GDEV Inc. Q3 FY2021 earnings call

• Launched Nexters Boost (accelerator for early-stage game dev studios) and games like Chibi Island (July), Throne Rush (web Oct). Hero Wars mobile version celebrated 5th anniversary and $1B lifetime bookings. - Closed business combination with Kismet Acquisition One Corp for NASDAQ listing, with $125M non-cash listing expense unrelated to ongoing ops. - Selling and marketing expenses up 21% YOY but scaled back user acquisition costs. General and administrative expenses grew due to headcount increase and NASDAQ listing costs. - Bookings expected $560M-$570M, adjusted cost/expenses $455M-$465M. Focus on Asia, desktop growth, and new games like Puzzle Island and Riddle Island in pipeline.

Revenue grew 77% year-over-year to reach $115 million in Q3 2021. Adjusted net income turned positive, totaling $8 million compared to a $11 million loss in the prior year's comparative period. Operational cash flow grew 59% to $51 million. On a platform basis, mobile achieved growth despite IDFA regulation, and the desktop version of games now accounts for almost a third of bookings. Geographically, Asia saw especially strong growth, doubling bookings. Advertising revenue increased more than twice, accounting for approximately 6% of bookings.

• Anticipates bookings to reach $560M-$570M and adjusted cost/expenses $455M-$465M for 2021. - Change in guidance due to platform commission adjustment; net top-line expectations remain same. Slightly higher selling and marketing expenses due to more investment in web platform. - 2022 guidance to be provided later, aligning with full-year 2021 results.

Q: On U.S. bookings up only 5%, China entry, web vs mobile feedback, and iOS marketing efficiency post-IDFA A: Anton Reinhold started addressing, with Andrey Fadeev and Alexander Karavaev contributing. Re: U.S. bookings, focus on Asia; China entry in final stage of signing with local partner; web has longer payoff periods but higher lifespan expectancy; marketing efficiency post-IDFA in line with expectations with strong cohorts Q: On 2022/2023 guidance, Chibi Island marketing ramp-up, marketing efficiency post-IDFA, and Chibi Island efficiency compared to Hero Wars A: Alexander Karavaev mentioned 2022 guidance to be provided later; Anton Reinhold discussed Chibi Island is in optimization with good traction, and explained marketing efficiency based on data, first-party insights, and experience similar to Hero Wars