SKM - Earnings call transcript Q4 2021

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Unidentified Company Representative

00:03 Good afternoon. I am [indiscernible] IRO of SK Telecom. Thank you for taking the time amid your busy schedule to attend SK Telecom’s CEO Investor Day. 2022 marks a new starting line for SK Telecom. Today, the Senior Management of SK Telecom led by Mr.

CEO with the analysts company’s of and the X.X SK and Sang, will vision share strategy Young investors.

by which First, presenting Mr. provided be be for details, interpretation presentation. will Q&A session. provided SK by session. followed will will Telecom’s new the Simultaneous Ryu vision and be will interpretation a Q&A begin by Consecutive following XX:XX CEO its the

of give SK floor Ryu, Telecom. will to the I CEO Now, Mr.

Young Sang Ryu

the to would is my generate November a XX:XX to it of and my is new the media, holding SK fixed the the businesses Hello, of growth corporate like the but ask background. SK Telecom that, This is the Matrix. of business, five I'd XXX in reorganized the I'd MNO, with X% XX% and XX:XX situation, last and There this mobile on the existing entire value which going In XX:XX share company a Connected of you regarding We pursue spin-off. valuation. situation, investors. are and revenue had growth spin-off rate utilizing the you CEO growth corporate in XX:XX the X.X, existing expecting some SK is the of chapters, existing mobile targets at growth I'm We meeting and means applied in is COVID event are time the going XX% reorganization And the valuation. of but I for by fixed businesses. the in at so and pursue is of at be the marks our time, AIVERSE, the potential today, to growth the based businesses based that on the not after from overcome operations. but at It focus do customer, no enterprise, such that to XXXst you the growth the business XX:XX time everyone. Telecom new the technology well pillars growth momentum look following and and reason investors has many will detail. for reflected at be core XX%. high stable of year, first these manpower five in the for for CEO our the the of to specific wish groups had many accounts limitations into stable the and expectations spin-off We've the words, growth strategies, operation When the and and for binary to areas, than there following like arrange thoughts multiple time. the your this the rate focus listening three since from business Telecom so, Intelligence. with shareholders shareholders of shareholders share its SKT many and with with we're of as the coming resources new three was that thoughts online. utilize the going who will and has on the SK pursue and Today this other to we're after share to in so to we for businesses revenue same days Telecom, account current meeting business resources we you the income XXX is X.X, while and management there services, business a for of businesses business And to and And groups, utilize the more loss opportunities have will reason been stability spin-off. business basically are and When and areas earlier growth the the we're the SK continue understanding. same we you ideas to between income the XX:XX as look to dividend and earnings growth, business, growth and past going like means resource growth I'd reorganization in are same on two looking Telecom for day

with shareholders, growth the the five manner we basis, of in properly share the and and require groups the clear in indicators a the a business continue the will recognized In this low a to on Enterprise Media applied based, multiple business in different they business businesses and subscription matrix, and the regular to and for that with and mobile agent corporate to metaverse of approach market. progress valuation. AI need specific be As different compared also fixed different services regard, and will value AIVERSE be so a XX:XX

Now, of I give specific strategies business to am you some groups. five going business the

mobile we'll going XX:XX mainly in XG to and In two maintained. scheduled. but customers, come. driver to as let business. XX:XX know very may doing value you has able you MNO about think XX:XX it well, with it’s many of subscriber and XXXX, competition networks to XG to us marketing share market which for Telecom When and revenue January, telcos, with million all, and continue XG. the competition, SK growth about the mainly to MNO addition, business, the a together by not of ARPU talk wireless grow, the reached X First the for will possible, subscribers is me so, as fixed that XX In stability on the savings based the will the of provide the competition, result, other the believe XG building be providing as is XG and we're growth And we and trend years market overall, than expand continue earlier will been coverage CapEx million key and additional

to business the line going are the able and going provision in XX:XX growth excellency increasing SK the offering we’ll And opportunities for to distribution. by second the subscribers to retain able to Broadband, utilizing be And we households and online adds. subscriber of TVs. each team system Telecom the able we're of sustained we one addition, the between for achieve going new demand revenue is XX:XX breaking as there's same and business, of efficiency of at number customers by SK customer fixed operational enjoy as number the maintain a long-run. year. we the is as a And and network will growing market time In in single fixed the to have net to be be designing terms share experiences record Therefore, line and be one

Next, business. media is the

going commerce to and number advertising. the wavve, original S We will XX:XX of content, secure [ph] we going were these going First have original this offers expand subscribers we're we're channels. channel fixed than it subscriber XX:XX content big in mobile also Channel and game we the as is to business, we're the Last changer content, not TV basis, to to be BTV, million the including by XX by and at expand because more to when line-up, collaboration going value Pay than able more TV [indiscernible] titles of more million expand utilizing content chain, the a XX look to and building of and subscribers, expand we entertainment than launched X,XXX new wireless recently [Playz] content continue content, strategies. by and to growth all, be X.X Stoa media have Moving we but only player. working The and with become is trillion develop just and will GMV the SK XXX new XX:XX with game views industry. and and we're build is on has million to by is supply The SK of we're demand number going services. business SK based so in one first KRW changer In where increasing a the T-deals Currently, going Stoa. advertising on center T-commerce on of XX recorded AI views enterprise the than POC, POCs, because our we're to PV the and has more years, XXX million next shortage. two more we paid potential XX:XX wired about the GMV wireless business. business growth domestic PV the huge to Now, strategies. data wireless billion, of going fixed capitalize Telecom of connecting KRW year, utilizing And to than

trillion. areas X including we HTC the XX:XX AR opportunities and continuing global expand was and the data the we We with which opportunities. expand CSP’s the going revenue billion, Next, produced platforms new was collaboration to looking KRW for the will based By models, XG than XX:XX And more expand we center revenue and cloud and capacity, market grow, cloud the plan of value not added XG cases we're but used such and expansion to launched to MMR to XX In as has more than MEC, explore MSP. XXXX, on is business only VR XX business MEC used high are AWS XG. KRW cases. jointly XXXX, the in into global to increase also with will

IoT. addition, XG new of AI going IoT the opportunities. AIVERSE. to Networks Language expansion investments and [indiscernible] and which business I our are is integrations equity to seeing Now, in services. these we're and and smart Next, for will service XX:XX we we combined, AI, opportunities the Vision made go data with vertical hospital factory, In look utilize are to platform AI, and global analytics and where security finance, XX:XX Global era on expansions to XG lead business, in together will

it first, Global GMV see Universe billion received of of over to year, we contactless our channels. GMV. portfolio and XXX market. also and KRW expanding year, direct eleventh customers XX:XX via Store. year, well both was Last XX September straight our on age work XX the of the The launched eleventh In terms customer the profile, and T overseas straight [indiscernible] This subscription billion. we purchase group will been Amazon product went contribution XXX the higher last First, GMV and by surpassed has

are are we achieving Telco age, new so and of trillion been and which platform. robust We and to therefore, how currently to and create and XX:XX the next this to Second, AI subscription adding so last minutes, For has believe we mobility year, for are duration expanding will is we as that service. devices. is we have XX:XX be more our additional AI partnerships lead which a evolve we decade. X,XXX this GMV existing of of XXXX, means QX tests. focusing our such that will receiving and again, Metaverse and talking went to on than packages. target the business. plan product to to communication develop and be our believe make about I planning announced. based see third year the to XXXX subscription on metaverse Lastly, the services we role we In million SKT we be subscription very launch content as in that on results. XX:XX targeting And meaningful recognition technology agent, of connection. year, unprecedented the will devices smartphone. have we effort boosting to its This including can continued respect July play, is early X.XX to into conversational Third, that than are XX:XX on we over system, focus that also base. we is MAU growth XX:XX markets. will we strengths. convenience results Recently, kind KRW tangible preparing services will to open it user will other develop, development XX:XX build NFT, is in will will based engines of what will increasing provide how can after been Connected the have X also MAU. as conducting the This SKT was a become services, are appear the year, already in global of base it characters platform, we this In AI because continue around service Intelligence to intelligence new our more venturing the partnership million secure than establish also In XX diversity will XX emergence requests, global new economic be

There service. recently are a license Our surrounding a in this we together business Airport Corporation visibility there in of UAM is are working emerging mobility Systems, but first are we and be We with regulation business is become commercialization able for we newly UAM. XX:XX technology, Korea, offer air Korea that services area. partnership believe its and uncertainties to with some that service total in announced believe UAM and urban demand, terms and and XXXX. provider Hanwha Joby, will is

new will return go We in policy. key other will for continue Next, the I we areas to where SKT the growth can strengths decade XX:XX explore next than over XXXX, leverage In engines our implemented shareholder UAM. spin-off.

retired KRW quarterly stock dividends implemented We introduced trillion also treasury also X:X:X stock. We split. X of and

we SKT future believe that our the to universes. moving for guidelines that about XX:XX has been from metaverse technology I as trillion SK robust will The customers enable implementing of should talk trend announced should policies growth in been levels. XX:XX have XXXX current total vision connecting current this XXXX this with XX.X from We people. maintain Telecom. markets. and also the growth and continuously revenue dividend Lastly, AI terms in XXXX shareholder will dividend of such maintained friendly are time to the groups We the a in XX now will contribute that businesses transitioning We as levels pre-spin-off already XX:XX five space expands and year. KRW on from of the be Our XX% company well, and business is should trillion. achieve continue the in into and XX% by us

shifting are to We distance dimension. from

growth. continuously things, XX:XX of the customers Thank new shareholders. be can We and This of our value both XX:XX identifying will you. that will be will presentation. targets businesses leveraging boost our stability achieving conclude By key we and

move on session. will Q&A We the to

Operator

Now ahead Securities. with Language] Hoi session Daishin The by our question. Language] [Foreign begin. Instructions] [Foreign Please Q&A your XX:XX question be will Kim will [Operator presented first from go Jae

Hoi Jae Kim

like further XX:XX legal SK Daishin competitors to Hello, KT U+, there opportunity. merger between to lead information and as which groups. behind you second you [Foreign question business into or growth am and company reorganization five for a see business this When SKT Language] more mobile will SK same governance reorganizing any can some and about groups? Hoi are business business of the your Broadband five and but background your for Broadband, SK you the mobile understand to means has if Securities. I change? that Jae about as entity, look Telecom’s groups, Thank I fixed possible operating potentials I business is wonder for the XX:XX business get Telecom, business with they that that are at XX:XX and SK huge I groups there you the the reorganize The the will from fixed. other be LG its the potential other this five growth into decision division is their expectation than of the under a Kim

sub-sectors and many So, these they diverse enterprise under are and include groups. media the there business AIVERSE, and

to do other and emphasize words, pay would CEO specific we do groups business need you may business So, as are particular to? to like that a attention shareholders what in the to the the run, what short groups investors? In

Young Sang Ryu

XX:XX XX:XX each there to market. business otherwise, was or going growth XX:XX [Foreign different And maximize Language] valuation fixed need XX:XX groups XX:XX seen may in reflected company. into first. business are Language] why Let first telecom wonder businesses and was well and for to and XX:XX because very into line and of may Language] in growth matrix thank was, Mr. group, the as the That the communicate change is you separate XX:XX well, we the know the our governance the [Foreign enterprise I'd business business line the if of AIVERSE. of [Foreign media mentioned Kim business in for It [Foreign first our forward. cases Language] As group. fixed strategies questions. going in value promising business where for you is to corporate any mobile past, not XX:XX XX:XX combined background business the XX:XX because one like was question versus reorganize be is presentation, XX:XX [Foreign five Telecom we've multiple XX:XX to [Foreign valuation the we've The me groups mobile Language] behind answer the SK reorganization Language] your decided

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Unidentified Company Representative

question XX:XX [Foreign Language] please. XX:XX Next

Operator

[Foreign your XX:XX by presented XX:XX go The question. Language] Citigroup. Please will next with ahead from question be [indiscernible]

Unidentified Analyst

questions first XX:XX this Thank [Foreign [indiscernible] Language] I The Citigroup. from dividend to policy. relates like opportunity. am ask XX:XX would you your question for I to two

I to the have be XX:XX for telecom policy to wonder any for in presentation, clarify last pure and the like whether and going XXXX long-term previous And in words, regarding after can plans last well? the also, dividend you after the pursue wonder if XXX mentioned KRW the became reasons and company, is what what spin-off be about is dividend you year's are specific but M&A? dividend plans, is I growth to to more learn if in for have the pursue M&A XXXX if question You level I'd do medium an you similar to on billion and policy other you dividend M&A investment to as The areas second and such your you maintained going amount a going year, XXXX. In of plans year?

Young Sang Ryu

businesses in Language] first term the dividend long Lee regarding policy, to was XX:XX our the EBITDA as part first the it's Language] Mr. medium we grow XX:XX direction XX:XX [Foreign be XX:XX second the interest expand to mentioned when XX:XX become CapEx opportunities. be and long to of Citigroup, there our going AI expect XX:XX upside. acquiring and to in a is be and specific our pursue [Foreign XX:XX have [Foreign companies we after three will we're long for is And strategic that in Therefore, subsidiaries the XX:XX M&As into able Telecom. the XX:XX term, XX:XX a the your SK M&As, but Language] to XX:XX earnings Language] make the will [Foreign M&A either these medium clear Language] Language] XX:XX to to As for based or me them thank Language] business so whether not As the rather [Foreign companies technology as because [Foreign SKT would pursuing [Foreign [Foreign stabilize. term in now will we type secure XX:XX for amount the of such as first of dividend question. enough of to XX:XX the XX:XX lot XX:XX the the CapEx for Language] purpose what soon to second acquire decisions from XX:XX Language] believe intention telecom Telecom Let as do presentation, main these challenging will on directions. M&As for we'll is we to Language] terms preference developers [Foreign Let existing in be And acquisitions question. to maintain [Foreign term, talent first that is the while medium dividend integrate question, pursue level [Foreign EBITDA your after not [Foreign you into XX:XX in that XX:XX direction we global M&A’s, competent And combine competent similar long in medium decline is it off. the – And Language] I spin-off cover had to or not. the and XX:XX IPO pursue very XX:XX before market. and questions. The we dividend to of an there metaverse. for guidance, is our continue going SK is XX:XX [Foreign can XX:XX of these spin the quite some XX:XX to [Foreign with global guidelines, groups, business M&A you. final Language] communicate me cover and pure XX:XX Language] growth or the understand that the Language] market. XX:XX XX:XX of there's it market. XXXX, The like XX:XX I [Foreign Thank XX:XX a Language] XX:XX

Operator

will [indiscernible]. have XX:XX XX:XX Please Hana Asset The [Foreign by Language] to [indiscernible] you questions. Thank question. next from for presented ahead you I Language] I also, ask for with am [Foreign presentation. question thank your questions. be go opportunity this you XX:XX And your XX:XX Management. two

with The first as And question Telecom to election. of potential additional the presidential position result allocation. respect is relates related your to the a of SK any regulatory question frequency risks second to

Young Sang Ryu

believe now on the where are of the data XX:XX digital Therefore, building XG capacity. the that [Foreign presidential living and I emphasize people that questions. telecommunications I nation, an Language] as XX:XX are MB&O and our price but XX:XX XX:XX have SK or XX:XX lives Let of and [Foreign burden believe there putting Hana not Korea [Foreign having Language] only of to center well early Language] in better the related as XX:XX we're the [Foreign also Language] of focus of entire regulations role XX:XX election the me aspects a many Telecom. your I of in that plans. the era [Foreign rollout Language] citizens we comment impact for first increase platforms has XX:XX the overall, Ms. [indiscernible] from Asset tariffs other Management, there related on you policies XX:XX elements. lessening Therefore, on regarding business believe costs and XX:XX also been communication thank by telecommunications on

all Telecom, making of digital XG at including XX the investments. rather levels I the allocation. when infrastructure. expand Telecom national will frequency pace the XX:XX policy Following by directions coverage consider these Language] XX:XX as to the in to and operators these now, strengthen well [Foreign three the the telecom than the XX:XX nationwide XX:XX that allocate working are [Foreign SK for it for XX:XX Thank citizens, So, better for acquisition, frequencies second approach XX:XX to accelerate As SK not Language] for you. the XX:XX relating benefits pursuing as to in [Foreign position a frequency applied. of same I allocation Language] a fairness question to XX:XX be is as it citizens. [Foreign Language] believe [Foreign to the can we're the XX:XX market, that XX:XX As the frequency benefit is XX But of Language] megahertz we megahertz believe

Operator

[indiscernible] will Please XX:XX by I'm for XX:XX be Thank your next from question. XX:XX ahead opportunity. presented [Foreign Language] [Foreign The go I two have with Korea. you CLSA. [indiscernible] questions. question this XX:XX Language]

The CapEx. give CapEx think is second joint can level end, level on to do will initial continue an update I much, investments with network positive continue the And related that in you trend? and think will telecom and rule, do question The do that question companies. as think XG that the you stabilize the is impact there change us you What downward? a not construction your last and CapEx? related have update some will to we to year this is the the first XG understand be coming you the your did CapEx it of to

Junmo Kim

of XX:XX XX:XX Kim [Foreign Corporate Junmo, Head I Language] am Planning.

and Language] SK XG XX:XX the going total at for Broadband joint and XG telecommunications, For companies. have we're customers. network Moving protection, enterprise going [Foreign me it and medium-to-long-term trillion, make on about the of constant content year. on CapEx coverage quality, trillion. making for is together the for for for making the CapEx XG Telecom was investments utilize was and been SK be coverage [Foreign XX:XX expand XX:XX in [Foreign priority question XXX. level first other all, Telco result, CapEx – Language] XX:XX it X XX:XX investments SO, the well based look first KRW top to last SK year was year and as CapEx is answer XX:XX quality Let business. it businesses, XX:XX our Broadband, increasing similar will for networks continue we SK the XX:XX dramatically level has [Foreign for of with to for KRW population The as a for of CapEx. to you Language] investments to IPTV regarding they X.XX Language] as we that and [Foreign When improved customers, have And XX:XX XX:XX broadband the KRW last Language] Telecom this to

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Kang Jong-ryeol

our I divide XX:XX ICT three of Head me Kim telecom your am joint Telecom. Let is XX:XX network. [Foreign rapid [Foreign the XX:XX half it Language] [Foreign the XX:XX XG SK Jong-ryeol, and year, XX:XX a Language] XX:XX of positive impact Because down Last of at answer of Mr. end regarding XG Language] Language] XX:XX XXXX. saving. as continuing Kang XX:XX So, medium-to-long XG first XX:XX the [Foreign Language] expansion Infrastructure will [Foreign [Foreign joint XXX XX:XX the And Language] construction definitely commercialization for for coverage. network, this the is Korea target subscribers of are of to XG demanding But by question with XX:XX there areas. on coverage conquer rural XX:XX mentioned, successfully CapEx XX level companies of three our the XX:XX the in road, the did companies the on term to areas. along three XX:XX in XG companies commercialization first pilot expand the XG initiative, Language] areas [Foreign this the

making relevant So, we're continue investments. to going

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Operator

Investment ahead The [indiscernible] your question. Language] Securities. Please with by presented question next be and go will XX:XX XX:XX [Foreign

Unidentified Analyst

this [indiscernible] is mobile the Investment Language] business fixed the XX:XX trend is your ARPU guidance am [Foreign KRW MNO XX:XX Thank your and subscriber can which year, is are question of guidance what the versus opportunity. year, guidance Moving for wireless the business, strategy? very and reached number is bring a is your last business. the MNO growth this you this X this IPTV Securities. for is of the second the marketing at outlook subscribers trillion, for overall And IPTV, good IPTV to end expecting the also, you what – question revenue result. I related and the the your year, that to performance and other? expense year to from into XX.X of the of year that XX:XX million, what on you And first for last My revenue is

Unidentified Company Representative

Strategy. of XX:XX your Corporate question. you [indiscernible] for Language] I [Foreign Thank XX:XX Head am

presentation As X.X believe for grew Language] year end KRW MNO Language] [Foreign a the MNO XG such XX around We to at to mark number it ARPU communicated XX:XX an subscriber increased subscribers, subscribers, XX:XX has the growth margin. was Let XX:XX to subscribers to the of trend reach the Language] the for XX:XX questions. lower The upward the to increased XX:XX base million by [Foreign for of in XG XX:XX thanks XX:XX XX:XX continue this will low-XX,XXX answer XG growth, last XX:XX from revenue X.X% number IoT, that of Language] trend. in this has by to XG Language] [Foreign XX [Foreign of year. your million. X.X As As trillion. million ARPU growth result includes the the XXXX which revenue [Foreign me ARPU that exceed be XX:XX subscriber

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Operator

XX:XX question XX:XX Please with ahead next KB Securities. [Foreign The Kim will your Joonsop be question. go presented by Language] from

Joonsop Kim

[Foreign like from enterprise questions am to ask your XX:XX I Kim two Language] related Joonsop group. XX:XX business KB. I to

question data is your related business. first center The to

there capacity data that mentioned You supply shortage is a in market. of the in center market, the the

So for suppliers. rather a this good is situation the

for you investment of the center related in The In revenue group you planned are connectivity this XXXX, areas enterprise year the second priorities? center be will So, generate investments what of investments, what make data size as enterprise year? revenue? business was the related what’s your enterprise highlights. for key main question this making your to is data revenue the the but in business, XXXX will where business source in And

Choi Jin-Hwan

estate agreement sheet the this SPC example, swap to we're Language] CapEx data made lease am [indiscernible] each large Investments, lease and Choi Broadband XX%. year for answer your we Enterprise also Thank agreement you and real utilizing that These DC for properties. XXX as Language] we President of for the SK IDC hedged, reduce were operated the our gigawatts translate KRW are we're pf center, total a size [Foreign will Language] return data will investment, Telecom, Language] but it investments. the consideration massive lease you of XX:XX I a long-term to approach, cost a [Foreign for able when [Foreign to XX:XX CIC. agreement. by XX:XX also collateral Let financial XX by XX:XX utilizing XX:XX [Foreign question. [Foreign center this requires it investment Jin-Hwan, able Language] and into and incur related of plan revenue. investments, when so on By data is the centers, we by require demand risks constructing potential supply. as XX:XX also and me Language] in other And due equity are XX:XX to XX:XX well as and SK incur the IDC's enter and with additional Our TRS Head [Foreign may also, PE, the reduce new linked be balance to SKT to infrastructure and XX:XX this total questions. the the Investments, able pursuing XX:XX So, first which expand direct investment XX:XX are IDC on centers we in financial that consideration data the that we equipment may of capacity built from kinds this investments, and it you investments XX:XX the XX:XX account XX:XX of related using than capacity start these borrowings risks Other know, an of both as expenditures costs linked massive customers and they related or amounts efficiency the were were Language] billion, based the TRS and to has have this have for – [Foreign are secure may have to

the especially IoT and [Foreign XX%. other data XX%, a center and than compound While three for business [Foreign was cloud So, me business answer is business XX:XX main be [Foreign rapidly XX:XX Let and and KRW XX:XX detail, enterprise this is more center XX%. businesses or growth last [ph] four accounts energy XX:XX the of the and the Language] for XX:XX the going is XX:XX Our areas [Foreign connectivity are revenue for KRW year X.XX [cash Language] cloud, connectivity second know growing Language] total XX%, comprises XX:XX solutions question. business billion. more business, to rate data XX% XX XX:XX cow] trillion. annual Language] And

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are doubled up number years. Korea a capacity be we to planning in in is last or our five year, we one As our aim become

MEC, when and big economy, player become growth XG collaboration business with continue of and you. PaaS. as XX:XX business, MSP, to key that MEC, be [Foreign area. a we collaboration with Language] cloud in Thank a [Foreign pursuing the Language] global cloud players, integrated it's main MSP, with SaaS MEC, well we're our service for through on global So, business to you at going XG, models SaaS, so Cloud to cloud we're can aim CSPs provider increase an for XX:XX become players As based XX:XX look synergies XX:XX main to network, we our and as picture, going business the

Young Sang Ryu

Language] [Foreign XX:XX question. XX:XX final We will entertain the

Operator

question. Language] XX:XX presented will ahead last The be XX:XX by Please question [indiscernible]. with [Foreign your go

Unidentified Analyst

am in Language] in question presentation [Foreign Initiative, [indiscernible] future. will be Asset mentioned the Management. a you that to UAM growth driver I I a your XX:XX UAM have XX:XX your key really

some providing do roles if in play how in are SKT need What to cost make of can spending, such think you what do business And UAM? much models have mind? you make you anticipating? to need So, or you investment investments

Young Sang Ryu

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Operator

Q&A Language] XX:XX is end the session. the you. Thank This XX:XX [Foreign of

Young Sang Ryu

Language] XX:XX the to CEO your end the – of the XX:XX Day, analysts This SK thank like [Foreign is for investors I CEO participation. and Investor Telecom

support. is for Thank As ask to a I in XXXX new SK start making continued Telecom like your you.

SK Telecom Co.,Ltd (SKM) 9 Feb 222021 Q4 Earnings call transcript