While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why? However, an impressive consensus price target is not the only factor that indicates a potential upside in DDI. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings est ...

Financial Data and Key Metrics Changes - Q1 2024 revenue was $88.1 million, up from $77.6 million in Q1 2023, with social casino free-to-play games contributing $79.8 million and SuprNation contributing $8.3 million [11][20] - Adjusted EBITDA for Q1 2024 rose 26% year-over-year to $31.9 million, with an adjusted EBITDA margin of 36.2%, up from 32.8% in Q1 2023 [27][28] - Net income for Q1 2024 was $30.4 million, or $12.23 per diluted share, representing a 28.3% increase compared to $23.7 million, or $9.55 per diluted share, in Q1 2023 [13][28] - Cash flow from operations was $35 million for Q1 2024, compared to $19.2 million in the prior-year period [7][46] Business Line Data and Key Metrics Changes - Payer conversion ratio increased to 6.4% in Q1 2024 from 5.8% in Q1 2023, while average monthly revenue per payer rose 27% to $281 from $221 [12][25] - Average revenue per daily active user (ARPDAU) increased to $1.26 in Q1 2024 from $1.03 in Q1 2023, marking a 22% increase [25] - SuprNation's Q1 revenue contribution was $8.3 million, marking its first full quarter of operation [22] Market Data and Key Metrics Changes - The iGaming sector is viewed as a significant growth opportunity, with plans for continued improvement and scaling in the UK and Sweden markets [9][30] - Sales and marketing expenses for Q1 2024 were $14.8 million, down 8% year-over-year but up nearly 50% sequentially due to the inclusion of SuprNation's expenses [26][44] Company Strategy and Development Direction - The company aims to enhance DoubleDown Casino through ongoing product development and marketing initiatives, focusing on capital efficiency to drive engagement and monetization [29][41] - The acquisition of SuprNation is seen as a step towards diversifying into new gaming categories with high market potential, with ongoing evaluations for further M&A opportunities [42][55] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the strong start of the iGaming business and the overall performance momentum in the core social casino business [47][50] - There is a focus on enhancing margins by increasing direct consumer payment volume and expanding options for players to purchase chips [48] Other Important Information - As of March 31, 2024, the company had $310 million in cash and short-term investments, with a net cash position of approximately $272 million [28] Q&A Session Summary Question: Performance expectations for SuprNation - Management was pleased with SuprNation's Q1 performance, indicating it exceeded expectations and expressed optimism for continued momentum throughout the year [50][51] Question: Core business performance drivers - The increase in core business revenue was attributed to product differentiation and the introduction of new features that enhance player engagement and monetization [52][53] Question: Future cash utilization and buybacks - The board believes the best use of cash is in potential acquisitions and M&A activities, with ongoing evaluations for growth opportunities [55][56]

DoubleDown Interactive Co., Ltd. Sponsored ADR (DDI) closed the last trading session at $11.98, gaining 21.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $15.50 indicates a 29.4% upside potential.The mean estimate comprises three short-term price targets with a standard deviation of $1.80. While the lowest estimate of $13.50 indicates a 12.7% increase from the current price lev ...

SEATTLE, May 09, 2024 (GLOBE NEWSWIRE) -- DoubleDown Interactive (NASDAQ:DDI) ("DoubleDown" or the "Company"), a leading developer and publisher of digital games on mobile and web-based platforms, announced today that Chief Financial Officer, Joe Sigrist, will present at the 19th Annual Needham Technology, Media & Consumer Conference at 12:45 p.m. ET on Thursday, May 16, 2024. Mr. Sigrist will also host virtual one-on-one and group meetings with institutional investors that day. A live webcast of the presen ...

SEATTLE, April 24, 2024 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital games on mobile and web-based platforms, announced today that it will release its 2024 first quarter financial results after the market closes on Wednesday, May 8, 2024, and host a conference call and simultaneous webcast at 5:00 p.m. ET (2:00 p.m. PT) that day. Both the call and webcast are open to the general public. On the call, DoubleDow ...

SEATTLE, April 24, 2024 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown” or the “Company”), a leading developer and publisher of digital games on mobile and web- based platforms, announced today that it will release its 2024 first quarter financial results after the market closes on Wednesday, May 8, 2024, and host a conference call and simultaneous webcast at 5:00 p.m. ET (2:00 p.m. PT) that day. Both the call and webcast are open to the general public. On the call, DoubleDo ...

SEATTLE, March 29, 2024 (GLOBE NEWSWIRE) -- DoubleDown Interactive Co., Ltd. (NASDAQ:DDI) ("DoubleDown" or the "Company"), a leading developer and publisher of digital games on mobile and web-based platforms, announced today that at its annual general meeting of shareholders held on March 29, 2024 at 11:00 a.m., Korea Standard Time (March 28, 2024 at 10:00 p.m., U.S. Eastern Time) in Seoul, Korea, the following actions were taken by the shareholders of record as of December 29, 2023 on the proposed resoluti ...

PART I [Item 3: Key Information](index=8&type=section&id=Item%203%3A%20Key%20Information) This section outlines significant risks and uncertainties impacting the company's business, financial condition, and operations, including reliance on key games and platforms, legal challenges, and shareholder relationships [Risk Factors](index=8&type=section&id=D.%20Risk%20Factors) This subsection details specific business, operational, legal, and geopolitical risks, including player reliance, platform dependence, intellectual property, and controlling shareholder relationships - The company relies on a small percentage of players for revenue, with the **payer conversion rate at 6.4% in 2023**, up from 5.4% in 2022[35](index=35&type=chunk)[37](index=37&type=chunk) - The 'DoubleDown Casino' game generated the vast majority of revenue, accounting for **96.3% in 2023** and 96.7% in 2022[38](index=38&type=chunk) - The company settled the 'Benson case' class-action lawsuit, contributing **$145.25 million to the settlement fund**, with the final payment made in June 2023[61](index=61&type=chunk)[63](index=63&type=chunk) - The company holds significant intellectual property licensing agreements with IGT and its controlling shareholder, DoubleU Games (DUG), for game content[48](index=48&type=chunk) - As of December 31, 2023, the company had outstanding loans from DoubleU Games totaling **KRW 50 billion (approximately US$38.8 million)**, maturing in 2024[142](index=142&type=chunk) [Item 4: Information on the Company](index=34&type=section&id=Item%204%3A%20Information%20on%20the%20Company) This section provides a comprehensive overview of DoubleDown Interactive's business, including its history, corporate structure, operational strategies, key games, and regulatory environment [History and Development of the Company](index=34&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) The company, established in 2008 and acquired by DoubleU Games in 2017, expanded through strategic acquisitions and listed its ADSs on Nasdaq in 2021 - The company was established in Korea in 2008 and became a wholly-owned subsidiary of DoubleU Games (DUG) in 2017[170](index=170&type=chunk) - In October 2023, the company acquired SuprNation, a European iGaming operator, expanding into real-money gaming[170](index=170&type=chunk)[172](index=172&type=chunk) - The company's American Depositary Shares (ADSs) began trading on The Nasdaq Stock Market under the symbol 'DDI' on August 31, 2021[172](index=172&type=chunk) [Business Overview](index=35&type=section&id=B.%20Business%20Overview) DoubleDown Interactive is a leading social casino game developer, leveraging a data-driven approach, proprietary and licensed content, and recent expansion into European iGaming - The company is a leading social casino game developer with over **117 million installations** and an average of **1.8 million monthly players in 2023**[174](index=174&type=chunk) Key Business Metrics (2023) | Metric | Value | | :--- | :--- | | Global Social Casino Market Size | ~$7.3 billion | | DoubleDown Casino Revenue Rank | 5th | | Average Monthly Players | 1.8 million | | Average Revenue Per Daily Active User (ARPDAU) | $1.09 | - The company's content strategy includes in-house development, licensing over **2,000 slot titles from IGT**, and exclusive access to over **400 titles from DoubleU Games**[178](index=178&type=chunk)[183](index=183&type=chunk) - Primary competitors in the social casino space include Playtika, Aristocrat, SciPlay, and Take-Two Interactive[214](index=214&type=chunk) - The business is subject to evolving data privacy regulations like GDPR and CCPA, and potential scrutiny over social casino gaming[223](index=223&type=chunk)[229](index=229&type=chunk)[232](index=232&type=chunk) [Organizational Structure](index=49&type=section&id=C.%20Organizational%20Structure) As of December 31, 2023, DoubleDown Interactive Co., Ltd. operates through three wholly-owned principal subsidiaries Principal Operating Subsidiaries | Legal Entity Name | Jurisdiction | Percentage Interest Held | | :--- | :--- | :--- | | DoubleDown Interactive LLC | Washington | 100% | | SuprNation AB | Sweden | 100% | | Double8 Games Co., Ltd. | Republic of Korea | 100% | [Property, Plants and Equipment](index=49&type=section&id=D.%20Property%2C%20Plants%20and%20Equipment) The company leases its main facilities in Seoul, Seattle, and Malta, with the Seoul headquarters leased from its parent company, DoubleU Games - The company leases its principal Seoul office from DoubleU Games, with the current lease expiring on September 30, 2028[243](index=243&type=chunk) - Other key leased facilities include offices in Seattle, Washington, and Swieqi, Malta, with leases expiring in October 2024[243](index=243&type=chunk) [Item 5: Operating and Financial Review and Prospects](index=49&type=section&id=Item%205%3A%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the company's financial condition and operating results, highlighting revenue trends, a significant net income turnaround in 2023 due to the absence of prior-year one-time charges, and liquidity [Operating Results](index=56&type=section&id=A.%20Operating%20Results) This subsection details the company's financial performance, showing a revenue decrease in 2023 but a significant net income turnaround due to the absence of prior-year one-time charges Consolidated Financial Results ($ in millions) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Revenue | $308.9 | $321.0 | $363.2 | | Operating Income (Loss) | $118.2 | $(313.9) | $98.7 | | Net Income (Loss) | $100.9 | $(234.0) | $78.1 | | Adjusted EBITDA | $118.9 | $101.6 | $120.1 | - Revenue decreased by **3.8% in 2023** to **$308.9 million**, primarily due to changes in player behavior and economic concerns, with SuprNation contributing **$4.3 million**[290](index=290&type=chunk) - The significant increase in net income in 2023 resulted from the absence of 2022's **$141.8 million Benson case loss contingency** and **$269.9 million goodwill impairment charge**[307](index=307&type=chunk)[314](index=314&type=chunk) - Sales and marketing expenses decreased by **31.0% in 2023** to **$49.6 million**, driven by reduced user acquisition advertising spend[301](index=301&type=chunk) Key Performance Indicators | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Average MAU (millions) | 1.7 | 2.2 | | Average DAU (millions) | 0.8 | 1.0 | | ARPDAU | $1.24 | $0.97 | | Payer Conversion Rate | 6.0% | 5.3% | [Liquidity and Capital Resources](index=65&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily from operating cash flows, with **$206.9 million in cash** as of year-end 2023, despite a decrease due to the Benson case settlement payment Cash Flow Summary ($ in millions) | Cash Flow | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $20.8 | $50.8 | $96.1 | | Net cash used in investing activities | $(30.3) | $(67.8) | $(1.8) | | Net cash from financing activities | $0 | $0 | $86.0 | | Cash and cash equivalents at end of period | $206.9 | $217.4 | $242.1 | - Net cash from operating activities decreased to **$20.8 million in 2023**, primarily due to the **$95.3 million Benson case settlement payment**[353](index=353&type=chunk) - As of December 31, 2023, outstanding loans from DoubleU Games totaled **KRW 50 billion (US$38.8 million)**, maturing on May 27, 2024[357](index=357&type=chunk) [Critical Accounting Estimates](index=67&type=section&id=E.%20Critical%20Accounting%20Estimates) This subsection outlines critical accounting estimates, including revenue recognition for virtual currency, annual goodwill and intangible asset impairment testing, and legal contingencies like the Benson case settlement - Revenue from virtual currency sales is recognized based on estimated consumption rates derived from historical player behavior[369](index=369&type=chunk)[370](index=370&type=chunk) - Goodwill and indefinite-lived intangible assets are tested for impairment annually, resulting in a **$269.9 million impairment charge in 2022**[373](index=373&type=chunk)[378](index=378&type=chunk) - The company accrued **$141.8 million in 2022** and **$3.5 million in 2021** for the Benson case legal settlement[384](index=384&type=chunk) [Item 6: Directors, Senior Management and Employees](index=70&type=section&id=Item%206%3A%20Directors%2C%20Senior%20Management%20and%20Employees) This section details the company's leadership, including executive officers and directors, their compensation, board practices, and employee distribution as of year-end 2023 [Directors and Senior Management](index=70&type=section&id=A.%20Directors%20and%20Senior%20Management) The company's leadership comprises executive officers, including CEO In Keuk Kim and CFO Joseph A. Sigrist, and three independent directors, with detailed biographies provided Executive Officers and Directors | Name | Position(s) | | :--- | :--- | | In Keuk Kim | Chief Executive Officer; Director | | Joseph A. Sigrist | Chief Financial Officer; Director | | Haenam Kim | Chief Marketing Officer; Director | | Ki Chul Kim | Chief Data Officer; Director | | Yanghoon Cho | Independent Director | | Jaesung Chung | Independent Director | | Whanlim Kim | Independent Director | [Compensation](index=72&type=section&id=B.%20Compensation) Aggregate compensation for directors and executive officers totaled **$2,748,714 in 2023**, including performance-based bonuses contingent on ADS trading price targets - Aggregate compensation for directors and executive officers for fiscal year 2023 was **$2,748,714**[399](index=399&type=chunk) - Performance-based cash bonuses granted in 2023 are contingent on service and the company's ADS trading price exceeding specified targets[403](index=403&type=chunk)[404](index=404&type=chunk) [Board Practices](index=74&type=section&id=C.%20Board%20Practices) The seven-member Board of Directors, elected for three-year terms, oversees management, strategic plans, and risk, supported by an Audit Committee composed of three independent directors - The Board of Directors consists of **seven members**, each serving a three-year term[413](index=413&type=chunk) - The company's Audit Committee, composed of **three independent directors**, is responsible for financial oversight and auditor relations[418](index=418&type=chunk)[419](index=419&type=chunk) [Employees](index=76&type=section&id=D.%20Employees) As of December 31, 2023, DoubleDown Interactive had approximately **240 full-time employees** globally, distributed across Seoul, Seattle, and Malta, with no unions Employee Distribution (as of Dec 31, 2023) | Category | Number of Employees | | :--- | :--- | | **Total Full-Time** | **~240** | | **By Location** | | | Seoul | 129 | | Seattle | 54 | | Malta | 57 | | **By Function** | | | Technology & Content Development | 141 | | Marketing | 42 | | General Administration | 57 | [Item 7: Major Shareholders and Related Party Transactions](index=76&type=section&id=Item%207%3A%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's ownership structure, with DoubleU Games as the controlling shareholder, and significant related party transactions including licensing, services, and loans [Major Shareholders](index=76&type=section&id=A.%20Major%20Shareholders) The company's ownership is concentrated, with DoubleU Games Co., Ltd. as the controlling shareholder holding **67.1%** of common shares Principal Shareholders' Ownership | Name of Beneficial Owner | Ownership Percentage | | :--- | :--- | | DoubleU Games Co., Ltd. | 67.1% | | STIC Special Situation Diamond Limited | 20.2% | | Bryant R. Riley | 8.9% | [Related Party Transactions](index=78&type=section&id=B.%20Related%20Party%20Transactions) The company has significant related party transactions with DoubleU Games, including game licensing, development services, outstanding loans, and an office sublease - The company incurred **$2.6 million in royalties in 2023** under a Game License Agreement with DoubleU Games[431](index=431&type=chunk) - A Game Development Services Agreement with DoubleU Games resulted in **$1.4 million in service fees for 2023**[431](index=431&type=chunk) - The company has indemnification agreements with executive officers and directors, with a maximum aggregate liability of **$5 million per 12-month period**[434](index=434&type=chunk) [Item 8: Financial Information](index=79&type=section&id=Item%208%3A%20Financial%20Information) This section refers to the audited financial statements and details legal proceedings, notably the **$145.25 million Benson case settlement** paid in June 2023 - The company settled the 'Benson case' class-action lawsuit by contributing **$145.25 million** to a settlement fund, with the final payment made in June 2023[440](index=440&type=chunk) [Item 10: Additional Information](index=81&type=section&id=Item%2010%3A%20Additional%20Information) This section provides additional information on corporate governance, share structure, Korean exchange controls, and material Korean and U.S. federal income tax considerations, including potential PFIC status [Memorandum and Articles of Association](index=81&type=section&id=B.%20Memorandum%20and%20Articles%20of%20Association) This subsection details corporate governance rules from the articles of incorporation and Korean Commercial Act, covering board powers, dividend policies, preemptive rights, and shareholder meeting procedures - Dividends are declared annually from net assets, requiring a legal reserve of at least **10% of cash dividends** until it reaches half of stated capital[454](index=454&type=chunk) - Major corporate actions, including amending articles or transferring significant business, require a **two-thirds majority special resolution** from shareholders[464](index=464&type=chunk) [Exchange Controls](index=86&type=section&id=D.%20Exchange%20Controls) This subsection describes Korean Foreign Exchange Transaction Laws regulating non-resident investments, including reporting requirements for ADS issuance and custody for direct share holdings - Korean Foreign Exchange Transaction Laws regulate non-resident investments, granting the Ministry of Economy and Finance authority to impose emergency restrictions[481](index=481&type=chunk)[482](index=482&type=chunk) [Taxation](index=88&type=section&id=E.%20Taxation) This subsection summarizes Korean and U.S. federal income tax considerations, including Korean withholding taxes on dividends and capital gains, and the potential for the company to be classified as a Passive Foreign Investment Company (PFIC) - Dividends paid to non-resident holders are subject to a **22.0% Korean withholding tax**, potentially reduced by tax treaties[496](index=496&type=chunk) - Capital gains from common share transfers are subject to Korean withholding tax, while ADSs transferred outside Korea are generally exempt[498](index=498&type=chunk)[499](index=499&type=chunk) - The company's PFIC status is undetermined; if classified, U.S. holders could face adverse tax consequences, including higher tax rates and interest charges on excess distributions and gains[521](index=521&type=chunk)[531](index=531&type=chunk)[534](index=534&type=chunk) [Item 11: Quantitative and Qualitative Disclosures About Market Risk](index=97&type=section&id=Item%2011%3A%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks primarily from foreign exchange rate fluctuations and interest rate changes, though sensitivity analysis indicates no significant impact on net income - The company's primary market risks are foreign exchange risk, with USD revenues against KRW/EUR functional currencies, and interest rate risk on borrowings[552](index=552&type=chunk)[553](index=553&type=chunk) - Sensitivity analysis indicates a **10% USD appreciation** against KRW or EUR, or a **100-basis-point interest rate decrease**, would not significantly impact net income as of December 31, 2023[552](index=552&type=chunk)[553](index=553&type=chunk) PART II [Item 15: Controls and Procedures](index=100&type=section&id=Item%2015%3A%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective, with no material changes reported for 2023 - Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[567](index=567&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2022, based on the COSO 2013 framework[568](index=568&type=chunk) [Item 16C: Principal Accountant Fees and Services](index=101&type=section&id=Item%2016C%3A%20Principal%20Accountant%20Fees%20and%20Services) This section details fees paid to the company's independent registered public accounting firms, Samil PwC in 2023 and E&Y in 2022, with all services pre-approved by the audit committee Accountant Fees (in thousands) | Fee Type | 2023 (Samil PwC) | 2022 (E&Y) | | :--- | :--- | :--- | | Audit Fees | $1,166 | $1,174 | | Audit-Related Fees | $0 | $0 | | Tax Fees | $0 | $157 | | Other Fees | $0 | $2 | [Item 16F: Change in Registrant's Certifying Accountant](index=102&type=section&id=Item%2016F%3A%20Change%20in%20Registrant%27s%20Certifying%20Accountant) The company appointed Samil PricewaterhouseCoopers (PwC) as its auditor for fiscal year 2023, replacing Ernst & Young LLP (EY), due to a mandatory auditor rotation for its controlling shareholder - The company appointed Samil PricewaterhouseCoopers (PwC) as its auditor for fiscal year 2023, replacing Ernst & Young LLP (EY)[578](index=578&type=chunk)[581](index=581&type=chunk) - The change was prompted by a mandatory auditor rotation for the company's controlling shareholder, DoubleU Games, under Korean law[579](index=579&type=chunk) [Item 16G: Corporate Governance](index=103&type=section&id=Item%2016G%3A%20Corporate%20Governance) As a foreign private issuer, the company follows Korean corporate governance practices, which differ from NASDAQ standards regarding board independence, shareholder quorum, and committee composition - As a foreign private issuer, the company follows Korean corporate governance practices, which differ from NASDAQ rules regarding board independence, shareholder quorum, and committee composition[585](index=585&type=chunk) [Item 16K: Cybersecurity](index=104&type=section&id=Item%2016K%3A%20Cybersecurity) The company maintains a cybersecurity program overseen by the CEO and board, based on NIST CSF and ISO 27001, with no material cyber-attack impacts to date - The company has a cybersecurity program based on recognized standards like the NIST Cybersecurity Framework and ISO 27001[589](index=589&type=chunk)[591](index=591&type=chunk) - The board of directors oversees cybersecurity risk and receives regular updates, with no material cyber-attack impacts to date[590](index=590&type=chunk)[592](index=592&type=chunk)[593](index=593&type=chunk) PART III [Item 18: Financial Statements](index=105&type=section&id=Item%2018%3A%20Financial%20Statements) This section presents the company's audited consolidated financial statements for 2021-2023, prepared under U.S. GAAP, including statements of operations, balance sheets, cash flows, and detailed notes [Consolidated Statements of Operations](index=111&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported **$308.9 million in revenue for 2023**, with operating income recovering to **$118.2 million** and net income reaching **$100.9 million**, a significant turnaround from 2022's loss Consolidated Statements of Operations Highlights (in thousands of U.S. dollars) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Revenue | $308,864 | $321,027 | $363,205 | | Total operating expenses | $190,673 | $634,900 | $264,472 | | Operating income (loss) | $118,191 | $(313,873) | $98,733 | | Net income (loss) | $100,928 | $(233,978) | $78,108 | [Consolidated Balance Sheets](index=112&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets were **$803.3 million**, with liabilities significantly decreasing to **$75.5 million** due to the clearing of a loss contingency accrual, and shareholders' equity increasing to **$727.9 million** Consolidated Balance Sheet Highlights (in thousands of U.S. dollars) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $206,911 | $217,352 | | Goodwill | $396,704 | $379,072 | | Total assets | $803,344 | $792,052 | | **Liabilities & Equity** | | | | Total current liabilities | $68,505 | $116,482 | | Total liabilities | $75,454 | $165,826 | | Total shareholders' equity | $727,890 | $626,226 | [Consolidated Statements of Cash Flows](index=114&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was **$20.8 million in 2023**, decreasing due to a **$95.3 million legal settlement payment**, while cash and cash equivalents ended at **$206.9 million** Consolidated Statements of Cash Flows Highlights (in thousands of U.S. dollars) | Account | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Net cash flows from operating activities | $20,833 | $50,791 | $96,105 | | Net cash flows (used in) investing activities | $(30,269) | $(67,830) | $(1,806) | | Net cash flows from financing activities | $0 | $0 | $86,041 | | Net (decrease) in cash and cash equivalents | $(10,441) | $(24,708) | $178,872 | | Cash and cash equivalents at end of period | $206,911 | $217,352 | $242,060 | [Notes to Consolidated Financial Statements](index=115&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, recent acquisitions, related party debt, income tax, legal contingencies including the Benson case, and significant revenue concentration with major platforms - In October 2023, the company acquired SuprNation AB for **€34.3 million (approximately $36.5 million)** cash, plus potential performance-based payments[637](index=637&type=chunk) - A **$269.9 million goodwill and intangibles impairment charge** was recognized in 2022, with no impairment in 2023 or 2021[654](index=654&type=chunk) - The company has significant revenue concentration with **Apple (55.0%)**, **Google (18.2%)**, and **Facebook (16.8%)** for the year ended December 31, 2023[648](index=648&type=chunk) - The company settled the Benson case, making a final payment in June 2023 that cleared the **$95.25 million accrual** from year-end 2022[707](index=707&type=chunk)

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