Opera Limited Sponsored ADR (OPRA) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Over the past month, shares of this company have returned -12.2%, compared to the Zacks S&P 500 composite's -0.3% change. During this period, the Zacks Internet - Content industry, which Opera Limited falls in, has gained 2.2%. The key question now is: What could be the stock's future direction?While med ...

OSLO, Norway, May 8, 2024 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), one of the world's major browser developers and a leading internet consumer brand, announced today the appearance of Frode Jacobsen, Chief Financial Officer, at upcoming investor conferences. Event Details: B. Riley Securities 24th Annual Institutional Investor Conference on May 22nd, 2024. The company will present at 12:15 PM PT. Please note there will be no webcast. TD Cowen's 52 Annual Technology, Media and Telecom Conference on May ...

OSLO, Norway, May 1, 2024 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), one of the world's major browser developers and a leading internet consumer brand, is proud to announce that the company's completely reimagined desktop browser, Opera One, has won the iF DESIGN AWARD 2024, one of the world's most prestigious design awards. Featuring a reimagined architecture, design, and native AI, Opera One is a browser for the next phase in the evolution of the internet, redefining how users engage with the web. This ...

OSLO, Norway, April 30, 2024 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA) ("Opera"), one of the world's major browser developers and a leading internet consumer brand, today announced that it has filed an amendment to its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the "SEC"). The amendment corrects a technical error in a table within note 11 to the financial statements, which originated in the XBRL conversion process. Specifically ...

The company's bottom line disappointed as the browser specialist invested heavily in AI.Shares of internet browser company Opera Ltd. (OPRA -6.97%) were falling in Thursday trading, down 8.6% as of 2 p.m. ET.Opera reported earnings last night, and while revenue slightly beat expectations, earnings per share (EPS) missed. The company is spending heavily on a new artificial intelligence (AI) cluster, much like other big tech companies are. However, given the big spend on AI, some may have anticipated better s ...

Financial Data and Key Metrics - Q1 2024 revenue was $102 million, exceeding guidance, with a 17% YoY growth and 23% constant currency growth [33][40] - Adjusted EBITDA reached $25 million, representing a 24% margin, also exceeding guidance [33][40] - Advertising revenue grew 21% YoY to $59 million, accounting for 58% of total revenue [29] - Search revenue increased 14% YoY to $43 million, driven by high-value users [29] - Annualized ARPU was $1.34 in Q4, up 24% YoY, driven by high ARPU markets and Opera GX growth [58] Business Line Data and Key Metrics - Opera GX reached 29.5 million users, up 6.1% QoQ, with ARPU of $3.49 in Q1, up 10% YoY [61] - Opera GX remains the highest monetizing browser across both developed and emerging markets [61] - Opera One, the AI-focused browser, continues to innovate with features like local AI models and GX Mods, which have been installed over 150 million times [37][62][39] - Advertising revenue within the browser experienced the fastest YoY growth since Q2 2021 [59] Market Data and Key Metrics - In the EU, new iOS users increased by 63% from February to March following the implementation of the Digital Markets Act (DMA) [60] - The company sees a significant opportunity in the US market, where Apple holds 70% of the performance smartphone market [73] - Western markets (Europe and North America) represent 17% of the total user base but account for the majority of marketing spend and revenue growth [51] Company Strategy and Industry Competition - The company focuses on high-value users and quality over quantity, with a strategy to grow in high ARPU markets and Opera GX [58] - The DMA in the EU has leveled the playing field, allowing the company to increase iOS investments and explore similar opportunities in other markets [60][73] - The company continues to innovate with AI features, including local AI models and Aria, its AI cloud service powered by green energy in Iceland [39][64] - Opera GX is expanding its monetization beyond search, with a focus on advertising revenue drivers [53] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the DMA's impact and sees potential for similar frameworks in other markets, including the US [48][73] - The company expects marketing spend to increase by $1-2 million per quarter, with a focus on Western markets and high-value populations [18] - Management is excited about the growth potential in iOS and the broader AI-driven browser market [10][39][64] Other Important Information - The company paid a semi-annual dividend of $0.40 per ADS, totaling $35 million, with $25 million offset against the Star X receivable [42] - The fair value of the company's 9.4% stake in OPay was adjusted to $253 million, resulting in a Q4 valuation gain of $90 million [43] - The company issued updated revenue guidance for 2024, raising the midpoint to 16% growth, with Q2 revenue expected to be $107-109 million [44][45] Q&A Session Summary Question: Opportunity in the EU under DMA - The company sees a significant opportunity in the EU, with a 63% increase in new iOS users post-DMA implementation [60][72] - Management expects to increase iOS investments and sees potential for similar frameworks in other markets, including the US [73][85] Question: Google Renewal and Buyback - The early renewal of the Google partnership reflects the value of the relationship and joint potential [8] - The company has fully consumed its $50 million buyback plan and will monitor opportunities for future buybacks [78] Question: Opera GX Monetization and Growth - Opera GX's ARPU growth is strong, with a 10% YoY increase in Q1, despite geographic expansion into non-Western markets [61][88] - The company is expanding GX's monetization beyond search, focusing on advertising revenue drivers [53] Question: Marketing Spend and Ad Auctions - Q1 marketing spend was 2% below Q4 levels, with expectations of incremental spend throughout the year [18] - The company focuses on influencer marketing and high user intent events, which are less affected by competitive ad auctions [107][108] Question: DMA Implementation and User Retention - The company has seen a significant increase in default browser settings among new iOS users in the EU, which positively impacts user engagement and retention [111] Question: AI Features and Local Models - The company is proud of its AI innovations, including local AI models like Llama 3, which enhance user experience without additional costs [23][25] - AI features are expected to attract high-value users and improve monetization opportunities [118]

Product Development and Innovation - The company launched an initial set of generative AI tools in its PC flagship browser in March 2023, expanding to other mobile and PC browsers throughout the year[40]. - A new non-custodial stablecoin wallet, MiniPay, was launched in September 2023, built on the Celo blockchain[40]. - The company redesigned its flagship PC browser into Opera One in June 2023, integrating AI at its core with the Aria browser AI[44]. - The company has launched several new products, including the GX Games portal, Opera VPN Pro, and MiniPay stablecoin wallet, as well as generative AI tools and services[66]. - Opera's browser AI, Aria, was launched in 2023, providing users with access to generative AI services[195]. - The company has transformed its products into an AI-powered content discovery platform, leveraging billions of data points for personalized content recommendations[221]. Financial Performance and Revenue Sources - Revenue generated from customers in Russia accounted for 6.1% ($20.3 million) of total revenue in 2022 and 5.2% ($20.7 million) in 2023[56]. - Approximately 9.9% of total revenue in 2022 and 5.7% in 2023 was derived from monetizing the user base in Russia[57]. - Revenue generated from users' search activity accounted for 48.6%, 42.3%, and 40.9% of total revenue in 2021, 2022, and 2023, respectively[106]. - Google contributed approximately 42.4% of the company's revenues in 2023, down from 44.9% in 2022 and 51.3% in 2021[104]. - Revenue from customers and monetization partners in Ireland accounted for 41.1% in 2023, compared to 44.1% in 2022 and 50.5% in 2021[105]. - Revenue from customers and monetization partners in Singapore accounted for 15.4% in 2023, compared to 15.6% in 2022 and 9.7% in 2021[105]. Competition and Market Risks - The company faces intense competition from major players like Google, Apple, and Microsoft, which may impact user engagement and advertising revenue[37]. - The ongoing war in Ukraine has resulted in significant volatility in financial markets and increased energy and commodity prices, potentially impacting advertising spending[55]. - The company plans to continue expanding operations globally, entering new markets with limited experience, which may increase business and regulatory risks[53]. - The company may face challenges in maintaining compliance with various regulatory requirements due to its dual status as a public company and a subsidiary[129]. Legal and Regulatory Risks - The company is subject to risks related to litigation, including intellectual property claims and regulatory disputes, which could be costly[34]. - The company is subject to various legal and regulatory risks, including compliance with local laws and potential intellectual property claims[61]. - The company faces risks related to intellectual property infringement claims, which could be costly and time-consuming to defend[92]. - The company is subject to complex and evolving privacy and data protection laws across multiple jurisdictions, which could adversely affect its business[95]. - The company may experience litigation threats that could divert management resources and harm business operations[129]. Operational and Cybersecurity Risks - The company is exposed to cyber-attacks and data breaches, which could adversely impact its ability to protect user information[34]. - The company has not suffered material costs from cybersecurity incidents to date, but future breaches could significantly impact user trust and financial performance[98]. - The company faces risks related to staffing and managing global operations, including cultural differences and compliance costs[48]. - The company relies on third-party operators for auxiliary services, including data storage and analysis, which could adversely affect revenues if collaborations cease[111]. Financial Condition and Capital Needs - The company may need additional capital to expand its businesses but may not be able to obtain it on favorable terms[34]. - The company may require additional capital for future growth and acquisitions, facing uncertainties in obtaining favorable financing terms[58]. - The company has limited business insurance coverage, which could lead to substantial costs in the event of uninsured damage or disruption[75]. - The company’s effective tax rate was 37.0% in 2022, compared to 0.1% in 2021 and 4.2% in 2023, indicating significant fluctuations in tax liabilities[79]. User Engagement and Metrics - The company relies on user web searches within its browsers for a substantial portion of its revenues, making user engagement critical[34]. - Opera reached over 313 million average MAUs in Q4 2023, with its browser products accounting for approximately 281 million average MAUs[175][176]. - Opera GX, the gaming-focused browser, achieved over 24 million MAUs, while GX Mobile reached over 4 million MAUs in Q4 2023[178]. - Opera News had an average of 230 million MAUs in Q4 2023, including 31 million from standalone news apps[180][203]. - The mobile browser user base reached 202 million average MAUs in Q4 2023, with 154 million being smartphone users[194]. - Opera Mini averaged 134 million users worldwide in Q4 2023, with over 86 million MAUs in its Android version[193]. Corporate Governance and Structure - Kunlun, a Chinese public company, owns 72.4% of the issued and outstanding ordinary shares, making the company a consolidated subsidiary of Kunlun[141]. - The company is classified as a "controlled company" under Nasdaq rules, which may exempt it from certain corporate governance requirements[144]. - The company does not expect to be classified as a Passive Foreign Investment Company (PFIC) for the taxable year ended December 31, 2023, but acknowledges the uncertainty surrounding this classification[149]. - The company’s board of directors has the authority to issue preferred shares, which could limit shareholders' opportunities to sell their shares at a premium[152]. Dividend and Shareholder Considerations - The company has adopted a recurring semi-annual cash dividend program, with each dividend being $0.40 per ADS, paid to shareholders of record as of June 30, 2023, and January 3, 2024[137]. - Future dividend payments will depend on the company's operations, earnings, and other financial conditions[138]. - Holders of ADSs may experience dilution of their holdings due to the inability to participate in rights offerings unless certain conditions are met[170]. - The company may not be able to distribute dividends or other distributions if it is illegal or impractical to do so, potentially affecting the value of ADSs[169].

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Q4 and Full Year 2023 Financial Highlights](index=1&type=section&id=Q4%20and%20Full%20Year%202023%20Financial%20Highlights) Opera exceeded revenue and adjusted EBITDA guidance with strong financial results for Q4 and full-year 2023 Key Financial Metrics | Metric | Q4 2022 (in thousands) | Q4 2023 (in thousands) | Q4 YoY Change | FY 2022 (in thousands) | FY 2023 (in thousands) | FY YoY Change | | :-------------------------- | :--------------------- | :--------------------- | :------------ | :--------------------- | :--------------------- | :------------ | | Revenue | $96,272 | $113,004 | 17% | $331,037 | $396,827 | 20% | | Net income | $20,922 | $123,558 | 491% | $15,035 | $169,408 | 1,027% | | Adjusted EBITDA | $22,784 | $27,764 | 22% | $68,084 | $93,719 | 38% | | Diluted earnings per ADS | $0.22 | $1.38 | 529% | $0.14 | $1.86 | 1,231% | | Free cash flow from operations | $20,282 | $22,499 | 11% | $42,849 | $72,451 | 69% | - Q4 2023 revenue of **$113.0 million** was at the top of the **$110-113 million** guidance range, representing **17% YoY growth**[1](index=1&type=chunk) - Q4 2023 adjusted EBITDA reached **$27.8 million**, exceeding the **$22-24 million** guidance range, with a **25% margin**[1](index=1&type=chunk) [Management Commentary & Strategic Overview](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Overview) Management attributes 2023 overperformance to a strong product lineup and a successful high-ARPU user strategy - The company's 2023 growth strategy exceeded expectations with **marketing spend below 2022 levels**[4](index=4&type=chunk) - Opera's **high-ARPU user growth remains strong**, fueled by its unique browser offering and increased interest from monetization partners[5](index=5&type=chunk) - New engagement and monetization opportunities around **browser AI** are a key area of excitement for 2024[5](index=5&type=chunk) [Key Business & Operational Highlights](index=1&type=section&id=Key%20Business%20%26%20Operational%20Highlights) The company saw robust revenue growth, completed its share repurchase, and recorded a gain from its OPay investment - **Advertising Revenue:** Grew **20% YoY** and **12% QoQ**, constituting **60% of total revenue** in Q4 2023[6](index=6&type=chunk) - **Search Revenue:** Increased **15% YoY** and **10% QoQ**, driven by a focus on high monetization potential users in Western markets[6](index=6&type=chunk) - **Monthly Active Users (MAUs):** **313 million** in Q4 2023, a slight increase from 311 million in Q3, primarily from high-ARPU users[6](index=6&type=chunk) - **Annualized ARPU:** **$1.44** in Q4 2023, a **22% increase YoY**[7](index=7&type=chunk) - **Opera GX Gaming Browser MAUs:** **27.8 million** across PC and mobile, up **7% from Q3**[7](index=7&type=chunk) - **Share Repurchase:** Repurchased **1.15 million ADSs for $13.0 million** in Q4, completing the **$50 million** buyback authorization[7](index=7&type=chunk) - **AI Investment:** Announced first dedicated AI cluster in Iceland with an associated capital expenditure of approximately **$19 million**[7](index=7&type=chunk) - **OPay Investment:** Updated fair value assessment of **9.44% stake to $269 million**, resulting in a non-cash accounting gain of **$106 million** in Q4[7](index=7&type=chunk) - **Cash Position:** Increased by **$10.3 million** in Q4 to **$93.9 million** at year-end, supported by strong operating cash flow[7](index=7&type=chunk) - **Dividends:** Semi-annual dividend of **$0.40 per ADS**, totaling **$35.0 million**[7](index=7&type=chunk) [Business Outlook & Guidance](index=3&type=section&id=Business%20Outlook%20%26%20Guidance) [2024 Full Year Guidance](index=3&type=section&id=2024%20Full%20Year%20Guidance) Opera projects continued revenue growth and a stable adjusted EBITDA margin for the full year 2024 2024 Full Year Guidance | Metric | 2024 Guidance (Midpoint) | YoY Growth (Midpoint) | | :---------------- | :----------------------- | :-------------------- | | Revenue | $457.5 million | 15% | | Adjusted EBITDA | $108 million | 24% margin | - Operating cash flow for 2023 was **$82.8 million** (88% of adjusted EBITDA), and free cash flow from operations was **$72.5 million** (77% of adjusted EBITDA)[9](index=9&type=chunk) - Total dividends for 2023 amounted to **$1.20 per ADS**, and buybacks totaled **2.77 million ADSs**[9](index=9&type=chunk) [Q1 2024 Guidance](index=3&type=section&id=Q1%202024%20Guidance) The company anticipates continued year-over-year revenue growth and a consistent adjusted EBITDA margin for Q1 2024 Q1 2024 Guidance | Metric | Q1 2024 Guidance (Midpoint) | YoY Growth (Midpoint) | | :---------------- | :------------------------ | :-------------------- | | Revenue | $100 million | 15% | | Adjusted EBITDA | $23.5 million | 24% margin | [Fourth Quarter 2023 Financial Performance](index=3&type=section&id=Fourth%20Quarter%202023%20Financial%20Performance) [Revenue Breakdown](index=3&type=section&id=Revenue%20Breakdown) Q4 2023 revenue grew 17% YoY, driven by strong performance in advertising and search Q4 2023 Revenue by Category | Revenue Category | Q4 2022 (in thousands) | Q4 2023 (in thousands) | YoY Change | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Total Revenue | $96,272 | $113,004 | 17% | | Advertising revenue | $56,753 | $67,833 | 20% | | Search revenue | $39,034 | $44,704 | 15% | | Technology licensing and other revenue | $485 | $466 | -4% | [Operating Expenses Analysis](index=3&type=section&id=Operating%20Expenses%20Analysis) Operating expenses rose 10% YoY in Q4 2023, mainly due to higher platform fees and content costs Q4 2023 Operating Expenses | Expense Category | Q4 2022 (in thousands) | Q4 2023 (in thousands) | YoY Change | | :-------------------------------------- | :--------------------- | :--------------------- | :--------- | | Total Operating expenses | $84,577 | $93,154 | 10% | | Combined technology & platform fees, content cost, cost of inventory sold | $18,952 | $28,540 | 51% | | Personnel expenses (incl. share-based) | $21,095 | $20,617 | -2% | | Marketing and distribution expenses | $29,558 | $30,148 | 2% | | Depreciation and amortization | $3,490 | $3,225 | -8% | | All other operating expenses | $7,002 | $9,169 | 31% | - Personnel expenses, excluding share-based remuneration, **decreased by 6% YoY to $16.1 million**[16](index=16&type=chunk) - An increase in professional services fees contributed to the overall increase in 'All other operating expenses', related to strengthening internal controls[16](index=16&type=chunk) [Profitability Metrics](index=3&type=section&id=Profitability%20Metrics) Profitability improved significantly in Q4 2023, boosted by a substantial fair value gain on the OPay investment Q4 2023 Profitability | Metric | Q4 2022 (in thousands) | Q4 2023 (in thousands) | YoY Change | | :----------------------- | :--------------------- | :--------------------- | :--------- | | Operating profit | $11,842 | $20,327 | 72% | | Operating margin | 12% | 18% | +6 ppts | | Net income | $20,922 | $123,558 | 491% | | Basic earnings per ADS | $0.22 | $1.41 | 541% | | Adjusted EBITDA | $22,784 | $27,764 | 22% | | Adjusted EBITDA margin | 23.7% | 24.6% | +0.9 ppts | - Net income of **$123.6 million** included a **$105.9 million gain** from the updated valuation of the OPay investment, with underlying profit at **$17.6 million**[14](index=14&type=chunk) - Basic earnings per ADS was **$1.41**, of which **$1.21** related to OPay and **$0.20** to underlying profit[14](index=14&type=chunk) [Cash Flow Performance](index=3&type=section&id=Cash%20Flow%20Performance) The company demonstrated strong cash generation in Q4 2023 with increased operating and free cash flow Q4 2023 Cash Flow | Metric | Q4 2022 (in thousands) | Q4 2023 (in thousands) | YoY Change | | :-------------------------- | :--------------------- | :--------------------- | :--------- | | Operating cash flow | $23,542 | $25,284 | 7% | | Operating cash flow as % of Adjusted EBITDA | 103% | 91% | -12 ppts | | Free cash flow from operations | $20,282 | $22,499 | 11% | | Free cash flow from operations as % of Adjusted EBITDA | 89% | 81% | -8 ppts | [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Operations](index=7&type=section&id=Consolidated%20Statement%20of%20Operations) The statement details revenue, expenses, and net income, showing significant net income growth for 2023 | (In thousands) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | Revenue | $96,272 | $113,004 | $331,037 | $396,827 | | Total operating expenses | $(84,577) | $(93,154) | $(290,906) | $(334,603) | | Operating profit | $11,842 | $20,327 | $40,600 | $62,890 | | Fair value gain on investments | $1,500 | $105,945 | $1,500 | $105,945 | | Net finance income (expense) | $6,898 | $(653) | $(18,224) | $7,269 | | Income before income taxes | $20,241 | $125,620 | $23,870 | $176,105 | | Net income attributable to owners of the parent | $20,922 | $123,558 | $15,035 | $169,408 | | Diluted earnings per ADS | $0.22 | $1.38 | $0.14 | $1.86 | [Consolidated Statement of Comprehensive Income](index=7&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) This statement presents net income and other comprehensive income components for the reported periods | (In thousands) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :---------------------------------------------------------------- | :------ | :------ | :------ | :------ | | Net income | $20,922 | $123,558 | $15,035 | $169,408 | | Exchange differences on translation of foreign operations | $1,775 | $1,387 | $(3,477) | $(742) | | Total comprehensive income attributable to owners of the parent | $22,601 | $124,945 | $12,170 | $168,666 | [Consolidated Statement of Financial Position](index=9&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) The balance sheet reflects increased total assets, driven by the OPay investment revaluation, and a strong equity position | (In thousands) | As of Dec 31, 2022 | As of Dec 31, 2023 | | :------------------------------------ | :----------------- | :----------------- | | Total non-current assets | $624,473 | $818,589 | | Investment in OPay | $- | $269,407 | | Total current assets | $340,213 | $208,461 | | Cash and cash equivalents | $52,414 | $93,863 | | Total assets | $964,686 | $1,027,050 | | Total equity attributable to owners of the parent | $888,213 | $935,957 | | Total liabilities | $76,472 | $91,093 | | Total equity and liabilities | $964,686 | $1,027,050 | [Consolidated Statement of Changes in Equity](index=10&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement shows movements in equity from net income, dividends, and share repurchases for 2023 | (In thousands) | As of Jan 1, 2022 | Net Income (FY22) | Acquisition of treasury shares (FY22) | As of Dec 31, 2022 | Net Income (FY23) | Dividends (FY23) | Acquisition of treasury shares (FY23) | As of Dec 31, 2023 | | :------------------------------------ | :---------------- | :---------------- | :------------------------------------ | :----------------- | :---------------- | :--------------- | :------------------------------------ | :----------------- | | Total equity attributable to owners of the parent | $1,013,039 | $15,035 | $(146,068) | $888,213 | $169,408 | $(107,222) | $(32,695) | $935,957 | | Retained earnings | $249,155 | $15,035 | $- | $273,262 | $169,408 | $- | $- | $461,271 | | Treasury shares | $(60,453) | $- | $(146,063) | $(206,514) | $- | $- | $(32,695) | $(238,815) | [Consolidated Statement of Cash Flows](index=11&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The statement highlights cash from operations and usage in financing, resulting in a net cash increase for the year | (In thousands) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Net cash flow from operating activities | $23,542 | $25,284 | $56,662 | $82,761 | | Net cash flow from (used in) investing activities | $(4,795) | $(1,105) | $44,450 | $19,999 | | Net cash flow used in financing activities | $(132,993) | $(14,048) | $(150,578) | $(59,843) | | Net change in cash and cash equivalents | $(114,245) | $10,131 | $(49,465) | $42,918 | | Cash and cash equivalents at end of period | $52,414 | $93,863 | $52,414 | $93,863 | [Supplemental Financial Information](index=12&type=section&id=Supplemental%20Financial%20Information) [Revenue Details](index=12&type=section&id=Revenue%20Details) This section provides a detailed breakdown of revenue, with advertising and search as the primary drivers | Revenue Category | Q4 2022 (in thousands) | Q4 2023 (in thousands) | FY 2022 (in thousands) | FY 2023 (in thousands) | | :----------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Advertising | $56,753 | $67,833 | $187,434 | $230,980 | | Search | $39,034 | $44,704 | $140,162 | $162,168 | | Technology licensing and other revenue | $485 | $466 | $3,441 | $3,679 | | Total revenue | $96,272 | $113,004 | $331,037 | $396,827 | [Personnel Expenses Details](index=12&type=section&id=Personnel%20Expenses%20Details) This section details personnel expenses, separating cash-based compensation from share-based remuneration | Expense Category | Q4 2022 (in thousands) | Q4 2023 (in thousands) | FY 2022 (in thousands) | FY 2023 (in thousands) | | :---------------------------------------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Personnel expenses, excluding share-based remuneration | $16,999 | $16,053 | $65,284 | $65,801 | | Share-based remuneration, including related social security costs | $4,096 | $4,564 | $9,304 | $16,950 | | Total personnel expenses including share-based remuneration | $21,095 | $20,617 | $74,588 | $82,750 | - Share-based remuneration includes grants by Kunlun (Opera's ultimate parent) to Opera employees, which are expensed but do not dilute Opera's shareholders[39](index=39&type=chunk) [Other Operating Expenses Details](index=12&type=section&id=Other%20Operating%20Expenses%20Details) This section breaks down other operating expenses, showing increases in hosting and professional services fees | Expense Category | Q4 2022 (in thousands) | Q4 2023 (in thousands) | FY 2022 (in thousands) | FY 2023 (in thousands) | | :------------------------------ | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Hosting | $2,398 | $2,549 | $9,267 | $10,161 | | Audit, legal and other advisory services | $1,468 | $2,858 | $6,857 | $7,975 | | Software license fees | $608 | $928 | $2,149 | $3,357 | | Rent and other office expenses | $1,078 | $664 | $3,743 | $2,700 | | Travel | $446 | $524 | $1,496 | $1,848 | | Other | $1,004 | $1,646 | $3,193 | $4,101 | | Total other operating expenses | $7,002 | $9,169 | $26,705 | $30,143 | [Non-IFRS Financial Measures & Reconciliations](index=5&type=section&id=Non-IFRS%20Financial%20Measures%20%26%20Reconciliations) [Definitions of Non-IFRS Measures](index=5&type=section&id=Definitions%20of%20Non-IFRS%20Measures) This section defines Adjusted EBITDA and Free Cash Flow from Operations as supplemental performance measures - **Adjusted EBITDA** is defined as net income excluding items like income tax, net finance expense, fair value gains, depreciation, and share-based remuneration[21](index=21&type=chunk) - **Free cash flow from operations** is defined as net cash from operating activities less capital expenditures and lease liability payments[22](index=22&type=chunk) - These non-IFRS measures provide greater transparency for decision-making but should be reviewed in conjunction with IFRS financial information[20](index=20&type=chunk) [Reconciliation of Net Income to Adjusted EBITDA](index=13&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Adjusted%20EBITDA) This table reconciles net income to the non-IFRS metric Adjusted EBITDA for quarterly and annual periods | (In thousands) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :---------------------------------------------------- | :------ | :------ | :------ | :------ | | Net income | $20,922 | $123,558 | $15,035 | $169,408 | | Income tax expense (benefit) | $(681) | $2,062 | $8,835 | $6,697 | | Net finance expense (income) | $(6,898) | $653 | $18,224 | $(7,269) | | Fair value loss (gain) on investments | $(1,500) | $(105,945) | $(1,500) | $(105,945) | | Depreciation and amortization | $3,490 | $3,225 | $13,939 | $13,165 | | Impairment of non-financial assets | $3,194 | $116 | $3,194 | $681 | | Share-based remuneration, including related social security costs | $4,096 | $4,564 | $9,304 | $16,950 | | Non-recurring expenses | $310 | $9 | $1,517 | $698 | | Other operating income | $(148) | $(478) | $(469) | $(666) | | Adjusted EBITDA | $22,784 | $27,764 | $68,084 | $93,719 | [Reconciliation of Operating Cash Flow to Free Cash Flow](index=13&type=section&id=Reconciliation%20of%20Operating%20Cash%20Flow%20to%20Free%20Cash%20Flow) This table reconciles operating cash flow to free cash flow, detailing capital and lease payment deductions | (In thousands) | Q4 2022 | Q4 2023 | FY 2022 | FY 2023 | | :------------------------------------ | :------ | :------ | :------ | :------ | | Net cash flow from operating activities | $23,542 | $25,284 | $56,662 | $82,761 | | Deduct: | | | | | | Purchase of equipment | $(429) | $(594) | $(3,187) | $(1,873) | | Purchase of intangible assets | $- | $(250) | $- | $(250) | | Development expenditure | $(1,878) | $(977) | $(6,789) | $(4,281) | | Payment of lease liabilities | $(953) | $(964) | $(3,837) | $(3,907) | | Free cash flow from operations | $20,282 | $22,499 | $42,849 | $72,451 | [Additional Information](index=4&type=section&id=Additional%20Information) [Conference Call Details](index=5&type=section&id=Conference%20Call%20Details) This section provides access details for the Q4 2023 financial results conference call and webcast - **Date & Time:** Thursday, February 29th at 8:00 am Eastern Time (EDT)[18](index=18&type=chunk) - **Confirmation Code:** OPRAQ423[18](index=18&type=chunk) - **Webcast:** A live webcast will be available at https://investor.opera.com[18](index=18&type=chunk) [Safe Harbor Statement](index=6&type=section&id=Safe%20Harbor%20Statement) This statement clarifies that forward-looking statements are subject to risks and actual results may differ - Forward-looking statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995[23](index=23&type=chunk) - Potential risks include international conflicts, regulatory processes, market acceptance, changes in consumer behavior, and global macroeconomic conditions[23](index=23&type=chunk) [About Opera](index=6&type=section&id=About%20Opera) Opera is a global software company known for its secure and innovative web browsers - Opera is a major browser developer and leading internet consumer brand focused on providing the best browsing experience[24](index=24&type=chunk) - Hundreds of millions use Opera web browsers for their unique and secure features on mobile phones and desktop computers[24](index=24&type=chunk) [Contacts](index=6&type=section&id=Contacts) This section lists contact information for investor relations and media inquiries - **Investor relations:** Matthew Wolfson, investor-relations@opera.com[25](index=25&type=chunk) - **Media:** press-team@opera.com[25](index=25&type=chunk)

Exhibit 99.1 2023 expectations lifted quarter by quarter, full-year revenue concluded at $397 million or 20% annual growth, with adjusted EBITDA at $94 million or 38% annual growth following margin expansion of 300 basis points to 23.6% Company guides revenue of $450-465 million and a 24% adjusted EBITDA margin at the midpoint for 2024 Opera repurchased 1.15 million ADSs for $13 million in the fourth quarter, concluding its third repurchase program OSLO, Norway, February 29, 2024 /PRNewswire/ – Opera Limite ...

One GX Android/iOS PC/Mac Android/iOS PC/Mac EMERGING MARKETS Opera Mini Android and Feature Phones 6 | --- | --- | |------------------------|---------------------------------| | | | | | Tabbed browsing | | A HISTORY OF | Integrated search | | | PC-Mobile sync | | INNOVATION | Data saving | | | Newsfeed | | | Video multitasking | | | Ad blocker | | | Messengers | | One GX | Browser VPN | | | Native Crypto-wallet | | | Hardware controls | | OPERA BROWSER AI ARIA | Data plans in Emerging Markets | | | Modular ...