OSLO, Norway, Aug. 12, 2021 /PRNewswire/ -- Opera Limited
(NASDAQ: OPRA), one of the world's largest internet consumer brands
with hundreds of millions of users worldwide, today announced its
unaudited consolidated financial results for the quarter ended
June 30, 2021.
Second quarter 2021 financial highlights
|
|
Three Months Ended
June 30,
|
|
|
Year-over-
|
|
|
Six Months Ended
June 30,
|
|
|
Year-over-
|
|
[US$ thousands,
except for margins and per ADS amounts]
|
|
2020
|
|
|
2021
|
|
|
year
%
change
|
|
|
2020
|
|
|
2021
|
|
|
year
%
change
|
|
Revenue
|
|
|
32,217
|
|
|
|
60,161
|
|
|
|
86.7
|
%
|
|
|
72,411
|
|
|
|
111,744
|
|
|
|
54.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
158.4
|
%
|
|
|
(3,722)
|
|
|
|
44,926
|
|
|
|
n.m.
|
|
Margin
|
|
|
53.2
|
%
|
|
|
73.6
|
%
|
|
|
|
|
|
|
(5.1)
|
%
|
|
|
40.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(1)
|
|
|
598
|
|
|
|
(1,015)
|
|
|
|
n.m.
|
|
|
|
255
|
|
|
|
3,561
|
|
|
|
1296.5
|
%
|
Margin
|
|
|
1.9
|
%
|
|
|
(1.7)
|
%
|
|
|
|
|
|
|
0.4
|
%
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
(1)
|
|
|
19,397
|
|
|
|
49,144
|
|
|
|
153.4
|
%
|
|
|
7,123
|
|
|
|
53,751
|
|
|
|
654.6
|
%
|
Margin
|
|
|
60.2
|
%
|
|
|
81.7
|
%
|
|
|
|
|
|
|
9.8
|
%
|
|
|
48.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
per ADS, US$
|
|
|
0.13
|
|
|
|
0.38
|
|
|
|
187.9
|
%
|
|
|
(0.03)
|
|
|
|
0.39
|
|
|
|
n.m.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted net
income per ADS, US$ (1)
|
|
|
0.16
|
|
|
|
0.42
|
|
|
|
162.6
|
%
|
|
|
0.06
|
|
|
|
0.46
|
|
|
|
666.7
|
%
|
|
(1) Please see
the separate section "About non-IFRS financial measures" for the
definitions of adjusted EBITDA and adjusted net income.
|
"We're pleased to report yet another strong quarter and again
raise revenue guidance for the year", said Opera Co-CEO
Song Lin. "As people continue to
shift their lives online, they want to be able to choose a browser
that can be personalized to reflect the way they lead their digital
lives. Opera is that browser, and we see a huge opportunity ahead
of us as we continue to meet these needs. In addition, we are well
underway to seize opportunities both on the content side with News
and Gaming and geographic expansion to higher monetizing
regions."
"Every aspect of our business is performing: the innovations and
features that are attracting more users and allowing us to push
into new geographies and new categories, our ability to monetize
our user base, and even the value of our investments" concluded
Song Lin. "We're looking forward to
continued growth in 2021."
Second Quarter and Recent Business Highlights
- Core search and advertising revenue growth rates accelerated to
94% year-over-year in Q2 driven by strong browser and news
performance
- Opera's monthly active user base was relatively stable compared
to the second quarter of 2020; however, within the total our user
base saw a directional shift towards higher ARPU markets. We
directed our focus towards growing North
America which saw 52% user growth, and Europe with 15% user growth, and less focus on
Asia as we continue to target
higher monetizing users
- The Company reached 78 million average monthly PC users in the
second quarter, up 4% year-over-year
- The Opera GX browser user base now has 10 million users on
desktop and already exceeds one million on mobile
- Opera announced over 1 billion cumulative downloads on the
Google Play Store
- Opera News revenue grew 442% year-over-year and 49%
sequentially versus the first quarter of 2021; Opera Football, a
vertically focused news site which launched in June, and already
has over 10 million users
- Continued scaling our other strategic growth initiatives; we
launched our cashback offering under the Dify brand in Spain which led to a four-fold increase in
facilitated e-commerce transactions in our browsers from April to
June in that market, and we continued to build out the Opera gaming
platform/community
- Hype, our in-browser messaging app for Opera Mini, launched in
three more African markets during the quarter and already has over
1 million sign-ups
- Opera monetized 29% of its stake in OPay for total
consideration of $50 million
Business Outlook
"Building off the strong start to the year, we have even greater
confidence and expectations for the second half of 2021" said Opera
CFO, Frode Jacobsen. "The
investments we have made in our 'Browser+' strategy are becoming
material and apparent in our financial results, on top of healthy
core browser revenue growth."
For the full year of 2021, Opera now expects revenue of
$242 million to $247 million, representing a 48% year-over-year
increase versus 2020 at the midpoint. Following the successful
execution of our growth strategy to date, we have additional
confidence in continuing our growth investments and expect adjusted
EBITDA to come in between $10 and
$20 million for the year.
For the third quarter of 2021, Opera expects revenue of
$63 million to $65 million, representing 51% year-over-year
growth at the midpoint. This is being driven by further
acceleration in our core businesses and the continued growth of
Opera News. Adjusted EBITDA will be around breakeven as Opera
continues to invest significantly in the growth of its
businesses.
Other updates
Nanobank continued its rebound with revenue of $57.3 million, a 14% sequential increase versus
the prior quarter. Nanobank expects sequential growth in the second
half of the year to continue at this level or higher, however the
company has been required to remain cautious in light of the
continued implications of COVID in its markets, in particular as it
relates to India. Adjusted EBITDA
was $1.6 million following a
re-assessment of its credit loss provisions in light of current
market conditions.
During the quarter, we monetized 29% of our stake in OPay for a
total consideration of $50 million,
representing a gain of $31.1 million
compared to the previous carrying amount on our balance sheet. In
addition, we recognized a financial gain related to the associated
step-up in the fair value of our retained preference shares in
OPay.
Second quarter 2021 consolidated financial results
All comparisons in this section are relative to the second
quarter of 2020 unless otherwise stated. Income and expenses from
our former emerging markets fintech and retail operations are not
included in comparisons as they are classified as discontinued
operations.
Revenue increased 87% to $60.2 million in the quarter.
- Search revenue increased by 69% to $29.8
million driven by both PC and mobile browser monetization
growth.
- Advertising revenue increased by 128% to $28.9 million, predominantly fueled by
monetization growth within Opera News and our mobile browsers.
- Technology licensing and other revenue was $1.4 million, a $0.5
million decline compared to the same period of the previous
year as we have been phasing out low-margin professional services
for an investee.
Operating expenses increased by 77% to $68.2 million.
- Combined technology and platform fees, content cost and cost of
inventory sold was $2.7 million, a
24% increase following the scaling of associated revenues.
- Personnel expenses, including share-based remuneration, were
$18.5 million, a 29% increase as we
are investing in new products and services. This expense consists
of cash-based compensation expense of $16.5
million, and $1.9 million of
share-based remuneration expense.
- Marketing and distribution expenses were $35.3 million, an increase of 254% or
$25.3 million versus Q2 2020, and 51%
or $11.9 million versus Q1 2021. We
are investing in accelerating the growth of our business, with
Opera News in developed markets representing the biggest driver of
the increases in both comparisons.
- Depreciation and amortization expenses were $5.1 million, a 6% increase.
- Other operating expenses were $6.4
million, a 6% decrease.
Operating loss was $7.9
million compared to an operating loss of $0.3 million in the second quarter of 2020.
Other items in the quarter include a $57.5 million increase in the fair value of our
preferred shares in OPay, recorded as other income from long-term
investments. This was partially offset by our share of loss from
associates and joint ventures of $2.3
million. Further, we recorded a net finance loss of
$4.9 million related to marketable
securities held as part of our treasury function and net foreign
exchange loss, as compared to a $9.2
million gain in the second quarter of 2020.
Income tax benefit was $2.0
million in the quarter.
Net income was $44.3
million. This compared to net income of $17.1 million in the second quarter of 2020.
Net income per ADS was $0.38 in the quarter. Each ADS represents two
shares in Opera Limited. In the quarter, the average number of
shares outstanding was 230.3 million, corresponding to 115.1
million ADSs.
Adjusted EBITDA was negative $1.0 million and in line with the previous
guidance, representing a negative 2% adjusted EBITDA margin,
compared to adjusted EBITDA of $0.6
million in the second quarter of 2020. Adjusted EBITDA
excludes share-based remuneration and non-recurring expenses, as
well as other income and discontinued operations.
Adjusted net income was $49.1
million in the quarter, compared to adjusted net income of
$19.4 million in the second quarter
of 2020. Adjusted net income excludes share-based remuneration,
non-recurring expenses, discontinued operations and amortization of
intangible assets related to acquisitions.
Adjusted net income per ADS was $0.43 in the quarter.
We have posted unaudited supplemental information at
https://investor.opera.com, including: 1) Opera's financial
historical results by quarter since 2019; and 2) Nanobank financial
results by quarter since 2019 (pro forma prior to August 19, 2020).
Conference call
Opera's management will host a conference call to discuss the
second quarter 2021 financial results on Thursday, August 12th at 8:00 am Eastern Time (EST) (2:00 PM Central European Time, 9:00 PM Beijing/Hong
Kong time). Listeners may access the call by dialing the
following numbers:
United States: +1
877-888-4294
China: +10-800-714-1507 or
+10-800-140-1382
Hong Kong: +80-090-1494
Norway: +47 80-01-3780
United Kingdom: +44 (0)
808-101-1183
International: +1 785-424-1881
Confirmation Code: OPRAQ221
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 @InvestorOpera.
About non-IFRS financial measures
To supplement our consolidated financial statements, which are
prepared and presented based on IFRS, 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, the
financial information prepared and presented in accordance with
IFRS.
We define adjusted EBITDA as net income (loss) excluding income
tax expense (benefit), net finance expense (income), share of net
loss (income) of associates and joint ventures, other loss (income)
from long-term investments, depreciation and amortization,
share-based remuneration, non-recurring expenses, and excluding
other income and profit (loss) from discontinued operations.
We define adjusted net income as net income (loss) excluding
share-based remuneration, amortization cost related to acquired
intangible assets, amortization of Nanobank intangible assets,
non-recurring expenses, and excluding profit (loss) from
discontinued operations, adjusted for the associated tax benefit
related to such items.
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 the related financial
information prepared and presented in accordance with IFRS. Please
refer to our financial statements at the end of this announcement
for a table reconciling our non-IFRS financial measures to net
income (loss), the most directly comparable IFRS financial
measure.
Safe harbor statement
This press release contains statements of a forward-looking
nature. These statements, including statements relating to the
Company and its investees' 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," "may,"
"expect," "believe," "anticipate," "intend," "aim," "estimate,"
"intend," "seek, " "plan," "potential," "continue," "ongoing,"
"target," "guidance," "is/are likely to," "future" and similar
statements. Among other things, management's quotations and the
Business outlook section contain forward-looking statements. The
Company may also make forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. These forward-looking statements involve known and unknown
risks and uncertainties and are based on current expectations,
assumptions, estimates and projections about the Company, its
investees, and the industry in which they operate. Potential risks
and uncertainties include, but are not limited to, those relating
to: the duration and development of the COVID-19 pandemic as well
as changes in consumer behaviors as a result of such pandemic; the
Company and its goals and strategies; expected development and
launch, and market acceptance, of products and services; Company
and its investees' expectations regarding demand for and market
acceptance of their brands, platforms and services; Company's
expectations regarding growth in its user base, user retention and
level of engagement; Company's ability to attract, retain and
monetize users; Company's ability to continue to develop new
technologies, products and services and/or upgrade its existing
technologies, products and services; quarterly variations in
Company's operating results caused by factors beyond its control;
and global macroeconomic conditions and their potential impact in
the markets in which Company or its investees have businesses. All
information provided in this press release is as of the date hereof
and is based on assumptions that the Company believes to be
reasonable as of this date, and it 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 the Company 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 the Company's filings with the SEC, including its
annual reports on Form 20-F.
About Opera
Opera is a global web innovator. Opera's browsers, news products
and fintech solutions are the trusted choice of hundreds of
millions of users worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock
exchange (OPRA). Download the Opera browser from www.opera.com.
Learn more about Opera at www.investor.opera.com or on Twitter
@InvestorOpera.
UNAUDITED
CONSOLIDATED STATEMENT OF OPERATIONS
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
[US$ thousands,
except per share and ADS amounts]
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
Revenue
|
|
|
32,217
|
|
|
|
60,161
|
|
|
|
72,411
|
|
|
|
111,744
|
|
Other
income
|
|
|
-
|
|
|
|
96
|
|
|
|
5,994
|
|
|
|
154
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
platform fees
|
|
|
(587)
|
|
|
|
(1,112)
|
|
|
|
(1,134)
|
|
|
|
(1,984)
|
|
Content
cost
|
|
|
(1,548)
|
|
|
|
(741)
|
|
|
|
(2,623)
|
|
|
|
(1,586)
|
|
Cost of inventory
sold
|
|
|
(9)
|
|
|
|
(798)
|
|
|
|
(58)
|
|
|
|
(1,244)
|
|
Personnel expenses
including share-based remuneration
|
|
|
(14,288)
|
|
|
|
(18,461)
|
|
|
|
(30,741)
|
|
|
|
(35,556)
|
|
Marketing and
distribution expenses
|
|
|
(9,978)
|
|
|
|
(35,301)
|
|
|
|
(24,504)
|
|
|
|
(58,658)
|
|
Credit loss
expense
|
|
|
(32)
|
|
|
|
(320)
|
|
|
|
(1,276)
|
|
|
|
(306)
|
|
Depreciation and
amortization
|
|
|
(4,780)
|
|
|
|
(5,080)
|
|
|
|
(9,437)
|
|
|
|
(10,117)
|
|
Non-recurring
expenses
|
|
|
(502)
|
|
|
|
-
|
|
|
|
(2,574)
|
|
|
|
-
|
|
Other
expenses
|
|
|
(6,751)
|
|
|
|
(6,359)
|
|
|
|
(13,864)
|
|
|
|
(11,819)
|
|
Total operating
expenses
|
|
|
(38,475)
|
|
|
|
(68,173)
|
|
|
|
(86,211)
|
|
|
|
(121,271)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
|
(265)
|
|
|
|
(7,916)
|
|
|
|
(7,809)
|
|
|
|
(9,374)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of net income
(loss) of associates and joint ventures
|
|
|
(813)
|
|
|
|
(2,339)
|
|
|
|
(1,477)
|
|
|
|
(2,484)
|
|
Other income (loss)
from long-term investments
|
|
|
6,000
|
|
|
|
57,500
|
|
|
|
6,000
|
|
|
|
57,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net finance income
(expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
|
|
9,563
|
|
|
|
16
|
|
|
|
9,552
|
|
|
|
1,733
|
|
Finance
expense
|
|
|
(196)
|
|
|
|
(3,548)
|
|
|
|
(6,116)
|
|
|
|
(3,991)
|
|
Net foreign exchange
gain (loss)
|
|
|
(150)
|
|
|
|
(1,378)
|
|
|
|
(430)
|
|
|
|
(1,239)
|
|
Net finance income
(expense)
|
|
|
9,217
|
|
|
|
(4,911)
|
|
|
|
3,006
|
|
|
|
(3,498)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before
income taxes
|
|
|
14,138
|
|
|
|
42,334
|
|
|
|
(281)
|
|
|
|
42,145
|
|
Income tax (expense)
benefit
|
|
|
2,206
|
|
|
|
1,953
|
|
|
|
657
|
|
|
|
2,781
|
|
Profit from
continuing operations
|
|
|
16,344
|
|
|
|
44,287
|
|
|
|
376
|
|
|
|
44,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) from
discontinued operations
|
|
|
797
|
|
|
|
-
|
|
|
|
(4,095)
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
(3,722)
|
|
|
|
44,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
(3,722)
|
|
|
|
44,926
|
|
Non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total net income
attributed
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
(3,722)
|
|
|
|
44,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic,
millions (1)
|
|
|
238.04
|
|
|
|
230.29
|
|
|
|
238.17
|
|
|
|
230.28
|
|
Diluted,
millions (2)
|
|
|
239.92
|
|
|
|
231.51
|
|
|
|
240.78
|
|
|
|
231.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per
ordinary share from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.07
|
|
|
|
0.19
|
|
|
|
0.00
|
|
|
|
0.20
|
|
Diluted,
US$
|
|
|
0.07
|
|
|
|
0.19
|
|
|
|
0.00
|
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit per ADS
from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.14
|
|
|
|
0.38
|
|
|
|
0.00
|
|
|
|
0.39
|
|
Diluted,
US$
|
|
|
0.14
|
|
|
|
0.38
|
|
|
|
0.00
|
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.06
|
|
|
|
0.19
|
|
|
|
(0.02)
|
|
|
|
0.20
|
|
Diluted,
US$
|
|
|
0.06
|
|
|
|
0.19
|
|
|
|
(0.02)
|
|
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.12
|
|
|
|
0.38
|
|
|
|
(0.03)
|
|
|
|
0.39
|
|
Diluted,
US$
|
|
|
0.13
|
|
|
|
0.38
|
|
|
|
(0.03)
|
|
|
|
0.39
|
|
|
(1) As of June
30, 2021, the total number of shares outstanding for Opera Limited
was 230,291,732 , equivalent to 115,145,866 ADSs.
|
|
(2) Includes the
net dilutive impact of employee equity awards, all of which are
dilutive.
|
UNAUDITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(LOSS)
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
[US$
thousands]
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
Net
income
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
(3,722)
|
|
|
|
44,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss) that may be reclassified to the
Statement of Operations in subsequent periods (net of
tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences
on translation of foreign operations
|
|
|
1,222
|
|
|
|
2,013
|
|
|
|
(1,353)
|
|
|
|
697
|
|
Reclassification of
exchange differences on loss of control
|
|
|
(11)
|
|
|
|
-
|
|
|
|
(11)
|
|
|
|
-
|
|
Share of other
comprehensive income (loss) of associates and joint
ventures
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net other
comprehensive income (loss) that may be reclassified to the
Statement of Operations in subsequent periods
|
|
|
1,211
|
|
|
|
2,013
|
|
|
|
(1,365)
|
|
|
|
697
|
|
Total
comprehensive income
|
|
|
18,353
|
|
|
|
46,300
|
|
|
|
(5,085)
|
|
|
|
45,623
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
parent
|
|
|
18,353
|
|
|
|
46,300
|
|
|
|
(5,085)
|
|
|
|
45,623
|
|
Non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total
comprehensive income attributed
|
|
|
18,353
|
|
|
|
46,300
|
|
|
|
(5,085)
|
|
|
|
45,623
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
|
|
|
|
As of December
31,
|
|
|
As of June
30,
|
|
[US$
thousands]
|
|
2020
|
|
|
2021
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
Furniture, fixtures
and equipment
|
|
|
18,167
|
|
|
|
14,846
|
|
Intangible
assets
|
|
|
111,954
|
|
|
|
112,237
|
|
Goodwill
|
|
|
424,961
|
|
|
|
431,433
|
|
Long-term
investments
|
|
|
364,946
|
|
|
|
372,421
|
|
Non-current financial
assets
|
|
|
1,490
|
|
|
|
1,986
|
|
Deferred tax
assets
|
|
|
4,383
|
|
|
|
3,824
|
|
Total non-current
assets
|
|
|
925,901
|
|
|
|
936,748
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Trade
receivables
|
|
|
28,809
|
|
|
|
34,375
|
|
Loans to
customers
|
|
|
68
|
|
|
|
62
|
|
Other
receivables
|
|
|
10,750
|
|
|
|
9,353
|
|
Prepayments
|
|
|
9,061
|
|
|
|
8,213
|
|
Inventories
|
|
|
-
|
|
|
|
21
|
|
Other current
financial assets
|
|
|
856
|
|
|
|
-
|
|
Marketable
securities
|
|
|
-
|
|
|
|
22,775
|
|
Cash and cash
equivalents
|
|
|
134,168
|
|
|
|
178,481
|
|
Total cash, cash
equivalents, and marketable securities
|
|
|
134,168
|
|
|
|
201,256
|
|
Total current
assets
|
|
|
183,711
|
|
|
|
253,280
|
|
TOTAL
ASSETS
|
|
|
1,109,612
|
|
|
|
1,190,028
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND
LIABILITIES
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
Share
capital
|
|
|
24
|
|
|
|
24
|
|
Other paid in
capital
|
|
|
765,129
|
|
|
|
764,381
|
|
Retained
earnings
|
|
|
283,334
|
|
|
|
330,710
|
|
Foreign currency
translation reserve
|
|
|
408
|
|
|
|
1,105
|
|
Equity attributed
to equity holders of the parent
|
|
|
1,048,895
|
|
|
|
1,096,217
|
|
Non-controlling
interests
|
|
|
-
|
|
|
|
-
|
|
Total
equity
|
|
|
1,048,895
|
|
|
|
1,096,217
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
Non-current lease
liabilities and other loans
|
|
|
3,584
|
|
|
|
2,745
|
|
Deferred tax
liabilities
|
|
|
11,745
|
|
|
|
10,889
|
|
Other non-current
liabilities
|
|
|
68
|
|
|
|
1,413
|
|
Total non-current
liabilities
|
|
|
15,397
|
|
|
|
15,047
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Trade and other
payables
|
|
|
25,454
|
|
|
|
43,048
|
|
Current lease
liabilities and other loans
|
|
|
5,389
|
|
|
|
3,974
|
|
Income tax
payable
|
|
|
1,094
|
|
|
|
721
|
|
Deferred
revenue
|
|
|
345
|
|
|
|
450
|
|
Other current
liabilities
|
|
|
13,040
|
|
|
|
30,571
|
|
Total current
liabilities
|
|
|
45,320
|
|
|
|
78,764
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
60,717
|
|
|
|
93,811
|
|
TOTAL EQUITY AND
LIABILITIES
|
|
|
1,109,612
|
|
|
|
1,190,028
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
[US$
thousands]
|
|
Share
capital
|
|
|
Other paid
in
capital
|
|
|
Retained
earnings
|
|
|
Foreign
currency
translation
reserve
|
|
|
Total
equity
|
|
As of December 31,
2019
|
|
|
24
|
|
|
|
814,177
|
|
|
|
99,513
|
|
|
|
(1,508)
|
|
|
|
912,206
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,722)
|
|
|
|
-
|
|
|
|
(3,722)
|
|
Other comprehensive
income (loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,365)
|
|
|
|
(1,365)
|
|
Total
comprehensive income (loss)
|
|
|
-
|
|
|
|
-
|
|
|
|
(3,722)
|
|
|
|
(1,365)
|
|
|
|
(5,086)
|
|
Acquisition of
treasury shares
|
|
|
-
|
|
|
|
(18,470)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(18,470)
|
|
Share-based
remuneration expense
|
|
|
-
|
|
|
|
-
|
|
|
|
2,234
|
|
|
|
-
|
|
|
|
2,234
|
|
As of June 30,
2020
|
|
|
24
|
|
|
|
795,707
|
|
|
|
98,025
|
|
|
|
(2,873)
|
|
|
|
890,884
|
|
[US$
thousands]
|
|
Share
capital
|
|
|
Other paid
in
capital
|
|
|
Retained
earnings
|
|
|
Foreign
currency
translation
reserve
|
|
|
Total
equity
|
|
As of December 31,
2020
|
|
|
24
|
|
|
|
765,129
|
|
|
|
283,334
|
|
|
|
408
|
|
|
|
1,048,895
|
|
Net income
|
|
|
-
|
|
|
|
-
|
|
|
|
44,926
|
|
|
|
-
|
|
|
|
49,173
|
|
Other comprehensive
income
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
697
|
|
|
|
697
|
|
Total
comprehensive income
|
|
|
-
|
|
|
|
-
|
|
|
|
44,926
|
|
|
|
697
|
|
|
|
45,623
|
|
Acquisition of
treasury shares
|
|
|
-
|
|
|
|
(749)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(749)
|
|
Share-based
remuneration expense
|
|
|
-
|
|
|
|
-
|
|
|
|
2,450
|
|
|
|
-
|
|
|
|
2,450
|
|
As of June 30,
2021
|
|
|
24
|
|
|
|
764,381
|
|
|
|
330,710
|
|
|
|
1,105
|
|
|
|
1,096,217
|
|
UNAUDITED
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
[US$
thousands]
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
Cash flow from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
before income taxes from continuing operations
|
|
|
14,138
|
|
|
|
42,334
|
|
|
|
(281)
|
|
|
|
42,145
|
|
Net income (loss)
before income taxes from discontinued operations
|
|
|
2,979
|
|
|
|
-
|
|
|
|
(7,421)
|
|
|
|
-
|
|
Income taxes
paid
|
|
|
(7,041)
|
|
|
|
(448)
|
|
|
|
(7,102)
|
|
|
|
(1,207)
|
|
Depreciation and
amortization
|
|
|
4,817
|
|
|
|
5,080
|
|
|
|
9,556
|
|
|
|
10,117
|
|
Share of net loss
(income) of associates and joint ventures
|
|
|
813
|
|
|
|
2,628
|
|
|
|
1,477
|
|
|
|
2,484
|
|
Other loss
(income) from long-term investments
|
|
|
(6,000)
|
|
|
|
(57,500)
|
|
|
|
(6,000)
|
|
|
|
(57,500)
|
|
Equity component of
share-based payment expense
|
|
|
1,277
|
|
|
|
1,717
|
|
|
|
2,234
|
|
|
|
2,450
|
|
Net finance expense
(income)
|
|
|
(9,802)
|
|
|
|
4,773
|
|
|
|
(1,510)
|
|
|
|
3,498
|
|
Change in
inventories
|
|
|
7,145
|
|
|
|
(24)
|
|
|
|
7,568
|
|
|
|
(21)
|
|
Change in trade and
other receivables
|
|
|
149
|
|
|
|
(4,384)
|
|
|
|
5,562
|
|
|
|
(4,170)
|
|
Change in loans to
customers
|
|
|
30,991
|
|
|
|
17
|
|
|
|
79,122
|
|
|
|
5
|
|
Change in trade and
other payables
|
|
|
(37,410)
|
|
|
|
10,779
|
|
|
|
(28,309)
|
|
|
|
17,595
|
|
Change in deferred
revenue
|
|
|
(2,310)
|
|
|
|
(63)
|
|
|
|
3,337
|
|
|
|
105
|
|
Change in
prepayments
|
|
|
6,724
|
|
|
|
(2,315)
|
|
|
|
(2,352)
|
|
|
|
847
|
|
Change in other
liabilities
|
|
|
(2,355)
|
|
|
|
5,285
|
|
|
|
(618)
|
|
|
|
(1,440)
|
|
Other
|
|
|
2,932
|
|
|
|
(1,630)
|
|
|
|
3,207
|
|
|
|
(1,382)
|
|
Net cash flow from
(used in) operating activities
|
|
|
7,047
|
|
|
|
6,252
|
|
|
|
58,469
|
|
|
|
13,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of
intangibles assets
|
|
|
(1,132)
|
|
|
|
-
|
|
|
|
(1,489)
|
|
|
|
-
|
|
Purchase of
equipment
|
|
|
(822)
|
|
|
|
139
|
|
|
|
(2,233)
|
|
|
|
(884)
|
|
Acquisition of
subsidiary, net of cash acquired
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,882)
|
|
|
|
(9,008)
|
|
Disbursement of
short-term loans
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,497)
|
|
|
|
-
|
|
Release of escrow
account
|
|
|
1,000
|
|
|
|
-
|
|
|
|
1,000
|
|
|
|
-
|
|
Repayment of
short-term loans
|
|
|
-
|
|
|
|
-
|
|
|
|
4,497
|
|
|
|
-
|
|
Deposit of collateral
for loan facility
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,000)
|
|
|
|
-
|
|
Net sale (purchase)
of listed equity instruments
|
|
|
(3,283)
|
|
|
|
(17,439)
|
|
|
|
(9,402)
|
|
|
|
(3,522)
|
|
Net sale (purchase)
of financial assets
|
|
|
-
|
|
|
|
50,000
|
|
|
|
-
|
|
|
|
50,000
|
|
Development
expenditure
|
|
|
(2,229)
|
|
|
|
(1,216)
|
|
|
|
(3,806)
|
|
|
|
(2,068)
|
|
Interest income
received
|
|
|
281
|
|
|
|
16
|
|
|
|
426
|
|
|
|
21
|
|
Net cash flow from
(used in) investing activities
|
|
|
(6,185)
|
|
|
|
31,500
|
|
|
|
(21,386)
|
|
|
|
34,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
treasury shares
|
|
|
(12,980)
|
|
|
|
-
|
|
|
|
(18,470)
|
|
|
|
(748)
|
|
Proceeds from loans
and borrowings
|
|
|
(890)
|
|
|
|
(1,147)
|
|
|
|
6,905
|
|
|
|
-
|
|
Interests on loans
and borrowings
|
|
|
(939)
|
|
|
|
(89)
|
|
|
|
(1,705)
|
|
|
|
(168)
|
|
Repayment of loans
and borrowings
|
|
|
(47,609)
|
|
|
|
(348)
|
|
|
|
(53,180)
|
|
|
|
(348)
|
|
Payment of lease
liabilities
|
|
|
(554)
|
|
|
|
(846)
|
|
|
|
(2,252)
|
|
|
|
(1,906)
|
|
Net cash flow from
(used in) financing activities
|
|
|
(62,972)
|
|
|
|
(2,431)
|
|
|
|
(68,702)
|
|
|
|
(3,170)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
(62,110)
|
|
|
|
35,322
|
|
|
|
(31,620)
|
|
|
|
44,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at beginning of period
|
|
|
169,826
|
|
|
|
143,297
|
|
|
|
139,487
|
|
|
|
134,168
|
|
Net foreign exchange
difference
|
|
|
(2,262)
|
|
|
|
(138)
|
|
|
|
(2,414)
|
|
|
|
(584)
|
|
Cash and cash
equivalents at end of period
|
|
|
105,454
|
|
|
|
178,481
|
|
|
|
105,454
|
|
|
|
178,481
|
|
Financial details
by business area
|
|
The tables below
specify the contribution by each business area:
|
|
[US$
thousands]
|
|
Three Months Ended
June 30, 2020
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
17,626
|
|
|
|
-
|
|
|
|
17,626
|
|
Advertising
|
|
|
12,669
|
|
|
|
-
|
|
|
|
12,669
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
1,921
|
|
|
|
1,921
|
|
Total
revenue
|
|
|
30,295
|
|
|
|
1,921
|
|
|
|
32,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
platform fees
|
|
|
(587)
|
|
|
|
-
|
|
|
|
(587)
|
|
Content
cost
|
|
|
(1,548)
|
|
|
|
-
|
|
|
|
(1,548)
|
|
Cost of inventory
sold
|
|
|
-
|
|
|
|
(9)
|
|
|
|
(9)
|
|
Other cost of revenue
(1)
|
|
|
(50)
|
|
|
|
(1,519)
|
|
|
|
(1,569)
|
|
Marketing and
distribution expenses
|
|
|
(9,817)
|
|
|
|
(161)
|
|
|
|
(9,978)
|
|
Credit loss
expense
|
|
|
(32)
|
|
|
|
-
|
|
|
|
(32)
|
|
Direct
expenses
|
|
|
(12,034)
|
|
|
|
(1,689)
|
|
|
|
(13,723)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
18,261
|
|
|
|
232
|
|
|
|
18,494
|
|
|
(1) Includes expenses
presented separately in the Statement of Operations as part of
personnel and other expenses, including audit, legal and other
advisory services, that were included in the cost invoiced certain
customers and previously reported as Cost of revenue.
|
[US$
thousands]
|
|
Three Months Ended
June 30, 2021
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
29,782
|
|
|
|
-
|
|
|
|
29,782
|
|
Advertising
|
|
|
28,935
|
|
|
|
7
|
|
|
|
28,942
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
1,436
|
|
|
|
1,436
|
|
Total
revenue
|
|
|
58,717
|
|
|
|
1,443
|
|
|
|
60,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
platform fees
|
|
|
(930)
|
|
|
|
(182)
|
|
|
|
(1,112)
|
|
Content
cost
|
|
|
(730)
|
|
|
|
(11)
|
|
|
|
(741)
|
|
Cost of inventory
sold
|
|
|
(798)
|
|
|
|
-
|
|
|
|
(798)
|
|
Marketing and
distribution expenses
|
|
|
(35,085)
|
|
|
|
(216)
|
|
|
|
(35,301)
|
|
Credit loss
expense
|
|
|
(316)
|
|
|
|
(4)
|
|
|
|
(320)
|
|
Direct
expenses
|
|
|
(37,859)
|
|
|
|
(413)
|
|
|
|
(38,273)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
20,858
|
|
|
|
1,030
|
|
|
|
21,888
|
|
[US$
thousands]
|
|
Six Months Ended
June 30, 2020
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
37,290
|
|
|
|
-
|
|
|
|
37,290
|
|
Advertising
|
|
|
29,421
|
|
|
|
-
|
|
|
|
29,421
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
5,700
|
|
|
|
5,700
|
|
Total
revenue
|
|
|
66,711
|
|
|
|
5,700
|
|
|
|
72,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
platform fees
|
|
|
(1,134)
|
|
|
|
-
|
|
|
|
(1,134)
|
|
Content
cost
|
|
|
(2,623)
|
|
|
|
-
|
|
|
|
(2,623)
|
|
Cost of inventory
sold
|
|
|
-
|
|
|
|
(58)
|
|
|
|
(58)
|
|
Other cost of
revenue
|
|
|
(106)
|
|
|
|
(2,625)
|
|
|
|
(2,731)
|
|
Marketing and
distribution expenses
|
|
|
(24,094)
|
|
|
|
(410)
|
|
|
|
(24,504)
|
|
Credit loss
expense
|
|
|
(352)
|
|
|
|
(924)
|
|
|
|
(1,276)
|
|
Direct
expenses
|
|
|
(28,310)
|
|
|
|
(4,017)
|
|
|
|
(32,326)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
38,401
|
|
|
|
1,683
|
|
|
|
40,084
|
|
[US$
thousands]
|
|
Six Months Ended
June 30, 2021
|
|
Business
area
|
|
Browser and
News
|
|
|
Other
|
|
|
Total
|
|
Revenue
categories
|
|
|
|
|
|
|
|
|
|
|
|
|
Search
|
|
|
56,507
|
|
|
|
-
|
|
|
|
56,507
|
|
Advertising
|
|
|
52,340
|
|
|
|
32
|
|
|
|
52,347
|
|
Technology licensing
and other revenue
|
|
|
-
|
|
|
|
2,864
|
|
|
|
2,890
|
|
Total
revenue
|
|
|
108,847
|
|
|
|
2,897
|
|
|
|
111,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology and
platform fees
|
|
|
(1,649)
|
|
|
|
(335)
|
|
|
|
(1,984)
|
|
Content
cost
|
|
|
(1,564)
|
|
|
|
(22)
|
|
|
|
(1,586)
|
|
Cost of inventory
sold
|
|
|
(1,244)
|
|
|
|
-
|
|
|
|
(1,244)
|
|
Marketing and
distribution expenses
|
|
|
(58,250)
|
|
|
|
(408)
|
|
|
|
(58,658)
|
|
Credit loss
expense
|
|
|
(270)
|
|
|
|
(36)
|
|
|
|
(306)
|
|
Direct
expenses
|
|
|
(62,977)
|
|
|
|
(801)
|
|
|
|
(63,779)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contribution by
business area
|
|
|
45,870
|
|
|
|
2,095
|
|
|
|
47,965
|
|
Personnel expenses
including share-based remuneration
|
|
The table below
specifies the amounts of personnel expenses including share-based
remuneration:
|
|
[US$
thousands]
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
Personnel expenses
including share-based remuneration
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
Personnel expenses
excluding share-based remuneration
|
|
|
12,712
|
|
|
|
16,544
|
|
|
|
28,690
|
|
|
|
32,585
|
|
Share-based
remuneration, including related social security costs
|
|
|
1,576
|
|
|
|
1,917
|
|
|
|
2,051
|
|
|
|
2,971
|
|
Total
|
|
|
14,288
|
|
|
|
18,461
|
|
|
|
30,741
|
|
|
|
35,556
|
|
Other
expenses
|
|
The table below
specifies the nature of other expenses:
|
|
[US$
thousands]
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
Other
expenses
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
Hosting
|
|
|
1,944
|
|
|
|
1,910
|
|
|
|
4,152
|
|
|
|
3,753
|
|
Audit, legal and
other advisory services
|
|
|
2,105
|
|
|
|
2,447
|
|
|
|
4,054
|
|
|
|
3,943
|
|
Software license
fees
|
|
|
576
|
|
|
|
475
|
|
|
|
983
|
|
|
|
889
|
|
Rent and other office
expense
|
|
|
907
|
|
|
|
758
|
|
|
|
1,509
|
|
|
|
1,623
|
|
Travel
|
|
|
303
|
|
|
|
109
|
|
|
|
981
|
|
|
|
188
|
|
Other
|
|
|
916
|
|
|
|
660
|
|
|
|
2,185
|
|
|
|
1,423
|
|
Total
|
|
|
6,751
|
|
|
|
6,359
|
|
|
|
13,864
|
|
|
|
11,819
|
|
Non-IFRS financial
measures
|
|
|
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
[US$ thousands,
except per share and ADS amounts]
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
Reconciliation of net
income (loss) to adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
(3,722)
|
|
|
|
44,926
|
|
Add: Income tax
expense (benefit)
|
|
|
(2,206)
|
|
|
|
(1,953)
|
|
|
|
(657)
|
|
|
|
(2,781)
|
|
Add: Net finance
expense (income)
|
|
|
(9,217)
|
|
|
|
4,911
|
|
|
|
(3,006)
|
|
|
|
3,498
|
|
Add: Share of net
loss (income) of associates and joint ventures
|
|
|
813
|
|
|
|
2,339
|
|
|
|
1,477
|
|
|
|
2,484
|
|
Add: Other loss
(income) from long-term investments
|
|
|
(6,000)
|
|
|
|
(57,500)
|
|
|
|
(6,000)
|
|
|
|
(57,500)
|
|
Add: Depreciation and
amortization
|
|
|
4,780
|
|
|
|
5,080
|
|
|
|
9,437
|
|
|
|
10,117
|
|
Add: Share-based
remuneration
|
|
|
1,576
|
|
|
|
1,917
|
|
|
|
2,051
|
|
|
|
2,971
|
|
Add: Non-recurring
expenses
|
|
|
502
|
|
|
|
-
|
|
|
|
2,574
|
|
|
|
-
|
|
Less: Other
income
|
|
|
(5,994)
|
|
|
|
(96)
|
|
|
|
(5,994)
|
|
|
|
(154)
|
|
Less: Profit (loss)
from discontinued operations
|
|
|
(797)
|
|
|
|
-
|
|
|
|
4,095
|
|
|
|
-
|
|
Adjusted
EBITDA
|
|
|
598
|
|
|
|
(1,015)
|
|
|
|
255
|
|
|
|
3,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of net
income (loss) to adjusted net income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(loss)
|
|
|
17,141
|
|
|
|
44,287
|
|
|
|
(3,722)
|
|
|
|
44,926
|
|
Add: Share-based
remuneration
|
|
|
1,576
|
|
|
|
1,917
|
|
|
|
2,051
|
|
|
|
2,971
|
|
Add: Amortization of
acquired intangible assets
|
|
|
1,336
|
|
|
|
1,571
|
|
|
|
2,673
|
|
|
|
3,142
|
|
Add: Amortization of
Nanobank intangible assets (1)
|
|
|
-
|
|
|
|
1,759
|
|
|
|
-
|
|
|
|
3,518
|
|
Add: Non-recurring
expenses
|
|
|
502
|
|
|
|
-
|
|
|
|
2,574
|
|
|
|
-
|
|
Income tax adjustment
(2)
|
|
|
(360)
|
|
|
|
(389)
|
|
|
|
(548)
|
|
|
|
(805)
|
|
Less: Profit (loss)
from discontinued operations
|
|
|
(797)
|
|
|
|
-
|
|
|
|
4,095
|
|
|
|
-
|
|
Adjusted net
income
|
|
|
19,397
|
|
|
|
49,144
|
|
|
|
7,123
|
|
|
|
53,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic,
millions
|
|
|
238.04
|
|
|
|
230.29
|
|
|
|
238.17
|
|
|
|
230.28
|
|
Diluted,
millions
|
|
|
239.92
|
|
|
|
231.51
|
|
|
|
240.78
|
|
|
|
231.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss) per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.08
|
|
|
|
0.21
|
|
|
|
0.03
|
|
|
|
0.23
|
|
Diluted,
US$
|
|
|
0.08
|
|
|
|
0.21
|
|
|
|
0.03
|
|
|
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income (loss) per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic, US$
|
|
|
0.16
|
|
|
|
0.43
|
|
|
|
0.06
|
|
|
|
0.47
|
|
Diluted,
US$
|
|
|
0.16
|
|
|
|
0.42
|
|
|
|
0.06
|
|
|
|
0.46
|
|
|
(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.
|
View original content to download
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SOURCE Opera Limited