0001193125-21-252672 | F-1/A | XBRL Viewer | Doubledown Interactive Co LTD

General and administrative

$ 93,228

$ 99,078

$ 189,895

$ 175,139

$ 358,342

$ 273,610

Operating expenses:

Cost of revenue

^[1]

32,490

34,820

66,338

61,697

126,255

99,620

Sales and marketing

^[1]

20,024

18,278

39,752

32,783

71,225

35,827

Research and development

^[1]

4,407

4,862

10,098

9,212

18,784

19,245

^[1]

8,706

4,852

13,010

9,880

21,721

17,198

Depreciation and amortization

5,869

7,980

13,345

15,960

31,574

33,422

Total operating expenses

71,496

70,792

142,543

129,532

269,559

205,312

Operating income

21,732

28,286

47,352

45,607

88,783

68,298

Other income (expense):

Interest expense

(512)

(3,372)

(1,021)

(9,423)

(10,786)

(26,566)

Interest income

140

171

197

524

Gain on foreign currency transactions

163

1,732

406

2,609

2,347

4,128

Gain (loss) on foreign currency remeasurement of intercompany item

(2,750)

138

1,484

(244)

3,206

Other, net

(249)

408

175

(5,080)

277

Total other expense, net

(473)

(4,151)

(4,984)

(13,566)

(18,431)

Income before income tax

21,259

24,135

47,366

40,623

75,217

49,867

Income tax expense

(2,837)

(7,143)

(9,528)

(10,771)

(21,594)

(13,542)

Net income

18,422

16,992

37,838

29,852

53,623

36,325

Other comprehensive income (expense):

Pension adjustments, net of tax

(165)

(40)

(191)

(294)

(385)

Gain on foreign currency translation

(114)

6,961

1,215

16,526

13,676

9,742

Comprehensive income

$ 18,323

$ 23,788

$ 39,013

$ 46,187

$ 67,005

$ 45,682

Earnings per share:

Basic

$ 8.32

$ 10.63

$ 17.09

$ 21.39

$ 29.67

$ 30.46

Diluted

$ 8.32

$ 8.34

$ 17.09

$ 15.60

$ 26.20

$ 21.87

Weighted average shares outstanding:

Basic

2,214,522

1,598,923

2,214,522

1,395,824

1,807,410

1,192,725

Diluted

2,214,522

2,140,715

2,214,522

2,085,419

2,149,114

1,995,131

[1]	Excluding Depreciation and amortization

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 106,258	$ 63,188	$ 42,418
Accounts receivable	31,495	23,299	19,811
Prepaid expenses and other assets	6,260	4,020	3,635
Total current assets	144,013	90,507	65,864
Property and equipment, net	359	377	379
Operating lease right-of-use assets	8,472	9,987	12,384
Intangible assets, net	58,108	71,364	102,697
Goodwill	633,965	633,965	633,965
Deferred tax asset	3,241	560
Other non-current assets	71	71	113
Total assets	848,229	806,831	815,402
Current liabilities:
Short-term senior note			34,548
Accounts payable and accrued expenses	16,467	16,646	10,915
Short-term operating lease liabilities	3,060	3,033	2,795
Income taxes payable		2,838	171
Contract liabilities	1,894	2,415	1,804
Other current liabilities	2,057	717	261
Total current liabilities	23,478	25,649	50,494
Bonds			256,133
Long-term borrowings with related party	44,248	45,956	86,371
Long-term operating lease liabilities	6,269	7,831	10,424
Deferred tax liabilities, net	23,409	20,154	24,008
Other non-current liabilities	12,301	7,730	7,304
Total liabilities	109,705	107,320	434,734
Shareholders' equity:
Common stock	18,924	18,924	10,603
Additional paid-in-capital	588,064	588,064	344,547
Accumulated other comprehensive income	23,990	22,815	9,433
Retained earnings (deficit)	107,546	69,708	16,085
Total shareholders' equity	738,524	699,511	380,668
Total liabilities and shareholders' equity	$ 848,229	$ 806,831	$ 815,402

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]
Beginning balance at Dec. 31, 2018	$ 329,862	$ 10,603	$ 339,423	$ 76	$ (20,240)
Beginning balance (in shares) at Dec. 31, 2018		1,192,725
Pension adjustments, net of tax	(385)			(385)
Gain on foreign currency translation	9,742			9,742
Capital investment from parent	5,124		5,124
Net income	36,325				36,325
Ending balance at Dec. 31, 2019	380,668	$ 10,603	344,547	9,433	16,085
Ending balance (in shares) at Dec. 31, 2019		1,192,725
Pension adjustments, net of tax	(191)			(191)
Gain on foreign currency translation	16,526			16,526
Capital investment from parent	369		369
Exercise of warrants	64,374	$ 2,496	61,878
Exercise of warrants (in shares)		306,539
Conversion of convertible bonds	187,095	$ 5,825	181,270
Conversion of convertible bonds (in shares)		715,258
Net income	29,852				29,852
Ending balance at Jun. 30, 2020	678,693	$ 18,924	588,064	25,768	45,937
Ending balance (in shares) at Jun. 30, 2020		2,214,522
Beginning balance at Dec. 31, 2019	380,668	$ 10,603	344,547	9,433	16,085
Beginning balance (in shares) at Dec. 31, 2019		1,192,725
Pension adjustments, net of tax	(294)			(294)
Gain on foreign currency translation	13,676			13,676
Capital investment from parent	369		369
Exercise of warrants	64,374	$ 2,496	61,878
Exercise of warrants (in shares)		306,539
Conversion of convertible bonds	187,095	$ 5,825	181,270
Conversion of convertible bonds (in shares)		715,258
Net income	53,623				53,623
Ending balance at Dec. 31, 2020	699,511	$ 18,924	588,064	22,815	69,708
Ending balance (in shares) at Dec. 31, 2020		2,214,522
Beginning balance at Mar. 31, 2020	403,436	$ 10,603	344,916	18,972	28,945
Beginning balance (in shares) at Mar. 31, 2020		1,192,725
Pension adjustments, net of tax	(165)			(165)
Gain on foreign currency translation	6,961			6,961
Exercise of warrants	64,374	$ 2,496	61,878
Exercise of warrants (in shares)		306,539
Conversion of convertible bonds	187,095	$ 5,825	181,270
Conversion of convertible bonds (in shares)		715,258
Net income	16,992				16,992
Ending balance at Jun. 30, 2020	678,693	$ 18,924	588,064	25,768	45,937
Ending balance (in shares) at Jun. 30, 2020		2,214,522
Beginning balance at Dec. 31, 2020	699,511	$ 18,924	588,064	22,815	69,708
Beginning balance (in shares) at Dec. 31, 2020		2,214,522
Pension adjustments, net of tax	(40)			(40)
Gain on foreign currency translation	1,215			1,215
Net income	37,838				37,838
Ending balance at Jun. 30, 2021	738,524	$ 18,924	588,064	23,990	107,546
Ending balance (in shares) at Jun. 30, 2021		2,214,522
Beginning balance at Mar. 31, 2021	720,201	$ 18,924	588,064	24,089	89,124
Beginning balance (in shares) at Mar. 31, 2021		2,214,522
Pension adjustments, net of tax	15			15
Gain on foreign currency translation	(114)			(114)
Net income	18,422				18,422
Ending balance at Jun. 30, 2021	$ 738,524	$ 18,924	$ 588,064	$ 23,990	$ 107,546
Ending balance (in shares) at Jun. 30, 2021		2,214,522

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities:
Net income	$ 37,838	$ 29,852	$ 53,623	$ 36,325
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	13,345	15,960	31,574	33,422
(Gain)/Loss on foreign currency remeasurement of intercompany item	(138)	(1,484)	244	(3,206)
Deferred taxes	522	2,699	4,422	2,706
Non-cash interest expense		4,988	5,103	12,874
Working capital adjustments:
Accounts receivable	(8,966)	(13,130)	(4,099)	(3,680)
Prepaid expenses, other current and non-current assets	503	(5,941)	(204)	(870)
Accounts payable, accrued expenses and other payables	794	3,847	5,835	(1,630)
Contract liabilities	(521)	250	609	(112)
Income tax payable	(5,602)	2,581	2,689	(1,749)
Other current and non-current liabilities	6,065	1,507	54	2,582
Net cash flows provided by operating activities	43,840	41,129	99,850	76,662
Cash flow from (used in) investing activities:
Acquisition of Double8 Games Co., Ltd.		(1,952)	(1,952)
Purchases of property and equipment	(82)	(168)	(217)	(200)
Purchases of intangible assets	(1)	(9)	(6)
Disposals of property and equipment	3
Net cash flows from (used in) investing activities	(80)	(2,129)	(2,175)	(200)
Cash flows from (used in) financing activities:
Proceeds from capital investment from parent				5,124
Proceeds received from short-term borrowings				68,631
Proceeds received from long-term borrowings with related parties				17,158
Repayments of long-term borrowings with related parties		(16,569)	(42,371)
Repayments of short-term borrowings		(33,137)	(33,897)	(152,704)
Net cash flows used in financing activities		(49,706)	(76,268)	(61,791)
Net foreign exchange difference on cash and cash equivalents	(690)	(1,993)	(637)	(3,217)
Net increase (decrease) in cash and cash equivalents	43,070	(12,699)	20,770	11,454
Cash and cash equivalents at beginning of period	63,188	42,418	42,418	30,964
Cash and cash equivalents at end of period	106,258	29,719	63,188	42,418
Noncash financing activity:
Conversion of 2.5% Convertible bonds, net of tax		187,095	187,095
Conversion of 2.5% Non-convertible bonds with warrants, net of tax		64,374	64,374
Interest		3,886	5,891	9,779
Income taxes	$ 13,646	$ 4,399	$ 12,546	$ 10,196

Condensed Consolidated Statements of Cash Flows (Parenthetical)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Convertible debt [Member]
Debt conversion converted instrument rate	2.50%	2.50%
Non-convertible debt [Member]
Debt conversion converted instrument rate	2.50%	2.50%

Description of business

12 Months Ended

Dec. 31, 2020

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 67.7% of our outstanding shares. The remaining 32.3% of our outstanding shares are held by STIC Special Situation Private Equity Fund (“STIC”). 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, DoubleDown Fort Knox, and Ellen’s Road to Riches applications (“apps”) within various formats.

Acquisition of Double8 Games Co., Ltd. (“Double8 Games”)

On February 25, 2020, we completed the acquisition of Double8 Games Co., Ltd. (“Double8 Games”) from DoubleU Games in exchange for KRW2.3 billion (US$1.9 million). Double8 Games is based in Seoul, Korea, with the primary business of developing digital gaming content for international markets. The acquisition was considered a business combination among entities under common control and, therefore, the transfer of net assets was recorded at their carrying value with all financial information prior to the acquisition adjusted for comparability.

Assets acquired and liabilities assumed primarily consist of working capital items, including a right of use asset and lease obligation. The difference between the cash paid and carrying value of the net assets received was recorded as a capital investment from parent.

Significant accounting policies

12 Months Ended

Dec. 31, 2020

Significant accounting policies

Note 2: Significant accounting policies

Basis of preparation and consolidation

The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of DDI and its controlled subsidiaries. All significant intercompany transactions, balances and unrealized gains or losses have been eliminated. The accounting policies were consistently applied to all periods presented, except as indicated under “Recently issued accounting standards — adopted”.

Use of estimates

The preparation of financial statements in conformity with 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”) 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. When we parenthetically disclose USD amounts for certain financial instruments denominated in KRW for the benefit of the reader, we use the exchange rates in effect as of December 31, 2020, unless otherwise noted.

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 and accounts receivable.

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 2020 and 2019 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 year ended December 31,

	2020		2019
Apple		50.8%		48.1%
Facebook		27.3%		31.2%
Google		18.9%		17.2%



Accounts Receivable Concentration as of December 31,

	2020		2019
Apple		54.1%		53.6%
Facebook		25.9%		28.0%
Google		18.0%		16.8%

Fair value measurements

Fair value is defined as an exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The three-tiered fair value hierarchy that prioritizes the inputs based on the observability as of the measurement date is as follows:



Level 1 –		Observable inputs for identical assets or liabilities, such as quoted prices in active markets;

Level 2 –		Inputs other than quoted prices in active markets that are either directly or indirectly observable;

Level 3 –		Unobservable inputs in which little or no market data exists, therefore they are developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities being measured within the fair value hierarchy. See Note 5: Fair value measurements.

Goodwill and indefinite-lived intangible assets

Goodwill consists of the excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed in a business combination. Our indefinite-lived intangible assets were acquired in a business combination and recorded at fair value.

We assess the carrying value of our goodwill and other indefinite-lived assets for potential impairment annually as of October 1, or more frequently if events or changes in circumstances indicate that the carrying value of the asset may not be recoverable.

When assessing goodwill for impairment, we may elect to first utilize a qualitative assessment to evaluate if a more detailed quantitative impairment test is necessary. An impairment charge is recorded based on the excess of the reporting unit’s carrying amount over its fair value. In determining fair value of our reporting unit in connection with our annual goodwill impairment test, we perform a blended analysis of the present value of future discounted cash flows and a market valuation approach. The discounted cash flows model indicates the fair value of the reporting unit based on the present value of the cash flows that we expect the reporting unit to generate in the future. The market valuation approach indicates the fair value of the business based on a comparison of the Company to comparable publicly traded firms in similar lines of business.

In determining fair value of indefinite-lived intangible assets for purposes of our annual impairment test, we use the relief-from-royalty method. This method assumes that the trade name and trademarks have value to the extent that their owner is relieved of the obligation to pay royalties for the benefits received from them. The amount of impairment of indefinite-lived intangible assets is measured by the amount by which the carrying amount of the asset exceeds the estimated fair value of the asset.

We have identified a single reporting unit based on our management structure. There were no impairments of our indefinite-lived intangible assets or goodwill to date.

Finite-lived intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The carrying value of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.

Finite-lived intangible assets are amortized over their useful economic life and assessed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of these assets is determined by comparing the forecasted undiscounted net cash flows from use and eventual disposition of the asset over its remaining economic life to its carrying value. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in estimates.

The amortization expense on intangible assets with finite lives is recognized in the statement of income and comprehensive income in depreciation and amortization.

Development costs

Development costs for new app development are capitalized and recognized as an intangible asset when the preliminary development stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function.

Following initial recognition of the development costs as an asset, the asset is carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in depreciation and amortization.

Revenue recognition

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):



	Years ended December 31,
	2020		2019
Mobile	$	257,405	$	184,755
Web		100,937		88,855

Total revenue	$	358,342	$	273,610

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



	Years ended December 31,
	2020		2019
U.S. ⁽¹⁾	$	309,211	$	237,712
International		49,131		35,898

Total revenue	$	358,342	$	273,610

(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

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 December 31, 2020		As of December 31, 2019
Contract assets ⁽¹⁾	$	718	$	541
Contract liabilities	$	2,393	$	1,804

(1)

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

Cost of revenue

Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate social gaming revenue. Such costs are recorded as incurred, and primarily consist of fees withheld by our platform providers from the player proceeds received by the platform providers on our behalf, hosting fees, and royalties.

Depreciation and amortization expense is excluded from cost of revenue and other operating expenses and is separately presented on the consolidated statement of income and comprehensive income.

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 waged-based pension plan, which provides a specified amount of pension benefit based on length of service. The service cost components of the net periodic benefit costs are charged to current operations based on the functional area of the employee. The total benefit obligation of $2.8 million and $1.9 million was included in other non-current liabilities as of December 31, 2020 and 2019, respectively, and the change in actuarial gains or losses was included in other comprehensive income. The plan is unfunded.

The following table summarizes the components of the projected benefit obligation (in thousands):



	As of December 31, 2020			As of December 31, 2019
Projected benefit obligation at beginning of year	$	1,882		$	1,245
Service cost		738			504
Interest cost		30			26
Actuarial (gain)/loss		492			499
Benefits paid		(400	)		(159	)
Other		(273	)		(190	)
Foreign currency translation adjustment		323			(43	)

Projected benefit obligation at end of year	$	2,792		$	1,882

Defined contribution plan

We sponsor a defined contribution plan for our employees based in Seattle, Washington. We provide a matching contribution of 100% on the first 1% of employee contributions and 50% on the next 5% of employee contributions. Our contribution expense for the years ended December 31, 2020 and 2019 was approximately $467,000 and $394,000 respectively.

Deferred offering costs

We incurred costs directly attributable to our proposed initial public offering that went effective June 30, 2020 with the Securities and Exchange Commission (SEC) but did not successfully offer securities. The offering costs were previously deferred and recorded as a non-current asset with the expectation of netting against the proceeds received. Although we remain effective and have not withdrawn our filings, the postponement has extended beyond 90 days and is considered an aborted offering. Accordingly, the deferred offering costs of $5.4 million have been expensed to other, net under other income(expense) on the consolidated statements of income and comprehensive income.

Deferred offering costs were $1.3 million as of December 31, 2019.

Advertising costs

The cost of advertising is expensed as incurred and totaled $61.8 million and $28.5 million for the years ended December 31, 2020 and 2019, respectively. Advertising costs primarily consist of marketing and player acquisition and retention costs and are included in sales and marketing expenses.

Research and development

Research and development costs relate primarily to employee costs associated with in-app game development, feature design and enhancement, and engagement functionality that does not meet our internal-use software capitalization criteria. These costs are expensed as incurred.

Income taxes

Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates in the period in which they reverse. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized.

A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” standard, no tax benefit is recorded.

Statutory withholding tax is recognized in income tax expense as incurred.

Segment information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, our Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment.

Subsequent events

We evaluated subsequent events through March 29, 2021, which is the date the financial statements were available to be issued.

Recent accounting guidance – adopted

Financial instruments — credit losses

The FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” in June 2016 and has since modified the standard with several ASUs (collectively, the “new credit loss standard”). The new credit loss standard replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For our impacted instruments, which include accounts and other receivables, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. We adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material effect on our consolidated financial statements.

Intangibles-Goodwill and Other

The FASB issues ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment” in January 2017. This new accounting standard update simplifies the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the amount of goodwill. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. We adopted this guidance on January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

Fair value measurements

In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement.” The new guidance amends the disclosure requirements for recurring and nonrecurring fair value measurements by removing, modifying, and adding certain disclosures on fair value measurements in ASC 820. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty are applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We adopted this guidance on January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

Income taxes

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The standard simplifies the accounting for income taxes by removing certain exceptions and making certain amendments to Topic 740. We early adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material effect on our consolidated financial statements.

ASU 2017-11

The Financial Accounting Standards Board (“FASB“) issued Accounting Standards Update (“ASU“) No. 2017-11, “Earnings Per Share (Topic 260); Distinguishing Liabilities From Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception” in 2017 that simplifies the guidance for equity-linked financial instruments (free-standing or embedded) with down- round features that reduce the exercise price when the pricing of a future round of financing is lower. The standard was effective for us beginning January 1, 2020, with early adoption permitted. We early-adopted the standard using a full retrospective approach effective January 1, 2017.

In May 2017, we issued an aggregate principal amount of KRW210 billion (US $193 million) of 2.5% Convertible Bonds due 2024 and aggregate principal amount of KRW90 billion (US$83 million) of 2.5% Non-convertible Bonds due 2024 with detachable warrants to purchase 306,540 shares of our common stock at an initial conversion price of KRW293,600 (US$270) per share. Both the 2.5% Convertible Bonds and the detachable warrants contain a provision commonly referred to as “down-round” protection, as well as certain standard anti-dilution provisions.

The warrants were not considered liabilities within the scope of ASC 480. In addition, they also met both the requirements of (1) being considered indexed to the Company’s own stock and (2) the qualifications for equity classification. Therefore, the warrants were recorded within stockholders’ equity. There are no provisions pursuant to which the Company could be obligated to pay cash or other assets to settle the warrants; settlement is in shares only, and all settlement provisions contemplate payment of an amount based on the difference between the fair value and a fixed exercise price for a fixed number of shares; subject to down-round and standard anti-dilution adjustments. Due to the adoption of ASU 2017-11, the presence of the down-round protection feature of the warrants does not preclude equity classification.

Instead, the down-round protection feature of the warrants would be recognized as a dividend and as a reduction of income available to common shareholders, which would result in a reduction to our basic net income per share when triggered. As we apply the treasury stock method for calculated diluted earnings per share, this amount would be added back to income available to common stockholders.

The 2.5% Convertible Bonds (and the 2.5% Non-convertible Bonds) are not within the scope of ASC 480 and are not required to be accounted for at fair value. In addition, the Company elected to not carry the Bonds at fair value.

The Company evaluated the terms of the 2.5% Convertible Notes in accordance with ASC Topic No. 815 – 40, “Derivatives and Hedging - Contracts in Entity’s Own Stock” and determined that the underlying common stock is indexed to our common stock. We determined that the embedded conversion and other features did not meet the definition of a liability and therefore did not bifurcate the conversion and other features and account for it as a separate derivative liability. In addition, the 2.5% Convertible Bonds contain a contingent beneficial conversion feature that may be triggered if the conversion price is reduced upon a down-round in the future, subject to accounting under ASC 470-20-25-6. The contingent beneficial conversion cannot be cash-settled, is not beneficial upon issuance, and there was no premium upon issuance. Contingent beneficial conversion features are not accounted for until and unless they are triggered. Accordingly, no accounting for the conversion feature is necessary until that time. However, if the beneficial conversion feature is triggered, it would be measured using the number of shares to be received by the holder based on the adjusted conversion price multiplied by the stock price at the commitment date and recognized as accretion of the debt commencing at the date the down-round provision is triggered.

On May 15, 2020, DUG exercised its call option right and simultaneously redeemed the 2.5% Non-convertible bonds as consideration to exercise the warrants into 306,539 shares of common stock and at various dates in May and June 2020. STIC, as holder of the 2.5% Convertible Bonds, exercised its right to convert all outstanding bonds into 715,258 common shares.

Goodwill and intangible assets

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Goodwill and intangible assets

Note 3: Goodwill and intangible assets

There were no changes to the carrying amount of goodwill in the three months ended June 30, 2021. Changes in the carrying amount of intangible assets were as follows:



			June 30, 2021							December 31, 2020
	Useful Lives (in years)		Gross amount		Accum. amort			Net amount		Gross amount		Accum. amort			Net amount
Trademarks		indefinite	$	50,000	$	—		$	50,000	$	50,000	$	—		$	50,000
Customer relationships		4		75,000		(75,000	)		—		75,000		(67,187	)		7,813
Purchased technology		5		45,423		(37,480	)		7,943		45,423		(33,149	)		12,274
Development costs		3		9,486		(9,336	)		150		9,486		(8,434	)		1,052
Software		4		2,406		(2,391	)		15		2,406		(2,181	)		225

Total			$	182,315	$	(124,207	)	$	58,108	$	182,315	$	(110,951	)	$	71,364

The following reflects amortization expense related to intangible assets included with depreciation and amortization:

Three months ended
June 30,

Six months ended
June 30,

2021

2020

2021

2020

Amortization expense

5.8 million

7.9 million

13.2 million

15.8 million

Note 3: Goodwill and intangible assets

The majority of our intangible assets consist of assets acquired through the 2017 acquisition of DDI-US. There were no changes to the carrying value of goodwill during 2020 or 2019. The components of our other intangible assets were as follows (in thousands):



			December 31, 2020							December 31, 2019
	Useful Lives		Gross Amount		Accum. Amort			Net Amount		Gross Amount		Accum. Amort			Net Amount
Trademarks		indefinite	$	50,000	$	—		$	50,000	$	50,000	$	—		$	50,000
Customer relationships		4 years		75,000		(67,187	)		7,813		75,000		(48,437	)		26,563
Purchased technology		5 years		45,423		(33,149	)		12,274		45,423		(24,487	)		20,936
Development costs		3 years		9,486		(8,434	)		1,052		9,486		(5,096	)		4,390
Software		4 years		2,406		(2,181	)		225		2,400		(1,592	)		808

Total			$	182,315	$	(110,951	)	$	71,364	$	182,309	$	(79,612	)	$	102,697

On January 1, 2019, we determined, based on a strategic decision to sunset certain games within our game portfolio, to change the useful life of our development costs from 5 years to 3 years. This change in estimate resulted in incremental amortization expense of $2.8 million in 2019.

Amortization expense for the years ended December 31, 2020 and 2019 totaled $31.3 million and $33.1 million, respectively.

Estimated amortization expense for the years ending December 31, 2021 through 2025 is as follows (in thousands):



Year	Expense
2021	$	17,735
2022		3,629
2023		0
2024		0
2025		0

Debt

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Debt

Note 4: Debt

The components of debt as of June 30, 2021 and December 31, 2020 are as follows (in thousands):



	As of June 30, 2021		As of December 31, 2020
4.60% Senior Notes due to related party due 2024		44,248		45,956

Total debt	$	44,248	$	45,956
Less: Short-term debt		—		—
Total Long-term debt	$	44,248	$	45,956

Joint Investment Agreement

In 2017, in connection with the acquisition of DDI-US, a Joint Investment Agreement was executed by DUG and STIC Special Situation Private Equity Fund (“STIC”). As part of consummating the Joint Investment Agreement, we also entered into a series of additional inter-related multiple element financing agreements with STIC, whereby we issued to STIC, pursuant to a subscription agreement, (i) aggregate principal amount KRW210 billion (US $186 million) of 2.5% Convertible Bonds due 2024 (the “2.5% Convertible Bonds”), unless earlier redeemed or converted into 715,258 common shares at an initial conversion price of KRW293,600, subject to certain adjustments, and (ii) aggregate principal amount of KRW90 billion (US $80 million) 2.5% Non-convertible Bonds due 2024 (the “2.5% Non-convertible Bonds”) with detachable warrants to purchase 306,540 common shares at an initial exercise price of KRW293,600per share, subject to certain adjustments. We collectively refer to the 2.5% Convertible Bonds and the 2.5% Non-convertible Bonds as the “Bonds.” See further discussion of the Bonds and the warrants, below.

These inter-related agreements afforded DUG, STIC, and the Company the following significant obligations, rights and privileges:

•

DUG has committed to take efforts to file an initial registration statement for an initial public offering (“IPO”) for DDI, provided that the expected IPO price generates at least an 8% internal rate of return (“IRR”) to STIC. If such IRR is not expected, DUG may only file a registration statement if requested by STIC. If STIC requests to sell its shares in the IPO, DUG will have to include at least 50% of such shares in the offering.

•

DUG has a call option to purchase the equity-linked securities issued to STIC under certain time and price conditions, but which must be exercised by May 26, 2020, or it expires. On May 15, 2020, DUG exercised the right to call. See discussion under debt arrangements below.

•

STIC has tag-along rights to sell all or part of its direct and indirect share interest in the Company, including the equity-linked securities, if DUG sells its interest in our common shares to a third party; and STIC has drag- along rights to request DUG to sell its interest in our common shares if STIC wishes to sell its interest in us to any third party under one of the following circumstances: (i) DUG does not exercise its call option; (ii) DUG is in material breach of the Joint Investment Agreement; or (iii) the purpose of the acquisition of DDI-US is not likely to be achieved as a result of a reduction in value of DDI-US.

•

In all scenarios under which a buy out of the Bonds, warrants or shares could occur, DUG, and not DDI, has the associated rights and obligations, and the Joint Investment Agreement does not provide for the relevant instruments to be extinguished. Instead, they can be assigned to DUG in exchange for the appropriate consideration. DDI is not obligated, nor has the right to make any settlements in connection with these buyout scenarios.

•

The Joint Investment Agreement further provides that none of DDI, DUD or DDI-US will enter into certain transactions or engage in certain activities without prior written consent from STIC, including, but not limited to issuing new share capital, acquiring or selling material businesses and paying dividends.

The Joint Investment Agreement may be terminated by each party if (i) DUG has repaid or sold all Bonds to a third party; (ii) STIC no longer holds any shares resulting from the exercise of the warrants or conversion of the 2.5% Convertible Bonds; or (iii) DDI has completed the IPO.

Debt arrangements

4.60% Senior Notes due to related party due 2024

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

Bonds

2.5% Convertible Bonds

At various dates in May and June 2020, STIC, as holder of the 2.5% Convertible Bonds, exercised its right to convert all outstanding bonds into 715,258 common shares. In connection with these transactions, we paid STIC the accrued coupon interest of $0.9 million and the unpaid yield-to-maturity interest of $4.5 million was forfeited.

The conversion of the 2.5% Convertible Bonds was in accordance with the original terms of the instruments and were not subject to an inducement offer to convert as the terms of the conversion were not modified. As a result, the carrying value of the 2.5% Convertible Bonds, plus the forfeited yield-to-maturity interest, net of related income tax effects was recorded to common shares and additional paid-in-capital with no gain or loss recognized.

2.5% Non-convertible Bonds

On May 15, 2020, DUG exercised its call option right and simultaneously redeemed the 2.5% Non-convertible bonds as consideration to exercise the warrants into 306,539 shares of common stock. In connection with this transaction, we paid DUG the 2.5% accrued but unpaid coupon interest of $0.3 million and the unpaid yield-to-maturity interest of $1.9 million was forfeited and the remaining unaccreted bond discount eliminated. As a result, the carrying value of the 2.5% Non-convertible Bonds with warrants, plus the forfeited yield-to-maturity interest, net of related income tax effects was recorded to common shares and additional paid-in-capital with no gain or loss recognized.

Note 4: Debt

The components of debt at December 31, 2020 and 2019 are as follows (in thousands):



	As of December 31,
	2020		2019
3.50% Senior Note due 2020	$	—	$	34,548
4.60% Senior Notes to related party due 2024		45,956		86,371
2.5% Convertible bonds due 2024; early redemption 2022 including accrued interest		—		193,643
2.5% Non-Convertible bonds 2024; early redemption 2022 including accrued interest, net of warrant discount		—		62,490

Total debt	$	45,956	$	377,052
Less: Short-term debt		—		(34,548	)

Total Long-term debt	$	45,956	$	342,504

Joint Investment Agreement

In 2017, in connection with the acquisition of DDI-US, a Joint Investment Agreement was executed by DUG and STIC Special Situation Private Equity Fund. As part of consummating the Joint Investment Agreement, we also entered into a series of additional inter-related multiple element financing agreements with STIC and its wholly-owned special purpose entity (together “STIC”), whereby we issued to STIC, pursuant to a subscription agreement, (i) aggregate principal amount KRW210 billion (US$193 million) of 2.5% Convertible Bonds due 2024 (the “2.5% Convertible Bonds”), unless earlier redeemed or converted into 715,258 common shares at an initial conversion price of KRW293,600 per share, subject to certain adjustments, and (ii) aggregate principal amount of KRW90 billion (US$83 million) 2.5% Non- convertible Bonds due 2024 (the “2.5% Non-convertible Bonds”) with detachable warrants to purchase 306,539 common shares at an initial exercise price of KRW293,600 (US$270) per share, subject to certain adjustments. We collectively refer to the 2.5% Convertible Bonds and the 2.5% Non-convertible Bonds as the “Bonds.” See further discussion of the Bonds and the warrants, below.

These inter-related agreements afforded DUG, STIC, and the Company the following significant obligations, rights and privileges:

•

Debt arrangements

Short-term borrowings and long-term borrowings with related parties

3.50% Senior Note due 2020

In May 2019, we refinanced our 4.3% Senior Note with a new credit facility (the 3.5% Senior Note) with two new lenders, with an original aggregate principal amount of KRW80 billion (US$74 million), at a lower interest rate of 3.5%. The proceeds from the 3.5% Senior Note, along with KRW20 billion (USD18 million) in additional borrowing from our 4.6% Senior Notes with related party were used to repay amounts outstanding under the 4.3% Senior Note.

The 3.50% Senior Note requires quarterly interest payments at 3.50% of unpaid principal beginning in August 2019. Quarterly principal repayments of KRW20 billion (US$18 million) are required.

The 3.5% Senior Note was paid in full in May 2020.

4.60% Senior Notes due to related party due 2024

The 4.60% Senior Notes due to related party, which collectively total KRW100 billion (US$92 million) 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 (US$18 million) and interest of KRW1.2 billion (US$1.0 million) was paid in June 2020 and principal of KRW30 billion (US$28 million) and interest of KRW3.1 billion (US$2.6 million) was paid in September 2020.

Bonds

2.5% Convertible Bonds

Interest on the 2.5% Convertible Bonds is payable in quarterly cash coupon payments of 0.625% of the outstanding principal. The 2.5% Convertible Bonds have a 5.0% yield-to-maturity, which is accrued on the outstanding amount, compounded quarterly, with a portion paid out quarterly through the coupon until the outstanding principal is paid in full at maturity. The 2.5% Convertible Bonds will mature on May 26, 2024, unless earlier redeemed at the option of the holder, beginning May 2022. The maturity of the 2.5% Convertible Bonds is accelerated upon various events of default, including standard credit-risk related events, as well as changes in control, events that have a significant adverse effect on DDI, and others. The default rate of interest is 9%.

The 2.5% Convertible Bonds are convertible into 715,258 common shares at an initial conversion price of KRW293,600, subject to certain standard adjustments for anti-dilution protection (“conversion price adjustment”). The 2.5% Convertible Bonds also contain a provision commonly referred to as “down-round” protection, whereby, in the event of issuance of new debt with the conversion price below the 2.5% Convertible Bonds’ conversion price, or in the event of the sale of new shares at the price below the conversion price, the conversion price will be adjusted based on the magnitude of the dilution to existing shareholders. We believe the likelihood of triggering a conversion price adjustment is remote due to the control exercised by DUG and STIC and the expected operating performance of the Company. Through the conversion dates, no event triggering a conversion price adjustment or the down-round protection had occurred.

The conversion of the 2.5% Convertible Bonds was in accordance with the original terms of the instruments and were not subject to an inducement offer to convert as the terms of the conversion were not modified. As a result, the carrying value of the 2.5% Convertible Bonds, plus the forfeited yield-to-maturity interest, net of related income tax effects, of KRW 229.7 billion (US$187.1 million, at May 15, 2020) with KRW 7.2 billion (US$5.8 million, at May 15, 2020) recorded to common shares and KRW 222.5 billion (US$181.3 million, at May 15, 2020) was recorded to additional paid-in-capital with no gain or loss recognized.

2.5% Non-convertible bonds and detachable warrants

As discussed further above, in May 2017, we issued aggregate principal amount KRW90 billion (US$83 million) 2.5% Non-convertible Bonds due 2024 with detachable warrants to purchase 306,539 common shares at an initial conversion price of KRW293,600 per share, subject to certain standard adjustments for anti- dilution protection (“exercise price adjustment”). The warrants also contain a provision commonly referred to as “down-round” protection, whereby, in the event of issuance of new debt or sale of new shares at a price below the exercise price, the exercise price will be adjusted based on the magnitude of the dilution to existing shareholders. We determined the likelihood of triggering an adjustment to the conversion price was remote due to the control exercised by DUG and STIC and the expected operating performance of the Company. Through the date DUG exercised its call option rights, no event triggering an exercise price adjustment, or the down-round protection occurred.

Interest on the 2.5% Non-convertible Bonds is payable in quarterly cash coupon payments of 0.625% of the outstanding principal. The 2.5% Non-convertible Bonds have a 5.0% yield-to-maturity, which is accrued on the outstanding amount, compounded quarterly, with a potion paid out quarterly through the coupon until the outstanding principal is paid in full at maturity. The 2.5% Non-convertible Bonds will mature on May 26, 2024, unless earlier redeemed at the option of the holder beginning May 2022. The 2.5% Non-convertible Bonds are accelerated upon various events of default, including standard credit-risk related events, as well as changes in control, events that have a significant adverse effect on DDI, and others. The default rate of interest is 9%.

The warrants may be exercised with cash, by surrendering the 2.5% Non-convertible Bonds, or by any combination thereof during the period commencing on May 25, 2018 and ending on April 26, 2024 at the option of the holder. The 2.5% Non-convertible Bonds are due with a 30-day notification by April 26, 2024 unless earlier redeemed under the early redemption clause, which is before May 26, 2022.

On May 15, 2020, DUG exercised its call option right and simultaneously redeemed the 2.5% Non-convertible bonds as consideration to exercise the warrants into 306,539 shares of common stock. In connection with this transaction, we paid DUG the 2.5% accrued but unpaid coupon interest of $0.3 million and the unpaid yield-to-maturity interest of $1.9 million was forfeited and the remaining unaccreted bond discount eliminated. As a result, the carrying value of the 2.5% Non-convertible Bonds with warrants, plus the forfeited yield-to-maturity interest, net of related income tax effects, of KRW 79.0 billion (US$64.4 million, at May 15, 2020) with KRW 3.1 billion (US$2.5 million, at May 15, 2020) recorded to common shares and KRW 75.9 billion (US$61.9 million, at May 15, 2020) was recorded to additional paid-in-capital with no gain or loss recognized.

As of December 31, 2020, maturities of short and long-term debt for the years ending December 31 are as follows (in thousands):



	Total		2020		2021		2022		2023		2024
4.60% Senior Notes to related parties due 2024	$	45,956		—		—		—		—	$	45,956
Total	$	45,956		—		—		—		—	$	45,956

Fair value measurement	6 Months Ended	12 Months Ended
Fair value measurement	Jun. 30, 2021	Dec. 31, 2020
Fair value measurement	Note 5: Fair value measurement The carrying values of our accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and short-term senior notes approximate their recorded values due to the short-term nature of these instruments. Our cash equivalents (Level 1 estimate) consist of money market funds and Korean market government bonds totaling $101.0 million and $61.1 million, as of June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, and December 31, 2020, we believe the fair value of our senior notes (Level 3 estimate) approximates carrying value due to the nature of the instruments and the lack of meaningful change to our credit profile.	Note 5: Fair value measurement 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 estimate) consist of money market funds and Korean market government bonds totaling $61.1 million and $25.7 million, as of December 31, 2020 and December 31, 2019, respectively. 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 point 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 December 31, 2020, and 2019, we believe the fair value of our senior notes (a Level 3 estimate) approximates carrying value due to the nature of the instruments and the lack of meaningful change to our credit profile. As of December 31, 2019, we estimate the fair value of our 2.5% Convertible Bonds (a Level 3 estimate) to be $325.0 million and we estimate the fair value of our 2.5% Non-convertible Bonds with warrants (a Level 3 estimate) to be $133.5 million. The fair value of our 2.5% Convertible Bonds and 2.5% Non-convertible Bonds with warrants were determined based on an analysis of our enterprise value, our common share value, and rights conveyed to holders of the instruments. The 2.5% Convertible Bonds and the 2.5% Non-convertible Bonds are not within the scope of ASC 480 and are not required to be accounted for at fair value. In addition, we elected to not carry these bonds at fair value.

Income taxes

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Income taxes

Note 6: Income taxes

We are subject to federal and state income taxes in the Korea and the United States. 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, FDII deduction, research and development credits, and a valuation allowance on Korean deferred tax assets. 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 June 30, 2021, and December 31, 2020, we have provided a valuation allowance against certain of 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 effective tax rate of 13.3% for the three months ended June 30, 2021, is lower than the Korean statutory rate of 20%, primarily due a discrete valuation allowance release of $2.7 million related to Korean tax attributes that are more likely than not expected to be realized.

The effective tax rate of 20.1% for the six months ended June 30, 2021, is higher than the Korean statutory rate of 20%, primarily due to foreign rate differential, withholding taxes and a valuation allowance on certain Korean tax attributes, offset by the benefit of a FDII deduction and research tax credits.

In addition to the factors above, the effective tax rate in the three and six months ended June 30, 2021 included the benefit of a $2.7 million release of valuation allowance on certain Korean tax attributes that are more likely than not expected to be realized.

Note 6: Income taxes

Income (loss) before income tax consisted of the following (in thousands):



	Years Ended December 31,
	2020			2019
US	$	89,416		$	62,706
Korea		(14,199	)		(12,839	)

Total income before income taxes	$	75,217		$	49,867

The following table presents the detail of income tax expense for the periods presented (in thousands):



	Years Ended December 31,
	2020			2019

Current:
US	$	15,244		$	8,469
Korea		1,928			2,367

Total Current Taxes	$	17,172		$	10,836


Deferred:
US	$	5,105		$	5,278
Korea		(683	)		(2,572	)

Total Deferred Taxes	$	4,422		$	2,706

Total Income Tax Expense	$	21,594		$	13,542

The following table presents a reconciliation of the statutory rate and our effective tax rate for the periods presented:



	Years Ended December 31,
	2020		2019
Statutory Tax Rate		20.0%		20.0%
Foreign Jurisdiction Rate Differential		3.8%		3.4%
Non-deductible interest		1.5%		—
Withholding Taxes		2.3%		4.6%
Tax Credits		(3.5)%		(7.3)%
Valuation Allowance		5.0%		7.6%
Other		(0.5)%		(1.1)%

Total Tax Rate		28.6%		27.2%

Deferred federal, state, and foreign income taxes reflect the net tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and such amounts for tax purposes. The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands):



	As of December 31,
	2020			2019

Deferred income tax assets:
Net Operating Loss Carryforward	$	8,206		$	6,173
Tax Credit Carryforward		9,529			6,286
Accruals and Reserves		1,762			976
Intangibles		14,158			9,476
Lease liability		2,565			2,736

Deferred tax assets	$	36,220		$	25,647
Less: valuation allowance		(17,936	)		(12,921	)

Net deferred tax assets	$	18,284		$	12,726


Deferred tax liabilities
Goodwill	$	(35,096	)	$	(25,015	)
Accrued Interest		—			(8,531	)
Right-of-use-asset		(2,424	)		(2,561	)
Other		(359	)		(627	)

Deferred tax liabilities	$	(37,879	)	$	(36,734	)

Net deferred tax assets /(liabilities)	$	(19,595	)	$	(24,008	)

Realization of deferred tax assets is dependent upon the generation of future taxable income, if any, the timing, and amount of which are uncertain. We have provided a valuation allowance against certain deferred tax assets of Korea as of December 31, 2020, and 2019, because, based on the weight of available evidence, it is more likely than not (a likelihood of more than 50%) that these deferred tax assets will not be realized. As of December 31, 2020, we determined tax attributes expected to be realized prior to their expiration and recognized a deferred tax asset of $560 thousand.

As of December 31, 2020, and 2019, we have Korean tax loss carryforwards of approximately $34.4 million and $28.1 million, respectively, which are available to reduce future taxable income. These losses begin to expire in 2026.

Additionally, we have Korean tax credit carryforwards of $8.8 million and $6.3 million as of December 31, 2020 and 2019, respectively, which are available to reduce future foreign tax liabilities. The foreign tax credit carryforwards begin to expire in 2022.

We have not recorded a liability for income taxes or withholding taxes on undistributed earnings of subsidiaries as of December 31, 2020 and 2019 as we intend to reinvest such earnings outside of Korea for the foreseeable future. Given the Company’s current and anticipated losses in Korea, the method of realizing the cumulative temporary differences related to foreign earnings is difficult to estimate. Therefore, the Company concluded it is not practical to estimate the related deferred tax liability.

We are currently not under audit in any tax jurisdiction. We do not have any uncertain tax positions and have not established reserves for tax positions based on estimates of whether, and the extent to which, additional taxes will be due.

Accumulated other comprehensive income

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Shareholders' equity

12 Months Ended

Dec. 31, 2020

Shareholders' equity

Note 7: Shareholders’ equity

Common stock and Convertible Securities

We have 200,000,000 total authorized shares at December 31, 2020 and December 31, 2019. The par value per share is KRW10,000.

Holders of outstanding shares of common stock are entitled to one vote for each share on all matters submitted to a vote of the holders of common stock. Holders of common stock are entitled to receive dividends that are declared by our board of directors out of legally available funds. In the event of a liquidation, dissolution or winding-up, the holders of common stock are entitled to share ratably in the net assets remaining after payment of liabilities. There are no conversion rights, redemption rights or sinking fund provisions, and there are no dividends in arrears or default. All shares of common stock have equal distribution, liquidation and voting rights, and have no preferences or exchange rights. Warrant and convertible bond holders have no rights as common shareholders, including voting and receipt of dividends, until and unless such instruments are exercised or converted.

Net income per share

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Net income per share

Note 7: 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. Dilutive common share equivalents are comprised of warrants and shares issuable under our convertible debt arrangement described above.

The following table presents the calculation of basic and diluted net income per share (in thousands except share and per share amounts):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

Numerator:
Net income applicable to common shareholders—basic	$	18,422	$	16,992	$	37,838	$	29,852
Dilutive effect of assumed conversion of convertible debt		—		873		—		2,687
Net income applicable to common shareholders – diluted	$	18,422	$	17,865	$	37,838	$	32,539

Denominator:
Weighted average shares outstanding—basic		2,214,522		1,598,923		2,214,522		1,395,824
Dilutive effect of assumed conversion of convertible debt		—		471,338		—		593,298
Dilutive effect of assumed conversion of warrants		—		70,454		—		96,297
Weighted average shares outstanding – diluted		2,214,522		2,140,715		2,214,522		2,085,419
Basic net income per share	$	8.32	$	10.63	$	17.09	$	21.39
Diluted net income per share	$	8.32	$	8.34	$	17.09	$	15.60

Note 8: Net Income per share

Dilutive common share equivalents are comprised of warrants and shares issuable under our convertible debt arrangement described in Note4: Debt.

The following table presents the calculation of basic and diluted net income per share (in thousands except share and per share amounts):



	Years ended December 31,
	2020		2019

Numerator
Net income applicable to common stockholders — basic	$	53,623	$	36,325
Dilutive effect of assumed conversion of convertible debt		2,687		7,311
Net income applicable to common stockholders — diluted	$	56,310	$	43,636

Denominator
Weighted average common shares outstanding — basic		1,807,410		1,192,725
Dilutive effect of assumed conversion of convertible debt		295,028		715,258
Dilutive effect of assumed conversion of warrants		46,676		87,148
Weighted average common shares outstanding — diluted		2,149,114		1,995,131
Net Income per share applicable to common stockholders — basic	$	29.67	$	30.46
Net Income per share applicable to common stockholders — diluted	$	26.20	$	21.87

Accumulated other comprehensive income

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Note 9: Accumulated other comprehensive income

Changes in accumulated other comprehensive income (“AOCI”) by component for the three months ended June 30, 2021 were as follows (in thousands):



Three months ended June 30, 2020	Currency translation adjustments		Defined benefit pension plan			Total
Balance as of April 1,2020	$	19,696	$	(724	)	$	18,972
Foreign currency translation gain/(loss)		6,961		—			6,961
Actuarial gain/(loss), net of tax benefit of $70		—		(165	)		(165	)

Balance as of June 30, 2020	$	26,657	$	(889	)	$	25,768



Three months ended June 30, 2021	Currency translation adjustments			Defined benefit pension plan			Total
Balance as of April 1, 2021	$	25,136		$	(1,047	)	$	24,089
Foreign currency translation gain/(loss)		(114	)		—			(114	)
Actuarial gain/(loss), net of tax expense of $0		—			15			15

Balance as of June 30, 2021	$	25,022		$	(1,032	)	$	23,990



Six months ended June 30, 2020	Currency translation adjustments		Defined benefit pension plan			Total
Balance as of January 1,2020	$	10,131	$	(698	)	$	9,433
Foreign currency translation gain/(loss)		16,526		—			16,526
Actuarial gain/(loss), net of tax expense of $0		—		(191	)		(191	)

Balance as of June 30, 2020	$	26,657	$	(889	)	$	25,768



Six months ended June 30, 2021	Currency translation adjustments		Defined benefit pension plan			Total
Balance as of January 1, 2021	$	23,807	$	(992	)	$	22,815
Foreign currency translation gain/(loss)		1,215		—			1,215
Actuarial gain/(loss), net of tax expense of $(14)		—		(40	)		(40	)

Balance as of June 30, 2021	$	25,022	$	(1,032	)	$	23,990

We do not tax effect foreign currency translation gain/(loss) because we have determined such gain (loss) is permanently reinvested.

Note 9: Accumulated other comprehensive income

Changes in accumulated other comprehensive income (AOCI) by component for the years ended December 31, 2020 and 2019 were as follows (in thousands):



	Currency Translation Adjustments		Defined Benefit Pension Plan			Total
Balance at January 1, 2019	$	389	$	(313	)	$	76
Foreign currency translation gain/(loss)		9,742		—			9,742
Actuarial gain/(loss), net of tax		—		(385	)		(385	)
Balance as of December 31, 2019	$	10,131	$	(698	)	$	9,433
Foreign currency translation gain/(loss)		13,676		—			13,676
Actuarial gain/(loss), net of tax		—		(294	)		(294	)
Balance at December 31, 2020	$	23,807	$	(992	)	$	22,815

For years ended December 31, 2020 and 2019, we did 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.

Leases

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Leases

Note 8: Leases

We are lessee for corporate office space in Seattle, Washington and Seoul, Korea. The lessor for our Seoul, Korea leases is our parent, DoubleUGames (see Note 11). Our leases have remaining terms of three to five years. 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.

In February 2019, we executed new subleases with our parent, DUG, for 21,218 square feet of office space in Gangnam-gu, Seoul, Korea. The lease term will expire in September 2023.

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



	As of June 30, 2021		As of December 31, 2020
Operating lease right-of-use asset	$	9,329	$	10,864
Accrued rent		857		877

Total operating lease right-of-use asset, net	$	8,472	$	9,987
Short-term operating lease liabilities	$	3,060	$	3,033
Long-term operating lease liabilities	$	6,269	$	7,831

Total operating lease liabilities	$	9,329	$	10,864

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



	Six months ended June 30, 2021		Six months ended June 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,654	$	1,573

Note 10: Leases

On January 1, 2019, we adopted ASC 842 using the modified retrospective method. Our operating leases primarily consist of real estate leases for office space and do not have any non-lease components. We do not have any finance leases. Our total variable and short-term lease payments are immaterial for all periods presented.

Upon adoption we recognized a right-of-use asset and lease liability of $9.2 million and $9.4 million, respectively, related to our real estate operating lease for our corporate office space in Seattle, Washington. We used our estimated incremental borrowing rate of 4.97% to initially measure our right-of-use asset and lease liability for this lease.

The Seattle, Washington lease originated in July 2012 and consists of 49,375 square feet. In September 2018, the only option to extend, which is effective October 1, 2019, was exercised to extend the term for 61 months. The extended lease will expire in October 2024.

The Gangnam-gu, Seoul, Korea office space is subleased from our parent, DUG and consists of 31,636 square feet. The subleases originated in February 2019 and were amended in October 2020 to reflect an overall increase to DUG (sublessor). The subleases will expire in September 2023. A right-of-use asset and lease liability of $5.6 million was recognized at the lease commencement date. An estimated incremental borrowing rate of 6.07%, was used to initially measure our right-of-use asset and lease liability for this lease.

Supplemental balance sheet and cash flow information related to operating leases is as follows:



	December 31, 2020		December 31, 2019
Operating lease right-of-use asset	$	10,864	$	13,219
Accrued rent		877		835

Total operating lease right-of-use asset, net	$	9,987	$	12,384
Short-term operating lease liabilities	$	3,033	$	2,795
Long-term operating lease liabilities		7,831		10,424

Total operating lease liabilities	$	10,864	$	13,219


Cash paid for amounts included in the measurement of operating lease liabilities	$3.2 million	$2.5 million

Maturities of lease liabilities are as follows (in thousands):



As of December 31, 2020	Seattle Lease		Seoul Lease (Related Party)
2021	$	1,938	$	1,443
2022		1,987		1,471
2023		2,037		1,267
2024		1,732		—
2025		—		—


Thereafter		—			—
Less: Imputed Interest		(683	)		(328	)
Total	$	7,011		$	3,853

Operating lease costs were $3.2 million and $3.1 million for the years ended December 31, 2020 and December 31, 2019, respectively.

Commitments and contingencies	6 Months Ended	12 Months Ended
Commitments and contingencies	Jun. 30, 2021	Dec. 31, 2020
Commitments and contingencies	Note 10: 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. Similar class-action lawsuits were concurrently filed with certain of our competitors, certain of which, announced settlements which the court has recently approved. In August 2018, we filed a Motion to Compel Arbitration, which was denied and immediately appealed in December 2018. We were granted a Motion to Stay pending appeal in February 2019. In October 2019, a court date was issued and subsequently abated as the Ninth Circuit Appeals court hears the oral arguments and a resolution of appeal is determined in a similar case with one of our competitors. On January 29, 2020, the Ninth Circuit affirmed the District Court’s denial of arbitration, thereby denying our appeal to compel arbitration. The case is now in District Court. On June 17, 2020, we filed a motion in the United States District Court for the Western District of Washington, which, if granted, would certify certain questions of state law to the Washington State Supreme Court for interpretation in accordance with applicable state law. On August 11, 2020, the District Court denied DDI-US’s motion to certify certain questions to the Washington State Supreme Court. We subsequently filed a motion for reconsideration of this ruling. On August 13, 2020, DDI-US filed a motion to strike the plaintiffs’ nationwide class allegations, which was noted for consideration on October 2, 2020. On September 10, 2020, DDI-US filed a motion to dismiss under Fed. R. Civ P. 12 (B)(1) and a motion to abstain asking the District Court to stay this lawsuit pending the resolution of a Declaratory Judgment action filed by DDI-US (and IGT) in the Washington State Superior Court seeking a ruling on certain relevant issues under Washington state law, which was noted for consideration on October 2, 2020. No date for a hearing on these motions has been set. Additional discovery has continued, including but not limited to, our issuance of discovery to plaintiffs. On January 15, 2021, our motion for reconsideration was denied. On February 25, 2021, plaintiffs filed a motion for class certification and for preliminary injunction. On March 19, 2021, our motion to strike the nationwide class allegations was denied. Discovery in the federal court case has commenced and is continuing. On April 25, 2021, plaintiffs filed their Second Amended Complaint, changing their allegations to include an additional corporate entity of co-defendant, IGT. DDI-US served plaintiffs with its expert disclosures and filed an Opposition to Plaintiffs’ Motion for Class Certification and Preliminary Injunction on May 11, 2021. On June 29, 2021, the court denied the Company’s motion for the certification of an interlocutory appeal from the court’s order denying the Company’s Motion to Strike Nationwide Class Action Allegations. On July 9, 2021, DoubleDown moved for relief from the upcoming settlement deadline and dispositive motions deadline. On July 19, 2021, the court extended the discovery completion and settlement conference deadlines to August 24, 2021 and September 7, 2021, respectively, and struck all subsequent case management deadlines, including the dispositive motion deadline and the trial date. The court stated in its July 19, 2021 order that it would reset case management deadlines after various motions, including plaintiffs’ motion for class certification and preliminary injunction, and DoubleDown’s renewed motion to stay pending arbitration have been decided. The case is subject to significant uncertainties. In determining the likelihood of a loss and/or the measurement of any loss or range of loss, we evaluated (1) the facts and circumstances known to us, including information regarding the likelihood of a settlement and the outcome of discussions relating to indemnification by co-defendants, (2) the current state of the proceedings, including outstanding motions for certification of a class, or denial thereof, and other relevant events and developments, (3) the advice and analyses of counsel and other advisors, and (4) the assumptions and judgment of management, all of which involve a series of complex judgments about potential future events with multiple outcomes. In accordance with ASC 450-20, the Company has recorded a charge to income for this loss contingency during the period ended June 30, 2021, which is included in General and Administrative Expenses, reflecting the low end of the reasonably possible range of loss of $3.5 million to $201.5 million. The Company will continue to evaluate the appropriateness of the amount recorded as the litigation proceeds over time, potentially resulting in a material adjustment thereto. On January 8, 2021, a suit alleging patent infringement of certain patents for gaming applications used by DDI was filed. By agreement, the parties will stipulate to an extension to respond. DoubleDown filed a motion to dismiss plaintiffs’ complaint on April 29, 2021, arguing that the asserted patents are not patent-eligible because they are drawn to an abstract idea. Plaintiff opposed the motion, and DoubleDown will file a reply on June 4, 2021. DoubleDown also filed a motion to stay discovery pending resolution of the motion to dismiss. The parties agreed to an interim stay of discovery pending resolution of the motion to stay. On May 28, 2021, Plaintiff made a settlement demand of $7.5 million. DoubleDown has not responded. On July 8, 2021, a federal court in Nevada issued an order invalidating one of the asserted patents on the basis of patent ineligibility. On July 8, 2021, plaintiffs notified the court in this matter of the Nevada ruling. On May 14, 2021, Hanover Insurance Co. filed a declaratory judgment action alleging that its insurance policy does not cover the claims made by NEXRF Corp. in NEXRF Corp. v. DoubleDown Interactive, LLC, DoubleUGames Co., Ltd., and DoubleDown Interactive, Ltd. (W.D. Wash. 2:20-cv-01875). DoubleDown has accepted service of the Complaint but has not yet responded. The future outcome of these matters could be material to our operating results and cash flows in a future period. Legal costs associated with our legal proceedings are expensed as incurred. *Publishing and license agreements* DoubleUGames We entered into the DoubleUGames License Agreement on March 7, 2018, and it was subsequently amended on July 1, 2019 and November 27, 2019. Pursuant to the DoubleUGames License Agreement, DoubleUGames grants us an exclusive license to develop and distribute certain DoubleUGames social casino game titles and sequels thereto in the social online game field of use. We are obligated to pay a royalty license fee to DoubleUGames in connection with these rights, with certain customary terms and conditions. The agreement remains in effect until either DUG no longer holds an interest, directly or indirectly, in DDI, or DDI no longer holds an interest, directly or indirectly, in DDI-US. In such event, the agreement provides that the parties will mutually renegotiate the terms of the agreement. As of June 30, 2021, we licensed approximately 40 game titles under the terms of this agreement. 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 June, 2020 and 2021 totaled $4.1 million and $3.0 million, respectively, and are recognized as a component of cost of revenue, and six months ended June 30, 2020 and June 30, 2021 totaled $7.1 million and $6.0 million, respectively, and are recognized as a component of cost of revenue.	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. Similar class-action lawsuits were concurrently filed with certain of our competitors, certain of which, announced settlements which the court has recently approved. In August 2018, we filed a Motion to Compel Arbitration, which was denied and immediately appealed in December 2018. We were granted a Motion to Stay pending appeal in February 2019. In October 2019, a court date was issued and subsequently abated as the Ninth Circuit Appeals court hears the oral arguments and a resolution of appeal is determined in a similar case with one of our competitors. On January 29, 2020, the Ninth Circuit affirmed the District Court’s denial of arbitration, thereby denying our appeal to compel arbitration. The case is now in District Court. On June 17, 2020, we filed a motion in the United States District Court for the Western District of Washington, which, if granted, would certify certain questions of state law to the Washington State Supreme Court for interpretation in accordance with applicable state law. On August 11, 2020, the District Court denied DDI-US’s motion to certify certain questions to the Washington State Supreme Court. We subsequently filed a motion for reconsideration of this ruling. On August 13, 2020, DDI-US filed a motion to strike the plaintiffs’ nationwide class allegations, which was noted for consideration on October 2, 2020. On September 10, 2020, DDI-US filed a motion to dismiss under Fed. R. Civ P. 12 (B)(1) and a motion to abstain asking the District Court to stay this lawsuit pending the resolution of a Declaratory Judgment action filed by DDI-US (and IGT) in the Washington State Superior Court seeking a ruling on certain relevant issues under Washington state law, which was noted for consideration on October 2, 2020. No date for a hearing on these motions has been set. Additional discovery has continued, including but not limited to, our issuance of discovery to plaintiffs. On January 15, 2021, our motion for reconsideration was denied. On February 25, 2021, plaintiffs filed a motion for class certification and for preliminary injunction. On March 19, 2021, our motion to strike the nationwide class allegations was denied. Discovery in the federal court case has commenced and is continuing. A trial date has been set for November 1, 2021. We dispute any allegation of wrongdoing and will continue to vigorously defend ourselves in these matters. The case is subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss or range of loss cannot be reasonably estimated. We evaluated (1) the facts and circumstances known to us, including information regarding settlements and other relevant events and developments, (2) the advice and analyses of counsel and (3) the assumptions and judgement of management, all of which involve a series of complex judgments about future events. As a result, no amount has been recorded in connection with this lawsuit. The future outcome of this matter could be material to our operating results and cash flows in a future period. Legal costs associated with our legal proceedings are expensed as incurred. *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. Pursuant to the DoubleU Games License Agreement, DoubleU Games grants us an exclusive license to develop 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 to DoubleU Games in connection with these rights, with certain customary terms and conditions. The agreement remains in effect until either DUG no longer holds an interest, directly or indirectly, in DDI, or DDI no longer holds an interest, directly or indirectly, in DDI-US. In such event, the agreement provides that the parties will mutually renegotiate the terms of the agreement. As of December 31, 2020, we licensed approximately 32 game titles under the terms of this agreement. International Gaming Technologies (“IGT”) In 2017, we entered into a Game Development, Distribution, and Services Agreement with IGT. Under the terms of the agreement, IGT will deliver game assets so that the 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 paid IGT an initial royalty rate of 10% of revenue for their proprietary assets and 15% of revenue for third-party game asset types. Effective January 1, 2019, we amended the agreement to revise the royalty rate for proprietary game asset types to 7.5% of revenue. 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 years ended December 31, 2020 and 2019 totaled $13.5 million and $11.5 million, respectively, and are recognized as a component of cost of revenue.

Related party transactions

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Related party transactions

Note 11: Related party transactions

Our related party transactions comprise expenses for use of intellectual property, borrowings, and facilities as 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 parent, DUG (in thousands):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020		Financial Line Item
Royalty Expense	$	1,028	$	943	$	2,162	$	1,418	Cost of Revenue
Interest Expense		513		920		1,022		1,881	Interest Expense
Rent Expense		356		733		712		1,104	General and administrative expense
Other Expense		64		8		99		12	General and administrative expense

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



	At June 30,		At December 31,
	2021		2020		Financial statement line item
4.6% Senior Note due related party	$	44,248	$	45,956	Long-term borrowings with related party
Royalties and other		3,601		3,631	Accounts payable and accrued expenses
Short-term lease liability		1,360		1,399	Short-term operating lease liabilities
Accrued interest on related party note		5,745		4,918	Other non-current liabilities
Long-term lease liability		1,749		2,454	Long-term operating lease liabilities

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 parent, DoubleU Games (in thousands):



	Years ended December 31,				Statement of Income and Comprehensive Income Line Item
	2020		2019
Royalty expense (see Note 11)	$	3,015	$	4,597	Cost of revenue
Interest expense (see Note 4)		3,106		3,778	Interest expense
Rent expense (see Note 10)		1,461		1,378	General and administrative expense
Other expense		155		131	General and administrative expense

Amounts due to our parent, DoubleU Games, are as follows (in thousands):



	At December 31,				Statement of Consolidated Balance Sheet Line Item
	2020		2019		Statement of Consolidated Balance Sheet Line Item
4.6% Senior Notes with related party	$	45,956	$	86,371	Long-term borrowing with related party
Royalties and other expenses		3,631		2,691	Accounts payable and accrued expenses
Short-term lease liability		1,399		1,288	Short-term operating lease liabilities
Accrued interest on 4.6% Senior Note with related party		4,918		5,169	Other non-current liabilities
Long-term lease liability		2,454		3,413	Long-term lease liabilities

Basis of presentation and summary of significant accounting policies

6 Months Ended

Jun. 30, 2021

Basis of presentation and summary of significant accounting policies

Note 1: Basis of presentation and summary of significant accounting policies

Description of business

Acquisition of Double8 Games Co.,Ltd. (“Double8 Games”)

On February 25, 2020, we completed the acquisition of Double8 Games Co., Ltd. (“Double8 Games”) from DoubleU Games in exchange for KRW 2.3 billion (US $1.9 million). Double8 Games is based in Seoul, Korea, with the primary business of developing digital gaming content for international markets. The acquisition was considered a business combination among entities under common control and, therefore, the transfer of net assets was recorded at their carrying value with all financial information prior to the acquisition adjusted for comparability.

Basis of presentation

Our unaudited condensed consolidated financial statements include all adjustments of a normal, recurring nature necessary for the fair presentation 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 years ended December 31, 2020, 2019 and 2018.

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 accounting principles generally accepted in the United States of America (“GAAP”) requires our management to make estimates and assumptions that affect financial statements and accompanying notes. 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 and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the recent outbreak of a novel strain of the coronavirus (“COVID-19”).

Functional currency and translation of financial statements

Our functional currency is the Korean Won (“KRW”) and the U.S. Dollar (“dollar,” “USD,” “US$,” or “$”) is the functional currency of our United States subsidiaries. The accompanying condensed consolidated financial statements are presented in USD. The condensed consolidated balance sheet has been translated at the exchange rates prevailing at each balance sheet date. The condensed consolidated statements of income and 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).

Financial instruments and concentration of credit risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

Accounts receivable are recorded and carried at the net invoiced amount, which is net of platform payment processing fees, unsecured, and represent amounts between 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 for the three and six months ended June30, 2021 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 revenue and accounts receivable generated via our platform providers in excess of 10% of our total revenue and total accounts receivable:



	Revenue concentration

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Apple		50.5%		49.9%		50.9%		49.9%
Facebook		26.4%		27.6%		26.6%		28.2%
Google		19.6%		19.8%		19.3%		19.0%



	Accounts receivable concentration
	As of June 30, 2021		As of December 31, 2020
Apple		68.8%		54.1%
Facebook		17.2%		25.9%
Google		12.7%		18.0%

Revenue from contracts with customers

6 Months Ended

Jun. 30, 2021

Revenue from contracts with customers

Note 2. Revenue from contracts with customers

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.

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

Disaggregation of revenue

We believe disaggregation of our revenue based on platform and geographical location is appropriate as these are 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 revenue disaggregated based on mobile and web platforms (in thousands):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Mobile	$	67,317	$	71,026	$	137,321	$	124,185
Web		25,911		28,052		52,574		50,954

Total	$	93,228	$	99,078	$	189,895	$	175,139

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



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
U.S. ⁽¹⁾	$	80,432	$	93,177	$	164,094	$	164,236
International		12,796		5,901		25,801		10,903

Total	$	93,228	$	99,078	$	189,895	$	175,139

(1)

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

Contract assets, contract liabilities and other disclosures

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



	As of June 30, 2021		As of December 31, 2020
Contract assets ⁽¹⁾	$	562	$	718
Contract liabilities		1,894		2,393

(1)

Contract assets are included within prepaid expenses and other current assets in our condensed consolidated balance sheets.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Defined benefit pension plan

Defined benefit pension plan

6 Months Ended

Jun. 30, 2021

Note 12: 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 waged-based pension plan, which provides a specified amount of pension benefit based on length of service. The total benefit obligation of $3.0 million and $2.8 million was included in other non-current liabilities as of June 31, 2021 and December 31, 2020, respectively, and the change in actuarial gains or losses, which is not significant, was included in other comprehensive income. The plan is unfunded.

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2021
Subsequent events	Note 13: Subsequent events We evaluated subsequent events through August 20, which is the date the financial statements were available to be issued.

Significant accounting policies (Policies)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Basis of preparation and consolidation

Basis of preparation and consolidation

Use of estimates

Use of estimates

Functional currency and translation of financial statements

Functional currency and translation of financial statements

Our functional currency is the Korean Won (“KRW”) and the U.S. Dollar (“dollar,” “USD,” “US$,” or “$”) is the functional currency of our United States subsidiaries. The accompanying condensed consolidated financial statements are presented in USD. The condensed consolidated balance sheet has been translated at the exchange rates prevailing at each balance sheet date. The condensed consolidated statements of income and 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).

Functional currency and translation of financial statements

Cash and cash equivalents

Cash and cash equivalents

Financial instruments and concentration of credit risk

Financial instruments and concentration of credit risk

Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable.

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



	Revenue concentration

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Apple		50.5%		49.9%		50.9%		49.9%
Facebook		26.4%		27.6%		26.6%		28.2%
Google		19.6%		19.8%		19.3%		19.0%



	Accounts receivable concentration
	As of June 30, 2021		As of December 31, 2020
Apple		68.8%		54.1%
Facebook		17.2%		25.9%
Google		12.7%		18.0%

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 and accounts receivable.

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 year ended December 31,

	2020		2019
Apple		50.8%		48.1%
Facebook		27.3%		31.2%
Google		18.9%		17.2%



Accounts Receivable Concentration as of December 31,

	2020		2019
Apple		54.1%		53.6%
Facebook		25.9%		28.0%
Google		18.0%		16.8%

Fair value measurements

Fair value measurements



Level 1 –		Observable inputs for identical assets or liabilities, such as quoted prices in active markets;

Level 2 –		Inputs other than quoted prices in active markets that are either directly or indirectly observable;

Level 3 –		Unobservable inputs in which little or no market data exists, therefore they are developed using estimates and assumptions developed by us, which reflect those that a market participant would use.

Goodwill and indefinite-lived intangible assets

Goodwill and indefinite-lived intangible assets

We have identified a single reporting unit based on our management structure. There were no impairments of our indefinite-lived intangible assets or goodwill to date.

Finite-lived intangible assets

Finite-lived intangible assets

The amortization expense on intangible assets with finite lives is recognized in the statement of income and comprehensive income in depreciation and amortization.

Development costs

Development costs

Revenue recognition

Revenue recognition

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

Disaggregation of revenue

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



	Years ended December 31,
	2020		2019
Mobile	$	257,405	$	184,755
Web		100,937		88,855

Total revenue	$	358,342	$	273,610

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



	Years ended December 31,
	2020		2019
U.S. ⁽¹⁾	$	309,211	$	237,712
International		49,131		35,898

Total revenue	$	358,342	$	273,610

(1)

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

Principal-agent considerations

Contract assets, contract liabilities and other disclosures

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



	As of December 31, 2020		As of December 31, 2019
Contract assets ⁽¹⁾	$	718	$	541
Contract liabilities	$	2,393	$	1,804

(1)

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

Cost of revenue

Cost of revenue

Depreciation and amortization expense is excluded from cost of revenue and other operating expenses and is separately presented on the consolidated statement of income and comprehensive income.

Defined benefit pension plan

Defined benefit pension plan

The following table summarizes the components of the projected benefit obligation (in thousands):



	As of December 31, 2020			As of December 31, 2019
Projected benefit obligation at beginning of year	$	1,882		$	1,245
Service cost		738			504
Interest cost		30			26
Actuarial (gain)/loss		492			499
Benefits paid		(400	)		(159	)
Other		(273	)		(190	)
Foreign currency translation adjustment		323			(43	)

Projected benefit obligation at end of year	$	2,792		$	1,882

Defined contribution plan

Defined contribution plan

Deferred offering costs

Deferred offering costs

Deferred offering costs were $1.3 million as of December 31, 2019.

Advertising costs

Advertising costs

Research and development

Research and development

Income taxes

Income taxes

Statutory withholding tax is recognized in income tax expense as incurred.

Segment information

Segment information

Subsequent events

Subsequent events

We evaluated subsequent events through March 29, 2021, which is the date the financial statements were available to be issued.

Recent accounting guidance - adopted

Recent accounting guidance – adopted

Financial instruments — credit losses

Intangibles-Goodwill and Other

Fair value measurements

Income taxes

ASU 2017-11

On May 15, 2020, DUG exercised its call option right and simultaneously redeemed the 2.5% Non-convertible bonds as consideration to exercise the warrants into 306,539 shares of common stock and at various dates in May and June 2020. STIC, as holder of the 2.5% Convertible Bonds, exercised its right to convert all outstanding bonds into 715,258 common shares.

Basis of presentation

Basis of presentation

Basis of presentation and summary of significant accounting policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of percentage of revenues

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



	Revenue concentration

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Apple		50.5%		49.9%		50.9%		49.9%
Facebook		26.4%		27.6%		26.6%		28.2%
Google		19.6%		19.8%		19.3%		19.0%



	Accounts receivable concentration
	As of June 30, 2021		As of December 31, 2020
Apple		68.8%		54.1%
Facebook		17.2%		25.9%
Google		12.7%		18.0%

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 year ended December 31,

	2020		2019
Apple		50.8%		48.1%
Facebook		27.3%		31.2%
Google		18.9%		17.2%



Accounts Receivable Concentration as of December 31,

	2020		2019
Apple		54.1%		53.6%
Facebook		25.9%		28.0%
Google		18.0%		16.8%

Revenue from contracts with customers (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of disaggregation of revenue

The following table represents our revenue disaggregated based on mobile and web platforms (in thousands):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Mobile	$	67,317	$	71,026	$	137,321	$	124,185
Web		25,911		28,052		52,574		50,954

Total	$	93,228	$	99,078	$	189,895	$	175,139

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



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
U.S. ⁽¹⁾	$	80,432	$	93,177	$	164,094	$	164,236
International		12,796		5,901		25,801		10,903

Total	$	93,228	$	99,078	$	189,895	$	175,139

(1)

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

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



	Years ended December 31,
	2020		2019
Mobile	$	257,405	$	184,755
Web		100,937		88,855

Total revenue	$	358,342	$	273,610

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



	Years ended December 31,
	2020		2019
U.S. ⁽¹⁾	$	309,211	$	237,712
International		49,131		35,898

Total revenue	$	358,342	$	273,610

(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 June 30, 2021		As of December 31, 2020
Contract assets ⁽¹⁾	$	562	$	718
Contract liabilities		1,894		2,393

(1)

Contract assets are included within prepaid expenses and other current assets in our condensed consolidated balance sheets.

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



	As of December 31, 2020		As of December 31, 2019
Contract assets ⁽¹⁾	$	718	$	541
Contract liabilities	$	2,393	$	1,804

(1)

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

Significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of projected benefit obligation

The following table summarizes the components of the projected benefit obligation (in thousands):



	As of December 31, 2020			As of December 31, 2019
Projected benefit obligation at beginning of year	$	1,882		$	1,245
Service cost		738			504
Interest cost		30			26
Actuarial (gain)/loss		492			499
Benefits paid		(400	)		(159	)
Other		(273	)		(190	)
Foreign currency translation adjustment		323			(43	)

Projected benefit obligation at end of year	$	2,792		$	1,882

Goodwill and intangible assets (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of intangible assets

Changes in the carrying amount of intangible assets were as follows:



			June 30, 2021							December 31, 2020
	Useful Lives (in years)		Gross amount		Accum. amort			Net amount		Gross amount		Accum. amort			Net amount
Trademarks		indefinite	$	50,000	$	—		$	50,000	$	50,000	$	—		$	50,000
Customer relationships		4		75,000		(75,000	)		—		75,000		(67,187	)		7,813
Purchased technology		5		45,423		(37,480	)		7,943		45,423		(33,149	)		12,274
Development costs		3		9,486		(9,336	)		150		9,486		(8,434	)		1,052
Software		4		2,406		(2,391	)		15		2,406		(2,181	)		225

Total			$	182,315	$	(124,207	)	$	58,108	$	182,315	$	(110,951	)	$	71,364

goodwill during 2020 or 2019. The components of our other intangible assets were as follows (in thousands):



			December 31, 2020							December 31, 2019
	Useful Lives		Gross Amount		Accum. Amort			Net Amount		Gross Amount		Accum. Amort			Net Amount
Trademarks		indefinite	$	50,000	$	—		$	50,000	$	50,000	$	—		$	50,000
Customer relationships		4 years		75,000		(67,187	)		7,813		75,000		(48,437	)		26,563
Purchased technology		5 years		45,423		(33,149	)		12,274		45,423		(24,487	)		20,936
Development costs		3 years		9,486		(8,434	)		1,052		9,486		(5,096	)		4,390
Software		4 years		2,406		(2,181	)		225		2,400		(1,592	)		808

Total			$	182,315	$	(110,951	)	$	71,364	$	182,309	$	(79,612	)	$	102,697

Summary of estimated amortization expense

Estimated amortization expense for the years ending December 31, 2021 through 2025 is as follows (in thousands):



Year	Expense
2021	$	17,735
2022		3,629
2023		0
2024		0
2025		0

Summary of amortization expense

The following reflects amortization expense related to intangible assets included with depreciation and amortization:

Three months ended
June 30,

Six months ended
June 30,

2021

2020

2021

2020

Amortization expense

5.8 million

7.9 million

13.2 million

15.8 million

Debt (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of long-term debt instruments

The components of debt as of June 30, 2021 and December 31, 2020 are as follows (in thousands):



	As of June 30, 2021		As of December 31, 2020
4.60% Senior Notes due to related party due 2024		44,248		45,956

Total debt	$	44,248	$	45,956
Less: Short-term debt		—		—
Total Long-term debt	$	44,248	$	45,956

The components of debt at December 31, 2020 and 2019 are as follows (in thousands):



	As of December 31,
	2020		2019
3.50% Senior Note due 2020	$	—	$	34,548
4.60% Senior Notes to related party due 2024		45,956		86,371
2.5% Convertible bonds due 2024; early redemption 2022 including accrued interest		—		193,643
2.5% Non-Convertible bonds 2024; early redemption 2022 including accrued interest, net of warrant discount		—		62,490

Total debt	$	45,956	$	377,052
Less: Short-term debt		—		(34,548	)

Total Long-term debt	$	45,956	$	342,504

Summary of maturities of long-term debt

As of December 31, 2020, maturities of short and long-term debt for the years ending December 31 are as follows (in thousands):



	Total		2020		2021		2022		2023		2024
4.60% Senior Notes to related parties due 2024	$	45,956		—		—		—		—	$	45,956
Total	$	45,956		—		—		—		—	$	45,956

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

Summary of Income (Loss) Before Income Tax

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income (loss) before income tax consisted of the following (in thousands):



	Years Ended December 31,
	2020			2019
US	$	89,416		$	62,706
Korea		(14,199	)		(12,839	)

Total income before income taxes	$	75,217		$	49,867

Summary of the Detail of Income Tax Expense for the Periods

The following table presents the detail of income tax expense for the periods presented (in thousands):



	Years Ended December 31,
	2020			2019

Current:
US	$	15,244		$	8,469
Korea		1,928			2,367

Total Current Taxes	$	17,172		$	10,836


Deferred:
US	$	5,105		$	5,278
Korea		(683	)		(2,572	)

Total Deferred Taxes	$	4,422		$	2,706

Total Income Tax Expense	$	21,594		$	13,542

Summary of Reconciliation of the Statutory Rate and Our Effective Tax Rate for the Periods

The following table presents a reconciliation of the statutory rate and our effective tax rate for the periods presented:



	Years Ended December 31,
	2020		2019
Statutory Tax Rate		20.0%		20.0%
Foreign Jurisdiction Rate Differential		3.8%		3.4%
Non-deductible interest		1.5%		—
Withholding Taxes		2.3%		4.6%
Tax Credits		(3.5)%		(7.3)%
Valuation Allowance		5.0%		7.6%
Other		(0.5)%		(1.1)%

Total Tax Rate		28.6%		27.2%

Summary of Deferred Tax Assets and Liabilities as of the Dates

The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in thousands):



	As of December 31,
	2020			2019

Deferred income tax assets:
Net Operating Loss Carryforward	$	8,206		$	6,173
Tax Credit Carryforward		9,529			6,286
Accruals and Reserves		1,762			976
Intangibles		14,158			9,476
Lease liability		2,565			2,736

Deferred tax assets	$	36,220		$	25,647
Less: valuation allowance		(17,936	)		(12,921	)

Net deferred tax assets	$	18,284		$	12,726


Deferred tax liabilities
Goodwill	$	(35,096	)	$	(25,015	)
Accrued Interest		—			(8,531	)
Right-of-use-asset		(2,424	)		(2,561	)
Other		(359	)		(627	)

Deferred tax liabilities	$	(37,879	)	$	(36,734	)

Net deferred tax assets /(liabilities)	$	(19,595	)	$	(24,008	)

Net income per share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of the Calculation of Basic and Diluted Net Income Per Share

The following table presents the calculation of basic and diluted net income per share (in thousands except share and per share amounts):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020

Numerator:
Net income applicable to common shareholders—basic	$	18,422	$	16,992	$	37,838	$	29,852
Dilutive effect of assumed conversion of convertible debt		—		873		—		2,687
Net income applicable to common shareholders – diluted	$	18,422	$	17,865	$	37,838	$	32,539

Denominator:
Weighted average shares outstanding—basic		2,214,522		1,598,923		2,214,522		1,395,824
Dilutive effect of assumed conversion of convertible debt		—		471,338		—		593,298
Dilutive effect of assumed conversion of warrants		—		70,454		—		96,297
Weighted average shares outstanding – diluted		2,214,522		2,140,715		2,214,522		2,085,419
Basic net income per share	$	8.32	$	10.63	$	17.09	$	21.39
Diluted net income per share	$	8.32	$	8.34	$	17.09	$	15.60

The following table presents the calculation of basic and diluted net income per share (in thousands except share and per share amounts):



	Years ended December 31,
	2020		2019

Numerator
Net income applicable to common stockholders — basic	$	53,623	$	36,325
Dilutive effect of assumed conversion of convertible debt		2,687		7,311
Net income applicable to common stockholders — diluted	$	56,310	$	43,636

Denominator
Weighted average common shares outstanding — basic		1,807,410		1,192,725
Dilutive effect of assumed conversion of convertible debt		295,028		715,258
Dilutive effect of assumed conversion of warrants		46,676		87,148
Weighted average common shares outstanding — diluted		2,149,114		1,995,131
Net Income per share applicable to common stockholders — basic	$	29.67	$	30.46
Net Income per share applicable to common stockholders — diluted	$	26.20	$	21.87

Accumulated other comprehensive income (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (“AOCI”) by component for the three months ended June 30, 2021 were as follows (in thousands):



Three months ended June 30, 2020	Currency translation adjustments		Defined benefit pension plan			Total
Balance as of April 1,2020	$	19,696	$	(724	)	$	18,972
Foreign currency translation gain/(loss)		6,961		—			6,961
Actuarial gain/(loss), net of tax benefit of $70		—		(165	)		(165	)

Balance as of June 30, 2020	$	26,657	$	(889	)	$	25,768



Three months ended June 30, 2021	Currency translation adjustments			Defined benefit pension plan			Total
Balance as of April 1, 2021	$	25,136		$	(1,047	)	$	24,089
Foreign currency translation gain/(loss)		(114	)		—			(114	)
Actuarial gain/(loss), net of tax expense of $0		—			15			15

Balance as of June 30, 2021	$	25,022		$	(1,032	)	$	23,990



Six months ended June 30, 2020	Currency translation adjustments		Defined benefit pension plan			Total
Balance as of January 1,2020	$	10,131	$	(698	)	$	9,433
Foreign currency translation gain/(loss)		16,526		—			16,526
Actuarial gain/(loss), net of tax expense of $0		—		(191	)		(191	)

Balance as of June 30, 2020	$	26,657	$	(889	)	$	25,768



Six months ended June 30, 2021	Currency translation adjustments		Defined benefit pension plan			Total
Balance as of January 1, 2021	$	23,807	$	(992	)	$	22,815
Foreign currency translation gain/(loss)		1,215		—			1,215
Actuarial gain/(loss), net of tax expense of $(14)		—		(40	)		(40	)

Balance as of June 30, 2021	$	25,022	$	(1,032	)	$	23,990

Changes in accumulated other comprehensive income (AOCI) by component for the years ended December 31, 2020 and 2019 were as follows (in thousands):



	Currency Translation Adjustments		Defined Benefit Pension Plan			Total
Balance at January 1, 2019	$	389	$	(313	)	$	76
Foreign currency translation gain/(loss)		9,742		—			9,742
Actuarial gain/(loss), net of tax		—		(385	)		(385	)
Balance as of December 31, 2019	$	10,131	$	(698	)	$	9,433
Foreign currency translation gain/(loss)		13,676		—			13,676
Actuarial gain/(loss), net of tax		—		(294	)		(294	)
Balance at December 31, 2020	$	23,807	$	(992	)	$	22,815

Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

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 June 30, 2021		As of December 31, 2020
Operating lease right-of-use asset	$	9,329	$	10,864
Accrued rent		857		877

Total operating lease right-of-use asset, net	$	8,472	$	9,987
Short-term operating lease liabilities	$	3,060	$	3,033
Long-term operating lease liabilities	$	6,269	$	7,831

Total operating lease liabilities	$	9,329	$	10,864

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



	Six months ended June 30, 2021		Six months ended June 30, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,654	$	1,573

Supplemental balance sheet and cash flow information related to operating leases is as follows:



	December 31, 2020		December 31, 2019
Operating lease right-of-use asset	$	10,864	$	13,219
Accrued rent		877		835

Total operating lease right-of-use asset, net	$	9,987	$	12,384
Short-term operating lease liabilities	$	3,033	$	2,795
Long-term operating lease liabilities		7,831		10,424

Total operating lease liabilities	$	10,864	$	13,219


Cash paid for amounts included in the measurement of operating lease liabilities	$3.2 million	$2.5 million

Summary of Maturities of Lease Liabilities

Maturities of lease liabilities are as follows (in thousands):



As of December 31, 2020	Seattle Lease		Seoul Lease (Related Party)
2021	$	1,938	$	1,443
2022		1,987		1,471
2023		2,037		1,267
2024		1,732		—
2025		—		—


Thereafter		—			—
Less: Imputed Interest		(683	)		(328	)
Total	$	7,011		$	3,853

Related party transactions (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of Expenses Charged by Our Parent

The following is a summary of expenses charged by our parent, DUG (in thousands):



	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020		Financial Line Item
Royalty Expense	$	1,028	$	943	$	2,162	$	1,418	Cost of Revenue
Interest Expense		513		920		1,022		1,881	Interest Expense
Rent Expense		356		733		712		1,104	General and administrative expense
Other Expense		64		8		99		12	General and administrative expense

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



	Years ended December 31,				Statement of Income and Comprehensive Income Line Item
	2020		2019
Royalty expense (see Note 11)	$	3,015	$	4,597	Cost of revenue
Interest expense (see Note 4)		3,106		3,778	Interest expense
Rent expense (see Note 10)		1,461		1,378	General and administrative expense
Other expense		155		131	General and administrative expense

Summary of Amounts Due to our Parent

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



	At June 30,		At December 31,
	2021		2020		Financial statement line item
4.6% Senior Note due related party	$	44,248	$	45,956	Long-term borrowings with related party
Royalties and other		3,601		3,631	Accounts payable and accrued expenses
Short-term lease liability		1,360		1,399	Short-term operating lease liabilities
Accrued interest on related party note		5,745		4,918	Other non-current liabilities
Long-term lease liability		1,749		2,454	Long-term operating lease liabilities

Amounts due to our parent, DoubleU Games, are as follows (in thousands):



	At December 31,				Statement of Consolidated Balance Sheet Line Item
	2020		2019		Statement of Consolidated Balance Sheet Line Item
4.6% Senior Notes with related party	$	45,956	$	86,371	Long-term borrowing with related party
Royalties and other expenses		3,631		2,691	Accounts payable and accrued expenses
Short-term lease liability		1,399		1,288	Short-term operating lease liabilities
Accrued interest on 4.6% Senior Note with related party		4,918		5,169	Other non-current liabilities
Long-term lease liability		2,454		3,413	Long-term lease liabilities

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions, ₩ in Billions			6 Months Ended	12 Months Ended
	Feb. 25, 2020 KRW (₩)	Feb. 25, 2020 USD ($)	Jun. 30, 2021 Segment	Dec. 31, 2020 Segment	Dec. 31, 2017 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination consideration transferred \| $					$ 825.0
Number of operating segments \| Segment			1	1
Double8 Games Co., Ltd.[Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination consideration transferred	₩ 2.3	$ 1.9
DoubleU Games Co., Ltd.[Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity interest percentage			67.70%	67.70%
STIC Special Situation Private Equity Fund [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage			32.30%	32.30%

Basis of presentation and Summary of Significant accounting Policies - Summary of Percentage of Revenues (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue Concentration \| Apple
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	50.50%	49.90%	50.90%	49.90%	50.80%	48.10%
Revenue Concentration \| Facebook
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	26.40%	27.60%	26.60%	28.20%	27.30%	31.20%
Revenue Concentration \| Google
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	19.60%	19.80%	19.30%	19.00%	18.90%	17.20%
Accounts Receivable Concentration \| Apple
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage			68.80%		54.10%	53.60%
Accounts Receivable Concentration \| Facebook
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage			17.20%		25.90%	28.00%
Accounts Receivable Concentration \| Google
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage			12.70%		18.00%	16.80%

Significant Accounting Policies - Additional Information (Detail) ₩ / shares in Units, $ / shares in Units, ₩ in Billions		1 Months Ended	6 Months Ended	12 Months Ended
	May 15, 2020 shares	May 31, 2017 KRW (₩) ₩ / shares shares	Jun. 30, 2021 Segment	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	May 31, 2017 USD ($) $ / shares
Summary Of Significant Accounting Policies [Line Items]
Impairment of indefinite-lived intangible assets				$ 0
Impairment of goodwill				0
Defined benefit plan, benefit obligation				2,792,000	$ 1,882,000	$ 1,245,000
Defined contribution expense				467,000	394,000
Deferred offering costs					1,300,000
Advertising Expense				$ 61,800,000	28,500,000
Number of operating segments \| Segment			1	1
2.5% Convertible bonds due 2024 [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt instrument face amount		₩ 210					$ 193,000,000
Debt instrument, interest rate, stated percentage		2.50%					2.50%
Debt conversion shares issued \| shares	715,258
2.5% Non convertible bonds due 2024 [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt instrument face amount		₩ 90					$ 83,000,000
Debt instrument, interest rate, stated percentage		2.50%					2.50%
Debt conversion shares issued \| shares	306,539	306,540
Debt conversion shares issued price per share \| (per share)		₩ 293,600					$ 270
Other net [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferred offering costs				$ 5,400,000
Employee contributions percentage one [Member]
Summary Of Significant Accounting Policies [Line Items]
Defined contribution plan matching contribution percent				1.00%
Employee contributions percentage two [Member]
Summary Of Significant Accounting Policies [Line Items]
Defined contribution plan matching contribution percent				5.00%
On the one percentage of employee contributions [Member]
Summary Of Significant Accounting Policies [Line Items]
Defined contribution plan matching contribution percent of match				100.00%
On the next five percentage of employee contributions [Member]
Summary Of Significant Accounting Policies [Line Items]
Defined contribution plan matching contribution percent of match				50.00%
Other non-current liabilities [Member]
Summary Of Significant Accounting Policies [Line Items]
Defined benefit plan, benefit obligation				$ 2,800,000	$ 1,900,000

Revenue from Contract with Customers - Summary of disaggregation of revenue (Detail) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2021

Jun. 30, 2020

Jun. 30, 2021

Jun. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

$ 93,228

$ 99,078

$ 189,895

$ 175,139

$ 358,342

$ 273,610

80,432

^[1]

93,177

^[1]

164,094

^[1]

164,236

^[1]

309,211

^[2]

237,712

^[2]

International

12,796

5,901

25,801

10,903

49,131

35,898

Mobile

67,317

71,026

137,321

124,185

257,405

184,755

Web

$ 25,911

$ 28,052

$ 52,574

$ 50,954

$ 100,937

$ 88,855

[1]	Geographic location is presented as being derived from the U.S. when data is not available.
[2]	Geographic location is presented as being derived from the U.S. when data is not available

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Contract With Customer Asset And Liability [Line Items]

Revenue from Contract With Customers - Summary of Contract Assets and Contract Liabilities (Detail) - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Dec. 31, 2019

Contract liabilities

$ 1,894

$ 2,393

$ 1,804

Prepaid expenses and other assets

Contract With Customer Asset And Liability [Line Items]

Contract assets

^[1]

$ 562

$ 718

$ 541

[1]	Contract assets are included within prepaid expenses and other current assets in our condensed consolidated balance sheets.

Significant Accounting Policies - Summary of Projected Benefit Obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation at beginning of year	$ 1,882	$ 1,245
Service cost	738	504
Interest cost	30	26
Actuarial (gain)/loss	492	499
Benefits paid	(400)	(159)
Other	(273)	(190)
Foreign currency translation adjustment	323	(43)
Projected benefit obligation at end of year	$ 2,792	$ 1,882

Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 182,315	$ 182,315	$ 182,309
Accumulated Amortization	(124,207)	(110,951)	(79,612)
Net Amount	$ 58,108	$ 71,364	102,697
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Lives	indefinite	indefinite
Gross Amount	$ 50,000	$ 50,000	50,000
Net Amount	$ 50,000	$ 50,000	50,000
Customer relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Lives	4 years	4 years
Gross Amount	$ 75,000	$ 75,000	75,000
Accumulated Amortization	$ (75,000)	(67,187)	(48,437)
Net Amount		$ 7,813	26,563
Purchased technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Lives	5 years	5 years
Gross Amount	$ 45,423	$ 45,423	45,423
Accumulated Amortization	(37,480)	(33,149)	(24,487)
Net Amount	$ 7,943	$ 12,274	20,936
Development costs [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Lives	3 years	3 years
Gross Amount	$ 9,486	$ 9,486	9,486
Accumulated Amortization	(9,336)	(8,434)	(5,096)
Net Amount	$ 150	$ 1,052	4,390
Software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Lives	4 years	4 years
Gross Amount	$ 2,406	$ 2,406	2,400
Accumulated Amortization	(2,391)	(2,181)	(1,592)
Net Amount	$ 15	$ 225	$ 808

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Amortization of Intangible Assets		$ 5.8	$ 7.9	$ 13.2	$ 15.8	$ 31.3	$ 33.1
Maximum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	5 years
Amortization of Intangible Assets	$ 2.8
Minimum [Member]
Indefinite-lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life							3 years

Goodwill and Intangible Assets - Summary of Estimated Amortization Expense (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	$ 17,735
2022	3,629
2023	0
2024	0
2025	$ 0

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 44,248	$ 45,956	$ 377,052
Less: Short-term debt			(34,548)
Total Long-term debt	44,248	45,956	342,504
3.5% senior notes due in 2020 [Member]
Debt Instrument [Line Items]
Short Term Debt			34,548
4.6% senior notes due to related parties in 2024 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 44,248	$ 45,956	86,371
2.5% Convertible bonds due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt			193,643
2.5% Non convertible bonds due 2024 [Member]
Debt Instrument [Line Items]
Long-term debt			$ 62,490

Debt - Additional Information (Detail) ₩ / shares in Units, $ / shares in Units, $ in Thousands, ₩ in Billions				1 Months Ended								2 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	May 15, 2020 KRW (₩) shares	May 15, 2020 USD ($) shares	Aug. 01, 2019	Sep. 30, 2020 KRW (₩)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 KRW (₩)	Jun. 30, 2020 USD ($)	Aug. 31, 2019 KRW (₩)	Aug. 31, 2019 USD ($)	May 31, 2019 KRW (₩)	May 31, 2019 USD ($)	Jun. 30, 2020 USD ($) shares	Jun. 30, 2021	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2017 KRW (₩) ₩ / shares shares	Dec. 31, 2020 ₩ / shares	Jan. 01, 2020 KRW (₩)	Jan. 01, 2020 USD ($)	May 31, 2019 USD ($)	Dec. 31, 2017 USD ($) $ / shares shares	May 31, 2017 KRW (₩) ₩ / shares shares	May 31, 2017 USD ($) shares
Debt Instrument [Line Items]
Repayment of related party debt															$ 16,569	$ 42,371
Debt instrument converted into equity amount stock value														$ 187,095	187,095	$ 187,095
Stic [Member]
Debt Instrument [Line Items]
Internal rate of return percentage																	8.00%
Percentage of shares issuable in initial public offer																	50.00%					50.00%
2.5% Convertible bonds due 2024 [Member] \| Stic [Member]
Debt Instrument [Line Items]
Debt instrument face amount																	₩ 210.0					$ 186,000
Convertible bonds long term rate of interest																	2.50%					2.50%
Debt instrument year of maturity																	2024
Debt instrument conversion price per share \| ₩ / shares																	₩ 293,600	₩ 293,600
Debt instrument number of shares issuable on conversion																	715,258
Debt instrument shares issued on conversion \| shares												715,258
Coupon interest payable							$ 900					$ 900		900	900
Coupon yield to maturity return							4,500					$ 4,500		$ 4,500	$ 4,500
Debt instrument converted into equity amount	₩ 229.7	$ 187,100
Debt instrument converted into equity amount stock value	7.2	5,800
Debt instrument converted into equity amount recorded in additional paid in capital	222.5	181,300
2.5% Convertible bonds due 2024 [Member] \| Stic [Member] \| Previously Reported [Member]
Debt Instrument [Line Items]
Debt instrument face amount																						$ 193,000
2.5% Non convertible bonds due 2024 [Member] \| Stic [Member]
Debt Instrument [Line Items]
Debt instrument face amount																	₩ 90.0					$ 80,000	₩ 90.0	$ 83,000
Convertible bonds long term rate of interest																	2.50%					2.50%
Debt instrument year of maturity																	2024
Class of warrants or rights number of shares covered by the warrants or rights \| shares																	306,540					306,540	306,539	306,539
Class of warrants or rights conversion price per share \| (per share)																	₩ 293,600					$ 270	₩ 293,600
Long term debt instrument maturity date																	May 26, 2024					May 26, 2024
Coupon interest payable quarterly percentage																5.00%	0.625%
Coupon yield to maturity return percentage																5.00%
Long term debt default rate of interest																9.00%
Debt instrument converted into equity amount	79.0	64,400
Debt instrument converted into equity amount stock value	3.1	2,500
Debt instrument converted into equity amount recorded in additional paid in capital	₩ 75.9	$ 61,900
Class of warrants of rights the date from which the rights are excercisable																May 25, 2018
Class of warrants or rights maturity date																		Apr. 26, 2024
Stock shares issued during the period warrant excercises \| shares	306,539	306,539
Payment of accrued coupon interest		$ 300
Forefeiture of unpaid yield to maturity interest		$ 1,900
2.5% Non convertible bonds due 2024 [Member] \| Stic [Member] \| Possible Premature Redemption [Member]
Debt Instrument [Line Items]
Long term debt instrument maturity date																	May 26, 2022					May 26, 2022
2.5% Non convertible bonds due 2024 [Member] \| Stic [Member] \| Previously Reported [Member]
Debt Instrument [Line Items]
Debt instrument face amount																						$ 83,000
Class of warrants or rights number of shares covered by the warrants or rights \| shares																	306,539					306,539
4.3% senior note [Member]
Debt Instrument [Line Items]
Convertible bonds long term rate of interest										4.30%											4.30%
Proceeds from senior notes										₩ 20.0	$ 18,000
3.5% senior notes due in 2020 [Member]
Debt Instrument [Line Items]
Debt instrument face amount										₩ 80.0											$ 74,000
Convertible bonds long term rate of interest										3.50%											3.50%
Debt instrument year of maturity			2020
Debt instrument periodic payment principal								₩ 20.0	$ 18,000
Debt instrument terms of interest payment			Quarterly interest
4.6% senior notes due to related parties in 2024 [Member]
Debt Instrument [Line Items]
Debt instrument face amount																			₩ 100.0	$ 92,000
Related party transaction rate of interest													4.60%			4.60%
Long term debt instrument maturity date																			May 27, 2024	May 27, 2024
4.6% senior notes due to related parties in 2024 [Member] \| Principal [Member]
Debt Instrument [Line Items]
Repayment of related party debt				₩ 20.0	$ 18,000	₩ 30.0	28,000
4.6% senior notes due to related parties in 2024 [Member] \| Interest [Member]
Debt Instrument [Line Items]
Repayment of related party debt				₩ 1.2	$ 1,000	₩ 3.1	$ 2,600

Debt - Summary of Maturities of Short and Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 44,248	$ 45,956	$ 377,052
2024		45,956
4.6% senior notes due to related parties in 2024 [Member]
Debt Instrument [Line Items]
Total	$ 44,248	45,956	$ 86,371
2024		$ 45,956

Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Convertible debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			2.50%
Convertible debt [Member] \| Convertibles and bonds with warrants attached [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			2.50%
Non-convertible debt [Member] \| Convertibles and bonds with warrants attached [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			2.50%
Fair value, inputs, level 1 [Member] \| Money Market Fund and Korean Market Government Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash Equivalents, at Carrying Value	$ 101.0	$ 61.1	$ 25.7
Fair value, inputs, level 3 [Member] \| Convertible debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			2.50%
Convertible Debt, Fair Value Disclosures			$ 325.0
Fair value, inputs, level 3 [Member] \| Non-convertible debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, interest rate, stated percentage			2.50%
Convertible Debt, Fair Value Disclosures			$ 133.5

Income Taxes - Summary of Income (Loss) Before Income Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Income loss Before Income Tax [Line Items]
US					$ 89,416	$ 62,706
Korea					(14,199)	(12,839)
Income before income tax	$ 21,259	$ 24,135	$ 47,366	$ 40,623	$ 75,217	$ 49,867

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Summary of the Detail of Income Tax Expense for the Periods (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Current:
US					$ 15,244	$ 8,469
Korea					1,928	2,367
Total Current Taxes					17,172	10,836
Deferred:
US					5,105	5,278
Korea					(683)	(2,572)
Total Deferred Taxes			$ 522	$ 2,699	4,422	2,706
Total Income Tax Expense	$ 2,837	$ 7,143	$ 9,528	$ 10,771	$ 21,594	$ 13,542

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Reconciliation of the Statutory Rate and Our Effective Tax Rate for the Periods (Detail)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory Tax Rate			20.00%	20.00%
Foreign Jurisdiction Rate Differential			3.80%	3.40%
Non-deductible interest			1.50%
Withholding Taxes			2.30%	4.60%
Tax Credits			(3.50%)	(7.30%)
Valuation Allowance			5.00%	7.60%
Other			(0.50%)	(1.10%)
Total Tax Rate	13.30%	20.10%	28.60%	27.20%

Income Taxes - Summary of Deferred Tax Assets and Liabilities as of the Dates (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
Net Operating Loss Carryforward	$ 8,206	$ 6,173
Tax Credit Carryforward	9,529	6,286
Accruals and Reserves	1,762	976
Intangibles	14,158	9,476
Lease liability	2,565	2,736
Deferred tax assets	36,220	25,647
Less: valuation allowance	(17,936)	(12,921)
Net deferred tax assets	18,284	12,726
Deferred tax liabilities
Goodwill	(35,096)	(25,015)
Accrued Interest		(8,531)
Right-of-use-asset	(2,424)	(2,561)
Other	(359)	(627)
Deferred tax liabilities	(37,879)	(36,734)
Net deferred tax assets /(liabilities)	$ (19,595)	$ (24,008)

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets net	$ 3,241	$ 3,241	$ 560
Tax credit carryforward, amount			$ 34,400	$ 28,100
Tax credit carryforward expiration period			2026 years
Effective tax rate	13.30%	20.10%	28.60%	27.20%
Valuation allowance			$ 17,936	$ 12,921
Foreign tax authority [Member]
Tax credit carryforward, amount			$ 8,800	$ 6,300
Tax credit carryforward expiration period			2022 years
Effective tax rate	20.00%	20.00%
Valuation allowance	$ 2,700	$ 2,700
Maximum [Member]
Percentage of valuation allowance against deferred tax asset			50.00%	50.00%

Shareholders' Equity - Additional Information (Detail) - ₩ / shares	Dec. 31, 2020	Dec. 31, 2019
Common stock, shares authorized	200,000,000	200,000,000
Common stock, par or stated value per share	₩ 10,000	₩ 10,000

Net Income Per Share - Summary of the Calculation of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net income applicable to common shareholders-basic	$ 18,422	$ 16,992	$ 37,838	$ 29,852	$ 53,623	$ 36,325
Dilutive effect of assumed conversion of convertible debt		873		2,687	2,687	7,311
Net income applicable to common shareholders - diluted	$ 18,422	$ 17,865	$ 37,838	$ 32,539	$ 56,310	$ 43,636
Denominator
Weighted average common shares outstanding - basic	2,214,522	1,598,923	2,214,522	1,395,824	1,807,410	1,192,725
Dilutive effect of assumed conversion of convertible debt		471,338		593,298	295,028	715,258
Dilutive effect of assumed conversion of warrants		70,454		96,297	46,676	87,148
Weighted average common shares outstanding - diluted	2,214,522	2,140,715	2,214,522	2,085,419	2,149,114	1,995,131
Basic net income per share	$ 8.32	$ 10.63	$ 17.09	$ 21.39	$ 29.67	$ 30.46
Diluted net income per share	$ 8.32	$ 8.34	$ 17.09	$ 15.60	$ 26.20	$ 21.87

Accumulated Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 24,089	$ 18,972	$ 22,815	$ 9,433	$ 9,433	$ 76
Foreign currency translation gain/(loss)	(114)	6,961	1,215	16,526	13,676	9,742
Actuarial gain/(loss), net of tax	15	(165)	(40)	(191)	(294)	(385)
Ending balance	23,990	25,768	23,990	25,768	22,815	9,433
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	25,136	19,696	23,807	10,131	10,131	389
Foreign currency translation gain/(loss)	(114)	6,961	1,215	16,526	13,676	9,742
Ending balance	25,022	26,657	25,022	26,657	23,807	10,131
Defined Benefit Pension Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,047)	(724)	(992)	(698)	(698)	(313)
Actuarial gain/(loss), net of tax	15	(165)	(40)	(191)	(294)	(385)
Ending balance	$ (1,032)	$ (889)	$ (1,032)	$ (889)	$ (992)	$ (698)