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Otello-Corporation-ASA Annual-Report-2019

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Otello-Corporation-ASA Annual-Report-2019 TURNAROUND & GROWTH ANNUAL REPORT 2019 Otello Corporation ASA M $ 240.7 Q4 M Table of contents $ 70 Otello Corporation ASA Annual Report 2019 Key figures 06 Group Overview 10 CEO Letter 12 AdColony Back to the future 14 Bemobi Subscribe to premium apps in a world of opportunities 26 Skyfire 40 Vewd 44 Q3 $ 63 M Shareholder information 48 Representation of Board of Directors 54 $ 171 M Report from the Board of Directors 56 Otello Group financial statements 78 Parent company financial statements 132 Auditor’s Report 158 Declaration of executive compensation policies 162 Principles of corporate governance 166 Q2 $ 56 M $ 108 M Strong growth throughout the year Q1 $ 52 M Revenue of 2019 2 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 3 The story continues Acquisition of Novitech During 2019, Otello’s Bemobi business ac­ Bemobi regards this is an important strategic quired certain assets from a Brazilian com­ acquisition in many aspects. It enhances our pany, Novitech. The trans action included the channel offer and our current distribution plat­ following assets: hardware and software, in­ form, bringing a more diverse set of channels tellectual property, commercial agreements to our portfolio beyond the NDNC portals by with major Brazilian and Central American adding a Voice based No Credit Portal. Further, telecommunication carriers, as well as a few it considerably raises our service distribution selected employees. scale for our own services. 2016 1997 2005 2010 OPERA 2018 2019 FIRST WEB OPERA MINI ACQUIRED 2013 2015 BROWSER CHANGED ACQUIRED BROWSER RELEASED ADMARVEL ACQUIRED ACQUIRED NAME TO NOVITECH RELEASED BUSINESS OTELLO SKYFIRE CORPORATION BEMOBI SOLD 1995 2004 2016 2017 2014 MAJORITY OPERA OPERA LISTED 2015 SURFEASY ACQUIRED ACQUIRED STAKE IN SOFTWARE ON OSLO STOCK VEWD SOLD TO FOUNDED ADCOLONY SURFEASY SOLD EXCHANGE SYMANTEC OTELLO CORPORATION Key numbers of 2019 Employees Revenue Revenue Source Adj. EBITDA Otelle Corporation USD million USD million USD million WE CONTINUALLY WORK TO IMPROVE THE GENDER 275.4 0.9 19.4 BALANCE IN THE COMPANY. Corporate AT THE END OF 2019 240.8 OF OUR STAFF 37 27 56.2 596 % MEMBERS Bemobi FULLTIME EMPLOYEES NATIONALITIES OFFICES (Apps & Games) AND EQUIVALENTS 37 WERE WOMAN REPRESENTED IN THE GROUP AROUND THE WORLD Revenue source USD million 9.4 183.9 AdColony (Mobile Advertising) % % 6.2 2.8 Accounts based France­based elsewhere accounts 2018 2019 2018 2019 3.8% U.S.­based accounts 44.0% % Norway­based Shareholders 6.8 accounts Numbers in percent Luxembourg­ Revenue per currency Revenue per region EPS based accounts AS OF DECEMBER 31, 2019, OTELLO HAD A SHARE CAPITAL OF Numbers in percent USD million USD million Share- % NOK (USD 319 502) 4.5% holders Other EMEA 82.6 44.0 2,809,549.58 0.9% INR $ NORWAY-BASED AMERICAS 132.2 SHAREHOLDER ACCOUNTS 5.5% 0.16 TRY 66.7% 26.0 USD ASIA PACIFIC 36.5% 6.2% U.K.­based DKK accounts 16.3% BRL Bemobi paid subscribers Bemobi paid subscribers Total reach Numbers in million Numbers in million Bemobi Total reach 34.6 BILLION AdColony 2.2 POTENTIAL CONSUMERS By Adweek Readers, AdColony was in 2019 named: 9.7 26.7 International Paying subscribers BILLION Bemobi USERS GLOBALLY Best Mobile Ad Network 20.3 34.6 1.5 17.0 million 13.1 ▲ % 24.9 29.7 LATAM GROWTH IN PAYING SUBSCRIBERS IN 2019 Mix of Revenue WIFI IS THE PRIMARY Sales Breakdown AdColony AdColony DATA SOURCE FOR 2015 2016 2017 2018 2019 MOST CONSUMERS 48% OF THE TOP Operating system 5% Instant Play % 64% OF AD REQU- Spotify 42 Bemobi ESTS COM FROM WIFI / Revenue per region SUPPORTING MORE THAN 70 VS 29% WITH MOBILE USD million Q4 2019 100 VIDEO DATA CARRIERS Sales Breakdown MOBILE GAME PUBLISHERS % ARE NOW INTEGRATED ACROSS MORE THAN by Product LATAM 41.2 90 *The remaining percentage are users WITH ADCOLONY 67 COUNTRIES ANDROID whose connections jumped between wifi and celluar mid-ad request! Peo­ INTERNATIONAL 47% 15.0 50 ple are always on the move! LinkedIn 6 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 7 Turnaround & Growth Turnaround & Growth is not only this year’s Over the past years, we have been on a jour­ concept for the Annual Report. It also reflects ney where Otello has been taking a lead within Otello’s financial year of 2019. We have seen mobile advertising and mo bile gaming. It’s all a year with a strong growth and a complete about the digital and mobile life we are living. turnaround for AdColony, one of our subsidiar­ Emerging markets are getting better availabili­ ies. This was the first back to YoY-growth since ty and connectivity to the world due to our tech­ 3Q16. The Brand and Programmatic revenue nology. We believe that our long­term strategy was strong while Performance is still volatile. In has been working well and that we can now addition, the cost for AdColony has been lower start to climb new mountains. and the OPEX is reduced by over 50% the last 2 years and we are now at a sustainable level This past year, we are more than happy to from where we can scale revenue. have climbed the mountain after periods in the valley. Otello as a brand and a com pany For Bemobi, we have seen a co­owned channel ended 2019 with a turnaround complete and growth in international markets consistent with with growth, and in order to make sure we are our strategy (34% of total new users). Our new ready for the future, we are eager to continue voice based channels and omnichannel plat­ the journey we are on form are getting traction in Brazil and are about to begin international rollout. 8 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 9 Who is Otello Corporation ASA • Otello is a holding company, listed on the Oslo Stock Exchange, holding the assets of AdColony, Bemobi, Skyfire and a share in Vewd • Otello was formerly known as Opera Software ASA and has over 20 years of history • Otello’s journey started in 1995 when Opera was established as a browser company • Otello might have been known as an opera for some time, however, it is now a 100% ownership collection of companies within mobile advertising and apps & games with a reach of more than 2 billion users AdColony is a mobile advertising platform focused on delivering performance and outcomes for brands, agencies, publishers and app developers, through high quality advertising on mobile devices with a global consumer audience reach that exceeds 1.5 billion. Revenue: $183.9 M / Adj. EBITDA: $0.3 M 88.8% ownership 100% ownership 27% ownership Bemobi is a mobile media and entertainment company integrating people and mobile content through technology and distruptive services with presence in Skyfire enables mobile operators to Vewd is the market leader in enabling the more than 50 countries and a reach of over 34.6 million subscribers around the optimize their network performance and transition to OTT (over the top). Vewd’s world. quality as data traffic and the consump­ suite of OTT solutions enable customers tion of mobile video is exploding. The and partners to reach connected device Revenue: $56.2 M / Adj. EBITDA: $23.9 M unique compression technology opens viewers. Among others, companies like up new business models and revenue Sony, Verizon, Samsung and TiVo utilize streams for operators. Vewd’s solutions. Revenue: $47.1 M / EBIT: $20.6 M 10 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 OTELLO CORPORATION ASA - ANNUAL REPORT 2019 11 CEO letter In 2019, Otello delivered on its key objectives, Financial summary of 2019 including making AdColony adjusted EBITDA Otello’s operating revenues fell by 13% to profitable and seeing revenue and adjusted $240.8 million in 2019 (2018: 275.4 million), driv­ EBITDA growth in Bemobi versus 2018. The en by a decline in AdColony, which was partly turnaround in AdColony started to bear fruit offset by growth in Bemobi. The decrease in and we reached year­on­year growth for Ad­ revenue in AdColony was mainly due to slower Colony in Q4. We were also able to negoti­ product launches and ramp up of new prod­ ate an extension of the earn­out agreement ucts in addition to a general streamlining of with the former owners in Bemobi and a new the business and more focused operations. long­term CEO agreement with Pedro Ripper, The significant cost focus paid off during 2019 which were finalized and signed in early 2020. and we have lowered the revenue break­even point substantially as we enter 2020. 2019 was During 2019, Bemobi continued to meet with a turn­around year for AdColony and we excit­ international investors, in order to consider ed the year being back to year­on­year revenue whether an IPO of Bemobi could represent a re­ growth in 4Q19. AdColony reached its financial alistic and value enhancing opportunity. Feed­ goal of the year of being Adj. EBITDA profitable back from investor meetings has been positive for 2019. and supportive of a potential IPO and based on this feedback we have continued to explore the Bemobi delivered growth in revenue and prof­ proper jurisdiction to carry out an IPO. it in 2019 vs 2018. Revenue growth of 4% and Adj. EBITDA growth of 10% would have been We continued our share repurchases in 2019, significantly stronger had it not been for ad­ buying back a total 0.9 million in shares, at $1.5 verse FX impact due in particular to a weaker million, and ultimately canceling a total of 9 BRL vs USD in 2019 vs 2018.
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