Good morning. I'm Laura Martin. I'm the Senior Media and Internet Analyst here at Needham & Company. I'm pleased to have on my stage Frode Jacobsen, and the format today is going to be Frode's going to do walk through some slides, and then I'm going to ask him some questions at the end. So take it away.
Thanks, Laura. Thanks, everyone, for joining us today. So I'll try to flip through a good 30 pages in 15-20 minutes, and then we'll get to some questions. So I think to introduce Opera as a company, and by the way, I'm the CFO of Opera. I've been around for 12 years, based in the Oslo office of the company, which is the headquarters and where we come from. I'll go to the next page to just summarize a few high-level facts. Opera is a huge, actually, consumer platform, close to 300 million monthly users, and it's all about making the best possible internet experience for them. So we make web browsers for PCs and Macs and mobile phones. We have close to $500 million of revenue and about 24% EBITDA margin, guided for 2024, not released yet.
And then with the combination of good growth and good profitability, we're also a dividend-paying company doing buybacks, etc. I'll get back to that at the end. We go to the next about Opera. So I mentioned we make these browsers. We've been doing it for 30 years. We're known to innovate in the space of web browsing. We have a very loyal following. The U.S. is actually the fastest growing region we have. And if we look at the next one, I will say we have a few different types of browsers for different purposes. I'll get back to them, but the key point to make about them is that they are not like the other browsers. The system-default browsers that come with Windows or Apple's OS or Android are all quite similar. So we are not a copy of those because then why would people use our browser?
So we make a browser that's not intended to be least common denominator, let's say, for everyone, but actually be really interesting for a few. And that's what we do, and we've been very successful with that for many years and innovating in that space. And the next slide actually shows some of the things that we have innovated before others. Much of this stuff is obviously copied by everyone else, like multiple tabs in a browser or integrating search in a browser, for example. It started with us, and then we keep doing this stuff. So there's always multiple reasons for a person to use an Opera browser instead of whatever came with the device. And then on the next slide, you can see how the product looks like. That's Opera One. So it's the flagship computer browser. It must be both beautiful to look at, but also powerful.
And then I point out that on the left side there, you can see an integrated AI browser, Aria, which is the AI assistant that we launched within the product. If you go to the next slide, Matt, you can see it here. And the key thing with our AI assistant is that it's not a website, right? It's not like you go to a website, there's a user, and you interact with a tab in your browser. It's a functionality native to the browser as a whole. So you can bring it up like a chat window on top of any website. You can allow it to read the context, what you're looking at on your screen, and then you can get assistant tailored to that. And that is a major advantage, right?
Because if you have an AI tool that's sitting in as a website, it's kind of a little bit helpless because it can just disappear and get closed out, but the browser functionality is always there. And we think this is really going to change the way people are processing information and generating content online. The next slide shows another product we have, which is called Opera GX, which is a browser made especially for gamers. It has a totally different look and feel to other browsers, and it also has some features and technical abilities that are tailored to PC gamers and Mac gamers. It's a very highly rated product, engaged user base, and the highest ARPU of any product that we have.
Then the next slides, we'll just flip kind of over them, but it just shows how the gaming is built into the browser and how you can modify it. Of course, there's Aria here as well. I think the point of this slide is just to say that the most recent number we reported was 32 million Opera GX users out of maybe more than 10 x that is potential because there's a huge number of gamers out there, and this product is the only one tailored for them, and it is very popular amongst the people that have started to use it. This slide gives you an overview of that total user base, how many are PC and how many are mobile. You can see it is a major online platform. Here, yeah, it's fine. We can go to that.
The next slide shows two good examples of what we have been focusing on over the past four or five years, which is the most valuable ARPU-wise users we can grow. One way is to think region. So we focus on North America and Europe, and we've been growing that user base very well over the past years. Another way is the gaming user base, actually, because these are people that spend a lot of time online. They're very inclined to make online purchases, etc. So the traffic we can drive from that user base is also very revenue-generating to us. The next slide, and the next slides have a few pictures on the brand and the distribution. And I think the point here is, as a 30-year-old company, the brand is one of our key assets. It's quite well known.
It's not super yet, but it's not starting from nothing. And you can see here that the major inflow we have of users are people that are coming to opera.com or finding us on the mobile app stores and downloading us of their own will. And then we do work with OEMs, and we also run some paid ads, but that is expensive, and that is something we do as a more tactical nature, but not to drive the big volumes. The next slide starts talking about how we generate revenue. We split it into what we call search and advertising. Both of them is about driving traffic to partners, but either to search engines or to any other kind of partner. So if we go to the next slide, we highlight Google here, like any browser even though we came up with it.
We integrate it into the product, and then we collect the revenue share from Google, for example, not growing as fast as the advertising revenue stream, but still very nicely and benefiting from our user base sort of mix into high ARPU markets, into gaming segments, etc. It's enabled us to grow in the mid to high teens, actually, over most quarters in the past years, and then on the advertising side, that is the fastest growing revenue category.
It's also broader because there are so many ways we can drive traffic to partners, whether it's like these bookmarks that you can see in the first screenshot there that come with the browser when people install it, or native ads that we run either in our own content stream or on third-party apps that connect to the Opera Ads network, where we can take the demand that we have and place it not only within our own apps, but also on third-party apps, and that we can do because we do have a data advantage as a browser. If we go to the next slide, I think we have a viewpoint that few other companies have. You have to almost be one of the giants, but you do use the browser to essentially conduct all your online activity.
So that does give us a targeting benefit that we then use to help us better select what kind of partners to promote to each user and how we do that. And that is first-party insight, obviously. Then financials. We're very proud of our financial results as well. You can see our quarterly revenues here, and the growth rate below is, of course, particularly exciting for us that we managed to accelerate growth in Q3, and we've guided to an even further acceleration in Q4. And if you go to the next slide, Matt, you can also see the EBITDA growing accordingly and also nice margin development as we have scaled. So the next slide then shows the combination of revenue growth and EBITDA and this Rule of 40 company definition, which we've been in for 14 quarters now.
We guided the same for 4Q and hope to stay in that terrain, and the check marks below is actually meet or exceed guidance, so we have been quite consistent on making sure that we don't give our shareholders any negative surprises when we release results. A key part of the success shown on this slide is that I mentioned before, these high-value users, so this just shows the financial side of that. We're using Western market users as the pie chart illustration here, going from 9% of the user base to 17% of the user base, and similarly, over the same time period, we've grown the gaming users, and then you can see how the ARPU has quadrupled over that four-year period as a consequence. I think final topic is capital returns. We return our profit generation back to our shareholders, and we highlight some of that here.
We've done major buybacks. As the slide says, 30% of our shares outstanding four years ago or five years ago have been bought back at great ROI for our shareholders. We also are a dividend-paying company. We have a recurring dividend of $0.80 for ADS, which is 4.5% yield. So it's quite nice to be able to do those kind of solid, classic, profitable kind of company things and at the same time have good growth and sort of be in a super exciting ecosystem with lots going on and lots of opportunities for the future. So I think I'll wrap it up there. That was a brief overview of the company and sort of exciting space and then try to hopefully convey that we feel pretty good about where we are and excitement for what comes next.
I think we can stop the presentation with that, and I hope I was relatively brief.
Okay. Great. So my first question is, I cover a company called Perion that's sitting in Israel, and 50% of their revenue in 2023 came from Bing, where they were promoting Bing and selling the ads and getting the rev share. I understand your deals with Google, but Microsoft Bing changed its strategy, and Microsoft revenue, search revenue went from 50% of the revenue to zero. So my question is, A, what prevents that from happening to you with your arrangement with Google? By the way, same thing, 20 years. It had meant nothing once Microsoft pivoted its goals. And two, did you benefit from that?
Because Microsoft just changed its strategy not only for Bing, but a lot of really disrupted, I would say, half of the public companies that had anything to do with Microsoft as an advertiser. So did you benefit from that? So those are my first two questions.
Yeah. No, I think we should not be naive. We also have like a 1/3 of our revenue from search, and then of that, the vast majority is Google. So that is some concentration. It used to be 80% of our revenue some years back, so we've been growing it, but we've been expanding and broadening our monetization much faster. I would say I wouldn't rule out anything. We try to not be naive, of course, but I would just say that, of course, that third of our revenue is what it is.
It's massive amounts of traffic that we can send to partners, and we send it to Google. If we don't, and then we choose not to monetize it in another way. Like in the past few quarters, we've talked a bit about how we've been taking a more active role around e-commerce opportunities and partners now that we've become, our user base has reached, let's call it critical size in the U.S. and many European markets where we are big enough that people, other companies, it makes sense for them to integrate more directly with us because of our ability to drive traffic. So we don't do that on the search traffic because we monetize it through that relationship. I think there's a lot going on in the ecosystem, which I'm sure we'll be talking about, but I would also say a few words about the partnership.
It is, of course, long-lasting. I think we are the only company that has led any of the committees that developed Chromium Blink, which is sort of what web browsers use as the rendering engine together with Google. We are a company that is completely focused on browsers, so we move very fast compared to probably all of Chrome, Safari, and Edge in terms of being able to try new things, etc. So I think the partnership is relatively close and high-frequency touchpoints. So I think the fact that Google extended it, I guess, nine months ahead of schedule last year is also a fairly positive indication of sort of the strength of the relationship. But as I mentioned, we can never be naive. How long are the deal terms? The deals are three years plus one year, three years normal term.
And then Google has the option to extend a fourth year at the same revenue share as the prior three. So 2024 came to the end of the three-year term of the now current agreement. And then in March, I think it was, they enacted their option to extend a fourth year, which normally they would have done in December. So they did it in March, I think, just to kind of like, "Okay, let's get this out of the way." So it was, I think, a friendly signal to send.
Okay. And they have a lot of litigation, Google, last year and actually now also around their ad tech stack and stuff. Does that help you, or does that hurt you, all the drama that's going on from a regulatory and litigation point of view in America, the Google monopoly threat?
I would say it's a similar thing both in Europe and in the U.S. that there's a lot of regulatory attention to promoting competition in the digital space. Slightly different takes between the E.U. and the DOJ and the U.S., but all speaking to about the same. As a sort of broad topic, as an independent player that is going out and being an alternative to operating system defaults, any improvement of competitive dynamics is, of course, positive to us. We have been competing uphill for 30 years against operating systems. And so we're quite good at that. The naivety point is relevant here too because I think governments will always try to come up with smart things to do to improve competition, and then companies will be very good at dealing with that.
But I think so there's no overnight things here probably, but as a trend, we, of course, are very positive to it. I can't really comment on ongoing litigation. I'm not sure if that is the right remedy, this sort of Chrome split up that can also have some unintended consequences, but I think as a focus about improving competition is always positive.
Moving to AI, when you showed those three circles at the very end, you had sort of a big data one. Do you have the ability? One of the things that's working, at least in our stock markets here, is if you have the ability to sell data to the large language models, which are running out of data, that's actually a really interesting revenue stream because it's got like 90% margins.
Because of all your data, do you have the ability to do a deal with OpenAI or, because you work with Google so closely, the Google large language model to sell your data to them, or is that not a possible revenue stream?
It's not an area that we are really exploring in terms of selling data. That's also like as a browser, you have to be trusted first and foremost by the user base and so that could be a slippery slope. So I think it's a very different thing to understand the user and promote relevant things to them and selling data. So that we don't do. In the AI space, though, I think, as I briefly mentioned in the presentation, it's super relevant for what we think the Opera Browser and browsers in general will be.
We do invest a lot in sort of developing our assistant, but we don't try to compete with Google or OpenAI on the large language model. We rather work plugging into them, open source or like Gemini or ChatGPT on the backend. And then we consolidate it into a user interface that pulls on the best of those models to present to our users.
Following up on that answer, don't you feel that the traffic you're sending to Google is going into its large language model? Do you think that Google has a Chinese wall between its data accumulation and its large language model? Aren't you just giving them the traffic and data for free?
Yeah, no, I think that's a different. When people search for something and they want to go to Google and find that information, of course, yeah, we let them go to Google.
Google, of course, has a profile on all the people that search on them. So they say, "Okay, Laura is interested in running shoes this month or month or whatever." But I think that's different from saying, "Here's," because we see every website the person goes to, right? So does Google if you use Chrome. So that is, of course, much more sensitive, right? That's something that you don't want to share.
Yeah, but I guess I'm not seeing the logic there because Google, I would guess, unless you disagree, that everything Google sees, it's helping, it's driving its own large language model. It's sharing across its empire, right?
So the minute that you send something to Google, intellectually, you're deciding you're going to let them use it in their large language model for free, but you won't create a walled garden around your stuff to sell it to them for their large language model use specifically.
Yeah, I think it's quite different because if you type in the browser, "Nike running shoes," you want to go to Google with that query. I think that's very different than your browsing history being sent to Google on the backend without you knowing, right? So I think those are very different things.
Okay, except that's probably what Google's doing with its own business. Okay.
But having said that, so I think we are also. I mean, our revenue generation is a B2C model. We are essentially promoting things to our user base and monetizing that way.
We don't really have, we have a history of being a B2B company with mobile operators, etc., generating licensing revenues for us, but we moved into sort of the B2B type monetization. So that's where we focus because it scales with our own success, then that just scales. And as I pointed out in our guidance, it's also like when our revenue is driven by billions of clicks rather than like, "Did we get to sign that deal before quarter end or not?" That also makes it much more predictable.
Okay. Interesting. Okay, cool. Let's go to your, one of the prettiest, one of the slides I like the most was that beautiful trajectory of the revenue growth, really nice, steady revenue growth. How come it's been so steady?
I mean, advertising is typically sort of, usually consumer-based businesses tend to be a little more cyclical around the economy, around consumer demand, had a really nice revenue trajectory. What do you attribute the steadiness of growth to?
I think you do see some seasonality in it when you look closely that we typically go a bit down from Q4 into Q1, and then it keeps going that way. But as you say, it's been remarkably steady in a positive direction. I think we benefit, as I mentioned before, from these billions of clicks.
What we have been able to do is to improve the financial value of our user base by growing the base in Western markets among gamers, among people that spend more time online and make more purchases online, meaning that our ability to drive traffic from our user base to partners that we typically monetize completely performance-based, either directly or indirectly, what revenue that generates to them. That's helped us. It's the growth of high ARPU potential user base combined with, as we have grown, the opportunities we have to partner up, as I mentioned before. It's also expanded. As I said in the presentation, we are still quite small. We are self-aware enough to realize that 32 million gaming browser users is not massive. The same on Opera One, like flagship. We have 4%-5% market share maybe in Western markets.
So we've kept executing on the same strategy for the past four years or so. The products have never been better. We just released new versions of both Opera One and Opera GX in Q4. We got it for a massive spend on marketing around that because we just want to raise awareness around it. And so that the people that actually care enough that they could try another browser, at least more and more people will discover that they exist. So that's what we keep focusing on.
So one of the things that I think Wall Street takes for granted, and I would include myself in this, is that digital markets are winner-take-all markets, or winner-take-most is how my compliance people forced me to publish it. But I think it's winner-take-all. So do you not think we have winner-take-all markets?
Because that's what your entire business premise is, that digital markets are not winner-take-all markets, right? Hence, you're spending marketing dollars on trying to come into a market that's dominated by one guy. And if you include Bing, which to me, they're self-destructing, but so you don't believe that digital markets are winner-take-all markets, I guess.
I wouldn't generalize to all digital markets, but I mean, when you look at, we make browsers, it's a very contained area, right? And in that space, there is Chrome, it's the biggest player. You have Safari, you have Bing. Sorry, not Bing, Edge from Microsoft. Those are the key ones. And then you have the independent ones, which is Firefox and Opera. And that situation is, I mean, Opera has been around for 30 years. These other players, not as long as us, but also a long time.
So at least so far, it has not been a winner-take-all market. And I think.
Wait, wait, let's stay on that. Let me push on that. Give me the numbers. I mean, you have the market shares. Give me the numbers. What's Chrome as a percent of the total?
I don't remember. I think it's like
80%?
60%-ish or something. And then it depends on the cut, right? But let's say global, maybe they're 60, maybe Apple is 20 or 15, and Microsoft is about the same. And then you have like 4% or 5% Opera, 4% or 5% Firefox, maybe something like that.
Okay, so Chrome is 60%.
Probably in that range.
Okay, so that's lower than I would have guessed. Okay. Okay, so my.
My point is more, that's always been, I've gotten that question for 12 years.
But the fact is that apparently not in the browser, because they have to make something that works with your parents and your kids and everyone from the super technically advanced to the very basic people, kids in school, etc. That's the operating system browser. It's made to be the simplest window that lets people access a website. And so our entire business is based on doing the opposite. We make a very feature-rich product that we think is way better, but let's say 80% of people would find it too complicated. So that's okay because we don't have to be liked by everyone, but if we can be loved by 10% of the population, that's fantastic. That's like tripling up our business relative to where we are today, maybe.
Right. The only thing I'd say, and let's just use your numbers as pretend they're facts.
Safari, if it has 15%, which is what we're positing, only has that because Apple devices. There's 2 billion Apple devices, and Apple makes it the default search engine unless you select a way. Otherwise, it isn't like people are choosing it. It's like people are using an iPhone and Apple has a privileged position. That's its 15%. And by the way, that is the market share of Apple devices, 15% of smartphones. Let's go to Microsoft Bing. I mean, I think they're blowing up themselves, but let's assume it's 15%. My guess is it's less. Again, same thing. We have Windows. The Windows operating system encourages you to use the Bing. I'm shocked that anybody uses Bing, but that's my opinion. But anyway, the point is it only is being used as a search engine, not because there's five tiles there to choose from.
It's because they and their software give it a privileged position and you're already in Windows, so that's not an open competition like consumers just decided. In the open competition off of default search engines linked to another piece of software or hardware, Google has 90% share, where you, Firefox and Chrome, off of an Apple device, off of Microsoft Windows, so I don't know. I'm not sure. I mean, we'll see, right? You're doing the worthy experiment. You're trying to come into the U.S. You're spending a fortune on marketing. We'll see if you can move people. Do you have any over your 30-year lifespan? Do you have any data that suggests that somebody abandons a different browser and comes to you instead, gives up a behavior and changes to you?
I mean, every user has used an operating system default browser to go to opera.com and download Opera, right? You are completely right in what you say. Microsoft will not let you use Opera in peace. Don't you want to use Microsoft recommended security settings? Don't you want to, and our users have to then reset Opera as default because they can't even say no. You can only say not now, so of course, we are quite vocal with the EU on that type of behavior, but we have been facing that behavior for 30 years now. Apple only recently allowed people to set other browsers than Safari as default on their phones. That's a completely new development where we're still effectively barred from using our own underlying technology, so you are completely right.
Still, we've been able to. I showed some of the slides, how we grow our users in Western markets, how we grow the gaming audience from nothing to over 30 million over the past years. So we're quite good at that. And it's been years. I think it was in 2021, we announced that we had hit a billion downloads on Google Play. So that's, of course, Android users that go to Opera's Google Play listing and download us instead of using Chrome. So it's an ongoing question, but I think the web browsing is such a huge part of your life that, and there will be people of different technical levels and of different preferences for how to do that. At least to date, that has been the case.
Okay. When you think about 2025, clean piece of paper, what do you want to achieve at Opera by year end?
I mean, our strategy will remain the same. It's working very well. So number one on that is always the products. We just came out with new versions now. That's the key. All your questions now too is really probing on that. So why, why, why?
No, it's more goals. What do you want to have achieved? Not what are you doing? What are you going to try to achieve by year end?
So make sure that our products are as attractive as they are now. I can't really give you a revenue or guidance number because we haven't come out with it yet, right? But that in turn, keep broadening the partner base on the revenue side.
We've talked quite a bit about e-commerce players in the past few quarters. I think that's a good example of how we can integrate more directly with new partners. Then on the cost side, I think it's just this startup mentality that we maintain it. When you see us, we guide around cost. It's very easy as a company with good cash flow, good profitability and all that is probably like the number one ingredients to moving to a day two company. To keep that hunger, we pay that dividend, we give the money back, and we try to always be very frugal with our budgets and how we spend and also move quickly. You should not be looking back at 2025 and say, "Oh, Opera really missed the boat on that one," right?
It should be the opposite, that the rapidly changing ecosystem, stuff is going on, and look at little company Opera how fast they navigated in that space and what benefits they managed to realize from that. That would be the goal. Without giving anything away.
Same old thing you're always doing. No goals that we can test you on. No promises where we can test to see if you're doing what you want. Just do it.
No, you'd have to wait another month and wait till we come out with our guidance. Then it will be better in terms of KPIs to measure us on.
Okay. So one of the things we're seeing with the onset, and it sounds like maybe you're not using generative AI that much, so maybe that's the answer.
But one of the things we're seeing in companies that are using generative AI, and most of my tech companies are using generative AI in some use case, we're seeing cost fall, or not costs, cost growth slow, let me say it that way, and revenue accelerate because they're building into products. Are you guys using Gen AI to accelerate your time to market with new products? Are you using to replace people or cut costs? Are you using Gen AI in either dimension to either help introduce new products, which drive revenue faster, or to lower your onboarding of new human beings faster?
In terms of internal, yeah, we are looking into ways that we can use AI, even in the finance team, right? Just to be lean, to be competitive, to have an effective revenue per FTE, let's say, of support functions.
In terms of the user base, it's of course super center because we think it has such a big advantage to people. But we also see that habits are strong, right? And this is a new type of thing. And a lot of the things we do in our most recent release, for example, we make the AI assistant more visible. I almost wish that even our browsers would sometimes remind me, like I work with this every day, and I still forget sometimes that, "Oh, why don't I just ask Aria?" Because the habit is not sort of in the spine yet. So for the product to be able to say, "Looks like you're reading a long article. Do you want me to summarize it for you before you go through the whole thing?" Oh yeah, thanks. That would be very useful.
Okay. Okay, so not really replacing costs or driving revenue faster yet. It is my point of view that every company must use generative AI, otherwise the ones that are using it will have better returns on capital than the ones who aren't, so I would say that. One of the things that somebody said at CES that was very controversial, but it was such an interesting idea to me, so I'm interested in your point of view, is they said websites are dead. I mean, and here was their logic and specifically, I asked them for the most provocative statement they had heard, so this is somebody saying, "Hey, this is provocative," so the logic is that with search engines no longer sending links, but instead sending the answer, that people, meaning consumers, are less likely to go and try different websites to get products or answer links.
There's just going to be less traffic going to the open web of websites. And therefore, that lowers monetization of the open web, which again goes back to this winner-take-all market, that in the open internet of five million sites, that's about to become one million because consumers are going to have less and less reason to get out into open internet websites. Can you give me a comment on that? What's your point of view on that very provocative statement that websites are dead is the provocative statement?
I think that is one of those little maybe exaggerated rumors of my death and all that. But it is, of course, the case that there's been a lot of bad websites. There's a lot of clickbait.
There's a lot of stuff, right, that I think we talk about innovation in the AI space for users, but also in search in the context of that and everything going on there. You can also see how search results, like you say, are then being able to give some answers straight away instead of clicking sensational headlines and scrolling through 15 pages of ads before you get to it. So I think, and that in my mind just means that because the advertisers still want to reach eyeballs, right? So that just means that in a very glossy view, at least of the future, the ad dollars go to people that have actual value to put up online instead of clickbaiting, that we can have it more concentrated and people can spend their time on stuff that's more, let's say, useful, informative than that.
I don't know if I see the link between the fall away of poor websites and clickbaits and that leading to a destruction of the online advertising ecosystem. It can also be probably spun in a complete opposite story. Oh, the opposite? So websites aren't as good? I mean, the thing is that once you have good content and people actually enjoy and spend time on it, so they spend time on the web, spend time searching for new information, have good dialogues, whether it's with Google Search or Perplexity or Aria and Opera or OpenAI, and then it leads you on discoveries, etc., that you can actually spend more high awareness type online time.
Right, but it would be a bit still the number of websites, I think you're agreeing with me, would go from five million to one million.
It's just that then people would spend more time on the one million because they're higher quality. What got left behind, what got left over was the high quality.
Yeah, I don't know how much of the web should be considered to be low quality and high quality, but I think with these content discovery tools, they can find stuff that people appreciate, whether it's coming from CNN or a major news outlet or some very wait, but why that blog is super interesting stuff, right? So it can be big and small.
Right, right. Does the TikTok ban today all in the news? TikTok banned, TikTok not banned. Does any of that affect you at all?
No, no.
Okay. It's just in every headline today. Every third article is TikTok. So just wanted to check on that.
I didn't think so, but I just wanted to make sure I wasn't missing something. Okay. And then change of administration. He's saying he's going to, rumors are he's going to have 150 day after tomorrow or tomorrow, I can't remember. Donald Trump, they're saying maybe 150 executive orders. Does any of that affect you? Would some of those, either with the tariffs or would any of that, or maybe against Google, would any of that affect your competitive position or is it too hard to say with this administration change we're getting in 48 hours?
We'll have to digest it. We'll have to, of course, the U.S. is an important market to us. We are, of course, way more international than most U.S.-listed companies. We say close to 60% of our revenue is U.S. and Europe. So then it's about half of that, right?
But it is then the most important country. And so we'll follow that with keen interest, just like everyone else, I'm sure. But yeah, I couldn't guess.
Yeah. No, no, by the way.
But I hope it will continue. I hope the U.S. will continue to be good for business and that we, politics aside, we have good apps. We want to raise awareness of them. So we'll keep doing that until anybody tells us to do otherwise.
Yeah. Yeah, we'll see. I don't think anybody knows, but two days from now brings. So everybody's going to be watching.
Let me take a look and see if there's any questions. If questions from the audience, you just put it in the dashboard and I can see it here. And let me know if you have any questions. Let me just see if we have any questions here. Let's see.
Nope, no questions from the audience, but let me just watch for two minutes. Why don't you give us closing arguments? Why don't you give us closing statements? We're about up against time. Is there anything else you'd like to say as we close out? Any three takeaways that you want to be sure the audience hears?
No, I mean, now we've been speculating a bit about the future and all of that, but anybody looking at us has the benefit that we've been around. We talked about the long history, but we also have a six and a half year history now as a U.S.-listed company with all the reporting and transparency that comes from that, and we try to report every quarter. We put out an Excel with all our historical results, or at least back to 2019, to be transparent.
Some of the things I highlighted in the presentation is also, yeah, it's in the pudding and all that. We've been a quite reliable company. We've done what we've said. We've never once missed our revenue guidance. I think we missed EBITDA in Q1 2020 when COVID hit. But I think a lot of it, so it happened one time. And other than that, we've always met or exceeded that guidance as well. I think we try to be trustworthy. And that's why we also try to not set expectations in a way that we don't give our shareholders negative surprises. We were proud of our growth rates, margin, expansion, cash, dividend, and to be a good business.
And then we have all these things that we talked about, which is more fun to talk about, which I think, or we at least do everything we can to position us in a way that that becomes upside to our shareholders. But to have a healthy core business as a starting point.
Fantastic. Okay, well, we're up against time, so I'm going to call it there. Thank you, Fred, very much. Thank you for your time.
Thanks for having us. Really interesting. Loved catching up with you. And keep your fingers crossed for the next 48 hours. We'll get to see what happens next. Anyway, take care. Thanks, everybody, for joining. Have a great day, everybody.