Q4 2021 Opera Ltd Earnings Call
[music].
Please standby your program is about to begin if you need audio assistance. During your conference. Please press Star zero.
[music].
Welcome to the opera limited fourth quarter and full year 2021 earnings call. At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question and answer session to ask a question. During this period you will need to press star one on your telephone if you want to remove yourself from.
The queue. Please press the pound key please be advised that today's conference is being recorded lastly.
Lastly, if you should need operator assistance. Please press star Zero I would now like to turn the call over to your speaker today about Woolfson head of Investor Relations. Please begin.
Thanks for joining us with me today I have our co CEO song Lin and our CFO Proto Jacobson before I hand, the call over to song Lin I would like to remind everyone that in the conference call today, the company will be making statements about its future results and expectations, which constitute forward looking statements within the meaning of the private Securities Litigation reform.
Such statements are based on current expectations and how we perceive the current economic environment and are inherently subject to economic competitive and other uncertainties and contingencies beyond the control of management you should be cautioned that these statements are not guarantees of future performance.
The Safe Harbor statement in the company's earnings release for details our commentary today will also include non.
<unk> financial measures, including adjusted EBITDA, which are different from our consolidated financial statements are prepared and presented based on RF.
We believe that the use of our non <unk> financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These measures should not be considered in isolation or as a substitute for financial information prepared in accordance with Ifr apps. We have also posted unaudited supplemental.
The information on our Investor Relations website that includes historical financial results of opera.
Our investing nano bank, we will be live tweeting, highlighting a call at Investor Opera to please follow along there during the call and in the future with that let me turn the conference call over to our co CEO song Lin who will cover our operational highlights and strategy and then further will finish up with financials and our expectations going forward.
Sure. Thanks, Matt and thank you everyone for joining US today. This is only shelf.
We are excited to report that the fourth quarter totaled 21 coming ahead of expectations.
Clearly alt.
A record 221 for Altra.
The investments we have made to develop new products and expand into new geographies with more ddos ways accelerating revenue growth and strengthened our position in Ohio after markets.
Even more encouragingly as we look ahead to 2000.
And beyond we have every expectation that we will continue to grow driven by continued innovations in our core offering and the tailwind provided by the long term secular trend adulate move towards and including May be Schofield shop.
Before we begin I would like to all fall.
Few key financial highlights from our first caller.
Revenue was $72 6 million exceeding the top end of our revenue guidance for the call.
This was up 45% year over year, and one skilled but both search and advertising revenue categories.
Second adjusted EBITDA also exceeded the high end of our guidance and $16 1 million or 22% margin our margins expanded even more than expected following the accumulated topline impact all of our investments to scale. They are intending to do.
Juan.
And the salt.
Apple has increased.
The 2% year over year to 83%.
And annualized basis, reflecting our growth in higher value markets and focus.
High value segments.
So that will offer more detail on our financial results shortly.
As our financial performance next kill that being the world's best independent umbrella. So our company is a good business and the strategic value of our Prost position has never been grateful.
One way look at the direction the internet as a headwind.
Step changes in scale and complexity as more people need greater portions of their lives online.
<unk> full ABRAZO that integrates the tools and features people need waste, new personalization security and.
Obviously people want creates a huge opportunity for altra.
Many playoffs and in our space, including ourselves and opera shell great excitement for the potential of next generation Internet services.
Sometimes referred to as web traffic in Europe .
And the impact it can have on People's daily lives.
<unk> three <unk> is still <unk>.
CFC based way catalogs dove medical trend that suggests that whatever form it takes it will certainly be defined by individuality.
The ability to operate as a distinct permanent and unique individual online.
All waste improved ways to communicate create shell and transact with us.
Individuals.
So you may have seen that during the first call we have launched a new browser both.
On desktop and mobile with the idea that it will continuously be payload to the website audiences.
Oprah belief that let to zero. There also is not just a delay.
But also it is both the Launchpad and foundation for the entire online services from start to finish. So we believe it will go to beyond functionality.
And it becomes a lifestyle that we want to help empower.
In addition to providing a unique and compelling but also to potentially high value rectory user segments.
<unk> Street, Russell and the haulage audience takes advantage of the product will also allow us to refine and integrate menu with great aspects, some blockchain to smart contracts with <unk> and the only thing governance and <unk> for our Brazos more broadly so.
The logic behind our website browser is similar to the logic that also drove the launch of our fully integrated gaming browser opera Gx, which is already high.
The engagement and the highest offer product.
And we believe monetization bill is there.
For instance, opera Gx had over 14 million users and Yale and across both mobile and desktop and <unk> more than double from a year ago and on pulp annualized ought to grow from $2 seven in the <unk> to $3 in Q4.
Okay.
And I'll ask independent the browser provide us allow us to tailor made to Brussels.
For specific use case people have.
Well known use cases, initially appeal to groups that represent segments of the market.
These statements can be both very large and also highly attractive.
What is the fundamentals of growth and value potential in place rate go up at full speed.
So the logic goes back to offer me Nate.
That's the browser for emerging markets, which killed our strategic foothold and brand awareness in Africa, enabling mobile digitalized in the web two point.
Oh in Europe .
Everyone Bill and we will play even bigger ROA moving for work in the luxury space.
Since inception Altra has found success in developing Brussels that to meet the needs of.
Z individual users.
Following success way specific user segments, we haven't been able to expand into new areas and services.
This is a pause our news content communications and shorten functionality have all followed.
And looking ahead.
You see even more reasons our investments in those initiatives will pay off.
Ultimately, we believe that each person will need these capabilities.
And Paul it's nice to be able to fully participate in with three.
The times. So this bronco plus strategy has been accelerating user adoption across a number of our strategic initiatives.
B cell death.
Initiatives for example, I'll, let us do it on their own and gaming consoles as well as moving our content and new offering to new markets are all still young.
Each is showing promise and we believe that taken together all their put opera.
<unk> strong competitive position.
We increased user engagement alongside the ongoing development of our <unk> business. We have also rapidly growing our advertising revenues.
Our tech stacks allow us to aggregate additional high quality inventory to sell to our existing advertising partners and continues to scale as a national audience extension for any other pad all easy ultra net work.
During the quarter total advertising revenues grow 69% compared to last deal.
And we have also begun forging partnerships to bring photoshop functionality into our browser product, which will complement the geography expansion overall cashback Apple and also broaden our e-commerce footprint.
And our content and offer new service continues to resonate with <unk> and the way I'm very pleased with how it has scaled beyond Africa and also into rest of the markets.
Such is the other key revenue components for Altra.
35% compared to last year and during the call we renewed our partnership agreement with Google material at similar terms to our previous agreements.
Neat continuity of this deal and the visibility it provides a development banks us all confidence for <unk>.
Continued revenue growth.
Our overall average monthly active users was $344 million in the call.
Two 332 million in the prior caller.
Our output increased by 11% from Q3 to Q4, demonstrating the value of our strategy to shift to our user base to work hydro output higher protein do those.
Talk about it last call <unk> continued to focus our investments and the restaurants is a market and the initiatives that offer a combination of.
High growth potential with high profit potential and the strategy is working as evidenced during the color by the record revenue combined with expanding margins.
In terms of our outlook given the strength, we have seen in our advertising and search revenues and the continued improvement in our pool from all our initiatives to attract and retain high value users, we feel confident in our continued growth trajectory.
In the years to come both for the revenue as well as for the margin expansion. So there's a lot to look forward to have Oprah.
Very excited about the future so with this I'll hand over to <unk> for a multinational details.
Thanks Shannon.
Revenue for the fourth quarter was a record of $72 6 million up 45% year over year and up 9% versus the prior quarter.
Specifically in the quarter search was $34 8 million growing 35% year over year. This was driven by monetization gains for both PC and mobile browsers Advair.
Advertising was $36 7 million growing 59% year over year. This was driven by strong monetization from opera news and our AD Tech platform and our mobile browsers.
In total our full year 2021 revenues exceeded $250 million versus $165 million in 2020.
Our focus on improving the value of our user base continues to drive strong results and Thats revenue in ARPA grow our EBITA margins continue to expand on a materially higher revenue base.
In the fourth quarter each of our users on average generated a record 83 on an annualized basis.
11% sequentially and up 62% compared to the fourth quarter of 2020.
We believe that our focus on innovation to create value for those that want more than the default browser will continue to benefit us as we look ahead.
We continue to make headway in new and desirable markets.
Compared to the fourth quarter of 2020 user growth was the strongest in the Americas. This time led by Latin America up 35% in North America up 22%, while we continue to focus investments in emerging markets more specifically towards users that are monetized.
Consequently, we saw revenue growth across all regions. What this means is that we're doing a great job of improving the value of every user and that's something we intend to remain focused on.
In terms of gross margin the three cost items that scale with revenue our tech in platform fees content costs and inventory costs combined they add up to $5 5 million, resulting in a gross margin of $67 1 million or <unk> 92 per cent.
On the cost side, while our marketing expense remains higher than its been previously typical for upfront.
We were able to exceed our revenue trajectory expectations, while at the same time slightly reducing our spend relative to the prior quarters.
As a result, we generated better than expected adjusted EBITDA of $16 1 million, representing a 22% margin.
Our core margins are very high and when our marketing spend comes in below plan and Thats. The scale of our business continues to grow our trajectory towards a more normalized profitability level becomes very visible.
As described in our press release, our Q4 net income was colored by noncash adjustments related to our in the steep meadowbank pending.
Pending a resolution of the situation in India, a substantial portion of the funds of nano banks subsidiary there have been subject to see share effectively halting operations in India.
Other geographies of Meadowbank are doing better than ever but given the current inability to resume operations in India under the standards Sofia for US we believe it's appropriate to effectively take the book value associated with nano banks, Indiana subsidiary to zero.
Future cash flows are so uncertain.
Of course, this does not mean that no bank has given up on India and.
In addition to supporting official inquiries nano bank has appealed measures taken against it in the local court system.
India represent but a very big market Fernando bank pre COVID-19 and the ambition remains to get started again.
However, such an outcome is uncertain and any resolution will take time.
As a consequence, our net profit for the quarter was a loss of $84 2 million, taking our full year net profit to negative $15 8 million.
Our operating cash flow was positive at $16 5 million for the quarter and in line with adjusted EBITDA as changes in working capital and tax prepayments largely offset one another.
Our free cash flow was $13 4 million and our total of cash and marketable securities stood at $181 million at year end 12.
$12 million reduction versus the third quarter, but that included a $15 2 million repayment of it.
Facility related to marketable securities.
Finally, as we announced in mid January we have put in place a program to repurchase up to $50 million for it.
<unk> shares over the next two years, taking advantage of our strong cash position and an opportunistic way.
For management and the board. This was an easy decision to make as our business is firing on all cylinders with multiple long term growth opportunities ahead of us.
Now moving to our guidance.
For the first quarter, we expect revenue of $67 million to $70 million, representing 33% year over year growth at the midpoint.
First quarter revenue growth is fueled by expected strong continuing results from our first core search and advertising dismissed largely offsetting the typical seasonality between the fourth and first quarter.
Relative to Q4, we built in about $6 million of additional costs, mainly related to marketing and compensation expenses, resulting in four to 7 million of adjusted EBITDA guidance.
For the full year 2022, our revenue guidance is $300 million to $310 million, representing 22% year over year growth at the midpoint.
We believe the top drivers of revenue growth and 22 will be the continued growth of our products in western markets as well as the continuation of underlying arc and improvements across our regions for.
For the full year, we expect adjusted EBITDA to be between 50 and $60 million, representing an adjusted EBITDA margin of 18% at the midpoint a significant increase from the 11% margin of 2021.
Profits are expected to benefit from the combination of the additional scale built during the year, our ongoing strategy of focusing on high profit potential users and stabilizing marketing and distribution spend.
Overall, and then some Q4 was a great end to 2021.
We experienced record revenue for both search and advertising and continued to focus on high potential markets and users.
We're very pleased with these results and strongly believe we are pursuing the right strategy.
Innovating upon our high margin core browser business and continuing to invest in the next wave of the Internet to drive continued growth well into the future.
So with that I'll say, thanks, and we can open up for questions.
Thank you as a reminder to ask a question. Please press star one on your telephone keypad to withdraw your question press. The pound key we do ask that you. Please pickup your handset to allow optimal sound quality.
I'll take our first question from Lance Vitanza with Cowen Your line is open.
Hey, Thanks, guys can you hear me okay.
Yes.
Okay, great well congratulations on tremendous quarter I have a few questions.
Now I want to start with the revenue guide for 2022.
20% to 24% revenue growth forecast could you break that down perhaps into audience growth versus.
The monetization of revenue per per unit of audience, so to speak and.
And specifically I guess on the monetization game.
Is any of that do you expect any of that gain occurring within a given geography or is it really more just the shift of users to more profitable markets or is it both.
Would you mind repeating the opening of the second question.
Sure.
Yeah on the monetization gain I'm, assuming that at least part of your growth forecast comes from.
From more revenues per user and if that's the case I'm wondering is that more revenues per user is occurring within a given geography or is it just a function of the fact that you are seeing your user base shift to more profitable markets.
Understood. Thanks, Thanks, Brian .
I'll begin with the second so when we look at the fourth quarter the growth that we had compared to the prior quarter was about half and half driven by the shift in the geo mix towards more western markets and underlying ARPA improvements within all of <unk>.
Market so on a like for like basis. So it was mixed.
Then.
As it relates to guidance I think.
It's always hard to predict that at the very detailed level, but I think the trend that we saw into Q Q4, because it pretty good starting point in terms of expectations. How we looked ahead and thats. So.
We can sort of touch on the combination of successful growth and.
And western markets are newer products, such as opera Gx for example.
Combined with the underlying ARPA growth that we see in all the markets.
Okay, and then I guess, just said that the first part of my question was as you think about the guidance.
The revenue growth do you expect that a decent portion of that will also come from just expanding the audience or is it mostly going to be just on the monetization side.
Good.
Okay.
We typically don't break our guidance into the very specific buckets. So.
Thank you tend to be a bit cautious on on user expectations.
But we of course, we have products that are scaling well in western markets, we do expect that to continue.
At the same time when you look at the totality.
And how we focus in emerging markets on the most revenue generating segments.
<unk>.
Now I would just build guidance based on the net is quite stable.
Fair enough and then my next question is on the EBITDA margin performance, which is stronger than we'd expected and we like the guidance.
It looks like you're expecting essentially a 50% five zero percent incremental EBITDA margin right at the midpoint of your guidance.
We're looking at basically.
$50 million to $60 million of incremental revenues and $25 million to $30 million of incremental EBITDA. So a 50% incremental EBITDA margin is that is that mostly the benefit of scaling on the marketing and distribution expense and how should we think about modeling that line.
Particular going forward for the next year, maybe even if you can even beyond that.
So overall the business has.
We also discussed wanted to discuss our effective gross margin that's well into the nineties.
Barry.
Very good.
Our model is.
Benefits greatly from scale.
We have been investing and accelerating in 2021.
By Q4 came in ahead of expectations and why we felt.
Confident that we have spoken over the past few quarters about we expect to continue to see normalization or not.
Stability.
So when when you when you look at our guidance, it's correct as you say, but we increase the revenue at the midpoint by just over $50 million and then you can see we built in about $25 million of additional costs.
Mainly related to marketing.
Marketing, but also team spend.
And to some extent cost up revenue as the advertising.
Revenue category becomes bigger, whereas the other ones are more stable in nature.
Okay and my last question is with respect to nano bank.
Jim.
Sorry to hear that things are not being resolved more quickly in India, but pleased to hear that the rest of nano banks seems to be performing well can you give me some.
Any more additional information on.
<unk>.
Scope of the non India operations I don't know what the consolidated revenue picture it looks like for Fernando Bank, but any any.
Date, there with respect to total revenue performance at nano bank in the quarter would be really helpful. And then I guess as a related question.
Is there any is the worst case scenario that we simply don't do business in India, and India is effectively zero or is there a scenario where for some reason.
India becomes a negative where you actually have to pay money to settle with regulators and it becomes.
And it detracts from the value of the other assets. Thank you.
Yes, so to begin with the first part of the question.
The revenue growth of Meadowbank is driven.
The two bigger countries are Indonesia and Mexico.
We have all countries doing great there just the different stages.
Maturity essentially.
For the second part of your question I think what I should say is that we essentially put it to zero book value now we wanted to make sure to.
While we believe it's appropriate.
Cannot reliably forecast cash flows and then we shouldnt have to keep the value on our balance sheet too.
The debt we cannot properly backup.
As I mentioned does not mean that the team is.
It's giving up on into its quite the contrary.
Hi activity too.
To facilitate the eventual relaunch.
In terms of.
Liabilities.
Arent Investor Nano bank itself upgrades in India through our subsidiary.
But.
I'm not I'm not a corporate lawyer, so it'll be a little bit careful to speculate.
Ics, we put it to zero.
And like.
I couldnt put it lower than that.
Okay. Thanks for your help.
Sure.
The next question comes from Mark Argento with Lake Street. Your line is open.
Okay.
Excuse me good morning, guys.
One of my questions have been answered but.
Just wanted to see you guys earlier in the quarter talked about launching a.
Crypto product.
Wanted to see if you've been getting any traction there and do you see an opportunity to sell our traditional crypto or crypto related bitcoin products.
Yes, I guess this is Tony I cant just give some color right. So yes, we also talked a bit in the script about the launching of <unk>.
Yes, there are products, which are which is where they've.
Billable all upside both on desktop and mobile right. So no.
Okay great.
Great Big innovation that we have been seeing.
It's probably one of the.
The most.
Well bigger launches that will eliminate right, especially that knowledge all of Washington, There's not a formal launch it's more it's more like the way that we want devices.
And with functional attitude throughout so high level I would say.
Even though the chipotle stage, where you've been quite all access machines and many of them are also limitation OLED <unk>, we saw a lot of.
Good good.
On acceptance from the community.
It should probably give us even more confidence right. That's the right thing to do and I think to us probably at this stage probably more important is to show our stance that as a browser company and probably also the wildly biggest selling party independent ones.
Field that.
Way off on the level of let's do something wrong decentralization and we feel that there is a rise right place to be so yes.
Even though we have not really Carlo to lodge, a valid in terms of revenue.
We feel that it's the right time to talk about it and hopefully.
In the coming out of this for you we will be able to see us talk a lot more around the topics and what we can do.
Great. That's helpful and then just pivoting back to the.
National Bank in India could you just refresh us a little bit as to what the issues are there and you had mentioned kind of a re launch what's the probability of what needs to happen to get.
And they get that business relaunch in India.
Yeah.
I'll recap a bit so.
At least <unk> seen from our perspective.
There were some.
The minister of finance process to look into what seem to be most focused on platform Phoenix Orlando develops their platform centrally and uses it across its markets.
It's a key component of the value offering it's what enables them to scale quickly inviolate at the same time keeping.
Loan losses.
Their control.
That product has been licensed from its central operations to the various operating countries and it was that.
Payable from the subsidiary in India.
But I think triggered the review.
As of now I don't think any formal accusations.
Have been made.
But.
Their funds are frozen so they cannot operate.
Got it.
Alright, Thanks, guys appreciate it.
Sure. Thanks Mark.
We'll take the next question from Alicia Yap with Citigroup. Your line is open.
Hi.
And good morning management, Thanks for taking my questions and also congrats on just partly linked up.
My first question.
To the user growth. So it does look like your strategy of shifting our focus to the higher <unk> markets.
Like I had to work out.
Just wondering how much more room that Ken.
Can we anticipate that we can further grow and further penetrate them.
Mark I think kind of as a new user growth.
Sure.
And then.
Questions I have.
In like coffee and geographic mix.
Change after advertising category mix that <unk> funding.
And then you add to demand from these higher our pool Americas market.
New industry might be carved out.
In the early stage of penetrating that we could find attractive at that Jeff.
Yes, Jamie I think this year or next couple of years.
Yes so.
Maybe I'll try to answer that.
Yes first of all I would say that we're definitely going to see very good growth opportunity in the western markets.
Especially in the U S and also in <unk>.
Europe , or South America, Brazil, and Argentina, and those countries that like we feel that the way I ask you add quite quite early stage.
Because of the size of the market.
Yeah.
Still relatively small size.
We feel that there's a lot of lot of your response to bill rather compelling emerging markets like Africa, where already while it will be almost the market leader while of course, the rest of the market. We're still long long long way to go.
And then we feel that the huge room bill that will continue to grow so we feel that yes. The growth acceleration, we are probably just only be accelerated.
On that.
And then you asked about the potential vertical right.
We saw that traveling is definitely coming back.
What we saw both in Q4 and also in Q1 this year.
Yes, but it's the way that the very good growth back and hopefully a ways also.
Lifting off of many Colgate restrictions.
And the rest of the market, we will see a lot more gross bill so very excited about it. So if I know the weekend is indicative of what we have already planned almost called it this is Greg and.
I'm told I would say E. Commerce is those days and we also see very good growth cashback and relative to product so very excited about it.
And then finally of course gaming is growing very nicely to get all these non gaming products.
Yes, we just see that that trend will continue so yes, so as a summary, we feel that.
Travelling gaming and e-commerce will probably be.
Very strong verticals that will help us continue to grow.
It will be announced with them.
Mhm.
Great. Thank you if I can.
One last follow up on the margin questions.
Just kind of like looking at your <unk> EBITDA came in at 22%, but four <unk> guidance and your full year guidance. It looks like on a percentage of margin. It does.
<unk> four <unk>.
Right and the revenue came in at our sites.
<unk> got.
Pier Central Q, right, but as we kind of bucket.
So that our full year margin now is about 18%, but I guess from the spending.
Wanted to get some color is it more towards the first half that we will still spend a bit more of breakfast I got them.
Right on the momentum.
To grow.
In this new market and then maybe tail off and I got back into the second half in terms of lots of spending so any color anything comes after.
The trends.
Affected.
Yes.
Yeah.
Oh sure Yes go ahead.
Got it.
Yes.
We tend to have lower margins in the first quarter. If you look if you look back too.
So in this particular context.
<unk>.
For seasonality, we expect revenues to come in slightly below Q4, which is the norm.
And I think only time in history that did not happen unless with Q1 2021.
On top of that we've built in about $6 million of extra cost.
Some of it is compensation, but we also think that marketing will be a bit higher in Q1 than it was in Q4.
That's how it builds up.
As you as you mentioned and we believe in and a good margin and margin expansion for the year as a whole, but we typically start off below the annual average average margin in the beginning of the year.
I see okay great helpful. Thank you.
Sure.
And as a reminder, if you would like to ask a question. Please press star one on your telephone keypad, we will take our next question from Sheldon <unk> with CIBC. Your line is open.
Good morning management, Thanks for taking my question.
I got two questions regarding strategy from that event and brought the product just absolutely.
Thank you.
How quick conference several notable milestones da Vinci and came out of it.
Great, Thanks, Bill and what sort of things like our monetization potential.
Secondly in terms of the other products all.
Thank you.
Been proved to be a very successful launch so can we see any opportunities you're entering Q1, but there's also a separate thing. Thank you.
Okay. So I'm not sure if I catch all of it.
It is a bit.
Next.
So yes, just a comment that if I hear you correctly you are asking about.
About monetization obviously the data for the mental bus right. So so I would say, yes. So.
I think you also mentioned <unk>, so I was saying of course the gx it.
So we don't really see it as a browser instead of more like.
Lifestyle thing that you're going to spend time on it.
Whats gaining Neil is too to Catherine's Argos to buy we intuitive chatting functionalities and of course, the way the incorporating ways. Our gaming engine made by again they called they are not also be able to play gaming into its pointless. So yes. So overall I would say, even though we have not.
Really started any monetization seriously in that space, just because of the high user engagement in the <unk> platform.
They are already.
<unk> reported that Jack has already did not have the highest among all the ultra product and is already quite quite a profitable already right. So we haven't published that Palo Verde on scripts.
The annualized Appaloosa and that you can just imagine advises US you could also come up too.
Big numbers of revenues.
Early stage, so so I think moving forward.
This year, we will try to sneak speak with the same strategy that will further focus on.
Same thing so we're in a very profitable progress slightly altered by focusing on providing more interesting functionality within I would call that the gx mental bus rides that allow them to play more games.
And then there will be more you know.
Interestingly creations allow also more creators Q2 also be able to create games.
For that platform.
So those are going to be the priority but of course when we.
We expect that to win more access and more time onto it very naturally.
Well.
The outlook <unk> will continue and that will benefit.
The revenue as well so I would say that's a high level, how overwatch way.
And just as a summary marketing way all of the airlines, which even though <unk> already acquired.
First of all in that space and hopefully it will just be able to continue to grow.
So it's a very healthy business.
And then you mentioned about other.
The vertical right. So I would say the launch of our <unk> zero, but also is a good example in Q1 battery sale.
That's also very interesting vertical that we wanted people to be able to.
Because same Madden gx.
Really deal the agenda of decentralization and web services.
Most of all of that lifestyle thing that we want to be able to go to browse all well we can use it to capture all of the related ecosystem. If you don't can do massive.
Browser and use it.
Not only as a browser, but also as a platform to integrate stops. So so yes, so that as long as the initiatives that we really focus on and hopefully we'll be able to also.
Drive that.
Replicate widely RBC objects.
Got it got it thank you.
We have no further questions in queue at this time I would like to turn the call back over to song Lin for any closing remarks.
Sure.
Yes, so so I would say.
For all of you. Thank you again for joining us today.
We believe ultra is well positioned to continue to grow.
Very excited about our call business and our initiatives.
Finally, we are also excited about the potential that <unk> has to offer.
The history of the browser is only just the beginning and we appreciate your time and we look forward to speaking with you again.
This does conclude today's program. Thank you for your participation you may disconnect at any time.
[music].
Hum.
Yeah.
[noise].
[music].
[music].
[music].