Opera Ltd (OPRA) 2025 Q1 法說會逐字稿

Welcome to the Opera Limited first-quarter 2025 earnings call. (Operator Instructions)

歡迎參加 Opera Limited 2025 年第一季財報電話會議。（操作員指示）

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. Please begin.

請注意，今天的通話正在錄音。（操作員指示）現在，我想將電話轉給今天的發言人、投資者關係主管馬特·沃爾夫森 (Matt Wolfson)。請開始。

Thank you for joining us. This morning, I am joined by our Co-CEO Song Lin; and our CFO, Frode Jacobsen. Before I hand over the call to Song Lin, I would like to remind you that some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking.

感謝您加入我們。今天上午，與我一起出席的還有我們的聯合執行長宋林和財務長 Frode Jacobsen。在我將電話交給宋林之前，我想提醒您，我們今天就我們的業務、營運和財務業績所做的一些聲明可能被視為前瞻性的。

Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to the Safe Harbor statement in our earnings press release, as well as our Annual Report, Form 20-F, including the risk factors. We undertake no obligation to update any forward-looking statements.

此類聲明基於當前的預期和假設，受多種風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的收益新聞稿中的安全港聲明以及我們的年度報告 20-F 表，其中包括風險因素。我們不承擔更新任何前瞻性陳述的義務。

During this call, we will present both IFRS and non-IFRS financial measures. A reconciliation of non-IFRS to IFRS measures is included in today's earnings press release, which is distributed and available to the public through our investor relations website located at investor.opera.com.

在本次電話會議中，我們將介紹國際財務報告準則 (IFRS) 和非國際財務報告準則 (NON-IFRS) 的財務指標。今天的收益新聞稿中包含了非國際財務報告準則與國際財務報告準則衡量標準的對賬，該新聞稿透過我們的投資者關係網站 investor.opera.com 發布並向公眾開放。

Our comments will be on year over year comparisons unless we state otherwise. With that, let me turn the call over to our Co-CEO Song Lin, who will cover our first quarter operational highlights and strategy, and then Frode Jacobsen, who will discuss our financials and expectations going forward. Song?

除非另有說明，否則我們的評論將基於同比比較。接下來，我將把電話轉給我們的聯合執行長宋林，他將介紹我們第一季的營運亮點和策略，然後是 Frode Jacobsen，他將討論我們的財務狀況和未來預期。歌曲？

Sure. Thanks, Matt, and thank you to everyone for joining us today. I'm excited to share our strong first quarter results with you and to provide an update on our recent business activity. The accelerating business momentum we experienced in the second half of 2024 continued into the first-quarter of 2025.

當然。謝謝，馬特，也謝謝大家今天加入我們。我很高興與您分享我們強勁的第一季業績並提供我們最近的業務活動的最新資訊。我們在 2024 年下半年經歷的業務加速勢頭延續到了 2025 年第一季。

In fact, our year-over-year revenue growth increased from 29% in the fourth-quarter to 40% in the first-quarter, well above the [28 to -- 1%] growth we had previously guided for the period.

事實上，我們的年比營收成長率從第四季的 29% 上升至第一季的 40%，遠高於我們先前預期的 [28% 至 -1%] 的成長率。

This translates to revenue of $143 million a record for the first follower. Once again, our outperformance relative to our previously issued guidance was primarily driven by advertising and in particular, the e-commerce opportunities we are focusing on.

這意味著首批追隨者的收入將達到 1.43 億美元，創下紀錄。再次強調，我們相對於先前發布的指引的優異表現主要得益於廣告，特別是我們關注的電子商務機會。

In fact, advertising revenue growth was 63% in the first quarter, reaching $96 million and now representing two-third of our total revenue. Within this, e-commerce was the fastest growing vertical and over 100% annualized growth, which in turn offset the underlying seasonality pattern we expect to see from Q4 to Q1.

事實上，第一季廣告收入成長了 63%，達到 9,600 萬美元，占我們總收入的三分之二。其中，電子商務是成長最快的垂直行業，年增長率超過 100%，這反過來抵消了我們預計從第四季度到第一季的潛在季節性模式。

Search revenue was $47 million in the quarter, growing 8% year-over-year. The browser serves as a crucial access point for search, and we are pleased to see continued growth in search revenue. By leveraging AI we can effectively identify how user intent, enabling us to optimize the click stream.

本季搜尋收入為 4,700 萬美元，較去年同期成長 8%。瀏覽器是搜尋的重要接入點，我們很高興看到搜尋收入持續成長。透過利用人工智慧，我們可以有效地識別用戶意圖，從而優化點擊流。

This optimization allows us to deliver the best possible experience for both end users and partners, fostering the simultaneous growth of search and advertising. Revenue outperformance leads to increased profitability as demonstrated by adjusted EBITDA of solid $32 million, also well above the high end of our previously issued range.

這種優化使我們能夠為最終用戶和合作夥伴提供最佳體驗，促進搜尋和廣告的同步成長。營收的優異表現帶來了獲利能力的提高，調整後的 EBITDA 達到 3,200 萬美元，也遠高於我們先前發布的最高範圍。

The corresponding margin was 23%, meaning that we were able to accelerate our top line growth without sacrificing the expected profit margin percentage. Our user base continues to be relatively stable and 293 million MAUs while remaining consistent with our ongoing strategy of focusing on those users with the highest value potential.

相應的利潤率為 23%，這意味著我們能夠在不犧牲預期利潤率百分比的情況下加速我們的營業收入成長。我們的用戶群持續保持相對穩定，每月活躍用戶數為 2.93 億，同時我們仍堅持專注於最有價值的用戶的持續策略。

As a result, our analyze output grow and then outstanding 44% year-over-year. After significant updates to both Opera One and GX during the first quarter, the product launches in the first quarter were improvements on the recent refresh, such as the addition of Bluesky, Discord and Slack support to the sidebar of Opera One. Even more relevant and Browser, Opera became the first major browser to present AI agenttic browsing through the Browser Operator.

因此，我們的分析產量年增了 44%。繼第一季對 Opera One 和 GX 進行重大更新後，第一季發布的產品也基於近期的更新進行了改進，例如在 Opera One 的側邊欄中增加了對 Bluesky、Discord 和 Slack 的支援。與瀏覽器更相關的是，Opera 成為第一個透過瀏覽器操作器 (Browser Operator) 提供 AI 代理瀏覽功能的主流瀏覽器。

The Browser Operator marks the first step towards broadening the role of the browser to an application that is also AI agentic and can perform tasks for its users. While working on completing a task, Browser Operator lets users see what's going on at any point in the process as well as what steps it took to complete it.

瀏覽器操作員標誌著將瀏覽器的角色擴展為具有人工智慧代理並能為使用者執行任務的應用程式的第一步。在完成一項任務時，瀏覽器操作員可以讓使用者看到流程中任何時間發生的情況以及完成該任務所需的步驟。

During this process, the user remains in full control and can take over or cancel the task at any given moment. The best part is that Browser Operator works in the same environment as the user, the browser. And another event just order this month, first live demo of Browser Operator we showcase the Browser Operator's ability to make travel bookings and even order flowers to a particular hotel room in Lisbon.

在此過程中，使用者仍然擁有完全的控制權，並且可以隨時接管或取消任務。最好的部分是瀏覽器操作員與使用者在相同的環境（瀏覽器）中工作。本月還有另一項活動，即瀏覽器操作員的首次現場演示，我們展示了瀏覽器操作員進行旅行預訂甚至訂購里斯本特定酒店房間的鮮花的能力。

Given a handful of parameters in English, the browser found a retailer with a website in Portuguese filled the shopping cart with specified flowers along with all relevant delivery and payment information with only the final checkout to be clicked by the user.

輸入一些英文參數後，瀏覽器會找到一個擁有葡萄牙語網站的零售商，該零售商在購物車中填滿了指定的鮮花以及所有相關的送貨和付款信息，用戶只需點擊最後的結帳即可。

We are just starting to see what is possible with an agentic browsing experience. We also brought our browser AI Aria to Opera Mini. This makes Aria available across a full suite of browsers for both mobile and desktop users.

我們才剛開始了解代理瀏覽體驗的可能性。我們也將瀏覽器 AI Aria 引進到 Opera Mini。這使得 Aria 可以在行動和桌面用戶的全套瀏覽器中使用。

Now, close to 300 million people can enjoy the benefits of Aria allowing even our most data conscious users to harness the power of the AI in a data efficient manner. Turning to Opera GX, the browser made for gamers. Our GX user base was 34 million stable. This is a strong and released in the first quarter. On annual basis we grew the GX user base by 14%, with the current annualized ARPU of $3.41 slightly down from the seasonal peak of Q4.

現在，近 3 億人可以享受 Aria 的好處，即使是最注重數據的用戶也可以以數據高效的方式利用人工智慧的力量。轉向 Opera GX，這是一款專為遊戲玩家打造的瀏覽器。我們的GX用戶群穩定在3400萬。這是第一季發布的一款強勢產品。按年計算，我們的 GX 用戶群成長了 14%，目前年化 ARPU 為 3.41 美元，略低於第四季的季節性高峰。

Engagement on GX remains high with continued sequential growth in the number of GX games that are published, registered to users, and the number of unique modes available to users. We also announce our first game for Roblox, Hell's Obby, which is a competition where up to 25 players have raise up a desolated and obstacle-filled wasteland in a high-stakes battle.

GX 的參與度仍然很高，發布的 GX 遊戲數量、用戶註冊的數量以及用戶可用的獨特模式的數量持續增長。我們也宣布了我們的第一款 Roblox 遊戲《Hell's Obby》，這是一場最多 25 名玩家參與的競賽，他們在高風險的戰鬥中建立起一片荒涼且充滿障礙的荒地。

During the first quarter, we also released the latest member of the Opera Browser family, Opera Air. This browser with mindfulness front and center has already received a warm welcome by the text press with enthusiastic and in-depth coverage and we are in the process of fine-tuning it ahead of increasing its marketing. Still, in its first two months alone, Opera Air has already been downloaded over 0.5 million times and we are seeing very encouraging usage.

第一季度，我們也發表了Opera瀏覽器家族的最新成員Opera Air。這款以正念為重點的瀏覽器已經受到了文字媒體的熱烈歡迎和深入報道，我們正在對其進行微調，以擴大其行銷。儘管如此，光是在推出後的前兩個月，Opera Air 的下載量就已超過 50 萬次，我們看到了非常令人鼓舞的使用情況。

Consistent with our focus on the highest value resources, Opera Air is targeting users in western markets. It is still early days, but we like what we see. To summarize, 2025 is off to an impressive start, scaling our business faster than we had thought possible just a few months ago.

與我們對最高價值資源的關註一致，Opera Air 瞄準的是西方市場的用戶。現在還為時過早，但我們對所看到的結果感到滿意。總而言之，2025 年開局令人印象深刻，我們的業務擴展速度比幾個月前我們想像的還要快。

The fact that we achieved this in the face of a highly volatile macro backdrop says something about the appeal of about broadening browser portfolio and our monetization capabilities, and we'll certainly do our very best to keep it up.

事實上，我們在高度動盪的宏觀背景下取得了這一成就，這說明擴大瀏覽器產品組合和我們的貨幣化能力具有吸引力，我們一定會盡最大努力保持下去。

Finally, since a lot of our conversation today might center on the volatility affecting the broader market, I saw to also mention that Opera is actually celebrating its 40th anniversary in 2025 and I've personally been part of the journey for nearly 23 of those years.

最後，由於我們今天的許多談話可能集中在影響大盤的波動性上，我還想提一下，Opera 實際上將在 2025 年慶祝其成立 40 週年，而我個人已經參與了其中近 23 年的歷程。

We've found ourselves in the midst of some other major disruptions over that time, including the emergency of the web itself, our own pioneering of making the internet available on mobile phones. The four of the market teleco, the emergency of smartphones, and the globalization of internet access, we've dealt with changing environments and competition from companies a 1,000 times bigger than ourselves.

在此期間，我們發現自己正處於其他一些重大變革之中，包括網路本身的出現，以及我們自己率先在手機上提供網路連線。面對電信市場的四大挑戰、智慧型手機的出現以及網路存取的全球化，我們面臨著不斷變化的環境以及來自比我們大 1000 倍的公司的競爭。

All that to say that we have a strong track record of navigating a rapidly evolving landscape and finding ways to benefit from it and to contribute to innovation. So while today it's natural that we focus on our ability to grow even faster than what we told you to expect last time. This will always be made possible by our internal focus on how we develop our products and platforms to set ourselves up for success in the long run.

所有這些都表明，我們在應對快速變化的情況以及找到從中受益和促進創新的方法方面有著良好的記錄。因此，今天我們自然會專注於我們的成長能力，甚至比上次我們告訴您的預期還要快。我們將始終專注於如何開發我們的產品和平台，為我們的長期成功做好準備，從而使這一目標成為可能。

With that, let me hand the call over to Frode for additional details.

說完這些，讓我把電話交給弗羅德，以了解更多詳細資訊。

Thanks. Staying on the topic of rapid scaling, with revenue coming in nearly $10 million above the high end of our guidance range, we are certainly off to a solid start of the year with a 40% year-over-year growth rate in the quarter.

謝謝。繼續討論快速擴張的問題，隨著收入超過我們預期範圍的高端近 1000 萬美元，我們無疑迎來了良好的開端，本季度的同比增長率為 40%。

That is 11 percentage-points above both Q4 and the midpoints of guidance for Q1, and that's something about the underlying commercial success of Opera as we enter a new period where an important geography like the US is held back by greater uncertainty among many advertisers.

這比第四季和第一季預測中點都高出 11 個百分點，這表明 Opera 在我們進入一個新時期時，其潛在的商業成功，在這個新時期，美國等重要地區因許多廣告商面臨的更大不確定性而受到阻礙。

Over our nearly seven years as a public company, we've scaled to become several times bigger versus where we started. And we've been careful to guide with caution, even though the underlying trend has consistently been a very positive one.

作為一家上市公司，我們在近七年的時間裡，規模比起最初擴大了數倍。儘管潛在的趨勢一直非常積極，但我們仍保持謹慎的引導。

While in retrospect we could have been less conservative in terms of reflecting how headwinds could affect the first quarter, it is certainly rewarding that we are now able to raise guidance further, even if we believe that these headwinds might be more pronounced in the quarters to come.

雖然現在回想起來，我們在反映逆風如何影響第一季方面本可以不那麼保守，但我們現在能夠進一步提高指引無疑是值得的，即使我們認為這些逆風在未來幾季可能會更加明顯。

The underlying success of Opera and our diverse geographic footprint both provide natural hedges. Beyond revenue, we are also very pleased that our adjusted EBITDA came in at the highest margin percentage indicated in guidance, adding more than $2 million on top of the high end of our EBITDA guidance range.

Opera 的潛在成功和我們多樣化的地理覆蓋範圍都提供了天然的對沖。除了收入之外，我們也非常高興地看到，我們的調整後 EBITDA 達到了指導中指示的最高利潤率百分比，比我們的 EBITDA 指導範圍的高端增加了 200 多萬美元。

In terms of costs, we saw cost of revenue items, scale in line with the advertising revenue over performance. Apart from that, our opic items, pre-adjusted EBITDA landed in accordance with our prior directional commentary.

在成本方面，我們看到收入項目的成本與廣告收入的績效成正比。除此之外，我們的海外投資項目、調整前的 EBITDA 符合我們先前的方向性評論。

This included lowering our marketing spend to $34 million from $41 million in the fourth quarter, which was elevated due to multiple product launches. As in recent periods, we have focused our marketing spend on those users with the highest ARRU returns.

其中包括將我們的行銷支出從第四季度的 4,100 萬美元降至 3,400 萬美元，這筆支出的增加是由於推出了多款產品。與最近一段時間一樣，我們將行銷支出重點放在了那些 ARRU 回報率最高的用戶身上。

Our cash compensation cost was $18 million, up about $1 million versus the Q4 level and more similar to the recent average quarterly cost level as expected.

我們的現金補償成本為 1,800 萬美元，比第四季水準高出約 100 萬美元，與預期的近期季度平均成本水準較為接近。

Other opic items combined were $8 million up about $0.5 million versus the Q4 level and also as expected, year-over-year, all of these cost categories increased in dollars but reduced as a percentage of revenue as we benefit from economies of scale.

其他海外投資項目總計 800 萬美元，比第四季度水準高出約 50 萬美元，正如預期的那樣，與去年同期相比，所有這些成本類別的美元數額都有所增加，但由於我們受益於規模經濟，佔收入的百分比有所下降。

Our operating cash flow was $16 million in the quarter, representing 49% of adjusted EBITDA. Free cash flow from operations came in at $12 million or 37% of adjusted EBITDA. As in prior years, we continue to expect fluctuations in cash conversion on a quarterly basis, which will stabilize as the year progresses towards the full year value.

本季我們的營運現金流量為 1,600 萬美元，佔調整後 EBITDA 的 49%。經營活動產生的自由現金流為 1,200 萬美元，佔調整後 EBITDA 的 37%。與往年一樣，我們預計現金轉換率每季都會出現波動，但隨著年度進展直至達到全年水平，現金轉換率將會趨於穩定。

For example, in this particular quarter, the fact that revenue remained unusually strong as we exited the peak shopping season of Q4 also meant that our accounts receivable did not contract as they did in Q1 last year. And the reduction in marketing costs drove a reduction in quarter and payables. But of course such effects benefit cash flow in future quarters, and so for the year as a whole it's neutral.

例如，在這個特定季度，儘管我們度過了第四季度的購物旺季，但營收仍然保持異常強勁，這也意味著我們的應收帳款並沒有像去年第一季那樣萎縮。行銷成本的降低帶動了季度和應付款項的減少。但當然，這種影響有利於未來幾季的現金流，因此對於全年而言，它是中性的。

To conclude, Q1 marks our 16th consecutive quarter as a Rule of 40 company and yet another quarter of meeting or exceeding our guidance. We are proud to combine solid growth with healthy profitability and have now entered our third-year as a recurring dividend paying company, which lets our shareholders directly benefit from our cash generation through a proper and meaningful yield.

總而言之，第一季是我們連續第 16 個季度成為「40 規則」公司，並且又一個季度達到或超過了我們的預期。我們很自豪能夠將穩健的成長與健康的獲利能力結合起來，並且作為一家經常性派息公司，我們已經進入了第三年，這讓我們的股東透過適當且有意義的收益直接從我們的現金創造中受益。

Since January 2023, we have distributed $2.40 of dividends per share with the next record date scheduled for July. Now turning to guidance. Given political tensions and unresolved trade disputes, we expect to remain in a volatile period for the foreseeable future.

自 2023 年 1 月以來，我們已派發每股 2.40 美元的股息，下一個記錄日期定於 7 月。現在轉向指導。鑑於政治緊張局勢和未解決的貿易爭端，我們預計在可預見的未來仍將處於動盪時期。

But as a lean and fast moving company with the ability to navigate growth pockets, we will do our best to play it to our strengths. Apart from having guided cautiously as the year commenced, there are a couple other reasons why we have some natural cushions from the current volatility as it relates to e-commerce and the US.

但作為一家精實、快速發展的公司，我們有能力駕馭成長空間，我們將盡最大努力發揮我們的優勢。除了年初以來謹慎行事之外，還有其他一些原因使得我們在應對當前與電子商務和美國相關的波動時擁有一些天然的緩衝。

First, while e-commerce is our fastest growing vertical, we still consider the US e-commerce opportunity to be mostly ahead of us. In other words, we have less exposure than many others and believe that there is plenty of opportunity to scale this further in a more normalized environment.

首先，雖然電子商務是我們成長最快的垂直領域，但我們仍然認為美國電子商務機會仍然在我們面前。換句話說，我們的曝光度比許多其他人要低，並且相信在更規範化的環境中有足夠的機會進一步擴大曝光度。

Second, almost all of our advertising revenue is performance-based as opposed to brand advertising. That means that the payment from the advertiser is tied to measurable results, which we believe makes the business more resilient.

其次，我們的廣告收入幾乎都是基於效果的，而不是基於品牌廣告。這意味著廣告商的付款與可衡量的結果掛鉤，我們相信這會使業務更具彈性。

Taken together, we believe we are in a pretty good pretty good relative position for whatever comes next. For 2025 as a whole, we now raise revenue guidance to $567 million to $582 million or 20% annual growth at the midpoint, up from $555 million to $570 million.

總的來說，我們相信，無論接下來發生什麼，我們都處於相當有利的相對地位。對於 2025 年全年，我們現在將營收預期從 5.55 億美元至 5.7 億美元上調至 5.67 億美元至 5.82 億美元，即年增長率為 20%。

That means we are already adding 3 percentage-points-incremental of full year growth with the former high end of guidance now representing the lower part of our revised range.

這意味著我們已經增加了 3 個百分點的全年成長率，而先前的指導上限現在代表了我們修訂範圍的下限。

Similar to before, we have based our guidance on sequential modeling with the race estimates capturing the Q1 overperformance, as well as a modest incremental uplift in what we had previously assumed for each remaining quarter of the year.

與以前類似，我們的指導基於連續模型，其中比賽估計捕捉了第一季的超額表現，以及我們先前對今年剩餘每季的假設的適度增量提升。

As before, this results in a relatively stable trend of quarterly revenue growth measured on a two-year CAGR, which captures the scale we have built in recent quarters, while also evening out our forward looking growth profile.

與以前一樣，這導致以兩年複合年增長率衡量的季度收入成長趨勢相對穩定，這反映了我們最近幾季建立的規模，同時也平衡了我們前瞻性的成長狀況。

In terms of adjusted EBITDA, we now guide $135 million to $140 million for the year as a whole, continuing to represent a 24% margin at the midpoints, but raised to reflect the incremental revenue. Cost wise, we then implicitly guide to a full year OpEx space pre-adjusted EBITDA of $437 million at the midpoints, with a further amplification of the trends that we discussed last.

就調整後的 EBITDA 而言，我們目前預計全年利潤率為 1.35 億美元至 1.4 億美元，中間值繼續保持 24% 的利潤率，但有所上調以反映增量收入。從成本角度來看，我們隱性地引導全年營運支出空間預調整後的 EBITDA 達到中點 4.37 億美元，並進一步放大我們上次討論的趨勢。

Our baseline expectation remains that the margin headwind from growth in cost of revenue items will be offset by margin tailwinds from economies of scale in the remainder of our cost base, leading to a stable EBITDA margin on top of a rapidly scaling revenue base. We now expect cost of revenue items combined will reach 32% to 33% of revenue in 2025, scaling with our overperformance.

我們的基本預期仍然是，收入成本成長帶來的利潤率逆風將被剩餘成本基礎中規模經濟帶來的利潤率順風所抵消，從而在快速擴大的收入基礎之上實現穩定的 EBITDA 利潤率。我們現在預計，到 2025 年，總收入成本將達到總收入的 32% 至 33%，與我們的超額表現成正比。

We expect that marketing cost will grow at the year-over-year percentage in the high-single digits with a relatively stable level from Q1 to Q2 before taking up somewhat higher in the second half of the year. We expect both cash compensation and all other OpEx items pre-adjusted EBITDA combined to grow at year-over-year percentage rates in the mid to high-single digits.

我們預計，行銷成本將以高個位數的年成長率在第一季至第二季保持相對穩定的水平，然後在下半年略有上升。我們預計現金補償和所有其他營運支出項目的調整前 EBITDA 將以中高個位數的年比百分比成長。

In other words, marketing, compensation and the sum of the other smaller OpEx items are all expected to continue to decline as a percentage of revenue in 2025. In line with all this, we guide Q2 revenue of $134 million to $138 million, representing 24% growth at the midpoint and Q2 adjusted EBITDA of $30 million to $32 million or a 23% margin at the midpoints.

換句話說，預計到 2025 年，行銷、薪酬和其他較小營運支出項目的總和占收入的百分比將繼續下降。基於以上所有因素，我們預期第二季營收為 1.34 億美元至 1.38 億美元，中間值成長 24%，第二季調整後 EBITDA 為 3,000 萬美元至 3,200 萬美元，中間值利潤率為 23%。

This represents a lift versus previous Q2 estimates as part of our formal full year guidance, while also including a buffer for volatility from e-commerce advertisers targeting US consumers. Within the implied quarterly OpEx space of $105 million at the midpoints, we expect that cost of revenue items as percentage of revenue will be in the low-30s in the quarter, just below our full year expectations.

作為我們正式全年指引的一部分，這比先前的第二季預測有所提升，同時也包括針對美國消費者的電子商務廣告商的波動緩衝。在隱含的季度營運支出中位數為 1.05 億美元的情況下，我們預計本季收入項目成本佔收入的百分比將在 30% 出頭，略低於我們的全年預期。

We expect marketing costs in the mid to low $30 million range and thereby relatively stable versus the first quarter. And we expect cash compensation costs to increase about $1 million to $2 million versus the Q1 level, inclusive of annual salary adjustments and potentially a weaker US dollars relative to the main currencies of our salary expenses.

我們預計行銷成本在 3000 萬美元中低位，與第一季相比相對穩定。我們預計現金薪酬成本將比第一季增加約 100 萬至 200 萬美元，其中包括年度薪酬調整以及美元相對於我們薪酬支出的主要貨幣可能走弱的情況。

All other OpEx items, pre-adjusted EBITDA are expected to remain quite stable in totality. All-in-all, we are very pleased with the continued success of our business and how we are taking advantage of opportunities to scale faster even in the face of macro challenges that for now might delay some of our growth potential.

所有其他營運支出項目、調整前的 EBITDA 預計整體將保持相當穩定。總而言之，我們對業務的持續成功感到非常高興，即使面臨目前可能會延緩我們部分成長潛力的宏觀挑戰，我們也能抓住機會更快地擴大規模。

With that, I'll turn the call back to the operator for questions.

說完這些，我會將電話轉回給接線生以回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great. Thank you so much and congrats on the quarter and the raised guidance. I just have a couple of questions. Maybe one just on the search growth during the quarter, the 8% is a slowdown from the sort of teens growth that we had been seeing. Is that because you're able to funnel some of this into e-commerce advertising and this is a net result of that? What's the right way to think about search for the full year?

偉大的。非常感謝，並祝賀本季業績和指導價的提高。我只是有幾個問題。也許僅從本季的搜尋成長來看，8% 的成長速度與我們之前看到的青少年成長速度相比有所放緩。這是因為您能夠將其中一部分資金投入到電子商務廣告中，而這是最終的結果嗎？如何正確看待全年搜尋？

And the second question I have is on GX. ARPU declined sequentially. I get it. There is seasonality, but it also seems like, it is below the levels in the quarter before that. How much of a factor is the macro in the ex-ARPU? Thank you.

我的第二個問題是關於 GX 的。ARPU 環比下降。我得到它。這有季節性，但似乎也低於前一季的水平。宏觀因素在前 ARPU 中佔多大比重？謝謝。

Yes. So it's Song Lin. I think I'll just try to answer both of the questions. So I think for search, I think basically, you are right that, basically, what we see is that overall, the whole industry is actually shifting towards a more, I would say, intent based targeting and advertisement, and we just want to grasp that opportunity. So, like, even though, of course, search is always a very, very important part of the browser revenue, the moment we can identify user intents, we have possibility of bringing user, other form of, let's say, advertisements with the clickstream.

是的。原來是宋琳啊。我想我會盡力回答這兩個問題。所以我認為對於搜尋來說，我認為基本上你是對的，基本上，我們看到的是，總體而言，整個行業實際上正在轉向基於意圖的定位和廣告，我們只是想抓住這個機會。因此，儘管搜尋始終是瀏覽器收入中非常非常重要的一部分，但一旦我們能夠識別用戶意圖，我們就有可能為用戶帶來其他形式，例如透過點擊流投放廣告。

So I would say, this partly explains why there's some more like you that's probably why actually you saw so fast, well, the advertisement overall. And then, even though such is below the double-digit, there's still a nice growth that we're happy with. Yeah. So, like, I think basically the overall trend is a bit what we're describing, but then, of course, in the coming quarters, I think we still have to see there will be a very strong growth of such.

所以我想說，這在某種程度上解釋了為什麼有更多像你這樣的人，這可能是為什麼你看到這麼快，嗯，整個廣告。儘管這一數字低於兩位數，但仍然保持了令我們滿意的良好成長。是的。所以，我認為整體趨勢基本上就是我們所描述的那樣，但是，當然，在接下來的幾個季度，我認為我們仍然必須看到這種趨勢將會出現非常強勁的成長。

Moving forward, it's just that, we will always be, optimistic to see that in the chance, it does more, it makes more sense or why let's say, and also from any point of view to let them expose to even more ads in different form, in the form and shapes, we will be very happy to do it. So, and as overall macro, that's probably benefit us, much more than anything else. So they've done that.

展望未來，我們將始終樂觀地看到，在這個機會下，它會做得更多，更有意義，或者說為什麼，並且從任何角度來看，讓他們接觸到更多不同形式的廣告，在形式和形狀上，我們都非常樂意這樣做。因此，從整體宏觀角度來看，這可能比其他任何事情都更有利於我們。所以他們就這麼做了。

And then I think for GX, it's a bit similar that, first of all, I think GX is a business analogy because, Q1 is also a bit on (inaudible) season for adults. So there is that. And then I guess that it's also a matter of, now we actually also with the help of AI, with help of this high intent, the entitlement, whatever, we actually have many more options where we show that, it can potentially be in GX, but then there might also be some other place to show that with the same effect.

然後我認為對於 GX 來說，有點類似，首先，我認為 GX 是一個商業類比，因為 Q1 對成年人來說也有點（聽不清楚）季節。就是這樣。然後我想這也是一個問題，現在我們實際上也在人工智慧的幫助下，在這種高度意圖、權利等方面的幫助下，我們實際上有更多的選擇來展示這一點，它可能在 GX 中，但也可能有其他地方可以展示同樣的效果。

And then, of course, as far as those are not showing GX, we don't really count them at GX revenue. So that's the other part of it, mechanics. But I would say overall, it's actually benefiting for Opera as a company for totality.

當然，只要那些沒有顯示 GX，我們就不會真正將它們計入 GX 收入。這就是它的另一部分，即機制。但我想說，總體而言，這實際上對 Opera 公司整體來說是有利的。

Yeah, I think that's the short answer of those two questions.

是的，我認為這就是這兩個問題的簡短答案。

And on GX, I forgot to ask about currency. If currency played a role, could the dollar is pretty strong in Q1? So how should we think about that?

在 GX 上，我忘了問貨幣。如果貨幣發揮了作用，美元在第一季會相當強勢嗎？那我們該如何看待這個問題呢？

US dollar continues to be or provide a headwind in terms of constant currency. So our growth would have been, we estimate 5 percentage-points to 6 percentage points higher on constant currency. We see on a sequential basis, the impact is quite muted. So of course, in the quarters ahead that might turn to a positive tailwind. But for now, it's still been a headwind.

美元在恆定貨幣方面繼續或將帶來阻力。因此，我們估計，以固定匯率計算，我們的成長率將高出 5 個百分點至 6 個百分點。我們從連續性角度來看，影響相當小。因此，當然，在未來幾個季度，這可能會變成積極的順風。但就目前而言，這仍然是一個阻力。

Thanks so much.

非常感謝。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎 (Lance Vitanza)，考恩 (Cowen) TD。

Thanks guys. Congratulations on the strong quarter. A few questions here. The first, on the e-commerce growth, you mentioned that it offset the typical seasonality. I assume that's just because it's growing so quickly, right? I mean, what I'm getting at is that once the e-commerce business reaches maturity, so to speak, I assume that it too would be seasonal or do you think we should expect a return to the typical seasonality that we've seen at Opera in the first quarter of next year?

謝謝大家。恭喜本季業績強勁。這裡有幾個問題。首先，關於電子商務的成長，您提到它抵消了典型的季節性。我猜這只是因為它增長得太快了，對嗎？我的意思是，一旦電子商務業務成熟，我認為它也將是季節性的，或者您認為我們應該期待明年第一季恢復到我們在 Opera 看到的典型季節性？

Hey, Lance. Yeah. You're right. (multiple speakers) Okay. I'll just complete it, so you can take over. That is what we meant that the underlying growth of the e-commerce opportunity has been so strong that we didn't see a seasonality factor that we would normally expect. Song, I'll hand it over to you.

嘿，蘭斯。是的。你說得對。（多位發言者）好的。我只要完成它，你就可以接手了。這就是我們的意思是，電子商務機會的潛在成長非常強勁，以至於我們沒有看到通常預期的季節性因素。宋，我就交給你了。

No. I think what further described is right. So I think, although, of course, revenue always has seasonality. It should be the case. But then, of course, whenever we saw some aspects which are growing very fast, and then that is almost a happy issue that it should grow almost all of seasonality. I think the only thing maybe I'll emphasize is that, of course, the total e-commerce market is such a huge market, right?

不。我認為進一步描述是正確的。所以我認為，當然，收入總是有季節性的。理應如此。但是，當然，每當我們看到某些方面增長非常快時，這幾乎是一個令人高興的事情，它應該幾乎在整個季節性增長。我想我唯一要強調的是，整個電子商務市場當然是一個巨大的市場，對吧？

So, like, I'm talking about $100 billion market. And even if we grow to be $1 billion in revenue, we're only 1% of it. So I would always say that, yes, you should always assume seasonality as always. The growth potential are still huge for the company like us. It's especially on the ground of e-commerce. So I think we'll continue to focus on it, and hopefully, we can maintain quite aggressive speed in the next quarters to come.

所以，我說的是 1000 億美元的市場。即使我們的營收成長到 10 億美元，我們也只佔其中的 1%。所以我總是說，是的，你應該一如既往地假設季節性。對於我們這樣的公司來說，成長潛力仍然巨大。尤其是在電子商務領域。所以我認為我們會繼續關注它，並希望我們能夠在接下來的幾個季度保持相當積極的速度。

Got it. Thanks. And then, the overall user base, it's drifting a little bit lower. It feels like it's getting harder to round up to 300 million MAUs. And I'm just wondering, is there any cause for concern there? If not now, perhaps in the future, is there a level of total MAUs at which you don't want to be below?

知道了。謝謝。然後，整體用戶群就稍微下降了。感覺要達到 3 億 MAU 變得越來越難。我只是想知道，那裡有什麼值得擔心的事嗎？如果不是現在，那麼也許在將來，是否存在一個你不希望低於的總 MAU 水平？

Lance, I can begin. The thing is there's not a single person in the company that is measured on the MAU count itself because what's important is the byproduct by day, et cetera, engagement and stuff that actually drives the revenue. So I think similar to past quarters was the movements we are seeing is typically emerging markets, mobile users that are churning faster and then we are focusing our marketing spend and growth initiatives on the user base that has the highest ARPU potential.

蘭斯，我可以開始了。問題是，公司中沒有一個人是根據 MAU 數量本身來衡量的，因為重要的是每天的副產品等等、參與度和真正推動收入的東西。因此，我認為與過去幾季類似的是，我們看到的動向通常是新興市場，行動用戶的流失速度更快，然後我們將行銷支出和成長計畫集中在具有最高 ARPU 潛力的用戶群上。

Even though that comes with the trade-off of fewer users coming in, but driving a lot higher revenue. And this is why what you see in our ARPU too, right, that it's up so much or 45% or so in the past year.

儘管這會導致用戶數量減少，但卻能帶來更高的收入。這也是為什麼您在我們的 ARPU 中也能看到它，去年它增長了 45% 左右。

Okay. And then just one last one for me. Switching gears a little bit, but there's been a lot of news flow recently around US antitrust actions affecting Alphabet and the rest of Big Tech. Could you talk for a few minutes about how you see the broader ecosystem evolving and what that could mean for Opera's businesses both on the browser side and also in ad tech?

好的。對我來說，還有最後一個。稍微轉換一下話題，但最近有很多關於美國反壟斷行動影響 Alphabet 和其他大型科技公司的新聞。您能否花幾分鐘談談您如何看待更廣泛的生態系統的發展，以及這對 Opera 在瀏覽器和廣告技術方面的業務意味著什麼？

Yeah. It's Song Lin, yes. Yes. I could. So I'll just comment, right? So we can't really comment on particular litigation, I guess. But I would just say that, overall, I think we have been seeing really, like, even without the mitigation, we saw that there is some major shipping's of, how advertisers do business that, they focus on this, high intent, click streams, which previously is only available, I guess, on, certain product like search.

是的。是的，是宋琳。是的。我可以。所以我只會評論，對嗎？所以我想我們無法真正評論具體的訴訟。但我只想說，總的來說，我認為我們已經看到，即使沒有緩解措施，我們也看到了廣告商如何開展業務的一些主要運輸，他們專注於高意圖的點擊流，我猜，以前這只在某些產品（如搜索）上可用。

But now with the help of AI, it's much more widely available, right? So why this is even a topic? So I would almost say that my view, our view is that, of course, that's really benefiting to Opera as a company, the trends, because of course, as mentioned earlier, our browser is becoming one of the topic even from all those mitigation or whatever.

但現在有了人工智慧的幫助，它的應用範圍就更加廣泛了，對吧？那麼這為什麼會成為一個話題呢？所以我幾乎可以說，我的觀點，我們的觀點是，這當然確實有利於 Opera 公司，這種趨勢，因為當然，正如前面提到的，即使從所有這些緩解措施或其他什麼來看，我們的瀏覽器也正在成為話題之一。

There's a lot of talks about browser, right? Like, it is a hot topic ever. We've never seen, it's almost back to those days where, like, it's the beginning of the Internet that everybody talk about it. So to us as a browser company, of course, that's as good as it gets, for the attention and focus. So I think we are also very visible to innovate, both in terms of browser, but also in terms of how it can be monetized based on the user intent and click stream and the relevant items, right? So that in isolation is a very positive trend. I guess those legislations is almost reflecting part of it.

關於瀏覽器的討論很多，對吧？就像，這一直都是個熱門話題。我們從未見過，這幾乎回到了網路剛興起、人人都在談論的時代。因此，對於我們這家瀏覽器公司來說，這當然是最好的結果，因為它能夠引起人們的注意和重視。所以我認為我們在創新方面也非常明顯，不僅在瀏覽器方面，而且在如何根據用戶意圖和點擊流以及相關項目進行貨幣化方面，對嗎？因此，從孤立的角度來看，這是一個非常積極的趨勢。我想這些立法幾乎反映了其中的一部分。

And then, like, also the various objectives whatever, they, of course, ask you for opening up for competition or whatever, right around in general, that overall trend is positive class, I would say, that they are being opening up and then we are still as an agile company. We are coming from a small place. It means we have many, many times growth potential and we are very positive about the directions.

然後，就像各種目標一樣，無論什麼，他們當然都要求你開放競爭或其他什麼，總的來說，總體趨勢是積極的，我想說，他們正在開放，然後我們仍然是一家敏捷的公司。我們來自一個小地方。這意味著我們擁有許多倍的成長潛力，而且我們對發展方向非常樂觀。

Thank you, gentlemen.

謝謝各位。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Thanks so much for taking the question. I wanted to go a little bit deeper into the e-commerce opportunity. Could you give us a little bit of color of either the vertical exposure or the geographic exposure of your e-commerce advertisers today, how to think about the diversification of that mix looking out over the next 12 to 18 months?

非常感謝您回答這個問題。我想更深入地了解電子商務機會。您能否向我們介紹一下目前電子商務廣告商的垂直曝光度或地理曝光度，以及如何看待未來 12 到 18 個月內這種組合的多樣化？

And when you talk to these advertisers and there's elements of them widening out the array of advertising we do as a platform. How do you think about some of the gaining factors that you're trying to solve for with them to increase their overall budget exposure? Thank you.

當你與這些廣告商交談時，你會發現他們正在擴大我們作為平台所做的廣告範圍。您如何看待您試圖與他們一起解決的一些增益因素，以增加他們的整體預算曝光度？謝謝。

Hi, Eric. I can begin to describe the e-commerce opportunity. So as Song mentioned, I think, on the call, it's growing very quickly. It continues to grow at over 100% year-over-year rates, meaning that it's becoming a sizable part of our advertising revenue and approaching search in terms of financial importance.

你好，埃里克。我可以開始描述電子商務機會。正如宋在電話會議上提到的那樣，我認為它正在迅速增長。它繼續以超過 100% 的年增長率增長，這意味著它正在成為我們廣告收入中相當大的一部分，並且在財務重要性方面接近搜尋。

It's a very -- it's a globally distributed opportunity still. As we talked about on this call, in particular, we think the US opportunity is a lot of it is still ahead of us. And it's also what we like in general about the growth of advertising is sort of the increased diversification of the partner base. So I think these are positive directions for the revenue mix as we also look ahead.

這仍然是一個非常——全球分佈的機會。正如我們在這次電話會議上特別談到的，我們認為美國還有很多機會等著我們。整體而言，我們對廣告業務的成長感到滿意，因為合作夥伴基礎變得更加多樣化。因此，我認為，展望未來，這些都是收入組合的正面方向。

Great, thank you.

太好了，謝謝。

Mark Argento, Lake Street.

馬克‧阿根托 (Mark Argento)，湖街。

Yeah. Thanks. Good morning. Yeah, maybe we take another stab at that e-commerce question in terms of better understanding kind of the levers there. You said in particular the US opportunity is still fairly nascent. To actually start to develop that opportunity more, do you have to attract specific platforms, in particular special in particular retailers or e-commerce retailers? What are the levers you need to see that growth start to happen in the US?

是的。謝謝。早安.是的，也許我們可以再次嘗試解決電子商務問題，以便更好地理解其中的槓桿作用。您特別提到了美國的機會仍處於萌芽階段。為了真正開始進一步開發這個機會，您是否必須吸引特定的平台，特別是特定的零售商或電子商務零售商？您需要哪些槓桿才能看到美國開始成長？

Yeah. It's Song Lin here, right? So yeah, so I guess, for a (inaudible) comment for that it's still holidays for us to see it. I think for us, our strength is really on performance, as mentioned. So which means any advertiser which focus more on performance, focus more on incrementality. Typically, we are actually a very good partner to work with.

是的。是宋琳吧？是的，所以我想，對於（聽不清楚）評論來說，我們仍然可以在假期中觀看它。我認為，對我們來說，我們的優勢確實在於效能，正如所提到的。這意味著任何更關注效果的廣告商都更關注增量。通常來說，我們其實是一個非常好的合作夥伴。

And again, very similar as those advertiser, which previously probably invested more in, I would say, either brand or either some search advertising. Then I think, if you want to catch the similar amount of high user intent, I think we normally see we actually excel in those areas. So that's very good.

這與那些廣告商非常相似，他們之前可能在品牌或搜尋廣告上投入了更多資金。然後我想，如果你想捕捉到類似數量的高用戶意圖，我認為我們通常會看到我們在這些領域確實表現出色。這非常好。

And as mentioned, like, the whole e-commerce market is huge. US is big. Despite of some volatility, I think there is still major potential than we are just scratching the surface of it. So I think those are all the areas which we focus on. And maybe I'll just mention that, of course, way at this stage, we choose to work with perhaps not long tail, but probably not with the bigger playoffs. It's just because those are typically the ones that have scale and having impact, while later on, the long tail retailers will probably follow along.

如同前面所提到的，整個電子商務市場非常龐大。美國很大。儘管存在一些波動，但我認為仍然有很大的潛力，而我們才剛剛觸及表面。所以我認為這些都是我們關注的領域。也許我只是想提一下，當然，在這個階段，我們選擇的工作可能不是長尾，但可能不會與更大的季後賽合作。這只是因為這些通常具有規模和影響力，而後來，長尾零售商可能會跟進。

So that's in general strategy. But I would just also say that, just want to mention that Opera, of course, many people don't realize we are from Norway. We are from a country where there's only, 5 billion people. So like, we don't really have a domestic market to start with.

這就是總體策略。但我還要說的是，只是想提一下歌劇，當然，很多人沒有意識到我們來自挪威。我們來自一個只有50億人口的國家。所以，我們實際上一開始就沒有國內市場。

We're always trying to find opportunity globally in a global market. So while, yes, we're growing very fast in US, we also see big growth opportunity there. In Asia, for instance, we grow very fast in Southeast Asia. We grow fast in Japan. We grow fast hopefully, in Korea. We also have very good growth in LatAm and in many other countries. So I think to us, we just feel that this is the bigger opportunity, a major macro trend that we can take advantage on, and we'll focus on it both inside US but also globally.

我們始終致力於在全球市​​場中尋找全球機會。因此，雖然我們在美國發展非常快，但我們也看到了那裡巨大的成長機會。例如在亞洲，我們在東南亞發展非常快。我們在日本發展迅速。希望我們在韓國能夠快速成長。我們在拉丁美洲和許多其他國家也取得了非常好的成長。所以我認為，對我們來說，我們只是覺得這是一個更大的機會，一個我們可以利用的主要宏觀趨勢，我們將不僅關注美國國內，也關注全球。

So, is it safe to say the environment in a kind of more tepid or slowing environment that we're in right now in the US, is that almost more favorable for you guys and as much as the opportunity to drive more wallet share, focus more on performance in the US market or is it something that people are taking a wait and see approach here near-term?

那麼，可以肯定地說，我們目前在美國所處的更溫和或更放緩的環境中，這對你們來說是否更有利，並且有機會增加錢包份額，更加關注美國市場的表現，還是人們在短期內會採取觀望態度？

Yeah. So, I would almost say that I think typically in those kind of volatility environments, you probably saw those brand, the typically brand advertisers or those, let's say, more brand focused platforms probably stock on both because those are the ones which are typically a bit more easy to be get out, I would say. While I think you are right that we see that in a volatility environment because we only get paid when Aria has performance.

是的。所以，我幾乎要說，我認為通常在那種波動的環境中，你可能會看到那些品牌，典型的品牌廣告商，或者那些更注重品牌的平台，可能會同時持有這兩種股票，因為我想說，這些通常更容易被淘汰。但我認為你是對的，我們在波動的環境中看到了這一點，因為只有當 Aria 有表現時我們才會獲得報酬。

So in such an environment, I would say they almost prefer to work with us because it's more like you only pay us when you have performance, so you don't worry about it. At least that's what we saw in Q1 that's drive such high growth and hopefully that will enable us to continue the growth in the quarters to come.

因此，在這樣的環境下，我想說他們幾乎更願意與我們合作，因為這更像是只有當你有績效時才付錢給我們，所以你不必擔心。至少我們在第一季看到了推動如此高成長的因素，希望這將使我們能夠在未來幾季繼續保持成長。

Great. Thanks guys.

偉大的。謝謝大家。

(Operator Instructions)

（操作員指示）

Jim Callahan, Piper Sandler.

吉姆·卡拉漢、派珀·桑德勒。

Hi. Thanks for taking the question. In search, I think in the past you've called out a benefit from Choice Screens in Europe. Is there any sort of trends to note there?

你好。感謝您回答這個問題。在搜尋方面，我認為您過去曾提到歐洲 Choice Screens 帶來的好處。那裡有什麼值得注意的趨勢嗎？

Sure. So, yes, I would say yes. Yes. I don't think we actually publish particular, European social growth level. But, yes, I think the answer is very true that, if you look at -- if you really dug down into our performance, wherever we actually have Choice, we have to have much bigger growth than what than average growth is.

當然。所以，是的，我會說是的。是的。我認為我們實際上並沒有公佈具體的歐洲社會成長水準。但是，是的，我認為答案是非常正確的，如果你看一下——如果你真正深入研究我們的表現，無論我們實際上在哪裡有選擇，我們的成長都必須比平均成長大得多。

The only thing as I mentioned in that, of course, there's also some double effect that we will also able to take advantage to turn some of the social revenue into advertisement revenue, which doesn't really show up in the States properly. But yes, you're 100% right. That Choice Screen has a major help on us on the search revenue, and we hope that will continue.

正如我所提到的，當然，還有雙重效應，我們也可以利用它將部分社會收入轉化為廣告收入，而這在美國並沒有真正體現出來。但是的，你 100% 正確。選擇螢幕對我們的搜尋收入有很大幫助，我們希望這種情況能夠持續下去。

Got it. Okay. That's helpful. And then second kind of similar vein on the marketing expense, talking to sort of like high-single digit growth year-over-year. Is there any sort of, like channel allocation changes this year, anything that's working well that's worth kind of calling out or talking to?

知道了。好的。這很有幫助。然後，第二種類似的情況是行銷費用，年成長率約為個位數。今年的頻道分配有沒有什麼變化，有什麼進展順利、值得指出或討論的嗎？

I would say, as we -- when we look from the change from the prior Q4 into Q1, we had a spike in Q4 with the bigger releases of both Opera One and Opera GX. And then I think the sequential change was primarily around the sort of online campaigns promoting the apps through sort of click-based campaigns, whereas the broader brand building initiatives working with content makers, influencers, et cetera, those things are more stable quarter-to-quarter. And as I guided, as we look ahead, we expect Q2 will be relatively similar before we pick up a bit quarter-by-quarter in the second half of the year.

我想說的是，當我們回顧從前一季到第四季的變化時，我們會發現，隨著 Opera One 和 Opera GX 的較大版本的發布，第四季度出現了激增。然後，我認為連續的變化主要圍繞著透過基於點擊的活動來推廣應用程式的線上活動，而與內容製作者、影響者等合作的更廣泛的品牌建設計劃，這些事情在各個季度之間更加穩定。正如我所引導的，展望未來，我們預計第二季度的情況將相對相似，然後在下半年逐季度略有回升。

Okay great thank you.

好的，非常感謝。

Thank you. At this time, we have no further questions. I'd like to turn it back over to Mr. Song Lin for any additional or closing remarks.

謝謝。目前我們沒有其他問題。我想將發言權交還給宋林先生，請他做進一步的發言或結語。

Sure. So, thank you all for joining us today. Q1 really showed the potential of our continued growth acceleration, and we will focus our attention on the best opportunities for the times ahead. Have a good rest of the day, and we look forward to reconnecting on our Q2 results.

當然。所以，感謝大家今天的參加。第一季確實展現了我們持續成長加速的潛力，我們將把注意力集中在未來的最佳機會上。祝您今天過得愉快，我們期待再次討論第二季的業績。

We'd like to thank everybody for joining us on today's call. Please feel free to disconnect your line at any time.

我們感謝大家參加今天的電話會議。請隨時斷開您的線路。