Opera : Financial Results and History

Historical results

Opera financial results and history
The below table presents Opera's financial results by quarter over 2019 and 2020, reflecting that microlending and retail businesses have been classified as discontinued operations. The presentation is un-audited.
$ thousand	Q1'19	Q2'19	Q3'19	Q4'19	Q1'20	Q2'20	Q3'20	Q4'20
Operating revenue
Search	20,583	21,404	21,527	22,641	19,664	17,626	21,237	25,653
Advertising	14,142	16,158	18,349	20,164	16,752	12,669	19,004	23,301
Technology licensing and other revenue	3,250	4,958	7,944	5,958	3,779	1,921	2,175	1,492
Total	37,976	42,519	47,820	48,763	40,194	32,217	42,416	50,446
Cost items pre adjusted EBITDA
Personnel expenses excluding share-based remuneration	-8,058	-10,587	-11,187	-15,523	-14,856	-12,163	-13,597	-14,614
Cost of revenue	-1,402	-3,081	-5,372	-4,384	-2,832	-3,713	-2,856	-2,710
Marketing and distribution expenses	-14,177	-20,727	-16,831	-13,148	-14,526	-9,978	-11,038	-12,318
Credit loss expense	-132	-413	345	-380	-1,244	-32	34	-607
Hosting	-1,547	-1,852	-1,879	-1,873	-2,208	-1,944	-1,790	-2,115
Audit, legal and other advisory services	-1,509	-2,164	-1,473	-1,558	-1,949	-1,240	-1,119	-1,529
Software license fees	-428	-611	-745	-383	-407	-576	-467	-432
Rent and other office expense	-1,082	-1,071	-1,074	-926	-602	-907	-793	-1,015
Travel	-558	-787	-1,007	-1,549	-678	-303	-114	-209
Other	-574	-389	-459	-2,288	-1,229	-763	-19	-628
Total	-29,467	-41,681	-39,682	-42,012	-40,533	-31,618	-31,759	-36,177
Adjusted EBITDA	8,508	837	8,137	6,752	-338	598	10,658	14,271
Margin	22%	2%	17%	14%	-1%	2%	25%	28%
Other operating items
Other income	0	0	0	0	0	5,994	-426	3,910
Share-based remuneration	-1,437	-1,533	-1,483	-1,475	-475	-1,576	-1,663	-992
Non-recurring expenses	0	0	0	0	-2,072	-502	-648	-3,321
Depreciation and amortization	-4,137	-4,257	-4,480	-5,969	-4,657	-4,780	-4,920	-5,876
Operating profit (loss)	2,930	-4,951	2,176	-692	-7,544	-265	3,001	7,990
Margin	8%	-12%	5%	-1%	-19%	-1%	7%	16%
Other financial items
Share of net income (loss) of associates and joint ventures	-1,023	-529	-3,103	837	-664	-813	155	5,187
Change in fair value of preferred shares in associates	0	4,510	26,398	6,992	0	6,000	0	8,000
Finance income	1,691	1,667	613	6,561	-11	9,563	4,668	5,166
Finance expense	-154	-163	-154	-184	-5,920	-196	-123	-30
Net foreign exchange gain (loss)	200	-176	-516	467	-280	-150	-158	1,421
Profit before income taxes	3,645	356	25,414	13,981	-14,420	14,139	7,543	27,735
Income tax (expense) benefit	636	1,394	-895	-3,793	-1,549	2,206	-1,290	-56
Profit from continuing operations	4,280	1,752	24,519	10,188	-15,969	16,345	6,254	27,680
Margin	11%	4%	51%	21%	-40%	51%	15%	55%
Profit from discontinued operations	105	1,671	3,601	11,784	-4,892	797	148,113	-2,276
Net income (loss)	4,381	3,423	28,122	21,973	-20,859	17,140	154,367	25,404
Margin	12%	8%	59%	45%	-52%	53%	364%	50%
Adjusted net income
Net income (loss)	4,381	3,423	28,122	21,973	-20,859	17,140	154,367	25,404
Less: Profit (loss) from discontinued operations	-105	-1,671	-3,601	-11,784	4,892	-797	-148,113	2,276
Add: Share-based remuneration	1,437	1,533	1,483	1,475	475	1,576	1,663	992
Add: Amortization of acquired intangible assets	1,280	1,280	1,280	1,280	1,337	1,336	1,340	1,341
Add: Amortization of Nanobank intangible assets(1)	0	0	0	0	0	0	900	1,684
Add: Non-recurring expenses	0	0	0	0	2,072	502	648	3,321
Income tax adjustment (2)	-348	-376	-306	-281	-188	-360	-352	-319
Adjusted net income	6,645	4,189	26,978	12,662	-12,271	19,397	10,453	34,699
Margin	18%	10%	56%	26%	-31%	60%	25%	69%
(1) The amortization of Nanobank intangible assets is included in the line "Share of net income (loss) of associates and joint ventures".
(2) Reversal of tax benefit related to the social security cost component of share-based remuneration and deferred taxes on the
amortization of acquired intangible assets.