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, if you should need operator assistance, please press star zero. I would now like to turn the call over to your speaker today, Matt Wolfson, Head of Investor Relations. Please begin. Thanks for joining us. With me today, I have our Co-CEO, Song Lin, and our CFO, Frode Jacobsen. 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 future results and expectations, which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Such statements are based on current expectations and 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. You may refer to the safe harbor statement in the company's earnings release for details. Our commentary today will also include non-IFRS financial measures, including adjusted EBITDA, which are different from our consolidated financial statements that are prepared and presented based on IFRS. We believe that the use of our non-IFRS 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 IFRS. We have also posted unaudited supplemental information on our investor relations website that includes historical financial results of Opera and our investee, Nanobank. We'll be live tweeting highlights from the call at Investor Opera, so 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 Frode will finish up with financials and our expectations going forward. Sure t hanks Matt and thank you everyone for joining us today. This is Song Lin. We are excited to report that the fourth quarter of 2021 come in ahead of expectations, closing out a record 2021 for Opera. The investments we have made to develop new products and expanding to new geographies rewarded us with accelerating revenue growth and strengthened our position in higher ARPU markets. Even more encouragingly, as we look ahead to 2022 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 trends as we move towards an increasingly digital future. Before digging deeper, I would like to offer a few key financial highlights from our fourth quarter. First, revenue was $72.6 million, exceeding the top end of our revenue guidance for the quarter. This was up 45% year-over-year and was fueled by 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 top-line impact of our investments to scale during 2021. In short, ARPU has increased 62% year-over-year to $0.83 on an annualized basis, reflecting our growth in higher value markets and focus on high-value segments. Frode will offer more detail on our financial results shortly, but as our financial performance makes clear that being the world's best independent browser company is a good business. The strategic value of Opera's position has never been greater. When we look at the direction the internet is heading, the step changes in scale and complexity as more people lead greater portions of their lives online, the requirement for a browser that integrates the tools and features people need with the personalization, security, and privacy people want creates a huge opportunity for Opera. Many players in our space, including ourselves and Opera, share a great excitement for the potential of next generation internet services, sometimes referred to as Web 3.0, and the impact it can have on people's daily lives. While Web 3.0 is still in its inception phase, we can observe multiple trends that suggest that whatever form it takes, it will certainly be defined by individuality. The ability to operate as a distinct, permanent, and unique individual online, along with improved ways to communicate, create, share, and transact with other individuals. You may have seen that during the first quarter, we have launched a new browser, both on desktop and mobile, with the idea that it will continuously be tailored to new Web3 audiences. Opera believe that in Web 3.0, the browser is not just a doorway or an on-ramp. The browser is both the launchpad and foundation for the entire online experiences from start to finish. We believe it goes beyond functionality and becomes a lifestyle that we want to help empower. In addition to providing a unique and compelling browser to a potentially high-value Web3 user segment, the Web3 browser and how its audience takes advantage of the product will also allow us to refine and integrate many Web3 aspects, from blockchain to smart contract computing, community governance, and the metaverse for our browsers more broadly. The logic behind our Web3 browser is similar to the logic that also drove the launch of our fully integrated gaming browser, Opera GX, which is already our highest engagement and highest ARPU product, and we believe monetization there is still early. For instance, Opera GX had over 14 million users at year-end across both mobile and desktop versions, more than double from a year ago. On top, annualized ARPU grew from $2.7 in the third quarter to $3 in Q4. Being an OS independent browser provider allows us to tailor-make browsers that solve for specific use case people have. While those use cases initially appeal to groups that represent segments of the market, these segments can be both very large and also highly attractive. When the fundamentals of growth and value potential are in place, we go after it full speed. The logic goes back to Opera Mini, the best browser for emerging markets, which secured our strategic foothold and brand awareness in Africa, enabling a mobile digital life in the Web 2.0 era there. We will play even bigger role moving forward in the Web3 space. Since inception, Opera has found success in developing browsers that meet the needs of the individual users. Following success with specific user segments, we have been able to expand into new areas and services. This is the path our news, content, communications, and shopping functionality have all followed. Looking ahead, we see even more reasons our investment in those initiatives will pay off. Ultimately, we believe that each person will need these capabilities integrated and personalized to be able to fully participate in Web3 times. This browser plus strategy has been accelerating user adoption across a number of our strategic initiatives. I should be clear that these initiatives, for example, our Web 3.0 and gaming features, as well as moving our content and news offering to new markets, are all still young. However, each is showing promise, and we believe that taken together, they put Opera in a very strong competitive position. With increased user engagement alongside the ongoing development of our ad tech business, we have also rapidly grown our advertising revenues. Our tech stacks allow us to aggregate additional high-quality inventory to sell to our existing advertising partners and continue to scale as a natural audience extension for any advertiser in the Opera network. During the quarter, total advertising revenues grew 59% compared to last year. We have also begun forging early partnerships to bring further shopping functionality into our browser products, which will complement the geographic expansion of our cashback platform and also broaden our e-commerce footprint. Our content and Opera News service continues to resonate with users, and we are very pleased with how it has scaled beyond Africa and also into Western markets. Search, the other key revenue component for Opera, grow 35% compared to last year. During the quarter, we renewed our partnership agreement with Google on materially similar terms to our previous agreement. The continuity of this deal and the visibility it provides is one of the factors in our confidence for continued revenue growth. Our overall average monthly active users was 344 million in the quarter, compared to 352 million in the prior quarter. Our ARPU increased by 11% from Q3 to Q4, demonstrating the value of our strategy to shift our user base towards higher ARPU, higher profit users. We talk about it last quarter as we continue to focus our investments and resources on markets and initiatives that offer a combination of high growth potential with high profit potential. The strategy is working, as evidenced during the call by the record revenue combined with expanding margins. In terms of our outlook, given the strength we are seeing in our advertising and search revenues and the continued improvement in ARPU 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. There's a lot to look forward to at Opera, and we are very excited about the future. With this, I'll hand over to Frode for more financial details. Thanks, Song Lin. 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. Advertising was $36.7 million, growing 59% year-over-year. This was driven by strong monetization from Opera News and our AdTech 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. As revenue and ARPU grow, our EBITDA margins continue to expand on a materially higher revenue base. In the fourth quarter, each of our users on average generated a record $0.83 on an annualized basis, up 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%, and North America up 22%, while we continue to focus investments in emerging markets, more specifically towards users that are monetizable. 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 we have, and that's something we intend to remain focused on. In terms of gross margin, the three cost items that scale with revenue are tech and 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 92%. On the cost side, while our marketing expense remains higher than it's been previously typical for Opera, 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 as 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 non-cash adjustments related to our investee, Nanobank. Pending a resolution of the situation in India, a substantial portion of the funds of Nanobank's subsidiary there have been subject to seizure, effectively halting operations in India. The other geographies of Nanobank are doing better than ever, but given the current inability to resume operations in India, under the standards of IFRS, we believe it's appropriate to effectively take the book value associated with Nanobank's Indian subsidiary to zero, as future cash flows are so uncertain. Of course, this does not mean that Nanobank has given up on India. In addition to supporting official inquiries, Nanobank has appealed measures taken against it in the local court system. India represented a very big market for Nanobank pre-COVID, 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 cash and marketable securities stood at $181 million at year-end, a $12 million reduction versus the third quarter, but that included a $15.2 million repayment of a credit 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 worth of Opera shares over the next two years, taking advantage of our strong cash position in 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-$70 million, representing 33% year-over-year growth at the midpoint. First quarter revenue growth is fueled by expected strong continuing results from Opera's core search and advertising business, 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 $4 million-$7 million of adjusted EBITDA guidance. For the full year 2022, our revenue guidance is $300 million-$310 million, representing 22% year-over-year growth at the midpoint. We believe the top drivers of revenue growth in 2022 will be the continued growth of our products in Western markets, as well as the continuation of underlying ARPU improvements across our regions. For the full year, we expect adjusted EBITDA to be between $50 million 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 we built during the year, our ongoing strategy of focusing on high profit potential users, and stabilizing marketing and distribution spend. Overall, and in sum, 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 are very pleased with these results and strongly believe we are pursuing the right strategy of 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. 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 pick up your handset to allow optimal sound quality. We'll take our first question from Lance Vitanza with Cowen. Your line is open. Hey Hey thanks guys. Can you hear me okay? Yeah. Okay great. Go a head, please. Congratulations on just a tremendous quarter. I have a few questions, if you allow. I wanna start with the revenue guide for 2022. 20%-24% revenue growth forecast. Could you break that down perhaps into audience growth versus, you know, monetization or revenue per unit of audience, so to speak? Specifically, I guess, on the monetization gain, is 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? Lance would you mind repeating the opening of the second question? Sure yeah. On the geo- Yeah, on the monetization gain, I'm assuming that at least part of your growth forecast comes from more revenues per user. If that's the case, I'm wondering if 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 t hanks. Thanks Lance. I'll begin with the second. 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 ARPU improvements within all markets, so on a like-for-like basis. It was mixed. As it relates to guidance, I think it's always hard to predict at the very detailed level, but I think the trend that we saw into Q4 is a pretty good starting point in terms of expectations, how we look ahead. That's how we sort of touch on the combination of successful growth in Western markets. Our newer products, such as Opera GX, for example, combined with the underlying ARPU growth that we see in all markets. Okay. I guess just then the first part of my question was, as you think about the guidance, you know, 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? We typically don't break our guidance into the very specific buckets. I think we tend to be a bit cautious on user expectations. We, of course, 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, for now, I just build guidance based on the net quite stable. Fair enough. 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%, 50% incremental EBITDA margin, right? At the midpoint of your guidance, you know, we're looking at basically, you know, $50 million-$60 million of incremental revenues and $25 million-$30 million of incremental EBITDA. So a 50% incremental EBITDA margin. Is that mostly the benefit of scaling on the marketing and distribution expense? How should we think about modeling that line in particular going forward for, you know, for the next year? Maybe even if you can, even beyond that. Overall the business has as we also discussed when we discussed our effective gross margin that swells into the 90s, a model that benefits greatly from scale. That's what we have been investing in accelerating in 2021, why Q4 came in ahead of expectations and why we've felt confident as we've spoken over the past few quarters about, we expect to continue to see normalization in our profitability. When you look at our guidance, it's correct that you say that we increased the revenue at the midpoints by just over $50 million. Then you can see we built in about $25 million of additional costs. It's mainly related to marketing, but also team spend, and to some extent, cost of revenue as the advertising revenue category becomes bigger, whereas the other ones are more stable in nature. Okay. My last question is with respect to Nanobank. I'm sorry to hear that things are not being resolved more quickly in India, but pleased to hear that the rest of Nanobank seems to be performing well. Can you give me some any more additional information on the scope of the non-India operations? I don't know what the consolidated revenue picture looks like for Nanobank, but any update there with respect to total revenue performance at Nanobank in the quarter would be really helpful. I guess as a related question, is the worst case scenario that we simply don't do business in India and India is effectively a zero? Is there a scenario where for some reason, you know, India becomes a negative, where you actually have to pay money to settle with regulators and it becomes, you know, and it detracts from the value of the other assets? Thank you. Yeah. To begin with the first part of the question, the revenue growth of Nanobank is driven. The two bigger countries are Indonesia and Mexico. We have all countries doing great. They are just at different stages of maturity, essentially. For the second part of the question, I think what I should say is that we essentially put it to zero in book value now. We wanted to make sure, while we believe it is appropriate, we cannot reliably forecast cash flows, and then we should not keep a value on our balance sheet that we cannot properly back up. It, as I mentioned, does not mean that the team is giving up on India. It is quite the contrary. It's high activity to facilitate an eventual relaunch. In terms of liabilities, we are an investor. Nanobank itself operates in India through a subsidiary. I'm not the corporate lawyer, so I'll be a little bit careful to speculate. As I see it, we put it to zero. You know, I couldn't 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. Excuse me. Good morning, guys. A lot of my questions have been answered, but just wanted to see, I know you guys earlier in the quarter talked about launching a crypto product. I wanted to see if you've been getting any traction there. Do you see an opportunity to launch additional, you know, crypto or crypto-related Bitcoin products? Yeah I guess, this is Song Lin. I can probably just give some color, right? Yeah, we also talked a bit in the script about the launching of our 3.0 product, which is already available on our website, both on desktop and mobile, right? No, I would say great, you know, great recognition that we have been seeing in the industry. It's probably one of the most well biggest launches that Opera has ever made, right? Especially that now it's a blue ocean. There's a lot of formal launch. It's more. Yeah, it's more like the way that we want to invite the users and we want to show our attitude, right? High level, I would say, yeah, even though super early stage, we even call it early access versions, and many of them are also invitation-only features. We saw a lot of you know, good acceptance from the community, which probably give us even more confidence, right, that's the right thing to do. 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 one of the biggest third-party, independent ones, we feel that, you know, we are from the level of Web 3.0, decentralization, and we feel that it's a right place to be. Even though we have not really talked too much about it in terms of revenue, among other things, we feel that it's the right time to talk about it. Hopefully in the future, you know, in the coming full year, you will be able to see us talk a lot more around the topics and what we can do. Great. That's helpful. Just pivoting back to the Nanobank in India. Can you just refresh us a little bit as to what the issues are there? You had mentioned kind of a relaunch. You know, what's the probability or what needs to happen to get you know, get that business relaunched in India? Yeah. I'll recap a bit. At least as seen from our perspective, there were some Ministry of Finance processes to look into what seemed to be most focused on platform fees. Nanobank 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 while at the same time keeping loan losses under control. That product is then licensed from its central operations to the various operating countries, and it was that fee payable from the subsidiary in India that I think triggered the review. As of now, I don't think any formal accusations have been made. Their funds are frozen, so they cannot operate. Got it. All right. Thanks, guys. Appreciate it. Sure. Thanks, Mark. We'll take the next question from Alicia Yap with Citigroup. Your line is open. Hi. Good evening and good morning, management. Thanks for taking my questions, and also congrats on the solid results. My first question related to the user growth. It does look like your strategy of shifting focus to the higher ARPU markets, like the Americas has worked out. Just wondering how much more leg room that, you know, can we anticipate that we can further grow and further penetrate in the Americas market in terms of new user growth for this year? Then, second questions I have is, you know, in light of this geographic mix, any meaningful change of the advertising category mix that we are gaining from the new ad demands from these higher ARPU Americas market? Any new industry vertical that we are in the early stage of penetrating that we could further attract the ad budget from, especially for, let's say, this year or next couple years? Thanks. Yeah. Yeah maybe I'll try to answer that. Yeah, you know, first of all, I would say that we definitely still see very good growth opportunity in Western markets, yeah, especially in the U.S. and also even in Europe or even South America, Brazil and, you know, Argentina and those countries. Yeah, like, we feel that we are still at quite early stage. You know, considering the size of the market and considering we are, you know, still relatively small in size. We feel that there's a lot of room for us to grow, right? You know, compared in emerging market like in Africa, we are already almost the market leader there, while of course in Western market we're still long way to go. We feel that there's a huge room there that will continue the growth. We feel that, yeah, the growth exploration will probably just only be accelerated on that. You ask about the potential vertical, right? You know, for instance, we saw that traveling definitely coming back from what we saw both in Q4 and also in Q1 this year. Yeah. What we saw is that the very good growth back and, you know, hopefully with also the lifting up of many COVID restrictions in Western markets, we will see a lot more growth there. Very excited about it. Finally, we can execute what we have already planned almost pre-COVID, which is great. Then on top, I would say, yeah, I mean, e-commerce is hot those days, and we also see very good growth on cashback and related products, so very excited about it. And then finally, of course, gaming is growing very nicely together with our gaming product. And yeah, we just see that trend will continue. Yeah. As a summary, we feel that traveling, gaming and e-commerce will probably be very strong verticals that will help us continue to grow in the months to come. I see. Great. Thank you. If I just have one last follow-up on the margin questions. I just kind of like looking at your Q4, which your EBITDA came in at 22%, but for your Q1 guidance and your full year guidance, it does look like the percentage of margin lower than Q4. For Q4 is because we underspent a little bit, right? The revenue came in better, so it's kind of getting this leverage that you know appears on Q4, right? Then we kind of budget it in so that our full year margin now is about 18%. I guess from the spending, wanted to get some color, is it more towards first half that we will still spend a bit more aggressive so that we will ride on the momentum, to grow this user in this new market, and then maybe, tail off a little bit into the second half in terms of spending. Any colors in terms of the trends that we should be expecting? Yeah. It's for me now, Arthur? Oh. Sure y eah, go ahead. Go ahead, Frode. Yeah. We tend to have lower margins in the first quarter if you look back, too. In this particular context, for seasonality, we expect revenues to come in slightly below Q4, which is the norm. I think the only time in history that did not happen was Q1 2021. On top of that, we built in about $6 million of OpEx costs. Some of this 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 mentioned, we believe in a good margin expansion for the year as a whole, but we typically start off below the annual average margin in the beginning of the year. I see o kay, great. Helpful. Thank you. Sure. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. We'll take our next question from Xiaodan Zheng with CICC. Your line is open. Good morning, management, and thanks for taking the questions. I got two questions here regarding Opera's strategy for metaverse and broader products respectively. First of all, Opera has accomplished several notable milestones to venture into metaverse. How do we plan to further embrace this field, and what do we think of our monetization potential? Secondly, in terms of browser products, Opera GX has been proved to be a very successful launch. Do we see any opportunity to enter into more verticals except for gaming? Thank you. Okay. I'm not sure if I catch all of it. The voice is a bit mixed, but I'll try, right? Yeah, just to comment that if I hear you correctly, you are asking, you know, about monetization opportunity for the metaverse, right? I would say yes. Right. I think you also mentioned GX. I would say, you know, of course the GX itself, we don't really see it as a browser instead of more like, you know, lifestyle thing that, you know, users spend time on it. They, you know, they use it to, you know, watch gaming videos, to chat with others by the integrated chatting functionalities. Of course, with the incorporating with our gaming engine, made by GameMaker, they are now also able to play games into it, for instance. 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 GX platform, we have already, you know, reported that GX already has the highest ARPU among all the Opera products and is already quite profitable already, right? We have published that, you know, part of it on spreadsheets for analyzing ARPUs, and then if you just multiply by the users, you could also, you know, already come up to big numbers of revenues, you know, at a very early stage. I think moving forward for this year, we will try to stick with the same strategy that we'll probably focus on, you know, since it's already very profitable, we will probably starting off by focusing on providing more interesting functionalities within what I would call the GX metaverse, right? You know, allow them to play more games, and then there will be more, you know, interesting fan creations, allow also more creators to also be able to create games for that platform. Those will be the priority. Of course, yeah, you know, we expect that when more users access and spend more time on it, then very naturally the ARPU, the upward trend of ARPU will continue and that will benefit the revenue as well. I would say that's a high level cover of what we see in the metaverse. Just, you know, as a summary, luckily, we are one of the few ones which, even though at the starting phase, are already quite profitable in that space and hopefully will just be able to continue to grow. It's a very healthy business. Then you mentioned about other vertical, right? I would say the launch of our Web 3.0 browser is a very good example in Q1 that we feel that's also a very interesting vertical that we want people to be able to see. Because same as in GX, we really view the trend of decentralization and Web 3.0 as almost one of the lifestyle thing that we want to be able to build a browser where we can use it to capture all the related ecosystems. User can do many things in this browser and use it, you know, not only as a browser, but also as a platform to do many integrated stuffs. Yeah. That's one of the initiatives that we really focus on, and yeah, hopefully we'll be able to also drive that and replicate what we have been seeing on GX. Okay g ot 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 e xcellent. I would say, for all of you, thank you again for joining us today. As you have heard, we believe Opera is well-positioned to continue to grow, and I'm very excited about our core business and our initiatives. Finally, we are also excited about the potential that Web3 has for Opera. 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.