Opera Limited (NASDAQ:OPRA) Q4 2023 Earnings Call Transcript February 29, 2024 8:00 AM ET
Company Participants
Matt Wolfson - Head of IR
Song Lin - Co-CEO
Frode Jacobsen - CFO
Conference Call Participants
Lance Vitanza - TD Cowen
Eric Sheridan - Goldman Sachs
Naved Khan - B. Riley
Alicia Yap - Citigroup
Mark Argento - Lake Street
Operator
Welcome to the Opera Limited Fourth Quarter and Full Year 2023 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 begin.
Matt Wolfson
Thank you for joining us. As usual, with me today are 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 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 heavily 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. And you may refer to the safe harbor statement in the company's earnings release 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 unaudited quarterly historic financial results of Opera on our Investor Relations website.
With that, let me turn the conference call over to our Co-CEO, Song Lin, who will cover our fourth quarter operational highlights and strategy and then Frode Jacobsen will discuss our expectations going forward. Song?
Song Lin
Sure. Thanks, Matt. And thank you to everyone joining us this morning to review our fourth quarter results. We are excited to report yet another great quarter. Revenue of $113 million, driven by strong organic growth payout with cost discipline resulting in $28 million of adjusted EBITDA, well above our expectations. For the full year, revenue was $397 million and adjusted EBITDA was $94 million. The Q4 of 2023 built upon the strength we saw throughout the year. This time last year, we guided revenue growth of 15% for 2023 as a whole, with 20% EBITDA margin at the midpoint. Even after raising the midpoint of revenue and EBITDA guidance every quarter, we were able to consistently beat those expectations, ending the year with revenue up 20% and then adjusted EBITDA margin of 24%.