Opera reports first quarter 2022 results
Opera Limited (NASDAQ: OPRA) reported Q1 2022 financial results, with revenue growing by 39% year-over-year to $71.6 million. Adjusted EBITDA reached $7.3 million, a 60.6% increase from last year. The company affirmed its 2022 guidance, expecting 22% revenue growth and 90% adjusted EBITDA growth. A $50 million share buyback program was announced, with $3 million spent on repurchasing shares thus far. However, the net loss for the quarter was $9.4 million, down from a profit in Q1 2021.
- Revenue increased 39% year-over-year to $71.6 million.
- Adjusted EBITDA grew 60.6% to $7.3 million, showing improved profitability.
- Strong core search and advertising revenue increased 41% year-over-year.
- Successful divestments from Nanobank and Star X expected to generate $211 million.
- Net loss was $9.4 million, compared to a net income of $0.6 million in Q1 2021.
- Operating expenses rose by 33% to $70.4 million, impacting profitability.
Both revenue and adjusted EBITDA exceeded expectations
Q1 revenue grew
Company announced and began to implement a
Company affirms 2022 guidance for revenue growth of
OSLO, Norway, April 28, 2022 /PRNewswire/ -- Opera Limited (NASDAQ: OPRA), one of the world's largest internet consumer brands with hundreds of millions of users worldwide, today announced its unaudited consolidated financial results for the quarter ended March 31, 2022.
First quarter 2022 financial highlights
Three Months Ended March 31, | Year-over- year % | |||||||||||
[US$ thousands, except for margins and per ADS amounts] | 2021 | 2022 | change | |||||||||
Revenue | 51,583 | 71,583 | 38.8 | % | ||||||||
Net income (loss) | 639 | (9,436) | n.m. | |||||||||
Margin | 1.2 | % | (13.2) | % | ||||||||
Adjusted EBITDA (1) | 4,576 | 7,349 | 60.6 | % | ||||||||
Margin | 8.9 | % | 10.3 | % | ||||||||
Adjusted net income (loss) (1) | 4,607 | (6,362) | n.m. | |||||||||
Margin | 8.9 | % | (8.9) | % | ||||||||
Diluted earnings per ADS, US$ | 0.01 | (0.08) | n.m. | |||||||||
Diluted adjusted net income (loss) per ADS, US$ (1) | 0.04 | (0.05) | n.m. | |||||||||
(1) | Please see the separate section "About non-IFRS financial measures" for the definitions of adjusted EBITDA and adjusted net income. |
"Opera's performance in 2022 is off to a great start, both as it relates to our product portfolio and in terms of monetization and financial results coming in ahead of expectations. As a segment-oriented web browser and content platform provider, we continue to see increased adoption of our products in western markets, where more and more people choose Opera over default solutions, and we maintain a very strategic and significant footprint amongst monetizable users in emerging markets", said Co-CEO Song Lin.
"The world, and in particular the situation in Europe, is looking very different today than it did at our last quarterly release, but we find that tailwinds in our business are offsetting the monetary impacts of the war as it relates to Opera. While we are excited about the continued momentum in our business, this naturally fades in importance relative to the grave situation unfolding and the millions of people affected, including among our own staff and their families."
First quarter and recent business highlights
- Core search and advertising revenue grew
41% year-over-year in the first quarter, driven by the strong ARPU trend of our browser and news user base, as well as leveraging our strong advertiser demand beyond our own inventory through our Opera Ads platform. - Opera's average monthly active user base was 339 million MAUs in the quarter; with a continued directional shift towards higher ARPU markets. User growth was the strongest in the Americas, this time led by North America up
15% and South America up10% , while we continue to focus investments in emerging markets towards users that we believe will be monetizable. - The Opera GX gaming browser had over 16 million monthly active users across PC and mobile in the first quarter, representing a continued healthy trajectory with
14% sequential growth versus the prior quarter. - The beta version of the Opera Web3 browser was released as the newest addition to our family of browsers. We also announced support for most major blockchain ecosystems in the Opera wallet.
- We sold our minority stakes in both Nanobank and Star X (formerly known as StarMaker), with the second sale happening post quarter-end. In the aggregate, the two sales represent
$211 million of cash proceeds receivable with no contingencies. In addition we held$182 million of cash and marketable securities at the end of Q1, and we continue to hold our6.44% stake in OPay. - During the quarter the company repurchased 569 thousand ADSs at an average price of
$5.33 , for a total spend of$3 million , leaving$47 million remaining under our existing buyback authorization.
Business outlook
"Due to the core revenue generation of our business scaling ahead of expectation, we exceeded the top of our guidance ranges for both revenue and adjusted EBITDA in the first quarter and we are in a position to maintain our prior full-year guidance" said CFO Frode Jacobsen. "Revenues generated from our users located in Russia, Belarus and Ukraine accounted for approximately
For the full year of 2022, Opera expects revenue of
For the second quarter of 2022, Opera expects revenue of
Other updates
During the first quarter, Opera sold its
Subsequent to the close of the quarter, Opera sold its
In total, Opera stands to collect
The present value of these transactions was also incorporated in our recently published audited financials as the most reliable fair value assessment of the former equity positions as of year-end 2021. Consequently, these sales have not affected our financial results in 2022.
Opera continues to hold an investment in OPay. We sold
First quarter 2022 consolidated financial results
All comparisons in this section are relative to the first quarter of 2021 unless otherwise stated.
Revenue increased
- Search revenue increased by
20% to$32.0 million driven by both PC and mobile browser monetization growth. - Advertising revenue increased by
64% to$38.5 million , predominantly fueled by monetization growth within Opera News and our mobile browsers, as well as our audience extension supported by the Opera Ads platform. - Technology licensing and other revenue was
$1.1 million .
Operating expenses increased by
- Combined technology and platform fees, content cost and cost of inventory sold was
$8.0 million , or11% of revenue, compared to4% of revenue in the year-ago quarter. The increase was fueled by our audience extension that carries insignificant other incremental expenses. - Personnel expenses, including share-based remuneration, were
$16.4 million , a4% reduction. This expense consists of cash-based compensation expense of$14.5 million , a9% decrease year-over-year, or3% sequential increase versus the prior quarter. Share-based remuneration expense was$1.9 million . - Marketing and distribution expenses were
$34.1 million , an increase of46% year-over-year, or14% sequentially versus the prior quarter. - Depreciation and amortization expenses were
$3.6 million , a29% decrease, predominantly related to completed amortizations in connection with acquired intangible assets. - All other operating expenses were
$8.2 million , a51% increase predominantly driven by advisory services and a non-recurring and non-cash accounting effect of the divestment of Nanobank, as we reclassified our accumulated share of Nanobank's foreign currency translation differences from the Statement of Comprehensive Income to the Statement of Operations.
Operating profit was
Other items in the quarter include a finance expense of
Income tax expense was
Net loss was
Net loss per ADS was
Adjusted EBITDA was
Adjusted net loss was
Adjusted net loss per ADS was
We have posted Opera's unaudited financial historical results by quarter since 2019 at https://investor.opera.com.
Conference call
Opera's management will host a conference call to discuss the first quarter 2022 financial results on Thursday, April 28th at 8:00 am Eastern Time (EST) (2:00 PM Central European Time, 8:00 PM Beijing/Hong Kong time). Listeners may access the call by dialing the following numbers:
United States: +1 800-895-3361
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: +1 785-424-1744
Confirmation Code: OPRAQ122
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 equity-accounted investees, fair value loss (gain) from investments, depreciation and amortization, impairment of non-financial assets, impairment of equity-accounted investees, share-based remuneration, credit loss expense related to divested joint venture, non-recurring expenses, less other operating income and (profit) loss from discontinued operations.
We define adjusted net income (loss) as net income (loss) excluding share-based remuneration, amortization cost related to acquired intangible assets, amortization of Nanobank intangible assets, credit loss expense related to divested joint venture and other non-recurring expenses, and (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 conflict in Ukraine and the COVID-19 pandemic, as well as resulting changes in consumer behaviors; the outcome of regulatory processes or litigation; the Company and its goals and strategies; expected development and launch, and market acceptance, of products and services; Company's expectations regarding demand for and market acceptance of its 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 the Company has business. 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, gaming, Web3 and news products 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 March 31, | ||||||||
[US$ thousands, except per ADS and share amounts] | 2021 | 2022 | ||||||
Revenue | 51,583 | 71,583 | ||||||
Other operating income | 58 | 172 | ||||||
Operating expenses: | ||||||||
Technology and platform fees | (873) | (1,219) | ||||||
Content cost | (845) | (1,044) | ||||||
Cost of inventory sold | (446) | (5,785) | ||||||
Personnel expenses including share-based remuneration | (17,096) | (16,428) | ||||||
Marketing and distribution expenses | (23,357) | (34,140) | ||||||
Credit loss expense | 14 | (43) | ||||||
Depreciation and amortization | (5,037) | (3,590) | ||||||
Non-recurring expenses | - | (708) | ||||||
Other operating expenses | (5,460) | (7,456) | ||||||
Total operating expenses | (53,099) | (70,413) | ||||||
Operating profit (loss) | (1,457) | 1,342 | ||||||
Share of net loss of equity-accounted investees | (145) | (6) | ||||||
Net finance income (expense): | ||||||||
Finance income | 1,717 | 155 | ||||||
Finance expense | (442) | (9,947) | ||||||
Net foreign exchange gain (loss) | 139 | (372) | ||||||
Net finance income (expense) | 1,413 | (10,164) | ||||||
Loss before income taxes | (189) | (8,828) | ||||||
Income tax (expense) benefit | 828 | (608) | ||||||
Net income (loss) attributable to owners of the parent | 639 | (9,436) | ||||||
Weighted average number of ordinary shares outstanding: | ||||||||
Basic, millions (1) | 230.25 | 231.63 | ||||||
Diluted, millions (2) | 232.69 | 232.05 | ||||||
Earnings per ADS and per share for net income (loss): | ||||||||
Basic earnings per ADS, US$ | 0.01 | (0.08) | ||||||
Diluted earnings per ADS, US$ | 0.01 | (0.08) | ||||||
Basic earnings per share, US$ | 0.00 | (0.04) | ||||||
Diluted earnings per share, US$ | 0.00 | (0.04) | ||||||
(1) | As of March 31, 2022, the total number of shares outstanding for Opera Limited was 230,710,528, equivalent to 115,355,264 ADSs. |
(2) | Includes the net dilutive impact of employee equity awards, all of which are dilutive. |
Unaudited consolidated statement of comprehensive income |
Three Months Ended March 31, | ||||||||
[US$ thousands] | 2021 | 2022 | ||||||
Net income (loss) | 639 | (9,436) | ||||||
Other comprehensive income (loss): | ||||||||
Items that may be reclassified to the Statement of Operations in subsequent periods (net of tax): | ||||||||
Exchange differences on translation of foreign operations | (1,316) | (768) | ||||||
Reclassification of share of other comprehensive income (loss) of equity-accounted investees | - | 708 | ||||||
Other comprehensive loss | (1,316) | (60) | ||||||
Total comprehensive loss attributable to owners of the parent | (677) | (9,496) | ||||||
Unaudited consolidated statement of financial position |
As of December 31, | As of March 31, | |||||||
[US$ thousands] | 2021 | 2022 | ||||||
Assets: | ||||||||
Property and equipment | 12,263 | 10,977 | ||||||
Intangible assets | 103,627 | 102,814 | ||||||
Goodwill | 430,378 | 430,121 | ||||||
Non-current receivables from sale of investments | - | 58,688 | ||||||
Non-current investments and financial assets | 2,883 | 2,823 | ||||||
Deferred tax assets | 2,323 | 2,327 | ||||||
Total non-current assets | 551,475 | 607,751 | ||||||
Trade receivables | 43,864 | 43,341 | ||||||
Current receivables from sale of investments | - | 61,623 | ||||||
Other current receivables | 18,538 | 3,473 | ||||||
Prepayments | 9,192 | 7,676 | ||||||
Marketable securities | 78,135 | 64,566 | ||||||
Cash and cash equivalents | 102,876 | 117,786 | ||||||
Total cash, cash equivalents, and marketable securities | 181,011 | 182,352 | ||||||
Assets held for sale | 288,379 | 168,068 | ||||||
Total current assets | 540,986 | 466,533 | ||||||
Total assets | 1,092,460 | 1,074,284 | ||||||
Equity: | ||||||||
Share capital | 24 | 24 | ||||||
Other paid in capital | 764,381 | 761,336 | ||||||
Retained earnings | 249,155 | 241,686 | ||||||
Foreign currency translation reserve | (520) | (580) | ||||||
Total equity attributable to owners of the parent | 1,013,039 | 1,002,466 | ||||||
Liabilities: | ||||||||
Non-current lease liabilities and other loans | 2,081 | 1,332 | ||||||
Deferred tax liabilities | 6,532 | 6,288 | ||||||
Other non-current liabilities | 23 | 27 | ||||||
Total non-current liabilities | 8,635 | 7,646 | ||||||
Trade and other payables | 38,378 | 47,917 | ||||||
Current lease liabilities and other loans | 11,427 | 3,291 | ||||||
Income tax payable | 763 | 1,523 | ||||||
Deferred revenue | 1,092 | 2,594 | ||||||
Other current liabilities | 19,125 | 8,846 | ||||||
Total current liabilities | 70,786 | 64,172 | ||||||
Total liabilities | 79,421 | 71,818 | ||||||
Total equity and liabilities | 1,092,460 | 1,074,284 | ||||||
Unaudited consolidated statement of changes in equity |
[US$ thousands] | Share | Other paid capital | Retained earnings | Foreign currency translation reserve | Total equity attributable owners of parent | |||||||||||||||
As of December 31, 2020 | 24 | 765,129 | 287,246 | 1,343 | 1,053,743 | |||||||||||||||
Net income | - | - | 639 | - | 639 | |||||||||||||||
Other comprehensive loss | - | - | - | (1,316) | (1,316) | |||||||||||||||
Total comprehensive loss | - | - | 639 | (1,316) | (677) | |||||||||||||||
Acquisition of treasury shares | - | (749) | - | - | (749) | |||||||||||||||
Share-based remuneration | - | - | 733 | - | 733 | |||||||||||||||
As of March 31, 2021 | 24 | 764,381 | 288,618 | 27 | 1,053,049 | |||||||||||||||
[US$ thousands] | Share | Other paid capital | Retained earnings | Foreign currency translation reserve | Total equity attributable owners of parent | |||||||||||||||
As of December 31, 2021 | 24 | 764,381 | 249,155 | (520) | 1,013,039 | |||||||||||||||
Net loss | - | - | (9,436) | - | (9,436) | |||||||||||||||
Other comprehensive loss | - | - | - | (60) | (60) | |||||||||||||||
Total comprehensive loss | - | - | (9,436) | (60) | (9,496) | |||||||||||||||
Acquisition of treasury shares | - | (3,045) | - | - | (3,045) | |||||||||||||||
Share-based remuneration | - | - | 1,967 | - | 1,967 | |||||||||||||||
As of March 31, 2022 | 24 | 761,336 | 241,687 | (580) | 1,002,466 | |||||||||||||||
Unaudited consolidated statement of cash flows |
Three Months Ended March 31, | ||||||||
[US$ thousands] | 2021 | 2022 | ||||||
Cash flow from operating activities: | ||||||||
Net loss before income taxes | (189) | (8,828) | ||||||
Adjustments to reconcile profit before income taxes to net cash flows: | ||||||||
Share-based payment expense | 733 | 1,967 | ||||||
Depreciation and amortization | 5,037 | 3,590 | ||||||
Share of net loss of equity-accounted investees | 145 | 6 | ||||||
Net finance income (expense) | (1,275) | 10,164 | ||||||
Other adjustments | (42) | (482) | ||||||
Changes in working capital: | ||||||||
Change in trade and other receivables | 214 | 711 | ||||||
Change in prepayments | 3,162 | 510 | ||||||
Change in inventories | 3 | (586) | ||||||
Change in loans to customers | (12) | 1 | ||||||
Change in trade and other payables | 6,816 | 9,538 | ||||||
Change in deferred revenue | 168 | 1,502 | ||||||
Change in other liabilities | (6,725) | (5,337) | ||||||
Income taxes received (paid) | (759) | 707 | ||||||
Net cash flow from operating activities | 7,275 | 13,464 | ||||||
Cash flow from investment activities: | ||||||||
Purchase of equipment | (1,023) | (116) | ||||||
Development expenditure | (852) | (842) | ||||||
Acquisition of subsidiary, net of cash acquired | (9,008) | - | ||||||
Net sale of listed equity instruments | 13,917 | 6,797 | ||||||
Interest income received | 6 | 2 | ||||||
Net cash flow from investing activities | 3,039 | 5,841 | ||||||
Cash flows from financing activities: | ||||||||
Acquisition of treasury shares | (748) | (3,045) | ||||||
Proceeds from loans and borrowings | 1,147 | - | ||||||
Interests on loans and borrowings | (79) | (69) | ||||||
Repayment of loans and borrowings | - | (89) | ||||||
Payment of lease liabilities | (1,060) | (996) | ||||||
Net cash flow used in financing activities | (740) | (4,199) | ||||||
Net change in cash and cash equivalents | 9,575 | 15,108 | ||||||
Cash and cash equivalents at beginning of period | 134,168 | 102,876 | ||||||
Net foreign exchange difference | (446) | (199) | ||||||
Cash and cash equivalents at end of period | 143,297 | 117,786 | ||||||
Financial details by business area |
The tables below specify the contribution by each business area: |
[US$ thousands] | Three Months Ended March 31, 2021 | |||||||||||
Business area | Browser and | Other | Total | |||||||||
Revenue categories: | ||||||||||||
Search | 26,725 | - | 26,725 | |||||||||
Advertising | 22,763 | 687 | 23,430 | |||||||||
Technology licensing and other revenue | - | 1,428 | 1,428 | |||||||||
Total revenue | 49,488 | 2,095 | 51,583 | |||||||||
Direct expenses: | ||||||||||||
Technology and platform fees | (719) | (153) | (873) | |||||||||
Content cost | (834) | (11) | (845) | |||||||||
Cost of inventory sold | - | (446) | (446) | |||||||||
Marketing and distribution expenses | (23,165) | (192) | (23,357) | |||||||||
Credit loss expense | 46 | (32) | 14 | |||||||||
Total direct expenses | (24,672) | (834) | (25,506) | |||||||||
Contribution by business area | 24,816 | 1,261 | 26,077 | |||||||||
[US$ thousands] | Three Months Ended March 31, 2022 | |||||||||||
Business area | Browser and | Other | Total | |||||||||
Revenue categories: | ||||||||||||
Search | 32,027 | - | 32,027 | |||||||||
Advertising | 38,444 | 7 | 38,451 | |||||||||
Technology licensing and other revenue | 348 | 758 | 1,106 | |||||||||
Total revenue | 70,818 | 765 | 71,583 | |||||||||
Direct expenses | ||||||||||||
Technology and platform fees | (1,219) | - | (1,219) | |||||||||
Content cost | (1,044) | (0) | (1,044) | |||||||||
Cost of inventory sold | (5,785) | - | (5,785) | |||||||||
Marketing and distribution expenses | (34,042) | (98) | (34,140) | |||||||||
Credit loss expense | (47) | 3 | (43) | |||||||||
Total direct expenses | (42,137) | (94) | (42,231) | |||||||||
Contribution by business area | 28,681 | 671 | 29,352 | |||||||||
Personnel expenses including share-based remuneration |
The table below specifies the amounts of personnel expenses including share-based remuneration: |
[US$ thousands] | Three Months Ended March 31, | |||||||
Personnel expenses including share-based remuneration | 2021 | 2022 | ||||||
Personnel expenses excluding share-based remuneration | 16,041 | 14,546 | ||||||
Share-based remuneration, including related social security costs | 1,054 | 1,882 | ||||||
Total personnel expenses including share-based remuneration | 17,096 | 16,428 | ||||||
Other operating expenses |
The table below specifies the nature of other expenses: |
[US$ thousands] | Three Months Ended March 31, | |||||||
Other operating expenses | 2021 | 2022 | ||||||
Hosting | 1,843 | 2,238 | ||||||
Audit, legal and other advisory services | 1,496 | 3,002 | ||||||
Software license fees | 414 | 469 | ||||||
Rent and other office expense | 866 | 882 | ||||||
Travel | 79 | 150 | ||||||
Other | 763 | 714 | ||||||
Total other operating expenses | 5,460 | 7,456 | ||||||
Non-IFRS financial measures |
Three Months Ended March 31, | ||||||||
[US$ thousands, except per share and ADS amounts] | 2021 | 2022 | ||||||
Reconciliation of net income (loss) to adjusted EBITDA: | ||||||||
Net income (loss) | 639 | (9,436) | ||||||
Add: Income tax expense (benefit) | (828) | 608 | ||||||
Add: Net finance expense (income) | (1,413) | 10,164 | ||||||
Add: Share of net loss of equity-accounted investees | 145 | 6 | ||||||
Add: Depreciation and amortization | 5,037 | 3,590 | ||||||
Add: Share-based remuneration | 1,054 | 1,882 | ||||||
Add: Non-recurring expenses | - | 708 | ||||||
Less: Other operating income | (58) | (172) | ||||||
Adjusted EBITDA | 4,576 | 7,349 | ||||||
Reconciliation of net income (loss) to adjusted net income: | ||||||||
Net Income (loss) | 639 | (9,436) | ||||||
Add: Share-based remuneration | 1,054 | 1,882 | ||||||
Add: Amortization of acquired intangible assets | 1,571 | 645 | ||||||
Add: Amortization of Nanobank intangible assets (1) | 1,759 | - | ||||||
Add: Non-recurring expenses | - | 708 | ||||||
Income tax adjustment (2) | (416) | (161) | ||||||
Adjusted net income (loss) | 4,607 | (6,362) | ||||||
Adjusted net income (loss) per ADS and per share: | ||||||||
Basic adjusted net income (loss) per ADS, US$ | 0.04 | (0.05) | ||||||
Diluted adjusted net income (loss) per ADS, US$ | 0.04 | (0.05) | ||||||
Basic adjusted net income (loss) per share, US$ | 0.02 | (0.03) | ||||||
Diluted adjusted net income (loss) per share, US$ | 0.02 | (0.03) | ||||||
(1) The amortization of Nanobank intangible assets was included in the line "Share of net loss of equity-accounted investees". |
(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 multimedia:https://www.prnewswire.com/news-releases/opera-reports-first-quarter-2022-results-301535150.html
SOURCE Opera Limited
FAQ
What were Opera's Q1 2022 revenue results?
How did Opera's adjusted EBITDA perform in Q1 2022?
What is Opera's guidance for 2022?
Did Opera announce any major financial initiatives in Q1 2022?
What was Opera's net loss for Q1 2022?
