Investor Presentation • May 26, 2021
Investor Presentation
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J.P. Morgan Technology, Media and Telecoms Conference May 26, 2021
Our vision is to build the leading learning platform in the world
Kahoot! started 2012 as a quiz-based game to ensure attention, create engagement and provide knowledge in classrooms
Global recognized brand with a viral distribution model based on scalable technology platform
User centric, data-driven and iterative approach to product development and innovation
Over 100m user generated Kahoots, 275m games played last 12 months with 1.6bn participating players
Development of cumulative nonunique players since launch
Launched September 2013
Growth focus on US and K-12
Top 3 tool in US education
50+ employees
Launched first commercial editions with 40k paid subscriptions
Launched mobile apps for iOS and Android
75+ employees
New commercial subscription editions for all segments
Reaching 170k paid subscriptions
Acquisition of Poio and DragonBox
120+ employees
5 Billion
More commercial offerings, over 750k paid subscriptions
Launched first platform service
Acquisition of Actimo, Drops, Whiteboard.fi and Motimate
250+ employees
Kahoot! Group reached more than 760K paid subscriptions in Q1 2021, an increase of 85K from Q4 2020, whereof 44K Kahoot! licenses. The YoY growth including acquisitions, was 277% (approx. 560K) per Q1 2021 vs. Q1 2020. Subscription categories: 255K Work (including 131K active Actimo licenses), 275K School (including 6K Whiteboard), and 230K Home and Study (including 48K DragonBox math curriculum and 130K Drops language learning)
1) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, including Actimo, Drops and Whiteboard from the time of acquisition 2) Conversion to paid subscriptions in all segments from customers in more than 150 countries
Kahoot! helps me engage students in class and for homework, and also works great for virtual lessons even when school is closed "
As do millions of teachers globally
I love Kahoot! It makes learning fun!
As do hundreds of millions of students "
Kahoot! allows me to engage in playful learning with my family in a social setting
As do millions of families around the world
Kahoot! breaks down barriers and connects teams
As do hundreds of thousands of organizations in over 150 countries
The Kahoot! viral distribution model generates millions of new accounts and app downloads every month
Kahoot! used for both personal use and for the entire family for engaged learning and knowledge sharing, inspiring millions of individuals
Free and from \$5 per user per month
Millions of teachers and thousands of educational institutions around the world are using premium editions to drive learning and engage students
Free and from \$3 per teacher per month
All kinds of organisations are using Kahoot! at work to engage employees, connect teams, ensure training and build team spirit and corporate culture
From \$10 per user per month
a t w o r k
Connecting the global educator community and providing high-quality, verified content, to ensure that every student gets access to awesome learning at school and home
connect marketplace content partners
10m+
are using Kahoot! at home with over 100 million games
Premium subscription for awesome learning for the entire family
& algebra
Language learning for everyone from 8 years and above
played by families Study at home at home Learn math Learn
to read
Engage communities Premium features and content for any occasion
with flashcards, tests and challenging friends
The Kahoot! app will read out questions and answers for self-study, supporting over 30 languages.
The Kahoot! app and live game will soon be available in Japanese, Turkish, Polish and Dutch, in addition to the 7 languages already available: English, Spanish, Portuguese (BR), French, Norwegian, German & Italian
* 1st Language App to offer all 3 African Languages (Swahili, Igbo & Yoruba)
Climate Change
Animal Sounds
African Languages*
Free for 5 minutes a day & premium subscriptions from \$9.99 per month available
Over
10K
educational institutions have already deployed multiuser Kahoot! teacher licenses
Equip IT admins with increased control, security & compliance
Elevate learning at
your entire school or
district
A collaborative, online whiteboard tool
at school
Embraced by over 8 million teachers globally
Next level engagement with Bitmoji
Awesome tools to visualize math and effective number talk sequences, designed for all teachers and educators
400% user growth the last 6 months reaching more than 7 million unique monthly users
Free & premium subscription from \$4.99 per month
Live collaboration Instant formative assessment Engage everyone!
monthly players enjoying kahoots created by our partners
Kahoot! Publisher Premium subscription for publishers and content creators
educators & teachers, and hundreds of millions of students across the world use Kahoot! to make learning awesome
| 9:41 | ||
|---|---|---|
| Amusing Algebra | ||
| Kahoot list | Courses | Community |
| Algebra is everywhere | ||
| ♡127 likes □16 comments @ 327 views | ||
| Course information | ||
| This training course gives you a brief introduction to the algebra basic understanding. |
players monthly
If teachers didn't try new things, our students wouldn't get the best from us. "
Aimee Copple
By verified educators and publishers to engage students
With Kahoot! I can measure product knowledge
Courses, analytics, learner resources
Kahoot! is a powerful tool for breaking down barriers and connecting the team
Integrations, collaboration tools
Interactive presentations, audience interaction features
Team building mode, employee engagement tools
to Kahoot! 360 for work and professionals
The enterprise engagement toolbox
For all employees, to empower all individuals and teams to create, share and join engaging learning experiences and build organizational knowledge, including team spirit and company culture, corporate Learning, audience engagement!
For larger organization Kahoot! 360 Spirit Premium available from \$9 per employee per month
Full launch and general availability in Q2 2021
Employee Engagement
Helping more than 220 premium brands reaching 300K+ employees in 80 countries
Selected new and recurring customers in Q1
Employee Engagement
Over 230 companies & organizations in over 35 countries are already happily Motimating away
Company Update
YoY growth in paid subscriptions per Q1
195% Q1 YoY growth in invoiced revenue
28% Q1 cash conversion from invoiced revenue
The user growth on the Kahoot! platform in the last twelve months continued, with more than 28m active accounts (68% YoY growth). Number of hosted games last twelve months was 279m (28% YoY growth) with 1.6bn participants (24% YoY growth) Paid subscriptions on core Kahoot! had YoY growth of 142%
| Q1'21 | Q4'20 | Q3'20 Q2'20 | Q1'20 | Q4'19 Q3'19 Q2'19 Q1'19 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Invoiced revenue | 19.1 | 17.5 | 11.6 | 9.6 | 6.5 | 5.3 | 3.4 | 2.3 | 2.0 |
| Invoiced revenue growth QoQ | 1.6 1 | 5.9 | 2.0 | 3.1 | 1.1 | 1.9 | 1.1 | 0.3 | 0.3 |
| Invoiced revenue growth QoQ % | 9% | 50 % | 21 % | 49 % | 21 % | 56 % | 48 % | 15 % | |
| Revenue and operating income | 16.2 | 12.0 | 9.2 | 5.7 | 4.2 | 2.8 | 3.1 | 1.4 | 1.2 |
| Net cash flow from operations | 5.4 | 7.0 | 5.2 | 3.9 | 1.1 | 1.4 | $-0.6$ | $-1.5$ | $-1.9$ |
| Cash flow from oper. in % of invoiced | 28 % | 40 % | 45 % | 41 % | 17% | 27 % | $-17%$ | -63 % | -94 % |
| Cash and cash equivalents | 253.6 | 256.1 | 72.5 | 73.4 | 34.0 | 40.9 | 13.4 | 24.7 | 26.5 |
| Full time employee equivalents | 204 | 182 | 127 | 128 | 120 | 110 | 100 | 73 | 62 |
Kahoot! has paying subscribers in more than 150 countries, USA and Canada represent approx. 46% of invoiced revenue and Europe approx. 41% in Q1 2021
| Kahoot! FY 2018 |
Kahoot! FY 2019 |
Kahoot! FY 2020 |
Kahoot! FY 2021 |
Clever FY 2021 |
|
|---|---|---|---|---|---|
| Invoiced revenue | \$3.5m | \$13m | \$45m | \$90-100m | \$44m |
| Paid subscriptions | 46K | 170K | 550K | 1m |
1) Not including Home & Study subscriptions
2) Not including ARR from future acquisitions
Parent
kahoot.com/school kahoot.com/study kahoot.com/work kahoot.com/investor kahoot.com/home
Stay up to date, visit kahoot.com/news
Kahoot! ASA has a total of 472.7m common shares and more than 31,000 shareholders. The shares are listed on Oslo Stock Exchange with ticker code KAHOT
| Shareholders per May 21, 2021 | Shares (m) | % | |
|---|---|---|---|
| 1. | SoftBank | 75,0 | 15,9% |
| 2 | Datum Group | 52,1 | 11,0 % |
| 3 | Glitrafjord | 40,2 | 8,5 % |
| 4 Creandum III LP | 20,0 | 4,2 % | |
| 5 | The Bank of New York Mellon | 19,3 | 4,1% |
| 6 Citigroup Global Markets Inc. | 13,5 | 2,9% | |
| 7 Versvik Invest AS | 13,0 | 2,7% | |
| 8 State Street Bank and Trust Comp | 11,3 | 2,4 % | |
| 9 | Newbrott AS | 7.6 | 1,6 % |
| 10 State Street Bank and Trust Comp | 6,2 | 1,3% | |
| 11 | MP Pensjon PK | 5,4 | 1,1% |
| 12 Nordnet Bank AB | 5,4 | 1,1% | |
| 13 Gamification AS | 5,2 | 1,1% | |
| 14 Sanden AS | 4,5 | 0,9% | |
| 15 J.P. Morgan Securities PLC | 4,1 | 0,9% | |
| 16 The Bank of New York Mellon SA/NV | 3,5 | 0,8% | |
| 17 The Bank of New York Mellon SA/NV | 3,5 | 0,7% | |
| 18 Adrian AS | 3,2 | 0.7% | |
| 19 J.P. Morgan Bank Luxembourg S.A. | 3,1 | 0,7% | |
| 20 Verdipapirfondet DNB Norden | 2,9 | 0,6% | |
| Other | 173,6 | 36,7% | |
| Total outstanding shares | 472,7 | 100,0 % | |
| Outstanding share options | 20,0 | ||
| Total no. of shares (fully diluted) | 492,7 |
| Oslo Stock Exchange: | KAHOT |
|---|---|
| Yahoo! Finance | KAHOT.OL |
| Reuters: | KAHOT.OL |
| Bloomberg: | KAHOOT:NO |
| Number of common shares: | 472,689,510 |
| Outstanding share options: | 20,047,850 |
| Total no. of shares (fully diluted): | 492,737,360 |
| Share price (May 21, 2021): | NOK 59.30 |
| Avg. daily trading volume YTD (shares): | 2,850,000 |
| Market Cap total (May 21, 2021): | NOK 28.0bn |
You've probably seen the announcement that Kahoot! will acquire Clever. Please note that until the transaction closes, we remain separate and independent companies.
However, we are excited for this opportunity to tell you more about Clever, and why we are so excited about what the future may bring.
"Clever really is this magical place where students can go and everything they need is just one click away."
Doug L., Instructional Technology @ Glendale USD
Founded in 2012 by a former educator and friends who saw from experience that the edtech boom was creating immense usability challenges for K-12 students, teachers, parents, and developers
The Clever platform was initially invented to give students & teachers single sign-on to all of their resources. ~50% of U.S. K-12 students are now active on Clever - the most popular learning platform nationwide
Clever has won through increased adoption within its network (20M+ monthly active students, 89K+ schools, 600+ app developers)
Despite its overarching focus on network growth above revenue, Clever is growing revenue at 25% CAGR and has already achieved neutral cash flow
At \$44M in expected billed revenue 2021, Clever is just scratching the surface of monetization, and is uniquely positioned to win the biggest opportunities in education today, including global expansion and the Clever App Store
Tyler Bosmeny CEO, Cofounder
Dan Carroll CPO, Cofounder
Rafael Garcia CTO, Cofounder
Eric Krugler VP Engineering
Kevin Kirn VP Product
Trish Sparks VP Customer Success
Anne Murguia VP Marketing
Kevin Laughlin CFO
Julie Weinstein VP People
175 employees (40% Prod/Eng), located in San Francisco, CA and Durham, NC
Remember spreadsheets with all of your students' usernames and passwords and taking half the class to log-in? No more! Over 1,020 hours of class time saved this week in our district due to Clever's single sign-on portal for students.
HEATH AUSTIN BROWN Educational Technology Specialist at District of Columbia Public Schools
6-12 months to create student accounts Students and teachers managing 10+ passwords, forgetting them frequently New students wait weeks to get access to edtech Apps can't keep up with constantly changing user data Edtech applications pay for massive implementation teams just to manually load data R&D work spent on data cleanup, not product
The average Clever school district uses 9x more apps than they did 5 years ago
"There's no going back now."
Pedro Martinez Superintendent, San Antonio ISD
3-6 month implementation cycles Schools and districts have
Teachers and students have
25% wasted class time due to log in problems
EdTech vendors have
12-18 month sales cycles with costly field sales model
U.S. schools spend \$13B/year on edtech 70% of paid licenses are never even used once
6% of EdTech vendors satisfied with selling process
| FinTech | Payments | Education | Data | Communications |
|---|---|---|---|---|
Data API 500k+ connections of schools to applications
5 minute implementations No wasted class time Instant purchasing
Portal 20M Monthly Active Students
App Store coming soon
| Clever Super Duper Elementary | Homeroom | Analytics NEW Classes Library |
Q Search $0$ $A$ $B$ |
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|---|---|---|---|---|---|
| Teacher Pages | Hide A | Clever | Dashboard | ||
| G Homeroom |
Social Studies | I Math Page |
O Period 2 - Science |
Edtech Analytics | |
| Conly visible to you 0 Resources |
Conly visible to you 0 Resources |
2. Shared with 2 sections 2 Resources |
et. Shared with 2 sections 7 Resources |
Last 28 days | SCHOOL STUDENT GRADE All Schools All grades and teachers |
| O Period 3 - Math |
Œ. Period 4 - English |
矗 District Page |
422 66 Clever Apps Added by the district Total apps |
79 Library Apps 277 Other apps Added by teachers Including any web links |
|
| Shared with 1 section 11 Resources |
2: Shared with 1 section 27 Resources |
Shared by your district 18 Resources |
$\sim$ $\sim$ | ||
| Today's Apps | Clever Messages |
Messages $\blacksquare$ $\blacksquare$ Ms. Patty $\qquad \qquad$ $\qquad \qquad$ |
|||
| $\circ$ ၉ 0.0 DE |
E. owtoon |
$cK-12$ | Parents Students |
Jasmine Wilcott | $\blacksquare$ $\blacksquare$ |
| Duolingo Explain Code.org Everything DISTRICT Whiteboard 11111 111111 11111 |
Powtoon PowerMyLearn Edulastic ing Connect 11111 DISTRICT 11111 11111 |
$CK-12$ Foundation DISTRICT 11111 |
CLASSES Parents for all classes |
Hi Jasmine, please help Will with his essay tonight, it's due tomorrow at 11am. |
|
| Resources added by you | Jasmine Wilcott Mother of Will Johnson |
Thanks for the reminder Ms. Patty! Should he submit the essay via Google classroom? |
Clever S | ||
| ◡ School Tub. education |
6, OWTOO |
e-haljpass 2 |
Yes! That's correct | by over 2 and 1.2N |
|
| SchoolTube Cinematograp Common Sense hers Education |
Powtoon U.S. Explain Cinematograp Everything hers Society Whiteboard |
BrightFish $\rho$ hallpassClass Reading (Dev) |
Message Jasmine Wilcott | every mo | |
Clever SSO is used by over 20M students and 1.2M teachers every month
The Clever API is the central hub between Apps and school databases
Saves Apps from integrating with 100+ school database vendors
REST API relied on by 600+ apps for identity and provisioning
"My new superpower is getting kids logged in and actually using the district purchased curriculum to its full potential!"
Samantha O., K-5 music teacher in North Dakota
Scalable integration and deployment into Clever's network Wide & growing reach of the platform increases value for partners Fees per connection scale with volume of schools served
Digital learning is connected, secure, easy to use 100% free integration, portal, support 96 of the top 100 districts in the U.S. use Clever
Third parties rate Clever the most used website in Education after Google Workspace and Zoom
Microsoft ranks Clever as #7 in Active Directory MAUs globally (not education specific)
Sources: Edtech Insights 2020: LEA(R)N Report of 1,055 Edtech Websites (link). Rank Post-COVID-19, March 16 to May 15, 2020. Microsoft Corp. 2021: The State of Apps by Microsoft Identity: Azure AD App Gallery Apps that Made the Most Impact in 2020 (link).
Announced April 2021, Google named Clever its preferred partner to help schools setup and roster Google Classroom
Zoom wanted to get its app into schools quickly, and turned to Clever. 851 school districts started using Zoom through Clever, powering 80M+ Zoom sessions
Huge growth potential for Clever within existing network
20+ apps
Existing applications grow use of Clever every year with over 100% Net Revenue Retention
Increased Clever usage & edtech adoption in existing schools creates 3x+ revenue growth potential
Bringing new apps, new schools, and new products to network creates additional growth opportunities
"I hope we can make an agreement to use Clever Badges to solve this huge problem [in Italy]."
Ricardo N., Technology Consultant, Acornhouse School, Rome, Italy
Impact
2012 – 2015 Solving the Problem Creating our single signon solution to simplify online learning API Single Sign On
2016 – 2020
Become a go-to resource across the industry
API Single Sign On Free App Store
2021+
Continuing to innovate to drive impact & value through additional opportunities
API Single Sign On Paid App Store International
| Clever | Davis School District | Dashboard | Portal App Store |
Q Search | ||
|---|---|---|---|---|---|---|
| ← Back in categories: Classroom management, Other for grades: K-12 | ||||||
| Clubhouse Learning Most requested |
Clubhouse Learning engages millions of kids every month with tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam. $K - 12th$ Top 5 usage |
Classroom management, Other | Request pricing Pricing model Freemium Q School-wide licenses |
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| 4th in teacher installs 35 238 4 Teachers Students Dist. schools $\checkmark$ |
4.9 Teacher rating 4 in-school reviews 621 total teacher reviews $\checkmark$ |
Clever connection SSO, Secure Sync, Clever Library $\checkmark$ |
\$5.75 - \$8.50 per student/yr District-wide licenses \$3.25 - \$5.50 per student/yr Try a free demo |
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| App details Clubhouse Learning has hundreds of ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehend Show more Standards alignment |
Share with teachers Developer website Clubhouse Education, Inc. Legal Terms of Sevice Privacy Policy Data sharing agreement |
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| 2 Clubhouse Learning alignment with standards Platform compatibility |
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| Web browser, Windows installed application, MacOS installed application | ||||||
| Tags Wellness Online Gamified Math |
Grade readiness Hippo |
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| Media |
Already launched Clever's free app store for teachers – 75M student and teacher accounts created during 2020
Two monetization models, including first pay-per-lead, and ultimately "Click to Buy" with revenue share Coming soon
Coming soon
TAM U.S. School Districts
Software distribution into schools (\$3B based on a 20% commission on \$13B in annual edtech software spend)
Future Growth: Global Expansion Expand platform globally, starting with English speaking countries
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.