OPRA Opera Ltd

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number: 001-38588

 

OPERA LIMITED

 

Vitaminveien 4,

0485 Oslo, Norway

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press release dated February 27, 2025, titled “Opera Reports 29% Revenue Growth in the Fourth Quarter 2024, Exceeding Guidance Ranges for both Revenue and Adjusted EBITDA”

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Opera Limited
Date: February 27, 2025	By:	/s/ James Yahui Zhou
	Name:	James Yahui Zhou
	Title:	Chairman of the Board and Chief Executive Officer

 

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Exhibit 99.1

 

Opera Reports 29% Revenue Growth in the Fourth Quarter 2024, Exceeding Guidance Ranges for both Revenue and Adjusted EBITDA

 

Revenue growth accelerated further to 29% year-over-year, exceeded the guidance range at $145.8 million in the quarter

 

Adjusted EBITDA also exceeded the guidance range at $33.0 million in the quarter, a 23% margin

 

For full year 2024, revenue grew 21% year-over-year to $480.6 million with adjusted EBITDA of $115.3 million, a 24% margin, both results significantly above initial and raised expectations

Company guides first quarter 2025 revenue of $130–133 million (+29%) with adjusted EBITDA of $28–30 million (22% margin)

 

OSLO, Norway, February 27, 2025 – Opera Limited (NASDAQ: OPRA), one of the world’s major browser developers and a leading internet consumer brand, today announced financial results for the quarter and full year ended December 31, 2024.

“In the fourth quarter, we accelerated the growth of our browsers in high-ARPU segments and we continued to scale our intent-based audience monetization via Opera Ads, with a focus on expanded e-commerce partnerships in the context of the seasonal holiday shopping. This led us to outperform even our most recent expectations,” said co-CEO Lin Song.

“We enter 2025 with recently released versions of our flagship products, and with healthy user base trends, paired with a continuation of the elevated revenue growth trajectory into the first quarter. Our opportunity continues to be the increased adoption of our unique web browsers, paired with continued effort towards establishing Opera as a player of global scale in the broader mobile advertising ecosystem fueled by our targeting capabilities which are effective well beyond our own user base,” continued Mr. Song.

Fourth Quarter and Full-Year 2024 Financial Highlights

 

		Three Months Ended  December 31,												Twelve Months Ended  December 31,
In thousands, except percentages and per share amounts		2023				2024				% Change				2023				2024				% Change
Revenue		$	113,004			$	145,833				29	%		$	396,827			$	480,648				21	%
Net income		$	107,450			$	28,688				(73	)%		$	153,301			$	80,771				(47	)%
Net income margin			95	%			20	%							39	%			17	%
Adjusted net income (1)		$	21,128			$	24,759				17	%		$	72,284			$	86,093				19	%
Adjusted net income margin			19	%			17	%							18	%			18	%
Adjusted EBITDA (1)		$	27,764			$	32,993				19	%		$	93,719			$	115,309				23	%
Adjusted EBITDA margin			25	%			23	%							24	%			24	%
Diluted earnings per share		$	1.20			$	0.32				(73	)%		$	1.69			$	0.90				(47	)%
Adjusted diluted earnings per share (1)		$	0.24			$	0.28				17	%		$	0.80			$	0.96				21	%
Net cash flow from operating activities		$	25,284			$	21,643				(14	)%		$	82,761			$	104,977				27	%
As percentage of adjusted EBITDA			91	%			66	%							88	%			91	%
Free cash flow from operations (1)		$	22,499			$	18,635				(17	)%		$	72,451			$	70,190				(3	)%
As percentage of adjusted EBITDA			81	%			56	%							77	%			61	%

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Fourth Quarter 2024 and Recent Business Highlights

Fourth Quarter 2024 Financial Results

All comparisons in this section are relative to the fourth quarter of 2023 unless otherwise stated.

Revenue increased 29% to $145.8 million.

Operating expenses increased 27% to $118.4 million.

Operating profit was $27.6 million, representing a 19% margin, compared to an operating profit of $20.3 million and a margin of 18% in the fourth quarter of 2023.

Net finance income was $1.5 million, consisting of $0.9 million in net interest income and a foreign exchange gain of $0.6 million.

Income tax expense was $5.3 million, corresponding to an effective tax rate of 16%, and also representing 16% of adjusted EBITDA. This compares to income tax expense of $2.1 million in the fourth quarter of 2023, representing 7% of adjusted EBITDA. The tax

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expense level in 2023 was lowered by the initial recognition of certain deferred tax assets relating to prior share-based compensation expense. For 2024 as a whole, income tax expense represented 15% of adjusted EBITDA.

Net income was $28.7 million, representing a 20% margin, compared to net income of $107.5 million and a margin of 95% in the fourth quarter of 2023. These net income amounts include non-cash accounting gains related to changes in the year-end estimated fair value of our ownership stake in OPay, which benefitted the fourth quarter by $5.0 million in 2024, and by $89.8 million in 2023.

Adjusted net income, which excludes accounting impacts from unconsolidated investments and other items that may not be indicative of the underlying and recurring profitability of our core operations, was $24.8 million, representing a 17% margin and an increase of 17% relative to $21.1 million and a 19% margin in the fourth quarter of 2023.

Adjusted EBITDA increased 19% to $33.0 million, representing a 23% margin.

Diluted earnings per share was $0.32, whereas adjusted diluted earnings per share was $0.28. The diluted weighted average number of shares outstanding was 89.7 million. As of December 31, 2024, a total of 88,480,154 shares were outstanding.

Net cash flow from operating activities was $21.6 million, or 66% of adjusted EBITDA in the quarter, and $105.0 million, or 91% of adjusted EBITDA for the full year 2024. This compares to net cash flow from operating activities of $82.8 million, or 88% of adjusted EBITDA, in 2023. Free cash flow from operations was $18.6 million, or 56% of adjusted EBITDA in the quarter.

Business Outlook

 

		First Quarter 2025 Guidance			Full-Year 2025 Guidance
Revenue		$130 – 133 million			$555 – 570 million
Year-over-year revenue growth (1)		29	%		17	%
Adjusted EBITDA (2)		$28 – 30 million			$132 – 138 million
Adjusted EBITDA margin (1)		22	%		24	%

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“Our excitement about the potential of our product portfolio and our commercial opportunities, which we shared at the start of the fourth quarter, was well justified. Following upwards guidance adjustments throughout 2024, we still exceeded the high end of our guidance ranges for both revenue and adjusted EBITDA,” said Frode Jacobsen, CFO.

“The velocity of our growth has continued into the first quarter of 2025, and we are pleased to guide a continued 29% revenue growth rate for the current quarter,” continued Mr. Jacobsen. “In light of the rapid scaling for our advertising revenue streams, we are also in a position to anchor our initial guidance range for the full year to a higher 2025 revenue growth rate on top of a higher 2024 baseline, versus what we had recently expected.”

Conference Call and Webcast Information

Opera’s management will host a conference call to discuss the fourth quarter 2024 financial results at 8:00 a.m. ET today. The live webcast of the conference call can be accessed at our investor relations website at investor.opera.com, along with the earnings press release and financial tables. Following the call, a replay will be available at the same website.

We also provide announcements on our investor relations website at investor.opera.com regarding our financial performance and other matters, including SEC filings, press releases, slide presentations, business blog posts and information on corporate governance.

Non-IFRS Financial Measures

In addition to revenue, net income, net cash flow from operating activities and other financial measures presented in accordance with IFRS Accounting Standards, we use adjusted net income, adjusted net income margin, adjusted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations to manage our business, make planning decisions, evaluate our performance, and allocate resources. We believe adjusted net income, adjusted EBITDA and the related measures provide meaningful supplemental information regarding our financial performance by excluding certain items that may not be indicative of recurring core business operating results. We believe free cash flow from operations provides useful information regarding our ability to generate cash from business operations that is available for acquisitions and other investments, and for distributions to our shareholders, even though free cash flow from operations does not represent the residual cash flow available for discretionary expenditures.

We define adjusted net income as net income excluding (i) profit (loss) from discontinued operations, (ii) gain (loss) on investments in unconsolidated entities, (iii) non-recurring expenses, (iv) impairment of non-financial assets, (v) amortization of acquired intangible assets, (vi) share-based compensation expense, and (vii) the income tax effect of these adjustments. Adjusted net income margin is

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calculated as adjusted net income divided by revenue, whereas adjusted earnings per share is calculated as adjusted net income divided by the weighted average number of shares outstanding.

We define adjusted EBITDA as net income excluding (i) profit (loss) from discontinued operations, (ii) income tax expense, (iii) net finance income (expense), (iv) gain (loss) on long-term investments in unconsolidated entities, (v) non-recurring expenses, (vi) impairment of non-financial assets, (vii) depreciation and amortization, (viii) share-based compensation expense, and (ix) other operating income. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

We define free cash flow from operations as net cash flows from (used in) operating activities less (i) purchases of fixed and intangible assets, (ii) development expenditure and (iii) payment of lease liabilities.

We believe the non-IFRS financial measures defined above are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and they are used by our institutional investors and the analyst community to help them analyze the health of our business. However, these non-IFRS financial measures should not be considered substitutes for, or superior to, the financial information presented in accordance with IFRS Accounting Standards. Our calculations of adjusted net income, adjusted net income margin, adjusted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow from operations may differ from similarly-titled non-IFRS measures, if any, reported by our peers. In addition, the non-IFRS financial measures may be limited in their usefulness because they do not present the full economic effects of certain items of income, expenses and cash flows. We compensate for these limitations by providing reconciliations of our non-IFRS financial measures to the most closely related financial measures in IFRS Accounting Standards. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure and to view our reported non-IFRS financial measures in conjunction with net income and net cash flow from operating activities.

For reconciliations of these non-IFRS financial measures to the most directly comparable financial measures prepared in accordance with IFRS Accounting Standards, please see the section titled “Reconciliations of Non-IFRS Financial Measures” included at the end of this earnings press release.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements, including statements relating to the Company’s 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,” “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 and the industry in which it operates. Potential risks and uncertainties include, but are not limited to, those relating to: the duration and development of international wars and conflicts, such as in Ukraine and the Middle East, and related economic sanctions, 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; changes in consumer behavior, for example from increased adoption of AI powered services; 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.

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About Opera

Opera is a user-centric and innovative software company focused on enabling the best possible internet browsing experience across all devices. Hundreds of millions use the Opera web browsers for their unique and secure features on their mobile phones and desktop computers. Founded in 1995, and headquartered in Oslo, Norway, Opera is a public company listed on the Nasdaq stock exchange under the ticker symbol “OPRA”. Download the Opera web browser and access other Opera products from opera.com. Learn more about Opera at investor.opera.com.

Contacts

 

Investor relations:

Matthew Wolfson

investor-relations@opera.com

 

Media:

press-team@opera.com

 

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Opera Limited

Consolidated Statement of Operations

(In thousands, except per share amounts, unaudited)

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Revenue		$	113,004			$	145,833			$	396,827			$	480,648
Other operating income			478				89				666				2,367
Operating expenses:
Technology and platform fees			(454	)			(2,513	)			(3,145	)			(10,010	)
Content cost			(1,133	)			(1,124	)			(4,297	)			(3,891	)
Cost of inventory sold			(26,953	)			(44,134	)			(85,808	)			(118,658	)
Personnel expenses including share-based compensation			(20,617	)			(17,769	)			(82,750	)			(79,658	)
Marketing and distribution expenses			(30,148	)			(40,943	)			(109,947	)			(131,951	)
Credit loss expense			(1,329	)			532				(3,967	)			784
Depreciation and amortization			(3,225	)			(4,353	)			(13,165	)			(15,582	)
Impairment of non-financial assets			(116	)			(109	)			(681	)			(113	)
Non-recurring expenses			(9	)			—				(698	)			—
Other operating expenses			(9,169	)			(7,950	)			(30,143	)			(31,674	)
Total operating expenses			(93,154	)			(118,363	)			(334,603	)			(390,753	)
Operating profit			20,327				27,559				62,890				92,262
Share of net loss of equity-accounted investees			—				(2	)			—				(2	)
Fair value gain on long-term investments			89,838				5,000				89,838				5,000
Net finance income (expense):
Finance income			999				995				8,876				3,577
Finance expense			(99	)			(154	)			(644	)			(586	)
Net foreign exchange gain (loss)			(1,553	)			633				(963	)			(1,839	)
Net finance income (expense)			(653	)			1,473				7,269				1,152
Income before income taxes			109,512				34,030				159,997				98,412
Income tax expense			(2,062	)			(5,342	)			(6,697	)			(17,642	)
Net income attributable to Opera shareholders		$	107,450			$	28,688			$	153,301			$	80,771
Earnings per share:
Basic		$	1.23			$	0.32			$	1.72			$	0.91
Diluted		$	1.20			$	0.32			$	1.69			$	0.90
Weighted-average number of shares outstanding:
Basic			87,709				88,480				89,256				88,463
Diluted			89,281				89,741				90,922				89,676

 

Opera Limited

Consolidated Statement of Comprehensive Income

(In thousands, unaudited)

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Net income		$	107,450			$	28,688			$	153,301			$	80,771
Other comprehensive income (loss):
Items that may be reclassified to the Statement of Operations:
Exchange differences on translation of foreign operations			1,387				(2,115	)			(742	)			(811	)
Other comprehensive income (loss)			1,387				(2,115	)			(742	)			(811	)
Total comprehensive income attributable to Opera shareholders		$	108,837			$	26,573			$	152,559			$	79,960

 

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Opera Limited

Consolidated Statement of Financial Position

(In thousands, unaudited)

 

		As of December 31,
		2023				2024
Assets:
Property and equipment		$	16,074			$	34,058
Goodwill			429,856				429,742
Intangible assets			99,070				97,509
Investment in OPay			253,300				258,300
Equity-accounted investments			—				1,248
Other non-current investments and financial assets			3,049				1,760
Deferred tax assets			1,133				1,063
Total non-current assets			802,482				823,681
Trade receivables			69,382				92,823
Current receivables from sale of investments			32,797				—
Other current receivables			7,760				4,560
Cash and cash equivalents			93,863				126,797
Other current assets			4,660				7,724
Total current assets			208,461				231,904
Total assets		$	1,010,943			$	1,055,585
Equity:
Share capital		$	18			$	18
Other paid in capital			717,610				647,212
Treasury shares			(238,815	)			(238,815	)
Retained earnings			445,164				536,623
Foreign currency translation reserve			(4,127	)			(4,938	)
Total equity attributable to Opera shareholders			919,850				940,100
Liabilities:
Non-current lease liabilities			6,776				5,631
Deferred tax liabilities			2,813				8,689
Other non-current liabilities			94				71
Total non-current liabilities			9,682				14,391
Trade and other payables			52,247				75,285
Current lease liabilities			3,770				3,955
Income tax payable			1,838				3,190
Deferred revenue			10,272				5,441
Other current liabilities			13,285				13,222
Total current liabilities			81,411				101,093
Total liabilities			91,093				115,484
Total equity and liabilities		$	1,010,943			$	1,055,585

 

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Opera Limited

Consolidated Statement of Changes in Equity

(In thousands, except number of shares, unaudited)

 

For the twelve months ended December 31, 2023:

 

		Number of shares outstanding				Share capital				Other paid in capital				Treasury shares				Retained earnings				Foreign currency translation reserve				Total equity attributable to Opera shareholders
As of January 1, 2023			89,215,121			$	18			$	824,832			$	(206,514	)		$	273,263			$	(3,385	)		$	888,213
Net income			—				—				—				—				153,301				—				153,301
Other comprehensive loss			—				—				—				—				—				(742	)			(742	)
Share-based compensation			—				—				—				—				18,600				—				18,600
Issuance of shares upon exercise of RSUs and options			1,068,509				—				—				394				—				—				394
Share repurchases			(2,765,346	)			—				—				(32,695	)			—				—				(32,695	)
Dividends			—				—				(107,222	)			—				—				—				(107,222	)
As of December 31, 2023			87,518,284			$	18			$	717,610			$	(238,815	)		$	445,164			$	(4,127	)		$	919,850

 

For the twelve months ended December 31, 2024:

 

		Number of shares outstanding				Share capital				Other paid in capital				Treasury shares				Retained earnings				Foreign currency translation reserve				Total equity attributable to Opera shareholders
As of January 1, 2024			87,518,284			$	18			$	717,610			$	(238,815	)		$	445,164			$	(4,127	)		$	919,850
Net income			—				—				—				—				80,771				—				80,771
Other comprehensive loss			—				—				—				—				—				(811	)			(811	)
Share-based compensation			—				—				—				—				10,689				—				10,689
Issuance of shares upon exercise of RSUs			961,870				—				—				—				—				—				—
Dividends			—				—				(70,398	)			—				—				—				(70,398	)
As of December 31, 2024			88,480,154			$	18			$	647,212			$	(238,815	)		$	536,623			$	(4,938	)		$	940,100

 

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Opera Limited

Consolidated Statement of Cash Flows

(In thousands, unaudited)

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Cash flows from operating activities:
Income before income taxes		$	109,512			$	34,030			$	159,997			$	98,412
Adjustments to reconcile income before income taxes to net cash flow from operating activities:
Net finance (income) expense			653				(1,473	)			(7,269	)			(1,152	)
Fair value gain on long-term investments			(89,838	)			(5,000	)			(89,838	)			(5,000	)
Share of net loss of equity-accounted investees			—				2				—				2
Impairment of non-financial assets			116				109				681				113
Depreciation and amortization			3,225				4,353				13,165				15,582
Share-based compensation			3,938				856				14,926				8,631
Other adjustments			(190	)			(355	)			(255	)			(66	)
Changes in working capital:
Trade and other receivables			(14,895	)			(18,212	)			(17,956	)			(20,199	)
Other current assets			1,194				(3,008	)			(500	)			(1,820	)
Trade and other payables			5,412				11,607				5,310				23,038
Deferred revenue			7,084				1,970				9,277				(4,830	)
Other liabilities			989				145				1,158				(86	)
Income taxes paid			(1,915	)			(3,380	)			(5,937	)			(7,649	)
Net cash flow from operating activities			25,284				21,643				82,761				104,977
Cash flows from investing activities:
Purchase of equipment			(594	)			(34	)			(1,873	)			(23,344	)
Purchase of intangible assets			(250	)			—				(250	)			—
Development expenditure			(977	)			(1,872	)			(4,281	)			(7,263	)
Investment in an associate			—				(1,250	)			—				(1,250	)
Sale of long-term investments			—				833				—				1,333
Net sale of short-term investments			—				—				23,414				—
Interest received			716				995				2,989				3,412
Net cash flow from (used in) investing activities			(1,105	)			(1,328	)			19,999				(27,112	)
Cash flows from financing activities:
Share repurchases			(13,001	)			—				(32,695	)			—
Dividends paid			—				8				(23,105	)			(37,435	)
Proceeds from exercise of share options			—				—				394				—
Repayment of borrowings			42				—				(161	)			—
Payment of lease liabilities			(964	)			(1,102	)			(3,907	)			(4,181	)
Interest paid			(125	)			(141	)			(369	)			(530	)
Net cash flow used in financing activities			(14,048	)			(1,236	)			(59,843	)			(42,146	)
Net change in cash and cash equivalents			10,131				19,080				42,918				35,720
Cash and cash equivalents at beginning of period			83,505				106,005				52,414				93,863
Effect of exchange rate changes on cash and cash equivalents			227				1,713				(1,469	)			(2,785	)
Cash and cash equivalents at end of period		$	93,863			$	126,797			$	93,863			$	126,797

 

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Opera Limited

Supplemental Financial Information

(In thousands, unaudited)

Revenue

The following table presents revenue disaggregated by type:

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Advertising		$	67,833			$	93,325			$	230,980			$	293,448
Search			44,704				52,321				162,168				186,273
Technology licensing and other revenue			466				187				3,679				927
Total revenue		$	113,004			$	145,833			$	396,827			$	480,648

 

Personnel Expenses Including Share-based Compensation

The table below presents the amounts of personnel expenses including share-based compensation:

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Personnel expenses, excluding share-based compensation		$	(16,053	)		$	(16,708	)		$	(65,801	)		$	(69,940	)
Share-based compensation expense for Opera-granted awards (1)			(2,885	)			(2,588	)			(10,499	)			(6,846	)
Share-based compensation expense for parent-granted awards (2)			(1,679	)			1,527				(6,451	)			(2,872	)
Total personnel expenses including share-based compensation		$	(20,617	)		$	(17,769	)		$	(82,750	)		$	(79,658	)

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Other Operating Expenses

The table below presents the items of other operating expenses:

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Hosting		$	(2,549	)		$	(3,126	)		$	(10,161	)		$	(12,360	)
Audit, legal and other advisory services			(2,858	)			(1,899	)			(7,976	)			(7,687	)
Software license fees			(928	)			(770	)			(3,357	)			(4,026	)
Rent and other office expenses			(664	)			(541	)			(2,700	)			(2,305	)
Travel			(524	)			(493	)			(1,848	)			(1,959	)
Other			(1,646	)			(1,121	)			(4,100	)			(3,338	)
Total other operating expenses		$	(9,169	)		$	(7,950	)		$	(30,143	)		$	(31,674	)

 

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Opera Limited

Reconciliations of Non-IFRS Financial Measures

(In thousands, except per share amounts, unaudited)

 

The following table presents a reconciliation of adjusted net income to net income:

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Net income		$	107,450			$	28,688			$	153,301			$	80,771
Add (deduct):
Fair value (gain) on short-term investments (1)			—				—				(3,243	)			—
Fair value (gain) on long-term investments			(89,838	)			(5,000	)			(89,838	)			(5,000	)
Share of net loss of equity-accounted investees			—				2				—				2
Non-recurring expenses			9				—				698				—
Impairment of non-financial assets			116				109				681				113
Amortization of acquired intangible assets			645				645				2,580				2,580
Share-based compensation expense			4,564				1,061				16,950				9,718
Income tax effect on adjustments			(1,818	)			(747	)			(8,845	)			(2,091	)
Adjusted net income		$	21,128			$	24,759			$	72,284			$	86,093
Diluted weighted-average number of shares outstanding			89,281				89,741				90,922				89,676
Adjusted diluted earnings per share		$	0.24			$	0.28			$	0.80			$	0.96

_______________

 

The following table is a reconciliation of adjusted EBITDA to net income:

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Net income		$	107,450			$	28,688			$	153,301			$	80,771
Add (deduct):
Income tax expense			2,062				5,342				6,697				17,642
Net finance (income) expense			653				(1,473	)			(7,269	)			(1,152	)
Fair value (gain) on long-term investments			(89,838	)			(5,000	)			(89,838	)			(5,000	)
Share of net loss of equity-accounted investees			—				2				—				2
Non-recurring expenses			9				—				698				—
Impairment of non-financial assets			116				109				681				113
Depreciation and amortization			3,225				4,353				13,165				15,582
Share-based compensation expense			4,564				1,061				16,950				9,718
Other operating income			(478	)			(89	)			(666	)			(2,367	)
Adjusted EBITDA		$	27,764			$	32,993			$	93,719			$	115,309

 

The table below reconciles free cash flow from operations to net cash flow from operating activities:

 

		Three Months Ended  December 31,								Twelve Months Ended  December 31,
		2023				2024				2023				2024
Net cash flow from operating activities		$	25,284			$	21,643			$	82,761			$	104,977
Deduct:
Purchase of equipment			(594	)			(34	)			(1,873	)			(23,344	)
Purchase of intangible assets			(250	)			—				(250	)			—
Development expenditure			(977	)			(1,872	)			(4,281	)			(7,263	)
Payment of lease liabilities			(964	)			(1,102	)			(3,907	)			(4,181	)
Free cash flow from operations		$	22,499			$	18,635			$	72,451			$	70,190

 

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