Opera Reports Second Quarter 2024 Results Ahead of Expectations, Raises Full-Year Outlook Again
Revenue grew 17% year-over-year to
Adjusted EBITDA of
Product lineup further strengthened with Opera One launched on iOS along with rapid innovation across platforms
Company increases both revenue and adjusted EBITDA guidance for the year, now at 17% year-over-year growth at a 24% adjusted EBITDA margin at the midpoints
Second Quarter and First Half 2024 Financial Highlights
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||||
(In thousands, except percentages and per share amounts) |
2023 |
2024 |
% change |
2023 |
2024 |
% change |
||||||||||||||||||
Revenue |
$ |
94,134 |
$ |
109,734 |
17 |
% |
$ |
181,185 |
$ |
211,605 |
17 |
% |
||||||||||||
Net income |
$ |
13,537 |
$ |
19,303 |
43 |
% |
$ |
29,015 |
$ |
34,142 |
18 |
% |
||||||||||||
Net income margin |
14 |
% |
18 |
% |
16 |
% |
16 |
% |
||||||||||||||||
Adjusted EBITDA (1) |
$ |
20,466 |
$ |
26,606 |
30 |
% |
$ |
42,204 |
$ |
51,519 |
22 |
% |
||||||||||||
Adjusted EBITDA margin |
22 |
% |
24 |
% |
23 |
% |
24 |
% |
||||||||||||||||
Diluted earnings per ADS (2) |
$ |
0.15 |
$ |
0.22 |
46 |
% |
$ |
0.32 |
$ |
0.38 |
20 |
% |
||||||||||||
Net cash flow from operating activities |
$ |
15,517 |
$ |
17,416 |
12 |
% |
$ |
41,244 |
$ |
48,438 |
17 |
% |
||||||||||||
As percent of adjusted EBITDA |
76 |
% |
65 |
% |
98 |
% |
94 |
% |
||||||||||||||||
Free cash flow from operations (1) |
$ |
13,216 |
$ |
13,525 |
2 |
% |
$ |
36,533 |
$ |
21,815 |
(40) |
% |
||||||||||||
As percent of adjusted EBITDA |
65 |
% |
51 |
% |
87 |
% |
42 |
% |
_______________
(1) |
See the sections below titled "Non-IFRS Financial Measures" and "Reconciliations of Non-IFRS Financial Measures" for explanations and reconciliations of non-IFRS financial measures. |
(2) |
|
"Our continued momentum is underpinned by a record strong and rapidly evolving product lineup that attracts users with high monetization potential, combined with our ability to drive targeted and high purchase-intent traffic directly to an expanding partnership base. In sum, this led to both revenue and profitability exceeding expectations for the quarter," said co-CEO
"Continued innovation on the product front in the form of refreshed browsers such as Opera One for iOS, and on the feature front with our evolving Aria browser AI, combined with a highly scalable revenue model, point to continued growth in the second half of the year," continued
Second Quarter 2024 and Recent Business Highlights
- Solid monetization performance of our browsers, along with continuing growth of our Opera Ads platform and our ability to deliver targeted, high purchase intent traffic to our advertising partners, resulted in advertising revenue growing 20% year-over-year to
$64.6 million , or 59% of total revenue. - Search revenue grew 15% year-over-year, driven by our ongoing focus on users with the potential for the greatest monetization.
- Opera had 298 million monthly active users (MAUs), with continued growth in high-ARPU users in
North America ,Europe andLatin America , offset primarily by a decline of feature phone users in emerging markets. - Annualized ARPU was
$1.46 , an increase of 25% versus the second quarter of 2023. - The Opera GX gaming browser had 30 million MAUs across PC and mobile, up 27% year-over-year.
- Net cash flow from operating activities was
$17.4 million , with a year-to-date conversion of adjusted EBITDA to operating cash flow of 94%. Opera had cash and cash equivalents of$104.4 million at quarter end. - Opera declared a semi-annual dividend of
$0.40 per ADS, representing a total dividend value of$35.4 million at the July record date. The cash distribution was$27.6 million , whereas the remaining$7.8 million was offset against our receivable from the sale of Star X, resulting in the receivable being fully settled.
Second Quarter 2024 Financial Results
All comparisons in this section are relative to the second quarter of 2023 unless otherwise stated.
Revenue increased by 17% to
- Advertising revenue increased by 20% to
$64.6 million . - Search revenue increased by 15% to
$44.5 million . - Technology licensing and other revenue was
$0.6 million .
Operating expenses increased by 9% to
- Combined technology and platform fees, content cost and cost of inventory sold were
$27.7 million , or 25% of revenue. - Personnel expenses, including share-based compensation, totaled
$19.8 million . Cash-based compensation expense was$17.8 million , a 7% increase year-over-year, whereas share-based compensation expense was$1.9 million . The share-based compensation expense includes equity awards granted by Opera's majority shareholder to employees of Opera even though Opera does not have any obligation to settle the awards, and such awards do not lead to dilution for Opera shareholders. - Marketing and distribution expenses were
$29.0 million , an increase of 8%. - Depreciation and amortization expenses were
$4.0 million , a 20% increase driven by the recently deployed AI data cluster. - All other operating expenses were
$8.6 million , a 17% increase driven by increases in professional and cloud services.
Operating profit was
Net finance income was
Income tax expense was
Net income was
Adjusted EBITDA was
Diluted earnings per ADS was
Net cash flow from operating activities was
Business Outlook
"We are very pleased to combine overperformance on revenue with strong cost discipline, adding to the overperformance of adjusted EBITDA. This demonstrates the health of our business and adds to our comfort in terms of our full-year trajectory, in turn allowing us to raise our guidance for both revenue and adjusted EBITDA," said
"We are fortunate to be in a position where we can continue to invest in innovation and return cash to shareholders, while simultaneously growing both our revenue and our profits," continued
For the full year of 2024, we guide revenue to be in the range of
For the third quarter of 2024, we guide revenue to be in the range of
Conference Call and Webcast Information
Opera's management will host a conference call to discuss the second quarter 2024 financial results at
We also provide announcements regarding our financial performance and other matters, including
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 Accounting Standards, we use adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations 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. We believe adjusted EBITDA and adjusted EBITDA margin provide meaningful supplemental information regarding our financial 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 our liquidity, including ability to generate cash from business operations that is available for acquisitions and other investments, and for distributions to our shareholders.
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 compensation expense, (x) non-recurring expenses, and (xi) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.
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.
We believe adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations 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. However, these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information prepared and presented in accordance with IFRS Accounting Standards. Our calculations of adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, the non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We compensate for these limitations by providing reconciliations of our non-IFRS financial measures to the most closely related financial measures in IFRS Accounting Standards. 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, adjusted EBITDA margin and free cash flow from operations in conjunction with net income (loss) and net cash flow from operating activities.
For reconciliations of these non-IFRS financial measures to the most directly comparable financial measures prepared in accordance with IFRS Accounting Standards, please see the section titled "Reconciliations of Non-IFRS Financial Measures" included at the end of this earnings press release.
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 per share amounts, unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Revenue |
$ |
94,134 |
$ |
109,734 |
$ |
181,185 |
$ |
211,605 |
||||||||
Other operating income |
51 |
1,281 |
180 |
1,624 |
||||||||||||
Operating expenses: |
||||||||||||||||
Technology and platform fees |
(1,114) |
(1,893) |
(1,956) |
(5,656) |
||||||||||||
Content cost |
(1,094) |
(901) |
(1,983) |
(1,871) |
||||||||||||
Cost of inventory sold |
(20,357) |
(24,862) |
(35,523) |
(44,147) |
||||||||||||
Personnel expenses including share-based compensation |
(21,370) |
(19,780) |
(41,423) |
(38,705) |
||||||||||||
Marketing and distribution expenses |
(26,996) |
(29,026) |
(51,393) |
(58,491) |
||||||||||||
Credit loss expense |
(47) |
143 |
(2,446) |
207 |
||||||||||||
Depreciation and amortization |
(3,356) |
(4,012) |
(6,735) |
(7,083) |
||||||||||||
Other operating expenses |
(7,315) |
(8,741) |
(13,422) |
(15,965) |
||||||||||||
Total operating expenses |
(81,650) |
(89,072) |
(154,880) |
(171,711) |
||||||||||||
Operating profit |
12,535 |
21,943 |
26,485 |
41,518 |
||||||||||||
Net finance income (expense): |
||||||||||||||||
Finance income |
1,361 |
936 |
6,723 |
1,799 |
||||||||||||
Finance expense |
(80) |
(173) |
(453) |
(315) |
||||||||||||
Net foreign exchange gain (loss) |
869 |
(578) |
676 |
(1,405) |
||||||||||||
Net finance income (expense) |
2,150 |
185 |
6,946 |
79 |
||||||||||||
Income before income taxes |
14,684 |
22,128 |
33,431 |
41,596 |
||||||||||||
Income tax expense |
(1,148) |
(2,825) |
(4,416) |
(7,454) |
||||||||||||
Net income attributable to Opera shareholders |
$ |
13,537 |
$ |
19,303 |
$ |
29,015 |
$ |
34,142 |
||||||||
Earnings per American depositary share (ADS): |
||||||||||||||||
Basic |
$ |
0.15 |
$ |
0.22 |
$ |
0.32 |
$ |
0.39 |
||||||||
Diluted |
$ |
0.15 |
$ |
0.22 |
$ |
0.32 |
$ |
0.38 |
||||||||
Weighted-average number of ADSs outstanding: |
||||||||||||||||
Basic |
89,897 |
88,458 |
89,841 |
88,455 |
||||||||||||
Diluted |
91,313 |
89,315 |
91,203 |
89,303 |
|
||||||||||||||||
Consolidated Statement of Comprehensive Income |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Net income |
$ |
13,537 |
$ |
19,303 |
$ |
29,015 |
$ |
34,142 |
||||||||
Other comprehensive income (loss): |
||||||||||||||||
Items that may be reclassified to the statement of operations: |
||||||||||||||||
Exchange differences on translation of foreign operations |
(1,219) |
81 |
(1,167) |
(165) |
||||||||||||
Other comprehensive income (loss) |
(1,219) |
81 |
(1,167) |
(165) |
||||||||||||
Total comprehensive income attributable to Opera shareholders |
$ |
12,318 |
$ |
19,384 |
$ |
27,848 |
$ |
33,978 |
|
||||||||
Consolidated Statement of Financial Position |
||||||||
(In thousands, unaudited) |
||||||||
As of |
As of |
|||||||
2023 |
2024 |
|||||||
Assets: |
||||||||
Property and equipment |
$ |
16,074 |
$ |
35,038 |
||||
|
429,856 |
429,794 |
||||||
Intangible assets |
99,070 |
99,278 |
||||||
Investment in OPay |
253,300 |
253,300 |
||||||
Other non-current investments and financial assets |
3,049 |
2,585 |
||||||
Deferred tax assets |
1,133 |
1,228 |
||||||
Total non-current assets |
802,482 |
821,224 |
||||||
Trade receivables |
69,382 |
65,580 |
||||||
Current receivables from sale of investments |
32,797 |
7,818 |
||||||
Other current receivables |
7,760 |
5,058 |
||||||
Prepayments |
4,660 |
3,869 |
||||||
Cash and cash equivalents |
93,863 |
104,356 |
||||||
Total current assets |
208,461 |
186,681 |
||||||
Total assets |
$ |
1,010,943 |
$ |
1,007,904 |
||||
Equity: |
||||||||
Share capital |
$ |
18 |
$ |
18 |
||||
Other paid in capital |
717,610 |
682,603 |
||||||
|
(238,815) |
(238,815) |
||||||
Retained earnings |
445,164 |
482,931 |
||||||
Foreign currency translation reserve |
(4,127) |
(4,292) |
||||||
Total equity attributable to Opera shareholders |
919,850 |
922,445 |
||||||
Liabilities: |
||||||||
Non-current lease liabilities |
6,776 |
6,038 |
||||||
Deferred tax liabilities |
2,813 |
5,029 |
||||||
Other non-current liabilities |
94 |
47 |
||||||
Total non-current liabilities |
9,682 |
11,114 |
||||||
Trade and other payables |
52,247 |
52,992 |
||||||
Current lease liabilities |
3,770 |
3,641 |
||||||
Income tax payable |
1,838 |
3,502 |
||||||
Deferred revenue |
10,272 |
5,130 |
||||||
Other current liabilities |
13,285 |
9,081 |
||||||
Total current liabilities |
81,411 |
74,345 |
||||||
Total liabilities |
91,093 |
85,459 |
||||||
Total equity and liabilities |
$ |
1,010,943 |
$ |
1,007,904 |
|
||||||||||||||||||||||||||||
Consolidated Statement of Changes in Equity |
||||||||||||||||||||||||||||
(In thousands, except number of shares, unaudited) |
||||||||||||||||||||||||||||
For the six months ended |
||||||||||||||||||||||||||||
Equity attributable to Opera shareholders |
||||||||||||||||||||||||||||
Number |
Share |
Other |
|
Retained |
Foreign |
Total |
||||||||||||||||||||||
As of |
89,215,121 |
$ |
18 |
$ |
824,832 |
$ |
(206,514) |
$ |
273,263 |
$ |
(3,385) |
$ |
888,213 |
|||||||||||||||
Net income |
— |
— |
— |
— |
29,015 |
— |
29,015 |
|||||||||||||||||||||
Other comprehensive loss |
— |
— |
— |
— |
— |
(1,167) |
(1,167) |
|||||||||||||||||||||
Share-based compensation, net of tax |
— |
— |
— |
— |
9,724 |
— |
9,724 |
|||||||||||||||||||||
Issuance of shares upon exercise of RSUs and options |
1,068,509 |
— |
— |
394 |
— |
— |
394 |
|||||||||||||||||||||
Dividends |
— |
— |
(107,222) |
— |
— |
— |
(107,222) |
|||||||||||||||||||||
Acquisition of treasury shares |
(370,162) |
— |
— |
(2,464) |
— |
— |
(2,464) |
|||||||||||||||||||||
As of |
89,913,468 |
$ |
18 |
$ |
717,610 |
$ |
(208,584) |
$ |
312,001 |
$ |
(4,553) |
$ |
816,493 |
For the six months ended |
||||||||||||||||||||||||||||
Equity attributable to Opera shareholders |
||||||||||||||||||||||||||||
Number |
Share |
Other |
|
Retained |
Foreign |
Total |
||||||||||||||||||||||
As of |
87,518,284 |
$ |
18 |
$ |
717,610 |
$ |
(238,815) |
$ |
445,164 |
$ |
(4,127) |
$ |
919,850 |
|||||||||||||||
Net income |
— |
— |
— |
— |
34,142 |
— |
34,142 |
|||||||||||||||||||||
Other comprehensive loss |
— |
— |
— |
— |
— |
(165) |
(165) |
|||||||||||||||||||||
Share-based compensation, net of tax |
— |
— |
— |
— |
3,625 |
— |
3,625 |
|||||||||||||||||||||
Issuance of shares upon exercise of RSUs |
947,495 |
— |
— |
— |
— |
— |
— |
|||||||||||||||||||||
Dividends |
— |
— |
(35,007) |
— |
— |
— |
(35,007) |
|||||||||||||||||||||
As of |
88,465,779 |
$ |
18 |
$ |
682,603 |
$ |
(238,815) |
$ |
482,931 |
$ |
(4,292) |
$ |
922,445 |
|
||||||||||||||||
Consolidated Statement of Cash Flows |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Cash flows from operating activities: |
||||||||||||||||
Income before income taxes |
$ |
14,684 |
$ |
22,128 |
$ |
33,431 |
$ |
41,596 |
||||||||
Adjustments to reconcile income before income taxes to net cash flow from operating activities: |
||||||||||||||||
Share-based compensation |
3,741 |
2,064 |
7,174 |
4,222 |
||||||||||||
Depreciation and amortization |
3,356 |
4,012 |
6,735 |
7,083 |
||||||||||||
Net finance (income) expense |
(2,150) |
(185) |
(6,946) |
(79) |
||||||||||||
Other adjustments |
543 |
1,167 |
209 |
589 |
||||||||||||
Changes in working capital: |
||||||||||||||||
Change in trade and other receivables |
(3,852) |
(1,759) |
2,036 |
6,532 |
||||||||||||
Change in prepayments |
(404) |
1,227 |
(414) |
1,324 |
||||||||||||
Change in trade and other payables |
4,381 |
276 |
305 |
746 |
||||||||||||
Change in deferred revenue |
(2,126) |
(2,573) |
3,850 |
(5,142) |
||||||||||||
Change in other liabilities |
744 |
(4,920) |
(1,584) |
(4,251) |
||||||||||||
Income taxes paid |
(3,397) |
(4,019) |
(3,552) |
(4,182) |
||||||||||||
Net cash flow from operating activities |
15,517 |
17,416 |
41,244 |
48,438 |
||||||||||||
Cash flows from investing activities: |
||||||||||||||||
Purchase of equipment |
(219) |
(1,232) |
(537) |
(21,466) |
||||||||||||
Development expenditure |
(1,048) |
(1,729) |
(2,114) |
(3,120) |
||||||||||||
Sale of investments in unconsolidated entities |
— |
500 |
— |
500 |
||||||||||||
Net sale of marketable securities |
— |
— |
23,414 |
— |
||||||||||||
Interest received |
879 |
869 |
1,433 |
1,644 |
||||||||||||
Net cash flow from (used in) investing activities |
(389) |
(1,592) |
22,194 |
(22,441) |
||||||||||||
Cash flows from financing activities: |
||||||||||||||||
Acquisition of treasury shares |
— |
— |
(2,464) |
— |
||||||||||||
Dividends paid |
— |
— |
(12,273) |
(9,874) |
||||||||||||
Proceeds from exercise of share options |
394 |
— |
394 |
— |
||||||||||||
Repayment of borrowings |
(86) |
111 |
(158) |
— |
||||||||||||
Payment of lease liabilities |
(1,034) |
(930) |
(2,059) |
(2,038) |
||||||||||||
Interest paid |
(80) |
(130) |
(151) |
(272) |
||||||||||||
Net cash flow used in financing activities |
(806) |
(949) |
(16,711) |
(12,184) |
||||||||||||
Net change in cash and cash equivalents |
14,323 |
14,876 |
46,728 |
13,814 |
||||||||||||
Cash and cash equivalents at beginning of period |
84,842 |
91,338 |
52,414 |
93,863 |
||||||||||||
Effect of exchange rate changes on cash and cash equivalents |
(1,010) |
(1,858) |
(987) |
(3,320) |
||||||||||||
Cash and cash equivalents at end of period |
$ |
98,155 |
$ |
104,356 |
$ |
98,155 |
$ |
104,356 |
|
||||||||||||||||
Supplemental Financial Information |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
Revenue |
||||||||||||||||
The following table presents revenue disaggregated by type: |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Advertising |
$ |
53,828 |
$ |
64,631 |
$ |
102,347 |
$ |
123,279 |
||||||||
Search |
38,856 |
44,547 |
76,644 |
87,686 |
||||||||||||
Technology licensing and other revenue |
1,450 |
556 |
2,194 |
640 |
||||||||||||
Total revenue |
$ |
94,134 |
$ |
109,734 |
$ |
181,185 |
$ |
211,605 |
Personnel Expenses Including Share-based Compensation |
||||||||||||||||
The table below specifies personnel expenses including share-based compensation: |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Personnel expenses, excluding share-based compensation |
$ |
(16,744) |
$ |
(17,848) |
$ |
(32,260) |
$ |
(34,163) |
||||||||
Share-based compensation expense for Opera-granted awards (1) |
(2,494) |
(502) |
(6,435) |
(1,733) |
||||||||||||
Share-based compensation expense for parent-granted awards (2) |
(2,132) |
(1,430) |
(2,728) |
(2,809) |
||||||||||||
Total personnel expenses including share-based compensation |
$ |
(21,370) |
$ |
(19,780) |
$ |
(41,423) |
$ |
(38,705) |
_______________
(1) |
The cost of social security contributions payable in connection with equity awards is presented as part of the share-based compensation expense. |
(2) |
Kunlun, the ultimate parent of Opera, has granted equity awards to Opera employees as compensation for services provided to Opera. Opera does not have any obligation to settle the awards granted by Kunlun and such awards do not lead to dilution for Opera shareholders. |
Other Operating Expenses |
||||||||||||||||
The following table specifies other operating expenses: |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Hosting |
$ |
(2,548) |
$ |
(2,809) |
$ |
(5,032) |
$ |
(5,817) |
||||||||
Audit, legal and other advisory services |
(1,994) |
(2,588) |
(3,237) |
(4,188) |
||||||||||||
Software license fees |
(914) |
(1,211) |
(1,467) |
(2,452) |
||||||||||||
Rent and other office expenses |
(607) |
(576) |
(1,226) |
(1,172) |
||||||||||||
Travel |
(442) |
(517) |
(870) |
(947) |
||||||||||||
Other |
(809) |
(1,042) |
(1,589) |
(1,390) |
||||||||||||
Total other operating expenses |
$ |
(7,315) |
$ |
(8,741) |
$ |
(13,422) |
$ |
(15,965) |
|
||||||||||||||||
Reconciliations of Non-IFRS Financial Measures |
||||||||||||||||
(In thousands, unaudited) |
||||||||||||||||
The following table is a reconciliation of net income to adjusted EBITDA: |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Net income |
$ |
13,537 |
$ |
19,303 |
$ |
29,015 |
$ |
34,142 |
||||||||
Add (deduct): |
||||||||||||||||
Income tax expense |
1,148 |
2,825 |
4,416 |
7,454 |
||||||||||||
Net finance (income) expense |
(2,150) |
(185) |
(6,946) |
(79) |
||||||||||||
Depreciation and amortization |
3,356 |
4,012 |
6,735 |
7,083 |
||||||||||||
Share-based compensation expense |
4,626 |
1,932 |
9,163 |
4,542 |
||||||||||||
Other operating income |
(51) |
(1,281) |
(180) |
(1,624) |
||||||||||||
Adjusted EBITDA |
$ |
20,466 |
$ |
26,606 |
$ |
42,204 |
$ |
51,519 |
The table below reconciles net cash flow from operating activities to free cash flow from operations: |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2023 |
2024 |
2023 |
2024 |
|||||||||||||
Net cash flow from operating activities |
$ |
15,517 |
$ |
17,416 |
$ |
41,244 |
$ |
48,438 |
||||||||
Deduct: |
||||||||||||||||
Purchase of equipment |
(219) |
(1,232) |
(537) |
(21,466) |
||||||||||||
Development expenditure |
(1,048) |
(1,729) |
(2,114) |
(3,120) |
||||||||||||
Payment of lease liabilities |
(1,034) |
(930) |
(2,059) |
(2,038) |
||||||||||||
Free cash flow from operations |
$ |
13,216 |
$ |
13,525 |
$ |
36,533 |
$ |
21,815 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/opera-reports-second-quarter-2024-results-ahead-of-expectations-raises-full-year-outlook-again-302228507.html
SOURCE
Investor relations, Matthew Wolfson, investor-relations@opera.com; Media, press-team@opera.com