Financial Performance - Total revenue for fiscal year 2024 is approximately $1.347 billion, representing a 12% increase on a constant currency basis compared to fiscal year 2023[2] - Adjusted EBITDA for fiscal year 2024 is estimated to be over $67 million, a growth of over 600% from $8.7 million in 2023[2] - Fourth quarter revenue is approximately $351 million, with a constant currency revenue of approximately $367 million[6] - The net income range for the fourth quarter is estimated to be between $(107) million and $(101) million[6] - The company reported a net loss of $144.8 million for 2023, with a projected net loss ranging from $151.5 million to $157.5 million for 2024[23] - Adjusted EBITDA for 2023 was $8.7 million, with a forecasted range of $67.0 million to $68.0 million for 2024[23] - Impairment losses on goodwill amounted to $63.4 million in 2023, with expected losses of $69.1 million to $70.1 million in 2024[23] - Interest income rose from $3.0 million in 2023 to an expected $15.8 million in 2024[23] - The company experienced a loss on equity method investments of $12.3 million in 2023, with a projected loss of $1.1 million for 2024[23] Operational Highlights - The company experienced approximately 10% revenue growth on a constant currency basis in the fourth quarter despite foreign exchange headwinds[2] - Cash and cash equivalents stand at approximately $572 million, plus an additional $26 million in short-term deposits[6] - WEBTOON Entertainment has approximately 170 million monthly active users, indicating strong user engagement[10] Cost and Expense Management - Stock-based compensation expense significantly increased from $3.2 million in 2023 to an anticipated $82.3 million in 2024[23] - The company incurred restructuring and IPO-related costs of $4.3 million in 2023, with a projected increase to $42.1 million in 2024[23] - Future guidance indicates a significant increase in operational costs, particularly in stock-based compensation and restructuring efforts[23] - The total expenses related to non-recurring items included financial advisory, consulting, severance, and office relocation fees[22] Strategic Outlook - The company is focusing on new product development and market expansion strategies[24] - The company plans to report detailed financial results on February 25, 2025, followed by a conference call[4] - The US dollar appreciated significantly against the Korean Won and Japanese Yen, impacting revenue growth as these currencies represent nearly 90% of total revenue[2] - Actuarial losses on retiree benefits had an approximate $6 million impact on Adjusted EBITDA in the fourth quarter[3]
Webtoon Entertainment Inc.(WBTN) - 2024 Q4 - Annual Results