Opera Ltd (OPRA) 2025 Q2 法說會逐字稿

Welcome to the Opera Limited second quarter 2025 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. Please begin.

歡迎參加 Opera Limited 2025 年第二季財報電話會議。（操作員指示）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. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties.

感謝您加入我們。今天上午，我與我們的聯合執行長宋林和財務長 Frode Jacobsen 一起出席了會議。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。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。

Actual results could differ materially. Please refer to the Safe Harbor statement in our earnings press release as well as our annual report on Form 20-F, including the risk factors. We undertake no obligation to update any forward-looking statements. 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.

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 20-F 表年度報告，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。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. And with that, let me turn the call over to our co-CEO, Song Lin, who will cover our second quarter operational highlights and strategy, and then Frode Jacobson, 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，他將介紹我們第二季度的營運亮點和策略，然後是弗羅德·雅各布森，他將討論我們的財務狀況和未來預期。歌曲？

Thank you, Matt and everyone else for joining us today. We have been looking forward to sharing our second quarter results with you and also update you on our latest gain and priorities, it is a very exciting business landscape. I am going to start with the financials. The second quarter experienced year-over-year revenue growth of 30% compared to guidance of 22% to 26% and well ahead of 17% growth in the second quarter of last year.

感謝馬特和大家今天加入我們。我們一直期待與您分享我們的第二季業績，並向您通報我們的最新收益和優先事項，這是一個非常令人興奮的商業前景。我將從財務方面開始。第二季營收年增 30%，預期成長 22% 至 26%，遠高於去年第二季 17% 的增幅。

This marks our 17th straight quarter as a (inaudible) of 40 company entirely fueled by organic revenue growth and healthy margins leading to cash flows that fund both innovation and our recurring dividend. Advertising revenue grew 44% year-over-year to $93 million. E-commerce remains the fastest-growing vertical within advertising, continuing to grow over 100% year-over-year despite the ongoing volatility due to tariff uncertainty.

這是我們作為 (聽不清楚) 第 40 家公司之一連續第 17 個季度完全由有機收入增長和健康利潤率推動的，從而產生的現金流既為創新提供了資金，也為我們的經常性股息提供了資金。廣告收入年增 44%，達到 9,300 萬美元。電子商務仍然是廣告領域成長最快的垂直行業，儘管由於關稅不確定性而持續波動，但其年增長率仍超過 100%。

While the growth spurred from e-commerce, our revenue mix has resulted in the vertical, now representing nearly half of total advertthising revenue. We still believe we are under-indexing where and for [Hero] for continued expansion as we move into the retail heavy back half of the year. We're also very pleased to see such revenue returning to double-digit growth, up 11% year-over-year to $50 million in the quarter.

雖然電子商務推動了成長，但我們的收入結構已轉向垂直領域，目前佔廣告總收入的近一半。我們仍然相信，隨著我們進入下半年零售業的鼎盛時期，我們對[Hero]的持續擴張的預期仍然不足。我們也很高興看到該季度營收恢復兩位數成長，年增 11%，達到 5,000 萬美元。

The sequential growth of 6% was also price as I had it was in Q2 last year, benefiting from the continued mix shift of our user base towards higher [operations]. We also see a broader trend was a new focus on high user internet traffic powered by AI leading to monetization opportunities arriving not only during after search but also around pre and post search, providing ample opportunities for those in a position to detect and create value.

環比成長 6% 也與去年第二季一樣，得益於我們的用戶群持續向更高價格轉變[營運].我們也看到一個更廣泛的趨勢，那就是人們開始關注由人工智慧驅動的高用戶網路流量，這不僅帶來了搜尋後期間的貨幣化機會，也帶來了搜尋前和搜尋後的貨幣化機會，為那些能夠發現和創造價值的人提供了充足的機會。

This allows us to deepen cooperation in a space with a wide range of partners from traditional search providers to e-commerce, travel, and gaming notices, almost in the US, now increasingly also a global trend with exciting new opportunities ahead. This strong revenue performance leads to adjusted EBITDA of $22 million, just above the high end of our previously issued guidance and once again, demonstrating that we can outperform our revenue expectations while hitting our profit targets.

這使我們能夠與廣泛的合作夥伴深化合作，從傳統搜尋提供者到電子商務、旅遊和遊戲通知，幾乎在美國，現在也越來越成為一種全球趨勢，未來有令人興奮的新機會。強勁的收入表現使調整後的 EBITDA 達到 2200 萬美元，略高於我們之前發布的指引的高端，並再次證明我們可以在實現利潤目標的同時超越我們的收入預期。

With that, I'll move to our product and our strategic opportunities. We are at the dawn of a new era in [compute] and surrounded by AI companies competing for users to their models. Beyond being a huge source of traffic. We believe that the browse of will emerge as the operating system for these AI services.

接下來，我將談談我們的產品和策略機會。我們正處於計算新時代的黎明，周圍的人工智慧公司都在爭奪其模型的用戶。不僅僅是成為巨大的流量來源。我們相信瀏覽器將成為這些人工智慧服務的作業系統。

Today, the majority of AI agents run as cloud-hosted webpages. That is clearly [inferior] to the potential of abrasion native architecture, which elevates agents capabilities by allowing local native operations throughout side-by-side ways and sometimes indistinguishable from regional human operations. This is key for AI be truly and consistently helpful enabling faster execution, reach our contextual outstanding, and the broader functional extensibility, and also better solution for information privilege.

如今，大多數人工智慧代理都以雲端託管網頁的形式運作。這顯然不如磨損本地架構的潛力，磨損本地架構透過允許並行的本地本地操作來提升代理的能力，有時甚至與本地人工操作難以區分。這對於人工智慧真正、持續發揮作用至關重要，能夠實現更快的執行速度、達到我們的上下文卓越性、更廣泛的功能擴展性，以及更好地解決資訊特權問題。

The browser AI agent can have access to all the information accessible by the user, whether it's local files, communication platforms, or premium subscription content, raise greater control of proxy and security and more efficient use of computing resources.

瀏覽器AI代理可以存取用戶可存取的所有信息，無論是本地文件、通訊平台還是高級訂閱內容，從而提高對代理和安全性的更強控制力，並更有效地利用計算資源。

In this context, we are so excited about what we are building for public release during the [fall] the AI grows offer in Neon. Neon will combine major AI use cases into a single-user interface with the native functionality of the Opera browser that is already appreciated for product business. Opera Neon is built to be the gateway AI where web applications and automation converge.

在這種背景下，我們對秋季在 Neon 中推出的 AI 成長服務公開發布版本感到非常興奮。Neon 將把主要的 AI 用例與 Opera 瀏覽器的原生功能結合到單一使用者介面中，而 Opera 瀏覽器的原生功能已經受到產品業務的讚賞。Opera Neon 旨在成為 Web 應用程式和自動化融合的網關 AI。

The value creation opportunity is huge. For example, there are over 1 billion knowledge workers worldwide who rely on the browser and their primary workspace. These same workers on average (inaudible) and a far greater number of [Uber] tasks was all in all losing 40 minutes to contact searching every day. This creates an opportunity for an agent collaborator as a natural evolution of how people work based on existing user habits and muscle memory.

價值創造機會巨大。例如，全球有超過 10 億知識工作者依賴瀏覽器和他們的主要工作空間。這些工人平均（聽不清楚）和大量的 [Uber] 任務每天總共浪費 40 分鐘來搜尋聯絡方式。這為代理合作者創造了一個機會，這是人們根據現有使用者習慣和肌肉記憶的工作方式的自然演變。

Opera is uniquely positioned for this, both in terms of competence and scale. We have been pioneer in browsing innovation for the past 30 years and we operate at a scale far greater than most web-based AI platforms with our nearly 300 million users. We will make AI readily accessible, naturally integrated, and with immediate productivity, benefits for our users.

無論從能力或規模來看，Opera 都具有獨特的優勢。過去 30 年來，我們一直是瀏覽創新的先驅，我們的規模遠遠超過大多數基於網路的 AI 平台，擁有近 3 億用戶。我們將使人工智慧易於存取、自然整合並立即產生生產力，為我們的用戶帶來好處。

Automation and task intelligence will be built right into the routines that already exists. We can't wait to show you. Moving on from AI, I wanted to give you an update on Opera GX, the browser made for gamers. The GX user base was 33 million MAUs in the second quarter, up 11% year-over-year and with annualized ARPU of $3.47.

自動化和任務智慧將被內建到現有的例程中。我們迫不及待地想向您展示。說到 AI，我想向大家介紹一下 Opera GX，這是一款專為遊戲玩家打造的瀏覽器。GX 第二季的用戶群為 3,300 萬 MAU，較去年同期成長 11%，年化 ARPU 為 3.47 美元。

Opera GX released an update during the quater providing users with a pack enhanced tap management capabilities and improved multitasking features. The update allows for side-by-side tap viewing, easy trading of recently visited pages, and a function to organize related tabs into collectible groups.

Opera GX 在本季發布了更新，為用戶提供了增強的點擊管理功能和改進的多工作業功能。更新後，可以並排點擊查看、輕鬆交易最近造訪過的頁面，以及將相關標籤組織成可收集群組的功能。

We are also in the process of soft launching Opera GX in South Korea with Japan to follow shortly, leveraging our partnership with League of Legends as the preferred browsers. There's a lot going on with our flagship browsers as well, both for computers and for phones though in the interest of time, I will dive deep into those on our Q3 call later in the year since that will coincide with the coming rollout of the [soft] edition of Opera One with even more new exciting features.

我們也在韓國試運行 Opera GX，並將很快在日本推出，利用我們與英雄聯盟的合作夥伴關係作為首選瀏覽器。我們的旗艦瀏覽器也有很多進展，包括電腦版和手機版，但出於時間考慮，我將在今年稍後的第三季電話會議上深入探討這些瀏覽器，因為這將與即將推出的 Opera One [軟體] 版本相吻合，該版本將具有更多令人興奮的新功能。

In terms of our overall user base and economics, our strategy of focusing our products and marketing on the highest value segments is unchanged, resulting in solid 5% ARPU growth to an annualized level of $1.97, with 289 million MAUs in the quarter.

就我們的整體用戶群和經濟狀況而言，我們將產品和行銷重點放在最高價值領域的策略沒有改變，導致本季度 ARPU 穩定成長 5%，達到年化水準 1.97 美元，MAU 為 2.89 億。

I will wrap up with the final topic, stablecoins. We view the stable coins point market as one of the most exciting aspects within the fintech space through the use of [non-custody] wallets, Opera created a stablecoin based wallet called MiniPay. MiniPay allows people to hold, send, and receive funds instantly using just a phone number. MiniPay already works with over 40 different currencies in three countries and allow its users to seamlessly convert local cash into a stablecoin back to wallet using their presort method, card, Apple Pay, [NovoMoney], and to switch back in just an easily.

我將以最後一個主題“穩定幣”來結束。我們認為穩定幣積分市場是金融科技領域最令人興奮的方面之一，透過使用[非託管]錢包，Opera 創建了一個名為 MiniPay 的基於穩定幣的錢包。MiniPay 讓人們可以只使用電話號碼即可立即持有、發送和接收資金。MiniPay 已經與三個國家的 40 多種不同貨幣合作，並允許其用戶使用其預分類方法、卡片、Apple Pay、[NovoMoney] 將當地現金無縫轉換為穩定幣並返回錢包，並輕鬆切換回來。

A person located in Europe or the US can then easily send balance or even make an instant payment of growth risk and the checkout (inaudible) miles away. MiniPay also introduced the notion of pockets, which allows for switching between stablecoins with just one click.

然後，位於歐洲或美國的人可以輕鬆發送餘額，甚至可以立即支付成長風險，結帳（聽不清楚）距離很遠。MiniPay 還引入了「口袋」的概念，只需單擊即可在穩定幣之間切換。

With several real-world applications already, MiniPay has the potential to improve the lives of millions of people globally. By simplify the experience we removed some major barriers for people to take advantage of this technology. As a result, MiniPay has reached 9 million activated wallets and exceeded 250 million transactions, and is now among the fastest-growing non-custodial wallet globally.

MiniPay 已在現實世界中推出多個應用，有潛力改善全球數百萬人的生活。透過簡化體驗，我們消除了人們利用這項技術的一些主要障礙。目前，MiniPay 啟動錢包數量已達 900 萬個，交易筆數超過 2.5 億筆，是全球成長最快的非託管錢包之一。

In addition, we're asking the development of short-party apps within mini-pay in further differentiating the app and creating a positive feedback loop to fuel additional growth. While our near-term priority is scale building we already generated mini pay revenue from integrations that ensure native support for ecosystem partners. MiniPay was already launched within our lightweight Opera Mini browser and android phones and is now also available as a stand-alone app on both Android and iOS, providing an even richer visual set and sets the stage for transacting across continents without expensive residence fees.

此外，我們要求在小額支付中開發短方應用程序，以進一步區分應用程式並創建積極的反饋循環以推動進一步成長。雖然我們的近期重點是規模建設，但我們已經從確保對生態系統合作夥伴提供本地支援的整合中獲得了少量付費收入。MiniPay 已經在我們的輕量級 Opera Mini 瀏覽器和安卓手機中推出，現在也可以作為獨立應用程式在安卓和 iOS 上使用，提供更豐富的視覺效果，並為跨大洲交易奠定基礎，無需支付昂貴的居住費。

We have observed positive regulatory developments in the stablecoin space, most recently the Genius Act in the United States and the belief we can capture additional growth as this base continues to mature. All in all, we find ourselves in a privileged position of both being able to rapidly scale revenue opportunities, while also being well situated to capitalize on two transformative and highly strategic technologies, AI, and the adoption of stablecoins as a way to drive financial inclusion.

我們觀察到穩定幣領域的監管出現了積極進展，最近是美國的《天才法案》，我們相信，隨著該基礎的不斷成熟，我們可以獲得額外的成長。總而言之，我們發現自己處於一個有利地位，既能夠迅速擴大收入機會，又能夠利用兩項變革性和高度策略性的技術——人工智慧和採用穩定幣來推動金融包容性。

We will stay very close to capture these opportunities and we look forward to keeping you posted on these developments. Frode will now dive into the details behind our financial results before providing our updated guidance for the remainder of '25. Frode?

我們將密切關注這些機會，並期待隨時向您通報這些進展。Frode 現在將深入了解我們的財務業績細節，然後為 25 年剩餘時間提供更新的指導。弗羅德？

Thanks, Lin. First of all, we are very pleased to yet again deliver on high expectations and exceed both our own guidance as well as rate expectations. Revenue growth was 30% year-over-year, well ahead of our already strong guidance of 22% to 26% growth. Looking at the first half as a whole, we grew revenue 35% year-over-year, which is more than double the year-over-year growth in the first half of 2024.

謝謝，林。首先，我們非常高興再次滿足了人們的高期望，並且超越了我們自己的指導和利率預期。營收年增 30%，遠高於我們先前預期的 22% 至 26% 的強勁成長。縱觀整個上半年，我們的營收年增了 35%，是 2024 年上半年年增率的兩倍多。

Over the past year, our advertising revenue has scaled to new levels, preparing for and then ceasing e-commerce opportunities, we saw major growth acceleration in the second half of last year, followed by an unprecedented sequential growth from the seasonal peak of Q4 into Q1 2025. And with Q2, we saw the expansion of global opportunities, largely offsetting the impact of tariff-related headwinds in US e-commerce.

在過去的一年裡，我們的廣告收入擴大到了新的水平，為電子商務機會做準備，然後停止，我們在去年下半年看到了大幅增長加速，隨後從第四季度的季節性高峰到 2025 年第一季度出現了前所未有的連續增長。隨著第二季的到來，我們看到了全球機會的擴大，這在很大程度上抵消了美國電子商務關稅相關不利因素的影響。

We have been positively assured by the resilience of our newly scaled advertising revenue streams in an otherwise volatile macro picture. We also saw search revenue return to double-digit growth as expected, which adds to our ability today to significantly raise our growth expectations for the year.

在宏觀經濟情勢動盪的情況下，我們新擴大的廣告收入流所表現出的韌性讓我們感到十分安心。我們也看到搜尋收入如預期般恢復了兩位數的成長，這增強了我們今天大幅提高全年成長預期的能力。

On the cost side, Q2 OpEx came in according to our prior directional commentary across marketing, compensation, and the other smaller items combined, while cost of revenue scales with the revenue overperformance and came in at the same percentage of revenue as in Q1.

在成本方面，第二季的營運支出符合我們先前對行銷、薪酬和其他較小項目合併的方向性評論，而收入成本則與收入超額表現成比例，佔收入的百分比與第一季相同。

This means that we were able to grow faster than expected and strengthen our overall business trajectory going into the second half of the year, while still exceeding the high end of our adjusted EBITDA guidance. Our operating cash flow was $33 million in the quarter, representing 103% of adjusted EBITDA with the cash flow headwinds of Q1, representing tailwinds in Q2.

這意味著我們能夠實現比預期更快的成長，並在進入下半年時加強我們整體業務的發展軌跡，同時仍超過調整後的 EBITDA 指引的高端。本季我們的營運現金流為 3,300 萬美元，佔調整後 EBITDA 的 103%，第一季的現金流為逆風，而第二季則為順風。

Free cash flow from operations came in at $29 million or 91% of adjusted EBITDA. As always, we continue to expect fluctuations in cash conversion on a quarterly basis with the year-to-date conversion stabilizing as the year progresses. Adjusted diluted EPS was $0.26 in the quarter. We present adjusted net income and adjusted diluted EPS to provide a consistent view on the underlying business performance, excluding accounting impacts from investments such as OPEC and share-based compensation expenses which is quite volatile in the P&L due to timing of grants.

經營活動產生的自由現金流為 2,900 萬美元，佔調整後 EBITDA 的 91%。與往常一樣，我們預計現金轉換率每季都會出現波動，但隨著時間的推移，年初至今的轉換率將趨於穩定。本季調整後稀釋每股收益為 0.26 美元。我們呈現調整後的淨收入和調整後的稀釋每股收益，以提供對基礎業務表現的一致看法，不包括歐佩克等投資和股權激勵費用的會計影響，由於授予時間的原因，這些費用在損益表中波動很大。

While the number of actual equity instruments invested each year has been fairly stable. This cost adjustment also eliminates the accounting impact of equity grants made by our majority shareholder, consisting of options in that shareholder itself and not causing dilution for uppers other shareholders.

而每年實際投資的權益工具數量較穩定。這項成本調整也消除了我們大股東授予的股權的會計影響，包括該股東本身的選擇權，並且不會對上級其他股東造成稀釋。

The resulting adjusted diluted EPS thereby becomes a less volatile metric tied to the underlying profitability of our operations. As Song mentioned, the second quarter was our 17th consecutive quarter as a rule of 40 company with revenue and adjusted EBITDA once again meeting or exceeding our previously issued guidance. We are incredibly happy to continue to execute at these levels of revenue growth matched by healthy profits, allowing us to continue to return cash to shareholders through our recurring dividend program.

由此產生的調整後稀釋每股盈餘成為與我們營運的基本獲利能力掛鉤的波動性較小的指標。正如宋所提到的，第二季度是我們連續第 17 個季度，作為 40 強公司，收入和調整後 EBITDA 再次達到或超過我們之前發布的指引。我們非常高興能夠繼續保持這樣的收入成長水準和健康的利潤，這使我們能夠透過經常性股利計畫繼續向股東返還現金。

Since January 2023, we have distributed $2.80 of dividends per share. And during the three years prior to that, we bought back 30% of our outstanding stock. That's another way of driving value for our shareholders.

自 2023 年 1 月以來，我們已派發每股 2.80 美元的股息。在此之前的三年裡，我們回購了 30% 的流通股。這是為我們的股東創造價值的另一種方式。

Now turning to guidance. For 2025, as a whole, we now guide revenue of $585 million to $597 million, or 22% to 24% growth over 2024. this is the second time we refresh 2025 guidance and the second time we add 3 percentage points to the annual growth rate. Our guidance implies a continued acceleration of our full-year revenue growth from 20% in 2023, 21% in 2024 and now 23% at the midpoint for 2025 while continuing to reflect appropriate caution for potential headwinds.

現在轉向指導。就 2025 年全年而言，我們目前預計營收為 5.85 億美元至 5.97 億美元，比 2024 年成長 22% 至 24%。這是我們第二次更新 2025 年指引，也是第二次將年增長率提高 3 個百分點。我們的指引意味著我們的全年營收成長將繼續加速，從 2023 年的 20%、2024 年的 21% 到現在的 2025 年中點的 23%，同時繼續對潛在的不利因素保持適當的謹慎。

Similar to before, given the hockey stick growth of the second half of 2024 and we have based our guidance on sequential modeling. The raised estimates capture the Q2 overperformance and the increased confidence in our path for the second half.

與之前類似，考慮到 2024 年下半年的曲棍球棒式增長，我們的指導是基於順序模型。上調的預期反映了第二季的超額表現以及對下半年發展道路的信心增強。

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. In terms of adjusted EBITDA, we lifted the bottom end of the range for now guiding $136 million to $140 million for the year as a whole or a margin of 23.4% at the midpoint.

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。就調整後的 EBITDA 而言，我們提高了該範圍的底端，目前預計全年利潤率為 1.36 億美元至 1.4 億美元，或中間值為 23.4%。

This reflects a continued expectation for margin expansion in the second half of the year, but also the weakened US dollar relative to other currencies, eats up about a third of the benefit by affecting our cost base. The conversion of international currencies to USD results in a percentage cost increase most notably for compensation costs, which increases by about $1 million per quarter in US dollars compared to the rates from when we last gave guidance.

這反映了對下半年利潤率持續擴大的預期，但同時美元相對於其他貨幣的疲軟也影響了我們的成本基礎，吞噬了約三分之一的收益。國際貨幣兌換成美元導致成本百分比增加，最明顯的是薪資成本，與我們上次給予指引時的匯率相比，以美元計算，每季增加約 100 萬美元。

Apart from such fluctuations, economies of scale continue to benefit us as an underlying trend. Cost-wise, we then implicitly guide to a full-year OpEx base pre adjusted EBITDA of $453 million at the midpoint. For the year as a whole, we expect the cost of revenue items combined to come in at 34% to 35% of revenue following the continued growth of Opera (inaudible).

除了這些波動之外，規模經濟作為一種潛在趨勢繼續使我們受益。從成本角度來看，我們隱性地指導全年營運支出基礎預調整 EBITDA 中位數為 4.53 億美元。就全年而言，我們預計隨著 Opera 業務的持續成長，各項收入成本將佔總收入的 34% 至 35%。（聽不清楚）。

Other cost items grew at a lower pace than our revenue and thereby reduce as a percentage of revenue relative to 2024. This includes marketing costs, which we expect to grow at mid- to high-single digits, compensation costs, which will increase about 10% and the sum of all other OpEx items, pre adjusted EBITDA and will likely increase at a low single-digit percentage.

其他成本項目的成長速度低於我們的收入，因此相對於 2024 年而言，其收入百分比將會降低。其中包括行銷成本（我們預計將以中高個位數成長）、薪資成本（將增加約 10%）以及所有其他營運支出項目的總和（調整前的 EBITDA），並且可能會以低個位數百分比成長。

In line with this, we guide Q3 revenue of $146 million to $149 million, representing 20% growth at the midpoint and Q2 adjusted EBITDA of $34 million to $36 million or a 24% margin at the midpoint. Within the implied quarterly OpEx base of $112.5 million at the midpoint, we expect that cost of revenue items as a percentage of revenue will be 34% to 35% in the quarter.

與此一致，我們預期第三季營收為 1.46 億美元至 1.49 億美元，中間值為成長 20%，第二季調整後 EBITDA 為 3,400 萬美元至 3,600 萬美元，中間值為利潤率 24%。在隱含的季度營運支出中位數為 1.125 億美元的情況下，我們預計本季營收項目成本佔營收的百分比將達到 34% 至 35%。

We expect marketing costs in the mid-$30 million range and thereby relatively stable versus the prior quarters this year. And we expect cash compensation cost to increase about $1 million to $2 million versus the Q2 level, including the effects of a weaker US dollar relative to the main currencies of our salary expense.

我們預計行銷成本將在 3000 萬美元左右，與今年前幾季相比相對穩定。我們預計現金薪酬成本將比第二季增加約 100 萬至 200 萬美元，其中包括美元相對於我們薪資支出的主要貨幣走弱的影響。

The sum of all other OpEx items, pre-adjusted EBITDA are expected to tick up slightly. Given guidance in these periods that combines such rapid revenue growth in an environment with great changes, both on the macroeconomic stage as well as the technological one, has proven to be difficult though we believe caution has served us well.

所有其他營運支出項目的總和，調整前的 EBITDA 預計會略有上升。在這些時期內，在宏觀經濟和技術層面都發生巨大變化的環境下，實現如此快速的收入成長，雖然我們認為謹慎行事對我們很有幫助，但事實證明這是很困難的。

After all, the guidance later turn out to be conservative, we're well beyond expectations at the time they were given. And yet again, I believe we have guided something that we should all feel proud and pleased to achieve while recognizing that volatility goes both ways, and we, of course, hope to continue giving those positive surprises. With that, I'll turn the call back to the operator for questions.

畢竟，後來證明這些指導是保守的，我們遠遠超出了當時給出的預期。我再次相信，我們已經引導了一些我們都應該感到自豪和高興的事情，同時認識到波動是雙向的，我們當然希望繼續帶來這些積極的驚喜。說完這些，我會將電話轉回給接線生以回答問題。

(Operator Instructions) Naved Khan, B. Riley Securities.

（操作員指示） Naved Khan，B. Riley Securities。

Great. Thank you very much. Two questions from me, please. One on the Western market user base. The sequential growth was quite strong. I think, the strongest we've seen in some time. And on the flip side, GX users didn't really grow. So is this a reflection of how you spend the marketing spend is trying to understand the dynamics there in terms of what drove the strength in Western market users versus GX? And the second question I have is just around Neon. Can you just maybe share some thoughts on how should we think about the pricing of the product and also the cost side of things as you would probably have to pay for the compute for it? Thank you.

偉大的。非常感謝。請問我兩個問題。一是西方市場的用戶群。連續成長相當強勁。我認為，這是我們一段時間以來見過的最強的。另一方面，GX 用戶數量並沒有真正成長。那麼，這是否反映了您在行銷方面的支出情況，試圖了解西方市場用戶相對於 GX 的強勁成長背後的動力？我的第二個問題是關於 Neon 的。您能否分享一些想法，我們應該如何考慮產品的定價以及成本方面的問題，因為您可能需要為其支付計算費用？謝謝。

Yeah. So it's one, I think I'll just quick comment. So maybe survival, I would just say that, I think, there is a bit of an (inaudible) around is just to call out, right because, of course, naturally, GX (inaudible) mostly younger audiences and also gamers -- young gamers, whatever, so they are, of course, affected more as like a at the time that they are a bit more by the summer of this. So there is a bit of seasonality pace. And yes, hopefully, states will be more change during the Q3 and Q4. So I think that will be more visible.

是的。所以這是一個，我想我只是快速評論一下。所以也許生存，我只想說，我認為，有一點（聽不清楚）只是為了呼喚，對吧，因為，當然，自然地，GX（聽不清楚）主要是年輕觀眾和遊戲玩家 - 年輕遊戲玩家，無論如何，所以他們當然會受到更大的影響，就像在那個時候，到今年夏天他們會受到更多影響。因此存在一些季節性的節奏。是的，希望各州在第三季和第四季會有更多變化。所以我認為這會更加明顯。

And then just also say that, of course, internally, we don't really operate on a basis of more like -- I would want to say that the growth of (inaudible) the best, of course, it's more like summary of indicative trends, right? But into of course, we're always organized by our lives and where we see the biggest potential then will we see the product has been received in the note. And maybe I'll just call out that -- yes. So we see that we have very good growth in Europe, (inaudible) for Q2, which is very excited, which is actually also good to put that by having more of those AIs, actually, it'd also be helpful to us just because then especially in the rest of the market are more exposed to be a well that there is actually a choice of browse (inaudible) only deplete micro choices and that being actually help and help drive adoptions. So we actually see that well is modestly actually well, it's almost becoming easy to acquire those. Yes, as a simple way to put it.

然後還要說的是，當然，在內部，我們實際上並不是以更像 - 我想說的是（聽不清）最好的增長為基礎來運作的，當然，它更像是指示性趨勢的總結，對吧？但當然，我們總是按照自己的生活來安排，當我們看到最大的潛力時，我們就會看到產品已在筆記中收到。也許我只是想說——是的。因此，我們看到我們在歐洲取得了非常好的成長，（聽不清楚）對於第二季度來說，這是非常令人興奮的，這實際上也很好，透過擁有更多的人工智慧，實際上，這對我們也有幫助，因為這樣，特別是在其餘市場中，人們更容易接觸到一個很好的選擇，實際上有一種很好的選擇，實際上有助於推動瀏覽（聽不清）的選擇，這只會微觀選擇，而這有助於推動瀏覽（採用聽不清）的選擇，這只會出現微觀選擇，而這有助於推動瀏覽（採用聽不清）的選擇，這只會出現微觀選擇，而這有助於推動瀏覽（採用聽不清）的選擇，這只會出現微觀選擇，而這有助於推動瀏覽（採用聽不清）的選擇，這只會實現微觀選擇。所以我們實際上看到，實際上，獲得這些幾乎變得很容易。是的，簡單來說。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Maybe a two-parter on Neon. With the announcement in the release and getting closer to a public there. I wanted to go a little bit deeper first, big picture on how you think the browser environment is going to change more broadly. This clearly is a first step towards a direction of sort of generation and browsers and how you think about the multiyear pathway for the browser landscape generally changing and how you align the platform for those changes. And then the second piece would just be in terms of launching something like this in the public, how should we think about the investments needed either on the marketing side or on the infrastructure side? I know Naved asked about sort of the cost of compute tied to it. But just trying to understand a little bit of sort of fixed versus variable investments behind this over a longer duration period of time.

也許是 Neon 上的兩個部分。隨著該公告的發布，距離公眾越來越近。首先，我想更深入地了解您認為瀏覽器環境將如何發生更廣泛的變化。這顯然是朝著某種生成和瀏覽器邁出的第一步，以及您如何看待瀏覽器格局的多年變化路徑以及如何使平台適應這些變化。第二部分就是在公開推出這樣的產品時，我們該如何考慮行銷方面或基礎建設所需的投資？我知道 Naved 詢問了與之相關的計算成本。但只是想了解在較長時期內固定投資與浮動投資的差異。

Sure. So like, I guess I want to take the chance to also come on the question which I have not answered that in the fourth one. So about (inaudible) also in general landscape, right? So I guess, first on just to call out that go to all age. And I would say, at this point, our focus primarily is actually like product market side, right? Because more like -- maybe I'll talk about how we think of the product and also the growth of brands or whatever, right? So a few points, how to all, I think that with AI, it's already been proven as we test the traditional apps, I guess, have now been -- also been recognized as almost the (inaudible) platform where people want active information. And this is especially all the (inaudible) Because I guess at least it shows that the web, the traditional web have instead of the noting apps are still the best way for to be able to operate and to active information really -- so that is a very good news for Bronson general also. So definitely cost very strong performative. If we compare to some audio narratives a few years back or something is still talking about always on the app one. So I think at the high, that's actually a big help that everybody is now very that web and brass front. And then I guess I'll also comment that as also you probably also see the trend lately also by those AI players, right? All of them are also talking about how important but also could be. So I think our view is about the same, right? That's like, well, we are becoming so important. There will always be, I would say, two ways of active information, right? So one is, well, traditionally, they use our active information, which is by you run a webpage service provided by a provider like one level on a web page. However, I think it's also been very clear that when we see it go deeper it's more and more likely that you need a native rating just because there will be so many information. And as also AI goes on, I think number wise, it will be unseparable part of your everyday operation, right? So like I think once you try it, you will never go back. You always every day use AI. But then the second question is comes that when you are in the AI, it's unlikely that you will have to rely on pull the cloud base of this because I have to access everything, right? On your computer as have a on your premium content on your subscription, one e-mail and all those, I think, will be very hard to capture if only can act more from cloud as it is now, right? So I think the trend seems to be very clear. And also all the (inaudible) companies also recognize that there will be a significant portion of it that has to be located natively on your applications like PC, on water and everybody now see that browser is probably one of the best mediums. It's just by design because being webpage cannot access so many information, you have to be noncell Browse is onco. So it's a natural linking between -- yes, be well environment and also local environment. So that's a trend that we see. And I think that's why we are spending -- we're doing a lot of research on me, just because we feel that we are actually in a bit of position to do this. I also saw some comments that the main other companies commenting about, they also think it's relevant. But of course, many people don't realize that we are probably one of the few ones which has the scale and the capacity to do it, right? If you look at some other players hot was playing to want to take over from and they have only like two minus in total, right? Well, we already have existing almost $300 million overuse, which have been running for many, many years. So I think we like a very good support to activate that's happening, and that's what we are focusing on. And I think that's also part of what we believe will be the future. And then just a few lines, right? So I think in the future, the economics and business models. I would almost say that I think there'll always be somewhat be free because we can -- we believe that they can power by advertisement and what we're doing now, whether it's through partners or whether it's through more like (inaudible) the different partners, I think we are in a very good spot to asset monetized. Again, I think we do a better job than most build some of the setups. But then I think if you want to have some deep experience, I also think it's already proven that kept within to pay subscription mode for it for some extensive usages. And I think you've also fine that we other mode. So yes, so I believe it's always a good combination that it will be sponsored by advertisement. And then it will also be a subscription model for we enjoy deep (inaudible) already been proven and P are ready to spend money on it. I hope this helps.

當然。所以，我想我想藉此機會回答我在第四個問題中沒有回答過的問題。那麼（聽不清楚）也包括一般景觀，對嗎？所以我想，首先要強調的是，這適用於所有年齡層的人。我想說，目前，我們的重點實際上主要在產品市場方面，對嗎？因為更像是——也許我會談談我們如何看待產品以及品牌的成長等等，對嗎？所以有幾點，我認為，對於人工智慧來說，當我們測試傳統應用程式時，它已經被證明，我想，現在已經被認可為幾乎是人們想要獲得主動資訊的（聽不清楚）平台。這尤其是所有（聽不清楚）因為我想至少它表明網絡，傳統的網絡而不是注意應用程序仍然是能夠操作和激活信息的最佳方式 - 所以這對 Bronson 將軍來說也是一個非常好的消息。所以成本表現肯定非常強勁。如果我們將其與幾年前的一些音訊敘述進行比較，或者仍然在談論應用程式上的某些內容。因此我認為，從高處看，這實際上是一個很大的幫助，因為現在每個人都非常重視網路和銅管陣線。然後我想我也會評論一下，因為您可能也看到了最近那些 AI 玩家的趨勢，對嗎？他們也在談論它的重要性以及它所能帶來的可能性。所以我認為我們的觀點差不多，對嗎？這就好比，我們變得如此重要了。我想說，總是會有兩種主動訊息的方式，對嗎？一方面，傳統上，他們使用我們的主動訊息，即透過運行提供者提供的網頁服務（例如網頁上的一個層級）。然而，我認為，很明顯，當我們深入研究時，你越來越可能需要本地評級，因為會有太多的資訊。而且隨著人工智慧的發展，我認為從數位上講，它將成為您日常營運中不可分割的一部分，對嗎？所以我認為一旦你嘗試了，你就再也不會回頭了。你每天都在使用人工智慧。但第二個問題是，當你處於人工智慧時，你不太可能需要依賴雲端基礎，因為我必須存取所有內容，對嗎？我認為，如果像現在這樣只能從雲端採取更多行動，那麼在您的電腦上，您的訂閱中就有優質內容、一封電子郵件以及所有這些內容，將很難被捕獲，對嗎？所以我認為趨勢似乎非常明顯。而且所有（聽不清楚）公司也意識到，其中很大一部分必須位於您的應用程式（如 PC、水上）上，現在每個人都認為瀏覽器可能是最好的媒介之一。這只是設計使然，因為網頁無法存取這麼多訊息，所以您必須使用非細胞瀏覽。所以，這是一種自然的連結——是的，良好的環境和當地的環境。這就是我們看到的趨勢。我認為這就是我們花錢的原因——我們對我做了大量研究，只是因為我們覺得我們實際上有能力做到這一點。我還看到了其他主要公司所評論的一些評論，他們也認為這很相關。但當然，很多人沒有意識到，我們可能是少數幾個擁有規模和能力做到這一點的公司之一，對嗎？如果你看看其他一些熱門球員，他們正在努力接替，而他們的總分只有 2 分，對嗎？嗯，我們已經存在近 3 億美元的過度使用，這種情況已經持續了很多年。所以我認為我們需要非常好的支持來啟動正在發生的事情，這也是我們關注的重點。我認為這也是我們對未來的看法的一部分。然後就只有幾行，對嗎？所以我認為未來還有經濟和商業模式。我幾乎要說，我認為總會有某種程度的免費，因為我們可以 - 我們相信他們可以透過廣告和我們現在正在做的事情來提供支持，無論是透過合作夥伴還是透過更像（聽不清楚）不同的合作夥伴，我認為我們處於一個非常好的位置來將資產貨幣化。再次強調，我認為我們比大多數人在建立某些設定方面做得更好。但我想，如果你想要一些深入的體驗，我也認為已經證明，在付費訂閱模式下，它可以用於一些廣泛的用途。我認為您也對我們的其他模式感到滿意。是的，所以我相信廣告贊助總是一個很好的組合。然後它也將成為一種訂閱模式，因為我們享受深度（聽不清楚）已經被證明並且 P 準備為此花錢。我希望這有幫助。

Great. Thank you.

偉大的。謝謝。

Lance Vitanza, TD Cowen.

蘭斯·維坦扎 (Lance Vitanza)，考恩 (Cowen) TD。

Congrats guys on the quarter. I have two questions, if I could. The first is on the stablecoin, MiniPay, the 9 million activated wallets. That's great. How do you monetize the engagement? Is this just about encouraging user growth and retention or is there another angle here? Is there any way to connect the dots between MiniPay user growth and, I don't know, sustained ad revenue growth, for example?

恭喜大家本季取得的成績。如果可以的話，我有兩個問題。第一個是穩定幣MiniPay，有900萬個啟動的錢包。那太棒了。您如何透過參與獲利？這只是為了鼓勵用戶成長和保留，還是有其他角度？有沒有辦法將 MiniPay 用戶成長與持續的廣告收入成長連結起來？

Yeah. So it's one, I think that was to try to cover this and to further also supplement with also other information, right. So like, again, like we are trying to be consultive in calling out those new initiatives. We have line for the record. We have been actually integrating inpayfor a few years. And very happy that we now see that expanding and also now it's the right moment, right?

是的。所以，我認為這是為了嘗試涵蓋這一點，並進一步補充其他信息，對吧。因此，我們再次嘗試以協商的方式提出這些新措施。我們有記錄線。實際上，我們已經整合薪資幾年了。我們很高興看到這種趨勢正在擴大，而且現在正是時候，對吧？

So like, again, internally, we are very excited -- quite excited, I would say, to see the growth of it, to see the very good for the market in many places. And we also see that the right adoption of stablecoin across the industry, which, of course, very necessary for anything to succeed can take alright? So now I think, we're starting to see that many of the stars are starting to align and that's why we are also really very excited.

所以，從內部來看，我們非常興奮——我想說，我們非常興奮地看到它的成長，看到許多地方的市場都表現良好。我們也看到，整個產業正確採用穩定幣，這當然是任何事物成功所必需的，可以嗎？所以現在我認為，我們開始看到許多星星開始排列，這也是我們感到非常興奮的原因。

And then maybe just sort of quickly on monetization, right? So I actually feel that again, MiniPay is well of the few products that it's a good combination of both very good from a marketing, but actually, it also comes with monetization. I think in nature, just at its it's very close to -- it is a product which are very close to (inaudible), I would say, for the nature of fintech.

然後也許只是快速實現貨幣化，對嗎？因此，我實際上再次感覺到，MiniPay 是少數幾種將行銷和貨幣化結合起來的產品之一。我認為從本質上來說，它非常接近 - 它是一種非常接近（聽不清楚）的產品，我想說，就金融科技的本質而言。

So for now, like it's already actually generating sensible money from that even though, of course, for now, that's not the short-term purpose. Our propose, of course. But like yes, but the stand-alone is actually already approval, I would say, for monetization.

因此就目前而言，它實際上已經從中產生了可觀的利潤，儘管當然，就目前而言，這不是短期目標。當然是我們的提議。但我想說，獨立遊戲實際上已經獲得批准可以貨幣化。

So for now, I would say the permitization model will be to for us to work with ecosystem partners to integrate that all those functionalities like we are including all those stablecoins into mini pay and we get a card, right, for whatever they are based on some strategic investment agreements.

因此，就目前而言，我想說授權模式將是我們與生態系統合作夥伴合作，整合所有這些功能，例如我們將所有這些穩定幣納入迷你支付中，並且我們會獲得一張卡，無論它們是什麼，都基於一些戰略投資協議。

So like, again, maybe just to echo back and say that, I think this is -- the MiniPay is a very good example will the nature of the product, it comes over as monetization potentials without having to go through, say, advertisement or without having to go to search -- a lot of means, it's just because stablecoins itself, this industry are rather profitable. I guess, it's also proven by some of the recent listings by (inaudible) and also there's some (inaudible) like tables.

所以，再說一次，也許只是想回應一下，我認為這是——MiniPay 是一個很好的例子，產品的性質，它體現為貨幣化潛力，而不必通過廣告或不必去搜索——很多方式，這只是因為穩定幣本身，這個行業相當有利可圖。我想，最近的一些清單也證明了這一點，並且還有一些類似表格的（聽不清楚）。

So I think it's also why we are very excited because as far as you have enough user base and as far as you have noted use it, there are actually a very natural opportunity for you to get revenue out of it. So I've almost maybe compare this was with such. So like why such is very good for the browsers as an add-on, the pay off is because when people are using sorts, they don't really see that as advertisement, right? They see that the important functionality, but the way of course, on all the way also making money. I would almost say that the mini pay is on a bit similar HR that you don't have to see some apps for bingo, you can just use it and by the nature of it, there is a chance for us to monetize.

所以我認為這也是我們非常興奮的原因，因為只要你有足夠的用戶群，並且你注意到使用它，那麼你就有一個非常自然的機會從中獲得收入。所以我幾乎可能將這與這樣的東西進行了比較。那麼為什麼這種插件對於瀏覽器來說非常好呢？其好處在於，當人們使用排序時，他們不會將其視為廣告，對嗎？他們認為，功能很重要，但當然，一路走來也能賺錢。我幾乎要說的是，迷你薪酬有點類似於人力資源，你不必看一些賓果遊戲應用程序，你可以使用它，而且從它的性質來看，我們就有機會將其貨幣化。

That's great. And actually, that sort of ties into my next question, which was on search revenue and the rebound there. And Frode, I think you mentioned that it was expected and maybe I lost track of why you were expecting it to rebound. But I'm just wondering if -- what drove that? What I tend to think of search revenue as a function of number of searches. So did search volume rise on a per-user basis? Or is this simply a change in revenue per search that's perhaps driven by the shift in users to higher value markets?

那太棒了。實際上，這與我的下一個問題有關，即搜尋收入及其反彈。弗羅德，我想您提到過這是預料之中的，也許我忘記了您為什麼預計它會反彈。但我只是想知道——是什麼導致了這種情況？我傾向於認為搜尋收入是搜尋次數的函數。那麼，以使用者計算的搜尋量是否有增加？或者這僅僅是由於用戶轉向更高價值市場而導致的每次搜尋收入的變化？

Yeah. When we last reported, we already saw the trends of picking up. We were in the single digits year-over-year growth last quarter, and then we saw we were getting back towards the double digits. And I think, we expect search to continue to do well for the remainder of the year, and that's reflected in our guidance. But I don't think I should go into the detailed breakdown of how we model predicted.

是的。當我們上次報告時，我們已經看到了回升的趨勢。上個季度我們的年成長率是個位數，然後我們看到我們又回到了兩位數。我認為，我們預計搜尋在今年剩餘時間內將繼續表現良好，這反映在我們的指導中。但我認為我不應該詳細分析我們的模型是如何預測的。

Okay. Well, how about at least can you discuss whether you think it's a new trend line? Or was it more of sort of a -- how durable do you see this resurgence potentially being?

好的。好吧，至少你能討論一下你是否認為這是一個新的趨勢線嗎？或者更像是——您認為這種復甦可能持續多久？

I think, the broader search landscape is changing rapidly, right, with the team of a lot of this call as well with various kinds of new information processing and gathering services. I think, that is very, very interesting as a browser, right, being able to can traffic through partners, but also being able to natively integrate those types of solutions in the product that we talk about with NEO. So as a broader concept, I think we are very enthusiastic about this. It might be a bit narrow almost to call it, search, right? Because it's almost like information discovery and how the browser becomes increasingly relevant in that space.

我認為，更廣泛的搜尋格局正在迅速變化，對吧，許多團隊都在呼籲提供各種新的資訊處理和收集服務。我認為，作為瀏覽器來說，這非常非常有趣，不僅能夠透過合作夥伴進行流量傳輸，還能夠將這些類型的解決方案原生地整合到我們與 NEO 討論的產品中。因此，作為一個更廣泛的概念，我認為我們對此非常熱衷。將其稱為“搜尋”可能有點狹隘，對嗎？因為它幾乎就像資訊發現以及瀏覽器在該領域變得越來越重要。

Fair enough. Thank you very much.

很公平。非常感謝。

Jim Callahan, Piper Sandler.

吉姆·卡拉漢、派珀·桑德勒。

Hi, thanks for taking my question, everyone. Can you talk more about the tariff-related headwinds you called out in the quarter? Are these temporary? Or is this something we can see persisting through to the rest of this year?

大家好，謝謝大家回答我的問題。您能否進一步談談本季所提到的與關稅相關的不利因素？這些都是暫時的嗎？或者我們能看到這種情況持續到今年剩餘時間？

Yeah, I can comment on that. I think it played out a bit as expected. So when we last reported, it was late April, and we were past initial launch of tariffs. And I think, of course, since then, maybe there's been somewhat more stabilization in the broader picture. But it did translate into a real headwind, and we are very proud to have been able to offset that with global growth essentially. So I think, as we look ahead, I think, we are starting to see recovery now, but it definitely represents an upside potential for us to see a return even higher activity levels as a pre-tariff train.

是的，我可以對此發表評論。我認為事情的發展有點符合預期。因此，當我們上次報告時，已經是四月底了，關稅的初始推出已經過去了。當然，我認為從那時起，整體情況可能已經變得更加穩定。但它確實變成了真正的逆風，我們非常自豪能夠透過全球成長來抵消這一逆風。因此，我認為，展望未來，我們現在開始看到復甦，但這絕對代表著一個上行潛力，讓我們看到關稅前列車的活動水平甚至更高。

Got it. That's helpful. And then Opera GX launching in South Korea and Japan, I guess, how should we think about sort of like the size of that opportunity would be helpful.

知道了。這很有幫助。然後 Opera GX 在韓國和日本推出，我想，我們應該如何考慮這個機會的規模會有所幫助。

Yeah. It's something else. I can bring the comments, right? So I would not say that -- it's still on the stage. But I guess, we have announced that we are convergent -- the preferred browser. And of course, as you know, that naturally, East Asia is actually one of the bigger almost important places for those games. And as a result, we actually see that there are some very interesting attractions that the GX are becoming to be liked by the -- in those countries.

是的。這是另外一回事。我可以發表評論，對嗎？所以我不會這麼說——它仍然處於舞台上。但我想，我們已經宣布我們是融合的——首選瀏覽器。當然，正如你所知，東亞實際上是這些比賽最重要的場地之一。因此，我們確實看到 GX 的一些非常有趣的吸引力逐漸受到這些國家的喜愛。

So I think it's very natural as to deepen down. And I think the only thing that, of course, those regions also require more organization because they are all (inaudible) always, and we have not really prioritizee this in the past, but now we see opportunities. So we'll dive in. I think, it's a bit too early to estimate this [goal] in monetary terms, but it's a very exciting market.

所以我認為深入下去是很自然的。我認為唯一的問題是，這些地區當然也需要更多的組織，因為它們總是（聽不清楚），我們過去並沒有真正優先考慮這一點，但現在我們看到了機會。因此我們將深入探討。我認為，用金錢來估計這個目標還為時過早，但這是一個非常令人興奮的市場。

And interestingly, just a comment that -- partly now is also that we do already see quite strong growth, say e-commerce potential regions based on our still regular [interval] so limited user coverage on the generic browser. So essentially, I think another important path that I'm very excited about monetization potentials. And I think that's also why we -- we feel that it's the right move to further spread the coverage on those key, I would say, developed countries.

有趣的是，現在部分原因在於我們確實已經看到了相當強勁的成長，例如電子商務潛在區域基於我們仍然常規的[間隔]，因此通用瀏覽器的用戶覆蓋範圍有限。所以從本質上講，我認為另一個重要途徑是貨幣化潛力，這讓我感到非常興奮。我認為這也是為什麼我們認為進一步擴大對這些關鍵已開發國家的覆蓋範圍是正確的舉措。

That's great. Thank you.

那太棒了。謝謝。

(Operator Instructions) Mark Argento, Lake Street.

（操作員指示）馬克‧阿根托 (Mark Argento)，湖街 (Lake Street)。

Hello, good morning. Just a few quick ones here. On the e-commerce business, is that business will start to comp, the comps get a little bit more difficult, but how should we think about the seasonality in terms of the revenue there? Obviously, probably a little bit more weighted over time to the higher spend quarters. But I just wanted to get your thoughts on how you see that playing out in the different verticals?

你好早安。這裡僅簡單介紹幾個。對於電子商務業務來說，業務將開始競爭，競爭會變得更加困難，但我們應該如何看待那裡的營收季節性？顯然，隨著時間的推移，支出較高的季度可能會佔比更大一些。但我只是想了解您如何看待這現像在不同垂直領域的表現？

Yeah, sure, Mark. I can comment a bit. So as a recap, I think what we saw last year was that we went from a 17% year-over-year growth rate in the first half of the year into 20% and then 29% growth in the second half. So the comparables are definitely quite challenging in the second half of the year.

是的，當然，馬克。我可以發表一點評論。總結一下，我認為我們去年看到的情況是，我們的年成長率從上半年的 17% 上升到下半年的 20%，然後是 29%。因此，下半年的可比較性肯定相當具有挑戰性。

Of course, the underlying, it is the shopping season. So that is a tailwind for the second half of the year. At the same time, we try to not bake in the same kind of home run in our second half expectations at this point in time, but rather take a more cautious view. And that's why we look at the two-year growth rate by quarter to guide something that's a bit more of an even growth profile all in all.

當然，其根本原因，是購物旺季。所以這對下半年來說是一個順風。同時，我們試著不要在此時對下半年的預期中考慮同樣的全壘打，而是採取更為謹慎的看法。這就是為什麼我們按季度查看兩年的成長率，以指導整體上更均衡的成長狀況。

Okay. That's helpful. And then in terms of the various verticals, obviously, still mostly focused on more goods versus services at this point? Is there an opportunity to expand in travel in some other areas above and beyond just more of the traditional goods area?

好的。這很有幫助。那麼就各個垂直領域而言，顯然目前仍主要關注商品而非服務嗎？除了傳統的商品領域之外，是否還有機會拓展其他領域的旅遊業務？

I can try to cover this. So yeah, more (inaudible) that. For now, of course, where we see the fastest growing is retail, so that's correct. And it's also proven that like the, let's say, the internet base with action works because I think I also mentioned earlier that all our advertisements, almost all our purposes, the very solid proof that it actually works. So -- and then I would want to say that we see very close development.

我可以嘗試掩蓋這一點。是的，更多（聽不清楚）。當然，就目前而言，我們看到成長最快的是零售業，這是正確的。而且它也被證明，就像網路基礎的行動一樣有效，因為我想我之前也提到過，我們所有的廣告，幾乎所有的目的，都是它確實有效的有力證據。所以——然後我想說我們看到了非常接近的發展。

Travel is definitely key sectors. We are traditionally already failed in vehicles is historically always a fairly big distribution partners for trips like booking a combo instance. So yes, 100% that we see that it's a good combination of both browser, but also AI. So that is definitely very interesting.

旅遊業絕對是重點產業。我們傳統上已經在車輛方面失敗了，歷史上一直是預訂組合實例等旅行的相當大的分銷合作夥伴。所以是的，我們 100% 確信它是瀏覽器和 AI 的良好結合。這絕對非常有趣。

And then I guess, we also called it made a bit and that there are also some other verticals like fintech for instance, that could also be quite relevant because, again, it's also a good combination, obviously, a lot of those executed on the browser environment, very natural. And also, they also was probably affected most by AI that there could also be maybe a better combination. So I would say all of the areas are good financials for us to develop for and we are looking into those.

然後我想，我們也稱之為做了一些，並且還有一些其他垂直行業，例如金融科技，這也可能非常相關，因為，再次，這也是一個很好的組合，顯然，很多都是在瀏覽器環境中執行的，非常自然。而且，他們可能也受到人工智慧的最大影響，也許還會有更好的組合。所以我想說，所有領域的財務狀況都有利於我們的發展，我們正在研究這些領域。

That's helpful. And then just pivoting quickly, it wasn't overly clear to me at least. On the Neon product launch, is that going to -- is that built on your guys' tech stock? Are you guys using other LOMs, maybe just refresh me better understand what is powering that new browser?

這很有幫助。然後快速轉動，至少對我來說不是太清楚。關於 Neon 產品的發布，這是建立在你們的技術儲備之上的嗎？你們是否正在使用其他 LOM，也許只是讓我更了解新瀏覽器的驅動力？

Sure. So yeah, it's only Hal. I was quickly to comment that. So yes, I think, especially we are doing similar process as most of us that we do rely on the big base models from those bigger AI companies. I don't think we have a plan to spend a bit of balance to trend the last time with (inaudible), I think that's repetitive.

當然。是的，只有哈爾。我很快就對此發表了評論。所以是的，我認為，特別是我們正在做類似的過程，因為我們大多數人確實依賴那些大型人工智慧公司的大型基礎模型。我認為我們沒有計劃花一點平衡來趨勢上次（聽不清楚），我認為這是重複的。

And I guess the ability of that is that because the market on big models are so competitive, that is almost is always a bit commoditized in some ways that actually allow us to be able to have a good relationship with almost all of them to ask them to use the best language more than any given time and any given scenario.

我認為這種能力的原因在於，由於大型模型市場競爭非常激烈，它幾乎總是在某種程度上有點商品化，這實際上使我們能夠與幾乎所有模型建立良好的關係，要求它們在任何特定時間和任何特定場景下使用最佳語言。

So I would almost say that's an advantage, and all that. And also because of all the investment and the competitions, we actually see that the costs have actually been lower down [pipe] dramatically. As a test competition, we believe that will still be the case. And I think, that's actually a good high in [player] like us. And then on top of it, I think, our contribution will mostly be on number one, how to give the relevant context and how to allow AI to operating environment. I think, that will be the best advantage that we would have and I think that will be a huge win for us to nail it, and that's what we are focusing on.

所以我幾乎可以說這是一個優勢，僅此而已。而且由於所有的投資和競爭，我們實際上看到成本已經大幅降低。作為一場測試賽，我們相信情況仍然會如此。我認為，對於我們這樣的球員來說，這確實是一個很好的成績。最重要的是，我認為我們的貢獻主要在於第一點，如何提供相關的背景以及如何讓人工智慧進入操作環境。我認為，這將是我們最大的優勢，我認為這對我們來說將是一個巨大的勝利，而這正是我們所關注的。

Great. Last one for me. You touched on it a little bit earlier, but perplexity was out with their unsolicited offer to buy room browser little surprised you guys didn't get any play on that in terms of just kind of being in the mix. It sounds like perplexity went and talked to you a fall of the other browser players out there. Is that -- is there a strategic opportunity for you guys to work with other large branded guys above and beyond what you're doing right now? And how do you think about -- and if you could size it for us as well, how big is actually your browser installed base right now? Because I don't think the market value and the strategic value of that installed base.

偉大的。對我來說是最後一個。您之前稍微提到了這一點，但是困惑在於他們主動提出購買房間瀏覽器，這讓我有點驚訝，你們只是參與其中而沒有採取任何行動。聽起來，困惑似乎已經和你談論了其他瀏覽器玩家的失敗。那是不是說——除了你們現在所做的工作之外，你們是否有一個策略機會可以與其他大型品牌合作？您如何看待——如果您能為我們估算一下規模的話，您目前的瀏覽器安裝量實際上有多大？因為我不認為該安裝基礎具有市場價值和戰略價值。

Yeah. Okay. So I guess I'll commit a bit on the I think the go the moment well for them. (inaudible) so I guess it's very interesting. I mean we all postpones closely. As you know that we also -- we are more or less involved discussions as we are very familiar with the player.

是的。好的。所以我想我會投入一點時間，我認為現在對他們來說很好。 （聽不清楚）所以我想這很有趣。我的意思是我們都密切推遲。如你所知，我們也或多或少參與了討論，因為我們非常熟悉這位球員。

So (inaudible) I would just say that, yes, it's quite interesting to see, right, because of course, we saw some of the players clay, they are better on position. They are one of the two positions be able to come at problem should there be some jurisdictions. And I guess we of course, are always a very good part for more than three years, but then I would just say that, of course, I guess like we are probably way one of the biggest independent browsers out there.

所以（聽不清楚）我只想說，是的，這很有趣，對吧，因為當然，我們看到一些球員在紅土場上，他們的位置更好。它們是兩個在存在某些管轄權的情況下能夠遇到問題的位置之一。當然，我想我們在三年多的時間裡一直是一個非常好的一部分，但我只想說，當然，我想我們可能是最大的獨立瀏覽器之一。

We have been independent for the past 30 years, which was in everything this year for 30 years. And we are the innovator on [brown source], and we have developed them of technology. And more importantly, we have, of course, 300 million as still growing. So I think everything is very strong, pointing that we are in a very good position for all those discussions.

我們已經獨立了30年了，今年在各方面也都獨立了30年。我們是[棕色來源]的創新者，我們開發了這些技術。更重要的是，我們當然有 3 億，而且這個數字還在不斷增加。所以我認為一切都非常強勁，這表明我們在所有這些討論中都處於非常有利的地位。

So it's more like this interesting point out, right? So like if we're actually talking about whoever is the biggest independent growth of, I think our name should actually pop up very high. I guess the only thing is just -- because being a European company some product called, I guess, that we are probably less frequently being discussed in those context.

所以這更像是一個有趣的觀點，對吧？因此，如果我們實際上談論的是最大的獨立成長，我認為我們的名字應該排名很高。我想唯一的問題是——因為作為一家歐洲公司，我想我們的某些產品可能較少在這樣的背景下被討論。

1But again, I think it's just our job to be bits should also and of course, is it hasn't been our biggest market for the past many years, and it's becoming more and more relevant than we should just work more on it. So I would almost say that -- that's all filings for now. And otherwise, I think it's hard for us to comment anything in particular related to (inaudible) cooperation with all the partners involved there.

1但是，我再次認為，我們的工作也應該是這樣的，當然，在過去的許多年裡，它並不是我們最大的市場，而且它變得越來越重要，我們不應該在它上面投入更多的精力。所以我幾乎要說——目前所有的文件都這樣。除此之外，我認為我們很難對與所有相關合作夥伴的合作（聽不清楚）做出任何具體評論。

Great. Thank you.

偉大的。謝謝。

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

目前看來我們沒有其他問題。現在我將把節目交還給宋林，請他發表任何補充意見或結束語。

Sure. So like, again, thank you to everyone for joining us today. We look forward to sharing these results and outlook with you. And now we're welcome to an extremely exciting second half of the year, we have many launches to come. We will work hard to seize the opportunities that come with it, and I look forward to keeping you posted. Have a good day, all of you.

當然。所以，再次感謝大家今天的參加。我們期待與您分享這些成果和展望。現在我們迎來了極其令人興奮的下半年，我們將推出許多新產品。我們將努力抓住隨之而來的機遇，並期待向大家通報最新情況。祝大家有個愉快的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。