Opera Ltd Q2 FY2024 Earnings Call

Good day and welcome to the Opera Limited Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. Please begin.

Thank you for joining us. This morning, I am joined by our co-CEO, Song Lin, and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to the Safe Harbor Statement in our earnings release and our Form 20-F including the risk factors. We undertake no obligation to update any forward-looking statement. During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our investor relations website located at investor.opera.com. Our comments will be on year-over-year comparisons unless we state otherwise. With that, let me turn the conference call over to our co-CEO, Song Lin, who will cover our second quarter operational highlights and strategy. And then Frode Jacobsen will discuss our financials and expectations going forward. Song?

Thank you, Matt. And thanks to everyone joining us today for a business update and more color on our second quarter. Our second quarter results were ahead of all expectations, coming in above the high end of both our revenue and adjusted EBITDA ranges. It is the continued momentum of our products and targeted user adoption that translates to growing and broadened revenue streams and strong financial results. In the second quarter, revenue was $110 million, growing 17% year-over-year. Adjusted EBITDA was $27 million, translating to a margin of 24%, and particular strength lies in our guidance of $22 million to $25 million. In addition to the revenue overperformance, our profitability benefited from a focus on the most monetizable users as the portal progressed in terms of our marketing spend. As a result, we grew ARPU 25% year-over-year, now an annualized $1.46 average across our products and geographies. Advertising revenue was $65 million in the quarter, growing 20% year-over-year in a similar fashion as prior quarters. Our advertising revenue continues to benefit from the same underlying drivers of high-ARPU user growth and expanding monetization opportunities. In particular, our Western and gaming users represent an increasingly attractive audience for monetization partners. Our ability to drive targeted and high purchase-intent traffic from our users directly to an expanding partnership base has proven to be scalable. We are taking advantage of our first-party signals and our well-developed ad tech platform within Opera Ads while creating value for both partners and end users. We still consider ourselves to be in the early stages of taking advantage of these opportunities, especially as our AI offerings broaden and we increase the number of direct interactions between the browser itself and the end user. Search revenue was $45 million in the quarter, up 15% year-over-year and also in-line with our trajectory from prior quarters. We are proud to grow our most mature revenue stream and this pace directly demonstrates our ability to attract and retain highly engaged and monetizable users. We remain enthusiastic about the future of our search-based revenue streams as well. There is certainly increased public focus on ensuring competition among search engines. Being an independent browser provider, we appreciate the broader recognition of the value and importance of the search position provided by a browser. We are very excited to work with key players to capture and further expand the potential of the massive amount of traffic that we can drive from our user base. Last quarter, we also commented on the positive initial impact of the Digital Markets Act or DMA, which addresses many of the ways that the browser market is not always a level playing field. As separately disclosed, we take an active role in these processes and this summer we pointed out where we believe the DMA's gatekeeper designation principles have been applied too narrowly. The DMA momentum carried over into the second quarter, where we saw significant strength in new user adoption of both Opera for Android and Opera for iOS throughout the EU, as well as an increase in the number of smartphone users in the region who have made our mobile browsers the default. Beyond regulatory matters, technology and services evolve as well. Recently, there has been a lot of focus around search and content platforms being redefined. To a great extent, we see how AI underpins the ability of such services to give the end user a better experience, whether it's from answering questions directly or elevating the quality of promoted content. We are enthusiastic about this trend as we believe it puts a greater emphasis on content providers to deliver true value and reduces the leakage of our user monetization to low-value publishers. The browser sits in a perfect spot as being the vehicle of how end users connect with those AI-elevated services, a powerful position to be in. We believe these changes are beneficial to our users, as well as our high-quality monetization partners and ultimately to Opera. Now turning a bit to the always high activity level within Opera. Our success has always been driven by innovation and speed in providing our users with unique products and improved experiences to stay ahead of the competition. Last year, we launched Opera One, our fully redesigned flagship browser, and in early Q2, we were proud to announce that Opera One received the prestigious iF Design Awards 2024. We lead with visuals and functionality, but to win user hearts, our browsers must also look beautiful and provide elegant flows. The next major upgrade of Opera One, referred to as R2, is now available for public testing and will roll out later this year. If you give it a try, you will see how we have improved how people listen to music from popular services while browsing, as well as continue to advance our browser AI area. With the R2 release, we continue to build on the modular design of Opera One and have introduced a new split-screen mode that allows users to multitask more easily between two open tabs. Finally, R2 introduces a new type of scene support where users can customize their browser with a set of high-quality dynamic scenes that provide immersive experiences, further differentiating the visual appearance of our browsers. Last week, we also launched Opera One for iOS, prioritized as a direct consequence of the increased opportunity to compete on the platform. Compared with Safari, our browser users can engage directly with the Aria browser AI. They can experience browsing in proper full screen and benefit from all our other integrated services like our free VPN and ad blocking. With that, our product lineup for users with the greatest monetization potential is more complete, and you will see us putting increased marketing dollars behind this lineup in the months ahead to continue raising awareness of Opera as an alternative to the iOS default browser. Now shifting focus to Opera GX, our highly successful gaming browser. In April, Opera GX debuted the official Cyberpunk 2077 browser mode created in collaboration with game developer CD PROJEKT RED. The mode allowed deep customization of the Opera GX browser with branded elements from the popular game. In total, there are over 7,500 different modes available for Opera GX. In June, we launched the browser from the official collaboration with the hit TV series The Boys, alongside the premiere of Season 4. While seasonality works against our product in the summer, Opera GX added another 500k users in the quarter to surpass 30 million monthly active users, achieving a year-over-year user growth of 27% combined with a year-over-year ARPU growth of 14%, now at $3.55 on an annualized basis. As the AI capabilities improve, the online journey of our consumers can be made both more productive and more informed. Having these tools built directly into the browser, instead of a website or a browser extension, makes the experience all the more seamless. The current landscape reminds me of how search has evolved since 1990, and before Opera pioneered the integration between search and browser over 20 years ago, from having to use a webpage of a search engine to search natively in the browser URL bar. Now the ability to gather information, make informed decisions, and both process and create content with the help of AI allows users to be even more productive. In the case of our AI assistant Aria, this is a fully integrated experience that exists naturally alongside the user's existing habits. Our role in this ecosystem is not to try and make individual tools available but rather to integrate both the backend and the frontend to give our users choice and elevated use cases, whether through Aria or other services. Aria itself evolves at a rapid pace. This quarter, we moved multiple AI features from the beta stage of our feature drop program into our flagship browsers, including command line prompts, page context awareness, as well as voice and image generation capabilities. We are also offering an integrated and simplified way for users to download and use large language models locally on their computers, currently available in R2. It's a fantastic feeling to have always access to the power of AI assistance regardless of the internet connection and with the certainty that your data does not leave your computer. As you can see, we are keeping busy. We might be a small company compared to our competition, but I think we are also the perfect size to innovate and seize opportunities. While we have more than tripled our revenue since our 2018 IPO, we have maintained an ever-present startup mindset, avoiding the bureaucracy of large organizations. This combined with our solid financials allows us to invest in exciting products and continue healthy growth. With strength building throughout the year, we are excited as we embark on the second half of 2024 and what comes next. With that, I will turn it over to Frode to dive deeper into the Q2 numbers and our guidance.

Thank you, Song. Now, four months further into the year versus our last earnings call, it's fair to say that 2024 is shaping up to be another really nice year for Opera. We are growing ahead of expectations with internal excitement across the board on the topics Song Lin covered and more to come. Our financial results once again exceeded expectations, even at the top of our ranges. In fact, over our six-year history as a public company, we've never missed our revenue guidance and only missed our EBITDA guidance once when the COVID pandemic hit in the first quarter of 2020. That does say something about our healthy and organic growth and its relatively predictable nature, even if we like to bake in some caution for potential headwinds here and there. We've also been a 'Rule of 40' company for 13 sequential quarters now, that is every quarter after the first year of COVID. As you see from our guidance, we aim to remain in that category going forward as well. Our overall revenue growth was 17%, and our adjusted EBITDA margin was 24%, both in-line with recent quarters. As Song commented, I would highlight the e-commerce opportunities already seized and their further potential as a key building block in our continued ARPU growth, naturally on top of healthy user-based dynamics. As in recent quarters, FX continues to represent a headwind, in particular, as it relates to emerging markets. Our year-over-year growth would have been 8 percentage points higher or 25% on a constant currency basis. In terms of cost, we had guided for a sequential increase in marketing costs, yet in the end maintained the spend level from Q1. That led adjusted EBITDA to overperform even beyond the incremental revenue. Other than that, costs largely came in according to expectations. Compensation costs increased sequentially as expected, predominantly due to annual salary adjustments but also with hires and increased bonus provisions. Cost of revenue items came in at 25.2% of revenue, which was within the expected range. All other OpEx pre-adjusted EBITDA came in at $8.6 million, also in-line with expectations. The tax cost of $2.8 million was 11% of adjusted EBITDA. In the prior quarter, our tax cost was elevated due to FX impacts on our tax assets. Year-to-date, tax cost as a percentage of adjusted EBITDA is 14% and in-line with a more normalized level. Our operating cash flow was $17.4 million in the quarter, representing 65% of adjusted EBITDA. Free cash flow from operations was $13.5 million, or 51% of adjusted EBITDA. This year, annual bonuses were paid in Q2 as opposed to in the first quarter of 2023, representing a quarter-specific headwind. Looking at the first half of 2024 as a whole, our conversion from adjusted EBITDA to operating cash flows stands at 94%. The year-to-date conversion from adjusted EBITDA to free cash flow from operations stands at 42%. However, it would be 79% if netting out the special $19 million investment we made in establishing a proprietary AI cluster in Iceland. As commented earlier, we expect these ratios to stabilize as the year progresses. Towards the end of the quarter, we announced our regular semi-annual dividend of $0.40 per ADS or $35.4 million in total value. Payment was made in early July consisting of $27.6 million in cash and $7.8 million offset against the remainder of our receivable related to the sale of Star X in 2022, meaning that this receivable is now fully settled. Going forward, dividend payments will be entirely cash-based and fully funded by our growing cash generation. Then, turning to guidance. Following a strong first half of the year that demonstrated the resilience in our growth model, we have added to our comfort on our full-year trajectory and are pleased to raise our guidance today. We now guide full-year revenue of $461 million to $467 million, up from our prior guidance of $454 million to $465 million, translating to 17% year-over-year growth at the midpoint. Our trajectory allows us to raise guidance beyond the Q2 overperformance and also narrow the range to reflect a solidified outlook for the second half. We are seeing particular strength in the e-commerce vertical and we are cautiously optimistic that such benefits may be even more pronounced during the holiday season in the final months of the year. We raised adjusted EBITDA guidance to $110 million to $113 million for the year, up from our prior guidance of $106 million to $110 million, representing a 24% margin at the midpoint. While Q2 in isolation could indicate an even stronger range for the year, we guide for a more backloaded marketing spend profile than earlier assumed to ensure we are in position to seize growth opportunities on the back of our new iOS offering and the upcoming releases of Opera One and Opera GX. In sum, our updated revenue guidance range now begins above the former midpoint, and our updated adjusted EBITDA guidance range now begins at the former high-end. While we do guide for the trend to be modest, we are also pleased to indicate increases in the year-over-year growth rate from quarter to quarter in the second half of the year. For the third quarter, we guide revenue of $119 million to $121 million, or 17% year-over-year growth at the midpoint. We guide adjusted EBITDA of $27 million to $28.5 million or a 23% margin at the midpoints. That equates to OpEx pre-adjusted EBITDA of $92 million at the midpoints, in which the sequential increase of $9 million is predominantly driven by incremental provisions for marketing spend. We also add just over a percentage point of cost of revenue in items relative to revenue and expect compensation costs to modestly tick upwards in dollar amounts while decreasing as a percentage of revenue. The total of other OpEx items pre-adjusted EBITDA is expected to trend down versus the second quarter both in dollars and naturally then relative to revenue. Our cost expectations for the year as a whole remain in-line with our prior directional commentary, with marketing costs and cost of revenue ticking up a bit as percentage of revenue relative to 2023, while compensation costs and other OpEx items tick down, largely offsetting one another, but implying 40 basis points of continued margin expansion at the midpoints combined with stronger than expected revenue growth. So all in all, we are entering the second half with great momentum and look forward to keeping you posted. With that, I'll turn the call back to the operator for questions.

Thank you. We'll take our first question from Naved Khan with B. Riley Securities. Please go ahead.

Yeah, great. Thank you. A couple of questions from me. Maybe one for Song. So Song, you said that maybe, you think that maybe the gatekeeper definition has been applied too narrowly; can you just give us your thoughts on how you think a regulator should kind of think about applying it and where do you expect to or where do you want to see it go in terms of implementation? And maybe the second question is for Frode. So just on your commentary on this trend you're seeing in e-commerce, maybe just talk about what are the underlying drivers that are kind of contributing to this trend. Thank you.

Sure. I'll comment a bit about that. So yeah, I think that, more like I think that's in relation to the DMA, right? So more like I think DMA has been helpful demonstrated to independent players like us, right? Where we've got a lot of experience, particularly on the iOS platforms. But I think, you know, of course, there are some other platforms which are also relevant. For instance, I think in this particular case, including Windows, among others, which also sort of more like a gatekeeper definitions. And for now it applies to Windows, but it doesn't really apply to some other default browsers like Microsoft Edge, which we think is also, by actually – by the definition, it should apply among others. So I think in general our comment is just more like, we are actually working very closely with the EU on this as a European company. We also have given opinions and ideas on how moving forward this is especially seen that the audio distribution has actually been very helpful to independent players like us in order to grow. We feel that there's definitely an opportunity for more action to take place. So I think that's what we're trying to report to you. And yeah, so more like I think there are some separate press releases which we have issued around the matter. We will just continue to work closely with the EU and all the related parties to see how we can build on this strength and how we can have better opportunities, not only in iOS, which I think is great, but also on broader platforms. Yeah, so I think the general trend is quite positive, and we think there are similar things which are happening around the world, not only in the EU, that are definitely going to be positive for independent players like us.

Naved, I'll chime in on the second part of the question on the trend within e-commerce. So I would say we have built a sizable user base in high-value markets, and that allows us to create new partnerships where we can drive meaningful traffic. Using our insights, we then have the ability to drive traffic with high purchase intent. So e-commerce has become our biggest vertical and is also growing the fastest.

Okay, that's helpful. Maybe a quick follow-up, if I may. If I just look at the Western market user base kind of flattest sequentially, wondering if there is seasonality there or if there's more marketing dollars you could have spent or something getting pushed from Q2 into Q3; maybe help us understand that. Thank you.

Yeah, I can understand that. Q2 includes the beginning of summer, but I think more importantly, I would say we have continued our strategy. We have even applied it tighter than before. So when we look at our marketing spend year-over-year, we have actually reduced the number of users that have come in through our marketing activities but at an increased cost. That is what is driving the year-over-year 8% growth in marketing and sort of the flat trend from Q1. So we are focusing on the very most valuable and ARPU-driving users that we can. And I think that is also a factor in looking at the total user base. As mentioned, we are building in more marketing cost. In the second half, we have a product lineup that is essentially tailored for Western and high-value users, and that is what we focus on in the second half of the year.

Super helpful. Thank you, guys.

Thank you. Our next question will come from Eric Sheridan with Goldman Sachs. Please go ahead.

Thanks so much for taking the questions. Maybe first building on Naved's question on the EU but widening out a little bit. You know, when you see this level of shift in the competitive and the regulatory landscapes, how should we be thinking about this informing a, almost reprioritization of product or marketing over a longer period of time and how your priorities might be shifting or changing given what you're seeing in the external landscape and some opportunities opening up? And second, in terms of the Aria assistant, curious any feedback on behavior, adoption, things you've learned from the way users have embraced AI in the early days? Thanks so much.

Sure, I'll share some thoughts on this. I believe that a significant factor is the regulatory changes that are encouraging more open access across platforms like iOS and Windows. This shift is beneficial and has led us to invest more heavily in these platforms, which previously posed challenges. However, with the new openness, we're also experiencing a shift due to AI. Many high-intent user actions, which were formerly concentrated in search, are now spreading across various channels, provided we position ourselves correctly. If we design our products effectively, we can engage users pre-search and post-search and use AI to offer valid recommendations across different areas, including e-commerce. It's promising that advertisers and the industry acknowledge this and are willing to collaborate with us. As we navigate these changes, we see the potential to capitalize on them, as we currently hold a small share of the market but recognize a significant opportunity for growth. For instance, compared to a large player like Google, even a small market share could be worth billions. Our current revenue is around $1 billion, indicating we have considerable growth potential if we successfully adapt to these evolving conditions. We also appreciate that regulatory trends seem to favor independent companies like ours. Regarding your second question about AI, while its visibility might have decreased recently due to anticipation around developments like GPT-5, AI is increasingly becoming a routine part of daily tasks, often in ways that go unnoticed. We are already utilizing AI in various monetization features, and this trend is reflected industry-wide, with AI applications having a deeper impact on operations and revenue.

Thank you.

Thank you. Our next question will come from Lance Vitanza with TD Cowen. Please go ahead.

Hi, thanks, guys, and congratulations on another strong quarter. Just to start to stick with the AI theme, I'm wondering about the impact of these initiatives on your cost structure. Are you finding it more expensive to operate either in absolute dollar terms or as a percent of revenue? And to be clear, I'm really trying to focus here on OpEx if we can leave the AI cluster in Iceland out of it for now.

Hey Lance, I can answer. Go ahead, Song.

Okay, so yeah, I think I'll chime in both and then Frode can also add a bit, right? So like I think I asked him to say that I think there's also been very careful about our spending because of course you see so many other companies like, you know, the Magnificent 7 or whatever, they spent huge sums trying to invest in architecture. So I think for us, we have been quite clear from the start. We don't want to really make tools since it's hard for us to compete at that fundamental model level. There’s no point for us as a small company to reinvent the wheel. We have been very smart in choosing a path where the majority of costs are related to hiring and other operational aspects. Our focus is that we don't do the most heavy lifting in terms of training the basic models, which is incredibly costly. We focus on how to collaborate with partners and utilize open-source models, which helps mitigate costs substantially and utilizes our authentic infrastructure efficiently to allow us to provide valuable services to our users at a lower cost and generate monetization opportunities. So far, we have been quite disciplined, resulting in limited impact on the OpEx while demonstrating revenue upside already in our numbers. We expect there to be more usage in the second half, but net-net, it’s definitely positive for us.

Great, thanks. That's really helpful. And then actually turning to Iceland, I remembered that it was a $19 million investment, and I'm just wondering if you could talk about that investment's impact on your AI initiatives. Is that helping facilitate the work that you have called out that you're doing in AI?

Yeah, so, yes, yes. As we’re quite proud of that investment, it's still a small company, but it's ranked 88th among the most powerful supercomputers in the world, which we’re proud of. Yes, it’s been operational since Q2, and we have been using it on various fine-tuning tasks, not to train the basic models as mentioned, but we use it efficiently for fine-tuning and hosting various open-source models. We are still working on this, and I think by the second half of this year we will see an even bigger impact from it. It has already contributed positively to our revenues as we project, so it appears to be a strong investment that could generate further growth as the year progresses.

Great. And then if I could just get one more question in regarding any expected impact on search revenue from the Google antitrust ruling. I mean, I’m guessing the earliest that you could see any impact would be 2026 or maybe even 2027, but should investors be girding for some kind of eventual step function down in search revenue? Is that sort of out on the horizon someday?

Yes, so it's a very good question. I think, like I said earlier, really the focus is getting paid for browser traffic. The high-level principle is that the default position in the browser is highly relevant and important; thus, we should be compensated appropriately. I don't know the exact figures to predict, but we believe that, in general, it is becoming evident that the default browser position holds significant value. Though there may be delays due to ongoing legal matters with Google, focusing on broader changes—the shift in the whole landscape—not just search—is crucial. All advertisers are increasingly interested in high-intent events and retail media that leverage browser capabilities. We need to continue to innovate and design our products to capitalize on this momentum. We already saw significant increases in e-commerce revenues, as Frode mentioned in Q2, and we anticipate further increases in Q3 and Q4, which is the busiest season of the year.

Great, thanks guys. Appreciate the answers.

Thank you. Our next question will come from Mark Argento with Lake Street. Please go ahead.

Good morning, guys. Just a couple quick ones. One, in terms of the Opera GX browser, I mean, it's just amazing how that continues to grow. I think it was up over 27% in the quarter. Could you talk a little bit about that 30 million monthly active users? How many are kind of Western versus non-Western markets? And kind of how do you see that long-term opportunity play out because it just continues to grow beyond our expectations?

Frode, do you want to comment about it?

Yeah, I can do that. In terms of the user base mix, GX is actually quite evenly split between Western and non-Western markets, but we see substantially better monetization in Western markets. The gap between non-Western and Western monetization is narrowing, yet Western users still monetize far better than the non-Western ones. However, the non-Western user base is relatively more affluent than what we observe in the general markets. So, I would say that our exposure to Western markets is somewhat ahead of our Opera One flagship and well ahead of our user base as a whole, where 17% of our users are Western.

That's helpful. And if you guys sat back and done any work in terms of trying to size that market, I mean, is it multiple times the size of what it is today for you guys or how should we be thinking about the long-term opportunity there?

Yeah, I mean, for now we remain very enthusiastic about that product. It has a lot of headroom, we believe. We have a slide in our corporate presentation that tries to indicate a little bit how we see the market, but we don't have any very defined ultimate and end-state ambition. Right now, we just want to continue to cultivate the growth model.

Yeah, let me just add to that. If you look at the combination of a younger audience and gaming, that overlap suggests we are talking about a sizeable addressable market. Even capturing a small percentage of it could translate into significant revenue. We are the only browser targeting this market segment, so we believe the total addressable market could be around $200 million to $300 million. We think there is at least a 10x potential for us to reach this audience, especially as it continues to grow.

That's helpful. And then just one quick follow-up on the DMA discussion. Can you just walk us through the actual mechanics? I mean, obviously you guys continue to benefit from that too. But does the user get prompted once a quarter, once a year, or just on the initial startup of the device? Help us understand how long or the benefit could persist for you guys in terms of seeing some incremental users come from that new rule.

Yeah, so, the iOS process is ongoing. I don't think that's finished yet. It’s still between the EU and Apple working on details of how the DMA implementation will take shape. It's not settled yet. But I think the major contribution lies in user awareness that people feel that now they are encouraged to try alternative browsers. This has been fostered by the EU’s stance and sponsorship informing users about their choices. This awareness has substantially aided our growth.

Great. Thanks, guys. Good luck in the second half.

Thank you. Our next question will come from Alicia Yap with Citi. Please go ahead.

Hi. Good evening, management. Thanks for taking my questions. Congrats on the following result. Two questions. One is that I saw that Opera News emerged as the number two app in the Brazilian news ecosystem, and I just wonder how management thinks about the future business opportunity in LatAm with user metrics and advertising monetization opportunity. So do you think LatAm could actually attract relatively higher ARPU per user for your ad business compared to other emerging markets? The second question is that can you elaborate a little bit on some of the new features of the GX browser and how do you think that will help and translate to future monetization upside? Thank you.

Sure. Yeah, I think actually LatAm is one of the fastest-growing markets for us. I think GX is very popular in LatAm because Brazilian users love to play games, and they really embrace GX. Additionally, our regular browser and our news app are also performing well in LatAm, especially in Brazil, but we also see similar results in Mexico and a few other countries in the region. Yes, we have high hopes for this region. We have an established entity there, a growing team, and we anticipate faster growth. Thus, I’m relatively optimistic. I believe it could be as influential as some of the other fast-growing emerging markets we see elsewhere. We’re quite excited about it. Regarding GX, we will actually have some major launches in the second half. The next generation of GX is already available in the audio board version, so you can try it. We've completely redesigned the UI and improved the user experience, including the modding and customization functions. This is a significant update that we're excited about. Furthermore, we are moving forward with many services within GX, such as the GX Store, which has been quite successful. We are in discussions with various hardware manufacturers and gaming studios like CD PROJEKT RED, as we aim to enhance our partnerships for greater potential gaming collaborations. You’ll see a lot more announcements in the second half of this year around this.

Thank you. This does conclude our question-and-answer session. I would like to turn the call back to Song Lin for any additional or closing remarks.

Sure. I think on behalf of the management team, thank you all for joining us today. In volatile times, we are glad to confirm Opera's continued growth trajectory and our excitement for the road ahead. We'll reconnect in just over two months with our Q3 release, and we'll work hard to bring you more good news there. Again, thank you all for your time, and have a good rest of your day.

This does conclude today's call. We thank you for your participation. You may disconnect at any time.