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Note 7 - Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2024
Major components of tax expense (income) [abstract] |
Summary of Income Tax Expense | The table below presents the components of the income tax expense (in thousands):
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Current income taxes |  | $ | (7,293 | ) |  | $ | (7,227 | ) |  | $ | (10,757 | )
Deferred income taxes |  |  | (1,542 | ) |  |  | 531 |  |  |  | (6,884 | )
Income tax expense |  | $ | (8,835 | ) |  | $ | (6,697 | ) |  | $ | (17,642 | )
Reconciliation of Differences Between Expected Income Tax Expense Expressed as Accounting Profit Multiplied by Corporate Income Tax Rate and Actual Income Tax Expense | With Opera being headquartered in Norway and with a large share of the Group’s income being recognized by Opera Norway AS, a subsidiary domiciled in Norway, the reconciliation below explains the differences between the expected income tax expense expressed as the accounting profit multiplied by the corporate income tax rate in Norway of 22%, and Opera’s actual income tax expense (in thousands, except for percentages):
|  | Year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | Amount |  |  | Effective tax rate (1) |  |  | Amount |  |  | Effective tax rate (1) |  |  | Amount |  |  | Effective tax rate (1) |
Income before income taxes |  | $ | 23,870 |  |  |  |  |  | $ | 159,997 |  |  |  |  |  | $ | 98,412 |  |  |  |
Tax using the Norwegian tax rate of 22% |  |  | (5,251 | ) |  |  | 22.0 | % |  |  | (35,199 | ) |  |  | 22.0 | % |  |  | (21,651 | ) |  |  | 22.0 | %
Differences between computed tax rate and effective tax rate due to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Different tax rates of subsidiaries operating in other jurisdictions |  |  | 1,408 |  |  |  | (5.9 | ) |  |  | 5,346 |  |  |  | (3.3 | ) |  |  | 7,945 |  |  |  | (8.1 | )
Changes in tax rates |  |  | 21 |  |  |  | (0.1 | ) |  |  | (64 | ) |  |  | — |  |  |  | 2 |  |  |  | — |
Non-deductible expenses |  |  | (3,585 | ) |  |  | 15.0 |  |  |  | (4,588 | ) |  |  | 2.9 |  |  |  | (3,861 | ) |  |  | 3.9 |
Tax-exempt income |  |  | 480 |  |  |  | (2.0 | ) |  |  | 23,149 |  |  |  | (14.5 | ) |  |  | 2,986 |  |  |  | (3.0 | )
Foreign withholding taxes |  |  | 299 |  |  |  | (1.3 | ) |  |  | 270 |  |  |  | (0.2 | ) |  |  | (138 | ) |  |  | 0.1 |
Recognition and derecognition of deferred tax assets |  |  | (2,027 | ) |  |  | 8.5 |  |  |  | 4,848 |  |  |  | (3.0 | ) |  |  | (1,554 | ) |  |  | 1.6 |
Changes in estimates related to prior years |  |  | 549 |  |  |  | (2.3 | ) |  |  | (67 | ) |  |  | — |  |  |  | 48 |  |  |  | — |
Movements in exchange rates |  |  | (729 | ) |  |  | 3.1 |  |  |  | (391 | ) |  |  | 0.2 |  |  |  | (1,419 | ) |  |  | 1.4 |
Income tax expense at effective tax rate |  | $ | (8,835 | ) |  |  | 37.0 | % |  | $ | (6,697 | ) |  |  | 4.2 | % |  | $ | (17,642 | ) |  |  | 17.9 | %
_______________ (1) Percentages have been rounded for presentation purposes and may differ from unrounded results.
Reconciliation of Deferred Taxes by Type of Temporary Differences | The following table shows a reconciliation of deferred taxes by type of temporary differences (in thousands):
|  | Property and equipment |  |  | Intangible assets |  |  | Trade receivables |  |  | Equity awards |  |  | Intra-group interest expenses carried forward |  |  | Tax losses carried forward |  |  | Other |  |  | Total |
Net deferred tax asset (liability) as of January 1, 2023 |  | $ | 83 |  |  | $ | (20,549 | ) |  | $ | 300 |  |  | $ | — |  |  | $ | 8,066 |  |  | $ | 5,399 |  |  | $ | 822 |  |  | $ | (5,878 | )
Income (expense) recognized in the Statement of Operations |  |  | (121 | ) |  |  | 571 |  |  |  | 67 |  |  |  | 420 |  |  |  | (418 | ) |  |  | (152 | ) |  |  | 163 |  |  |  | 531 |
Expense recognized in the Statement of Comprehensive Income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | (6 | )
Deferred tax benefit recognized in equity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,674 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,674 |
Net deferred tax asset (liability) as of December 31, 2023 |  |  | (38 | ) |  |  | (19,978 | ) |  |  | 367 |  |  |  | 4,094 |  |  |  | 7,648 |  |  |  | 5,247 |  |  |  | 979 |  |  |  | (1,679 | )
Income (expense) recognized in the Statement of Operations |  |  | (1,188 | ) |  |  | 568 |  |  |  | (346 | ) |  |  | (401 | ) |  |  | (1,497 | ) |  |  | (4,081 | ) |  |  | 61 |  |  |  | (6,884 | )
Expense recognized in the Statement of Comprehensive Income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (55 | ) |  |  | (55 | )
Deferred tax benefit recognized in equity |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 993 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 993 |
Net deferred tax asset (liability) as of December 31, 2024 |  | $ | (1,226 | ) |  | $ | (19,410 | ) |  | $ | 21 |  |  | $ | 4,686 |  |  | $ | 6,151 |  |  | $ | 1,166 |  |  | $ | 985 |  |  | $ | (7,626 | )
Deferred Tax Assets and Liabilities | After offsetting deferred tax assets and liabilities within the same tax jurisdiction, the following amounts are presented in the Statement of Financial Position (in thousands):
|  | As of December 31, |
|  | 2023 |  |  | 2024 |
Deferred tax assets |  | $ | 1,133 |  |  | $ | 1,063 |
Deferred tax liabilities |  | $ | 2,813 |  |  | $ | 8,689 |

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