CD Projekt S.A. (CDR) Earnings Call Transcript & Summary

Good day, and welcome to the CD Projekt conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Adam Kicinski. Please go ahead.

Good afternoon. Thank you for joining the call. My name is Adam Kicinski, and I'm the Joint CEO of CD Projekt. This meeting was organized to discuss the situation right after the launch of Cyberpunk 2077. At the beginning, I will present our current view of the situation, which we are in today. After that, we'll have time to ask questions. I'm with Piotr Nielubowicz, our CFO; Marcin Iwinski, the joint CEO and Co-Founder; and Michal Nowakowski, Board member responsible for Publishing. [ We released ] Cyberpunk 2077 4 days ago on December 10. The game had a strong opening and we got positive feedback from players enjoying it on strong machines, PCs, next-gen consoles and Stadia. But the initial feedback from those playing it on the old -- oldest next-gen consoles is way below our expectations. CD Projekt is a team that puts all their efforts and heart to deliver amazing games. So how it was even possible that it has come to this. After 3 delays, we, as the management board, were too focused on releasing the game. We underestimated the scale and complexity of the issues. We ignored the signals about the need for additional time to refine the game on the base last-gen consoles. It was the wrong approach and against our business philosophy. On top of that, during the campaign, we showed the game most -- the loss of gamers' trust and the reputation that we have been building through a big part of our lives. That is why our first steps are solely focused on regaining those 2 things. We are concentrated on fixing Cyberpunk on last-gen consoles. Therefore, a substantial set of fixes was released over the weekend. The next set of fixes will be released within the next 7 days. Big updates are planned for January and February, together with smaller fixes. Of course, these gamers will also be getting regular updates and fixes to improve the game. We'll do everything possible to prove that we stick to our values. We truly hope that our efforts will let us rebuild the trust we have lost. Thank you. Now we are ready for the Q&A session.

[Operator Instructions] And we'll take our first question. Please go ahead.

It's Omar Sheikh from Morgan Stanley. I've got 3 questions, if I could, please. Firstly, I wonder if you could give us a little -- some more color perhaps on the impact that you've had on sales over the first 4 days since the release from the old gen consoles. So obviously, it would be great if you could give us a sense of what your current sales are in total, maybe on -- through digital platforms. That would be most helpful. But if you can't give us an actual number, then maybe just some color on what impact you're seeing that having and maybe a percentage of your sales that you expected to come from old gen consoles. That's the first question. Secondly, just taking a step back and thinking about what went wrong here. Could you maybe give us a sense of what -- whether you think you could release this game on old gen consoles in the way that you wanted to, if you'd had more developers? So do you think this was a kind of a headcount capacity issue? Or was it a kind of workflow issue? Some color on that would also be helpful. And then finally, I guess, thinking forward, for your additional content that you're planning to launch over the next 2 or 3 years. How does this feel about your ability to be able to release a couple of DLCs next year? And obviously, multiplayer in 2022?

Piotr Nielubowicz on this side. Definitely, we saw initial good sales, especially on PC that was selling very well. And obviously, the current situation will make the console sales to drop. But at this moment, on Monday, it's far too early to give you detailed feedback on that. We are still collecting the data, especially from retail channels. And I'm afraid I won't be able to answer this question precisely. However, as we promised prior to this call, we plan to release sales number before the holiday break.

This is Michal Nowakowski. About the second question, more developers, whether that would help with delivering again on audience. Well, it's -- in terms of delivering the game, at a certain point, it's really not about the number of people. I mean it's not like throw it in, in the last month. I don't know, 200, 100 people or something of the kind would actually help. So the answer is no. I mean it's -- it is not related to the fact that we could have thrown to free 500 more people into the battle and make things happen differently.

Adam Kicinski, the third question. Actually, to be honest, it's too early to judge. At the moment, please let us handle the situation. And please let us make some more assessments. So it's still ahead of us. So we don't know yet. We are now focused on improving Cyberpunk, and we'll discuss it early next year.

And we'll take our next question. Please go ahead.

Yes, it's Nick Dempsey. Can you hear me?

Yes, we can hear you.

Brilliant. Yes, I've got 3 questions. So first of all, I've seen that you're offering refunds through the Sony and Microsoft platforms also through retailers. I mean, since you made that kind of comment on Twitter, have you seen a flood of refunds coming in that you're having to deal with? Or are most people who've already bought the game holding on to it, trusting you that you'll make it more playable on the old gen? Second question, do you think that you needed to have more external testing? Is part of the process here that everything has been too in-house? If you'd hired some outsources to do more extensive testing, that you might have had less of an issue here? Is that something for the future? And the third question, just on multiplayer. I heard your answer to Omar's question. Surely, you won't rush into that process, though, given what you've been seeing now. And should we really be thinking about 2023 at the earliest for the arrival of that?

Okay. Marcin Iwinski. I'll answer the first question regards to the refund. So we are actually not encouraging gamers to return the game. We hope they will give us a chance to improve the game for the old-gen console. There was 1 fix last week and there is 1 -- another coming in 7 days. But there is an option. We give them an option. Obviously, the easiest way is to ask the retailer for the refund. If that's not possible, then we are also providing help with that. As of today, it's too early to say because we've just started it, and we sincerely hope that gamers would rather wait for the update because they're waiting so long for this game. But again, this is our humble hope and we'll assess the situation in a couple of days when we are able to see the numbers.

Adam Kicinski. So I'll take the second and the third. We are working -- we have internal QA department. We are working with external companies as well. Maybe one thing which didn't help us is COVID as internal testers are able to test the game working at homes because we provide them with all connection machines and so on. But external testers working for external companies were not able to test game from homes because they have test centers and if they are not there, they are not able to work. So we had some decrease in number of testers. But I wouldn't point at it as any major source of problems. The third one about multiplayer. First and foremost, we haven't confirmed any date yet. And as I said before, it's hard to judge now. I mean, we are in the situation, which was not planned, and we'll have to reassess where we are and that's the plan for January. So now we are managing the situation of the single player. We are working on partisan communication and to -- as I said at the very beginning of this call, to be focused on gamers, and then we'll sit and -- for further plans. But generally, the direction is, I guess, as planned, but as I said, we have to sit and discuss and that will happen starting .

Can I squeeze in another question? Sorry. Among the more than 8 million preorders that you had, did you include in that people that just started downloading the game in the 2 days before launch on PC? In other words, they weren't really on preorder. They were just getting in, lined up so that they could play. It's something that people do differently across the industry.

This is Michal Nowakowski. I can take this one. You asked whether the people can start to pre-download on PC, were included in the preorders. Well, yes, because if they started pre-download, they must have bought the preorder because that's the group of people that were able to pre-download the link. So one includes the other kind of -- it's not like anybody could have pre-downloaded the game. That was an option open to people who purchased the game in the first -- or in this case, prepurchase a game on a given storefront, say, GOG, Steam, et cetera. So hope that answers the question.

We will now take our next question. Please go ahead.

It's Ken Rumph from Jefferies. A couple of questions, if I may, gentlemen. Firstly, your comment earlier on about kind of the Board being too focused on delivery and ignoring problems with old gen. Should we take it that you felt that it was very important that the game shouldn't be delayed into next year? Or simply that obviously, you always want to deliver the game and not delay it and you just underestimated the extent to which the last-gen version was not going to be the way it should be? So was it kind of more about the launch is important or more about we underestimated how bad last-gen was? And secondly and kind of related to that. In the certification stage, presumably, Microsoft and Sony always get games that still have bugs and decide that they're going to be okay, partly on the basis of discussion with you that there will be fixes. Have I understood that correctly? Or do you feel somehow that the certification process has kind of, on one side or the other, failed to identify kind of just how underperforming the last-gen version was? And perhaps actually, sorry, a final question to make. Three, everyone one has 3. Are you confident that last-gen machines will be able to produce an acceptable version of this game? And I say this as a PS4 owner, so I hope so. But is it something that simply is too demanding? And in hindsight, no amount of fixing is going to generate an acceptable experience?

Okay. So Michal Nowakowski again. First, your question was about the focus and what was the cause of us ignoring, so to say, the shortcomings of the current console. So it is more us looking at the -- as was previously stated, at connections and the PC performance rather than the current gens. We definitely did not spend enough time looking at that. So I wouldn't say that we felt any external or internal pressure to launch on the dates. Any other than a normal pressure, which typically coincides with really any release once you click it into type. But what we did not -- that was not the cause. Now in terms of the certification process and the first parties. The first parties are definitely not so. This is on our side. And if I can say anything that I can only assume that, yes, they were counting that we're going to fix the things upon the release, and that obviously did not come together exactly as we have planned. So that's pretty much it. Now in terms of the third one and where we want to get with the PlayStation and Xbox. As stated in the statement made public today in the morning, we are planning to make the game in a much, much better shape than it is right now, of course. And a lot of it is still going to be happening in December. And come January and February, you're going to see even larger improvements, which again, we have stated already. We have also stated that, however, if your -- even your personal expectation is if, for example, that the game is going to be equal to, say, the next-gen performance or the PC, that definitely is not going to happen. Having said that, I'm not saying it's going to be a bad game. But if expectations, say, for visual or some other performance kind of angle like this, then we're openly seeking, that's not going to be the case. This is going to be a good label game without glitches and crashes. So that's the intention.

Okay. That final sentence, I think, is the key one. I don't necessarily expect next-gen performance on last year, but I want to be able to play through the game.

You will be able to. Thank you.

We'll take our next question. Please go ahead.

Can you hear me okay?

Yes.

I've got a few questions, please. The first one is will you still be doing your strategy update day in Q1? Or will that be postponed? The second question is, obviously, the gameplay from the old-gen consoles wasn't really shown very much. Can you explain why you decided to hold that back? Because, obviously, people just saw PC, I think. And then can you also talk about how you're deploying your staff now? So in terms of how you're splitting, what they're working on. So all the people who were working on Cyberpunk, that are still working on Cyberpunk, how many people on mobile, how many people on next Witcher, the next Witcher game, how many people on the DLCs, how many people on multiplayer. And have you changed your expectations for staff allocation because of that? And does this push back things like Witcher 4? I know you haven't announced this specifically, but you've said that people will be working on other titles once Witcher 3 -- once Cyberpunk is done.

Adam Kicinski. So regarding strategy update. So far, I mean, for today, we are planning to release it in Q1 as it was planned.

For the second question, Marcin Iwinski. So with regards to not showing the console footage. We actually showed the console footage, but we actually never showed it on the last-gen consoles. And the reason for it is that we are updating the game on the console, the last-gen consoles, until the very last minute, and we thought we'll make it on time. And unfortunately, this resulted in giving it to reviewers just one day before the release. That was definitely too late, and we didn't give the chance to media -- the media to review it properly. And definitely, we are the ones to blame. That was not intended. We're just fixing the game till the very last moment.

Adam Kicinski, again. And regarding allocation of teams. Mobile grander outside of the Cyberpunk teams. So they are working on -- I mean mobile -- I mean Spokko and Gwent team are working on their project. The Cyberpunk team was planned to continue working on patches. Probably it will take some more time but of course, we are branching, and we are working on the future projects as well. Of course, first and foremost, we'll have some holidays, I mean people are tired. So regardless of the situation, regardless of the patches, we'll not just continue working. We need our people to rest a bit. And then we'll -- at least until February, have a strong team working on patches.

We'll now take our next question. Please go ahead.

This is Vladimir Bespalov from VTB Capital. I have a question on your cost side. First, maybe, you said that the royalties from covered the development and marketing cost. But could you maybe provide the numbers after the game is launched? And the second question is with all the work which is required now to fix bugs, glitches and things like this. So how do you expect the -- this to attack your cost marketing development? Maybe you could provide some color on this as well.

Yes. So unfortunately, I cannot share the cost of the additional works with you. The cost of patching the game is irrelevant compared to we have at stake at this moment. So there is no question about it. We definitely want to fix the game. We made our promise to gamers, and we will be doing everything to stick to it. And the first part of the question was, could you please remember it -- remind me the question?

Yes, it's the cost, the development cost and the marketing cost that you have incurred so far for Cyberpunk. Maybe you could give us numbers on that.

Okay. So we were not revealing this data. All complete statements of our Q4 revenues, expenses, including our marketing expenses, will be part of the Q4 report, and thus we are not guiding for that. I'm sorry, but I'm unable to share this with you right now.

We'll take our next question. Please go ahead.

Pavel speaking from Redbridge . I have 3 ones. One, first that doesn't refunds again, but another issue. So I was wondering if your console partners like Microsoft or Sony will participate by any chance in this cost of refunds or it's your financial burden only. Second one is also wondering if you're considering giving some bigger DLC for free to make gamers less disappointed. Is it on the table? And the last one, if you could comment on that latest leak from Jason Schreier about the change in bonuses policy. So I'm wondering will it be connected with the game profit revenues? Or you did the bonuses after nominal value to retain this tax? So that's for me, the 3 ones for me.

This is Michal Nowakowski. I'll start. The question with Microsoft and Sony are participating financially in refunds. Well, one has to understand Microsoft and Sony, for every product that is released digitally on Microsoft or Sony, storefront have refund policies. I mean, despite various articles that have shown up that things are being open just for us, it's actually not true. I mean these policies are in place and have always been in place and are not opened up specifically for us. I mean, anybody who has purchased any title on this PlayStation Network or Microsoft storefront can ask for a refund, and if it's made within certain boundaries usually related to time, certain usage and so on, can ask for that refund. And our procedure here with Microsoft and Sony is not different than with any other title released on any of these storefronts. I just wanted to state that clearly because that seems to be -- there seems to be certain misconception. In terms of participation financially. Well, if a product is refunded, then the share from the store that Microsoft had is refunded. And of course, it's something that is subtracted from the revenue. Sure, that would normally be transmitted to CD Projekt is, of course, not shared with us and is instead refunded to the given player, to the given customer. So I think that pretty much sums up the first one. In terms of the second one, we state that what is our policy in terms of what we are doing with the players for now and, that's where we stand. In terms of the third question. We're not really making any comments to what somebody else has stated about what's going on in the studio outside. Thank you.

Okay. And still on the refunds. So there is no chance that the market will have some update about the volumes, the numbers of refunds before this first sales report around Christmas, yes?

We don't know yet. Actually, before Christmas, we release sales numbers, but in terms of results, we are not sure whether we'll share this information outside of the company.

We'll now take our next question. Please go ahead.

Hello, East Capital. I wanted to ask about the shape of the game after optimization then that is possible in February. You said that this will be possible to play, but which price points can we expect? It obviously can be a smaller game, and if it's not fully comparable to PC. So maybe a comment on that. And also, could you have released or made a launch without the old-gen consoles version if it was unacceptable?

This is Michal Nowakowski. I'm not sure 100% got the whole question. So if I'm answering something different than you asked, then feel free to correct me. In terms of shape of the game after the optimization, I mean, we pretty much, I think, shared it earlier in the call, meaning, that the game will have no crashes. The main box -- the box will be eliminated, and we're looking to improve both performance and the graphic fidelity across -- that's going to be spread out across various patches. And of course, pretty important updates are going to be happening . Actually, the game is playable even right now. That's maybe an important thing to state because it's not like the game is not launching or is not playable. I fully understand that this experience is far from satisfactory to a lot of people, and we do acknowledge that, but not playable sounds like it's not launching at all, which is not the case. Versus PC, again, this is something we stated before. The -- you are not to expect, and we're not saying that the PC-like performance will be possible with the last gens or the next-gen like performance will be possible with the last gens. That's definitely something we're not saying. I'm not sure I got fully the context with the difference in the price point.

Will it be at the same price or price will be lower for old gens in February?

We're not foreseeing lowering the price, but we're focusing on fixing the game to make sure that people are happy with the product. But there is no discussion currently about changing anything with the price point.

Okay. And could you have released results? Would you have released the...

Without the old-gen consoles, I mean, in pure theory, if we decided 1 day before the launch, then yes. But we could have released just the PC. I'm not sure what is else included with that question, to be honest, unless there is something I'm not getting.

No, I thought could have been only new generation of consoles and PCs released and then -- yes. I mean you would have been better

So okay, no. So the answer here is -- okay. The answer here is no. Next-gens is a different -- well, that's a completely different version of the game. So it's not like we could have decided at any moment recently that we're just flipping the switch, so to say, and changing the audience from the next-gens and releasing all the next-gens. As you may have noticed, there is no native next-gen release. The game runs on next-gens and takes advantage of how next-gens are performing with the game. But it's not like we had next-gen version in our hands and decided to keep it in the shelf -- on the shelf and do something we would like . So it would be a fair result.

And Marcin Iwinski here. Let me add one more thing. So significant time ago, we decided on the last-gen version. And as you have noticed, we have not released a proper next generation. So actually, we don't have it ready yet. What we did, however, we promised that every single gamer who bought the game on the last-gen consoles will get next year a proper next-gen update. And this is obviously what we are working on. So actually, this is another, I sincerely hope, incentive for the gamers to keep the game and not return it because then they can put their PlayStation or Xbox version into the drive in the next-gen console and the game all will auto update our full-blown next-gen experience without any additional cost. So I believe it does have quite some value.

And we'll now take our next question.

Can you guys hear me?

Yes.

This is Lyra from Jefferies. So actually, as regards to your questions. So we all know kind newer likes console has been disappointing. But could you maybe provide some comment on the PC sales and player feedback? So these sales and also the player feedback on the PC platform in line beat your original expectation. That's the first one. And secondly, I'm wondering, so besides the performance, configuration and stability of the game, it's there any other player feedback that might be a little bit alarming or concerning? Like any feedbacks regarding like story, like the game play experience that potentially you need to focus on? And certainly, is that you mentioned you'll be analyzing the next 7 days. So just wondering like what improvement will this next fix bring. And just trying to understand whether like console players will be able to kind of like have like a relatively better experience playing the game, like during the Christmas time.

Okay. It's Piotr Nielubowicz here. As we mentioned, the initial sales were very good, and that's what we mostly see by now. We are still collecting the sales results, especially from the retail -- physical retail channels. But the digital opening, especially on PC, was really good as we reported on the premiere day. As far as the players feedback is concerned. The feedback for PC is by far better than what we get on consoles. But also when we read reviews on the PC version, we see many comments referring to the console version. So the feedback is mixed among platforms, and it's not always easy to see -- to change them between platforms.

Okay. And if you look at the PC version, like this is what the reviewers got and you can check the reviews with the Metacritic's record. And of course, as PCs vary in terms of configuration, gamers also have certain problems. Also, we are reminding everyone at launch about the very recent release and video traffic cards drivers, which are crucial for our game because they were developed in coordination with us. But I think I'm say the general -- a lot of gen -- PC gamers are enjoying the game a lot. And we see very positive comments, a lot of streams. So a lot of positivity and good release coming from this direction. Not that this game is perfect because at launch, it's a gigantic world so always some glitch and problem can be found. And then there are different configurations. With regards to the console experience. We have already improved a lot of crashes with the last hotfix last weekend. And this weekend, again, we'll be looking mostly at crashes and game-breaking bugs. And I sincerely hope top of Christmas , gamers will be able to enjoy the game. On consoles, of course, the major big updates will come in January and February. So again, we're humbly asking them to wait for it, and they'll be able to enjoy an even better experience then.

We'll now take our next question. And your line is open. And due to no response, we will take our next question. Please go ahead.

It's Siddy Jobe, Econopolis. I basically have a question on the trajectory of your sales and how you will be updating the market on those new figures because up until now, you've only announced the presales order figure. But was wondering at what interval will you communicate to the market. I think consensus figure is at 23 million for the end of the year. To me, it seems that, that figure is still attainable in particular, given -- well, yes, the fact that a lot of the sales were happening on PC and also through Google Stadia, which I think both went still quite well. So yes, first question was about that. Also, given that we now have probably 3, 4 days of active gameplay, could you comment a bit on, in particular, on the PC side or also on Stadia how gamers, as they're advancing through the game, yes, how they are experiencing the game in terms of how active do they play it? Do you have any numbers on that? How sticky is the game for those PC gamers?

So as far as future sales updates are concerned. We will release a sales update before the holiday break. And then the next full set of results is obviously to be included in our annual report that will be published in Q1. We have no decisions on any additional updating as for now. As far as the comments to the consensus is concerned. We never commented consensus, neither before the release and we will not comment it right now as well either.

Okay. So I'll take the second one, Adam Kicinski. So for now, sentiment is positive. I mean, with every day after release, we are getting more and more positive feedback. So we started with the lowest one and then it's regaining. So let's look at team. We started with 70 as a percentage of score. Now we have 79. And if you filter those who play 10 hours and more, it's 85. So more you play, more enjoyed -- the more you play, the more enjoyed you are. And that's the general feedback we have. Even -- because of one important comment. We are discussing old-gen consoles, the last-gen consoles and negative feedback. But we have tons of positive feedback from players playing on last-gen consoles as well. So it's not like negative only. Of course, the first wave was negative, especially after the very strong campaign showing the game on PCs. But we have more and more happy players playing on last-gen consoles as well. But of course, PC players have better graphics, better game plan in PCs. Strong PCs are very different, much stronger than old gens. So -- and in terms of numbers, we have small millions of gamers playing on PC. Thank you.

[Operator Instructions] And we'll take our next question. Please go ahead.

It's Richard Eary from UBS. Apologies if you answered this question. But out of the 8 million of actually presales, can you give us a breakdown in terms of where those actually come from? In terms of new consoles, old consoles, PC sales, so we can just get a feel for where they're coming in from? And also, if you look at your own internal expectations, what was the breakdown of the sales mix between those channels as well?

Okay. So just to be sure, your question is out of 8 million, how many people were on the last-gens and how many people were on the next-gens?

Yes. I'm just trying to get an understanding of the 8 million presales split that you gave.

Let me jump in. The preorders numbers were split between PCs and consoles, making PC 59% of the sales and consoles 41%. But unfortunately, we do not have the exact split between old and new version of consoles as we have just 1 consoles key for PlayStation and 1 for Xbox, and we have no direct visibility of how this CD or digital download is being used by gamers, which machine either, the newest console or the older one.

And if you looked at your internal projections in terms of the game, obviously, you might not want to comment on the consensus expectations for unit sales. But in terms of your own internal budgeting process, what was your expectations in terms of the mix from the sale of the game?

Naturally, we would be expecting PC to have bigger share in the preorder campaign as usually the PC gamers are more active on the preorder. And then the consoles should get stronger after then. Right now, we are monitoring the situation. We have just the first 3 days of the game on the market. And what we see are mostly the digital channels. We still do not see full data from the physical retail. So it's definitely too early to judge this and to give you a guidance -- reliable guidance on this question.

No, no, I understand that in terms of guidance. But I'm just trying to understand from your budgeting process, what would be the mix between console and PC? And within console, how much was on next-gen and how much was on old-gen?

I mean the -- sorry, this is Michal Nowakowski. I'd say that the mix between PC and the consoles in general was in line with what we were expecting. Now in terms of the mix between next-gens in the current gens, I got to say, we were not even looking at it like this because we knew that the next-gens are going to be launching the current gen platforms. So from purely addressing the market perspective, it was a bit irrelevant because we knew that we have potential consumers in one and the other group and the number of next-gens on the market was something we had no influence on. But we knew that this was not the fact that, that was from the numbers' perspective, purely numbers' perspective, was not a game changer to us. So we never even had any analysis like that in any of our estimations because it had no influence on the numbers from that perspective.

We'll now take our next question. Please go ahead.

It's Dan calling from Alquity. Just 2 quick questions, please. So the first would be, are the patches just purely focused on performance and fixing bugs? Or are you also looking to improve the game plans some way? For example, I think the AI has been criticized a bit online with the NPC behaviors. And second question would be, how would you expect the revenue over the year to compare to, say, a traditional launch? For example, a lot of gamers might just decide they want to postpone the purchase until they get a next-gen console.

Sorry. So for the first question, whether we're focusing on just the technicalities of all gameplay effect, things like AI, for example. I mean, to be honest, these are the same for us from the production standpoint. AI and the NPC behavior, for example, is part of the box. So when we were giving you the answer, I mean, I think it actually includes that as well. Now as for the second question, I will have to ask you for repeating. I didn't get it. I think we didn't hear it, to be honest, perfectly. So we actually don't know what was it. If you could repeat.

Yes, sure. So how would you expect, say, the revenue generated over the year of the game to compare to a more traditional launch, given that a lot of gamers might be thinking, I'm just going to wait until maybe 6 months, a year before I get the next-generation console in order to play the game?

Okay. So first of all, we have publicly offered the free update to everyone who bought the game on old-gen consoles an update to a next-gen console. So I hope this will not stop any gamers with their purchasing decision and waiting for the next-gen console. And on top of that, obviously, the update will be given once we prepare the next-gen version of the console, which is to happen next year. So we will have another opportunity to offer to all those who didn't decide to buy it by that moment an opportunity to buy the game prepared, especially for the next-gen with all of the technologies that next-gen has to offer.

And we'll take our next question. Please go ahead.

It's Matti Littunen from Bernstein. Just one question. Of the PC digital copies, could you give us a bit of color on the share of copies sold through GOG.com? For example, how it compares to what you achieved with Witcher 3.

We were not revealing this data. Obviously, GOG as our internal store has a much bigger share in the PC digital distribution of Cyberpunk versus the standard market share of GOG. But as for now, we were not revealing any splits or comparisons of GOG and sales on that.

And with that, that does conclude our question-and-answer session. I would now like to turn the call back over to our speakers for any additional or closing remarks.

Thank you for joining the call. And let's stay in touch. If you have any further questions, please contact our IR team. Thank you. Bye-bye.

And with that, that does conclude today's call. Thank you for your participation. You may now disconnect.