Market Newsdesk

CLEVELAND, Texas, Nov. 19, 2020 (GLOBE NEWSWIRE) — LGI Homes, Inc. (Nasdaq:LGIH) today announced the opening of a new home community in the greater Houston area, Pinewood Trails, where the builder plans to construct 974 single-family homes. Located in eastern Montgomery County near I-69, Pinewood Trails offers a collection of homes equipped with LGI’s CompleteHome™ package, competitively priced from the $190s.

“Pinewood Trails presents the opportunity for our customers to purchase a new home in an appealing location at an incredible value,” said Brian Batten, division president of LGI Homes. “In addition to easy access to the businesses and attractions located along the Eastex Freeway, homeowners at Pinewood Trails will enjoy quality-built new homes and family-friendly amenities at a price that suits their budget.”

LGI Homes at Pinewood Trails is offering five distinct floor plans with three to five bedrooms, up to two and a half baths, and ranging in size from approximately 1,400 to 2,600 square feet. The exceptionally designed homes feature open-concept entertaining areas, flex rooms, private owner retreats and large closets. Move-in-ready, the new homes at Pinewood Trails include an impressive selection of interior upgrades at no additional cost, including a full suite of kitchen appliances by Whirlpool®, 36-inch upper cabinets topped with crown molding, Moen® faucets in the kitchen and bathrooms, programmable thermostats and Wi-Fi-enabled garage door openers.

Homeowners at Pinewood Trails will enjoy the community’s numerous planned amenities including a 4-acre park featuring children’s playgrounds, a party pavilion, picnic areas and open lawn space. The wooded neighborhood includes lush landscaping, multiple water features and paved walking paths throughout. Every home site includes a privately fenced back yard and front yard landscaping.  

Pinewood Trails is close to I-69, Hwy 105 and TX-99/Grand Parkway, offering convenient access to a multitude of employers, schools, retailers and activities. Several grocers and retailers are located minutes from the community, including a Walmart Supercenter and H-E-B in Cleveland, Archie’s Food Basket in Splendora, and Valley Ranch Town Center in New Caney. Students living in Pinewood Trails attend schools within the Splendora Independent School District.

New homes for sale within this community start in the $190s. To accommodate homebuyers during this time, the Pinewood Trails information center is open for tours by appointment only and is in compliance with Centers for Disease Control and Prevention and local safety guidelines. To schedule a tour or learn more, interested homebuyers are encouraged to call (866) 341-9849 ext. 936 or visit LGIHomes.com/PinewoodTrails.

About LGI Homes, Inc.

Headquartered in The Woodlands, Texas, LGI Homes, Inc. engages in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada, West Virginia and Virginia. Recently recognized as the 10th largest residential builder in America, based on units closed, the Company has a notable legacy of more than 17 years of homebuilding operations, over which time it has closed more than 40,000 homes. For more information about the Company and its new home developments, please visit the Company’s website at www.LGIHomes.com.

MEDIA CONTACT:
Rachel Eaton
(281) 362-8998 ext. 2560

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dfcf0e33-5c77-4447-9477-c9c1841479b3

From: 


Entertainment Software Association of Canada

TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) — The COVID-19 pandemic continues to have a significant impact on the lives of Canadians. In its most recent study – conducted by The NPD Group – the Entertainment Software Association of Canada (ESAC), found that Canadians are increasing their levels of video game play as a way to stay connected and entertained during these difficult times.

Every two years ESAC, national trade association for Canada’s video game industry, conducts a study on video game consumers to identify how, what, where and why Canadians are playing video games.

Today, ESAC released its latest study entitled Real Canadian Gamer – Essential Facts 2020.

This study provides an in-depth look at the video game player community and consumers in Canada; which is already one of the world’s largest video game hubs with 61% of our population reporting regularly playing video games.

Key Findings

Although the pandemic has not resulted in substantial new video game consumers – with less than 2% of Adult Canadians (18 to 64) deciding to take up a controller for the first time during the pandemic – it has significantly boosted the amount that existing video game consumers played in Canada.

• 
  58% of
  
  
  A
  
  
  dult
  
  
  Gamer
  
  
  s and 80% of
  
  
  T
  
  
  een
  
  
  Gamer
  
  
  s
  
  
  reported
  
  
  playing more video games during the pandemic.
  
  

Not only are Canadians playing more video games, but a majority of them say it is helping them feel better emotionally and mentally while following stay-at-home measures. Games are also helping parents find common ground with their kids while helping them spend time connecting.

• 
  65% of
  
  
  A
  
  
  dult
  
  
  Gamer
  
  
  s and 78
  
  
  %
  
  
  of
  
  
  T
  
  
  een
  
  
  Gamer
  
  
  s find that gaming while supporting stay-at-home health measures makes them feel better.
  
• 
  70% of Teen gamers reported using online video games to stay connected while isolating at home.
  
• 
  6
  
  
  5
  
  
  % of
  
  
  Adult
  
  
  G
  
  
  amers
  
  
  with children ages 6 to 17
  
  
  reported playing video games with their children and 44% reported playing more often during COVID-19.
  
  

Many also identified video games as a means of helping family and friends stay bonded and connected throughout the pandemic.

Quotes

“COVID-19 is not going away anytime soon. Canadians are finding ways to stay connected and engage their minds in positive ways; they are looking for joy and entertainment in what can only be characterized as one of the most difficult times in modern human history. We have found that Canadian gamers recognize the power of play and they are engaging more and more in the immersive and connected experiences that our industry creates. We will get through this period together and video games will continue to be both an outlet for people but also an important way to keep them connected to their families and friends.”

Jayson Hilchie, President & CEO, Entertainment Software Association of Canada

Quick facts

• 61% of Canadians reported playing video games in the past four weeks.
• The gender split between Adult Gamers in Canada was 50/50 male to female, which is the same as 2018.
• The average age of Adult Gamers in Canada is 38.
• Mobile devices continue to be the primary way Adult Gamers access and play video games, with consoles overtaking mobile devices as the most popular among Kids and Teens.
• Saskatchewan has the most video game players per capita in Canada with 68% reporting regular game play with an average of 10 hours per week spent among those who play.
• Digital downloads of full games continue to grow with retail purchases continuing to decline in both Adults and Teens.
• The most popular genres of video games in Canada are puzzle and word games.
• More Canadians are participating in esports as viewers (spectators) than ever before. 40% of Canadian gamers view game streaming content; specifically, 41% of Adults and 46% of kids and Teens.
• 40% of Canadian Adult Gamers play games online solo, 40% play with others online, 20% play online with other players in the room, and 30% of Canadian Adult Gamers play online with players.

Associated links

• 
  Entertainment Software Association of Canada
  
• Real Canadian Gamer – Essential Facts 2020

Contacts

Media Relations

Corinne Crichlow
Director, Public Relations & Communications
[email protected]

About

ESAC represents major video game console makers, publishers, large and small independent developers as well as national distributors. ESAC is the national voice of the video game industry in Canada. We work for our members – Activision Blizzard, Glu, EA, Gameloft, Ubisoft, Kabam, Other Ocean Interactive, Ludia, Microsoft, Nintendo, Sony Interactive Entertainment, Relic Entertainment, Solutions 2 Go, WB Games, Square Enix, Take-Two Interactive, Codename Entertainment, Certain Affinity and NetEase games – to ensure regulatory and public affairs environments are favourable to long-term industry development. For more information, visit theESA.Ca.

MONTRÉAL, Nov. 19, 2020 (GLOBE NEWSWIRE) — Breakfast Club of Canada (BCC) wishes to thank all its generous donors and partners. While the pandemic is having a major impact on the economy and business activities, the support shown to BCC has not diminished. This support is needed more than ever as food insecurity continues to rise, motivating the Club to set the most ambitious campaign goal in its 25-year history: $10 million. Thanks to its loyal donors and partners, Breakfast Club of Canada succeeded in raising a record $11.7 million to fight food insecurity that affects more than 2 million children in the country every day.

“We are honoured to have the support of Canadians as more and more families, businesses and organizations face problems in the current situation,” acknowledged BCC General Manager Tommy Kulczyk. “We want to take this opportunity to thank our generous donors who, like us, make children’s health, nutrition and education a priority.”

The funds raised will go to support the 250,000 children who use breakfast programs across the country and help meet ever-growing demand, which translates to one in three children arriving hungry at school every morning. Complying with the measures set forth by public health authorities has resulted in a significant increase in costs, especially costs related to food. Despite the record amount collected, these funds will not be enough to meet the need, given the huge impact of the pandemic on the household finances of Canadians, families in particular.

To ensure that the nutritional needs of children are met, the Club works to raise awareness among the country’s policy-makers, advocating for them to make children’s nutrition a priority. Asserting the needs and rights of children is especially important, given that Canada is the only G7 country not to have a national school food program. BCC represented Canada this week at the Global Child Nutrition Forum, stressing the urgency of implementing such a program.

To help establish solid foundations on which to build a national school food program, the Club is rallying financial allies from all spheres of activity. BCC is thankful for all of the financial donations and commitments received to support our mission and would like to acknowledge the following major donors for their generosity during this back-to-school campaign:

• Agriculture and Agri-Food Canada
  
• Air Canada Foundation
  
• Amazon Canada
  
• belairdirect
  
• Staples
  Canada/B
  ureau en gros
  
• General Mills 
  
• NexGen Energy Ltd
  
• Rio Tinto
  
• Save-On-Foods
  
• The
  Royal
  Canadian Mint
  
• Walmart Canada

Lending their voices and influence, six businesswomen dedicated to children’s academic success and nutrition were part of a newly created campaign cabinet. The Club thanks them for their invaluable contributions to the campaign:

• Joan Kelley Walker, Chair of the Breakfast Club of Canada Back-to-School Campaign Cabinet; Journalist, Philanthropist and Host
• Shelley Mayer, Founder and President, Ramp Communications
• Gail Nyberg, former Executive Director, Daily Bread Food Bank
• Anne Fortin, Senior Vice President of Direct Distribution and Chief Marketing Officer, Intact Financial Corporation
• Isabelle Rayle-Doiron, Vice-President, Public Affairs, and General Counsel, Danone
• Brett Clapperton, Director, Community Investment and LBG Canada, SiMPACT Strategy Group

About
Breakfast Club of Canada

Accredited by Imagine Canada for its effective governance, the Club provides much more than breakfast: its approach is based on commitment, self-esteem and capacity development using an optimal formula adapted to local needs. Breakfast Club of Canada helps feed more than 257,000 children and youth in 1,887 schools across the country. To learn more, visit breakfastclubcanada.org or follow on Facebook, Instagram, Twitter and LinkedIn. #FeedKidsNow #EndChildHunger #StopChildHunger #BacktoSchool2020

Media
enquiries

For more information and to schedule interviews with Breakfast Club of Canada spokespeople, please contact:

Justine Plourde |1
–
888
–
442-1217,
ext
.
 
3369 |

[email protected]

Nathalie Rochette | 514
–
404-5660 |

[email protected]

MALVERN, Pa., Nov. 19, 2020 (GLOBE NEWSWIRE) — Baudax Bio, Inc. (NASDAQ:BXRX), a pharmaceutical company focused on therapeutics for acute care settings, recently announced the issuance of United States Patent No.10,709,713 (the ‘713 Patent) on July 14, 2020. The ‘713 Patent covers the use of ANJESO^® to treat moderate to severe pain, and has been listed in the United States Food and Drug Administration’s (FDA) Orange Book: Approved Drug Products with Therapeutic Equivalence Evaluations as it relates to ANJESO^®.

The ‘713 Patent is an additional ANJESO^® patent to be listed in the Orange Book with an expiry date of May of 2030. The ‘713 Patent joins four other patents listed in the Orange Book, amongst others owned or licensed by Baudax that currently provide exclusivity to the ANJESO^® franchise.

“We are pleased by the progress we have made in the United States Patent and Trademark Office and the recognition of the inventive nature of our ANJESO^® franchise,” said Gerri Henwood, Baudax Bio’s President and Chief Executive Officer. “The ‘713 Patent is expected to provide a significant barrier for generic entry and will likely be joined by other patents currently pending in the USPTO.”

About ANJESO
^®

ANJESO (meloxicam) injection is a proprietary, long-acting, preferential COX-2 inhibitor that possesses analgesic, anti-inflammatory and antipyretic activities, which are believed to be related to the inhibition of cyclooxygenase type 2 pathway (COX-2) and subsequent reduction in prostaglandin biosynthesis. ANJESO was launched in the U.S. in June 2020 following its approval by the Food and Drug Administration in February 2020. ANJESO is indicated for the management of moderate to severe pain, alone or in combination with other non-NSAID analgesics. Because of the delayed onset of analgesia, ANJESO alone is not recommended for use when rapid onset of analgesia is required. ANJESO is supported by two pivotal Phase III clinical efficacy trials, a large double-blind, placebo-controlled Phase III safety trial and four Phase II clinical efficacy trials, as well as other safety studies. As a non-opioid, Baudax Bio believes ANJESO has the potential to overcome many of the issues associated with commonly prescribed opioid therapeutics, including respiratory depression, constipation, excessive nausea and vomiting, as well as having no addictive potential, while maintaining meaningful analgesic effects for relief of pain. ANJESO was designed using the NanoCrystal^® platform, a technology that enables enhanced bioavailability of poorly water-soluble drug compounds. NanoCrystal^® is a registered trademark of Alkermes Pharma Ireland Limited (APIL).

About Baudax Bio

Baudax Bio is a pharmaceutical company focused on therapeutics for acute care settings. The launch of Baudax Bio’s first commercial product ANJESO^® began in June 2020 following its approval by the U.S. Food and Drug Administration in February 2020. ANJESO is a once daily IV NSAID with preferential Cox-2 activity, which has successfully completed three Phase III clinical trials, including two pivotal efficacy trials, a large double-blind Phase III safety trial and other studies for the management of moderate to severe pain. In addition to ANJESO, Baudax has a pipeline of other pharmaceutical assets including two novel neuromuscular blocking agents (NMBAs) and a proprietary chemical reversal agent specific to these NMBAs which is currently in preclinical studies, and intranasal dexmedetomidine which is being developed for possible uses in pain or sedation. For more information please visit www.baudaxbio.com.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements reflect Baudax Bio’s expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,” “intend,” and “expect,” and similar expressions, as they relate to Baudax Bio or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information available to Baudax Bio as of the date of publication on this internet site and are subject to a number of risks, uncertainties, and other factors that could cause Baudax Bio’s performance to differ materially from those expressed in, or implied by, these forward-looking statements. These forward-looking statements are subject to risks and uncertainties including, among other things, the ongoing economic and social consequences of the COVID-19 pandemic, including any adverse impact on the commercial launch of ANJESO^® or disruption in supply chain, Baudax Bio’s ability to maintain regulatory approval for ANJESO, Baudax Bio’s ability to successfully commercialize ANJESO; the acceptance of ANJESO by the medical community, including physicians, patients, health care providers and hospital formularies; Baudax Bio’s ability and that of Baudax Bio’s third party manufacturers to successfully scale-up our commercial manufacturing process for ANJESO, Baudax Bio’s ability to produce commercial supply in quantities and quality sufficient to satisfy market demand for ANJESO, Baudax Bio’s ability to raise future financing for continued product development, payment of milestones and ANJESO commercialization, Baudax Bio’s ability to pay its debt and satisfy conditions necessary to access future tranches of debt, Baudax Bio’s ability to comply with the financial and other covenants under its credit facility, Baudax Bio’s ability to manage costs and execute on our operational and budget plans, the accuracy of Baudax Bio’s estimates of the potential market for ANJESO, Baudax Bio’s ability to achieve its financial goals; and Baudax Bio’s ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law.

CONTACT:

Investor Relations Contact:

Argot Partners
Sam Martin / Claudia Styslinger
(212) 600-1902
[email protected]
[email protected]

Baudax Bio, Inc.

Ryan D. Lake
(484) 395-2436
[email protected]

Media Contact:

Argot Partners
David Rosen
(212) 600-1902
[email protected]

TULSA, Okla., Nov. 19, 2020 (GLOBE NEWSWIRE) — AAON, Inc. (NASDAQ: AAON), a leading manufacturer of heating and cooling products, announced that it received the 2020 Henry Bellmon Award in the Large Business category, from Sustainable Tulsa. The Bellmon nominees were selected from the top-ranking Scor3card® verified organizations during the 2019-2020 year. Winners were then chosen from the nomination list by the Henry Bellmon family and members of the Henry Bellmon Judges Panel based on the number of verified items and quality of answers within the Scor3card sustainability assessment and a tracking tool. AAON achieved Platinum level, the highest attainment level, in the 2020 Sustainable Tulsa Scor3card verification program.

“AAON is honored to receive a 2020 Henry Bellmon Award in recognition of our sustainability efforts. AAON designs and manufactures HVAC equipment with energy efficiency in mind, with premium features and options available for sustainable building applications. In addition to our high standard of product performance, is a commitment to sustainability for our employees, our shareholders and our customers,” said Gary Fields, President and CEO of AAON.

About Sustainable Tulsa:
Sustainable Tulsa provides education, tools, and resources to inform and engage businesses and individuals in the three areas of sustainability: social responsibility, economic vitality, and environmental stewardship — people, profit, planet. Sustainable Tulsa launched Scor3card in 2016 as an online sustainability tracking and assessment tool for organizations to track and improve their sustainability efforts. This holistic approach to sustainability allows organizations to engage their employees, bolster their economic growth, and become better environmental stewards. In 2010, Sustainable Tulsa and Southside Rotary of Tulsa collaborated to form the Henry Bellmon Awards, named after one of Oklahoma’s most respected statesmen and an early champion of sustainability in Oklahoma. In 2018, Southside Rotary of Tulsa graciously passed the baton in order for Sustainable Tulsa to continue the awards through their Scor3card program.

About AAON

AAON is engaged in the engineering, manufacturing, marketing, and sale of air conditioning and heating equipment consisting of standard, semi-custom, and custom rooftop units, chillers, packaged outdoor mechanical rooms, air handling units, condensing units, makeup air units, energy recovery units, geothermal/water-source heat pumps, coils, and controls. Since the founding of AAON in 1988, AAON has maintained a commitment to design, develop, manufacture and deliver heating and cooling products to perform beyond all expectations and demonstrate the value of AAON to our customers. For more information, please visit www.AAON.com.

Contact:
Stephanie Cameron
AAON, Inc.
918-688-9796
[email protected]

LONDON and NEW YORK, Nov. 19, 2020 (GLOBE NEWSWIRE) — MeiraGTx Holdings plc (Nasdaq:MGTX), a vertically integrated, clinical stage gene therapy company, today announced the pricing of an underwritten public offering of 5,000,000 of its ordinary shares at a public offering price of $12.85 per share. In addition, MeiraGTx has granted the underwriters a 30-day option to purchase up to an additional 750,000 of its ordinary shares at the public offering price, less underwriting discounts and commissions. Gross proceeds to MeiraGTx from the offering are expected to be approximately $64.3 million, before deducting underwriting discounts and commissions and offering expenses, but excluding any exercise of the underwriters’ option. All of the ordinary shares in the offering are being sold by MeiraGTx.

BofA Securities, Piper Sandler, Evercore ISI, Barclays and Chardan are acting as joint book-running managers for the offering. The offering is expected to close on or about November 23, 2020, subject to customary closing conditions.

The ordinary shares are being offered by MeiraGTx pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) on July 17, 2019 and declared effective by the SEC on July 19, 2019. This offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website at www.sec.gov. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may also be obtained by contacting: BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255, or by email at [email protected]; Piper Sandler & Co., 800 Nicollet Mall, J12S03, Minneapolis, Minnesota, 55402, Attention: Prospectus Department, by telephone at (800) 747-3924 or by email at [email protected]; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at [email protected]; Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: +1 888 603 5847, or email: [email protected]; or Chardan Capital Markets, LLC, 17 State Street, 21st floor, New York, New York 10004.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.

Forward Looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the public offering, including statements related to anticipated gross proceeds and anticipated closing date, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the Company’s incurrence of significant losses; any inability to achieve or maintain profitability, raise additional capital, identify additional and develop existing product candidates, successfully execute strategic priorities, bring product candidates to market, expansion of the Company’s manufacturing facilities and processes, successfully enroll patients in and complete clinical trials, accurately predict growth assumptions, recognize benefits of any orphan drug designations, retain key personnel or attract qualified employees, or incur expected levels of operating expenses; the impact of the COVID-19 pandemic on the status, enrollment, timing and results of the Company’s clinical trials and on its business, results of operations and financial condition; failure of early data to predict eventual outcomes; failure to obtain FDA or other regulatory approval for product candidates within expected time frames or at all; the novel nature and impact of negative public opinion of gene therapy; failure to comply with ongoing regulatory obligations; contamination or shortage of raw materials or other manufacturing issues; changes in healthcare laws; risks associated with the Company’s international operations; significant competition in the pharmaceutical and biotechnology industries; dependence on third parties; risks related to intellectual property; changes in tax policy or treatment; the Company’s ability to utilize its loss and tax credit carryforwards; litigation risks; and the other important factors discussed under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as such factors may be updated from time to time in its other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While the Company may elect to update such forward-looking statements at some point in the future, unless required by law, the Company disclaims any obligation to do so, even if subsequent events cause its views to change. Thus, one should not assume that the Company’s silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Contacts

Investors:

MeiraGTx
Elizabeth (Broder) Anderson
(646) 860-7983
[email protected]

or

Media:

W2O pure
Christiana Pascale
(212) 257-6722
[email protected]

• Opera’s total user base grew to over 380 million monthly active users in the third quarter
• Third quarter revenue of $42.4 million, excluding both microlending and retail that are classified as discontinued operations
• Strong revenue trends for search and advertising — back to YoY growth in the quarter, and up 33% QoQ driven by increased users, monetization of Opera News, and recovery from COVID-19 impacts
• Third quarter adjusted EBITDA⁽¹⁾ of $10.7 million; representing a 25% margin
• Net income of $154.4 million, including a gain of $148.1 million from discontinued operations following the Nanobank transaction
• European fintech nearing official launch in Spain; additional markets planned in 2021

OSLO, Norway, Nov. 19, 2020 (GLOBE NEWSWIRE) — Opera Limited (NASDAQ: OPRA), one of the world’s largest internet consumer brands with over 380 million monthly active users, today announced its unaudited consolidated financial results for the quarter ended September 30, 2020.

Third quarter 2020 financial highlights

		Three Months Ended September 30,						Year-over-			Nine Months Ended September 30,						Year-over-
[US$ thousands, except for margins and per ADS amounts]		2019			2020			year % change			2019			2020			year % change
Revenue		47,820			42,416			-11.3	%		128,315			114,827			-10.5	%
Net income (loss)		28,120			154,367			449.0	%		35,923			150,648			319.4	%
Margin		58.8	%		363.9	%					28.0	%		131.2	%
Adjusted EBITDA (1)		8,140			10,658			30.9	%		17,484			10,917			-37.6	%
Margin		17.0	%		25.1	%					13.6	%		9.5	%
Adjusted net income (1)		26,977			9,553			-64.6	%		37,791			16,680			-55.9	%
Margin		56.4	%		22.5	%					29.5	%		14.5	%
Diluted net income per ADS, US$		0.25			1.31			426.3	%		0.32			1.26			294.4	%
Diluted adjusted net income per ADS, US$ (1)		0.24			0.08			-66.1	%		0.34			0.15			-55.4	%

_______________________________________

⁽¹⁾ Please see the separate section “About non-IFRS financial measures” for the definitions of adjusted EBITDA and adjusted net income.

Song Lin, Opera’s Co-CEO, said, “This quarter, we really showed the strength of Opera’s core business with both our browsers and Opera News having very nice growth in users and engagement. This in turn led to combined search and advertising revenue returning to year-over-year growth and recovering faster from COVID-19 than initially expected. Specifically, search and advertising revenues grew by 20% and 50%, respectively, versus the second quarter. Finally, we were able to drive significant adjusted EBITDA margin expansion, while investing in several initiatives we believe could meaningfully accelerate growth rates beyond the solid growth from our core business.”

Third quarter 2020 user base and product highlights


(All comparisons are relative to the third quarter of 2019 unless otherwise stated)

• Opera News average Monthly Active Users (“MAUs”) grew 35% to 219 million
• Total smartphone average MAUs grew to 242 million, up 5%
• PC average MAUs were 75 million, up 10%

Mr. Song Lin commented, “I am very pleased with our execution. We continued to grow users, invest in future products and make strides in monetization despite a challenging environment from COVID-19.

“Our user base in the third quarter exceeded 380 million monthly active users, an increase of 18 million users compared to the second quarter. This was driven by growth across our core regions and platforms. Specifically, Opera News continued its strong trajectory, growing approximately 30% year-over-year. Browsers grew nicely as well and this was highlighted by PC users growing 10% year-over-year, driven by Opera GX, and record smartphone users.

“We continue to push forward aggressively on our new initiatives. Highlighting one of our bigger initiatives, European Fintech, we are making significant progress. We’ve been testing our first product in Spain, a buy-now-pay-later offering, and the next step will be to formally launch and introduce new branding. This is planned to be followed by expansion into several other markets, and efforts to broaden our offering next year. We believe European fintech and several of our other new initiatives have the potential to significantly benefit our growth rates.

“To sum it up, we are executing against our growth strategy, recovering more quickly from COVID-19 than anticipated, and think we’ve built a strong foundation to outperform next year and beyond.”

Business outlook

Mr. Frode Jacobsen, Opera’s CFO, said, “Our growth trends accelerated throughout the third quarter and this has continued so far into the fourth quarter. Further, the strong recovery of search and advertising revenue has led to significant margin expansion. While some impacts from the pandemic remain, we are once again in a position to provide forward looking guidance.”

For the fourth quarter, we expect revenues of $45 million to $47 million, excluding revenue from retail and microlending which are both classified as discontinued operations. The expected results will be driven by continued improvement in year-over-year growth rates for search and advertising, resulting in an expected larger increase from the third to fourth quarter compared to last year. Tech revenue is expected to decline slightly compared to this past quarter.

Adjusted EBITDA is expected to be between $10 million and $12 million, representing an adjusted EBITDA margin of 24% at the midpoint. We anticipate search and advertising margin contribution to increase relative to the third quarter, while we continue to invest in new growth initiatives.

As we look to 2021, we expect to benefit from multiple factors — the strong user gains we made throughout 2020, the acceleration from offline to online, and more normalized monetization. As such, we indicate a baseline revenue expectation around $200 million for 2021, representing approximately 25% growth over 2020. This indication is primarily driven by search and advertising growth and only includes small revenue contributions from new initiatives. We intend to provide a more detailed 2021 guidance with our fourth quarter results.

Nanobank and other investments

On a pro forma basis in the third quarter, Nanobank posted revenue of $34.9 million, up 87% compared to the second quarter, and disbursed 2.5 million loans representing $155 million in total value. Adjusted EBITDA was $8.8 million and post tax profits were $6.0 million. Further, Nanobank continues to recover from COVID-19 impacts with metrics improving in all geographies during the third quarter. Indonesia is now close to pre-COVID levels, with India and Kenya recovering more gradually, and Mexico, while still early, is scaling.

Nanobank continues to prioritize profitable lending versus a faster scaling with more credit risk. In the fourth quarter, we expect Nanobank revenues to continue to scale rapidly with profit margin expansion. We believe this puts Nanobank on a trajectory to reach pre-COVID levels in 2021 for revenue as well as profitability.

In terms of other investments, OPay continues to grow and scale its payment offerings. In October, OPay processed a gross transaction value of $1.4 billion on its platform, more than three-times the level in January. Starmaker is also experiencing strong growth. Daily active users are up approximately 80% year-to-date and revenues have more than doubled year-to-date, to an annual run rate of over $100 million.

Opera owns 42% of Nanobank, 13.1% of OPay and 19.35% of Starmaker.

Third quarter 2020 consolidated financial results

All comparisons in this section are relative to the third quarter of 2019 unless otherwise stated. Fintech and retail revenue are not included in comparisons as they are classified as discontinued operations.

Revenue decreased 11% to $42.4 million

• Search revenue declined 1% to $21.2 million due to the impact of COVID-19 on monetization, despite strong underlying user growth. Search grew 20% compared to the second quarter
• Advertising revenue increased 4% to $19.0 million, subject to the same effects as search revenue. Advertising revenue grew 50% compared to the second quarter.
• Technology licensing and other revenue was $2.2 million. This declined $5.8 million compared to the previous year as Opera has been phasing out low-margin professional services for an investee.

Operating expenses decreased 15% to $39.0 million.

• Cost of revenue was $2.9 million, a decrease of 47% year-over-year. Within this total, $2.1 million related to the browser and news business area and $0.7 million related to other revenue.
• Personnel expenses, including share-based remuneration, were $15.3 million, a 17% increase year-over-year. This expense consists of cash-based compensation expense of $13.6 million, and $1.7 million of share-based remuneration expense. The increase was driven by increased resources relating to new growth initiatives.
• Marketing and distribution expenses were $11.0 million, a decrease of 34% year-over-year. The sequential decrease was primarily related to lower marketing activity following strong organic user growth, and reduced unit costs.
• Depreciation and amortization expenses were $4.9 million, a 10% increase year-over-year primarily related to capitalized development and other intangible assets.
• Other operating expenses were $4.3 million, a 35% decrease year-over-year driven by general reductions across many areas.

Operating profit was $3.0 million, representing an operating margin of 7%, compared to operating profit of $2.2 million and a 5% margin during the third quarter of 2019. The increase was primarily due to lower operating expenses, particularly marketing and distribution expenses in response to strong organic user growth in the quarter.

Other items include share of net profit of associates and joint ventures of $0.2 million. This includes Nanobank, which had profits of $3.3 million in the partial period after the transaction closed, of which Opera recognized 42% less $0.9 million in PPA amortization cost. Further, net finance gains were $4.4 million.

Income tax expense was $1.3 million in the quarter.

Net income was $154.4 million, comprising $6.3 million in profits from continued operations and $148.1 million in profits relating to discontinued operations, fueled by the gain from the creation of Nanobank. This compared to a net income of $28.1 million in the third quarter of 2019.

Net income per ADS was $1.33 in the quarter. Each ADS represents two shares in Opera Limited. In the quarter, the average number of shares outstanding was 235.6 million, corresponding to 117.8 million ADSs.

Adjusted EBITDA was $10.7 million, representing a 25% adjusted EBITDA margin, compared to adjusted EBITDA of $8.1 million in the third quarter 2019. Adjusted EBITDA excludes share-based remuneration and non-recurring expenses, as well as other income and discontinued operations.

Adjusted Net Income was $9.6 million in the quarter, compared to adjusted net income of $27.0 million in third quarter 2019. Adjusted net income excludes share-based remuneration, non-recurring expenses, discontinued operations and amortization of intangible assets related to acquisitions.

Adjusted net income per ADS was $0.08 in the quarter.

Share repurchases were 2.5 million ADSs in the quarter for a total spend of $22.4 million. Year-to-date, 5.0 million ADSs have been repurchased for a total spend of $40.9 million. $9.1 million remained available under the current repurchase authorization as of September 30, 2020.

Discontinued operations include Opera’s retail business, which was discontinued following a strategic assessment as it had not been profit generating, and Opera’s fintech business, which was contributed to Nanonbank on August 19, 2020. Opera owns 42% of Nanobank as of September 30, 2020. Retail would have added $4.4 million to third quarter revenue had it not been classified as discontinued operations.

We have posted unaudited supplemental information at https://investor.opera.com, including: 1) Opera’s financial historical results by quarter over 2019 and YTD 2020, reflecting microlending and retail as discontinued operations; and 2) Nanobank pro-forma financial results by quarter over 2019 and YTD 2020.

Conference call

Opera’s management will host a conference call to discuss the third quarter 2020 financial results on Thursday, November 19th at 8:00 am Eastern Time (EST) (2:00 PM Central European Time, 9:00 PM Beijing/Hong Kong time). Listeners may access the call by dialing the following numbers:

United States: +1 833 570-1161
China: +86 400 682 8609
Hong Kong: +852 5819 4851
Norway: +47 2396 4173
United Kingdom: +44 (0)203 107 0289
International: +1 918 922-6511
Confirmation Code: 3159725

A live webcast of the conference call will be posted at https://investor.opera.com.

About non-IFRS financial measures

To supplement our consolidated financial statements, which are prepared and presented based on IFRS, we use adjusted EBITDA and adjusted net income, both non-IFRS financial measures, to understand and evaluate our core operating performance. These non-IFRS financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS.

We define adjusted EBITDA as net income (loss) excluding income tax expense (benefit), net finance expense (income), share of net loss (income) of associates and joint ventures, restructuring costs, depreciation and amortization, share-based remuneration, other income, non-recurring expenses and discontinued operations.

We define adjusted net income as net income excluding share-based remuneration, amortization of acquired intangible assets, non-recurring expenses and discontinued operations, net of associated income tax adjustments.

We believe that adjusted EBITDA and adjusted net income provide useful information to investors and others in understanding and evaluating our operating results. These non-IFRS financial measures adjust for the impact of items that we do not consider indicative of the operational performance of our business. While we believe that these non-IFRS financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared and presented in accordance with IFRS. Please refer to our financial statements at the end of this announcement for a table reconciling our non-IFRS financial measures to net income (loss), the most directly comparable IFRS financial measure.

Safe harbor statement

This press release contains statements of a forward-looking nature. These statements, including statements relating to the Company and its investees’ future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management’s quotations and the Business outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company, its investees, the industry in which they operate, and the duration and effects of the COVID-19 pandemic. Potential risks and uncertainties include, but are not limited to, those relating to the development of the COVID-19 situation, those relating to the Company and its goals and strategies; expected development and launch, and market acceptance, of products and services; Company and its investees’ expectations regarding demand for and market acceptance of their brands, platforms and services; Company’s expectations regarding growth in its user base and level of engagement; Company’s ability to attract, retain and monetize users; Company’s ability to continue to develop new technologies and/or upgrade its existing technologies and quarterly variations in Company’s operating results caused by factors beyond its control and global macroeconomic conditions and their potential impact in the markets in which Company or its investees have businesses. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by Opera is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F.

About Opera

Opera is a global web innovator. Opera’s browsers, news products and fintech solutions are the trusted choice of more than 380 million people worldwide. Opera is headquartered in Oslo, Norway and listed on the NASDAQ stock exchange (OPRA).

Investor Relations Contact:

Derrick Nueman
[email protected] or (408) 596-3055

For media enquiries, please contact: [email protected]

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
		Three Months Ended September 30,						Nine Months Ended September 30,
[US$ thousands, except per share and ADS amounts]		2019			2020			2019			2020
Revenue		47,820			42,416			128,315			114,827
Other income		–			(426	)		–			5,568
Operating expenses
Cost of revenue		(5,372	)		(2,856	)		(9,855	)		(9,401	)
Personnel expenses including share-based remuneration		(12,670	)		(15,260	)		(34,285	)		(44,330	)
Marketing and distribution expenses		(16,831	)		(11,038	)		(51,735	)		(35,542	)
Credit loss expense		345			34			(200	)		(1,242	)
Depreciation and amortization		(4,480	)		(4,920	)		(12,874	)		(14,357	)
Non-recurring expenses		–			(648	)		–			(3,222	)
Other expenses		(6,636	)		(4,302	)		(19,210	)		(17,108	)
Total operating expenses		(45,644	)		(38,989	)		(128,159	)		(125,204	)
Operating profit (loss)		2,176			3,001			156			(4,808	)
Share of net income (loss) of associates and joint ventures		23,295			155			26,252			(1,322	)
Change in fair value of preferred shares in associates		–			–			–			6,000
Net finance income (expense)
Finance income		613			4,668			3,971			8,467
Finance expense		(154	)		(123	)		(471	)		(486	)
Net foreign exchange gain (loss)		(516	)		(158	)		(492	)		(588	)
Net finance income (expense)		(58	)		4,387			3,007			7,393
Profit before income taxes		25,414			7,543			29,415			7,262
Income tax (expense) benefit		(895	)		(1,290	)		1,112			(632	)
Profit from continuing operations		24,519			6,254			30,527			6,631
Profit from discontinued operations		3,601			148,113			5,396			144,017
Net income		28,120			154,367			35,923			150,648
Net income attributable to:
Equity holders of the parent		28,120			154,367			35,923			150,648
Non-controlling interests		–			–			–			–
Total net income attributed		28,120			154,367			35,923			150,648
Weighted average number of ordinary shares outstanding
Basic, millions(1)		221.55			232.71			220.31			236.37
Diluted, millions(2)		225.89			235.62			224.83			239.06
Profit per ordinary share from continuing operations
Basic, US$		0.11			0.03			0.14			0.03
Diluted, US$		0.11			0.03			0.14			0.03
Profit per ADS from continuing operations
Basic, US$		0.22			0.05			0.28			0.06
Diluted, US$		0.22			0.05			0.27			0.06
Net income per ordinary share
Basic, US$		0.13			0.66			0.16			0.64
Diluted, US$		0.12			0.66			0.16			0.63
Net income per ADS
Basic, US$		0.25			1.33			0.33			1.27
Diluted, US$		0.25			1.31			0.32			1.26

(1) As of September 30, 2020, the total number of shares outstanding for Opera Limited was 230,136,862, equivalent to 115,068,431 ADSs.

(2) Includes the net dilutive impact of employee equity awards, all of which are dilutive.

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
		Three Months Ended September 30,					Nine Months Ended September 30,
[US$ thousands]		2019			2020		2019			2020
Net income		28,120			154,367		35,923			150,648
Other comprehensive income (loss) that may be reclassified to the Statement of Operations in subsequent periods (net of tax)
Exchange differences on translation of foreign operations		(1,982	)		451		(2,092	)		(902	)
Reclassification of exchange differences on loss of control		–			3,098		7			3,087
Share of other comprehensive income (loss) of associates and joint ventures		–			–		(41	)		–
Net other comprehensive income (loss) that may be reclassified to the Statement of Operations in subsequent periods		(1,982	)		3,549		(2,126	)		2,185
Total comprehensive income		26,139			157,917		33,797			152,834
Total comprehensive income attributable to:
Equity holders of the parent		26,139			157,917		33,797			152,834
Non-controlling interests		–			–		–			–
Total comprehensive income attributed		26,139			157,917		33,797			152,834

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
		As of December 31,			As of September 30,
[US$ thousands]		2019			2020
ASSETS
Non-current assets
Furniture, fixtures and equipment		26,053			19,556
Intangible assets		110,807			113,960
Goodwill		421,578			425,582
Investments in associates and joint ventures		76,300			346,848
Non-current financial assets		1,351			2,497
Deferred tax assets		6,204			3,945
Total non-current assets		642,293			912,389
Current assets
Trade receivables		49,371			32,608
Loans to customers		93,115			–
Other receivables		59,112			10,204
Prepayments		25,809			13,705
Inventories		7,752			178
Other current financial assets		1,535			–
Marketable securities		42,146			55,220
Cash and cash equivalents		139,487			64,416
Total cash, cash equivalents, and marketable securities		181,633			119,636
Total current assets		418,327			176,332
TOTAL ASSETS		1,060,620			1,088,721
EQUITY AND LIABILITIES
Equity
Share capital		24			24
Other paid in capital		814,177			773,323
Retained earnings		99,513			253,796
Foreign currency translation reserve		(1,508	)		677
Equity attributed to equity holders of the parent		912,206			1,027,820
Non-controlling interests		–			–
Total equity		912,206			1,027,820
Non-current liabilities
Non-current lease liabilities and other loans		9,181			3,908
Deferred tax liabilities		10,526			13,022
Other non-current liabilities		137			97
Total non-current liabilities		19,844			17,027
Current liabilities
Trade and other payables		57,125			26,058
Current lease liabilities and other loans		47,793			5,185
Income tax payable		7,803			908
Deferred revenue		708			2,749
Other current liabilities		15,142			8,974
Total current liabilities		128,570			43,875
Total liabilities		148,414			60,902
TOTAL EQUITY AND LIABILITIES		1,060,620			1,088,721

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
[US$ thousands]		Share capital			Other paid in capital			Retained earnings			Foreign currency translation reserve			Total equity
As of December 31, 2018, as previously reported		22			738,690			36,432			316			775,460
Impact of implementing IFRS 16 Leases		–			–			64			–			64
As of January 1, 2019, restated		22			738,690			36,496			316			775,524
Net income		–			–			35,923			–			35,923
Other comprehensive income (loss)		–			–			–			(2,126	)		(2,126	)
Total comprehensive income (loss)		–			–			35,923			(2,126	)		33,797
Contribution of equity, net of transaction costs		2			70,986			–			–			70,986
Acquisition of treasury shares		–			(5,780	)		–			–			(5,780	)
Share-based remuneration expense		–			–			3,624			–			3,624
As of September 30, 2019		24			803,896			76,044			(1,810	)		878,154

[US$ thousands]		Share capital			Other paid in capital			Retained earnings			Foreign currency translation reserve			Total equity
As of December 31, 2019		24			814,177			99,513			(1,508	)		912,206
Net income		–			–			150,648			–			150,648
Other comprehensive income		–			–			–			2,185			2,185
Total comprehensive income		–			–			150,648			2,185			152,833
Acquisition of treasury shares		–			(40,854	)		–			–			(40,854	)
Share-based remuneration expense		–			–			3,635			–			3,635
As of September 30, 2020		24			773,323			253,796			677			1,027,820

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
		Three Months Ended September 30,						Nine Months Ended September 30,
[US$ thousands]		2019			2020			2019			2020
Cash flow from operating activities
Net income (loss) before income taxes from continuing operations		25,414			7,546			29,415			8,511
Net income (loss) before income taxes from discontinued operations		4,383			147,943			7,482			139,277
Income taxes paid		(173	)		(899	)		2,966			(8,001	)
Depreciation and amortization		4,511			4,955			12,934			14,511
Share of net loss (income) of associates and joint ventures		(23,295	)		(155	)		(26,252	)		1,322
Change in fair value of preferred shares in associates and joint ventures		–			–			–			(6,000	)
Equity component of share-based payment expense		1,377			1,401			3,640			3,635
Gain on disposal of fintech segment		–			(152,048	)		–			(152,048	)
Net finance expense (income)		151			(4,387	)		(2,728	)		(7,393	)
Change in inventories		(1,933	)		6			(1,932	)		7,573
Change in trade and other receivables		(7,107	)		14,555			(10,515	)		20,116
Change in loans to customers		(33,253	)		(5,689	)		(52,416	)		73,433
Change in trade and other payables		9,325			3,779			23,585			(24,530	)
Change in deferred revenue		(59	)		(1,279	)		(773	)		2,058
Change in prepayments		(2,823	)		9,739			(12,485	)		7,387
Change in other liabilities		7,468			(4,901	)		5,333			(5,519	)
Other		(1,525	)		(3,199	)		(2,715	)		1,505
Net cash flow from (used in) operating activities		(17,539	)		17,370			(24,460	)		75,838
Cash flow from investment activities
Purchase of intangibles assets		–			(789	)		–			(2,278	)
Purchase of equipment		(2,588	)		(86	)		(7,154	)		(2,319	)
Investment in, and loans to associates and joint ventures		–			–			(6,758	)		–
Acquisition of subsidiary, net of cash acquired		–			–			–			(4,882	)
Disbursement of short-term loans		–			–			–			(4,497	)
Cash transferred with Okash Group		–			(39,260	)		–			(39,260	)
Release of escrow account		–			–			–			1,000
Repayment of short-term loans		–			–			–			4,497
Deposit of collateral for loan facility		–			–			–			(1,000	)
Net sale (purchase) of listed equity instruments		(31,625	)		6,313			(45,673	)		(3,089	)
Development expenditure		(1,098	)		(2,132	)		(3,209	)		(5,938	)
Interest income received		–			105			–			531
Net cash flow from (used in) investing activities		(35,311	)		(35,849	)		(62,794	)		(57,235	)
Cash flow from financing activities
Acquisition of treasury shares		–			(22,384	)		(4,983	)		(40,854	)
Proceeds from loans and borrowings		20,335			–			19,515			6,905
Interests on loans and borrowings		(106	)		29			(387	)		(1,676	)
Proceeds from issues of equity instruments		71,852			–			71,852			–
Repayment of loans and borrowings		(437	)		–			(1,337	)		(53,180	)
Transaction costs on issue of equity instruments		(864	)		–			(864	)		–
Payment of lease liabilities		(574	)		(1,525	)		(2,755	)		(3,777	)
Net cash flow from (used in) financing activities		90,206			(23,880	)		81,041			(92,582	)
Net change in cash and cash equivalents		37,356			(42,359	)		(6,213	)		(73,979	)
Cash and cash equivalents at beginning of period		134,155			105,453			177,873			139,487
Net foreign exchange difference		(813	)		1,322			(962	)		(1,092	)
Cash and cash equivalents at end of period		170,697			64,416			170,697			64,416

Financial details by business area
The tables below specify the contribution by each business area:
[US$ thousands]		Three Months Ended September 30, 2019
Business area		Browser and News			Other			Total
Revenue categories
Search		21,527			–			21,527
Advertising		18,349			–			18,349
Technology licensing and other revenue		–			7,944			7,944
Total revenue		39,876			7,944			47,820
Cost of revenue		(207	)		(5,165	)		(5,372	)
Marketing and distribution expenses		(16,831	)		–			(16,831	)
Credit loss expense		345			–			345
Direct expenses		(16,693	)		(5,165	)		(21,858	)
Contribution by business area		23,183			2,779			25,963

[US$ thousands]		Three Months Ended September 30, 2020
Business area		Browser and News			Other			Total
Revenue categories
Search		21,237			–			21,237
Advertising		18,968			36			19,004
Technology licensing and other revenue		–			2,175			2,175
Total revenue		40,205			2,211			42,416
Cost of revenue		(2,131	)		(725	)		(2,856	)
Marketing and distribution expenses		(10,879	)		(159	)		(11,038	)
Credit loss expense		34			–			34
Direct expenses		(12,976	)		(884	)		(13,860	)
Contribution by business area		27,229			1,327			28,556

[US$ thousands]		Nine Months Ended September 30, 2019
Business area		Browser and News			Other			Total
Revenue categories
Search		63,514			–			63,514
Advertising		48,649			–			48,649
Technology licensing and other revenue		–			16,152			16,152
Total revenue		112,163			16,152			128,315
Cost of revenue		(1,420	)		(8,435	)		(9,855	)
Marketing and distribution expenses		(51,730	)		(5	)		(51,735	)
Credit loss expense		(200	)		–			(200	)
Direct expenses		(53,350	)		(8,440	)		(61,790	)
Contribution by business area		58,813			7,712			66,525

[US$ thousands]		Nine Months Ended September 30, 2020
Business area		Browser and News			Other			Total
Revenue categories
Search		58,527			–			58,527
Advertising		48,389			36			48,425
Technology licensing and other revenue		–			7,875			7,875
Total revenue		106,916			7,911			114,827
Cost of revenue		(5,614	)		(3,787	)		(9,401	)
Marketing and distribution expenses		(34,974	)		(568	)		(35,542	)
Credit loss expense		(534	)		(708	)		(1,242	)
Direct expenses		(41,122	)		(5,063	)		(46,185	)
Contribution by business area		65,794			2,848			68,642

Personnel expenses including share-based remuneration
The table below specifies the amounts of personnel expenses including share-based remuneration:
[US$ thousands]		Three Months Ended September 30,						Nine Months Ended September 30,
Personnel expenses including share-based remuneration		2019			2020			2019			2020
Personnel expenses excluding share-based remuneration		11,187			13,596			29,831			40,616
Share-based remuneration, including related social security costs		1,483			1,663			4,454			3,714
Total		12,670			15,260			34,285			44,330

Other expenses
The table below specifies the nature of other expenses:
[US$ thousands]		Three Months Ended September 30,						Nine Months Ended September 30,
Other expenses		2019			2020			2019			2020
Hosting		1,879			1,790			5,277			5,942
Audit, legal and other advisory services		1,473			1,119			5,145			4,308
Software license fees		745			467			1,784			1,450
Rent and other office expense		1,074			793			3,227			2,302
Travel		1,007			114			2,353			1,094
Other		459			19			1,423			2,013
Total		6,636			4,302			19,210			17,108

Non-IFRS financial measures
		Three Months Ended September 30,						Nine Months Ended September 30,
[US$ thousands, except per share and ADS amounts]		2019			2020			2019			2020
Reconciliation of net income (loss) to adjusted EBITDA
Net income		28,120			154,367			35,923			150,648
Add: Income tax expense (benefit)		895			1,290			(1,112	)		632
Add: Net finance expense (income)		58			(4,387	)		(3,007	)		(7,393	)
Add: Share of net loss (income) of associates and joint ventures		(23,295	)		(155	)		(26,252	)		1,322
Add: Change in fair value of preferred shares in associates		–			–			–			(6,000	)
Add: Depreciation and amortization		4,480			4,920			12,874			14,357
Add: Share-based remuneration		1,483			1,663			4,454			3,714
Add: Non-recurring expenses		–			648			–			3,222
Less: Other income		–			426			–			(5,568	)
Less: Profit from discontinued operations		(3,601	)		(148,113	)		(5,396	)		(144,017	)
Adjusted EBITDA		8,140			10,658			17,484			10,917
Reconciliation of net income (loss) to adjusted net income
Net Income		28,120			154,367			35,923			150,648
Add: Share-based remuneration		1,483			1,663			4,454			3,714
Add: Amortization of acquired intangible assets		1,280			1,340			3,840			4,013
Add: Non-recurring expenses		–			648			–			3,222
Income tax adjustment (1)		(305	)		(352	)		(1,030	)		(900	)
Less: Profit from discontinued operations		(3,601	)		(148,113	)		(5,396	)		(144,017	)
Adjusted net income		26,977			9,553			37,791			16,680
Weighted average number of ordinary shares outstanding
Basic, millions		221.55			232.71			220.31			236.37
Diluted, millions		225.89			235.62			224.83			239.06
Adjusted net income (loss) per ordinary share
Basic, US$		0.12			0.04			0.17			0.08
Diluted, US$		0.12			0.04			0.17			0.07
Adjusted net income (loss) per ADS
Basic, US$		0.24			0.08			0.34			0.15
Diluted, US$		0.24			0.08			0.34			0.15

(1) Reversal of tax benefit related to the social security cost component of share-based remuneration and deferred taxes on the amortization of acquired intangible assets.