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Note 4 - Personnel Expenses, Including Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Classes of employee benefits expense [abstract]  
Summary of Amounts of Personnel Expenses Including Share-based Compensation

The table below presents the amounts of personnel expenses including share-based compensation (in thousands):

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Salaries, including bonuses

 

$

(43,235

)

 

$

(41,890

)

 

$

(40,890

)

Social security contribution, excluding amounts related to share-based compensation

 

 

(5,222

)

 

 

(5,825

)

 

 

(6,519

)

External temporary hires

 

 

(10,318

)

 

 

(11,796

)

 

 

(15,568

)

Defined contribution pension expense

 

 

(4,752

)

 

 

(3,814

)

 

 

(4,135

)

Other personnel-related expenses

 

 

(1,758

)

 

 

(2,476

)

 

 

(2,827

)

Total personnel expenses, excluding share-based compensation

 

 

(65,285

)

 

 

(65,801

)

 

 

(69,940

)

Share-based compensation expense for Opera-granted awards

 

 

(7,439

)

 

 

(10,500

)

 

 

(6,846

)

Share-based compensation expense for parent-granted awards

 

 

(1,865

)

 

 

(6,450

)

 

 

(2,872

)

Total personnel expenses, including share-based compensation

 

$

(74,588

)

 

$

(82,750

)

 

$

(79,658

)
Summary of Movements in Number of RSUs and Options

The following table shows the movements in the number of RSUs and options:

 

 

 

Opera: RSUs

 

 

Opera: Options

 

 

Kunlun: RSUs

 

 

 

Number of RSUs

 

 

Weighted average grant date fair value

 

 

Number of options

 

 

Weighted average grant date fair value

 

 

Number of RSUs

 

 

Weighted average grant date fair value

 

Outstanding as of January 1, 2023

 

 

1,785,275

 

 

$

9.90

 

 

 

100,000

 

 

$

3.40

 

 

 

2,925,000

 

 

$

1.22

 

Regular awards during the year

 

 

934,359

 

 

$

8.39

 

 

 

—

 

 

$

—

 

 

 

6,200,000

 

 

$

2.01

 

Dividend adjustment awards during the year

 

 

257,551

 

 

$

—

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited during the year

 

 

(50,203

)

 

$

8.66

 

 

 

—

 

 

$

—

 

 

 

(2,000,000

)

 

$

1.68

 

Exercised during the year

 

 

(1,008,509

)

 

$

8.37

 

 

 

(60,000

)

 

$

1.92

 

 

 

(832,500

)

 

$

1.10

 

Outstanding as of December 31, 2023

 

 

1,918,473

 

 

$

8.67

 

 

 

40,000

 

 

$

5.62

 

 

 

6,292,500

 

 

$

1.86

 

Regular awards during the year

 

 

390,000

 

 

$

12.58

 

 

 

—

 

 

$

—

 

 

 

1,610,824

 

 

$

3.22

 

Dividend adjustment awards during the year

 

 

89,946

 

 

$

—

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Forfeited during the year

 

 

(19,295

)

 

$

8.84

 

 

 

—

 

 

$

—

 

 

 

—

 

 

$

—

 

Exercised during the year

 

 

(961,870

)

 

$

8.16

 

 

 

—

 

 

$

—

 

 

 

(2,199,000

)

 

$

1.72

 

Outstanding as of December 31, 2024

 

 

1,417,254

 

 

$

9.54

 

 

 

40,000

 

 

$

5.62

 

 

 

5,704,324

 

 

$

2.23

 
Summary of Weighted Average Values for Inputs Used in Valuation Techniques Set forth in the table below are the weighted average values for inputs used in the valuation techniques:

 

 

 

Opera

 

 

Kunlun

 

 

 

2023 RSU grants

 

 

2024 RSU grants

 

 

2023 RSU grants

 

 

2024 RSU grants

 

Fair value of underlying share at grant date

 

$

8.46

 

 

$

12.61

 

 

$

3.48

 

 

$

5.78

 

Expected volatility

 

 

50.5

%

 

 

63.0

%

 

 

24.6

%

 

 

23.5

 %

Risk-free rate

 

 

4.9

%

 

 

4.3

%

 

 

2.1

%

 

 

2.1

 %

Duration of initial simulation period (years to longstop date)

 

 

2.49

 

 

 

2.39

 

 

N/A

 

 

N/A

 

Duration of second simulation period with postponed exercise (years)

 

 

3.00

 

 

 

3.00

 

 

N/A

 

 

N/A

 

Exercise price

 

$

—

 

 

$

—

 

 

$

1.54

 

 

$

2.69

 
Schedule of Compensation to Key Management Personnel (Details)

The table below presents the amounts of expensed compensation to the directors and executive officers of the Company, including the grant-date fair value of vested equity awards (in thousands):

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Short-term employee benefits

 

$

(2,371

)

 

$

(2,495

)

 

$

(2,064

)

Post-employment and medical benefits

 

 

(56

)

 

 

(72

)

 

 

(116

)

Share-based compensation

 

 

(1,488

)

 

 

(1,693

)

 

 

(3,571

)

Total compensation to key management personnel

 

$

(3,914

)

 

$

(4,260

)

 

$

(5,751

)
Summary of Research and Development Expenditure

The following table presents the amounts of compensation to employees engaged in research and development activities (in thousands):

 

 

 

Year ended December 31,

 

 

 

2022

 

 

2023

 

 

2024

 

Total research and development expenditure

 

$

(50,537

)

 

$

(46,098

)

 

$

(54,378

)

Less: Capitalized development expenditure (Note 10)

 

 

6,825

 

 

 

4,587

 

 

 

7,705

 

Net research and development expenditure recognized as part of personnel expenses

 

$

(43,713

)

 

$

(41,511

)

 

$

(46,673

)