Opera Limited (OPRA) 29 Feb 242023 Q4 Earnings call transcript

Welcome to the Opera Limited Fourth Quarter and Full Year 2023 Earnings Call. [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. begin. Please

joining for us. you Thank

usual, today and Co-CEO, Lin; me CFO, As Frode are our Jacobsen. Song with

Before I within conference hand would over which statements the call to and results remind company be expectations, that about the future like forward-looking Song everyone in meaning today, the statements call constitute will making the to Lin, I competitive the the and management. subject expectations and current Private based are on inherently contingencies and Securities of uncertainties and we other Litigation current perceive beyond statements to of environment Reform economic, Act. Such control economic how the

that statements earnings and company's safe cautioned be should future to statement of harbor not release performance, for You may the refer these are details. the guarantees in you

additional adjusted that are financial believe non-IFRS Our our consolidated prepared from are that EBITDA, and our which with a on commentary evaluating also the financial investors an measures, today or will IFRS. statements as prepared different to financial presented include substitute and provides measures for considered based isolation in non-IFRS be of accordance in We use These not trends. including information financial use tool in measures results IFRS. for operating ongoing should

will unaudited operational Investor highlights also over and strategy, let quarter quarterly our results have then on co-CEO, and financial discuss Song Jacobsen our financials forward. our to posted We turn the Opera cover will Relations fourth our of that, With expectations call website. historic me conference Lin, going Frode who and

to to our results. review and thank morning you fourth Thanks, joining everyone this us Matt, quarter

resulting growth, expectations. well million, report payout great of adjusted our driven organic EBITDA, strong of in to Revenue million another $XXX yet excited are $XX We with cost discipline, above by quarter.

and we after and those a strength Even for was EBITDA and revenue saw the million. throughout This every year. full EBITDA revenue $XXX growth were beat was XX% was the of year, quarter a the margin of guided EBITDA guidance, whole yield adjusted the XXXX $XX XX% For we time we and as raising XXXX quarter, XX%. built expectations and revenue upon over XX% the revenue the adjusted of consistently EBITDA with midpoint. year, fourth margin last The million then up midpoint to able

have We pleased while our strategy ARPU high not through consistently organic users. able did our to to are very margin and waver that expansion. from spending users we new revenue our seasonally This been on highlights accelerating than We outperformance, also deliver our marketing focus anticipated attract less ability channels. to primarily

are not of high grew and as sequentially. QX. XX% more the on higher Combining Opera these see to as improve we to during with puts users us efforts GX. goal primarily stronger monetization, in a churn well markets our growth high-value [indiscernible] general. of fourth total high-value in the same portfolio and weight base up high-value to as the users, very this well Annualized in that both XXXX coupled ongoing will exciting Western XX% starting signs user for year-over-year user quarter, is to was driven a raised ARPU expected, slight As by setting This a lower increase be continuing in users position. focus as product in duals grow a of record continually

in company core the are remaining We lots potential relatively business. still small a of browser with

category. both as growing of, particular inventory retail of of revenue advertising represents strength period, and million, we this During the our strong operated given maturity well also now Advertising in are was We $XX which XX% quarter, holiday revenue advertising during revenue. quarter, XX% up the revenue for proud in the million Such vertical XX%, very as the saw Opera Ads. owned year-over-year. the was was $XX

we groups, base core growth user are shift and X Last Generative how the brief user we GX. revenue outlined well on AI underlying focus I give mix we and market drivers: want growth of our monetization. of work they finally, you such As quarter, growth the our Aria, higher search-based focus, can towards generate I regions beyond and gaming update doing the to shape each XXXX. with advertising a And our for web Opera opportunities. monetization

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intelligent indirect benefit users monetization user also opportunities but links of observable Our and through growth, rewards on for based monetized and context. part is in chatty recommendations from engagement browsing environments within [indiscernible] direct not as from Aria the only healthy

general, green announced be energy And will we reduce center development As take launch raised a powered in you of to infrastructure, may hosting in-house we cost intensive hosting cooling cooling AI and less our pride have of and to on raised space. energy climate costs. in our ourselves factors, our the soft product key efficient AI and our processing seen, of Atlantic we're ministers. providers, X/XX in but to expand data sensitive significant with setup, new party we AI have of being latency are and to a advantage that is typically in This variations investment pairing the the Iceland. OpEx data center the excited

end continue our location centers monetization. which to other As to such, given for first remains Shifting located great advertising, to we our a users. close the top are a strengthening Iceland is footprint, AI whereas data our see our priority typically potential

interest mindful advertising of user browser while the we throughout remaining and can company, value and context online a are third-party we of rely As broader capture for leverage the which to on utility cookies. journey, privacy, create many platforms, signals closed-loop euro able unlike their the environment to and

For we context to example, so as cookies the more Opera, Typically for both when and revenue with can part user, our additized, look tell that the are the card online, growth opportunity displace integrated potential users, at the of discount a short shopping representing has the to of even becoming as users benefit an functionality shopping the when in organically.And experience, do significant in party potential drive advertisers. which not is we relevant to into increasingly when viewing sizable high-value XXXX. codes such offers use we but moment the to do to rely us need on rather right intent

Opera other itself attracting as technical our player advertisers to targeting. Beyond as proven the based in our inventory, augment broader competitive has their a on landscape, abilities

in gaming healthy continues we e-commerce, see other and pursuing. then We trajectory. XXXX, interactions GX growth in good and AI its user we opportunities will And from programmatic with games, which of which continue our on advances investing persist will in in in terms algorithms, a that focus coupled platform high-intent Opera in way,

user to of compounding the to growth engaged [indiscernible], versus almost in demonstrating X% and ability million base QX revenue of and run versus GX annualized was user become through has a $X.XX user during QX. [indiscernible]. rate, up with alone. our ARPU quarter, X% relevant highly annualized user GX Our top the be brought high-value $XX.X adding $XXX The increased products users the growth, On million to Opera a young

In of as terms follows now GX. the second of U.S. footprint, the Brazil largest market

GX and between user prospects the Western observe other of other weigh continued gap further Euros PC gamers to Infinite about users the this Euros and feel growth attractive opportunities monetized narrowed the emerging Opera and base. with markets continue browsers below Nitro monetization significantly around been in great in We within than that GX We particular. user

also of expanding ever footprint to growth up. the the invest alongside in ability GX of Our is the product

positive to the and rebounding other a to impulse the evolution invest some for regulatory regulatory these iOS opportunity, One importance naturally for of in highlighted up independent a measures to world. of player. interest result and environment the we continued exciting the promote applications where build now of Fintech Europe, in healthy Opera an trends the these on WebX, Beyond use come. area the also Opera EU of and opening positioned in in Also, cases. is to to we are continue technology ecosystem. the three in of Both of broader carry is observed Such and strategic well competition we months parts in years

to no So and the discuss in now Frode? let Frode me more over to detail. call turn financials guidance the

when quarter all a strength was quarter. we On higher the confirmation our guidance of of been great and QX XX% currency at top year-over-year a as the percentage quarter guidance would about at our in discussed have growth. for of with X raised we QX last a Song. you, in XX%. constant us points confidence Thank a observed continuation Revenue have year came or growth the our basis,

PC revenue GX.The particular top is came low above high in EBITDA our performance markets revenue regions lower in of non-Western relative than $X.X emerging in of to and strong users emerging was success grow guidance guidance, than for users base marketing to growth the spend the both in in of range. well anticipated Western to lower mobile in due markets anticipated growing percentage our X our over is in markets products. user by adding offset The and point and Opera prior about all underlying revenue. driven also to Adjusted in growth coming of by Western leading Our cost ARPU monetized ARPU decline routers million

SOX in an readiness an operating cash in end free at debt from year as to to hand, operations On adjusted the both In relation in the quarter high to well relative the prior modest calculated and years services cash the USD conversion to other provision. and as XX% flows year as teams movements from increase was the for of share-based whole year conversion our bad the a advisory cost and assets tax internal are at for came on XXXX, EBITDA between to fourth Cash whole taxes which the Tax both adjusted and expectations compensation in supporting for as with flow currencies we slightly we of benefited our isolation. a XX% flow as costs the paid. FX recognition saw EBITDA. related relatively local as of in stronger in well in our X%

updated $XXX in million before. investments balance sheet year-end of an the Our accounting million $XXX stake our OPay. million, noncash quarter. value at an This fair in fourth results our significant value from estimated We a $XXX gain assessment of in includes up

new ties selling subscribed remain with updated in $X noted an also investor OPay XXXX usage base which driving OPay more company during in press that valuation.We turn, strong our the at than in billion in in observed by interested the a the user our The stake time. daily valuation uplift higher even its right in we've quadrupled a As revenue saw investment and late limited at growth. release, OPay XXXX,

open a also longer-term in with are according to OPay going eventually stage We to later its connection public exit plans.

$X.XX. of the stood with million X.XX% the thereby X.XX our XXXX stake average most at price of average launched fulfilled ADSs cost a early million buyback year-end. in buyback quarter, program $XX.XX million totaling X.X an repurchased total ADSs an $XX We of OPay $XX as Our completed of was We in recent million. repurchasing at at that

that cost manner ADS. continue XXXX, have Since a run. more on in will adjusting time for average average equal shareholders to of XX% at long the attractive. or in avoided, dividends value the shares maximize the buybacks consider of to even cost to XX.X million for We When at technical our $XXX is $X.XX outstanding ADSs, per repurchased million we

in avenue launched per as our per ahead, to at is XXXX is look year program However, funds expected we our currently $X.XX that dividend it of be returning to recurring shareholders. our and ADS main

and XXXX our quarter. Now year full first for the turning the to guidance first

revenue guiding convergence at assumes are rates as continued The between $XXX representing whole, a midpoint. growth and the XXXX, For growth search. million, to XX% million we of advertising to guidance $XXX the

be fueled would further upside advertising. more So likely by

We guide continued high million to with is and midpoint. assume, to Opera The $XXX our expect EBITDA continue of of trajectory year. adjusted the highly we costs growth for expect expansion XX% EBITDA $XXX to a users, highly this million, our guidance in representing ARPU browsers and to original margin exposed marketing cost Ads. guidance at We discretionary. In marketing XX% about XX% the also in versus came we is what at costs XXXX, revenue

of marketing As XX% start low XXXX of XXXX. activities in revenue spend a scaled even level XXXX, reminder, revenue at From the quarter-to-quarter. XX% a and marketing costs was we our of in relatively

sequential we In more look expansion growth an the with the trend to the year QX. XXXX, above successful to XXXX, are represented Cost Ads. also million trajectory Opera QX about by similar We marketing the to of starting in items spend our current of scaling expect our year, the continue of sum, at beyond combined a to XX% of translates though with scale as as XX% ability And investment spend revenue. in to this to we ROI. revenue just encouraged $XXX revenue or expectation relative attractive

implies to a trend, quarters. and point revenue will percentage the the average continuation adding to in X of Our guidance about for relative the as below increase annual XXXX, start whole. XXXX a subsequent percentage Similar modest

items both prior expected drop as EBITDA And X adjusted the of other a percentage to cash-based expected For grow are revenue are digits. to to sum year-over-year remaining our combined. in costs expectations, cost relative the and cost points mid-single result, compensation about to

profitability, revenue ahead guide both of up at or $XX $XXX call revenue we've we margin quarter, and put million now, by then. for of on $XX.X QX a With million conclusion, we year I'll year-over-year $XX.X us EBITDA at In the back XXXX how out our million to and or of releasing and look that, shaping terms to to we XX% giving turn embark expectations, first the more progressed on the excited operator only adjusted million to months We're a questions. X For are behind midpoint. the is to to you and XXXX. midpoint XX% forward color up from that in the

Cowen. take [Operator Lance Instructions]. first from our We'll question with Vitanza

if the quarter. Congratulations I on A couple me, could. for

seeing think mean, how like you with I you're the was today and in first commentary how you you market, sure provide markets are it you any think you take the but you sounds can some during to I ultimately Brazil not I quite Western those you And markets expand believe Europe. where but call, play. versus the then I respect could on that? progress base high-value comes followed into bit necessarily The that do the to have you a color that's is and user around penetrated there. not that headroom further more know this a high-value in touched on little U.S. like the the And

and So muted? would that perhaps you elaborate revisit could on you be that helpful. that Are

here. No. I'm good

get Did the or I that? question Okay. should you repeat guys

it's I good. No, think

Okay.

So melatonin unit think a I'll maybe penetration the I but it's no, Brazil I the the be [indiscernible] for also numbers. so then good for the and and bit maybe beginning, GX think comment

because interesting. Brazil it's with starting maybe like more so yes, So actually quite

see very on what But market users. emerging gaming compared see it's high course, it that the emerging and also browsers. actually [indiscernible]. just more But we is gamers is good places traditionally, GX, as it's also actually one that think then -- always GX, very it's growth Brazil it's that for our counted the they will also commented If from not it's like high I strong that see so other a for were very that up ARPU we interesting as that active, market, it's of example we U.S., where a see with relatively market. we but is for show an function of #X as PC

PC this I difference say, think in we that to some maybe we So actually see especially, GX of would in so -- instance, highlight user in and I less out call instance, different regions, you rather play quite high they high gamers, far are as for with the across actually see their they as but then AAA from ARPU regions. games, users, ARPU case,

perhaps see high we think that I that we're intent. with of growth high ARPU would have excited the it's to GX users also more So is And proof, Brazil. good run, very I long rather, in growth in relevant say,

We also as even trend can see to limited a particular it less in be the a region. and industry

to And way both, have that's share, like -- are then market potential. also in the room for grow. plenty to would where GX -- maybe in US So marketing but already also overall, you high right? market, the say, will let's all, -- and or here. right? comment I particular say, we which by still That's order certain say say to like, all probably still, we're the -- It's you very I I region I have think on that's we general, user have maybe a commentary. market more spend. both focus very high organically growth products, less about the app, [indiscernible], of excited we in in, would the And just the also are and ARPU We that would come still single-digit announced we after

higher West huge. verticals will value are of course course, Well, more potential high -- other more or value like like markets. way of So further these markets

yield commentary And answer the I cash about And the squeeze there's million cut primary be or helpful. one debt, given returning to you're -- And me seem which lowered. for could maybe question before I I have know hasn't, a I risk I of is the here. you you to actually it the mechanism $XXX year, would to think to around on shareholders. think some have the capital the the the that as it that of to the pass but of if think dividend strong allocation I still just that dividend. being the if portion have to to stock, And I the the That's off, any potentially more you're there begin dividend reason public that heard Okay. about sees pay the X% super mean, even just to And have in be seems even were upside believe? plateau, growth risk some downside at margins. clear, end a baton at suggest dividend you of market yield that to could dividend, around I dividend to mean, though this because no I the $X.XX is seems you it generating the receivable working like after cash star right, maker this, you I

correct. Yes, yes, comment. good can to yield. Yes, I we trade I broadly to mean, a try seem at

So our the good scaling. investors. is for We business --

profitability of a calculation center the up converting are I also cash, for increasing manner. with cash a cash, to in into end year, -- would sorry, healthy new I account our We data think, though. also license taking

dividend. of decrease we obviously, we and this be So increase it. to it like we not a just to in course, -- be time, we'd we more recurring we textbook. can like have where position -- And would certainly But over launched

Eric take Goldman from we'll Sachs. with Sheridan And question next our

Two, if I could.

framing both against horizon up the That longer-term How one. two, incorporating number balancing competition. 'XX. and against leverage. you you're back should the displayed key think means XXXX, and the are Can only about in way then that about opening a what's forecast? about operating delivering talk bit for against be for obviously, you're margins forward type to nice that investments but thinking And quarter little 'XX in comments a growth number your we would leverage for not of in time about how Apple and into the broader what business, coming that First,

Charles. Yes,

just Apple I take So Lin. I because it. is want guess I like thought, I'll this on I

all they of to a app I think see guess we the no, states, function though I engines some our So general, right, now in I there are right, a pressures market of the been a say allow that that than So up, because they everyone share, browser we yes, right? engine rather still more in starting in significant browser changes. case Apple need to if be will high be that from open the never So and realize has that strange. to case, upmarket, I all, the the that has think -- would conditions it's trying parted at potential lot is to like rather from it, almost know say simply do market to that still right? even available of regulatory now everybody browser people I Apple because many third-party it's in it's they allow motions or not a allow Western don't -- iron know so at which EU beginning, Apple on DMA sees out,

have think now base almost right the potentially say, that then opening of can our move is mobile for us the up I I as maturity list that because allow that can to simply level So engine. which the own now same in we compete Android, say we about have smartphone that's would this

a because the actively will we case. have -- depends I do SCI good a I may because we're growth that's we whole it. few with is of that also direction. talk it's Apple Europe also directions, on experience do very other any now definitely and yes, EU, details out the strange. only are limited still right think higher the Apple in partnership not the think why stuff with all very you like that working I and work we But and likes. So on of lot is working we And actually it bit But movement the something think There's of and on. -- which okay to -- lost the know have a have to arrive with in to Likewise in which not need we So, you place? still again, -- other would actively they iron course, good also even and process. a

So I comment allocation capital one my then maybe ago? bit Frode think yes, a so that's But answer. short can on

Eric. Sure, Yes.

So look XXXX, then scale. is when a our I we the on we trend our we -- that we at mean, of set guidance margin and expansion trend underlying -- as sort of normalized that scale based

So I guided or quarter. entire about The guide think EBITDA ahead we relative in percentage of time. scaled point point fourth what consensus, we points XXXX given quarter percentage we have the strongly margin an so very ahead that of to fourth for quarter alone lifted the by of

So if we throughout because XX% look was the the including our remember EBITDA. months expectation original in the expectations final certainly came margin of back, year in for ahead year, you of XXXX

our scale to that been do and but continue to up want we in we healthy quarter-by-quarter, also and invest terms see growth marketing when dollar continue ROI, it, in stepping trend. we So we in we have that

question next with Naved our Khan take we'll Riley. And from B.

Great.

-- if you the browser and because then the of for a a And interest follow-up have Chrome of closed-loop Are you effect Ad you on cooking how to curious get and plan extension. the upcoming awareness any more this Opera drive to for into X, goes I'm On change iOS downloads. March Any color can topic, advertising as you seeing offer if depreciation up any advertisers? so you that system that? I do on increased on kind the

Yes, So this okay. Lin. is

for bit details. in and colleague I'll my comment more the then after start think I a

when screen I least amount. new at and allowing you think probably you phone on choose when yes, to yes, potential So referred the the from ballot of seeing cross you're to others the

yes, I differentiation. of independent the that more I there's so that a looking more for will to very say, yet. Apple that yes, us, not able will technically looking would it point good out it's share. to course, I that. to limitations we're does But of then we're forward well marketing lot more level, But we just to be into sense because definitely probably looking engine marketing to not timing. at have actually -- because on it's browser capability budget, further very increase -- and that need out, yes, How market And our to a we maybe spend actually take make simply think time of work when will clear high I So still because higher more have think RS will Apple agree for it that, pans also make

-- as also this. is comment because are yes, do to on is that web then platform, we and us that into a So natural browser maybe quite yes, bit relevant the traffic just see a ad, we quite

we're impacted We on have all not the four-party data, really and traffic cookies by your and Atos.

focus else we of continue think traffic, well. yes, anything QX, we more trend and on do perhaps a in -- we that as already good and up we'll than see So that see picking web we that will in QX,

bit us or for a good will be be going tailwind forward. it's So advantage a probably to

question Citigroup. Alicia our from take we'll with And Yap next

solid I questions. on Also congrats the quarter. a few have

attract be? is revenue where just If think Brazil, the can that And already then contribution lessons could would learned potential second that from the wondering about your will up contribution following new on there's Brazil GX the initial And users platform? that that is continue on in question markets? ARPU be could given not with coming has been on out kind of believe advertiser you that from on year? Aria integration is, vertical high question category also then the launching if any high-value, to or or last platform, your other First grow the so, browser incremental you you this industry to revenue what later you lead that target

Yes.

Okay.

call Chime and to turn yes, brief. the I'll all So again, Like down in, okay. be further, try and so know, we I'll please then

So, yes.

be that cost news, too think on regions especially others. content regions. the worldwide. really languages, GX of But different you available then across can are of We don't right I GX on much is because have limitations interests

But So U.S. post you yes, European are like there well. a now we we're LatAm, rightly focus, are bit needed countries. have particular, a that really which, expanding localized in and and works which for -- saying we Brazil, into also bit localization as other

to we other So relevant there's look then expand at. into can think LatAm. naturally, I also more we Yes, and regions which want similar into will regions

the PC product that gamers, naturally a of think we big target focus countries I So there where very for GX. gamers that is relevant is and want especially to penetration because region

So day continue GX-based nice think see it. which, of and expansion in it's And how profitable think X. look will we a again, I from I the nice is driver at it very the revenue that's to

more then about So also very excited mean contribution guess. Aria I revenue, that and And will hopefully. margins actually think its commented profit I about it you to because

chain still So it's still lot of say AI and it's a that on you a that top, of or they does to because it, say we already you many take be at click AI can can included view monetizing, you first stage. a it it. focus They if grown of on flagship already like probably Aria -- But looking I of it where would on of bushels. nice that, has if see all, then people you because our get page for regions, a product have monetized a wellness But very bit web people on see the bring offer again, not differentiated. revenue now point and in if totality, course, put

that of a very board partners it's our all that's think are design be should the lot. how even working, monetized example model they a of the duly we that can though with I important how also for we're So course, on because very good

very lost again, not to of about partners So it's a which are our it excited that experimenting. then doesn't limiting mean recommendations may with hotel -- and not link, and we

conceivable. bigger monetized [indiscernible], industry, the very way. want with our a easily of are is do the very and very to closely right nice only just that And we to change a work the almost see to in way thing we like in partners So

question And it's -- what's the that. So I then think last again?

value, to we you continue industry like that user, haven't you been attract. new op vertical grow high advertiser If can able board high the on any to

Yes. Yes. Yes?

Sorry, I note. a have don't

yes, So forgot this I one.

sure. Okay,

works would the I what standing that intent that different a really that I think I mean, e-commerce of specific very We these user in we've you And say now really can quite have you really than to But want we events QX called, "Hey, already a back. hey, say, "Hey, always more, vertical like would coupon yes, -- a that. we out. don't showing, or point cash very see a on that this banners is check because alone, So past in I relevant. say, see want goods now check seen do generic where you bit buy a do Like well. it's those instead maybe focused you we see that it's actually to e-commerce have We can it's high high-intent with use and interesting out.

about -- U.S. our experimenting are of excited some very with so partners We it.

high I think value give we'll intense also write-down event a I to we see appreciative we gives spots. that on it, that we that them very that's and definitely user never try value then focus new good because trend make because -- but commercialize very

lower potentially whatever events quite or good be be may finance, can application relevant. that user can styles card similar credit be potentially with but think e-commerce frequency, very I they're also So Fintech intent, it high-value

are very we excited those the about potential verticals. So new of

just Maybe of I second in guidance. on your terms could comment question

helps that engaged our monetization well that monetize attract that existing users reflect it say, do Aria we us high-value also I directly. us raise in So users, and the and fact we helps would it's so awareness we see very

that's incrementality cautious So it now build and since new. we an more still it's how consider -- we in for to are so

Mark question Lake from Argento next with Street. Our Instructions] [Operator

quick of ones here. couple a Just

So bit continue your talked search, remarks, strength Sang decent about in there. little Lin, to you prepared I know see a

did grew could you it of think mention you XX%. search the I thought market. excess you grow that in But

a of Frode transaction to [indiscernible] bit proceeds. a AI, investment. we do And the there? is look there on contributor of the guys there? secondary down with little the you core shares big reval or in Did the kind for then one recent probability then stake just Just see get on if the monetize opportunity what's wanted you drill a sell to the at any monetization OPay that can And up

Yes.

Okay.

So comment also a And can comment. yes, Frode the yes, I'll the crest. bit brief value on

explained like. really closely we we -- similar do us in work the allocations, then Google growth not bigger we for than, this And I number higher as we I the but have why. it only But do say, function such, to especially we from we're such like starting perhaps like benefiting right? so in when because we have have compare just of a more I Google, case, So the market, a smaller if fact, point higher like really one, user way growth been and growth, like. do we instance, do at with also think with We you guess has Google it's to that's revenue of think growth search revenue have refer course, from in is because much high-aftermarket the are

our lease can shortage, is which because one. positive on perhaps really we're then great closely are user with revenue that the can I mainly future quite we And partner of it And with can and that innovative about also that -- discoverable course, also our that. I that's stream of we core they then because us such potential more because very likely. on such are I efficient, And growth. bring more excited very about from more hope AI, again, very So the you results that. airport. think also also working be the think that this can We important then, incorporation make more if it's But we actually the

the Mark, I comment of question. the on OPE part can

our couple we the of position. operational we time, I of a can significant we XXXX, we are say still haven't business out an based the yet. stake it's didn't a on At We So synergies years ago, is investor. but any have think don't of really not sold the as monetize same part result happy

view, long-term a So time we necessity set it's the a do exit of line. no want But there's position. to real

then mentioned to. an or IPO. line that call, a sale ultimately must for I and an think reason, don't in it a have whether But exit adhere some long that an manner. it via it we'll I And as the on see becomes opportunistic term. we treat we, time consider So That's we how

at Lin for now any to further I And it over Song have will back additional turn time. no the questions this appears or closing that we remarks. program

Sure.

Okay.

the I you again, a top terrific XXXX. for we that experienced XXXX join call the margin sets really year Opera, on history, continued success conclusion. We line appreciate in for Like with So. was think growth for best could our us expansion file product that combined the the up the EBITDA and adjusted

thank would it. also of looking for us. investors to employees our Thank it. in So to really work for I all confidence forward you like hard you, And and our their your for

program. for And this does participation. you Thank your conclude today's

at disconnect time, wonderful any a may have day. You and