Opera Limited (Nasdaq: OPRA) (“Opera”), one of the world’s leading
browser providers and an influential player in the field of
integrated AI-driven digital content discovery and recommendation
platforms, today announced its unaudited consolidated financial
results for the fourth quarter and the full year ended December 31,
2018.
Fourth quarter and full year 2018 financial
highlights
|
|
Fourth quarter |
|
|
Year overyear
growth |
|
|
Full year |
|
|
Year overyear
growth |
|
US$
thousand, except for margins and per ADS amounts |
|
2017 |
|
|
2018 |
|
|
|
|
2017 |
|
|
2018 |
|
|
|
Operating revenue |
|
38,869 |
|
|
50,207 |
|
|
+29.2 |
% |
|
128,893 |
|
|
172,276 |
|
|
+33.7 |
% |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Net income |
|
1,252 |
|
|
11,412 |
|
|
+811.5 |
% |
|
6,064 |
|
|
35,160 |
|
|
+479.8 |
% |
Margin |
|
3.2 |
% |
|
22.7 |
% |
|
|
|
|
4.7 |
% |
|
20.4 |
% |
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1) |
|
9,043 |
|
|
17,511 |
|
|
+93.6 |
% |
|
34,119 |
|
|
65,794 |
|
|
+92.8 |
% |
Margin |
|
23.3 |
% |
|
34.9 |
% |
|
|
|
|
26.5 |
% |
|
38.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(1) |
|
4,229 |
|
|
12,983 |
|
|
+207.0 |
% |
|
17,796 |
|
|
46,136 |
|
|
+159.2 |
% |
Margin |
|
10.9 |
% |
|
25.9 |
% |
|
|
|
|
13.8 |
% |
|
26.8 |
% |
|
|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
|
Diluted net income per
ADS, US$ |
|
0.013 |
|
|
0.101 |
|
|
+684.8 |
% |
|
0.063 |
|
|
0.337 |
|
|
+435.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net
income per ADS (1), US$ |
|
0.043 |
|
|
0.115 |
|
|
+167.0 |
% |
|
0.185 |
|
|
0.442 |
|
|
+139.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
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|
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(1) Please
see the separate section “About non-IFRS financial measures” for
details on adjusted EBITDA and adjusted net income. |
|
Mr. Frode Jacobsen, Opera’s CFO, said, “We are very pleased to
deliver another record quarter across all of our key financial
metrics. Our revenue reached 50.2 million, up 29.2% compared to the
fourth quarter of 2017, and crossing a major milestone by exceeding
$50 million for the first time. This led to record adjusted EBITDA
of $17.5 million in the quarter, and a record adjusted net income
of $13.0 million.
"Over the past year, we added 33.6 million smartphone and PC
users, representing a 14.3% user base growth which combined with
strengthened monetization to deliver a 33.7% annual revenue growth
and new levels of scale economics in our business model. We saw our
annual adjusted EBITDA nearly doubled to $65.8 million at a 38.2%
margin, and our annual adjusted net income increase even more
rapidly to $46.1 million at a 26.8% margin, making significant
progress towards our long-term operating model target of adjusted
EBITDA margin of 45-55% and adjusted net income margin of
35-45%.
"We remain focused on further strengthening our user
monetization. In the fourth quarter, our sequential growth in
search and advertising ARPU was 4.1% and 5.9%, respectively. This
was driven by both our ability to grow users in well-monetized
geographies as well as our focus on continued improvements of
advertising monetization, including initial monetization of the
dedicated Opera News App."
Full-year 2018 revenue includes a prior period (third quarter)
adjustment of negative $1.9 million, following an internal
conclusion to recognize a recently launched advertising revenue
stream on a net basis. The adjustment is mirrored by an equal
reduction in cost of revenue, and therefore does not impact
profitability at any reported level. Excluding the impact of this
change, both our fourth quarter and full-year revenue would have
been reported above the previously guided ranges of 48-52 million
and 172-176 million, respectively, which were developed and
communicated prior to the conclusion to account for this activity
on a net basis.
Fourth quarter 2018 user base and product
highlights(All comparisons are relative to the fourth
quarter of 2017 unless otherwise stated)
- Opera News average Monthly Active Users (“MAUs”) grew 85.3% to
134.1 million.
- The dedicated Opera News App, launched in January 2018, reached
19.5 million average MAUs.
- Total smartphone average MAUs grew 15.3% to 208.0 million.
- PC average MAUs grew 11.1% to 60.9 million.
Mr. Lin Song, Opera’s COO, said, “Overall, we saw a net user
growth of 12.6 million smartphone users and 2.5 million PC users in
the fourth quarter, representing respective growth rates of 6.4%
and 4.2% compared to the third quarter. Compared to the fourth
quarter of 2017, the respective growth rates were 15.3% and 11.1%.
We are excited to have reached major new milestones, with
smartphone users exceeding 200 million and PC users exceeding 60
million, both for the first time.
"We continue to prioritize growing our Opera News user base,
both through our browser offerings and the dedicated Opera News
App. We believe we have become one of the largest news platforms
across many emerging African and Asian markets. In addition to
user growth, we have also observed continuous strengthening of key
engagement indicators such as time spent and retention. We believe
that we have an opportunity to further improve engagement through
our localization efforts, and we are encouraged by initial results
from some of our markets. We plan to prioritize our localization
efforts in key African countries such as Nigeria, Kenya and
South Africa, but are also expanding to other African countries as
well as our key emerging Asian markets: India and Indonesia.
"On the product side, our major initiative for Opera News was
the launch of Instaclips in December, an interest-based short-video
offering within the platform that is designed to captivate and
engage our audiences. Following the launch, over 50% of daily Opera
News App users with access to that offering opted to engage with
Instaclips, with those users spending over 13 minutes per day, on
average, watching video clips, paired with strong sharing
metrics.
"On the browser side, we once again demonstrated our ability to
stay ahead of the competition with unique features and
functionality, including the introduction of AI-based news
recommendations in our PC browser. We have further streamlined our
users’ experience with Opera for Android, allowing blocking of
cookie dialog prompts, and the storing of entered credit card
information aimed at simplifying online transactions within the
mobile browser. We strengthened our browser offering on iOS as
well, with the launch of the RedDot award winning Opera Touch for
iOS in October 2018.
"Finally, we are excited to announce that we have entered into
important new distribution agreements with major Android smartphone
OEMs Oppo, Xiaomi and Transsion, the manufacturer of Tecno phones.
These OEMs have dominant positions in emerging Asian and African
markets, and are actively pursuing European consumers where we
already have a strong PC footprint. We are proud to be
pre-installed on these devices, including several where we will now
become the default browser out of the box.”
Reflections from our Chairman and CEO
Mr. Yahui Zhou, Opera’s Chairman and CEO, commented, “2018 was a
successful year for Opera on many fronts. We set ambitious targets
for ourselves, including our desire to become the dominant AI-based
news and content platform on the African continent. We leveraged
our massive browser user base and well-established brand, paired
with substantial development resources, to achieve this in record
time. In July, we measured2 a 45% unaided brand awareness for
Opera News in Nigeria, compared with 6% for the second best news
app. Among news app users in the same country, 60% reported to use
Opera News most often, compared to 8% for the second-most used app.
Our strong product and asset base also propelled the dedicated
Opera News App to the top of the app rankings.
"Owning the leading AI-based content platform position across
sub-Saharan Africa has been, and remains, our top priority.
However, we observe that Opera News has also benefitted from strong
organic adoption in emerging Asian countries. With monetization
improving by the quarter, and substantial engagement KPI
improvements driven by our localization efforts, we are considering
to further accelerate our investments in key emerging Asian markets
during 2019.
"Beyond content, the underlying browser business continues to
show strength in both user adoption and monetization. Being the
gateway to the web is an attractive position to capitalize on in
the ongoing consumer shift from offline retail to online shopping,
with ad dollars following. With a stronger-than-ever product
offering, combined with new, strategic distribution relationships,
and on the back of increasing underlying monetization, we see
potential to profitably accelerate our browser growth even beyond
the current trajectory, including potential to scale our mobile
browser user base in Europe.
"For me, this is exciting for multiple reasons. Beyond the
opportunity embedded in the growth of the profitable browser
business, there is also a broader strategic benefit. As we have
demonstrated in other regions, the underlying browser user base is
key to launching and growing Opera News, as it represents a very
powerful distribution channel for our AI-based content discovery
platform.
"As Opera’s Chairman and CEO, I am proud of both our operational
performance and our financial trajectory. When I led the
privatization of Opera, I bought a company that was loss-making on
$107.3 million of 2016 revenue. Driven by our product vision and
execution, we managed to grow revenue by 20.1% in 2017, and 33.7%
in 2018, returning the business to a strong growth trajectory. Just
as importantly, we managed to combine this healthy and accelerating
revenue growth with an attractive and profitable business model
that demonstrated strong margin expansion and record
profitability.
"With our IPO in July 2018, many investors chose to come in
side-by-side with me as the largest shareholder of the company. I
appreciate your enthusiasm for the prospects of Opera, and I work
every day with my team to realize them. In 2018, we showed just how
profitable this business becomes with scale, and I am particularly
pleased with our $46.1 million adjusted net income. That trajectory
clearly speaks to Opera’s core profitability potential, while at
the same time we want to leverage our strong balance sheet to
maximize our long-term profit potential through investments in
accelerated growth.”
2 Pollfish survey, Nigeria, July 2018, n=1,000
2018 summary review of associates and joint
ventures
Associates and joint ventures are not consolidated, but are
accounted for using the equity method.
Opay, an associate in which Opera has a 19.9%
ownership share, launched its mobile money services in 2018. Opay
focused its efforts in Nigeria, a market characterized by a
massive, un-banked population with low mobile money penetration.
Opay launched an agent-centric operation in July as a means to
reach the underserved population. By year-end, Opay had recruited
3,000 agents and December’s average daily transaction volume was in
excess of $1 million, with peak days exceeding $1.5 million,
placing Opay among top-tier mobile money providers in Nigeria less
than one year after launch.
In 2018, Opay also launched a separate microfinance product in
Kenya, branded OKash. The service is app-based and offers instant
credit to approved borrowers. To begin, the App was primarily
marketed to Opera’s browser users. By the fourth quarter, OKash
generated $1.7 million of revenue from 280,000 microloans, and held
active licenses to provide similar microfinance products in four
other countries.
In late December, Opera acquired OKash from Opay for a
consideration of $9.5 million. This was done in connection with
Opay streamlining its portfolio to focus on mobile money services
as it entered into dialogue with prospective new investors for
future funding. For Opera, the acquisition of the OKash business
represents a new and profitable user-driven business opportunity
that will benefit from Opera’s existing reach and scale in relevant
African and Asian markets, and of relevant demographics, in a
similar fashion as Opera News.
The acquired OKash business is tracking towards approximately
$1.0 million of EBIT in the first quarter of 2019, and is expected
to generate EBIT in excess of $6 million for the year as a whole,
resulting in an expected acquisition multiple of below 1.6x 2019
EBIT.
We plan to replicate the Kenyan success of OKash and expand the
operations into other markets, even though it will put a weight on
the near-term, overall profit contribution. We plan to report
the OKash business as a separate segment as of 2019.
Powerbets, a joint venture in which Opera has a
50.1% ownership share, provides a platform for sports betting,
virtual sports betting, and gaming services throughout Africa.
Having one of the largest gaming footprints in Africa, Powerbets is
licensed in nine African markets and operational in seven. Through
2018, Powerbets demonstrated steady improvements in its financial
performance, and we expect the company to break-even towards the
end of 2019.
nHorizon, a joint venture in which Opera has a
29.09% ownership interest, operates an Opera browser in China with
monetization partners, including Baidu, Sogou and others. Excluding
extraordinary items, the company generated a small profit in
2018.
StarMaker, an associate in which Opera has a
19.35% ownership share, is a technology-driven social media company
focused on music and entertainment. StarMaker enables users to
record and share their own music videos, collaborate with other
musicians, connect with other users and follow their idols on the
social platform. During the second half of 2018, Starmaker expanded
into short-form music and video clips of a more viral nature, and
increased its revenue by 53% compared with the first half of 2018,
reaching an annualized revenue run-rate in excess of $17 million in
December.
Business outlook
Our baseline expectation for 2019 has revenue in the range of
$220-230 million, representing year over year growth of 28-34%. At
the baseline, we would expect adjusted EBITDA for 2019 to be in the
range of $75-82 million, corresponding to a 34-36% margin for the
year. This estimate factors in a $10 million strategic increase in
our cost base apart from general and inflationary adjustments to
invest in building our localization capabilities for Opera News,
further strengthening our browser value proposition for certain
attractive user segments, and launching OKash outside its original
market.
Beyond the baseline, we are excited about several concrete
opportunities to invest in additional marketing and distribution to
accelerate our revenue growth through incremental growth of our
browser user base, with a focus on Europe, and our Opera News user
base, including in key emerging Asian markets. Such investment
decisions will be informed by the engagement KPIs and monetization
capability of each product to ensure healthy investment returns. As
revenue would be impacted over time, while the majority of our
marketing and distribution cost is immediately recognized, we would
expect to see a payback period of approximately four quarters.
Turning to the first quarter of 2019, we estimate baseline
revenue of $46-49 million, accounting for the seasonal effect on
search and advertising revenue, as well as an expected decline in
“technology licensing and other” revenue to approximately $3.5
million in the quarter. This corresponds to a 17-24% year over year
growth versus the first quarter of 2018, or 28-37% growth excluding
the “technology licensing and other” revenue category.
Compared to the baseline, we expect to invest $5-8 million in
incremental marketing and distribution, focusing on broadening our
browser reach in the first quarter of such investments. The
business case is supported by strong existing monetization metrics,
and doubles as an investment in broadening our Opera News
distribution platform. In terms of first quarter revenue impact, we
expect an incremental $1-2 million.
Inclusive of this, our first quarter revenue guidance becomes
$47-51 million, with an adjusted EBITDA range of $7-9 million,
consisting of a baseline adjusted EBITDA expectation of $12-14
million, less the approximate $5 million initial impact of our
incremental marketing investment.
Fourth quarter 2018 consolidated financial
results
All comparisons in this section are relative to the fourth
quarter of 2017 unless otherwise stated.
Revenue increased 29.2% to $50.2 million.
- Search revenue increased 4.9% to $21.1 million, driven by the
increase in our browser user base.
- Advertising revenue increased 23.5% to $17.6 million. The
substantial lift follows the continued increase in our user base,
the ongoing improvements of Opera News monetization, as well as
continued improvements in our ability to help e-commerce and other
partners grow their revenues from which we collect a revenue share.
Compared to the previous quarter, advertising revenue increased
12.2% from $15.7 million, having adjusted third quarter revenue
following our conclusion to recognize a recently launched
advertising revenue stream on a net basis.
- Retail revenue was $6.4 million in the second quarter of
material activity as we continued to build scale. We expect retail
revenue to stabilize around this level in the near-term until we
explore a wider retail opportunity.
- Technology licensing and other revenue increased 12.9% to $5.1
million. This revenue category is volatile in nature, and we do not
currently expect to maintain the relatively high levels we have
seen through 2018.
Operating expenses decreased 1.5% to $37.0
million. Operating expenses represented 73.7% of operating revenue
in fourth quarter 2018, compared to 96.7% in fourth quarter
2017.
- Cost of revenue (formerly “Payouts to publishers and
monetization partners”) was $7.6 million, compared to $0.7 million
in the fourth quarter 2017. Within the total, $6.3 million related
to retail revenue, and $1.3 million related to advertising revenue
recognized at gross basis.
- Personnel expenses were $11.1 million, a 7.2% decline. This
consisted of cash-based compensation expense of $9.7 million, a
11.2% increase largely explained by adjustments to provisions for
annual bonuses, and share-based remuneration expense of $1.4
million, a 56.6% decrease from $3.3 million in the fourth quarter
2017. The reduction in share-based remuneration was related to a
reduction in accrued social security cost to reflect the period-end
share price, and the fact that share-based remuneration expense was
elevated in 2017 because it was the first year of a new employee
Restricted Share Unit program.
- Depreciation and amortization expenses were $2.9 million, a
31.7% decrease. The decline is largely the result of certain
equipment being fully depreciated.
- Other expenses were $15.4 million, a 24.5% decrease. The
reduction was driven by $4.1 million lower marketing and
distribution cost, as well as general cost reductions across
hosting, office rent, software licenses and other.
- Restructuring costs was zero, compared with $0.3 million in the
fourth quarter 2017.
Operating profit reached $13.2 million in the
quarter, representing an operating margin of 26.3%, compared to a
$1.3 million operating profit in the fourth quarter 2017 with a
3.3% margin. The improvement was largely due to substantial growth
in revenue combined with slightly lower expenses.
Income tax expense was $0.7 million in the
quarter, compared to tax benefit of $1.1 million in the fourth
quarter 2017. Our effective tax rate was 5.7% in the fourth quarter
of 2018, lowered by tax provision adjustments at the local level,
including the impact of a reduction in the Norwegian statutory tax
rate from 23% to 22%, and our assessment that our Irish subsidiary
meets the local trading status requirements qualifying it for a
12.5% corporation tax, partially offset by FX effects reducing the
USD value of NOK-denominated tax assets.
Net income was $11.4 million in the quarter,
compared to $1.3 million in the fourth quarter of 2017.
Net income per ADS was $0.104 in the quarter,
and $0.101 on a diluted basis. Adjusted net income per
ADS was $0.118 in the quarter, and $0.115 on a diluted
basis. Each ADS represents two shares in Opera Limited.
Adjusted EBITDA was $17.5 million in the fourth
quarter 2018, representing a 34.9% adjusted EBITDA margin. In the
fourth quarter of 2017, adjusted EBITDA was $9.0 million,
representing a 23.3% margin. Adjusted EBITDA excludes share-based
remuneration, restructuring charges (zero in the current quarter),
and expensed IPO related costs of audit, legal and other advisory
services (zero in the current quarter).
Adjusted Net Income was $13.0 million in the
fourth quarter 2018, representing a 25.9% adjusted net margin. In
the fourth quarter of 2017, adjusted net income was $4.2 million,
representing a 10.9% margin. Adjusted net income excludes
share-based remuneration, amortization of intangible assets related
to acquisitions (all of which relates to the Opera privatization in
2016), and expensed IPO related costs (zero in the current
quarter). Adjusted net income further includes partially offsetting
reversals of the tax impacts of the foregoing three
adjustments.
Full year 2018 consolidated financial
results
All comparisons in this section are relative to full year 2017,
unless otherwise stated.
Revenue increased 33.7% to $172.3 million.
- Search revenue increased 17.6% to $80.2 million, driven
primarily by an increase in average revenue per qualified search
following improved monetization by our search partners, as well as
the growth of our browser user base.
- Advertising revenue increased 45.9% to $59.9 million. The
substantial lift follows the introduction of Opera News inventory
monetization in our browsers during the second half of 2017, as
well as continued improvements in our ability to help e-commerce
and other partners grow their revenues from which we collect a
revenue share.
- Retail revenue was $9.3 million, generated over the second half
of 2018. Our focus has been to start building scale within the area
of prepaid airtime and data, retailed to local consumers and
wholesalers.
- Technology licensing and other revenue increased 16.5% to $22.9
million. Although volatile in nature, in 2018 it was relatively
stable across quarters, somewhat declining in the second half of
the year.
Operating expenses totaled $127.0 million,
representing a 2.3% increase. Operating expenses represented 73.7%
of operating revenue in 2018, compared to 96.3% in 2017.
- Cost of revenue (formerly “Payouts to publishers and
monetization partners”) was $13.3 million, compared to $1.3 million
in 2017. Within the total, $9.2 million related to retail revenue,
and $4.1 million related to advertising revenue recognized at gross
basis.
- Personnel expenses were $41.0 million, a 7.6% decrease. This
consisted of cash-based compensation expense of $36.1 million, a
3.7% increase, and share-based remuneration expense of $4.8
million, a 49.0% decrease from $9.5 million in 2017. The reduction
in share-based remuneration was related to reductions in accrued
social security cost, and the fact that share-based remuneration
expense was elevated in 2017 because it was the first year of a new
employee Restricted Share Unit program.
- Depreciation and amortization expenses were $12.7 million, a
23.5% decrease. The decline is largely the result of certain
equipment being fully depreciated.
- Other expenses were $60.0 million, a 2.3% or $1.3 million
increase. Within the category, audit, legal and other advisory
services increased by $4.8 million following our IPO and associated
preparations from a base of $1.3 million as a privately held
company in 2017. Marketing and distribution expenses increased
slightly, up 2.0% to $31.0 million. The increases were partially
offset by reductions in other expenses in the category, including a
16.2% reduction of hosting cost from $12.1 million to $10.1
million.
- Restructuring cost was zero, compared with $3.2 million in
2017.
Operating profit reached $45.3 million,
representing an operating margin of 26.3%, compared to a $10.2
million operating profit in 2017.
Income tax expense was $6.5 million, compared
to $1.4 million in 2017. Our effective tax rate was 15.6% in 2018,
compared to 19.2% in 2017.
Net income was $35.2 million, compared to $6.1
million in 2017.
Net income per ADS was $0.347 in the year, and
$0.337 on a diluted basis. Adjusted net income per
ADS was $0.455, and $0.442 on a diluted basis. Each ADS
represents two shares in Opera Limited.
Adjusted EBITDA was $65.8 million, representing
a 38.2% adjusted EBITDA margin. In 2017, adjusted EBITDA was $34.1
million, representing a 26.5% margin. Adjusted EBITDA excludes
share-based remuneration, restructuring charges (zero in 2018), and
expensed IPO related costs of audit, legal and other advisory
services.
Adjusted Net Income was $46.1 million,
representing a 26.8% adjusted net margin. In 2017, adjusted net
income was $17.8 million, representing a 13.8% margin. Adjusted net
income excludes share-based remuneration, amortization of
intangible assets related to acquisitions (all of which relates to
the Opera privatization in 2016), and expensed IPO related costs.
Adjusted net income further includes partially offsetting reversals
of the tax impacts of the foregoing three adjustments.
About non-IFRS financial measures
To supplement our consolidated financial statements, we use
adjusted EBITDA and adjusted net income, both non-IFRS financial
measures, to understand and evaluate our core operating
performance. These non-IFRS financial measures, which may differ
from similarly titled measures used by other companies, are
presented to enhance investors’ overall understanding of our
financial performance and should not be considered a substitute
for, or superior to, financial information prepared and presented
in accordance with IFRS.
We define adjusted EBITDA as net income (loss) excluding income
tax expense (benefit), total net financial loss (income), share of
net loss (income) of associates and joint ventures, restructuring
costs, depreciation and amortization, share-based remuneration and
expensed costs related to our recent initial public offering, less
other income.
We define adjusted net income as net income excluding
share-based remuneration, amortization cost related to acquired
intangible assets, and expensed costs related to our recent initial
public offering.
We believe that adjusted EBITDA and adjusted net income provide
useful information to investors and others in understanding and
evaluating our operating results. These non-IFRS financial measures
adjust for the impact of items that we do not consider indicative
of the operational performance of our business. While we believe
that these non-IFRS financial measures are useful in evaluating our
business, this information should be considered as supplemental in
nature and is not meant as a substitute for financial information
prepared and presented in accordance with IFRS.
Safe harbor statement
This press release contains statements of a forward-looking
nature. These statements, including statements relating to the
Company’s future financial and operating results, are made under
the “safe harbor” provisions of the U.S. Private Securities
Litigation Reform Act of 1995. You can identify these
forward-looking statements by terminology such as “will,”
“expects,” “believes,” “anticipates,” “intends,” “estimates” and
similar statements. Among other things, management’s quotations and
the Business outlook section contain forward-looking statements.
These forward-looking statements involve known and unknown risks
and uncertainties and are based on current expectations,
assumptions, estimates and projections about Opera and the
industry. Potential risks and uncertainties include, but are not
limited to, those relating to its goals and strategies; its
expected development and launch, and market acceptance, of its
products and services; its expectations regarding demand for and
market acceptance of our brand, platforms and services; our
expectations regarding growth in our user base and level of
engagement; its ability to attract, retain and monetize users; its
ability to continue to develop new technologies and/or upgrade our
existing technologies and quarterly variations in its operating
results caused by factors beyond its control and global
macroeconomic conditions and its potential impact in the markets it
has businesses. All information provided in this press release is
as of the date hereof, and Opera undertakes no obligation to update
any forward-looking statements to reflect subsequent occurring
events or circumstances, or changes in its expectations, except as
may be required by law. Although Opera believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that its expectations will turn
out to be correct, and investors are cautioned that actual results
may differ materially from the anticipated results. Further
information regarding risks and uncertainties faced by Opera is
included in Opera’s filings with the U.S. Securities and Exchange
Commission, including its registration statement on Form F-1 filed
in connection with its initial public offering.
Conference call
Opera’s management team will host a conference call at 8:00 AM
U.S. Eastern Time (2:00 PM Central European Time, 9:00 PM
Beijing/Hong Kong time) on Thursday, February 21, 2019.
The dial-in details for the live conference call are:
United States: +1 (877) 506-7703China: +86 400 682 8609Hong
Kong: +852 3011 4522Norway: +47 2231 0524United Kingdom: +44 (0)203
107 0289International: +1 (786) 815-8450Confirmation Code:
9965058
A live webcast of the conference call will be posted at
https://investor.opera.com.
About Opera
Founded in 1995 in Norway, Opera delivers browsers and AI-driven
digital content discovery platforms to more than 320 million people
worldwide. The company remains one of the most innovative browser
creators in the world. Opera is listed on Nasdaq under the OPRA
ticker symbol.
Investor Relations Contact:Allise
Furlaniinvestor-relations@opera.com or 212-331-8433
For media enquiries, please contact: press-team@opera.com
|
OPERA LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF
OPERATIONS |
|
[US$ thousand, except
per share and ADS amounts] |
|
Q4-2017 |
|
Q4-2018 |
|
YTD 2017 |
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
38,869 |
|
|
|
50,207 |
|
|
|
128,893 |
|
|
|
172,276 |
|
Other income |
|
|
- |
|
|
|
- |
|
|
|
5,460 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
(681 |
) |
|
|
(7,584 |
) |
|
|
(1,303 |
) |
|
|
(13,316 |
) |
Personnel expenses |
|
|
(11,984 |
) |
|
|
(11,116 |
) |
|
|
(44,315 |
) |
|
|
(40,968 |
) |
Depreciation and
amortization |
|
|
(4,214 |
) |
|
|
(2,876 |
) |
|
|
(16,604 |
) |
|
|
(12,694 |
) |
Other expenses |
|
|
(20,428 |
) |
|
|
(15,416 |
) |
|
|
(58,652 |
) |
|
|
(59,997 |
) |
Restructuring
costs |
|
|
(267 |
) |
|
|
- |
|
|
|
(3,240 |
) |
|
|
- |
|
Total operating
expenses |
|
|
(37,574 |
) |
|
|
(36,992 |
) |
|
|
(124,114 |
) |
|
|
(126,975 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit |
|
|
1,296 |
|
|
|
13,215 |
|
|
|
10,239 |
|
|
|
45,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net income
(loss) of associates and joint ventures |
|
|
(715 |
) |
|
|
133 |
|
|
|
(1,670 |
) |
|
|
(3,248 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance
income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance income |
|
|
1,018 |
|
|
|
810 |
|
|
|
1,054 |
|
|
|
1,637 |
|
Finance expense |
|
|
(5 |
) |
|
|
(1,565 |
) |
|
|
(238 |
) |
|
|
(1,695 |
) |
Net foreign exchange
loss |
|
|
(1,455 |
) |
|
|
(494 |
) |
|
|
(1,881 |
) |
|
|
(354 |
) |
Total finance
income (expenses) |
|
|
(442 |
) |
|
|
(1,249 |
) |
|
|
(1,065 |
) |
|
|
(412 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
before income taxes |
|
|
139 |
|
|
|
12,099 |
|
|
|
7,504 |
|
|
|
41,641 |
|
Income tax (expense)
benefit |
|
|
1,112 |
|
|
|
(687 |
) |
|
|
(1,440 |
) |
|
|
(6,481 |
) |
Net
income |
|
|
1,252 |
|
|
|
11,412 |
|
|
|
6,064 |
|
|
|
35,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent |
|
|
1,252 |
|
|
|
11,412 |
|
|
|
6,064 |
|
|
|
35,160 |
|
Non-controlling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
1,252 |
|
|
|
11,412 |
|
|
|
6,064 |
|
|
|
35,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, millions(1) |
|
|
190.25 |
|
|
|
219.59 |
|
|
|
190.25 |
|
|
|
202.62 |
|
Diluted,
millions(2) |
|
|
194.64 |
|
|
|
226.14 |
|
|
|
192.70 |
|
|
|
208.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.007 |
|
|
|
0.052 |
|
|
|
0.032 |
|
|
|
0.174 |
|
Diluted, US$ |
|
|
0.006 |
|
|
|
0.050 |
|
|
|
0.031 |
|
|
|
0.168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.013 |
|
|
|
0.104 |
|
|
|
0.064 |
|
|
|
0.347 |
|
Diluted, US$ |
|
|
0.013 |
|
|
|
0.101 |
|
|
|
0.063 |
|
|
|
0.337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Assuming 200 million shares in Opera Limited were outstanding for
all periods presented prior to the Initial Public Offering (IPO),
less 9.75 million shares that were surrendered by two shareholders
upon completion of the IPO. As of 31 December 2018, the total
number of shares outstanding for Opera Limited was
218,661,519. |
|
(2)
Includes the net dilutive impact of employee equity awards, all of
which are dilutive. |
|
|
OPERA LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF TOTAL
COMPREHENSIVE INCOME |
|
[US$ thousand] |
|
Q4-2017 |
|
Q4-2018 |
|
YTD 2017 |
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
1,252 |
|
|
|
11,412 |
|
|
|
6,064 |
|
|
|
35,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on
translation of foreign operations |
|
|
576 |
|
|
|
(66 |
) |
|
|
2,235 |
|
|
|
(1,245 |
) |
Reclassification
adjustments on exchange differences on translation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(138 |
) |
Share of other
comprehensive income of associates and joint ventures |
|
|
- |
|
|
|
24 |
|
|
|
- |
|
|
|
94 |
|
Other
comprehensive income – items that may be reclassified to net
income |
|
|
576 |
|
|
|
(42 |
) |
|
|
2,235 |
|
|
|
(1,289 |
) |
Total
comprehensive income |
|
|
1,828 |
|
|
|
11,370 |
|
|
|
8,299 |
|
|
|
33,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent |
|
|
1,828 |
|
|
|
11,370 |
|
|
|
8,299 |
|
|
|
33,871 |
|
Non-controlling
interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
1,828 |
|
|
|
11,370 |
|
|
|
8,299 |
|
|
|
33,871 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERA LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION |
|
[US$ thousand] |
|
As of
December 31, 2017 |
|
|
As of December 31,
2018 |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
|
Furniture, fixtures and equipment |
|
|
13,460 |
|
|
|
12,162 |
Intangible assets |
|
|
118,620 |
|
|
|
115,444 |
Goodwill |
|
|
421,578 |
|
|
|
421,578 |
Investments in associates and joint ventures |
|
|
5,517 |
|
|
|
35,060 |
Other
financial assets |
|
|
1,857 |
|
|
|
2,025 |
Deferred
tax assets |
|
|
958 |
|
|
|
944 |
Total
non-current assets |
|
|
561,989 |
|
|
|
587,213 |
Current
assets |
|
|
|
|
|
|
|
Trade
receivables |
|
|
31,072 |
|
|
|
37,468 |
Other
receivables |
|
|
7,865 |
|
|
|
7,123 |
Prepayments |
|
|
2,166 |
|
|
|
14,372 |
Other
financial assets |
|
|
- |
|
|
|
1,254 |
Cash and
cash equivalents |
|
|
33,207 |
|
|
|
177,873 |
Total current
assets |
|
|
74,311 |
|
|
|
238,090 |
TOTAL
ASSETS |
|
|
636,300 |
|
|
|
825,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
Contributed equity |
|
|
576,531 |
|
|
|
738,712 |
Retained
earnings |
|
|
5,366 |
|
|
|
36,432 |
Other
components of equity |
|
|
1,605 |
|
|
|
316 |
Equity
attributed to members |
|
|
583,503 |
|
|
|
775,460 |
Non-controlling interests |
|
|
- |
|
|
|
- |
Total
equity |
|
|
583,503 |
|
|
|
775,460 |
Non-current
liabilities |
|
|
|
|
|
|
|
Finance
lease liabilities and other loans |
|
|
4,032 |
|
|
|
2,271 |
Deferred
tax liabilities |
|
|
11,828 |
|
|
|
13,358 |
Other
liabilities |
|
|
87 |
|
|
|
212 |
Total
non-current liabilities |
|
|
15,947 |
|
|
|
15,841 |
Current
liabilities |
|
|
|
|
|
|
|
Trade and
other payables |
|
|
21,401 |
|
|
|
17,957 |
Finance
lease liabilities and other loans |
|
|
2,073 |
|
|
|
2,490 |
Income
tax payable |
|
|
3,709 |
|
|
|
1,920 |
Deferred
revenue |
|
|
1,472 |
|
|
|
1,932 |
Other
liabilities |
|
|
8,195 |
|
|
|
9,701 |
Total current
liabilities |
|
|
36,850 |
|
|
|
34,002 |
Total
liabilities |
|
|
52,797 |
|
|
|
49,843 |
TOTAL EQUITY
AND LIABILITIES |
|
|
636,300 |
|
|
|
825,303 |
|
|
|
|
|
|
|
|
|
OPERA LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY |
|
2017 [US$ thousand] |
|
Contributed equity |
|
Retained earnings |
|
|
Other components of
equity |
|
|
Total
equity |
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2017 |
|
576,531 |
|
(7,704 |
) |
|
(630 |
) |
|
568,197 |
Net income for the
period |
|
- |
|
6,064 |
|
|
- |
|
|
6,064 |
Other comprehensive
income |
|
- |
|
- |
|
|
2,235 |
|
|
2,235 |
Total
comprehensive income for the period |
|
- |
|
6,064 |
|
|
2,235 |
|
|
8,299 |
Share-based payment
transactions |
|
- |
|
7,006 |
|
|
- |
|
|
7,006 |
Balance as of
December 31, 2017 |
|
576,531 |
|
5,366 |
|
|
1,605 |
|
|
583,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
[US$ thousand] |
|
Contributed equity |
|
|
Retained earnings |
|
|
Other components of
equity |
|
|
Total equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
December 31, 2017 |
|
576,531 |
|
|
5,366 |
|
|
1,605 |
|
|
583,503 |
|
Impact of new
accounting standards |
|
- |
|
|
(629 |
) |
|
- |
|
|
(629 |
) |
Balance as of
January 1, 2018 |
|
576,531 |
|
|
4,737 |
|
|
1,605 |
|
|
582,874 |
|
Net income for the
period |
|
- |
|
|
35,160 |
|
|
- |
|
|
35,160 |
|
Other comprehensive
income |
|
- |
|
|
- |
|
|
(1,289 |
) |
|
(1,289 |
) |
Total
comprehensive income for the period |
|
- |
|
|
35,160 |
|
|
(1,289 |
) |
|
33,871 |
|
Issue of shares |
|
167,056 |
|
|
- |
|
|
- |
|
|
167,056 |
|
Impact of predecessor
accounting |
|
- |
|
|
(9,904 |
) |
|
- |
|
|
(9,904 |
) |
Acquisition of treasury
shares |
|
(4,875 |
) |
|
- |
|
|
- |
|
|
(4,875 |
) |
Share-based payment
transactions |
|
- |
|
|
6,439 |
|
|
- |
|
|
6,439 |
|
Balance as of
December 31, 2018 |
|
738,712 |
|
|
36,432 |
|
|
316 |
|
|
775,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERA LIMITED |
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH
FLOWS |
|
[US$ thousand] |
|
Q4-2017 |
|
|
Q4-2018 |
|
|
YTD 2017 |
|
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flow
from (used in) operating activities |
|
|
10,368 |
|
|
|
12,114 |
|
|
|
11,653 |
|
|
|
33,828 |
|
Net cash flow
from (used in) investment activities |
|
|
(9,282 |
) |
|
|
(43,537 |
) |
|
|
(3,305 |
) |
|
|
(47,250 |
) |
Net cash flow
from (used in) financing activities |
|
|
(1,626 |
) |
|
|
(8,171 |
) |
|
|
(10,031 |
) |
|
|
158,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in
cash and cash equivalents |
|
|
(539 |
) |
|
|
(39,594 |
) |
|
|
(1,683 |
) |
|
|
145,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents: Beginning balance |
|
|
33,841 |
|
|
|
217,642 |
|
|
|
34,181 |
|
|
|
33,207 |
|
Effects of exchange
rate changes on cash and cash equivalents |
|
|
(95 |
) |
|
|
(175 |
) |
|
|
709 |
|
|
|
(857 |
) |
Cash and cash
equivalents: End balance |
|
|
33,207 |
|
|
|
177,873 |
|
|
|
33,207 |
|
|
|
177,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying unaudited notes are an integral part
of these financial statements |
|
General information
Opera Limited, with its registered office in George Town, Cayman
Islands, is a limited liability company duly incorporated and
validly existing under the laws of the Cayman Islands.
Revenue by category
[US$ thousand] |
|
Q4-2017 |
|
Q4-2018 |
|
YTD 2017 |
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
Search |
|
|
20,095 |
|
|
21,089 |
|
|
68,192 |
|
|
80,204 |
Advertising |
|
|
14,239 |
|
|
17,583 |
|
|
41,047 |
|
|
59,895 |
Retail |
|
|
- |
|
|
6,416 |
|
|
- |
|
|
9,287 |
Technology Licensing /
Other |
|
|
4,535 |
|
|
5,119 |
|
|
19,653 |
|
|
22,890 |
Total
revenue |
|
|
38,869 |
|
|
50,207 |
|
|
128,893 |
|
|
172,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
[US$ thousand] |
|
Q4-2017 |
|
Q4-2018 |
|
YTD 2017 |
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
excluding share-based remuneration |
|
|
8,717 |
|
|
9,698 |
|
|
34,819 |
|
|
36,114 |
Share-based
remuneration, including related social security costs |
|
|
3,267 |
|
|
1,419 |
|
|
9,496 |
|
|
4,846 |
Total personnel
expenses |
|
|
11,984 |
|
|
11,116 |
|
|
44,315 |
|
|
40,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
[US$ thousand] |
|
Q4-2017 |
|
Q4-2018 |
|
YTD 2017 |
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing and
distribution |
|
|
12,829 |
|
|
8,696 |
|
|
30,971 |
|
|
31,581 |
Hosting |
|
|
2,687 |
|
|
2,497 |
|
|
12,105 |
|
|
10,146 |
Audit, legal and other
advisory services |
|
|
1,267 |
|
|
1,580 |
|
|
3,529 |
|
|
8,324 |
Software license
fees |
|
|
784 |
|
|
551 |
|
|
2,648 |
|
|
1,799 |
Rent and other office
expense |
|
|
1,442 |
|
|
1,204 |
|
|
4,304 |
|
|
4,573 |
Travel |
|
|
432 |
|
|
487 |
|
|
1,775 |
|
|
2,057 |
Other |
|
|
987 |
|
|
401 |
|
|
3,320 |
|
|
1,517 |
Total other
expenses |
|
|
20,428 |
|
|
15,416 |
|
|
58,652 |
|
|
59,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share repurchase program
The following table summarizes our share repurchase activities
in 2018.
Period |
(a) |
(b) |
(c) |
(d) |
|
Total number of shares(or units) purchased |
Average price paid pershare (or unit) |
Total number of shares(or units) purchasedas part of
publiclyannounced plans orprograms |
Maximum number (orapproximate dollarvalue) of shares (orunits) that
may yet bepurchased under theplans or programs |
November 2018 |
481,837 |
6.79 |
481,837 |
1,018,163 |
December 2018 |
247,075 |
6.44 |
247,075 |
771,088 |
Total |
728,912 |
6.67 |
728,912 |
|
|
|
|
|
|
We announced our corporate share repurchase program of up to 1.5
million ADSs on November 8, 2018.
Non-IFRS financial measures
[US$ thousand, except
per share and ADS amounts] |
|
Q4-2017 |
|
|
Q4-2018 |
|
|
YTD 2017 |
|
|
YTD 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
income to adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
1,252 |
|
|
|
11,412 |
|
|
|
6,064 |
|
|
|
35,160 |
|
Add: Income tax expense
(benefit) |
|
|
(1,112 |
) |
|
|
687 |
|
|
|
1,440 |
|
|
|
6,481 |
|
Add: Total net
financial loss (income) |
|
|
442 |
|
|
|
1,249 |
|
|
|
1,065 |
|
|
|
412 |
|
Add: Share of net loss
(income) of associates and joint ventures |
|
|
715 |
|
|
|
(133 |
) |
|
|
1,670 |
|
|
|
3,248 |
|
Add: Restructuring
costs |
|
|
267 |
|
|
|
- |
|
|
|
3,240 |
|
|
|
- |
|
Add: Depreciation and
amortization |
|
|
4,214 |
|
|
|
2,876 |
|
|
|
16,604 |
|
|
|
12,694 |
|
Add: Share-based
remuneration |
|
|
3,267 |
|
|
|
1,419 |
|
|
|
9,496 |
|
|
|
4,846 |
|
Add: Expensed IPO
related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,952 |
|
Less: Other income |
|
|
- |
|
|
|
- |
|
|
|
(5,460 |
) |
|
|
- |
|
Adjusted
EBITDA |
|
|
9,043 |
|
|
|
17,511 |
|
|
|
34,119 |
|
|
|
65,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
income to adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
|
1,252 |
|
|
|
11,412 |
|
|
|
6,064 |
|
|
|
35,160 |
|
Add: Share-based
remuneration |
|
|
3,267 |
|
|
|
1,419 |
|
|
|
9,496 |
|
|
|
4,846 |
|
Add: Amortization of
acquired intangible assets |
|
|
1,280 |
|
|
|
1,280 |
|
|
|
5,120 |
|
|
|
5,120 |
|
Add: Expensed IPO
related costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,952 |
|
Income tax adjustment
(1) |
|
|
(1,570 |
) |
|
|
(1,128 |
) |
|
|
(2,884 |
) |
|
|
(1,943 |
) |
Adjusted net
income |
|
|
4,229 |
|
|
|
12,983 |
|
|
|
17,796 |
|
|
|
46,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, millions |
|
|
190.25 |
|
|
|
219.59 |
|
|
|
190.25 |
|
|
|
202.62 |
|
Diluted, millions |
|
|
194.64 |
|
|
|
226.14 |
|
|
|
192.70 |
|
|
|
208.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.022 |
|
|
|
0.059 |
|
|
|
0.094 |
|
|
|
0.228 |
|
Diluted, US$ |
|
|
0.022 |
|
|
|
0.057 |
|
|
|
0.092 |
|
|
|
0.221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$ |
|
|
0.044 |
|
|
|
0.118 |
|
|
|
0.187 |
|
|
|
0.455 |
|
Diluted, US$ |
|
|
0.043 |
|
|
|
0.115 |
|
|
|
0.185 |
|
|
|
0.442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Reversal of tax benefit related to the social security cost
component of share-based remuneration, deferred taxes on the
amortization of acquired intangible assets, and expensed
IPO-related costs. |
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