Opera Limited (OPRA) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 28, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Opera Limited First Quarter, 2022, Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's call is being recorded. [Operator Instructions]. I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. Please, go ahead.

Matt Wolfson

Thank you for joining us. With me today, I have our co-CEO, Song Lin and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind everyone that in the conference call today, the company will be making statements about its future results and expectations which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements are based on current expectations and how we perceive the current economic environment and are inherently subject to economic, competitive, and other uncertainties and contingencies beyond the control of management. You should be cautioned that these statements are not guarantees of future performance.

You may refer to the safe harbor statement in the company's earnings results for details. Our commentary today will also include non-IFRS financial measures including adjusted EBITDA which are different from our consolidated financial statements that are prepared and presented based on IFRS. We believe that the use of our non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation or as a substitute for financial information prepared in accordance with IFRS. We have also posted and audited quarterly historical financial results of Opera on our Investor Relations website. We'll be live tweeting highlights from the call @InvestorOpera so please follow along there during the call and in the future.

With that, let me turn the conference call over to co-CEO Song Lin, who will cover our operational highlights and strategy and then Frode who will discuss our financials and expectations going forward. So, thanks, Matt. So thank you, everyone for joining us today. We're excited to report another strong quarter that come in above expectations both in terms of revenue and adjusted EBITDA with the momentum and scale we have achieved here in 2021, continuing to pay off. Our revenue has gross of 39% what supported by a 20% growth in such revenue largely these deal by strengths in Western markets, and the acceleration of advertising revenue rose to 64% year over year, now, representing 54% of total revenue. Our advertising revenue benefits from the same underlying trends.