Fintech PR

Opera Limited announces second quarter 2021 financial results, revenue growth exceeds expectations and adjusted EBITDA meets expectations

Published

3 years ago

August 12, 2021

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 June 30, 2021.

Second quarter 2021 financial highlights

	Three Months Ended June 30,						Year-over-			Six Months Ended June 30,						Year-over-
[US$ thousands, except for margins and per ADS amounts]	2020			2021 Advertisement			year % change			2020			2021			year % change
Revenue		32,217			60,161			86.7 Advertisement	%		72,411			111,744			54.3	%

Net income (loss)		17,141			44,287			158.4	% Advertisement		(3,722)			44,926			n.m.
Margin		53.2	%		73.6	%					(5.1)	% Advertisement		40.2	%

Adjusted EBITDA (1)		598			(1,015)			n.m.			255			3,561			1296.5	% Advertisement
Margin		1.9	%		(1.7)	%					0.4	%		3.2	%

Adjusted net income (1) Advertisement		19,397			49,144			153.4	%		7,123			53,751			654.6	%
Margin		60.2 Advertisement	%		81.7	%					9.8	%		48.1	%

Diluted net income per ADS, US$		0.13			0.38 Advertisement			187.9	%		(0.03)			0.39			n.m.

Diluted adjusted net income per ADS, US$ (1)		0.16			0.42			162.6	% Advertisement		0.06			0.46			666.7	%

(1) Please see the separate section “About non-IFRS financial measures” for the definitions of adjusted EBITDA and adjusted net income.

“We’re pleased to report yet another strong quarter and again raise revenue guidance for the year”, said Opera Co-CEO Song Lin. “As people continue to shift their lives online, they want to be able to choose a browser that can be personalized to reflect the way they lead their digital lives. Opera is that browser, and we see a huge opportunity ahead of us as we continue to meet these needs. In addition, we are well underway to seize opportunities both on the content side with News and Gaming and geographic expansion to higher monetizing regions.”

“Every aspect of our business is performing: the innovations and features that are attracting more users and allowing us to push into new geographies and new categories, our ability to monetize our user base, and even the value of our investments” concluded Song Lin. “We’re looking forward to continued growth in 2021.”

Second Quarter and Recent Business Highlights

Core search and advertising revenue growth rates accelerated to 94% year-over-year in Q2 driven by strong browser and news performance
Opera’s monthly active user base was relatively stable compared to the second quarter of 2020; however, within the total our user base saw a directional shift towards higher ARPU markets. We directed our focus towards growing North America which saw 52% user growth, and Europe with 15% user growth, and less focus on Asia as we continue to target higher monetizing users
The Company reached 78 million average monthly PC users in the second quarter, up 4% year-over-year
The Opera GX browser user base now has 10 million users on desktop and already exceeds one million on mobile
Opera announced over 1 billion cumulative downloads on the Google Play Store
Opera News revenue grew 442% year-over-year and 49% sequentially versus the first quarter of 2021; Opera Football, a vertically focused news site which launched in June, and already has over 10 million users
Continued scaling our other strategic growth initiatives; we launched our cashback offering under the Dify brand in Spain which led to a four-fold increase in facilitated e-commerce transactions in our browsers from April to June in that market, and we continued to build out the Opera gaming platform/community
Hype, our in-browser messaging app for Opera Mini, launched in three more African markets during the quarter and already has over 1 million sign-ups
Opera monetized 29% of its stake in OPay for total consideration of $50 million

Business Outlook

“Building off the strong start to the year, we have even greater confidence and expectations for the second half of 2021” said Opera CFO, Frode Jacobsen. “The investments we have made in our ‘Browser+’ strategy are becoming material and apparent in our financial results, on top of healthy core browser revenue growth.”

For the full year of 2021, Opera now expects revenue of $242 million to $247 million, representing a 48% year-over-year increase versus 2020 at the midpoint. Following the successful execution of our growth strategy to date, we have additional confidence in continuing our growth investments and expect adjusted EBITDA to come in between $10 and $20 million for the year.

For the third quarter of 2021, Opera expects revenue of $63 million to $65 million, representing 51% year-over-year growth at the midpoint. This is being driven by further acceleration in our core businesses and the continued growth of Opera News. Adjusted EBITDA will be around breakeven as Opera continues to invest significantly in the growth of its businesses.

Other updates

Nanobank continued its rebound with revenue of $57.3 million, a 14% sequential increase versus the prior quarter. Nanobank expects sequential growth in the second half of the year to continue at this level or higher, however the company has been required to remain cautious in light of the continued implications of COVID in its markets, in particular as it relates to India. Adjusted EBITDA was $1.6 million following a re-assessment of its credit loss provisions in light of current market conditions.

During the quarter, we monetized 29% of our stake in OPay for a total consideration of $50 million, representing a gain of $31.1 million compared to the previous carrying amount on our balance sheet. In addition, we recognized a financial gain related to the associated step-up in the fair value of our retained preference shares in OPay.

Second quarter 2021 consolidated financial results

All comparisons in this section are relative to the second quarter of 2020 unless otherwise stated. Income and expenses from our former emerging markets fintech and retail operations are not included in comparisons as they are classified as discontinued operations.

Revenue increased 87% to $60.2 million in the quarter.

Search revenue increased by 69% to $29.8 million driven by both PC and mobile browser monetization growth.
Advertising revenue increased by 128% to $28.9 million, predominantly fueled by monetization growth within Opera News and our mobile browsers.
Technology licensing and other revenue was $1.4 million, a $0.5 million decline compared to the same period of the previous year as we have been phasing out low-margin professional services for an investee.

Operating expenses increased by 77% to $68.2 million.

Combined technology and platform fees, content cost and cost of inventory sold was $2.7 million, a 24% increase following the scaling of associated revenues.
Personnel expenses, including share-based remuneration, were $18.5 million, a 29% increase as we are investing in new products and services. This expense consists of cash-based compensation expense of $16.5 million, and $1.9 million of share-based remuneration expense.
Marketing and distribution expenses were $35.3 million, an increase of 254% or $25.3 million versus Q2 2020, and 51% or $11.9 million versus Q1 2021. We are investing in accelerating the growth of our business, with Opera News in developed markets representing the biggest driver of the increases in both comparisons.
Depreciation and amortization expenses were $5.1 million, a 6% increase.
Other operating expenses were $6.4 million, a 6% decrease.

Operating loss was $7.9 million compared to an operating loss of $0.3 million in the second quarter of 2020.

Other items in the quarter include a $57.5 million increase in the fair value of our preferred shares in OPay, recorded as other income from long-term investments. This was partially offset by our share of loss from associates and joint ventures of $2.3 million. Further, we recorded a net finance loss of $4.9 million related to marketable securities held as part of our treasury function and net foreign exchange loss, as compared to a $9.2 million gain in the second quarter of 2020.

Income tax benefit was $2.0 million in the quarter.

Net income was $44.3 million. This compared to net income of $17.1 million in the second quarter of 2020.

Net income per ADS was $0.38 in the quarter. Each ADS represents two shares in Opera Limited. In the quarter, the average number of shares outstanding was 230.3 million, corresponding to 115.1 million ADSs.

Adjusted EBITDA was negative $1.0 million and in line with the previous guidance, representing a negative 2% adjusted EBITDA margin, compared to adjusted EBITDA of $0.6 million in the second quarter of 2020. Adjusted EBITDA excludes share-based remuneration and non-recurring expenses, as well as other income and discontinued operations.

Adjusted net income was $49.1 million in the quarter, compared to adjusted net income of $19.4 million in the second quarter of 2020. Adjusted net income excludes share-based remuneration, non-recurring expenses, discontinued operations and amortization of intangible assets related to acquisitions.

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

6 hours ago

November 23, 2024

CISION (PR Newswire)

redefining-financial-frontiers:-nucleus-software-celebrates-30-years-with-synapse-2024-in-singapore

SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

Photo: https://mma.prnewswire.com/media/2565374/Synapse_2024.jpg
Logo: https://mma.prnewswire.com/media/2565373/Nucleus_Software_Logo.jpg

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Fintech PR

ROYAL CANADIAN MINT REPORTS PROFITS AND PERFORMANCE FOR Q3 2024

Published

14 hours ago

November 22, 2024

CISION (PR Newswire)

OTTAWA, ON, Nov. 22, 2024 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) announces its financial results for the third quarter of 2024 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.

“As the markets continue to change, the Mint is proving its ability to seize on new opportunities thanks to its diversified structure and flexible business strategy” said Marie Lemay, President and CEO of the Royal Canadian Mint.

The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca . All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.

Financial and Operational Highlights

The financial results for the third quarter of 2024 were ahead of target and higher than 2023 levels. Higher gold market pricing and foreign circulation volumes combined with lower fixed costs were the main drivers for the quarter over quarter increase. These increases were partially offset by lower than expected bullion volumes from the continued soft demand in the global bullion market. The Mint expects to meet its financial goals for 2024, as set out in its 2024-2028 Corporate Plan, the Mint’s Leadership team continues to actively monitor its status.
Consolidated revenue decreased to $252.7 million in 2024 (2023 – $360.6 million).
Revenue from the Precious Metals business decreased to $217.6 million in 2024
(2023 – $328.4 million):
- Gold bullion volumes decreased 38% quarter over quarter to 106.1 thousand ounces (2023 – 170.1 thousand ounces) while silver bullion volumes decreased 20% to 2.7 million ounces (2023 – 3.4 million ounces).
- Gold and silver market prices increased quarter over quarter by 27% and 23%, respectively.
- Sales of numismatic products decreased 12% quarter over quarter mainly due to the high demand in 2023 for the Queen Elizabeth II’s Reign products.
Revenue from the Circulation business increased to $35.1 million in 2024
(2023 – $32.2 million):
- Revenue from the Foreign Circulation business increased 77% quarter over quarter, a reflection of higher volumes produced and shipped in 2024 as compared to 2023.
- Revenue from Canadian coin circulation products and services decreased 12% quarter over quarter as fewer coins were required to replenish inventories, combined with lower program fees in accordance with the memorandum of understanding with the Department of Finance.
Overall, operating expenses decreased 27% quarter over quarter to $28.3 million (2023 – $36.0 million) mainly due to planned reductions in consulting and workforce expenses.

Consolidated results and financial performance
(in millions)

		13 weeks ended				39 weeks ended
				Change					Change
	September 28, 2024		September 30, 2023 Advertisement	$	%		September 28, 2024	September 30, 2023	$	%
Revenue	$	252.7 Advertisement	$ 360.6	(107.9)	(30)		$ 861.2	$ 1,841.8	(980.6)	(53)
Profit (loss) for the period	$ Advertisement	5.7	$ (5.8)	11.5	(198) Advertisement		$ 24.1	$ 15.0	9.1	61
Profit (loss) before income tax and other items ¹	$ Advertisement	1.4	$ (8.7)	10.1	(116)		$ 12.3	$ 23.4	(11.1)	(47) Advertisement
Profit (loss) before income tax and other items margin²		0.6 %	(2.4) %				1.4 %	1.3 %

(1) Profit (loss) before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit before income tax and other items is included on page 13 of the Mint’s 2024 Third Quarter Report.

(2) Profit (loss) before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before income tax and other items.

	As at
September 28, 2024 Advertisement				December 31, 2023		$ Change		% Change
Cash		$	58.4	$	59.8		(1.4)	(2) Advertisement
Inventories		$	71.5	$	68.8		2.7	4
Capital assets		$	174.2 Advertisement	$	173.0		1.2	1
Total assets		$	376.8	$	380.4		(3.6) Advertisement	(1)
Working capital		$	99.2	$	97.8		1.4	1

As part of its enterprise risk management program, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects changes in the macro-economic environment and other external events around the globe to continue to impact its performance in 2024. The Mint continues to mitigate potential risks as they arise through its enterprise risk management process.

To read more of the Mint’s Third Quarter Report for 2024, please visit www.mint.ca.

About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours. As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.

For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.

FORWARD LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.

This Earnings Release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance, and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2023 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2023. The forward-looking statements included in this Earnings Release are made only as of November 20, 2024 and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.

For more information, please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, [email protected]

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Fintech PR

OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers

Published

15 hours ago

November 22, 2024

CISION (PR Newswire)

MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.

The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.

The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.

On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.

The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.

With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.

For more information: www.asharedpassion.com

Video: https://mma.prnewswire.com/media/2565600/ViniPortugal_and_OIVE.mp4

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