Opera Ltd (NASDAQ:OPRA) Q1 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 08:00 am ET

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Opera Ltd (NASDAQ:OPRA) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, good day, everyone, and welcome to the Opera's First Quarter 2020 Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference to Mr. Derrick Nueman, Opera's Head of Investor Relations, to open the call. Thank you. Please go ahead, sir.

Executive
Derrick Nueman

Thanks for joining us. With me today, I have our CFO, Frode Jacobsen, and our COO, Song Lin.

Before I hand over the call to Frode, I would like to remind everyone that in the conference call today, the company will be making statements about its future results and expectations, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements are based on current expectations and the current economic environment and are inherently subject to economic, competitive and other uncertainties and contingencies beyond the control of management. You should be cautioned that these statements are not guarantees of future performance. You may refer to the Safe Harbor statement in the company's earnings release for details.

Our commentary today will also include non-IFRS financial measures, including adjusted EBITDA and adjusted net income, which are different from our consolidated financial statements that are prepared and presented based on IFRS. We believe that the use of these non-IFRS financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation or as a substitute for financial information prepared in accordance with IFRS. Reconciliations between IFRS and non-IFRS metrics for our reported results can be found in our press release that was issued earlier today, a copy of which is on our Investor Relations website.

Finally, we will be launching our business blog soon. Its focus will be to provide more color and updates related to our efforts and initiatives, current topics and to provide more access to our broader leadership team. Hopefully this is something you'll check out once it goes live, and we plan to publish content on a frequent basis.

With that, let me turn over the call to Frode. Frode?

Executive
Frode Jacobsen

Thanks, Derrick, and hello, everyone. In times like these, it's a privilege to be part of the company whose products and services are in more demand than ever. We have never before seen more users of Opera News or of our PC and newer smartphone browsers. Our job is to manage for the near-term implications that the COVID-19 pandemic has in our business. Stay prudent, but at the same time take advantage of our strong product portfolio, our financial strength and our brand assets and aim to exit this period on an even stronger trajectory than what we entered it with.

In 2019, we grew our revenues by over 94%. And for 2020, we originally guided revenue growth of 63% at the midpoint, including $123 million to $133 million for the first quarter. As we shared with the market in April, we ended Q1 even ahead of this guidance as the COVID-19 impact came only late