«Our mission is to make learning awesome. Our portfolio of products drives billions of learning interactions annually, coming together through continuous product development, innovation and a team with focus and ambition to put magic learning moments at everyone’s fingertips.
The Kahoot! Group achieved several strategic and financial milestones during the final quarter of 2021, including record-level activity and continued strong organic growth on the core Kahoot! platform. We delivered significant group-wide growth across all business areas with invoiced revenue up 126% YoY for the quarter, and 137% for the full year 2021, although we ended the quarter below our expectations due to our year end performance under increased uncertainty related to Omicron, including schools and businesses closing early before the holidays. In the quarter we also saw significantly improved cash-flow from operations, achieved in large part due to our scalable platform and our commitment to a user generated, sustainable and profitable growth.
Our continuous focus on realizing synergies across the Group’s diverse portfolio has yielded solid results in a quarter where we further expanded our audience engagement offerings for all customer groups, launching a host of new innovative features and products. We are excited to springboard into 2022 after a record-year and quarter for the Kahoot! Group» – Eilert Hanoa, CEO of Kahoot!
Fourth Quarter 2021 – Financial and Operational Highlights
- Organic user growth on the Kahoot! platform (over the past 12 months) continued with 30.9 million active accounts, up 25% YoY and 310 million hosted sessions, up 24% YoY with a total of approx. 2.0 billion participants (non-unique) globally, up 32% YoY.
- Kahoot! reached more than 1.1 million paid subscriptions across all services, up 64% YoY, representing an organic increase of 95,000 from the third quarter, with 60,000 on the Kahoot! platform. At the end of the fourth quarter, Kahoot! at Work reached 490,000 paid subscriptions, Kahoot! at School reached 365,000 paid subscriptions and Kahoot! at Home & Study reached 255,000 paid subscriptions.
- Invoiced revenue (billings) was $39.7 million in the fourth quarter, up 126% YoY, including Clever, which contributed $12.8 million. Excluding Clever, invoiced revenue in the fourth quarter grew $9.3 million YoY to $26.9 million, up 53%. For the full year 2021 invoiced revenue grew $61.9 million YoY to $107.2 million (including $18.5 million from Clever for the four-month period from September to December), up 137%. In the fourth quarter, the U.S. and Canada as the largest region represented 61% of the Kahoot! Group’s invoiced revenue (including Clever).
- Annual Recurring Revenue (“ARR”) of $133 million, up 122% YoY. Clever contributed approx. $47 million from its U.S. ecosystem partners.
- Total revenue and other operating income of $33.0 million, up 193% YoY. For the full year total revenue and other operating income grew $61.9 million YoY to $91.3 million, up 211%.
- Adjusted EBITDA (excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost) grew $5.4 million YoY to $5.5 million. For the full year adjusted EBITDA grew $18.6 million YoY to $19.3 million.
- Cash flow from operations (excluding payment of listing and acquisition cost, and cash effects related to share-based compensation) of $13.4 million, up 92% YoY, with positive contribution from Clever, and $31.3 million for the full year, up 80% YoY.
- Cash and cash equivalents as of 31 December 2021, totaled $107.8 million. The Group has no interest-bearing debt.
“The fourth quarter demonstrated the solid scalability of the Kahoot! Group. With only limited growth in the organization and continued immaterial marketing spend, our talented team were able to deliver invoiced revenue of $39.7 million, Annual Recurring Revenue of $133 million, and all-time high cash flow from operations (adjusted) exceeding $13 million, representing more than 30% cash conversion of invoiced revenue for the quarter” – Ken Østreng, CFO Kahoot!
Kahoot! will host a webcast at 3:30 pm CET, 17 February 2022.
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Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our learning platform makes it easy for any individual or corporation to create, share, and host learning sessions that drive compelling engagement. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. In the last 12 months, 300 million sessions have been hosted on the Kahoot! platform by 30+ million active accounts, with 2 billion participants (non-unique) in more than 200 countries and regions. The Kahoot! Group includes Clever, the leading US K-12 EdTech learning platform, together with the learning apps DragonBox, Poio, Drops, Actimo, Motimate, and Whiteboard.fi. The Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Kahoot! is listed on the Oslo Stock Exchange under the ticker KAHOT. Let’s play!