Q2 2024 SK Telecom Co Ltd Earnings Call
And Aaron I am Kedron, Zhang IR ROE of SK Telecom. Thank you for joining SK Telecom's earnings conference call.
Speaker Change: The conference code on Chicken and then once you have you been to critically even just sits.
Speaker Change: Hope youre, putting it as a collective us during the Q&A session on the conditions at all.
Speaker Change: Today, we will first deliver a presentation on major events 2024, Q2 earnings highlights and business performances, which will be followed by a Q&A session.
Speaker Change: When you're studying in SK telecom situation, Kim Young substantively, only Pedro Pizarro Cox help you out.
Speaker Change #281: Yes, this is Jaesin Lee, in charge of AI growth strategy. Last June , our company executed a $10 million equity investment in Perplexity, which provides AI search engines. Perplexity is a company specializing in generative AI search, offering search engine optimization and search augmentation generative engines. Perplexity provides generative AI search engines, and we executed a $10 million equity investment in Perplexity. I am Jaesin Lee, in charge of AI growth strategy. Let me answer the second question. Last June , SK Telecom executed a $100,000 payment to Perplexity, an AI search engine company. Perplexity is a company that generates AI searches. Perplexity is a company that generates AI search engines. Perplexity is a company that generates AI search engines. Based on Perplexity's generative AI search technology, Perplexity exceeded $300 million just two years after its startup. Based on Perplexity's generative AI search technology, we are developing user-friendly AI agents and have agreed to mutually cooperate for AI technology expansion, including joint software applications between the two companies. Based on Perplexity's generative AI search technology, we will develop user-friendly AI agents. The two companies have agreed to expand AI technology, including influencer software. In particular, the Korean Enhanced AI Search, which Perplexity and our company have agreed to jointly develop, is expected to provide optimal AI search to customers by combining the technological capabilities of both companies, optimized for the domestic internet search environment and culture. In particular, the two companies will develop Korean Enhanced AI Search, optimized for the domestic internet search environment and culture. Our company has agreed to combine technological capabilities with Perplexity to provide AI search optimized for the domestic enhanced AI search environment and culture to customers. Perplexity, along with ChatGPT and Anthropic Cloud, is scheduled to be integrated into the revamped A.Dot as a multi-LLM agent at the end of August , and Perplexity Pro will be offered exclusively to our customers among domestic telecom companies for free for one year in September . Perplexity, along with ChatGPT and Anthropic Cloud, is scheduled to be integrated into the revamped A.Dot as a multi-LLM agent at the end of August . Additionally, SK Telecom has developed the Perplexity Pro model, which will be offered exclusively to our customers among domestic telecom companies for free for one year in September . Furthermore, Perplexity is expected to be integrated as the basic AI search agent in the global PAA, Personalized AI Assistant service, which our company is preparing to launch, reducing hallucinations and providing more convenient AI search with improved search accuracy to customers.
Speaker Change: So a couple of smeal since that Toyota twin so they're joining me there.
Speaker Change: The call is attended by our executives from relevant business divisions, including young Suk Yoon CFO of SK telecom and we're providing consecutive interpretation for the call.
Speaker Change: Tell us how much of money that you just quoted in this hundred in summit.
Speaker Change: Hi, I'm on countries that are sort of luxury suites done in somewhere between my senses.
Speaker Change: As you May know I would like to remind you that all forward looking statements are subject to change depending on various sectors as well.
CFO: Such as market and macro situations like Rome, CFO must amicus me, though let me now present our CFO.
Speaker Change: No I shouldn't kind of SK telecom share poaching them for me, though.
Speaker Change: Good afternoon. This is young chul, Kim CFO of SK Telecom.
Speaker Change: SK telecom at Chunghwa has shipped nearly 20 ships hanging, though I wonder how long do you to visit US for me, though what are you, saying that because the one because nobody is complaining Dino Hoffmann pizza and hi, Yeah, that's what I'm talking about sure since I am no alerts Cumulus in Utah.
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Jeanine: Colorado VSO here you see a company through Paul do you want me to talk about I guess Jeanine, Yeah, what's to me though.
Speaker Change: We are already in the second half of 'twenty, 'twenty, four which marks the 14th anniversary of SK Telecom under the vision of becoming a global company. We have been mobilizing enterprise resources to implement the AI pyramid strategy, we have been especially focusing on expanding partnerships and investments with leading global.
Speaker Change: Companies to strengthen our global AI capabilities.
How about on every call. So I'm going to again talk amongst a lot of hung out in intermodal Shimon you already know such a conflict in general I'm, saying in Oakland Perplexity of two months out of Colorado School children.
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Speaker Change: Since last year, SK telecom has invested more than $300 million in AI, including a $10 million investment in June in Perplexity, a leader in next generation AI search engine and a $200 $200 million investment in July in S. G H or smart Global holdings a glue.
Speaker Change: <unk>, a leading provider of AI data Center solutions.
Speaker Change: You don't you don't need to tell our alliance.
Speaker Change: Yeah, Let me do free money.
Speaker Change: Oh, so you're up to Eagle Jujo origin that we sent out.
Speaker Change: I'm kind of on a pro tour talking to tell like I mean that was 10 years ago. Yeah. You can give me there was a whole Colorado global trade cool, Yeah, I'll, let you answer them both.
Speaker Change: Okay, Yeah, it's obviously really strong theaters the body's yoyo.
Speaker Change: Okay.
Speaker Change: We have been carrying out these investments and alliances in our strategic and organized manner. According to the AI pyramid strategy in it.
Speaker Change: Order to expand the AI business, we will continue to pursue investments in partnerships actively to strengthen competitiveness and leverage global demand for AI services together with members of the global Telco AI Alliance or G. T. A.
Speaker Change: Cause I'm in Wenzhou, China Eastern unevenly.
Speaker Change: She took a day, but it's something to give some thought.
Speaker Change: Let me now report on the consolidated financial results for the second quarter of 2024.
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Speaker Change #298: Then, we will conclude the conference call for the 2024 Q2 earnings announcement. If there were any insufficient answers today or if you have any additional questions, please feel free to contact the IR team at any time. Thank you.
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Speaker Change: Good I'm tunnel work Youll Garner keto pacemaker.
Speaker Change: David revenue reported four trillion $422 4 billion, one up two 7% year over year, driven by the stable growth of <unk> business and major subsidiaries operating income posted 537.5 billion, one up 16% year over year, thanks to the stabilization of costs.
Marketing and depreciation costs as well as recognition of one off profit.
Speaker Change: The operation improvement initiative has contributed to improved business fundamentals and D. A pyramid strategy has produced tangible results in their respective domains.
Speaker Change: Net income posted 350.2 billion won.
Speaker Change: Okay. Thank you shouldn't be true so none of them GDP plus.
Speaker Change: What's interesting god problems or tongue quicker cheaper why don't you go kind of cool it won't be quite <unk> Kaka Hudson, Okay problem at some projects come about or to the crisis to me though.
Speaker Change: On a non consolidated basis revenue posted three Chilean 191, 5 billion, one up two 3% year over year operating income and net income reported 454 billion, one and 283 billion one respectively.
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Speaker Change: You have to get that all you Tony Tonya.
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Tim: Tim I seem to be used anytime.
Speaker Change: Let me now turn to business highlights for 2020 for second quarter and strategic directions in accordance with the AI pyramid strategy.
Speaker Change: One Joe Yeah, probably you won't get full datacenter problem, yeah, it'll unity pet and sugar market equal to you Tony open on it doesn't take I don't know if I'm familiar with at all which reach and then don't get it.
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Speaker Change: First in the AI infrastructure domain data center revenue grew 25% year on year, Thanks to AI driven demand growth for data center and higher utilization rates of the data centers as far as reported earlier with our investment in S. T. H, we have secure differentiated capabilities in the a.
Speaker Change: A data center market, which is expected to boost or a data center business and improve operational efficiency.
Speaker Change: Yes.
Speaker Change: The situation in your Chinese someone there tobey.
Emmanuel Changi: Emmanuel Changi more yeah.
Speaker Change: Gross throughput choice meal twentyish, depending N GPU you might just have 10 gig anymore.
Speaker Change: Yeah, Yeah close to normal chosen them, sometimes in data center solutions and I'll turn it off.
Speaker Change: Proton Center C. G. H here close to two young younger SK telecom or data center policies team. It chimney <unk> solution in Knoxville globally dishes that motor coach overall, when you're calculating me though.
Speaker Change: S. G. H is a leader in data center solutions. They developed ultra large AI clusters with 16000 Gpus for meta in 2023 and were selected in 2024 as an AI cluster operator of the voltage Park with 24000 Gpus, we plan to combine <unk> capabilities to.
Speaker Change: Build and operate AI clusters with SK Telecom solutions, such as data Center management system and liquid emerging cooling to target the global AI data center market aggressively.
Speaker Change: One final thought are you implying it to you.
Speaker Change: Subtle as C G H.
Speaker Change: Of course quite a while you were telling me that.
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Speaker Change: Neil Young southern employee Mohan.
Speaker Change: Great G I solutions, Okay, but are you doing in Utah.
Speaker Change: We will also actively leverage as G. H his capabilities for edge AI, which belongs to the AI infrastructure domain S. G. H owns etch solutions specialized for industrial applications. The two companies will cooperate to develop telecom edge AI solutions by combining AI with telecom infrastructure.
Speaker Change: It doesn't even Gulf Island is at all how you balance you can picture what are your tortuous me Paul.
Speaker Change: Jim on your macro kind of I guess any kind of I guess.
Speaker Change: Global two machines you feel you are in that chain.
Speaker Change: Gene do you put on him face O G E. Chuck Global care query around the table to Keytruda, a cool peso catchy T Bill how many members of the room.
Speaker Change: Do you have a cleaner quieter and solve problems for Liberty.
Speaker Change: I wouldn't be able to get on you all.
Speaker Change: Until you have to Cambodia, and Turkey do you imagine I asked me about.
Speaker Change: SK telecom and coupon Hopkinsville linkage at all.
Speaker Change: Yeah, Yeah, you're familiar with requirement care globally, yeah, She's almost 1 billion gain train change or disrupt the Rockies from Utah.
Speaker Change: Partnership activities are also taking place activity regarding LLM at an event organized by the T. M Forum, a global alliance of Telco and Tech companies held in Copenhagen in June the second global Telco Alliance round table withheld or the five founding members of the G. T. A a signed an agreement to establish a joy.
Speaker Change: Venture for telco, LLM, thereby establishing a Ford base, where AI ecosystem expansion with the establishment of the joint venture SK Telecom aims to be a game changer that leads the global a young market with domestic and foreign AI players.
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Speaker Change: One Joe Boys holidays, so I'm, sorry, if I have with psychiatrists and then the Chinese spending your money to June 'twenty.
Speaker Change: From a molecule called cool five would you fight, Virginia Beach and when she presented at almost a Anita is.
Speaker Change: Escape route do indeed go all Eternity Maggie June.
Speaker Change: Shimon you do it on some type of gela till about four months or so into that create sort of a place in Utah.
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Speaker Change: Yeah. It is real time, yeah, what pixel kept fixed CPM to hill ROM ill Muslims hardware titular she's auctioneer I guess to me that.
Speaker Change: And then it'll business recorded 16.23 million five G subscribers as of the end of June 2024, accounting for more than 70% of the total subscriber base SK broadband pay TV subscribers and broadband subscribers reached $9 6 million and 7.05 million respectively.
Speaker Change: As of the end of June.
Speaker Change: While the fixed and mobile market is maturing our activities to sell high ARPA price plans and attract high tier subscribers continue to improve profitability. We're also committed to innovating business fundamentals of the fixed and mobile business through Opex and Capex efficiency improvement using AI.
Speaker Change: Enterprise Hovland turnaround don't get if he or she puts in his hometown of Chicago with me about.
Speaker Change: In terms of intelligent she took quite up at all Iot is whole bunch, and then don't get 80 ish percent, you're a bit switching consider.
Speaker Change: Geo care Smeal cloud to some Wichita, you just don't have clarity on your own and.
Speaker Change: And then don't get a V. You should put a percent from July until you go out if we were just Vicki.
Speaker Change: The key you won't forget you claw.
Speaker Change: Now with this August which of those homes home what are some of them, you'll see them in Seattle Hogging, a cool chunghwa chuggings carried over.
Speaker Change: Joining me though.
Speaker Change: The enterprise business has maintained the growth trend of approximately 10% year over year, along with stable lease line revenue the Iot business posted a revenue growth of 29% year on year. The cloud business also saw their revenue grow 28% Y O Y excluding one of sectors.
Speaker Change: It is worth noting that we successfully won the first order for a cloud business in the second quarter, thereby confirming market demand, we will pursue business scale up going forward.
Speaker Change: Yeah.
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Speaker Change: Next AI services.
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Speaker Change: Obviously, Android with a multitude of mortgage subject cool you want them back to June which are quite soon as hardware Wuxi women melanoma supposed to meet I'll.
Speaker Change: Hi, Tom Gannon home charging when she married to get comfort overall upsell by some green hopeful exit things on younger yea consecutive inventory upon in June.
Speaker Change: Thank you so much and walk somebody poking so when I go to school Dongsheng Duan personally yeah, you can see from truckload nudge computer have always to me though.
Speaker Change: He thought started to offer the call recording in summary service and real time, calling interpretation service for Android handsets in the second quarter as of the end of June the cumulative downloads exceeded 455 million.
Speaker Change: In the second half of the year, we will upgrade UX to make it more user friendly and introduce a generative AI search feature of perplexity, we're working on improving convenience and accuracy of $8 to make it a superb personal AI assistant.
Speaker Change: He was in a Chinese center Chemo June what are you gonna She's films either tissue you sound like you're too close to me though.
Speaker Change: Because why she's not here for engineering water Youtube premium picture you you anybody who would you pursue the police Ritchie shale people in Panama No question at all.
Speaker Change: Are you able to put them on pay on would you focus through he was able to work with all kind of sit home without oxide to yeah.
Speaker Change: Turning hungrier to OTT to you to talk to you in our culture.
Speaker Change: T Universe achieved and then you have more than $2 7 million as at the end of the second quarter 2024. Following the Youtube premium package that is enjoyed popularity. We launched the universe has Netflix in late June which is also receiving a positive response in the market.
Speaker Change: We will continue to expand partnerships with streaming platforms to spread our new culture, where people subscribe to T universe to use streaming services, including wave.
Speaker Change: As you remember or should you hung on a day by somebody asked me though.
Speaker Change: Finally, let me turn to shareholder returns.
Speaker Change: You can keep it under a month.
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Speaker Change: Concerning chunghwa Muslims have sheets, our convoy hamiel see somebody who's selling things around and I'm sure. You know your company has some quite okay sure here in August in Utah.
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Speaker Change: The Dps for the second quarter was determined at 831, the same as Q1 2023, the company will strive to reinforce strong earnings from the fixed and mobile business and improve profitability and efficiency, while producing tangible results from the AI company initiatives. Furthermore, we will do our best to Chee.
Speaker Change: Ive optimal balance among investments for growth financial structure improvement and shareholder returns, thereby maximizing corporate value and shareholder value.
Speaker Change: Yeah.
Speaker Change: So it doesn't weigh I noticed your open air she talked Juergen crunching, well somewhat protracted to me that comes out of me, though.
Speaker Change: We ask for your continued support and encouragement. Thank you.
Speaker Change: They're growing chicken with a Q&A session.
Speaker Change: Uh huh.
Speaker Change: We will now begin the Q&A session.
Tom: Tom what are the tumor that you're keeping in an 82001 and Jamie. That's the first question will be presented by <unk> from NH investment <unk> Securities.
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Speaker Change: Jay.
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Hello, and altogether Gee, how long is a month like July finished up I'm sorry.
Speaker Change: Okay.
Speaker Change: And Jamie from NH investment <unk> Securities. Thank you for taking my questions first of all I'd like to congratulate you on very good results. Despite a challenging market environment I'd like to ask you a couple of questions regarding your second quarter results first of all can you elaborate more on the factors behind your good results.
Speaker Change: The second quarter in particular related to the one off profit you recognize related to your patent pool and also your outlook on the bottom line I'm trend in the second half of the year.
Speaker Change: My second question has to do with the competitive landscape in the second quarter, which is also related to my previous question.
Speaker Change: And going down the road in the second half, we're expecting a new iPhone release, and so can you comment on your protections on the overall handset related competition landscape. Thank you.
Speaker Change #100: I never say SK telecom share putting in front of me that Shimon comes out it would be though.
Jim when you say you're going to shoot took it isn't because I tend to just move out.
Speaker Change #101: I am CFO, Kim young South of SK Telecom. Thank you for your questions I'd like to first take your first question on the second quarter results.
Speaker Change #102: It's not even going to shoot to get to enjoy good home wasn't built catchy yugo numerous me though.
Speaker Change #103: And then you move on to machine focus all which Nokia five with UK Tela Eurobonds, almost Tony's home phone and calling this whole yeah. It is she didn't like Oh, yeah. He mentioned, sometimes harvest some Qualcomm high sure thing.
Speaker Change #104: You in your toolbox to me, though.
Speaker Change #105: We believe that there were several reasons behind the good results for the second quarter first of all because the five G subscriber base and the pay TV market continues to grow and also because AI in new growth businesses, including AI data center are producing good results.
To a bunch of inventory you got other games tricky because on <unk> executed agreement there okay.
Speaker Change #106: Okay, but overall it appears the catch pro Borden, who you'll never get it all.
Speaker Change #107: Richard walked over to Sheila Animoto, six focus on true north and western power.
Speaker Change #108: Secondly, we have been striving to improve the overall business fundamentals across the company and have been promoting efficiency in terms of our profit structure, our balance sheet and cash flow and I believe these efforts have led to better results for the second quarter as well.
Speaker Change #109: So your question I'll come back to Cacique, who he she you should get there or is this still getting out there.
Speaker Change #110: As Ingo tool Oh, she doesn't he teaches them hung around she talked about when you you know it was going to over time.
Speaker Change #110: And thirdly as you mentioned, we recognized patent related Puffin all at once and this one off gain also added to a better earnings for the quarter.
Speaker Change #111: E to cool.
Speaker Change #112: And she's a good.
Kim Young: Easy to talk on the fundamental Kim young.
Kim Young: I'm kinda entitlement I didnt different quarters.
Kim Young: Halfway or how you're tired of hearing loss ratio.
Jason: Sure Jason.
Speaker Change #115: To elaborate more on this one off gain from our top patent pool based on our diapers are N. D results, we have been utilizing monetize monetization from the IP pools based on our patents.
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Speaker Change #116: Two caputi I'm, playing soccer she wouldn't hit is that a paper and have young children in Chicago.
Speaker Change #117: It's a pseudo do some.
Speaker Change #117: So I'm gonna JP umbrella.
Speaker Change #118: I'm glad you got pay wound P. M to reach you in Chicago, you must meet up.
Speaker Change #119: So basically the structure is that we receive royalty fees on top of an hour of patent pools and the agency that is in charge of this business will allocate all such income in proportion to our stake and then we will recognize some expenses, including the fees that we pay to the agency as well as fees related to join to R&D.
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Speaker Change #120: I shouldn't go to China, even getting an inbred or she Tom's commentary shima opinions all issues are going to suddenly switch off I spoke with you Tonight.
Speaker Change #121: Did you not get N E Z go on some possible she partnering it taught us all Puma and he says Oh you bought into the CCAR. So when you think you do.
Speaker Change #122: Or is something less than that.
Speaker Change #123: Furthermore, we benefited from Y O Y and Q O Q basis ex to be more specific in the second quarter of last year, we saw a temporary decline in revenue due to a stronger competition. Indeed N V I know market and on a Q on Q basis, and the previous quarter, we recognize incentives for employees and executives.
Ruth: Oh I'm, sorry, it's globally a company Ruth we're kind of on the cross selling as well.
John: How are you John.
John: Yes.
John: This was a single cause one to get Ya man.
John: Yeah.
Chuck: I'm, Chuck Hi, shorter pool AIP.
Speaker Change #127: Yeah, but then you'll get quota from Joung Enzo.
Speaker Change #128: So somebody's organ tissue gets onto Joel.
Speaker Change #128: Our it transformation and to me. It's all six of them got you talk to what are we talking something closer it could go either way.
Speaker Change #129: Throw darts at artisan.
It's SK telecom continues to evolve as a global company a certain level of investment and resources will be required going forward, but we will do our best to ensure that these investments produced tangible results and there will be growth in all domains of the AI pyramid, while continuing to improve the bottom line through it.
Speaker Change #129: First improve the overall business fundamentals and AI transformation.
Speaker Change #130: You also you wouldn't come drinks, how long it is cool marketing.
Speaker Change #130: Did you get from them.
Speaker Change #131: Now on your second question on the competitive landscape of marketing strategy team will respond.
Speaker Change #132: Okay. Thanks, a lot coming in Utah.
Speaker Change #133: Unfortunately, no pension Looney Jinan Zhengzhou to leap than maybe it was all going to need marketing to young London Ted Turner.
Speaker Change #132: Hello, Craig will create that and it's always all kinds you mentioned growing at all.
Speaker Change #134: No don't get maybe Paulo, you don't call cigar tussle with Sangamo. So people ask me that.
Speaker Change #135: I am Pascal unit from the marketing strategy team due to regulatory changes and increasing public interest regarding handset subsidy and marketing expenses, including discussions on the abolition of the enforcement decree of the mobile device distribution improvement Act and introduction of mobile number transfer support we saw a slight increase in the <unk>.
Speaker Change #136: <unk> transfers on a year over year basis.
Speaker Change #135: Hum.
Speaker Change #137: What are you doing Tonight Tomorrow tranches are gonna still fighting last weekend and couldn't young how long in Utah.
Speaker Change #138: So, but while number transfers increased for all three telcos. It has had little impact on the market size or profitability.
Speaker Change #139: You all had some kind of lock up with local them and said look underneath that and you see that kind of thing that you're able to lend to them does Chicago Apache cool she kept by a choice of course, Rob and underneath that.
And we believe that it will take some time before we can determine whether such a trend is temporarily driven by changes in subsidy rules.
Speaker Change #140: Oh I was just obviously got to eat the whole shebang.
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Speaker Change #141: But that wasn't gotten amongst them.
Speaker Change #142: I was wondering you all like to ensure that all of them cause you at all kind of a temperature for misfire coupon on colonial documenting knock on wage job my question Nida.
Speaker Change #143: S D. Five each market continues to mature we believe that the telcos are no longer competing on subsidy, but rather competing on price plans and differentiated benefits and services. So we will continue to focus on strengthening our own competitive edge based on differentiated services, regardless of regulatory changes.
Speaker Change #144: Don SK telecom.
Speaker Change #145: Electrical ammonia applied to lunch on the go on talking on marketing could you go online you don't continue will come off but equally central I sound like I'm not talking at all so far talking about getting her to make you don't hear your router she's off total you'd want a hotel room door lock my question.
Speaker Change #146: We will utilize our AI capabilities for sophisticated target marketing and strengthen online distribution channel competitiveness and utilize AI customer centers were more effective marketing and cost efficiency.
Speaker Change #147: Pamela regimen that you're keeping in Xian Jin Guan I came out of them didn't even me that the next question will be presented by our own game from Shinhan Securities Oh, No I think you'll see what I'm doing going to what I need at him. When he comes on neither can see phone cause I'm not okay. You bumped them keep them on you know some of them. Good doggy, you're talking about and Neil you don't kill me off one two on that okay.
Speaker Change #148: Hi, Omar. Thank you couldn't go on needle to goodness can you could've, telling us theyre going in Petcare quantity to chew on and Yeah. You took on with all the sudden you may submit this email.
Speaker Change #147: Me.
Speaker Change #147: Two hunger told him in that email and take another one that's to me that's all painful center from Monoline Auto UNFI piling on and you guys have played out probably in the mail and we'll talk a little cut on its also when you talk about you know them.
Speaker Change #147: When they said Okay. This is Keith I know, there's also some device I'm just seeing them come to target.
Speaker Change #149: I am Kimura from Shinhan investment and securities. Thank you for taking my questions. We we can expect a good results for the third quarter and the fourth quarter as well. Thanks to your continued efforts to improve the bottom line. So when you have these additional resources available from these improved earnings I'd like to understand.
Speaker Change #149: How are you are going to utilize them, especially when it comes to striking a balance between reducing the liabilities, which is an initiative that has been led by the SK group as a whole and shareholder returns and investments for your AI business and secondly, there has been many reports in the media about.
Speaker Change #150: Our data center business as well as your new AI initiatives. So can you comment on which businesses. You believe are going to be most profitable and can you also elaborate on your edge AI plans.
Speaker Change #151: It's human comes from Utah until.
Some of it is also a location.
Speaker Change #152: It is almost non existent.
Speaker Change #153: Thank you for your questions I'm CFO, let me comment on your question regarding our resource allocation plan.
Speaker Change #153: Uh huh.
Speaker Change #155: So he is K telecom on younger general young gun, which energy, which was under a bit of a narrowing of the day.
Speaker Change #156: You guys are typically some joel.
Speaker Change #157: H plus.
Speaker Change #158: Pumas vantage law.
Speaker Change #159: Eternity Warriors, Hello, when I'm young paid up Utah and I'm sure for the kitchen for all of US can give me that.
Speaker Change #160: On a consolidated basis, our EBITDA is approximately five to $5 five trillion won and when we spend about three trillion one for Capex and one to 1.5 trillion won four recurring expenses, including payments for frequencies and interests. Then we're left with about one trillion won a free cash flow.
Speaker Change #161: What is the Russell.
Speaker Change #161: Until their gains which will cause some Google cash for it.
Speaker Change #162: <unk> is a total womens or she goes or all tissue demand through nipple torpedo cynosure I assume for Gunnar.
Speaker Change #162: The immediate have trouble with Geneva.
Speaker Change #162: Okay.
Speaker Change #164: Oh no no no no on the local immune what chicken parmesan chicken et cetera by some did again in order to catch them on K U N. G. Meander shall God is supposed to go up by Neurologists is of course, we're always I'm always anytime.
Speaker Change #165: This year, we are carefully examining our earnings and debt structure and cash flow to figure out where we can generate additional cash flow and based on our initial analysis in the next three to five years, although I cannot suggest any concrete numbers at this point in time the company is expected to generate additional resources.
Speaker Change #164: Yeah.
Todd: Todd I Shouldnt at all.
Todd: Oh, it's all going all right cool.
Speaker Change #167: Some children Tomko modem or how do you want to borrow under CCAR T E.
Speaker Change #168: It has some general are yet to come on here I think we all are.
Amy: Amy I'll get you could get some damien to 200 mm to coordinate and those can go home wheel Massimo.
Speaker Change #170: As in Maharashtra, jumbo collateral with a pump and I guess a year ago.
Speaker Change #171: And when do you English to me, though.
Speaker Change #172: As you May know the company may utilize these excess cash flow in three major ways, we first need to consider investments for future growth and also need to consider to increase shareholder returns when we see significant improvements in our earnings and at the same time it is crucial to boost financial stability as well.
Speaker Change #173: When you say it is somebody or somebody to come in.
Speaker Change #173: So he is on a church our gear.
Speaker Change #174: Yeah, pedometer traded up pretty much as well.
It is we've seen a young young yoga.
Speaker Change #175: Juniors etcetera, how question Utah.
Speaker Change #175: Generally you don't gun Entropic lavender perplexity as C. G H.
Speaker Change #175: On the day.
Speaker Change #175: Yeah, you don't see coke handle on it and then.
Speaker Change #176: She P a.
Speaker Change #176: Yeah, She boon <unk> pardon me at all.
Speaker Change #177: I'm sort of strategic reasons.
Speaker Change #178: First to give you more elaboration on our investment plans or investments, we'll continue to be strictly guided by our AI pyramid strategy and will be made in areas that can generate profit in the future for the past two years, we have invested in anthropic Lambda S. G H for businesses such as LLS.
Speaker Change #178: <unk> AI data Center N P. And these are the areas, where we can monetize based on AI and this year, our AI related equity investments are going to be around 300 billion won including a 200 million dollar investment in S. G H.
Speaker Change #179: Yeah, you touched on a protocol.
Speaker Change #179: We're already mature enough to get into sort of a pure meter.
Speaker Change #180: So he is on N. Maybe you see yet you kept the glass.
Speaker Change #181: I'm curious so what are you going to do on usefully.
Speaker Change #182: Talk to you I'm talking about are the roof Janina always to me though.
Speaker Change #183: Doing a yacht business requires an astronomical amount of investment in AI is advancing so rapidly and we've decided to choose the path of partnering with leading AI companies in Korea and abroad, and we have been making small scale investments to secure capabilities that we need.
Speaker Change #184: He took one of our U S escapes kill Guy nickel is get to look quite good.
Speaker Change #185: I know that human to Usher in new England.
Speaker Change #185: So I guess on them.
Speaker Change #185: Yeah, Peter I'm Crystal clear opponents documenting number.
Speaker Change #186: It gives you all else equal how cool a zero when she comes to wash it took us when you run them they won't come.
Speaker Change #187: I'm. So glad you go charger Hum pick much of tumor Twitch and animal waste tonnage on the contrary wishes in Utah.
Speaker Change #188: We often receive questions on why SK telecom and not S. K square is making these investments after the spin off but I'd like to reiterate that we are executing these investments under the a pyramid strategy with a clear goals of dramatically strengthening our core competent competitiveness as a telco creating new.
Speaker Change #189: Or is this a profit and improving earnings.
Speaker Change #189: Yeah.
Speaker Change #189: What did you want to know if someone's at immune.
Speaker Change #190: So Richard you hung on cooked Yamana I mean, she gave her full global standards is a generic proppant other single that how many of them.
Speaker Change #191: It doesn't come down with tissue puts into Gnome cool, Okay, Dan Schooley senior in call. It 2%. This was doing at all.
Speaker Change #191: Each of them should be longer if I'm doing it in such a swap or take them out or chevron by snowfall.
Speaker Change #192: Next in terms of shareholder returns, we believe that our shareholder returns are in line with global standards in terms of size and methods or a dividend payout ratio is higher than 70% and our dividend yield is a 7% level and we also carried out large scale of share buybacks and cancellations in 2021 and 'twenty.
Speaker Change #191: 23.
Speaker Change #193: How do you want to look to claw Chico's Jeanette should you or how long can move a joke at Shannon wondering your opinion on Gucci.
Speaker Change #194: Nevertheless, even when a ship for switching gear Cavaedium asked me that.
Speaker Change #194: However, it is also true that these efforts and a high level of shareholder returns have not been properly reflected in our corporate valuation in the stock market and honestly. This is something that concerns me as the CFO.
She went to overall tier one tenants at Shaw, Hello, Milan Cool hits I assume some girl. She took it sounded to me. She said, okay. Here's one cluster, where coty is Daytona alerted English it was probably going to come in Utah.
Speaker Change #195: It doesn't mean that in terms of what are you telling me owns home talked around timing and earn trust that you will be swapped withstand a cool thing.
Speaker Change #196: Your EMEA she took guests needs to come in and cause some governors hung on to 210 digital sometimes you'll get all three Chinese auto what are your other question either.
Speaker Change #197: So in principle in terms of total shareholder return I believe we need to return to shareholders more than the cost of equity through business growth and higher earnings. We will continue to maintain a stable dividend level conduct shallow probably backs and cancellations when the timing is appropriate and in the medium to long term, we will consider increase.
Speaker Change #197: And shareholder returns in proportion to a significant earnings improvements.
Speaker Change #197: Yeah.
Damian: As you might want to take him galindo somebody suddenly Damian.
Oh SK telecom.
Damian: No none.
Speaker Change #199: Sometimes it was fun switching or what's going to come in at all.
Speaker Change #199: Michigan can be well then you go on Sunday.
Speaker Change #200: So I'm going to consistently stay on government authorized.
Speaker Change #199: Huh.
Speaker Change #201: I need to comment on borrowings we are confident in SK telecom's balance sheet is very strong as is demonstrated by the very high credit ratings that we've been maintaining in Korea and abroad for a long time.
Speaker Change #201: Come on without talking to them at all to tower 200, Nashville, which in April the unknown is how long it'll take coming from the full cover a little higher number to Peter I'm of course, we're seeing that come Utah, which are equivalent to Koji automotive should you get done in India. There can still to your heart tissue that you put on it.
Speaker Change #201: Your children get something wrong, untreated and took a tissue pre show improvement in Germany.
Speaker Change #201: So to.
Speaker Change #202: Total huddle room hurricane neither.
Speaker Change #201: Nevertheless.
Speaker Change #203: A list to expand room for future investment and shareholder returns in the long run. It is also necessary to reduce borrowings to a more comfortable level rather than mentioning any artificial target as to how much to reduce by when I. What I can say now is that some portion of additional cash flow generated from improved business performance.
Speaker Change #203: <unk> will be used to improve the financial structure in a flexible manner.
Speaker Change #204: She'd give us indeed in India, Okay, So messenger immune.
Speaker Change #205: So he is he's able to know his articulation from Deloitte <unk> touche.
Speaker Change #205: The EMEA on Truecar.
Speaker Change #205: This was through a country level.
Speaker Change #205: Either.
Speaker Change #205: Sometimes prieto, a two 201.
Speaker Change #205: Could you go chemicals' showcase on air Pillows.
Speaker Change #207: Let me see here how.
Speaker Change #208: What do you Wanna kicking it off you're talking about.
Speaker Change #209: So to sum up we will improve our business fundamentals in all areas of business to generate meaningful additional resources, which will be used for investments for growth shareholder returns and balance sheet improvement in a balanced manner. Thank you.
Speaker Change #210: Here's what I want you to remember that you put out so lucky for shifted I'm dying to have gone through to get to meet them.
Speaker Change #211: Regarding your question on edge AI infrastructure Engineering office will take that question.
Speaker Change #210: Yeah.
Speaker Change #212: Your influence our Knoxville I'm done I'm done.
Speaker Change #212: Now she gets Ya man.
Speaker Change #214: So this really isn't taking more cultural young you computing power Pedometer could do what you do.
Speaker Change #214: Competing polling in.
Speaker Change #215: It's more than a T shirt, oh, good one oh, it shouldn't be lost neither.
Speaker Change #215: I agree John one from the infrastructure Engineering office as you May know very well AI services demand AI computing power for large scale E learning and inference and AI computing has been provided by centralized AI data centers.
Speaker Change #216: Honeymoon triggering an agreement when do you guys see how you want to jump in Centennial T.
Speaker Change #217: E computing PD ones, obviously going from park Central News to me, though.
Speaker Change #218: Because if you Don Gucci by Susan and put it in some of them.
Speaker Change #219: No congestion jogger timna that you'd want to touch on one point on Sweden.
Speaker Change #220: You got to I'm, sorry, well Oh, you don't listen include solutions outside of tenants, who don't care about the issues.
Speaker Change #219: Yeah.
Speaker Change #221: Recently, we also see a growing demand for distributed AI computing, such as on device AI, but on demand to AI has limitations in terms of battery life and performance and here edge AI has emerged as an alternative solution and we believe that it can offer new opportunities for telcos.
Speaker Change #222: Oh Gee this was something that has a Muslim beauty.
Speaker Change #223: It took us out Saturday Halloween, then hung around cool computer honeymoon, so yeah, you're computing services.
Speaker Change #223: So this routine one and wishing you though.
Speaker Change #225: Are you serious and then you're supposed to Peter on the <unk> numbers and taking my call.
Peter I will Truman.
Speaker Change #226: Yeah, Yeah, you suddenly tons, how do you go kind of in Washington.
Speaker Change #227: To give you more details edge AI is about delivering AI computing and communication services, using telcos assets and equipment. Yeah learning requires large data centers AI data centers, but AI inference can be handled by edge AI.
Speaker Change #227: The energy and industrial book.
Speaker Change #228: From Bupa won.
Speaker Change #229: Two minutes on E T ship with an intent to me Oh, well I'm Gonna AIA.
Speaker Change #230: We can do what you say you have with them.
Speaker Change #231: Yeah. Your computing two minutes I can say can you can tend to meet with somebody Who's me, though do you listen telcos outside the return Hudson and younger I could always occur.
Speaker Change #232: It's a superior to AI data centers in terms of response time and information security, while providing stronger AI computing compared to on demand on device AI and it is an area where telcos can excel.
Oh, So you guys have and collaborate tick tick club more than they took with each other and we have no control.
Speaker Change #233: Yeah Ya subsidiary Kitchen, Telenet who'll talk in competing moved too much energy in Poland and India to children.
Speaker Change #234: Well I don't know, how you're doing just really pushing hard to emerge as a car we smell a prune and Hunter is hung Bureau, yeah, yeah cool our attention. So this little torn children once you're done here at Arnold who channel it's not unusual either.
For that we were working with global Big Tech companies and telcos to develop ways to provide efficient AI computing by placing a service in some telco base stations, we will continue with technology standardization related activities and develop into on a run in the future where one equipment can.
Speaker Change #234: Provide both AI and telecom services.
Speaker Change #235: Oh, Yeah, yeah yeah.
Speaker Change #235: Uh huh.
Speaker Change #237: Uh-huh, sometimes you put on Chicago and Dominion N E.
Speaker Change #235: And their children do not.
Speaker Change #235: So how do you guys have a pretty one starring Daniel that's going be the future when reunions home computer or your children.
Speaker Change #235: And it's probably for Tony kind of all of course, we will compound with cool.
Speaker Change #238: So I'm going to sort of put us at Chile cut chooses to pick up on the cumulative course rule.
Speaker Change #239: If if edge AI infrastructure is well established and we can increase revenue and expand AI business in a cost efficient manner utilizing our existing telecom assets in equipment and this will result in top line growth as well as creating an opportunity for our telco infrastructure.
Speaker Change #239: To be revalued.
Speaker Change #240: I'm done.
Speaker Change #240: <unk>.
June Kim: Pamela human educate bring in Cambridge, and when it came to doing something to me that the next question will be presented by June <unk> Kim from Kb Securities.
Speaker Change #241: Yes, you can engage with them, sometimes you don't keep Asian countries.
Speaker Change #241: Oh yeah.
Yeah.
Speaker Change #241: Yeah.
Speaker Change #241: Uh huh.
Speaker Change #243: Well take the next kitchen. According to your exact question.
Speaker Change #243: I like that.
Speaker Change #243: Yeah, the only thing they can pay it off.
Speaker Change #243: Okay.
Speaker Change #245: What didn't.
Speaker Change #246: Oh, it's about 15 minutes.
Speaker Change #246: And do any deal.
Speaker Change #246:
Speaker Change #246: Yeah. So you won't see him quite ought to get a majority.
Speaker Change #246: Okay.
Speaker Change #246: Yes.
Speaker Change #247: I am Kim Jin sang from Kb Securities. Thank you for taking my questions I would like to ask two questions related to your AI business first of all when are you expecting more materialize Asian of results coming from your AI businesses recently SK Telecom has been exhibiting a good growth in terms of AI business and I'd like to understand.
Speaker Change #248: When these initiatives will actually translate into more visible earnings.
Speaker Change #249: Secondly, this is related to the first question what is your expectation for your investment of $10 million investment in perplexity and what has been going on regarding this thank you.
Speaker Change #249: Yeah Truman comes from Utah enjoy your summer.
Speaker Change #250: Uh Huh sure.
Speaker Change #251: Thanks, so much.
Speaker Change #251: Uh huh.
Speaker Change #253: Thank you for your questions I will first take your first question on the timeline regarding AI businesses.
Speaker Change #254: Oh, I'm sorry, yes.
Speaker Change #254: Sure Yes.
Speaker Change #255: How about in India.
Speaker Change #256: But I'm gonna be Tom Chuck Hydrogel photo thrown a voice to me though.
<unk> telecom on a T Shea EAP to the EAP two she she is capable to do it but it goes out of any of that.
Speaker Change #257: It's been three years since SK telecom pursued AI in earnest and we see now visible ways to monetize AI SK telecom aims to generate profit in three main areas of a data center AI b to B and AIB to CE business.
Speaker Change #256: Okay.
Speaker Change #258: Well, yeah. It is Shannon Hi, Tom Wenzhou, Chongqing, you're calling on you at all.
Speaker Change #258: All right.
Speaker Change #260: Tito and tonnage that comes from non NHI, Amit you do that one day.
Speaker Change #261: A detailed internal hurdle, which we did obviously see that.
Speaker Change #261: So you know Quito and Colocation home theater, it doesn't pay as opposed to a nice hole GPU, aged geoscientists theaters, even take one pool and what you're Solutia look Europe is hydro.
Speaker Change #261: Watching Church Tonight is one meter.
Speaker Change #262: A data center, it's the first area that we can pursue right away typically traditional data centers start to generate revenue three years after construction, but AI data centers can post sales right away, we will move away from a conventional colocation type data centers, but all for GPU as a service.
Speaker Change #262: At energy solutions and pursuit of global expansion.
Claudia: Yeah happy to be in and Claudia sorry, yeah. It with FINRA tend to go up you know women day, you should count yourself and throw people play yeah, you're right back to them.
I'm not really at all.
Speaker Change #262: Sure.
Speaker Change #264: Pardon me two minutes.
Speaker Change #264: Okay.
C J: C J.
Speaker Change #266: Uh huh.
Speaker Change #267: I'm kind of an enterprise's help.
C J: Oh good.
Speaker Change #268: Groups, such as Hamas, how long have never Tanya.
Speaker Change #268: For me.
Speaker Change #268: Yeah.
Speaker Change #268: People globally, some countries, Turkey, though.
Speaker Change #270: In the a b to B market, there's been a shift from cloud to AI and this is where we are cooperating with tech companies, such as Entropic and open AI and our in house developed eight on X is becoming important in this market as well in terms of security and cost so for enterprise business, we will cooperate.
Speaker Change #270: With SK group companies to meet needs of customers and affiliates and pursue global expansion as well.
I'm just looking at all things on younger yeah, Yeah, yeah. She she he a T.
Speaker Change #270: Yeah. It is true.
Speaker Change #271: It's usually a yoga supposedly saying until the chicken wing so whatever your mature.
Speaker Change #272: People, who suddenly computer I have with me, though.
Speaker Change #273: In the short term our revenue target for this year is more than 60 billion won by providing generative AI AI T C and AI data as solutions to the public financial and manufacturing sectors.
Speaker Change #274: Yeah happy to Shimon till you got NASA Chilean ones are Adas software to run.
Speaker Change #274: Winning the game before you didn't come out of the year. So obviously kept genotyping gene meal CCAR.
Speaker Change #274: Welcome to the Sweeny hub.
Speaker Change #275: The key point I want to see kind of globally focused staple pendragon modality with Neil Thomas.
How about how does that work.
Speaker Change #275: So when I got here of course for Sunoco.
Uh huh.
Speaker Change #276: Finally on D. I B to C business. We are we were actually the first company to enter this market with a dot and we are working on service upgrade to strengthen personal assistant features and considering various ways to generate profit using eight odd this year monetization through.
Speaker Change #276: <unk> is becoming a common business model for globally, Yeah. Your services and SK telecom can be competitive in operating this type of subscription business model.
Speaker Change #276: Global P. A dual Nikola biomarker tests, which enable put up with me though.
Speaker Change #277: He likes to interrupt people play a tune bioterrorism or they look at school popularity. How quickly you can say things them from coming from the here and now focus through a comparison.
Doug: Thank you Doug.
Speaker Change #279: Also aim to conduct global market test this year for global P. A a we're planning to add multi LLM model, including eight on X and throw Pik and open AI, we're considering diverse services such as AI search incorporation with perplexity and productivity services. Thank you.
Speaker Change #280: You are so complicated persona someone's inventory left I'm talking I'm asking to do something.
Speaker Change #281: Now regarding your second question I'm, the head of a growth strategy will address this question.
Speaker Change #280: Yeah.
Speaker Change #282: Yeah, he's hometown shortly after I'm done.
Speaker Change #280: Peter.
Speaker Change #283: Shannon your concern in Michigan generic check one in publix of tier two months, although it you're going to each other.
Speaker Change #280: Uh huh.
Speaker Change #284: Publix afternoon things hung.
Gilberto: Among gilberto.
Gilberto: Ginger.
Gilberto: That wont go concept Chang Gung things, Hong Kong yourself, hallucination, there, which would equal the concept tortuga to pin a.
Speaker Change #286: Contact Sophie searches all suddenly been your money, you've got <expletive> I'm sure Bhakti loader put upon start talking meter.
Speaker Change #287: <unk> heard of a growth strategy to respond to your second question in June SK Telecom made an equity investment of $10 million in perplexity on a search engine company perplexity of specialized in generative AI search and they launched a search service with higher accuracy and reduce to listen.
Speaker Change #287: Nations through search engine optimization, and retrieval augmented generation and their corporate value has exceeded $3 billion in just two years after startup.
Speaker Change #288: Publix, a chair Samsung contact you sort of keep on the rule comes out and how long does not joking yeah. He's untrue about uncle Young's Hogan thrown sofitel deployment as home Yeah, you can sort of help telling me how long how many covered lives.
Speaker Change #289: Based on generative AI search technology of her Tech city, we will develop user friendly a young agents and the two companies have agreed to cooperate on AI technology expansion, including infant software.
Speaker Change #289: Two key Publix at you are talking Sagar, who don't care about I'll give you a happy on Korean enhanced AI searching in Colombia in telecoms have hung young well well not a turtle cardin Comtech rule Young's Hyatt three yoga or a peso tranche, okay, yeah, you're going to agree okay. Good game Checkmark C suite goes through.
Speaker Change #289: Yeah.
Speaker Change #290: In particular, the two companies have agreed to develop Korean enhanced AI search, which will be optimized for Korean internet search environment and search culture.
Speaker Change #291: <unk> telecom in perplexity will combine their technological capabilities to offer the most optimized AI search experience experience for our customers.
Speaker Change #292: Public sitting in such a P T.
Speaker Change #292: Entropy.
Claudia: Claudia Okay.
Speaker Change #293: Agent through hormone kept underneath us here up to the you don't equal the publics are deploying coming in Portugal can you touch on how much that Colgate has hung rule young gun, what do you want to take them. There you don't give me that.
Speaker Change #294: Perplexity will be added to the upgraded a Dod as part of multi LLM agent together with CECI P T and throw pick and quad in late August and also SK telecom will be the only telco in Korea to offer the pro model of perplexity, which will be available exclusively for our customers for you.
Speaker Change #293: Charge for one year from September.
Speaker Change #295: So in Publix at 10 in tongues, how got somebody switched from between global P. A personal lives.
Speaker Change #296: Systems, two <unk> coupon comtech ease onto rule tough to deal with victory hallucination or treat equal.
Speaker Change #297: ZIP talk total open yeah, good portfolio check one wants to be so of course, we're all keeping up with them.
Speaker Change #298: In addition, perplexity engine will be added to the global personal AI Assistant project that we're currently working on as a default search engine, which will offer convenient AI search experiences they reduce hallucination and increase accuracy from you go through your children's Egypt.
Speaker Change #299: You talked about your comparison.
Speaker Change #300: I Wonder what should our daughter Puny joke kicked up a notch from promotions how he says.
Speaker Change #301: And it doesn't turn again.
Speaker Change #302: When you put them in.
Speaker Change #303: This concludes the earnings conference call for 2024 second quarter. If you need further explanation where have additional questions. Please contact IR at any time. Thank you.