065        (75,944 )      —        8,121        84,271        (75,387 )      —        8,884   Purchased technology      5-10 years        52,545        (45,720 )      —        6,825        52,707        (45,544 )      —        7,163   Development costs      3 years        9,486        (9,486 )      —        —         9,486        (9,486 )      —        —    Software      4-5 years        2,954        (2,470 )      —        484        2,968        (2,444 )      —        524                                                                          Total       $ 850,294      $ (133,620 )    $ (269,893 )    $ 446,781      $ 851,029      $ (132,861 )    $ (269,893 )    $ 448,275                                                                          The following reflects amortization expense related to intangible assets included with depreciation and amortization (in millions):        Three months ended March 31,        2024      2023   Amortization Expense      0.8 million        0.0 million

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 5: Debt The components of debt at March 31, 2024 and December 31, 2023 are as follows (in thousands):        As of March 31,      As of December 31,        2024      2023   4.60% Senior Notes due to related party due 2024    $ 37,125      $ 38,778                     Total debt      37,125        38,778   Less: Short-term debt      37,125        38,778                     Total Long-term debt    $ —       $ —    4.60% Senior Notes due to related party due 2024 The 4.60% Senior Notes due to related party, which collectively total KRW100 billion at inception, accrue 4.60% interest quarterly on the outstanding principal amount until maturity. Interest and principal are due in full at maturity (May 27, 2024). Voluntary principal and interest payments were made in June and September 2020. Principal of KRW20 billion and interest of KRW1.2 billion was paid in June 2020 and principal of KRW30 billion and interest of KRW3.1 billion was paid in September 2020.

Fair value measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	Note 6: Fair value measurements The carrying values of our accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities and short-term borrowings approximate their fair values due to the short-term nature of these instruments. Our cash equivalents (Level 1 of fair value hierarchy) consist of money market funds and Korean government bonds totaling $209.9 million, and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $99.7 million as of March 31, 2024. As of December 31, 2023, our cash equivalents (Level 1 of fair value hierarchy) consisted of money market funds and Korean government bonds totaling $206.9 million, and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $67.8 million. We rely on credit market data to track interest rates for other entities with similar risk profiles. We record all debt at inception at fair value. We perform subsequent analysis on available data to evaluate the fair value of our borrowing as of the balance sheet date. We rely on credit market data to track interest rates for other entities with similar risk profiles. As of March 31, 2024, the fair value of our senior notes (a Level 3 estimate) was approximately $0.3 million lower than face value.

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 7: Income taxes We are subject to federal and state income taxes in Korea, the United States, Malta and Sweden. We account for our provision for income taxes in accordance with ASC 740, Income Taxes, which requires an estimate of the annual effective tax rate for the full year to be applied to the interim period, taking into account year-to-date amounts and projected results for the full year. Our effective tax rate varies from the statutory Korean income tax rate due to the effect of foreign rate differential, withholding taxes, state and local income taxes, notional interest deduction, FDII deduction, and valuation allowances on deferred tax assets in certain jurisdictions. Our effective tax rate could fluctuate significantly from quarter to quarter based on variations in the estimated and actual level of pre-tax income or loss by jurisdiction, changes in enacted tax laws and regulations, and changes in estimates regarding non-deductible expenses and tax credits. As of March 31, 2024, and December 31, 2023, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized. The income tax expense of $8.0 million for the three months ended March 31, 2024, reflects an effective tax rate of 20.8% which is lower than the effective tax rate of 22.2% for the three months ended March 31, 2023. The decrease in rate from 2023 to 2024 is primarily due to an increase in the FDII benefit and notional interest deduction. The effective tax rate of 20.8% for the three months ended March 31, 2024, is higher than the Korean statutory rate of 19%, primarily due to foreign rate differential and state taxes.

Net Income Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Note 8: Net income per share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net income per share is computed by dividing net income by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period determined using the treasury-stock and if-converted methods. There were no potentially dilutive securities outstanding in either period presented.

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Note 9: Leases We are a lessee for corporate office space in Seattle, Washington, Swieqi, Malta and Seoul, Korea. The lessor for our Seoul, Korea leases is our controlling shareholder, DoubleU Games (see Note 12). Our leases have remaining terms of seven to 53 months. We do not have any finance leases. Our total variable and short-term lease payments are immaterial for all periods presented. The Seattle, Washington lease originated in July 2012 and consists of 49,375 square feet. The lease will expire in October 2024. The Swieqi, Malta office lease was assumed as part of the SuprNation acquisition in October 2023 and consists of 4,770 square feet. The lease will expire in October 2024. In September 2023, we executed a new sublease with our controlling shareholder, DUG, for 28,497 square feet of office space in Gangnam-gu, Seoul, Korea. The lease term commences in October 2023, and will expire in September 2028. Supplemental balance sheet and cash flow information related to operating leases is as follows (in thousands):        As of March 31, 2024      As of December 31, 2023   Operating lease right-of-use asset    $ 6,538      $ 7,577   Accrued rent      365        447                     Total operating lease right-of-use asset, net    $ 6,173      $ 7,130                     Short-term operating lease liabilities      2,562        3,157   Long-term operating lease liabilities      3,975        4,420                     Total operating lease liabilities    $ 6,538      $ 7,577                     Operating lease costs    $ 866      $ 3,201     Supplemental cash flow information related to leases was as follows (in thousands):        Three months ended      Year ended        March 31, 2024      December 31, 2023   Cash paid for amounts included in the measurement of operating lease liabilities    $ 859      $ 3,501   Right-of-use assets obtained in exchange for new lease obligations    $ 0      $ 7,655

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2024
Statement of Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	Note 10: Accumulated other comprehensive income Changes in accumulated other comprehensive income (AOCI) by component for the three months ended March 31, 2024 and 2023 were as follows (in thousands):   Three months ended March 31, 2024    Currency Translation Adjustments      Defined Benefit Pension Plan      Total   Balance at January 1, 2024    $ 22,011      $ (2,029 )     $ 19,982   Foreign currency translation loss, net of tax      (3,023 )       —         (3,023 )  Actuarial gain/(loss), net of tax      —         136        136                              Balance as of March 31, 2024    $ 18,988      $ (1,893 )     $ 17,095                                Three months ended March 31, 2023    Currency Translation Adjustments      Defined Benefit Pension Plan      Total   Balance at January 1, 2023    $ 20,792      $ (1,432 )     $ 19,360   Foreign currency translation loss, net of tax      (1,181 )       —         (1,181 )  Actuarial gain/(loss), net of tax      —         (157 )       (157 )                             Balance as of March 31, 2023    $ 19,611      $ (1,589 )     $ 18,022                              We do not tax effect foreign currency translation gain/(loss) because we have determined such gain/(loss) is permanently reinvested and actuarial gain/(loss) is not tax effected due to a valuation allowance applied to our deferred tax assets.

Commitments and contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 11: Commitments and contingencies Legal contingencies On April 12, 2018, a class-action lawsuit was filed against DDI-US demanding a return of unfair benefit under the pretext that the Company’s social casino games are not legal in the State of Washington, United States. On August 29, 2022, DDI-US entered into an agreement in principle to settle the aforementioned Benson case and associated proceedings, pursuant to which, among other things, DDI-US would contribute $145.25 million to the settlement fund. This agreement in principle received final court approval with the final contribution to the settlement fund made in June 2023. The Company recorded an accrual of $95.25 million for the year ended December 31, 2022, which was carried over for the three months ended March 31, 2023 and subsequently settled via a $95.25 million cash payment in the second quarter of 2023. Publishing and license agreements DoubleU Games We entered into the DoubleU Games License Agreement on March 7, 2018, and it was subsequently amended on July 1, 2019 and November 27, 2019. In March 2023, we, through DDI-US, entered into a new Game License Agreement with DoubleU Games with effect from January 1, 2023, which supersedes the prior DoubleU Games License Agreement. Pursuant to the new Game License Agreement, DoubleU Games grants us, through DDI-US, a non-exclusive and worldwide license to service and distribute certain DoubleU Games social casino game titles and sequels thereto in the social online game field of use. We are obligated to pay a royalty license fee equal to a certain fixed percentage of the net sales of the licensed game titles to DoubleU Games in connection with these rights, with certain customary terms and conditions. As of March 31, 2024, we licensed approximately 49 game titles under the terms of this agreement. In October 2023, we, through DDI-US, entered into a Game Development Services Agreement with DoubleUGames, pursuant to which DDI-US will pay service fees to DoubleU Games for certain game maintenance services and product planning and user analysis services provided by DoubleU Games. We incurred total service fees of $1.1 million for the three months ended March 31, 2024. International Gaming Technologies (“IGT”) In 2017, we entered into a Game Development, Distribution, and Services agreement with IGT, and it was subsequently amended on January 1, 2019. Under the terms of the agreement, IGT will deliver game assets so that we can port (a process of converting the assets into functioning slot games by platform) the technology for inclusion in our gaming apps. The agreement includes game assets that are used to create new games. Under the agreement, we pay IGT a royalty rate of 7.5% of revenue for their proprietary assets and 15% of revenue for third-party game asset types. We also pay a monthly fee for porting. The initial term of the agreement is ten (10) years with up to two additional five-year periods. Costs incurred in connection with this agreement for the three months ended March 31, 2024 and 2023 totaled $1.8 million and $2.0 million, respectively, and are recognized as a component of cost of revenue.

Related party transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related party transactions	Note 12: Related party transactions Our related party transactions comprise of expenses for use of intellectual property, borrowings, and sublease previously described. We may also incur other expenses with related parties in the ordinary course of business, which are included in the consolidated financial statements. The following is a summary of expenses charged by our controlling shareholder, DoubleU Games (in thousands):        Three months ended March 31,      Statement of      2024      2023      Income and Comprehensive Income Line Item Royalty expense (see Note 11)    $ 619      $ 752      Cost of revenue Interest expense (see Note 5)      432        445      Interest expense Rent expense (see Note 9)      334        317      General and administrative expense Other expense      1,125        97      General and administrative expense Amounts due to our controlling shareholder, DUG, are as follows (in thousands):        At March 31,      At December 31,      Statement of Consolidated      2024      2023      Balance Sheet Line Item 4.6% Senior notes with related party    $ 37,125      $ 38,778      Current portion of borrowings with related party Royalties and other expenses      1,274        1,618      A/P and accrued expenses Short-term lease liability      1,251        1,298      Short-term operating lease liabilities Accrued interest on 4.6% Senior Notes with related party      9,522        9,501      Other current liabilities Long-term lease liability      3,975        4,414      Long-term lease liabilities

Defined benefit pension plan	3 Months Ended
	Mar. 31, 2024
Defined Benefit Pension Plan [Abstract]
Defined benefit pension plan	Note 13: Defined benefit pension plan We operate a defined benefit pension plan under employment regulations in Korea. The plan services the employees located in Seoul and is a final wage-based pension plan, which provides a specified amount of pension benefit based on length of service. The total benefit obligation of $3.3 million and $4.4 million was included in other non-current liabilities as of March 31, 2024 and December 31, 2023, respectively, and the change in actuarial gains or losses, which is not significant, was included in other comprehensive income. The plan is funded.

Acquisition	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisition	Note 14: Acquisition Business Combination-SuprNation On October 31, 2023, the Company completed its acquisition of SuprNation, a European i-Gaming operator, which is now a direct, wholly-owned subsidiary of DDI-US, for a total cash purchase price of $30.6 million. There was also a payment into escrow of $5.5 million and a deferred payment of up to $6.5 million, relating to a performance-based holdback amount to be calculated based on the 18 months following the transaction close date. The transaction is expected to enable the Company to expand into the i-Gaming market. The Company accounted for the acquisition as a business combination. Transaction costs incurred by the Company in connection with the acquisition, including professional fees, were $2.0 million. Contemporaneously with entering into the definitive agreement, the Company also adopted an eighteen-month performance-based incentive plan for certain key employees of SuprNation, under which the key employees may earn up to a total of $6.5 million in addition to $5.5 million held in escrow, contingent upon the achievement of certain revenue and other performance targets by the acquired business and the continued employment of such key employees between 2023 and 2025. Such plan became effective at the closing of the transaction. The Company’s consolidated statement of operations as of March 31, 2024, includes SuprNation’s revenue of $8.3 million and pre-tax loss of $1.6 million.

Description of Business (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of preparation and consolidation	Basis of preparation and consolidation Our unaudited condensed consolidated financial statements (“financial statements”) have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission regarding interim financial information. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Our unaudited condensed consolidated financial statements include all adjustments of a normal, recurring nature necessary for the fair statement of the results for the interim periods presented. The results for the interim period presented are not necessarily indicative of those for the full year. The condensed consolidated financial statements should be read in conjunction with our consolidated financial statements for the year ended December 31, 2023. The condensed consolidated financial statements include the balances and accounts of DDI and our controlled subsidiaries. All significant inter-company transactions, balances and unrealized gains or losses have been eliminated. We view our operations and manage our business as one operating segment.
Use of estimates	Use of estimates The preparation of financial statements in conformity with Generally Accepted Accounting Principles (GAAP) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures. We regularly evaluate estimates and assumptions related to provisions for income taxes, revenue recognition, expense accruals, deferred income tax asset valuation allowances, valuation of goodwill and intangibles, and legal contingencies. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and the actual results, future operating results may be affected.
Functional currency and translation of financial statements	Functional currency and translation of financial statements Our functional currency is the Korean Won (“KRW”), Euro (“EUR” or “€”), and the U.S. Dollar (“dollar,” “USD,” “US$,” or “$”) is the functional currency of our United States subsidiaries. The accompanying consolidated financial statements are presented in USD. The consolidated balance sheets have been translated at the exchange rates prevailing at each balance sheet date. The consolidated statement of comprehensive income and statement of cash flows have been translated using the weighted-average exchange rates prevailing during the periods of each statement. The equity capital is denominated in the functional currency, KRW, and is translated at historical exchange rates. All translation adjustments resulting from translating into the reporting currency are accumulated as a separate component of accumulated other comprehensive income in shareholders’ equity. Gains or losses resulting from foreign currency transactions are included in other income (expense).   Intercompany monetary items denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date with the gain or loss arising on translation recorded to other income (expense). Intercompany non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.
Cash and cash equivalents	Cash and cash equivalents We consider all money market funds and short-term investments with a maturity of three months or less when acquired to be cash and cash equivalents. Cash and cash equivalents are held by high credit quality financial institutions and balances may exceed limits of federal insurance. We have not experienced any losses resulting from these excess deposits.
Financial instruments and concentration of credit risk	Financial instruments and concentration of credit risk Financial instruments, which potentially expose us to concentrations of credit risk, consist primarily of cash and cash equivalents, accounts receivable and short-term investments. Accounts receivable are recorded and carried at the net invoiced amount, which is net of platform payment processing fees, unsecured, and represent amounts due to us based on contractual obligations where an executed contract exists. We do not require collateral and have not recognized an allowance as management estimates the net receivable is fully collectible. Apple, Inc. (“Apple”), Facebook, Inc. (“Facebook”), and Google, LLC (“Google”) represent significant distribution, marketing, and payment platforms for our games. A substantial portion of our revenue was generated from players who accessed our games through these platforms and a significant concentration of our accounts receivable balance is comprised of balances owed to us by these platforms. The following table summarizes the percentage of revenues and accounts receivable generated via our platform providers in excess of 10% of our total revenues and total accounts receivable:        Revenue Concentration        Three months ended March 31,        2024     2023   Apple      50.3 %      55.1 %  Facebook      14.8 %      18.4 %  Google      16.2 %      18.7 %              Accounts Receivable Concentration        As of March 31,     As of December 31,        2024     2023   Apple      62.7 %      59.3 %  Facebook      10.3 %      9.9 %  Google      11.3 %      10.3 %  Xsolla      12.9 %      11.3 %

Description of Business (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of percentage of revenues	The following table summarizes the percentage of revenues and accounts receivable generated via our platform providers in excess of 10% of our total revenues and total accounts receivable:        Revenue Concentration        Three months ended March 31,        2024     2023   Apple      50.3 %      55.1 %  Facebook      14.8 %      18.4 %  Google      16.2 %      18.7 %              Accounts Receivable Concentration        As of March 31,     As of December 31,        2024     2023   Apple      62.7 %      59.3 %  Facebook      10.3 %      9.9 %  Google      11.3 %      10.3 %  Xsolla      12.9 %      11.3 %

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Disaggregation of Revenue [Abstract]
Summary of disaggregation of revenue	The following table represents our disaggregation of revenue between mobile and web platforms (in thousands):        Three months ended March 31,        2024      2023   Mobile    $ 60,437      $ 63,330   Web      27,706        14,266                     Total    $ 88,143      $ 77,596                     The following table presents our revenue disaggregated based on the geographical location of our players (in thousands):        Three months ended March 31,        2024      2023   U.S. (1)    $ 70,193      $ 68,203   International      17,950        9,393                     Total    $ 88,143      $ 77,596                       (1)   Geographic location is presented as being derived from the U.S. when data is not available.
Summary of contract assets and contract liabilities	The following table summarized our opening and closing balances in contract assets and contract liabilities (in thousands):        As of March 31,      As of December 31,        2024      2023   Contract assets (1)    $ 723      $ 756   Contract liabilities      2,409        2,520     (1) Contract assets are included within prepaid expenses and other assets in our consolidated balance sheet.

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intangible assets	There were no changes to the carrying amount of goodwill in the three months ended March 31, 2024. We recognized an aggregate $269.9 million impairment of goodwill and intangibles in 2022. Changes in the carrying amount of intangible assets were as follows (in thousands):               March 31, 2024      December 31, 2023                      Accumulated                         Accumulated                    Useful life      Gross amount      amortization     Impairment     Net amount      Gross amount      amortization     Impairment     Net amount   Goodwill      indefinite      $ 651,244      $ —      $ (254,893 )    $ 396,351      $ 651,597      $ —      $ (254,893 )    $ 396,704   Trademarks      indefinite        50,000        —        (15,000 )      35,000        50,000        —        (15,000 )      35,000   Customer relationships      4 years        84,065        (75,944 )      —        8,121        84,271        (75,387 )      —        8,884   Purchased technology      5-10 years        52,545        (45,720 )      —        6,825        52,707        (45,544 )      —        7,163   Development costs      3 years        9,486        (9,486 )      —        —         9,486        (9,486 )      —        —    Software      4-5 years        2,954        (2,470 )      —        484        2,968        (2,444 )      —        524                                                                          Total       $ 850,294      $ (133,620 )    $ (269,893 )    $ 446,781      $ 851,029      $ (132,861 )    $ (269,893 )    $ 448,275
Summary of estimated amortization expense	The following reflects amortization expense related to intangible assets included with depreciation and amortization (in millions):        Three months ended March 31,        2024      2023   Amortization Expense      0.8 million        0.0 million

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of long-term debt instruments	The components of debt at March 31, 2024 and December 31, 2023 are as follows (in thousands):        As of March 31,      As of December 31,        2024      2023   4.60% Senior Notes due to related party due 2024    $ 37,125      $ 38,778                     Total debt      37,125        38,778   Less: Short-term debt      37,125        38,778                     Total Long-term debt    $ —       $ —

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Summary of Cash Flow Information Related to Operating Leases	Supplemental balance sheet and cash flow information related to operating leases is as follows (in thousands):        As of March 31, 2024      As of December 31, 2023   Operating lease right-of-use asset    $ 6,538      $ 7,577   Accrued rent      365        447                     Total operating lease right-of-use asset, net    $ 6,173      $ 7,130                     Short-term operating lease liabilities      2,562        3,157   Long-term operating lease liabilities      3,975        4,420                     Total operating lease liabilities    $ 6,538      $ 7,577                     Operating lease costs    $ 866      $ 3,201     Supplemental cash flow information related to leases was as follows (in thousands):        Three months ended      Year ended        March 31, 2024      December 31, 2023   Cash paid for amounts included in the measurement of operating lease liabilities    $ 859      $ 3,501   Right-of-use assets obtained in exchange for new lease obligations    $ 0      $ 7,655

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2024
Statement of Other Comprehensive Income [Abstract]
Summary of Accumulated Other Comprehensive Income (Loss)	Changes in accumulated other comprehensive income (AOCI) by component for the three months ended March 31, 2024 and 2023 were as follows (in thousands):   Three months ended March 31, 2024    Currency Translation Adjustments      Defined Benefit Pension Plan      Total   Balance at January 1, 2024    $ 22,011      $ (2,029 )     $ 19,982   Foreign currency translation loss, net of tax      (3,023 )       —         (3,023 )  Actuarial gain/(loss), net of tax      —         136        136                              Balance as of March 31, 2024    $ 18,988      $ (1,893 )     $ 17,095                                Three months ended March 31, 2023    Currency Translation Adjustments      Defined Benefit Pension Plan      Total   Balance at January 1, 2023    $ 20,792      $ (1,432 )     $ 19,360   Foreign currency translation loss, net of tax      (1,181 )       —         (1,181 )  Actuarial gain/(loss), net of tax      —         (157 )       (157 )                             Balance as of March 31, 2023    $ 19,611      $ (1,589 )     $ 18,022

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Summary of Expenses Charged by Our Controlling Shareholder	The following is a summary of expenses charged by our controlling shareholder, DoubleU Games (in thousands):        Three months ended March 31,      Statement of      2024      2023      Income and Comprehensive Income Line Item Royalty expense (see Note 11)    $ 619      $ 752      Cost of revenue Interest expense (see Note 5)      432        445      Interest expense Rent expense (see Note 9)      334        317      General and administrative expense Other expense      1,125        97      General and administrative expense
Summary of Amounts Due to our Controlling Shareholder	Amounts due to our controlling shareholder, DUG, are as follows (in thousands):        At March 31,      At December 31,      Statement of Consolidated      2024      2023      Balance Sheet Line Item 4.6% Senior notes with related party    $ 37,125      $ 38,778      Current portion of borrowings with related party Royalties and other expenses      1,274        1,618      A/P and accrued expenses Short-term lease liability      1,251        1,298      Short-term operating lease liabilities Accrued interest on 4.6% Senior Notes with related party      9,522        9,501      Other current liabilities Long-term lease liability      3,975        4,414      Long-term lease liabilities

Description of Business - Additional Information (Details) € in Millions, $ in Millions		5 Months Ended	12 Months Ended
	Oct. 31, 2023 EUR (€)	Mar. 31, 2024 USD ($)	Dec. 31, 2017 USD ($)	Oct. 27, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Foreign currency exchange rate, translation				1.064
SuprNation [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination consideration transferred	€ 34.3	$ 36.5
DoubleU Games Co., Ltd.[Member] | Equity Investee [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity interest percentage		67.10%
Non-DoubleU Games, Co., Ltd.[Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage		32.90%
STIC Special Situation Private Equity Fund [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage		20.20%
Participants in IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage		12.70%
International Gaming Technologies [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination consideration transferred			$ 825.0

Description of business - Summary of Percentage of Revenues (Details) - Customer Concentration Risk [Member]	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue Concentration [Member] | Apple [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	50.30%	55.10%
Revenue Concentration [Member] | Facebook [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	14.80%	18.40%
Revenue Concentration [Member] | Google [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	16.20%	18.70%
Account Receivable Concentration [Member] | Apple [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	62.70%		59.30%
Account Receivable Concentration [Member] | Facebook [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	10.30%		9.90%
Account Receivable Concentration [Member] | Google [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	11.30%		10.30%
Account Receivable Concentration [Member] | Xsolla [Member]
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	12.90%		11.30%

Revenue from Contracts with Customers - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue		$ 88,143	$ 77,596
US [Member]
Disaggregation of Revenue [Line Items]
Revenue	[1]	70,193	68,203
International [Member]
Disaggregation of Revenue [Line Items]
Revenue		17,950	9,393
Mobile [Member]
Disaggregation of Revenue [Line Items]
Revenue		60,437	63,330
Web [Member]
Disaggregation of Revenue [Line Items]
Revenue		$ 27,706	$ 14,266
[1] Geographic location is presented as being derived from the U.S. when data is not available.

Revenue from Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Contract With Customer Asset And Liability [Line Items]
Contract liabilities		$ 2,409	$ 2,520
Prepaid expenses and other assets [Member]
Contract With Customer Asset And Liability [Line Items]
Contract assets	[1]	$ 723	$ 756
[1] Contract assets are included within prepaid expenses and other assets in our consolidated balance sheet.

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 850,294	$ 851,029
Accumulated Amortization	(133,620)	(132,861)
Impairment	(269,893)	(269,893)
Net Amount	$ 446,781	448,275
Useful life, Goodwill	indefinite
Gross amount, Goodwill	$ 651,244	651,597
Impairment, Goodwill	(254,893)	(254,893)
Net Amount, Goodwill	$ 396,351	396,704
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	indefinite
Gross amount	$ 50,000	50,000
Impairment	(15,000)	(15,000)
Net Amount	$ 35,000	35,000
Customer relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	4 years
Gross amount	$ 84,065	84,271
Accumulated Amortization	(75,944)	(75,387)
Net Amount	8,121	8,884
Purchased technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	52,545	52,707
Accumulated Amortization	(45,720)	(45,544)
Net Amount	$ 6,825	7,163
Purchased technology [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	10 years
Purchased technology [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Development costs [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	3 years
Gross amount	$ 9,486	9,486
Accumulated Amortization	(9,486)	(9,486)
Software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	2,954	2,968
Accumulated Amortization	(2,470)	(2,444)
Net Amount	$ 484	$ 524
Software [Member] | Maximum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Software [Member] | Minimum [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	4 years

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Impairment of goodwill and intangibles	$ 0	$ 269,900

Goodwill and Intangible Assets - Summary of Estimated Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Amortization Expense	$ 0.8	$ 0.0

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 37,125	$ 38,778
Less: Short-term debt	37,125	38,778
Total Long-term debt	0	0
4.6% senior notes due to related parties in 2024 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 37,125	$ 38,778

Debt - Additional Information (Details) - 4.6% senior notes due to related parties in 2024 [Member] - KRW (₩) ₩ in Billions	1 Months Ended		3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2024
Debt Instrument [Line Items]
Related party transaction rate of interest			4.60%
Long term debt instrument maturity date			May 27, 2024
Principal [Member]
Debt Instrument [Line Items]
Repayment of related party debt	₩ 30.0	₩ 20.0
Interest [Member]
Debt Instrument [Line Items]
Repayment of related party debt	₩ 3.1	₩ 1.2
Stic [Member]
Debt Instrument [Line Items]
Debt instrument face amount			₩ 100.0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Short-Term Investments	$ 99,653	$ 67,756
Fixed time or certificates of deposit maturity	90 days
Fair value, inputs, level 3 [Member] | Senior Notes [Member]
Amount by which the fair value of debt exceeds the carrying value	$ 300
Money market funds [Member] | Fair Value, Inputs, Level 2 [Member]
Short-Term Investments	99,700	67,800
Money market funds and Korean market government bonds [Member]
Cash Equivalents, at Carrying Value	$ 209,900	$ 206,900

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income tax (expense) benefit	$ 7,992	$ 6,759
Effective income tax rate reconciliation percentage	20.80%	22.20%
Effective income tax rate reconciliation at federal statutory income tax rate	19.00%

Net Income Per Share - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Earnings Per Share [Abstract]
Dilutive securities	$ 0

Leases - Additional Information (Details) - ft² ft² in Thousands	3 Months Ended
	Mar. 31, 2024	Sep. 30, 2023	Jul. 01, 2012
Maximum [Member]
Lessee, operating lease, remaining lease term	53 months
Minimum [Member]
Lessee, operating lease, remaining lease term	7 months
Seattle [Member]
Area of Land			49,375
Lessee Operating Lease Expired Term	2024-10
Gangnamgu [Member]
Area of Land		28,497
Lessee Operating Sub Lease Expired Term	2028-09
Malta [Member]
Area of Land	4,770
Lessee Operating Lease Expired Term	2024-10

Leases - Summary of Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use asset		$ 6,538	$ 7,577
Accrued rent		365	447
Total operating lease right-of-use asset, net		6,173	7,130
Short-term operating lease liabilities	[1]	2,562	3,157
Long-term operating lease liabilities	[2]	3,975	4,420
Total operating lease liabilities		6,538	7,577
Operating lease costs		866	3,201
Cash paid for amounts included in the measurement of operating lease liabilities		859	3,501
Right-of-use assets obtained in exchange for new lease obligations		$ 0	$ 7,655
[1] Includes related party operating lease liability of $1,251 and $1,298 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [2] Includes related party operating lease liability of $3,975 and $4,414 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

Accumulated Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 19,982	$ 19,360
Foreign currency translation loss, net of tax	(3,023)	(1,181)
Actuarial gain/(loss), net of tax	136	(157)
Ending balance	17,095	18,022
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	22,011	20,792
Foreign currency translation loss, net of tax	(3,023)	(1,181)
Ending balance	18,988	19,611
Defined Benefit Pension Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(2,029)	(1,432)
Actuarial gain/(loss), net of tax	136	(157)
Ending balance	$ (1,893)	$ (1,589)

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended			12 Months Ended
	Aug. 29, 2022 USD ($)	Mar. 31, 2024 USD ($) titles	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018	Dec. 31, 2017
Loss contingency accrual, payments			$ 95,250
International Gaming Technologies [Member]
Percentage of royalty on revenue						7.50%	7.50%
Long-term purchase commitment, period		10 years
Cost of revenue		$ 1,800		$ 2,000
DoubleU Games License Agreement [Member]
Number of titled games | titles		49
Game Development And Services Agreement With Double U Games [Member]
Services fees for game maintanance and product planning		$ 1,100
Maximum [Member]
Litigation settlement, amount awarded to other party	$ 145,250
Loss contingency accrual, payments				$ 95,250	$ 95,250
Maximum [Member] | International Gaming Technologies [Member]
Percentage of royalty on revenue		15.00%

Related Party Transactions - Summary of Expenses Charged by Our Controlling Shareholder (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Interest expense	[1]	$ 409	$ 462
Cost of revenue [Member]
Related Party Transaction [Line Items]
Royalty expense		619	752
Interest expense [Member]
Related Party Transaction [Line Items]
Interest expense		432	445
General and administrative expense [Member]
Related Party Transaction [Line Items]
Rent expense		334	317
Other expenses		$ 1,125	$ 97
[1] Includes related party interest expense of $432 and $445 for the three months ended March 31, 2024 and 2023, respectively (See Note 12).

Related Party Transactions - Summary of Amounts Due to our Controlling Shareholder (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Schedule of related Party transactions due to our parent [Line Items]
Short-term lease liability	[1]	$ 2,562	$ 3,157
Long-term lease liability	[2]	$ 3,975	4,420
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Short-term lease liability
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Long-term lease liability
Short-term operating lease liabilities [Member]
Schedule of related Party transactions due to our parent [Line Items]
Short-term lease liability		$ 1,251	1,298
Long-term lease liabilities [Member]
Schedule of related Party transactions due to our parent [Line Items]
Long-term lease liability		3,975	4,414
Current Portion Of Borrowing With Related Party [Member] | Related Party [Member]
Schedule of related Party transactions due to our parent [Line Items]
4.6% Senior Notes with related party		37,125	38,778
A/P and accrued expenses [Member]
Schedule of related Party transactions due to our parent [Line Items]
Royalties and other expenses		1,274	1,618
Other current liabilities [Member]
Schedule of related Party transactions due to our parent [Line Items]
Accrued interest on 4.6% Senior Notes with related party		$ 9,522	$ 9,501
[1] Includes related party operating lease liability of $1,251 and $1,298 at March 31, 2024 and December 31, 2023, respectively (see Note 12). [2] Includes related party operating lease liability of $3,975 and $4,414 at March 31, 2024 and December 31, 2023, respectively (see Note 12).

Defined Benefit Pension Plan - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Defined Benefit Pension Plan [Abstract]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ 3.3	$ 4.4

Acquisition - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Oct. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Revenues		$ 88,143	$ 77,596
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		38,353	$ 30,431
SuprNation [Member]
Business Acquisition [Line Items]
Cash incentive/compensation plan, key employee may earn		$ 6,500
Cash incentive/compensation plan, key employee may earn after the period		18 months
Revenues		$ 8,300
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		1,600
SuprNation [Member] | Escrow [Member]
Business Acquisition [Line Items]
Cash incentive/compensation plan, key employee may earn		$ 5,500
European Union [Member] | SuprNation [Member]
Business Acquisition [Line Items]
Total cash purchase price	$ 30,600
Deferred Payment	6,500
Transaction costs	2,000
European Union [Member] | SuprNation [Member] | Escrow [Member]
Business Acquisition [Line Items]
Payment into escrow	$ 5,500

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