Opera Limited (OPRA) Earnings Call Transcript & Summary

Okay. All right. So good morning. Frode, thank you so much for joining us, and thank you for attending Citi conference. So I guess this is the first time we host you. So welcome.

Thank you. Thank you. Nice to be here.

Maybe for the benefit of the audience. So maybe we can start with a little bit overview for Opera business. And then if you maybe go down the history a little bit, the background and then the products?

Perfect. Thanks for having me. Yes, so very quickly on Opera. Essentially, we are a Norwegian browser maker. And you can ask yourself, why would an independent company build a browser? And for us, that's very simple because we see that browser is such an inherent part of your Internet, online live, and we just think people deserve choice. So it's very important for us that people don't -- should always have to be clubbed into a default browser, that should be a choice, and that has been our vision from the start. From interception, it's actually 30 years ago when we kicked off this vision, and we're very proud that more than 300 million users globally actively preferred that choice. So that is what is driving us, of course, to be the browser that don't get shipped on the operating system by default. We need to constantly innovate and build relevant experiences for end users so that there is a reason for them to choose us. And that we've been focusing on from the dawn of the web. We can go back a bit in history, and people started to browse around on the web, they had to type in a URL. If they wanted to go to another page, they need to add a new URL, and they lose all the page context and everything. So we invented tab browser, that everyone today take for granted, that's a normal feature in any flagship browser, but it's actually Opera innovation. That helped user to navigate between different pages to compare things when they do research, keep the state of the page. Another example is that we invented intelligent address bar where we combined the usual address entry with a search. So when the user didn't know where to go, they could easily just seamlessly end up on a search engine. So we made an intelligent -- so say, search-integrated address bar in search bar. We were also the first company inventing that. And we have many of these examples. When mobile came, there was a big issue with slow networks, low-performance mobile devices. So then we just put the browser in the cloud and started to stream the Internet to devices. And that unlocked, of course, mobile Internet. People could access the full Internet even from feature phones. And that is still a very, very important feature in many parts of the world, where you don't have access to unlimited data. You don't have the powerful device. So our emerging market footprint is still benefiting from these innovations. If we take a more recent example, we built also a gamer -- or a browser for gamers. So we just said, let's devote the entire user experience for a gaming audience and build features and functions that talk to their interest. So that has been the thing. Now of course, moving into this decade, everything is about AI, right? So we're super excited about what we can do now to bring AI experiences in this as part of our innovation. So yes, that's in short. It has always been our vision, it has not changed. We want to build up alternative browser, that should be a feature-backed browser for the user that is not satisfied with whatever comes with operating system. We also want to have it accessible for everyone. That has been a very key thing for us. So all of our product is free to use, free to download. All the features are free to use. Even the AI features are completely free to end users. So we're very proud of being able to stick to the promise and not firing up payables and these types of things. And then, of course, everyone is like, "How do you then make money, right?" So we mainly monetize our product through search and advertising. And we integrate our search partners and advertising partners into the product, and we work very close with the leaders in the industry. And yes, we are on a very good revenue growth trajectory and have a very healthy EBITDA profile.

That's good. So I guess we kind of take for granted a little bit. I didn't know that tab things is innovation of Opera. So that's very cool.

Yes, I know, we're very proud of it. It's also very cool to see that competition, which like, of course, in our world, competition is one of -- the most resourceful companies in the world. We are up against big tech. They have every resource they could ask for. And then we see that we innovate, and they actually pick up those things and add to their products. So it's a good thing. But yes, we always need to be on the forefront. We always need to push the boundaries, and that is, of course, something we also can do as an independent provider.

And the search box thing is also way back in like maybe 20-plus years, 30 years ago when you guys first have the browser, you actually started to think about the search box?

Yes, the integrated search box. So we wanted that someone fire up the browser, you get to the start page and then you have everything at your fingertips. And while the web was exploding with a number of services and sites, it's impossible for users to keep track. And then, of course, the search engine became a very like important entry point where you could get a good index to say, hey, I want to reach a site that has this type of content. And then the search engine help you to list those sites. So we just then integrate this as part of the start page experience.

Sure. I guess that's probably mix. Besides that, what are the stuff that makes your products more differentiated from other comparable products out there?

We have tons of features that we are -- we will do a little bit of a deep dive on the gaming. So I can spend probably now or just explaining the differences on the gaming browser. Looking at our -- if we take our browser portfolio, as we mentioned, we have the emerging market footprint. The clear differentiator there is data saving. It can run on any type of hardware. It doesn't have to be a smartphone. We even run on feature phone. We're actually the only browser that can provide the full Internet on feature phones, which is still irrelevant for a lot of people in Africa, emerging Asia and sort of like Southeast Asia, India. So we do a very important piece there to just bridge a digital device and people come online. We also work with the operators in selected markets, where we actually give free data. So it's not only that we make the Internet accessible, we also compress the data, so that it's at lower cost and in some markets, it's even at no cost. So user can always come online. Even if they don't have any credits on their prepaid balance, they can still access critical services through the Opera browser for free. So that's a very unique differentiator. If you look more at the flagship browser, we have it feature packed with a lot of utility features built in ad blocks, built-in free VPN, a lot of utility tools. We have also integrated all the popular messengers. And then, of course, also our browser AI Aria.

Yes. So I'm sure there's a lot of these like innovation or the extra features that it's actually not appears on the traditional browser that serve the mass audience?

Yes, exactly. So if you take a traditional browser what you essentially have to do to customize it and get all these tools and utilities to support your activities online, you have to go to an extension store and download those extensions, but then you need to figure out, okay, which extension is good, bad, which one is actually could be malicious and so forth. So audiences really appreciate that they have everything built-in and then, of course, certified by Opera. So you can just simply flip a switch to say, turn on VPN, that's essentially just a flip or a switch, and they say, connect me to the U.S., connect me to Asia. And then you have an encrypted tunnel. So when you connect over , for example, an open WiFi and you are -- you don't want to expose your browsing session to an open public WiFi, you can then essentially just set up the VPN and then everything is encrypted and connected free of charge into one of our endpoints.

Okay. All right. Interesting. And I guess I wanted to touch base a little bit on Opera One. So I think it was launched last year. okay? And I think this is a new design, right, of your flagship browser, and believe that you will have One upgraded versions coming up soon. And then so maybe you can elaborate a little bit on what differentiated with this Opera One?

So if you take one step back, as you said, last year, we launched Opera One, which was full redesign of the flagship browser. We decided to build a completely modular design. And the reason for that is that we just saw that now there will be an explosion of innovation connected to genAI, how people connect with the web, all the, so to say, assistant copilot type of experiences that will emerge. So we made the design modular to have a good foundation to very quickly integrate these types of services and also, of course, make it even more easy for the user to customize it. So one good example is that as an evolution of our tab invention, then we created Tab Islands so that it even further help users do group tabs and then make them, so to say, color coded. What we will introduce with our tool is an evolution of that, you remember, tab was possible to have the page context on different pages. But now if you want to have a side-by-side, you just take a tab and drag it down and then you get 2 pages side-by-side. So you can start to look. And then you can cut and paste on one there or you can fire up an Aria session on one and ask a question, why you are still on the other page. So a lot of those, so to say, things to make, to make the web more digestible, more consumable is so key for us because it is a crowded space out there, and there is an explosion of content, also driven by genAI. So users need to be able to sort this, navigate and to orchestrate all that information and get the most out of the browsing session. So we will further expand on that. We see that the browser is usually the app you go to when you don't know where to go, right?

Yes, that's right.

So this is where you discover things. This is where you do your research, if you want to do comparisons. If you do shopping, for example, we see that there is a massive amount of -- you spend more as soon as the ticket item goes over $200, for example, the amount of research that you spend is elevated. And there is also where the browser come in very handy. You can compare different outlets, shipping or if there some special editions, different price, or are there any coupons, any cashbacks. And this is just, of course, the shopping use case, then you have the content, the research and everything. So that's one thing. Then you will also see a huge ramp of our browser AI integration, right? So Aria will be with you throughout the browser experience now. So we are having this vision like, we should not take the user to the AI, we should take the AI to the user. So why the user has already an entry point. They are already having a usage pattern. Why start to say, hey, no, user, don't go there, go into this chat bottom, start there. It's much better to bring the AI, the power of AI when the user is browsing. And that is the beauty that we have being a browser because we have the page context. So this is where we can really help and provide utility for users with the power of AI.

So maybe we can drill down a little bit with that Aria, the AI process. So just how as an individual user and then how you bring that AI to the user, while maybe we are comparing prices on the 2 shopping sites, like give an example for that.

Yes, yes, yes. So Aria is a key initiative for us. It's a cross-platform offering. We have built the unified AI back-end that then connects into all our products, where we're, of course, then running client-specific experiences, but we have our own built in-house AI engine. The AI engine is then designed so that it can connect to popular cloud models from our partners from OpenAI, from Google. We can have open-source models from Meta and others. And then depending on the problem, the query, the use case, we can then decide which LLM that we could connect to, to make the query. We are also the first browser that offers also local LLMs. So in our developer release, we are now experimenting with user downloading local LLM. That means that you can then run local activities that is then not shared, so to say, with the cloud service. So it could be for more sensitivity things. It's, of course, for people that look for the ultimate privacy and so forth, or you can actually run an LLM query without even having an Internet connection. So there's a lot of development. But to be able to do that, we had to build our own, so to say, AI engines that connects into these different type of language models and partner infrastructures. And then we also took a decision to invest in our own SuperPOD in Iceland to do specific training that serves our use cases because we also need to control that. So we do, for example, open-source LLM accelerations via our own and operated cloud infrastructure. So then we can secure, of course, privacy promises to the full extent because we control it end-to-end, but we are also not dependent on partner road map to be able to build our own unique functionality. So it's like always the thing that, there are something that is proprietary and unique for the experience that we want to build, and there are something like more generic, where you need the scale of a partner, like an OpenAI, like a Google, like a Meta. And that's where we try to build the perfect balance. But we want to hide this from the end user perspective. Because it's very complex for the end user to say, hey, now I should use Llama, now I should use Gemini. So we tried to shield as much complexity -- technical complexity for the end user. But for the advanced users, and we have always done that, you can always go then into settings, and then be really keeping down into all the knots because that gives the level of control for the user that actually look for that. So that's always important for us. So always when we have these built-in tools, we have an out-of-the-box experience that almost every user would understand. For the one who want to make a deep dive, you go to the settings and then you can drill down on a very personal, so to say, a specific level to set the conflict ranges. So that has been very important for us from an AI development perspective.

Yes. And I think you recently announced your partnership with Google on Gemini model. So maybe you can also explain that a little bit? And how that will be benefiting the products? And how the end user will be actually experienced that as well?

Yes, yes, I mean Google is one of the leaders in AI development, and we've been following the progress since the starts through our very strong partnership with Google across search, across advertising and now also AI. So of course, very natural for us to integrate the Gemini LLM. What it unlocks for the end user is that we have now full multimedia functionality, we have text to image, text to voice and/or voice to text and all these, so multimedia capabilities. We provide it free of charge to the end user, and it provides also very, I should say, performance response to users. We also appreciate, of course, the built-in guardrails that is there because there is a lot of hallucination. We have seen a lot of examples. Those models are really getting better on that side, a benefit with the Google LLM is that, of course, they do such grounding. So you get your also responses grounded in such which is a very established and very curated environment already that's been around for more than 20 years. So we see that, that extra grounding component is very important. And if you go to anyone in the market, who do you like to ground then, if not Google, right, with all the search data points that I have.

Yes, sure. And I think earlier, you touched base a little bit on the browser GX, right? Which is obviously -- it's very exciting, and it's also one of the drivers on the ad revenue. So maybe if you can drill down a little bit. What's special about that? And why gamers are attracted to use your GX browser? And then what can you do further from there? And then yes, the differentiated products features that you provide to gamers?

Absolutely. So as I mentioned initially, I think GX is a really good example about this vision about that users should not always be satisfied with the default, right? There are different experiences that is available. And we identified gamers as a very good segment to focus on because they spend 5 to 10 hours in their browser, right? So then, of course, it's important that, that browser is a good browser, right, because you spend so much time in it. So we started to look at like, what would a gaming browser look like? Because it's still a web browser. It's -- the purpose of the browser is still to browse the web, but it should be on the terms of a gamer. So usually, what happens is that, of course, the gamer is setting up their gaming room with a long of gaming peripherals, fancy hardware, they match the color skins with the chair and all the keyboard and everything. And then in the middle at screen fire up a boring browser. It's like it doesn't fit, right? So like a gray boring browser sitting there and they cannot do anything. So we said, okay, let's redesign that completely and build that with harmonized with the entire environment. And it actually can sync with that environment. So you can -- and then you can change how it sounds, like you can make the keyboard with the metallic sound. You can have the same colors on your browser as on your keyboard that's on your mouse as on your PC, so just that look and feel and the level of customization, we even took it so far that we let the user to mod the whole UX. So modding is very popular with gamers, and they say, okay, why don't mod the browser? So we built a huge platform now in a store where people can create their own mods. We have also sponsored mods with leading labels. We did a program with Cyberpunk when they were launching, we have a cyberpunk mod and then everything changes that. But you can still customize it. I wanted to look more yellow because it matches with everything else or I make it more red and green, but it's still having, of course, some IP components from Cyberpunk, with the sound effects and everything. So that was, I think, the look and feel part, right? We just double down on customizations and so forth. But then it's also about utility. So as I mentioned, we have a lot of utility functions and building things. So usually, when you're a gamer, you sit very often and actually play the game in a native app. So that is like -- that's where you interact, you're playing the first shot games or something in a native app. In parallel, you have your browser where you chat with your friends, you're watching a YouTube, streaming or, you have to go and search for a guide. So like how can I pass to the next level? So then we, of course, realized that if you have a gamer or if you have a browser, you need full control of how that browser consume the CPU, the memory and other things on your device. Because that is important for the game. So if you start a stream, then you don't want to occupy too much because you want to stream, but you don't want to lose the game. So we introduced a lot of those controls like RAM control. We made sure that we flagged if a tab was hot, consuming a lot of background activity. That user was maybe not aware of, but then we just slagging, gun down and kill it. So then we developed a lot of those that say, utility features. And then we also have some fun features, right? A lot of these, so to say, gamers, they are at least for our user base, it's younger generation, Gen Z, they maybe don't want to show the parents all the time that they sit and game. So when they enter the room, we have like they can hit the button and then -- we call it the panic button, and then suddenly, your homework comes up, like everything looks good. There's like 1 tab but everything else that -- those small funny features, but gamers love it. And we're shipping those all the time. And then we also now start to integrate a lot of, so to say, flagship gaming IP into this. So there will be some announcements coming that we are super excited about. So yes, so that is a good example where we have a bit -- being an independent, being a smaller player compared, of course, to our browser peers from big tech. We have an -- that we can do this innovation, and we can just focus on, okay, gaming for us, that's a big enough segment. And we are just -- we have already 30 million users on that platform. It's already, as you mentioned, the highest revenue-generating platform. And we are just scratching the surface of that entire, so to say, global gaming community. The estimate where the crossover between gaming and Gen Z is maybe around 400-plus million, and we have 30 million, so just less than 10%. So we have a lot of growth just within the vertical, and that is what's making us excitement. Then also, of course, the depreciation is coming back up, all this development is also paying off. So it's our highest ARPU product. And then people ask like, okay, why is that higher ARPU than a flagship? Because usually, you think a flagship browser should generate more money. But actually, it's because of that high time spend, right? It spends around 3 to 4x more in the browser, and we monetize activity engagement. This is how we monetize through search and advertising. And then we also see that the profile of these users is -- their shopping behavior is different. So they buy all of these hardwares, there's a lot of like in-app purchases and so forth. So they have a much higher transaction volume and also a flagship. They are more like online savvy, they buy stuff online, and they buy gaming hardware, gaming peripherals, in-app purchases, and games, of course, digital items. So it's a very lucrative segment.

I see. So I actually wanted to drill down a little bit on the monetization. But for that, maybe go back a little bit in terms of the visions that how it's, within your team, maybe give us a little bit background, how is it come into mind, years ago that you actually wanted to create this browser GX for the gamers? And is this for the teams that is based in Europe? Or it's actually in Beijing that actually set up this gaming browser?

So the gaming browser is predominantly built in Europe.

In Europe. Okay.

They have the gaming browser both for PC and for mobile. So all our products is running both on PC and mobile, and we're covering all the popular major operating systems.

Is it because developer themselves, they actually wants that, that they're seeing something, right?

Yes. Exactly. So it was actually an R&D project. It was a couple of passionated engineers. And we were like scratching our heads in the beginning like, okay, why, I think this work and so forth. But they're insisting and we are super appreciative of that. So that's okay but let us have a shot at it, right? So they actually went to E3. That was running at that time. And then asked a lot of gamers these questions, right? Because they came from a browser, so to say, mindset which is maybe not top of mind for gamer because they are just used -- I'm talking about browsers, the browser that comes to the device. So they have not thought about it. But if they say, okay, but if you could decide how a browser -- what features would you look like. So they got a lot of good ideas and like, oh, I would like this and this and of course, what came out like really prominent customization, I want it to be like my browsers, I want to be able to mod it. I want to be able to have a better look and feel. And then this hogginess that was a big concern for many, but yes, but when I'm streaming then I start to see my game is getting hoggy and Look, it's not having the performance I need, but I don't know where -- what should I close down and so forth So these -- like these controls were really a flagship feature to take it off. And then it was also about -- then, of course, it's easier when -- then you have a captive audience. And then you start to get, of course, a very instant feedback loop because also the good thing with this audience that they are very vocal, and we appreciate it. Because it's not every time we design something that they like. And then they tell us and then we iterate and change. So we have a very instant feedback look from them because they are also highly engaged and it's very important for them and they're very passionate about us taking the effort to build something for them. So they like it. So that's a very good thing when we further, I should say, develop the product. And then, of course -- then you have a captive audience, so then it's very easy to start to think like, okay, if I only have to think about gamers, I don't need to have to think about possible use cases or user profiles that may be in a standard flagship browser. I can only focus on this. So then when I build the content section, I can then completely create that for gamers. So it's reviews, release calendars, highlights, links to a different type of game stores and so forth. So yes, you can be very focused, and that has helped the team to -- yes, just take the road map forward and drive it with passion.

Can you revise us again, this is like 3 years ago or 4 years ago when that GX browser start?

Yes. yes, yes.

That's yes. That's, I think, tough to reiterate to audience a little bit. I guess this is how we actually see the monetizations actually started to ramp up quite significantly. And now you just go back to the monetization, you mentioned that kind of the potential TAM, right, for this like hard-core gamers, maybe like 400 million each globally, potentially. And now you only have 30 million, right? And this is the highest monetized browser, like the ARPU, among all your products. So I actually can imagine here is that there's a lot of opportunity. And then -- is that -- you guys actually should -- I mean have you had any like marketing plans or other -- or is it like a word of mouth that you actually rely on your existing users to tell all their friends, hey, gamers, oh, let's use Opera browsers or something. So I guess there's a lot more opportunity, a lot of the growth potential.

Yes.

Okay. And then so on the monetization side, I know there's like a lot of the advertising. And then you mentioned that gamers is also been trying to like buy a lot of the stuff, like the shopping behavior. So is there any model other than just pure ads that you can also monetize through, let's say, the transaction, now it's like based on the actual transaction basis that you actually get higher click tool or maybe higher ARPU for those apps?

Yes, definitely. As I mentioned, today, that is not part of the, so to say, revenue profile. It's mainly through search and advertising. But definitely, specifically for the gaming audience, that is something that has a huge future potential. And that's why we focus now on growth because the ARPU profile is already very healthy. It's already the best ARPU profile across all our products. So for us, it's just the main focus now is to grow and go to that 400 million users, so to say, TAM, that we have identified as the potential for the segment where you think users would resonate with the value proposition. And the more we grow, the more it becomes a big enough audience where you can start with micro transactions because you need a rather big audience for that, for it to scale, for it to be relevant. And of course, for us, having then a marketplace and a store is very important. And with the success of mods and our mod store and the massive volume of downloads of these mod that we see, it have some really good early signs that there could definitely be an in-app purchase type of revenue stream built up over time. But this is something that we currently not have modeled in. We see that as a potential upside because of the nature of the segment. As I said, they are already doing online transactions. They are buying Roblox. They are buying V-Bucks. They are purchasing games. So they're very used to those, so to say, virtual currencies, paying for digital items and so forth. So the profile is there, and we are now building the foundation and the different type of marketplaces that then can move into incremental monetization models.

Okay. Just for the benefit of our audience, so it's currently 30 million MAU, and then the ARPU per MAU this latest quarter is $3.55. So this is actually higher than your gamer or blender. So that's why 30 million to potentially the TAM, 400 million, and it's only like a 3-years type of history. That means it's a very, very early stage of the growth. And then maybe we can drill a little bit for also the audience's benefit, is that if you can give us a little bit the demographic and then the geographic locations with this high potential browser?

Yes, definitely. So on the demographics, it can take our 300 million user base and divide it into 3 main categories, right? So as I mentioned in the beginning, we have the emerging markets footprint, where we have the cloud browser, we compress the data in the cloud. We stream it to them. So that's the typical, so to say, demographic of the proxy browser. Key regions there is Africa and emerging Asia. Then we have the flagship browser, which is more of a general-purpose browser, feature-packed. And then, of course, the demographics there is still a bit younger than usually what you see in our peer browsers, the default browsers from the operating systems, because they are a little bit more internet-savvy. They look choice, otherwise they would not bother to go and download the browsers. So they appreciate all the built-in features that we have, the free VPN, the ad blocking, all the messengers and so forth. So we say that like millennia, that type of thing, but rather internet-savvy, and they know that, okay, there is a lot of, so to say, features that I would like to have. And I don't want to go to an extension store to download them, and Opera can provide an out-to-the-box experience. And of course, with AI, we also get early adopters into AI. And then we have the third category, which is the gaming that we talked a lot about, which is very clear defined. That age bracket is a little bit -- little further, like younger, more Gen Z, where we had most success.

And it's Western markets mostly, too, right?

Yes. So flagship is western, both the Opera One flagship and the gaming browser. But then we also see a lot of movements in, say, semi-emerging markets, I could say, where gaming is still very popular. I think one of our flagship growth market is Brazil. And once again, there is also an interesting thing with the ARPU profile that we see. That usually, the ARPU profile from a Western market user and a normal flagship emerging market user or even the Opera Mini user is a rather significant difference because how they transact online, what type of items they buy and so forth, that's very like following the local pricing, which is, of course, much lower in Africa and even Brazil. But then for a gamer, we see that even if we have a lot of users in Brazil, that gap is much smaller because they buy gaming hardware, all these peripherals, virtual items and so forth, and that has much more global pricing in general. So that we see when we connect these users to a CPC program or to an affiliate program, that revenue profile is much higher because the items that they purchase.

Yes. So maybe we drill a little bit into search. So since browser is fully integrated, so search, and I think you guys have been partnering with Google, obviously, and then with the emergence of these generative AI. So maybe you can share with us what have you been doing? And then how would, as an end user, using Opera browser, then I can feel something different if I search through it with the genAI?

Yes, yes definitely. So search is a very key feature of a browser. As we said in the beginning, the browser is the app that you go to when you don't know where to go. Many of -- in many cases, you start then the session on a general search engine, right? And there, we're partnering with Google and many other search providers, that is doing an excellent job in building that global index, good experiences, and now, of course, you also see more and more genAI powering those experiences and so forth. So we're very pleased about that development and so forth. But then with the introduction of genAI, we see also huge opportunity that we can do as a browser on top of this. So we don't have the intention to go and build the search engine. There's a lot of good companies that is doing that. But there is a great pre-search opportunity and a good post-search opportunity. And what I mean with pre-search is that the users start to search. And as I said, we were the company that invented the dynamic search bar where you can go URL or a search engine seamlessly. Now with pre-search, we can provide suggestions. We can provide tail suggestions. So we can help the user create a query in a very, sort of say, AI-driven way based on all these intelligences that an AI has, so to say, you type in shoes, and then we say, are you probably looking for running shoes, men? And then if the tail suggestions tip it is very easy for the user to start to build a very good query, that fits that. So that's the whole pre-search experience that we are investing a lot with, bringing AI into it. So we have suggestions, tail suggestions and making that very swift and dynamic, and the user likes it.

So it's more like a guiding user to actually using more genAI, in a way?

And helping users to build the query that they were looking for in a better way, but they may be also realized that, oh, this was actually a better query than I had in mind. Because otherwise, usually you end up on a search engine, and then you say, okay, but that was not the answer I want. So you then do a follow-on search, and then you start to build that. So we help the user to build that query and that prompt already in, so to say, at our start page. So that's what we define as pre-search, just making that start of your Internet journey much more efficient. Then we have a massive opportunity on post-search, and that is maybe more interesting and exciting. So when the user leaves search, then, of course, they are going down the Internet rabbit hole and find things. And that is great opportunity with embedded genAI to help user to get more out of that experience because you end up on a page. You maybe -- you don't have time to read articles. So you say, hey, Aria, summarize this for me. Or you are on an e-com site and you say, okay, find these shoes. Hey, are there any better deals available? Or is this shoe available in other colors and so forth. So you have a lot of those post-search things that you can do. You find the word that you maybe don't understand, you just highlight it and say to Aria, hey, can you explain this for me? Or can you move -- or this was a good sentence, can you move this to my Twitter feed, these things. So yes, this is possible today with cut and paste. You go back, open up a new tab and all these things. But since we are a browser, we have the full-page context, we fire up the genAI and it's embedded and free to use. There's no paywalls or anything, we find that's a very useful utility. So then we bring, so to say, search-like experience throughout your entire web journey.

I see. I wish we have more time because we could drill down more details, and this is very, very interesting discussion. Unfortunately, we run out of time. But I know all these genAI stuff is really, really early. And then you guys are just so advanced in bringing all these, very early stage. So good luck for all the products. And then hopefully, we can host you again next year, and then we can see the updates from all the products.

Thank you. Pleasure to be here. Thank you, everyone.

Thank you.