Opera Reports Both Revenue and Adjusted EBITDA Above Guidance in its Third Quarter 2023 Results
11th consecutive quarter of 20+% revenue growth, exceeding the high end of previously issued guidance on both revenue and adjusted EBITDA
Delivered
Raises both revenue and adjusted EBITDA guidance above the previous ranges
Returned
Third Quarter and Nine Months 2023 Financial Highlights
Three Months Ended |
Year- |
Nine Months Ended |
Year- |
|||||||||||||||||||||
(In thousands, except percentages and per share amounts, unaudited) |
2022 |
2023 |
year % |
2022 |
2023 |
year % |
||||||||||||||||||
Revenue |
$ |
85,347 |
$ |
102,639 |
20 |
% |
$ |
234,765 |
$ |
283,824 |
21 |
% |
||||||||||||
Net income (loss) |
$ |
9,384 |
$ |
16,836 |
79 |
% |
$ |
(5,887) |
$ |
45,851 |
NM |
|||||||||||||
Margin |
11.0 |
% |
16.4 |
% |
(2.5) |
% |
16.2 |
% |
||||||||||||||||
Adjusted EBITDA (1) |
$ |
21,382 |
$ |
23,752 |
11 |
% |
$ |
45,300 |
$ |
65,955 |
46 |
% |
||||||||||||
Margin |
25.1 |
% |
23.1 |
% |
19.3 |
% |
23.2 |
% |
||||||||||||||||
Diluted earnings per ADS (2) |
$ |
0.08 |
$ |
0.18 |
131 |
% |
$ |
(0.05) |
$ |
0.50 |
NM |
|||||||||||||
Free cash flow from operations (1) |
$ |
15,031 |
$ |
13,418 |
(11) |
% |
$ |
22,567 |
$ |
49,951 |
121 |
% |
(1) See "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" sections below for explanations and reconciliations of non-IFRS financial measures. |
(2) |
"With the best product portfolio in our company's history, we were able to generate record revenue of
"Our strong quarterly results are fueled by our operational execution. During the third quarter, Opera GX reached a new record of 26 million MAUs, our user base continued growing among high-ARPU users, and we kept expanding the number of people that have access to Aria, our browser AI. Across our products, we maintain a high pace of innovation to deliver the best possible browsing experience to our users," continued
Third Quarter and Recent Business Highlights
- Advertising revenue grew 24% year-over-year, and now constitutes 59% of total revenue. This revenue category benefits from both our browser monetization trajectory as well as the expansion of our Opera Ads platform.
- Search revenue grew 15% year-over-year. The growth in search revenue continues to be driven by our focus on users with the highest monetization potential in Western markets.
- Opera had 311 million monthly active users (MAUs) in the third quarter of 2023, with user growth in
North America andEurope being offset by reductions in low-ARPU user numbers in emerging markets. - In the third quarter of 2023, annualized ARPU was
$1.31 , an increase of 24% versus the third quarter of 2022. - The Opera GX gaming browser had 26.1 million MAUs across PC and mobile in the quarter, up 10% from 23.7 million in the second quarter.
- Paid our first recurring semi-annual dividend of
$0.40 per ADS in July, and repurchased 1.2 million ADS at a cost of$17.2 million during the third quarter.
Business Outlook
"We are excited about the momentum in our business, and how our strategy enables the combination of both revenue scaling and healthy profitability that directly benefits our shareholders through a recurring dividend program and share repurchases. Our year-over-year growth rates were strongest at the end of the quarter, translating to a solidified trajectory as we look to the fourth quarter and a significant upwards revision of our guidance for the year," said
For the full year of 2023, Opera is raising its revenue guidance to be
For the fourth quarter, we guide revenue of
Third Quarter 2023 Financial Results
All comparisons in this section are relative to the third quarter of 2022 unless otherwise stated.
Revenue increased by 20% to
- Advertising revenue increased by 24% to
$60.8 million . - Search revenue increased by 15% to
$40.8 million . - Technology licensing and other revenue was
$1.0 million .
Operating expenses increased by 25% to
- Combined technology and platform fees, content cost and cost of inventory sold were
$25.2 million , or 25% of revenue. - Personnel expenses, including share-based remuneration, were
$20.7 million . This expense consists of cash-based compensation expense of$17.5 million , an 8% increase year-over-year, and share-based remuneration expense of$3.2 million . Share-based remuneration includes grants made by Opera's majority shareholder, which represents an expense in the P&L even though Opera has no obligation in connection with these grants, and they do not represent dilution for Opera's shareholders. - Marketing and distribution expenses were
$28.4 million , an increase of 9%. - Depreciation and amortization expenses were
$3.2 million , a 7% decrease. - The quarter included impairment expense of
$0.6 million related to a non-core intangible asset, and non-recurring expenses of$0.7 million related to the filing of an F-3 registration statement and the secondary offering conducted in September. - Other operating expenses were
$7.7 million , a 28% increase which includes elevated professional services fees in connection with Opera's strengthening of its framework for internal controls over financial reporting.
Operating profit was
Net finance income was
Income tax expense was
Net income was
Basic earnings per ADS was
Adjusted EBITDA was
Free cash flow from operations was
We have posted Opera's unaudited financial results by quarter since 2019 at https://investor.opera.com/financial-information/quarterly-results.
Conference Call
Opera's management will host a conference call to discuss the third quarter 2023 financial results on
International: +1 785-424-1062
Confirmation Code: OPRAQ323
A live webcast of the conference call will be posted at https://investor.opera.com.
We will be tweeting highlights from our prepared remarks. Please follow along on Twitter/X, @InvestorOpera.
Non-IFRS Financial Measures
We collect and analyze operating and financial data to evaluate the health of our business and assess our performance. In addition to revenue, net income (loss), net cash flow from operating activities and other financial measures under IFRS, we use adjusted EBITDA and, starting from 2023, free cash flow from operations, which are described below, to evaluate our business. We use these non-IFRS financial measures for financial and operational decision-making and as means to evaluate period-to-period comparisons. While these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with IFRS, we believe that adjusted EBITDA provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of recurring core business operating results, and that free cash flow from operations provides useful information regarding how cash provided by operating activities compares to the investments required to maintain and grow our business.
We believe these non-IFRS financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. Accordingly, we believe that these non-IFRS financial measures provide useful information to investors and others in understanding and evaluating our operating results and liquidity in the same manner as our management team and Board of Directors. Our calculation of these non-IFRS financial measures may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, our non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effect of expenses and cash flows mentioned below. We compensate for these limitations by providing a reconciliation of our non-IFRS financial measures to the most closely related IFRS financial measures. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view adjusted EBITDA and free cash flow from operations in conjunction with net income (loss) and net cash flow from operating activities.
We define adjusted EBITDA as net income (loss) excluding (i) profit (loss) from discontinued operations, (ii) income tax (expense) benefit, (iii) net finance income (expense), (iv) share of net income (loss) of equity-accounted investees, (v) impairment of equity-accounted investees, (vi) fair value gain (loss) on investments, (vii) depreciation and amortization, (viii) impairment of non-financial assets, (ix) share-based remuneration, including related social security costs, (x) non-recurring expenses, and (xi) other operating income.
We define free cash flow from operations as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.
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
About Opera
Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across all devices. Hundreds of millions use the Opera web browsers for their unique and secure features on their mobile phones and desktop computers. Founded in 1995, and headquartered in
|
||||||||||||||||
Consolidated Statement of Operations |
||||||||||||||||
(In thousands, except number of shares which are reflected in millions and per share amounts, unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Revenue |
$ |
85,347 |
$ |
102,639 |
$ |
234,765 |
$ |
283,824 |
||||||||
Other operating income |
80 |
8 |
322 |
188 |
||||||||||||
Operating expenses: |
||||||||||||||||
Technology and platform fees |
(1,037) |
(736) |
(3,321) |
(2,691) |
||||||||||||
Content cost |
(841) |
(1,181) |
(2,944) |
(3,164) |
||||||||||||
Cost of inventory sold |
(13,868) |
(23,332) |
(29,372) |
(58,855) |
||||||||||||
Personnel expenses including share-based remuneration |
(17,994) |
(20,710) |
(53,493) |
(62,133) |
||||||||||||
Marketing and distribution expenses |
(26,005) |
(28,406) |
(85,429) |
(79,799) |
||||||||||||
Credit loss expense |
(299) |
(192) |
(410) |
(2,638) |
||||||||||||
Depreciation and amortization |
(3,438) |
(3,205) |
(10,449) |
(9,940) |
||||||||||||
Impairment of non-financial assets |
- |
(565) |
- |
(565) |
||||||||||||
Non-recurring expenses |
- |
(689) |
(1,208) |
(689) |
||||||||||||
Other operating expenses |
(5,770) |
(7,552) |
(19,703) |
(20,974) |
||||||||||||
Total operating expenses |
(69,252) |
(86,569) |
(206,329) |
(241,449) |
||||||||||||
Operating profit (loss) |
16,175 |
16,078 |
28,758 |
42,563 |
||||||||||||
Share of net loss of equity-accounted investees |
- |
- |
(6) |
- |
||||||||||||
Net finance income (expense): |
||||||||||||||||
Finance income |
2,545 |
1,154 |
4,982 |
7,877 |
||||||||||||
Finance expense |
(4,747) |
(92) |
(30,035) |
(545) |
||||||||||||
Net foreign exchange gain (loss) |
578 |
(86) |
(70) |
590 |
||||||||||||
Net finance income (expense) |
(1,624) |
976 |
(25,122) |
7,922 |
||||||||||||
Profit (loss) before income taxes |
14,551 |
17,054 |
3,629 |
50,485 |
||||||||||||
Income tax (expense) benefit |
(5,167) |
(218) |
(9,516) |
(4,635) |
||||||||||||
Net income (loss) attributable to owners of the parent |
$ |
9,384 |
$ |
16,836 |
$ |
(5,887) |
$ |
45,851 |
||||||||
Weighted-average number of shares outstanding: |
||||||||||||||||
Basic, ADS equivalent |
113.68 |
89.65 |
114.74 |
89.78 |
||||||||||||
Diluted, ADS equivalent |
113.97 |
91.21 |
114.74 |
91.31 |
||||||||||||
Basic, ordinary shares |
227.35 |
179.31 |
229.48 |
179.55 |
||||||||||||
Diluted, ordinary shares |
227.94 |
182.43 |
229.48 |
182.62 |
||||||||||||
Earnings per ADS and per ordinary share: |
||||||||||||||||
Basic earnings per ADS |
$ |
0.08 |
$ |
0.19 |
$ |
(0.05) |
$ |
0.51 |
||||||||
Diluted earnings per ADS |
$ |
0.08 |
$ |
0.18 |
$ |
(0.05) |
$ |
0.50 |
||||||||
Basic earnings per ordinary share |
$ |
0.04 |
$ |
0.09 |
$ |
(0.03) |
$ |
0.26 |
||||||||
Diluted earnings per ordinary share |
$ |
0.04 |
$ |
0.09 |
$ |
(0.03) |
$ |
0.25 |
|
||||||||||||||||
Consolidated Statement of Comprehensive Income |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Net income (loss) |
$ |
9,384 |
$ |
16,836 |
$ |
(5,887) |
$ |
45,851 |
||||||||
Other comprehensive income (loss): |
||||||||||||||||
Items that may be reclassified to the statement of operations in subsequent periods (net of tax): |
||||||||||||||||
Exchange differences on translation of foreign operations |
(2,412) |
(962) |
(5,253) |
(2,129) |
||||||||||||
Reclassification of share of other comprehensive income (loss) of equity-accounted investees |
- |
- |
708 |
- |
||||||||||||
Other comprehensive income (loss) |
(2,412) |
(962) |
(4,545) |
(2,129) |
||||||||||||
Total comprehensive income (loss) attributable to owners of the parent |
$ |
6,973 |
$ |
15,874 |
$ |
(10,431) |
$ |
43,721 |
|
||||||||
Consolidated Statement of Financial Position |
||||||||
(In thousands, unaudited) |
||||||||
As of |
As of |
|||||||
2022 |
2023 |
|||||||
Assets: |
||||||||
Property and equipment |
$ |
14,623 |
$ |
14,565 |
||||
Intangible assets |
99,983 |
97,769 |
||||||
|
429,445 |
429,509 |
||||||
Non-current receivables from sale of investments |
76,305 |
- |
||||||
Non-current investments and financial assets |
2,643 |
2,530 |
||||||
Deferred tax assets |
1,473 |
1,708 |
||||||
Total non-current assets |
624,473 |
546,081 |
||||||
Trade receivables |
57,923 |
60,070 |
||||||
Current receivables from sale of investments |
56,347 |
32,449 |
||||||
Other current receivables |
17,247 |
5,167 |
||||||
Prepayments |
3,932 |
10,226 |
||||||
Marketable securities |
66,250 |
- |
||||||
Cash and cash equivalents |
52,414 |
83,505 |
||||||
Total cash, cash equivalents, and marketable securities |
118,664 |
83,505 |
||||||
Assets held for sale |
86,100 |
163,462 |
||||||
Total current assets |
340,213 |
354,879 |
||||||
Total assets |
$ |
964,686 |
$ |
900,959 |
||||
Equity: |
||||||||
Share capital |
$ |
18 |
$ |
18 |
||||
Other paid in capital |
824,832 |
824,832 |
||||||
|
(206,514) |
(225,814) |
||||||
Retained earnings |
273,262 |
225,937 |
||||||
Foreign currency translation reserve |
(3,385) |
(5,515) |
||||||
Total equity attributable to owners of the parent |
888,213 |
819,458 |
||||||
Liabilities: |
||||||||
Non-current lease liabilities and other loans |
4,723 |
5,594 |
||||||
Deferred tax liabilities |
7,352 |
232 |
||||||
Other non-current liabilities |
68 |
67 |
||||||
Total non-current liabilities |
12,143 |
5,893 |
||||||
Trade and other payables |
46,937 |
46,835 |
||||||
Deferred revenue |
995 |
3,188 |
||||||
Current lease liabilities and other loans |
3,112 |
2,888 |
||||||
Income tax payable |
1,133 |
10,374 |
||||||
Other current liabilities |
12,152 |
12,323 |
||||||
Total current liabilities |
64,330 |
75,608 |
||||||
Total liabilities |
76,472 |
81,501 |
||||||
Total equity and liabilities |
$ |
964,686 |
$ |
900,959 |
|
||||||||||||||||||||||||||||||||
Consolidated Statement of Changes in Equity |
||||||||||||||||||||||||||||||||
(In thousands, except number of shares, unaudited) |
||||||||||||||||||||||||||||||||
For the nine months ended |
||||||||||||||||||||||||||||||||
Number of shares |
Equity attributable to owners of the parent |
|||||||||||||||||||||||||||||||
Ordinary |
ADS |
Share |
Other |
|
Retained |
Foreign |
Total |
|||||||||||||||||||||||||
As of |
230,291,732 |
115,145,866 |
$ |
24 |
$ |
824,832 |
$ |
(60,453) |
$ |
249,155 |
$ |
(520) |
$ |
1,013,039 |
||||||||||||||||||
Net income (loss) |
- |
- |
- |
- |
- |
(5,887) |
- |
(5,887) |
||||||||||||||||||||||||
Other comprehensive income (loss) |
- |
- |
- |
- |
- |
- |
(4,545) |
(4,545) |
||||||||||||||||||||||||
Share-based remuneration |
- |
- |
- |
- |
- |
5,227 |
- |
5,227 |
||||||||||||||||||||||||
Issuance of shares upon exercise of RSUs and options |
1,597,500 |
798,750 |
- |
- |
- |
- |
- |
- |
||||||||||||||||||||||||
Acquisition of treasury shares |
(5,452,692) |
(2,726,346) |
- |
- |
(14,247) |
- |
- |
(14,247) |
||||||||||||||||||||||||
As of |
226,436,540 |
113,218,270 |
$ |
24 |
$ |
824,832 |
$ |
(74,700) |
$ |
248,495 |
$ |
(5,065) |
$ |
993,588 |
For the nine months ended |
||||||||||||||||||||||||||||||||
Number of shares |
Equity attributable to owners of the parent |
|||||||||||||||||||||||||||||||
Ordinary |
ADS |
Share |
Other |
|
Retained |
Foreign |
Total |
|||||||||||||||||||||||||
As of |
178,430,242 |
89,215,121 |
$ |
18 |
$ |
824,832 |
$ |
(206,514) |
$ |
273,263 |
$ |
(3,385) |
$ |
888,213 |
||||||||||||||||||
Net income (loss) |
- |
- |
- |
- |
- |
45,851 |
- |
45,851 |
||||||||||||||||||||||||
Other comprehensive income (loss) |
- |
- |
- |
- |
- |
- |
(2,129) |
(2,129) |
||||||||||||||||||||||||
Share-based remuneration, net of tax |
- |
- |
- |
- |
- |
14,046 |
- |
14,046 |
||||||||||||||||||||||||
Issuance of shares upon exercise of RSUs and options |
2,137,018 |
1,068,509 |
- |
- |
394 |
- |
- |
394 |
||||||||||||||||||||||||
Dividends |
- |
- |
- |
- |
- |
(107,222) |
- |
(107,222) |
||||||||||||||||||||||||
Acquisition of treasury shares |
(3,222,784) |
(1,611,392) |
- |
- |
(19,694) |
- |
- |
(19,694) |
||||||||||||||||||||||||
As of |
177,344,476 |
88,672,238 |
$ |
18 |
$ |
824,832 |
$ |
(225,814) |
$ |
225,937 |
$ |
(5,515) |
$ |
819,458 |
|
||||||||||||||||
Consolidated Statement of Cash Flows |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Profit (loss) before income taxes |
$ |
14,551 |
$ |
17,054 |
$ |
3,629 |
$ |
50,485 |
||||||||
Adjustments to reconcile profit (loss) before income taxes to net cash flow: |
||||||||||||||||
Share-based payment expense |
1,740 |
3,815 |
5,227 |
10,989 |
||||||||||||
Depreciation and amortization |
3,438 |
3,205 |
10,449 |
9,940 |
||||||||||||
Impairment of non-financial assets |
- |
565 |
- |
565 |
||||||||||||
Share of net loss of equity-accounted investees |
- |
- |
6 |
- |
||||||||||||
Net finance (income) expense |
1,624 |
(976) |
25,122 |
(7,922) |
||||||||||||
Other adjustments |
(739) |
(273) |
(1,486) |
(65) |
||||||||||||
Changes in working capital: |
||||||||||||||||
Change in trade and other receivables |
(4,961) |
(4,808) |
(10,278) |
(2,423) |
||||||||||||
Change in prepayments |
416 |
(1,279) |
967 |
(1,693) |
||||||||||||
Change in inventories |
(888) |
(289) |
(1,586) |
(638) |
||||||||||||
Change in trade and other payables |
2,260 |
(407) |
2,634 |
(102) |
||||||||||||
Change in deferred revenue |
(359) |
(1,657) |
417 |
2,193 |
||||||||||||
Change in other liabilities |
1,048 |
1,753 |
(2,112) |
170 |
||||||||||||
Income taxes (paid) received |
(97) |
(470) |
133 |
(4,022) |
||||||||||||
Net cash flow from (used in) operating activities |
18,032 |
16,233 |
33,120 |
57,477 |
||||||||||||
Cash flows from investing activities: |
||||||||||||||||
Purchase of equipment |
(165) |
(741) |
(2,758) |
(1,279) |
||||||||||||
Development expenditure |
(1,988) |
(1,189) |
(4,911) |
(3,304) |
||||||||||||
Proceeds from sale of shares in former associates |
4,000 |
- |
36,879 |
- |
||||||||||||
Net sale (purchase) of listed equity instruments |
12,191 |
- |
19,235 |
23,414 |
||||||||||||
Interest income received |
765 |
840 |
799 |
2,273 |
||||||||||||
Net cash flow from (used in) investing activities |
14,804 |
(1,090) |
49,245 |
21,105 |
||||||||||||
Cash flows from financing activities: |
||||||||||||||||
Acquisition of treasury shares |
(4,379) |
(17,230) |
(14,247) |
(19,694) |
||||||||||||
Proceeds from exercise of share options |
- |
- |
- |
394 |
||||||||||||
Dividends paid |
- |
(10,832) |
- |
(23,105) |
||||||||||||
Interests on loans and borrowings |
(42) |
(92) |
(145) |
(243) |
||||||||||||
Repayment of loans and borrowings |
(124) |
(46) |
(308) |
(203) |
||||||||||||
Payment of lease liabilities |
(848) |
(884) |
(2,884) |
(2,943) |
||||||||||||
Net cash flow from (used in) financing activities |
(5,393) |
(29,084) |
(17,584) |
(45,795) |
||||||||||||
Net change in cash and cash equivalents |
27,442 |
(13,942) |
64,781 |
32,786 |
||||||||||||
Cash and cash equivalents at beginning of period |
139,400 |
98,155 |
102,876 |
52,414 |
||||||||||||
Effect of exchange rate changes on cash and cash equivalents |
(771) |
(709) |
(1,586) |
(1,696) |
||||||||||||
Cash and cash equivalents at end of period |
$ |
166,071 |
$ |
83,505 |
$ |
166,071 |
$ |
83,505 |
|
||||||||||||||||
Supplemental Financial Information |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
Revenue |
||||||||||||||||
The table below specifies the amounts of the different types of revenue: |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Advertising |
$ |
49,145 |
$ |
60,800 |
$ |
130,680 |
$ |
163,147 |
||||||||
Search |
35,368 |
40,820 |
101,128 |
117,464 |
||||||||||||
Technology licensing and other revenue |
834 |
1,019 |
2,956 |
3,213 |
||||||||||||
Total revenue |
$ |
85,347 |
$ |
102,639 |
$ |
234,765 |
$ |
283,824 |
Personnel Expenses Including Share-based Remuneration |
||||||||||||||||
The table below specifies the amounts of personnel expenses including share-based remuneration: |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Personnel expenses, excluding share-based remuneration |
$ |
16,146 |
$ |
17,488 |
$ |
48,286 |
$ |
49,747 |
||||||||
Share-based remuneration, including related social security costs (1) |
1,848 |
3,222 |
5,207 |
12,385 |
||||||||||||
Total personnel expenses including share-based remuneration |
$ |
17,994 |
$ |
20,710 |
$ |
53,493 |
$ |
62,133 |
(1) Kunlun, the ultimate parent of Opera, has made equity grants to employees of Opera as compensation for services these employees provide to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such grants do not lead to dilution for Opera's shareholders. Share-based remuneration expense related to awards granted by Kunlun to employees of Opera was nil and |
Other Operating Expenses |
||||||||||||||||
The table below specifies the nature of other operating expenses: |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Hosting |
$ |
2,343 |
$ |
2,580 |
$ |
6,869 |
$ |
7,612 |
||||||||
Audit, legal and other advisory services |
899 |
1,881 |
5,390 |
5,118 |
||||||||||||
Software license fees |
579 |
962 |
1,542 |
2,429 |
||||||||||||
Rent and other office expenses |
774 |
810 |
2,665 |
2,036 |
||||||||||||
Travel |
477 |
454 |
1,049 |
1,324 |
||||||||||||
Other |
698 |
865 |
2,188 |
2,455 |
||||||||||||
Total other operating expenses |
$ |
5,770 |
$ |
7,552 |
$ |
19,703 |
$ |
20,974 |
|
||||||||||||||||
Reconciliations of Non-IFRS Financial Measures |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
The table below reconciles net income (loss) to adjusted EBITDA: |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Net income (loss) |
$ |
9,384 |
$ |
16,836 |
$ |
(5,887) |
$ |
45,851 |
||||||||
Add (deduct): |
||||||||||||||||
Income tax expense (benefit) |
5,167 |
218 |
9,516 |
4,635 |
||||||||||||
Net finance expense (income) |
1,624 |
(976) |
25,122 |
(7,922) |
||||||||||||
Share of net loss of equity-accounted investees |
- |
- |
6 |
- |
||||||||||||
Depreciation and amortization |
3,438 |
3,205 |
10,449 |
9,940 |
||||||||||||
Impairment of non-financial assets |
- |
565 |
- |
565 |
||||||||||||
Share-based remuneration, including related social security costs |
1,848 |
3,222 |
5,207 |
12,385 |
||||||||||||
Non-recurring expenses |
- |
689 |
1,208 |
689 |
||||||||||||
Other operating income |
(80) |
(8) |
(322) |
(188) |
||||||||||||
Adjusted EBITDA |
$ |
21,382 |
$ |
23,752 |
$ |
45,300 |
$ |
65,955 |
The table below reconciles net cash flow from operating activities to free cash flow from operations: |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2022 |
2023 |
2022 |
2023 |
|||||||||||||
Net cash flow from operating activities |
$ |
18,032 |
$ |
16,233 |
$ |
33,120 |
$ |
57,477 |
||||||||
Deduct: |
||||||||||||||||
Purchase of equipment |
(165) |
(741) |
(2,758) |
(1,279) |
||||||||||||
Development expenditure |
(1,988) |
(1,189) |
(4,911) |
(3,304) |
||||||||||||
Payment of lease liabilities |
(848) |
(884) |
(2,884) |
(2,943) |
||||||||||||
Free cash flow from operations |
$ |
15,031 |
$ |
13,418 |
$ |
22,567 |
$ |
49,951 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/opera-reports-both-revenue-and-adjusted-ebitda-above-guidance-in-its-third-quarter-2023-results-301968569.html
SOURCE
Investor relations: Matthew Wolfson, investor-relations@opera.com, Media: press-team@opera.com