0001193125-23-206197 | 6-K | XBRL Viewer | Doubledown Interactive Co LTD

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

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).

+ References

+ Details

Net Income Per Share	6 Months Ended
Net Income Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income Per Share	Note 8: Net income per share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net income per share is computed by dividing net income by the weighted-average number of common shares and dilutive common share equivalents outstanding for the period determined using the treasury-stock and if-converted methods. There were no potentially dilutive securities outstanding in either period presented.

Description of Business

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of business

Note 1: Description of business

Background and nature of operations

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

12.7

%). In 2017, DDI acquired DoubleDown Interactive, LLC

(“DDI-US”)

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

DDI-US,

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

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

all-in-one

game experience concept. We host

DoubleDown Casino, DoubleDown Classic, DoubleDown Fort Knox and Undead World

within various formats.

Initial Public Offering

On September 2, 2021, DoubleDown Interactive Co., Ltd. filed its initial public offering (the “Offering”) of 6,316,000 American Depositary Shares (the “ADSs”), each representing 0.05 common share, with par value of

10,000 per share, of the Company, at a price to the public of $18.00 per ADS, before underwriting discounts and commissions. The number of ADSs sold by the Company was 5,263,000, and the number of ADSs sold by STIC Special Situation Diamond Limited, the selling shareholder in the Offering (the “Selling Shareholder”), was 1,053,000. The net proceeds to us from this offering was approximately $86.5 million, after deducting the underwriting discounts and commissions and the offering expenses in the aggregate of approximately $8.7 million.

Prior to this offering, there has been no public market for our common shares or ADSs. Our ADSs trade on the NASDAQ Stock Market (“NASDAQ”) under the symbol “DDI.”

Capital Reserve Reallocation

On August

, 2022, the shareholders approved the reduction of the Company’s capital reserve in the amount of

70,000,000,000

pursuant to Article

461-2

of the Korean Commercial Code at an Extraordinary General Meeting of Shareholders.

On December 28, 2022, the shareholders approved the reduction of the Company’s capital reserve in the amount of

330,000,000,000

pursuant to Article

461-2

of the Korean Commercial Code at an Extraordinary General Meeting of Shareholders.

Basis of preparation and consolidation

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 year ended December 31, 2022.

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

Use of estimates

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

Functional currency and translation of financial statements

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

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

non-monetary

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

Cash and cash equivalents

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

Financial instruments and concentration of credit risk

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

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

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


	Revenue Concentration
	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Apple		55.4	%		54.5	%		55.3	%		54.3	%
Facebook		16.9	%		24.2	%		17.7	%		24.2	%
Google		18.9	%		18.6	%		18.8	%		18.7	%

	Accounts Receivable Concentration
	As of June 30,			As of December 31,
	2023			2022
Apple		65.5	%		55.8	%
Facebook		10.5	%		20.4	%
Google		12.0	%		17.7	%

Leases - Summary of Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use asset	$ 3,021		$ 4,675
Accrued rent	648		817
Total operating lease right-of-use asset, net	2,373		3,858
Short-term operating lease liabilities	2,356		3,050
Long-term operating lease liabilities	665		1,625
Total operating lease liabilities	3,021		$ 4,675
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,715	$ 1,604

Revenue from Contracts with Customers - Summary of Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Contract With Customer Asset And Liability [Line Items]

Contract liabilities

$ 2,207

$ 2,426

Prepaid expenses and other assets

Contract With Customer Asset And Liability [Line Items]

Contract assets

^[1]

$ 662

$ 728

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

Debt - Additional Information (Details) - 4.6% senior notes due to related parties in 2024 [Member] $ in Millions, ₩ in Billions	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 KRW (₩)
Debt Instrument [Line Items]
Related party transaction rate of interest	4.60%
Long term debt instrument maturity date	May 27, 2024	May 27, 2024
Stic [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 76	₩ 100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2023

Statement of Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

Note 10: Accumulated other comprehensive income

Changes in accumulated other comprehensive income (AOCI) by component for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):


Three months ended June 30, 2023	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at April 1, 2023	$	19,611		$	(1,589	)	$	18,022
Foreign currency translation loss, net of tax		(166	)		—			(166	)
Actuarial gain/(loss), net of tax		—			49			49

Balance as of June 30, 2023	$	19,445		$	(1,540	)	$	17,905


Three months ended June 30, 2022	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at April 1, 2022	$	22,865		$	(1,804	)	$	21,061
Foreign currency translation loss, net of tax		(3,526	)		—			(3,526	)
Actuarial gain/(loss), net of tax		—			239			239

Balance as of March 31, 2022	$	19,339		$	(1,565	)	$	17,774


Six months ended June 30, 2023	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at January 1, 2023	$	20,792		$	(1,432	)	$	19,360
Foreign currency translation loss, net of tax		(1,347	)		—			(1,347	)
Actuarial gain/(loss), net of tax		—			(108	)		(108	)

Balance as of June 30, 2023	$	19,445		$	(1,540	)	$	17,905


Six months ended June 30, 2022	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at January 1, 2022	$	24,311		$	(1,278	)	$	23,033
Foreign currency translation loss, net of tax		(4,972	)		—			(4,972	)
Actuarial gain/(loss), net of tax		—			(287	)		(287	)

Balance as of June 30, 2022	$	19,339		$	(1,565	)	$	17,774

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

Description of Business (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of percentage of revenues

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


	Revenue Concentration
	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Apple		55.4	%		54.5	%		55.3	%		54.3	%
Facebook		16.9	%		24.2	%		17.7	%		24.2	%
Google		18.9	%		18.6	%		18.8	%		18.7	%

	Accounts Receivable Concentration
	As of June 30,			As of December 31,
	2023			2022
Apple		65.5	%		55.8	%
Facebook		10.5	%		20.4	%
Google		12.0	%		17.7	%

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 5: Debt

The components of debt at June 30, 2023 and December 31, 2022 are as follows (in thousands):


	As of June 30, 2023		As of December 31, 2022
4.60% Senior Notes due to related party due 2024	$	38,087	$	39,454

Total debt		38,087		39,454
Less: Short-term debt		38,087		—

Total Long-term debt	$	—	$	39,454

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$76 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

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Related Party Transactions - Summary of Amounts Due to our Parent (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of related Party transactions due to our parent [Line Items]
Short-term lease liability	$ 2,356	$ 3,050
Long-term lease liability	665	1,625
Short-term operating lease liabilities [Member]
Schedule of related Party transactions due to our parent [Line Items]
Short-term lease liability	$ 348	1,066
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Short-term lease liability
Long-term lease liabilities [Member]
Schedule of related Party transactions due to our parent [Line Items]
Long-term lease liability	$ 0	0
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term lease liability
Short-Term borrowing with related party [Member] \| Related Party [Member]
Schedule of related Party transactions due to our parent [Line Items]
4.6% Senior Notes with related party	$ 38,087	0
Long-Term borrowing with related party [Member] \| Related Party [Member]
Schedule of related Party transactions due to our parent [Line Items]
4.6% Senior Notes with related party	0	39,454
A/P and accrued expenses [Member]
Schedule of related Party transactions due to our parent [Line Items]
Royalties and other expenses	201	315
Other non-current liabilities [Member]
Schedule of related Party transactions due to our parent [Line Items]
Accrued interest on 4.6% Senior Notes with related party	$ 8,449	$ 7,852

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Note 4: Goodwill and intangible assets

There were no changes to the carrying amount of goodwill in the three months and six months ended June 30, 2023. We recognized an aggregate $269.9 million impairment of goodwill and intangibles in 2022. Changes in the carrying amount of intangible assets were as follows (in thousands):


			June 30, 2023										December 31, 2022
	Useful life		Gross amount		Accumulated amortization			Impairment			Net amount		Gross amount		Accumulated amortization			Impairment			Net amount
Goodwill		indefinite	$	633,965	$	—		$	(254,893	)	$	379,072	$	633,965	$	—		$	(254,893	)	$	379,072
Trademarks		indefinite		50,000		—			(15,000	)		35,000		50,000		—			(15,000	)		35,000
Customer relationships		4 years		75,000		(75,000	)		—			—		75,000		(75,000	)		—			—
Purchased technology		5 years		45,423		(45,423	)		—			—		45,423		(45,423	)		—			—
Development costs		3 years		9,486		(9,486	)		—			—		9,486		(9,486	)		—			—
Software		4 years		2,467		(2,418	)		—			49		2,462		(2,411	)		—			51

Total			$	816,340	$	(132,327	)	$	(269,893	)	$	414,121	$	816,336	$	(132,320	)	$	(269,893	)	$	414,123

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization Expense	$	4.2	$	1,378	$	8.2	$	3,620

Description of Business - Additional Information (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Dec. 28, 2022 KRW (₩)	Aug. 26, 2022 KRW (₩)	Sep. 02, 2021 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2023 shares	Dec. 31, 2022 shares	Sep. 02, 2021 KRW (₩) shares	Sep. 02, 2021 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business combination consideration transferred \| $				$ 825.0
Common stock, shares Issued					2,477,672	2,477,672
Sale Of American Depositary Shares							5,263,000
Reduction of capital reserve \| ₩	₩ 330,000,000,000,000	₩ 70,000,000,000,000
American Depositary Shares [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Entity listing depository receipt ratio							0.05
Common Stock, Value, Outstanding \| ₩							₩ 10,000
IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from issuance initial public offering \| $			$ 86.5
Payments for underwriting expense \| $			$ 8.7
IPO [Member] \| American Depositary Shares [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, shares Issued							6,316,000
Sale of Stock, Price Per Share \| $ / shares								$ 18
DoubleU Games Co., Ltd.[Member] \| Equity Investee [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity interest percentage					67.10%
STIC Special Situation Private Equity Fund [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage					32.90%
Sale Of American Depositary Shares							1,053,000
International Gaming Technologies [Member] \| IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage					12.70%
Stic [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Minority interest ownership percentage					20.20%

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 2: Revenue from Contracts with Customers

Our social and mobile apps operate on a

free-to-play

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

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

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

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

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

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

non-refundable

for a

one-month

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

Disaggregation of revenue

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

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Mobile	$	62,468	$	60,753	$	125,798	$	124,883
Web		12,719		19,817		26,985		41,173

Total	$	75,187	$	80,570	$	152,783	$	166,056

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
U.S. (1)	$	65,629	$	70,661	$	133,831	$	144,349
International		9,558		9,909		18,952		21,707

Total	$	75,187	$	80,570	$	152,783	$	166,056

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

Principal-agent considerations

Our revenue contracts are with game players who are our customers. We have exclusive control over all content, pricing, and overall functionality of games accessed by players. Our games are played on various third-party platforms for which the platform providers collect proceeds from our customers and remit us an amount after deducting a fee for processing and other agency services. We record

revenue at the gross amount charged to our customers and classify fees paid to platform providers (such as Apple, Facebook, and Google) within cost of revenue, contract assets, contract liabilities and other disclosures.

Contract assets, contract liabilities and other disclosures

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

non-refundable

and relate to

non-cancellable

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

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


	As of June 30, 2023		As of December 31, 2022
Contract assets (1)	$	662	$	728
Contract liabilities		2,207		2,426

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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from (used in) operating activities:
Net income (loss)	$ 48,029	$ (15,562)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	103	3,706
Gain on foreign currency remeasurement	(388)	(7,415)
Loss on short-term investments	70	5,806
Deferred taxes	13,655	(11,988)
Working capital adjustments:
Accounts receivable	(5,656)	493
Prepaid expenses, other current and non-current assets	1,528	(844)
Accounts payable, accrued expenses and other payables	(601)	904
Contract liabilities	(219)	(634)
Income tax payable	5	0
Other current and non-current liabilities	(94,121)	75,046
Net cash flows from (used in) operating activities	(37,595)	49,512
Cash flow from (used in) investing activities:
Purchases of intangible assets	0	(3)
Purchases of property and equipment	(118)	(99)
Disposals of property and equipment	0	6
Purchases of short-term investments	(61,325)	(235,391)
Sales of short-term investments	66,440	141,001
Net cash flows from (used in) investing activities	4,997	(94,486)
Cash flow from (used in) financing activities:
Net cash flows from (used in) financing activities:	0	0
Net foreign exchange difference on cash and cash equivalents	(283)	(4,178)
Net decrease in cash and cash equivalents	(32,881)	(49,152)
Cash and cash equivalents at beginning of period	217,352	242,060
Cash and cash equivalents at end of period	184,471	192,908
Noncash financing activity:
Interest	0	0
Income taxes	$ 299	$ 9,334

Related party transactions

6 Months Ended

Jun. 30, 2023

Related party transactions

Note 12: Related party transactions

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

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


	Three months ended June 30,				Six months ended June 30,				Statement of Income and Comprehensive Income Line Item
	2023		2022		2023		2022		Statement of Income and Comprehensive Income Line Item
Royalty expense (see Note 11)	$	698	$	852	$	1,450	$	1,690	Cost of revenue
Interest expense (see Note 5)		436		454		881		925	Interest expense
Rent expense (see Note 9)		307		320		624		655	General and administrative expense
Other expense		38		60		135		114	General and administrative expense

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


	At June 30,		At December 31,		Statement of Consolidated Balance Sheet Line Item
	2023		2022		Statement of Consolidated Balance Sheet Line Item
4.6% Senior Notes with related party	$	38,087	$	—	Short-Term borrowing with related party
4.6% Senior Notes with related party		—	$	39,454	Long-Term borrowing with related party
Royalties and other expenses		201		315	A/P and accrued expenses
Short-term lease liability		348		1,066	Short-term operating lease liabilities
Accrued interest on 4.6% Senior Notes with related party		8,449		7,852	Other non-current liabilities
Long-term lease liability		—		—	Long-term lease liabilities

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Net Income Per Share - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Earnings Per Share [Abstract]
Dilutive securities	$ 0

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2023

Disaggregation of Revenue [Abstract]

Summary of disaggregation of revenue

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Mobile	$	62,468	$	60,753	$	125,798	$	124,883
Web		12,719		19,817		26,985		41,173

Total	$	75,187	$	80,570	$	152,783	$	166,056

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
U.S. (1)	$	65,629	$	70,661	$	133,831	$	144,349
International		9,558		9,909		18,952		21,707

Total	$	75,187	$	80,570	$	152,783	$	166,056

(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, 2023		As of December 31, 2022
Contract assets (1)	$	662	$	728
Contract liabilities		2,207		2,426

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

Fair value measurements	6 Months Ended
Fair value measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair value measurements	Note 6: Fair value measurements The carrying values of our accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities and short-term borrowings approximate their fair values due to the short-term nature of these instruments. Our cash equivalents (Level 1 of fair value hierarchy) consist of money market funds and Korean government bonds totaling $184.5 million, and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $60.7 million as of June 30, 2023. As of December 31, 2022, our cash equivalents (Level 1 of fair value hierarchy) consisted of money market funds and Korean government bonds totaling $217.4 million, and short-term investments (Level 2 of fair value hierarchy) comprised of fixed time or certificates of deposit with maturity periods greater than 90 days totaling $67.9 million. We rely on credit market data to track interest rates for other entities with similar risk profiles. We record all debt at inception at fair value. We perform subsequent analysis on available data to evaluate the fair value of our borrowing as of the balance sheet date. We rely on credit market data to track interest rates for other entities with similar risk profiles. As of June 30, 2023, we believe the fair value of our senior notes (a Level 3 estimate) would be $1.5 million lower than face value due to the overall increase in interest rates during the past year. We do not believe the difference between carrying value and fair value has changed materially due to foreign exchange exposure or our credit worthiness.

Condensed Consolidated Balance Sheets (Parenthetical) - ₩ / shares	Jun. 30, 2023	Dec. 31, 2022
Common Stock, Par or Stated Value Per Share	₩ 10,000	₩ 10,000
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	2,477,672	2,477,672
Common Stock, Shares, Outstanding	2,477,672	2,477,672

Leases - Additional Information (Details) - ft² ft² in Thousands		6 Months Ended
	Oct. 01, 2019	Jun. 30, 2023	Jul. 01, 2012
Seattle [Member]
Area of Land			49,375
Lessee Operating Lease Expired Term	2024-10
Gangnamgu [Member]
Area of Land		21,218
Lessee Operating Sub Lease Expired Term		2023-09

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets


			June 30, 2023										December 31, 2022
	Useful life		Gross amount		Accumulated amortization			Impairment			Net amount		Gross amount		Accumulated amortization			Impairment			Net amount
Goodwill		indefinite	$	633,965	$	—		$	(254,893	)	$	379,072	$	633,965	$	—		$	(254,893	)	$	379,072
Trademarks		indefinite		50,000		—			(15,000	)		35,000		50,000		—			(15,000	)		35,000
Customer relationships		4 years		75,000		(75,000	)		—			—		75,000		(75,000	)		—			—
Purchased technology		5 years		45,423		(45,423	)		—			—		45,423		(45,423	)		—			—
Development costs		3 years		9,486		(9,486	)		—			—		9,486		(9,486	)		—			—
Software		4 years		2,467		(2,418	)		—			49		2,462		(2,411	)		—			51

Total			$	816,340	$	(132,327	)	$	(269,893	)	$	414,121	$	816,336	$	(132,320	)	$	(269,893	)	$	414,123

Summary of reflects amortization expenses

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Amortization Expense	$	4.2	$	1,378	$	8.2	$	3,620

Defined Benefit Pension Plan - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Pension Plan [Abstract]
Defined Benefit Plan, Funded (Unfunded) Status of Plan	$ 4.1	$ 4.0

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Short-term investments	$ 60,664	$ 67,891
Fixed time or certificates of deposit maturity	90 days	90 days
Fair value, inputs, level 3 [Member] \| Senior Notes [Member]
Valuation difference between actual face value of the debt and expected value of the debt using present interest rate	$ 1,500
Money market funds [Member] \| Fair value, inputs, level 1 [Member]
Cash Equivalents, at Carrying Value	184,500	$ 217,400
Money market funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Short-term investments	$ 60,700	$ 67,900

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income tax (expense) benefit	$ 7,561	$ (12,022)	$ 14,320	$ (6,000)
Effective income tax rate reconciliation percentage	23.70%	26.10%	23.00%
Effective income tax rate reconciliation at federal statutory income tax rate			19.00%
Tax valuation allowance relating to foreign currency exchange gain loss			$ 172
Income tax reconciliation valuation difference between federal and state income taxes			$ 241

- Definition

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

+ References + Details

Description of business - Summary of Percentage of Revenues (Details) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue Concentration \| Apple
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	55.40%	54.50%	55.30%	54.30%
Revenue Concentration \| Facebook
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	16.90%	24.20%	17.70%	24.20%
Revenue Concentration \| Google
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	18.90%	18.60%	18.80%	18.70%
Account Receivable Concentration \| Apple
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	65.50%				55.80%
Account Receivable Concentration \| Facebook
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	10.50%				20.40%
Account Receivable Concentration \| Google
Revenue, Major Customer [Line Items]
Concentration Risk, Percentage	12.00%				17.70%

Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2023

Statement of Other Comprehensive Income [Abstract]

Summary of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (AOCI) by component for the three and six months ended June 30, 2023 and 2022 were as follows (in thousands):


Three months ended June 30, 2023	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at April 1, 2023	$	19,611		$	(1,589	)	$	18,022
Foreign currency translation loss, net of tax		(166	)		—			(166	)
Actuarial gain/(loss), net of tax		—			49			49

Balance as of June 30, 2023	$	19,445		$	(1,540	)	$	17,905


Three months ended June 30, 2022	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at April 1, 2022	$	22,865		$	(1,804	)	$	21,061
Foreign currency translation loss, net of tax		(3,526	)		—			(3,526	)
Actuarial gain/(loss), net of tax		—			239			239

Balance as of March 31, 2022	$	19,339		$	(1,565	)	$	17,774


Six months ended June 30, 2023	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at January 1, 2023	$	20,792		$	(1,432	)	$	19,360
Foreign currency translation loss, net of tax		(1,347	)		—			(1,347	)
Actuarial gain/(loss), net of tax		—			(108	)		(108	)

Balance as of June 30, 2023	$	19,445		$	(1,540	)	$	17,905


Six months ended June 30, 2022	Currency Translation Adjustments			Defined Benefit Pension Plan			Total
Balance at January 1, 2022	$	24,311		$	(1,278	)	$	23,033
Foreign currency translation loss, net of tax		(4,972	)		—			(4,972	)
Actuarial gain/(loss), net of tax		—			(287	)		(287	)

Balance as of June 30, 2022	$	19,339		$	(1,565	)	$	17,774

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Impairment of goodwill and intangibles	$ 0.0	$ 0.0	$ 269.9

Condensed Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Income Statement [Abstract]

Revenue

$ 75,187

$ 80,570

$ 152,783

$ 166,056

Operating expenses:

Cost of revenue

^[1]

24,905

27,497

50,624

56,345

Sales and marketing

^[1]

13,103

18,051

29,148

37,842

Research and development

^[1]

5,069

4,333

10,112

9,013

General and administrative

^[1]

4,540

77,180

9,882

82,450

Depreciation and amortization

1,493

103

3,706

Total operating expenses

47,665

128,554

99,869

189,356

Operating income (loss)

27,522

(47,984)

52,914

(23,300)

Other income (expense):

Interest expense

(436)

(454)

(898)

(925)

Interest income

4,249

586

7,379

794

Gain on foreign currency transactions

2,478

193

2,730

315

Gain (loss) on foreign currency remeasurement

(1,778)

5,646

388

7,415

Loss on short-term investments

(70)

(4,045)

(70)

(5,806)

Other, net

(47)

(20)

(94)

(55)

Total other income (expense), net

4,396

1,906

9,435

1,738

Income (loss) before income tax

31,918

(46,078)

62,349

(21,562)

Income tax (expense) benefit

(7,561)

12,022

(14,320)

6,000

Net income (loss)

24,357

(34,056)

48,029

(15,562)

Other comprehensive income (expense):

Pension adjustments, net of tax

239

(108)

(287)

Loss on foreign currency translation

(166)

(3,526)

(1,347)

(4,972)

Comprehensive income (loss)

$ 24,239

$ (37,343)

$ 46,573

$ (20,821)

Earnings (loss) per share:

Basic

$ 9.83

$ (13.75)

$ 19.38

$ (6.28)

Diluted

$ 9.83

$ (13.75)

$ 19.38

$ (6.28)

Weighted average shares outstanding:

Basic

2,477,672

Diluted

2,477,672

[1]	Excluding depreciation and amortization

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 7: Income taxes We are subject to federal and state income taxes in 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, foreign derived intangible income (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, 2023, and December 31, 2022, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are more likely than not to be realized. The income tax expense of $7.6 million for the three months ended June 30, 2023, reflects an effective tax rate of 23.7% which is lower than the effective tax rate of 26.1% for the three months ended June 30, 2022. The decrease in rate from 2022 to 2023 is primarily due to a reduction in the Korean tax rate and changes in the valuation allowance offset by a reduction in the FDII benefit. The effective tax rate of 23.0% for the six months ended June 30, 2023, is higher than the Korean statutory rate of 19%, primarily due to foreign rate differential and state taxes. The effective rate of 23.0% includes a $172 thousand discrete provision related to a change in the state tax rate and withholding taxes of $241 thousand.

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Note 14: Subsequent Event The previously announced acquisition of SuprNation AB (“SuprNation”), a European-based i-gaming company, is expected to close later this year, subject to satisfaction or waiver of certain customary closing conditions, including without limitation, certain regulatory approvals. Following the closing, SuprNation AB will be a direct, wholly-owned subsidiary of DDI-US.

Related Party Transactions - Summary of Expenses Charged by Our Parent (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Interest expense	$ 436	$ 454	$ 898	$ 925
Cost of sales [Member]
Related Party Transaction [Line Items]
Royalty expense	698	852	1,450	1,690
Interest expense [Member]
Related Party Transaction [Line Items]
Interest expense	436	454	881	925
General and administrative expense [Member]
Related Party Transaction [Line Items]
Rent expense	307	320	624	655
Other expenses	$ 38	$ 60	$ 135	$ 114

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Related party transactions (Tables)

6 Months Ended

Jun. 30, 2023

Summary of Expenses Charged by Our Parent

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


	Three months ended June 30,				Six months ended June 30,				Statement of Income and Comprehensive Income Line Item
	2023		2022		2023		2022		Statement of Income and Comprehensive Income Line Item
Royalty expense (see Note 11)	$	698	$	852	$	1,450	$	1,690	Cost of revenue
Interest expense (see Note 5)		436		454		881		925	Interest expense
Rent expense (see Note 9)		307		320		624		655	General and administrative expense
Other expense		38		60		135		114	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,		Statement of Consolidated Balance Sheet Line Item
	2023		2022		Statement of Consolidated Balance Sheet Line Item
4.6% Senior Notes with related party	$	38,087	$	—	Short-Term borrowing with related party
4.6% Senior Notes with related party		—	$	39,454	Long-Term borrowing with related party
Royalties and other expenses		201		315	A/P and accrued expenses
Short-term lease liability		348		1,066	Short-term operating lease liabilities
Accrued interest on 4.6% Senior Notes with related party		8,449		7,852	Other non-current liabilities
Long-term lease liability		—		—	Long-term lease liabilities

Accumulated Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 18,022	$ 21,061	$ 19,360	$ 23,033
Foreign currency translation loss, net of tax	(166)	(3,526)	(1,347)	(4,972)
Actuarial gain/(loss), net of tax	49	239	(108)	(287)
Ending balance	17,905	17,774	17,905	17,774
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	19,611	22,865	20,792	24,311
Foreign currency translation loss, net of tax	(166)	(3,526)	(1,347)	(4,972)
Ending balance	19,445	19,339	19,445	19,339
Defined Benefit Pension Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,589)	(1,804)	(1,432)	(1,278)
Actuarial gain/(loss), net of tax	49	239	(108)	(287)
Ending balance	$ (1,540)	$ (1,565)	$ (1,540)	$ (1,565)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Note 9: Leases

We are lessee for corporate office space in Seattle, Washington and Seoul, Korea. The lessor for our Seoul, Korea leases is our parent, DoubleU Games (see Note 12). Our leases have remaining terms of three to sixteen months. We do not have any finance leases. Our total variable and short-term lease payments are immaterial for all periods presented.

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

October 2024

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, 2023		As of December 31, 2022
Operating lease right-of-use asset	$	3,021	$	4,675
Accrued rent		648		817

Total operating lease right-of-use asset, net	$	2,373	$	3,858

Short-term operating lease liabilities		2,356		3,050
Long-term operating lease liabilities		665		1,625

Total operating lease liabilities	$	3,021	$	4,675

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


	Six months ended		Six months ended
	June 30, 2023		June 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,715	$	1,604

Commitments and Contingencies - Additional Information (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 29, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) titles	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018	Dec. 31, 2017
Litigation settlement, amount awarded from other party	$ 269,750
Litigation settlement, amount awarded to other party	$ 145,250
Loss contingency accrual, payments		$ 95,250				$ 50,000
International Gaming Technologies [Member]
Percentage of royalty on revenue								7.50%	7.50%
Long-term purchase commitment, period				10 years
Cost of revenue		$ 1,900	$ 2,300	$ 3,900	$ 5,000
DoubleU Games License Agreement [Member]
Number of titled games \| titles				49
Maximum [Member]
Loss contingency aggregate accrual						$ 145,250	$ 145,250
Maximum [Member] \| International Gaming Technologies [Member]
Percentage of royalty on revenue		15.00%		15.00%

Debt - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 38,087	$ 39,454
Less: Short-term debt	38,087	0
Total Long-term debt	0	39,454
4.6% senior notes due to related parties in 2024 [Member]
Debt Instrument [Line Items]
Short-term debt	$ 38,087
Long-term debt		$ 39,454

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Short-term investments	6 Months Ended
Short-term investments	Jun. 30, 2023
Short-Term Investments [Abstract]
Short-term investments	Note 3: Short-term investments The Company holds investments in marketable securities with the intention of selling these investments within a relatively short period of time (3-6 months). As such, gains or losses from holding or trading these securities were recognized in the Statements of Income. At June 30, 2023, short term investments comprised of fixed time deposits classified as trading.

Description of Business (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of preparation and consolidation

Use of estimates

Functional currency and translation of financial statements

non-monetary

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

Cash and cash equivalents

Financial instruments and concentration of credit risk

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

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


	Revenue Concentration
	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Apple		55.4	%		54.5	%		55.3	%		54.3	%
Facebook		16.9	%		24.2	%		17.7	%		24.2	%
Google		18.9	%		18.6	%		18.8	%		18.7	%

	Accounts Receivable Concentration
	As of June 30,			As of December 31,
	2023			2022
Apple		65.5	%		55.8	%
Facebook		10.5	%		20.4	%
Google		12.0	%		17.7	%

- Definition

Disclosure of accounting policy for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security. Includes, but is not limited to, methodology used to estimate allowance for credit loss, how writeoff of uncollectible amount is recognized, and determination of past due status and nonaccrual status.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-14

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 30
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479391/326-20-30-5A

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
-Section 35
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479366/326-20-35-8A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-3D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 30
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479175/326-30-30-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-3D

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-Topic 326
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483530/326-20-S99-1

+ Details

Goodwill and Intangible Assets - Summary of Reflects Amortization Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
Amortization Expense	$ 4,200	$ 1,378,000	$ 8,200	$ 3,620,000

Defined benefit pension plan	6 Months Ended
Defined benefit pension plan	Jun. 30, 2023
Defined Benefit Pension Plan [Abstract]
Defined benefit pension plan	Note 13: Defined benefit pension plan We operate a defined benefit pension plan under employment regulations in Korea. The plan services the employees located in Seoul and is a final waged-based pension plan, which provides a specified amount of pension benefit based on length of service. The total benefit obligation of $4.1 million and $4.0 million was included in other non-current liabilities as of June 30, 2023 and December 31, 2022, respectively, and the change in actuarial gains or losses, which is not significant, was included in other comprehensive income. The plan is funded.

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Summary of Cash Flow Information Related to Operating Leases

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


	As of June 30, 2023		As of December 31, 2022
Operating lease right-of-use asset	$	3,021	$	4,675
Accrued rent		648		817

Total operating lease right-of-use asset, net	$	2,373	$	3,858

Short-term operating lease liabilities		2,356		3,050
Long-term operating lease liabilities		665		1,625

Total operating lease liabilities	$	3,021	$	4,675

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


	Six months ended		Six months ended
	June 30, 2023		June 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,715	$	1,604

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, 2021	$ 863,878	$ 21,198	$ 671,831	$ 23,033	$ 147,816
Beginning balance (in shares) at Dec. 31, 2021		2,477,672
Net income	(15,562)				(15,562)
Pension adjustments, net of tax	(287)			(287)
Loss on foreign currency translation, net of tax	(4,972)			(4,972)
Ending balance at Jun. 30, 2022	843,057	$ 21,198	671,831	17,774	132,254
Ending balance (in shares) at Jun. 30, 2022		2,477,672
Beginning balance at Mar. 31, 2022	880,401	$ 21,198	671,831	21,061	166,311
Beginning balance (in shares) at Mar. 31, 2022		2,477,672
Net income	(34,056)				(34,056)
Pension adjustments, net of tax	239			239
Loss on foreign currency translation, net of tax	(3,526)			(3,526)
Ending balance at Jun. 30, 2022	843,057	$ 21,198	671,831	17,774	132,254
Ending balance (in shares) at Jun. 30, 2022		2,477,672
Beginning balance at Dec. 31, 2022	626,226	$ 21,198	359,280	19,360	226,388
Beginning balance (in shares) at Dec. 31, 2022		2,477,672
Net income	48,029				48,029
Pension adjustments, net of tax	(108)			(108)
Loss on foreign currency translation, net of tax	(1,347)			(1,347)
Ending balance at Jun. 30, 2023	672,799	$ 21,198	359,280	17,905	274,416
Ending balance (in shares) at Jun. 30, 2023		2,477,672
Beginning balance at Mar. 31, 2023	648,560	$ 21,198	359,280	18,022	250,060
Beginning balance (in shares) at Mar. 31, 2023		2,477,672
Net income	24,357				24,357
Pension adjustments, net of tax	49			49
Loss on foreign currency translation, net of tax	(166)			(166)
Ending balance at Jun. 30, 2023	$ 672,799	$ 21,198	$ 359,280	$ 17,905	$ 274,416
Ending balance (in shares) at Jun. 30, 2023		2,477,672

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of long-term debt instruments

The components of debt at June 30, 2023 and December 31, 2022 are as follows (in thousands):


	As of June 30, 2023		As of December 31, 2022
4.60% Senior Notes due to related party due 2024	$	38,087	$	39,454

Total debt		38,087		39,454
Less: Short-term debt		38,087		—

Total Long-term debt	$	—	$	39,454

- Definition

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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+ Details

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2023
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	DoubleDown Interactive Co., Ltd.
Entity Central Index Key	0001799567
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 184,471	$ 217,352
Short-term investments	60,664	67,891
Accounts receivable, net	26,841	21,198
Prepaid expenses, and other assets	5,176	6,441
Total current assets	277,152	312,882
Property and equipment, net	444	436
Operating lease right-of-use assets, net	2,373	3,858
Intangible assets, net	35,049	35,051
Goodwill	379,072	379,072
Deferred tax asset	45,307	59,290
Other non-current assets	1,345	1,463
Total assets	740,742	792,052
Current liabilities:
Accounts payable and accrued expenses	13,481	13,830
Short-term operating lease liabilities	2,356	3,050
Income taxes payable	5	0
Contract liabilities	2,207	2,426
Loss contingency	0	95,250
Current portion of borrowings with related party	38,087	0
Other current liabilities	1,564	1,926
Total current liabilities	57,700	116,482
Long-term operating lease liabilities	665	1,625
Other non-current liabilities	9,578	8,265
Total liabilities	67,943	165,826
Shareholders' equity
Common stock, KRW 10,000 par value - 200,000,000 Shares authorized; 2,477,672 issued and outstanding	21,198	21,198
Additional paid-in-capital	359,280	359,280
Accumulated other comprehensive income	17,905	19,360
Retained earnings	274,416	226,388
Total shareholders' equity	672,799	626,226
Total liabilities and shareholders' equity	740,742	792,052
Related Party [Member]
Current liabilities:
Other non-current liabilities	$ 0	$ 39,454

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross amount	$ 816,340	$ 816,336
Accumulated amortization	(132,327)	(132,320)
Impairment	(269,893)	(269,893)
Net amount	$ 414,121	414,123
Useful life, Goodwill	indefinite
Gross amount, Goodwill	$ 633,965	633,965
Impairment, Goodwill	(254,893)	(254,893)
Net Amount, Goodwill	$ 379,072	379,072
Trademarks [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	indefinite
Gross amount	$ 50,000	50,000
Impairment	(15,000)	(15,000)
Net amount	$ 35,000	35,000
Customer relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	4 years
Gross amount	$ 75,000	75,000
Accumulated amortization	(75,000)	(75,000)
Impairment	0	0
Net amount	$ 0	0
Purchased technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	5 years
Gross amount	$ 45,423	45,423
Accumulated amortization	(45,423)	(45,423)
Impairment	0	0
Net amount	$ 0	0
Development costs [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	3 years
Gross amount	$ 9,486	9,486
Accumulated amortization	(9,486)	(9,486)
Impairment	0	0
Net amount	$ 0	0
Software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Useful life	4 years
Gross amount	$ 2,467	2,462
Accumulated amortization	(2,418)	(2,411)
Impairment	0	0
Net amount	$ 49	$ 51

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 11: Commitments and contingencies Legal contingencies On April 12, 2018, a class-action lawsuit was filed against DDI-US demanding a return of unfair benefit under the pretext that the Company’s social casino games are not legal in the State of Washington, United States. Similar class-action lawsuits were concurrently filed with certain of our competitors, certain of which, announced settlements which the court has recently approved. On April 25, 2021, plaintiffs filed their Second Amended Complaint, changing their allegations to include an additional corporate entity of co-defendant, IGT. IGT tendered its defense of the lawsuit to DDI-US and sought indemnity for any damages from the lawsuit, based on various agreements associated with IGT’s sale of DDI-US. DDI-US had previously tendered its defense to IGT and sought indemnity from it. On August 29, 2022, DDI-US entered into an agreement in principle to settle the aforementioned Benson class action and associated proceedings, pursuant to which, among other things, IGT and DDI-US would contribute $269.75 million and $145.25 million, respectively, to the settlement fund. This agreement in principle received final court approval with the final contribution to the settlement fund made in June, 2023. The Company had an aggregate accrual of $145.25 million for the years ended December 31, 2022 and 2021, less $50 million for payments made in the fourth quarter of 2022 and $95.25 million in second quarter of 2023. As of June 30, 2023, the Company loss contingency was cleared. 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 June 30, 2023, we licensed approximately 49 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 30, 2023 and 2022 totaled $1.9 million and $2.3 million, respectively, and are recognized as a component of cost of revenue. Costs incurred in connection with this agreement for the six months ended June 30, 2023 and 2022 totaled $3.9 million and $5.0 million, respectively, and are recognized as a component of cost of revenue.