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Kahoot! ASA — Earnings Release 2021
Nov 4, 2021
3641_rns_2021-11-04_06e71e7a-629c-4344-8c0b-547ea6b04163.pdf
Earnings Release
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Welcome! Kahoot! Earnings Webcast Q3 2021 will begin shortly
Make learning awesome
Q3 2021 Presentation November 4 2021
Disclaimer
The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not act or rely on this presentation or any of its contents. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past or the yield on such investments cannot be relied upon as a guide to the future performance of such investments.
This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Kahoot! ASA. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.
This presentation contains statements regarding the future in connection with the Kahoot! Group's growth initiatives, outlook, strategies and objectives. In particular, the slide "Full Year 2021 Outlook" contains forward-looking statements regarding the Kahoot! Group's outlook. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. The comments in the presentation are related to Kahoot!'s development in 2021 compared to the same quarter of 2020, unless otherwise stated.
Make learning awesome
Q3 2021 Presentation November 4 2021
Q3 Earnings webcast
Speakers:
Eilert Hanoa, CEO at Kahoot! Ken Østreng, CFO at Kahoot!
Moderator:
Amanda Taselaar, Kahoot!
Healthy market environment
As many markets return to more normalcy following the pandemic, we see a healthy market environment, and...
… Continued solid viral growth of the Kahoot! platform, with expanded mix of usage, both virtual, hybrid and physical, across all business areas
… Further strong usage uptake on Clever across EdTech apps available on the platform. Clever saw good annual usage growth among the top 100 apps on its platform during the quarter
Our mission is to make learning awesome
Our vision is to build the leading learning platform in the world
Highlights Q3 2021
- Achieved strong growth with \$27.8 million in invoiced revenue in Q3, up 139% YoY, solid post-pandemic performance across Kahoot! Group
- Scalable effects and all-time high operational cash flow of \$7.4 million, up 38% YoY, representing 31% of operating revenue, after five acquisitions LTM
- Accelerated commercialization, reaching 1M paying seats, up 180% YoY, positive momentum across all business areas, including larger corporate accounts
- Continued viral adoption with 1.9Bn+ participating players LTM and reached 30M+ active accounts and strong usage of platform with 300M Kahoot! sessions
- Strategic expansion in the US K-12 market, through completion of acquisition of Clever, digital learning platform used by 95K+ schools, 175+ new team members
Kahoot! platform growth levers
Lead with engagement and distinct software solutions for learning with great user experience
Expand commercial offerings to drive even greater operating leverage
Continuously deliver innovative solutions
across user segments and geographies
Leverage and productify vast platform and ecosystem of users, partners and content
Solid free cash flow to support growth through organic initiatives and inorganic investments
Leveraging Kahoot!'s strong global engagement brand and platform to capture increasing investment in learning across all segments
Selected new and existing customers who are making learning awesome in Q3
Viral growth
Free and paid subscription for individuals, teachers and students with premium offerings for schools and organizations
Innovation
demand
Community & Brand
Lifelong learning platform with global footprint in home, schools and corporations
User generated content
100 million kahoots created by users and premium content partners easily accessible
Q3 Financials
Kahoot! Group financials Q3 2021
- Strong organic growth on the Kahoot! platform with more than 30m active accounts last twelve months, up 41% YoY
- Reached more than 1m paid subscriptions across all services, up 180% YoY, representing an organic increase from the second quarter of more than 80K, whereof more than 45K on the Kahoot! platform. Per the end of Q3, Kahoot! At Work reached 435K paid subscriptions, Kahoot! At School reached 335K paid subscriptions and Kahoot! At Home & Study reached 245K paid subscriptions
- Invoiced revenue (billings) reached \$27.8m in the third quarter, up 139% YoY, including Clever, which contributed \$5.7m for the month of September as part of the Kahoot! Group. Excluding Clever, invoiced revenue in the third quarter grew \$10.5m YoY to \$22.1m, up 90%. For the first nine months invoiced revenue grew \$39.7m YoY to \$67.5m (including Clever for September), up 143%
- Total revenue and other operating income of \$23.7 million, up 162% YoY. For the first nine months total revenue and other operating income grew \$40.2 million YoY to \$58.2 million, up 223%
41%
YoY Q3 growth LTM in active accounts - Kahoot! platform
180%
YoY growth in paid subscriptions per Q3
139% Q3 YoY growth in invoiced revenue
Kahoot! Group financials Q3 2021
- ARR (Annual Recurring Revenue) of \$124 million, up 288% YoY, whereof Clever contributed with \$44 million from its U.S. ecosystem partners
- Adjusted EBITDA (excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost) of \$6.0 million, representing 25% adjusted EBITDA margin. For the first nine months adjusted EBITDA grew \$13.3 million YoY to \$13.8 million
- Cash flow from operations (excluding payment of listing and acquisition cost, and cash effects related to share-based compensation) of \$7.4 million, up 38% YoY, with positive contribution from Clever, and \$17.8 million for the first nine months, up 71% YoY
- Cash and cash equivalents as of 30 September 2021, totaled \$206 million whereof \$6 million is cash held for employee withholding tax to be paid in the fourth quarter for exercised employee share options - the Group has no interest-bearing debt
- Completed the acquisition of Clever for a total consideration reflecting an Enterprise Value (EV) of \$435-500 million, on a cash and debt free basis, including an up to \$65 million 2021-2022 performance-based element
288%
Q3 YoY growth in Annual Recurring Revenue
25% Q3 adjusted EBITDA margin
31%
Q3 cash flow margin from operations of total revenue
Kahoot! Group accelerating momentum
- Reached more than 1m paid subscriptions across all services by the end of Q3 2021, up 180% YoY, representing an organic increase from Q2 2021 of more than 80K, whereof more than 45K on the Kahoot! platform
- Per the end of Q3 2021, Kahoot! At Work reached 435K paid subscriptions, Kahoot! At School reached 335K paid subscriptions and Kahoot! At Home & Study reached 245K paid subscriptions
1) Paid subscriptions is defined as total number of users on paid subscription per the end of the period, including new units from the time of acquisition 2) Conversion to paid subscriptions in all segments from customers in more than 150 countries
Kahoot! Platform – continued growth
Continued organic user growth on the Kahoot! platform (over the past 12 months). More than 30 million active accounts, up 41% YoY. 314 million hosted sessions, up 40% YoY. More than 1.9 billion participants (nonunique) globally, up 44% YoY. and 64% YoY growth on core Kahoot! paid subscriptions.
Full Year 2021 Outlook
| FY 2018 | FY 2019 | FY 2020 | FY 2021 | |
|---|---|---|---|---|
| Invoiced revenue | \$3.5m | \$13m | \$45m | \$107m+ |
| Paid subscriptions* | 46K | 170K | 675K | 1.1m |
- For the full year 2021, the Kahoot! Group expects to exceed \$107 million in invoiced revenue up from \$45 million in 2020, with continued solid positive cash flow from operations, and to reach 1.1 million paid subscriptions. The invoiced revenue contribution from Clever is included in the full year 2021 invoiced revenue expectation and expected to exceed \$16 million for the four-month period from September till December 2021. Clever is expected to exceed \$47 million in invoiced revenue for the full year 2021, implicating 29% YoY growth.
- For the fourth quarter 2021, the Kahoot Group expects invoiced revenue to exceed \$40 million with more than \$29 million from the Kahoot! Group (excluding Clever) and more than \$11 million from Clever, with continued solid positive cash flow from operations.
- As previously communicated, and following the completion of the Clever transaction, the Company is exploring the opportunity for a secondary listing, and expecting to conclude the assessment before the end of Q1 2022
*Including acquired units, except Clever
Kahoot! Group ambition 2022
- For 2022, the current ambition for the Kahoot! Group including Clever is to reach \$190-200 million in invoiced revenue
- The operational cost base2) is expected to represent approx. 70% of invoiced revenue which indicates approx. 30% cash conversion of invoiced revenue
- Kahoot! Group long term ambitions will be disclosed with the Q4 2021 report
1) Includes invoiced revenue from Clever for the four-month period from September till December 2021
2) The operational cost base does not include depreciation and amortization, and is adjusted for special operating items. Special operating items are material expenses and other material transactions of either a non-recurring nature or special in nature compared to ordinary operational expenses and include adjustments for share based compensation expenses and related payroll taxes, acquisition-related expenses, and listing cost preparations.
Business Areas
Engagement & Communication
Company culture
Training & development
A better experience for all learners
Kahoot! at Work - customer base evolution
Viral growth Inbound leads
Individual plans Occasional usage
- Presentations & Meetings
- \$120 \$700 p.a.
Team plans Regular, collaborative usage
- Training use cases
- Onboarding
-
\$1k p.a
Enterprise plans Systematic widespread usage
- Employee engagement
- Company culture
-
Accounts \$30- \$100k p.a.+
-
Kahoot! 360 Spirit
- Motimate
- Actimo
Kahoot! is used in various ways across organizations
Presentations & meetings
Kahoot! engages and involves the entire audience like nothing else
Product, sales & customer support training
Kahoot! energizes and reinforces learning
KEY USE AREA
KEY USE AREA Powerpoint or Zoom license
● Learning & ● Operations KEY USE AREA
Development
KEY USE AREA
feedback
● Marketing ● Operations
Kahoot! is a powerful tool for collecting
Communication & culture
Kahoot! can simultaneously inform and bring people together
Mandatory training & compliance
Kahoot! makes any subject engaging
Pre- & Onboarding
Partner & customer
engagement
Kahoot! helps new joiners connect as well as learn
| ● | Culture teams |
|---|---|
| ● | Transformation teams |
● Internal
| KEY | ● | Operations |
|---|---|---|
| USE | ● | IT |
| AREA | ● | Legal |
| perations( | |
|---|---|
| anal |
Kahoot! is used in various ways across organizations – corporate customer showcase
Presentations & meetings
Kahoot! engages and involves the entire audience like nothing else
Product, sales & customer support training Kahoot! energizes and reinforces learning
Communication & culture
Kahoot! can simultaneously inform and bring people together
Mandatory training & compliance
Kahoot! makes any subject engaging
Partner & customer engagement
Kahoot! is a powerful tool for collecting feedback
Pre- & Onboarding
Kahoot! helps new joiners connect as well as learn
Mobile single device experience enabled by Apple SharePlay
Over
10K
educational institutions have already deployed multiuser Kahoot! teacher licenses
Make lessons interactive
Equip IT admins with increased control, security & compliance
Elevate learning at your entire school or district
courses
Maximize student engagement by designing full class sessions
at school
100s of millions of students
Embraced by over 9 million teachers globally
Kahoot! at School - customer base evolution
Selected schools, universities, campuses who are making learning awesome in Q3 2021
10m+
are using Kahoot! at home with over 100 million games played by families
Premium subscription for awesome learning for the entire family
Coming soon Kahoot! Kids: Fun
learning experience for kids age 2 7
Language Learning
Kahoot!+ Study Study with friends with flashcards, tests and challenges
Kahoot! Kids: Fun learning experience for kids age 2-7
A safe and customized user experience, with world class read aloud technology.
Soon available in 13 languages, including Arabic and simplified Chinese
Social study for higher-ed students
9m+
educators & teachers, and hundreds of millions of students across the world use Kahoot! to make learning awesome
Marketplace coming Q4
High quality, verified content
portal
Embraced by over 30 million players monthly
If teachers didn't try new things, our students wouldn't get the best from us. "
Aimee Copple
Premium learning content
By verified educators and publishers to engage students
| Geometry and triangles | USD 3.00 | ||
|---|---|---|---|
| 青青青青宫 | |||
| Description | Reviews | ||
| $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ |
marketplace
Premium, high quality, ready-to-use content to make learning awesome at school, at home and at work!
Enhanced learning experience with premium IP
Available on Amazon Appstore
Apple Schoolwork features make teaching with Kahoot! even more awesome
Engage with Kahoot! directly in Microsoft Teams and Powerpoint
Accelerated growth through the Kahoot! partner ecosystem
Extending the Kahoot! experience with Google Classroom
Selected new partners
Premium content partners
Making learning awesome, together!
Complementary strengths that create unique advantages
Massive U.S. reach
Kahoot! learning apps and upcoming marketplace content to become available on Clever platform for millions of teachers, students, parents in the U.S. market
International growth
New growth opportunity extending Clever's platform globally and providing app partners access to international markets
Vertical integration
Together Kahoot!+Clever will strengthen ability to serve both on individual level (teachers, students, parents) and on institutional level (schools, districts)
Operational scale
Adds experienced team to further improve product development, GTM and market insight - and additional scale to Kahoot! U.S organization
Main priorities for Back To School'22
- Increase value for all teachers, students and parents
- New opportunities for partners and publishers
- Broader reach and stronger commercial channels
- Global expansion of the Clever platform
- Leverage financial scalability for the group
Q3 Summary
Kahoot! main growth initiatives 2022
Complete offering for professional development and learning with organization-wide license plan
Elevated learning with complete site licenses for schools, districts and campuses
Premium subscription for the entire family, study-peers and friends
Leveraging global user base and partner ecosystem to offer commercial marketplace for verified content creators
The leading digital learning platform for U.S K-12, a community for students, families and educators
Summary Q3 2021
Strong continued growth and Back-To-School and -Work season
- Healthy post-pandemic market environment with strong uptake of usage and revenue growth across Kahoot! Group
- Scalable software platform yields strong cash flow from operations and initial positive synergies from acquisitions
- Accelerated commercialization, including onboarding of larger corporate accounts for the Kahoot! at Work category. Implementation of Actimo and Motimate cross-sales and product integration into Kahoot! at Work offering commenced
- Continuously developing and launching innovative, user-centric products, features and offerings to increase user value, across all business areas. Key commercial initiatives launched for mid to long-term revenue trajectory
- Post acquisition close, Clever performing ahead of expectations. Strategic expansion projects as well as alignment of product roadmap and sales initiatives with Kahoot! Group
Kahoot! Group
A globally recognized brand across sectors and segments
A scalable cloud platform supported by a viral business model
Experienced organization with growth track record from the industry
Clear path to profitable growth with positive cash flow from operations
Continuously improving all services for all segments and user groups
Solid funding for strategic partnerships and non-organic growth
Join the Kahoot! journey
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!
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, 300m games played last 12 months with 1.9bn participating players
The Kahoot! journey
Development of cumulative nonunique players since launch
2013-18 2019 2020 H1 2021
Launched September 2013
Top 3 tool in US education
Launched first commercial editions in 2018 with 40k paid subscriptions
75+ employees
New commercial subscription editions for all segments
Reaching 170k paid subscriptions
Acquisition of Poio and DragonBox
120+ employees
More commercial offerings and over 550k paid subscriptions
Launched first platform service
Acquisition of Actimo and Drops
200+ employees
5 Billion
6 Billion
More features and over 930k paid subscriptions
Available in over 11 languages
Acquisition of Whiteboard.fi, Motimate and Clever
500+ employees
Key financial figures development
| Q3'21 | Q2'21 | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 | Q4'19 | |
|---|---|---|---|---|---|---|---|---|
| Invoiced revenue | 27.8 | 20.6 | 19.1 | 17.5 | 11.6 | 9.6 | 6.5 | 5.3 |
| Invoiced revenue growth YoY | 16.2 | 11.0 | 12.6 | 12.2 | 8.2 | 7.3 | 4.5 | 3.6 |
| Invoiced revenue growth YoY % | 139 % | 114 % | 195 % | 230 % | 241 % | 317% | 222 % | 219 % |
| Invoiced revenue growth QoQ | 7.2 | 1.5 | 1.6 | 5.9 | 2.0 | 3.1 | 1.1 | 1.9 |
| Invoiced revenue growth QoQ % | 35 % | 8% | 9% | 50 % | 21 % | 49 % | 21 % | 56% |
| ARR | 124 | 75 | 69 | 60 | 32 | 25 | 18 | 14 |
| Revenue and operating income | 23.7 | 18.4 | 16.2 | 11.5 | 9.0 | 5.2 | 3.8 | 2.8 |
| Cost of sales 1 | 1.3 | 1.7 | 1.3 | 1.4 | 1.4 | 0.7 | 0.4 | 0.3 |
| Employee benefit expenses 2 | 8.7 | 6.5 | 6.2 | 5.7 | 3.2 | 2.5 | 2.9 | 2.5 |
| Other operating expenses 3 | 7.6 | 6.1 | 5.0 | 4.1 | 2.3 | 2.3 | 1.9 | 1.9 |
| Total operating cost | 17.7 | 14.2 | 12.5 | 11.2 | 6.9 | 5.4 | 5.2 | 4.7 |
| Adjusted EBITDA | 6.0 | 4.2 | 3.7 | 0.2 | 2.2 | $-0.3$ | $-1.3$ | $-1.9$ |
| Adjusted EBITDA margin | 25 % | 23 % | 23 % | 2% | 24 % | $-5%$ | $-35%$ | $-69%$ |
| Net cash flow from operations 4 | 7.4 | 5.0 | 5.4 | 7.0 | 5.2 | 3.9 | 1.1 | 1.4 |
| Cash flow from oper. in % of revenue | 31 % | 27% | 34 % | 61 % | 58 % | 76 % | 28 % | 52 % |
| Cash and cash equivalents | 206 | 440 | 254 | 256 | 73 | 73 | 34 | 41 |
| Employee full time equivalents | 415 | 244 | 204 | 182 | 127 | 128 | 120 | 110 |
Comments:
- Continued strong quarterly YoY invoiced revenue growth of more than 100% for the past eight consecutive quarters
- Recurring revenue business model growing ARR to \$124m by the end of Q3 2021 whereof Clever contributed with \$44m
- Scalable business model with increased leverage; Infrastructure cost for both free and paid users included in existing cost base
- Adjusted EBITDA growth YoY, with 25% Q3 2021 margin
- Solid net cash flow from operations 4of \$17.8m per Q3 2021, up 71% YoY, representing 31% of operating revenue
1 Cost of sales only include direct third-party sales and distribution cost
2 Not including calculated share-based payment expenses and related payroll taxes for the Group's share option program
3 Not including acquisition-related expenses and listing cost
4 Adjusted for cash outflow for acquisition and listing cost, and cash effects related to share based payment
Condensed profit and loss statement
| Q3 2021 4 | Q3 2020 5 | YTD 2021 4 YTD 2020 5 | FY 2020 5 | ||
|---|---|---|---|---|---|
| Total revenue and other operating income | 23.7 | 9.0 | 58.2 | 18.0 | 29.5 |
| Cost of sales 1 | 1.3 | 1.4 | 4.4 | 2.4 | 3.8 |
| Employee benefit expenses 2 | 8.7 | 3.2 | 21.4 | 8.6 | 14.4 |
| Other operating expenses 3 | 7.6 | 2.3 | 18.7 | 6.4 | 10.6 |
| Total operating expenses | 17.7 | 6.9 | 44.5 | 17.5 | 28.7 |
| Adjusted EBITDA | 6.0 | 2.2 | 13.8 | 0.5 | 0.8 |
| Adjusted EBITDA margin | 25.2% | 23.9% | 23.7% | 2.9% | 2.6% |
| Share based compensation expenses | 2.8 | 0.5 | 6.7 | 1.1 | 3.1 |
| Payroll tax share based compensation | 1.4 | 2.5 | (4.5) | 4.8 | 14.2 |
| Acquisition transaction and listing cost | 3.3 | ٠ | 6.3 | ۰ | 1.0 |
| Reported EBITDA | (1.6) | (0.9) | 5.3 | (5.3) | (17.5) |
1 Cost of sales are direct third-party sales and distribution cost
2 Calculated share-based payment expenses and related payroll taxes for the Group's share option program are not included
3 Acquisition-related expenses and listing cost are not included
4 Includes Clever from 1 September 2021
5 Restated, ref. note 1 and 8 to the interim consolidated financial statements in the Q3 2021 report
Comments:
- Continued strong YoY revenue growth in Q3 of 162%, up \$14.6m to \$23.7m. YTD revenue growth YoY of 223%, up \$40.2m to \$58.2m
- Operational payroll and related benefit expenses 2 were \$8.7m in Q3, up \$5.5m YoY impacted by consolidation effect of acquired companies
- Total operating expenses 2,3 of \$17.7m in Q3, up \$10.8m, and \$44.5m YTD, up \$27m impacted by consolidation effect of acquired companies
- Adjusted EBITDA for Q3 of \$6.0m, up \$3.8m YoY, and YTD adjusted EBITDA of \$13.8m, up \$13.3m YoY
- Q3 reported EBITDA of -\$1.6m include \$4.2m share-based compensation expenses and related payroll taxes, and \$3.3m acquisition transaction and listing cost
Condensed balance sheet
| 30.09.2021 | 31.12.2020 1 | |
|---|---|---|
| Goodwill | 507.8 | 77.8 |
| Intangible assets | 179.8 | 34.4 |
| Property, plant and equipment | 0.7 | 0.4 |
| Right-of-use assets | 3.0 | 3.2 |
| Total non-current assets | 691.4 | 115.7 |
| Trade receivables | 13.4 | 3.2 |
| Other current assets | 4.6 | 3.2 |
| Cash and cash equivalents | 206.4 | 256.1 |
| Total current assets | 224.4 | 262.5 |
| Total assets | 915.7 | 378.2 |
| Total equity | 556.4 | 286.2 |
| Lease liabilities | 2.2 | 2.3 |
| Deferred tax liability | 47.9 | 5.8 |
| Other non-current liabilities | 44.7 | 15.4 |
| Total non-current liabilities | 94.8 | 23.6 |
| Lease liabilities | 1.0 | 1.0 |
| Trade payables | 3.9 | 1.8 |
| Contract liabilities (deferred revenue) | 54.5 | 30.5 |
| Other current liabilities | 205.1 | 35.1 |
| Total current liabilities | 264.5 | 68.4 |
| Total equity and liabilities | 915.7 | 378.2 |
Comments:
- Total assets increased by \$537.6 million to \$915.7 million first nine months, primarily attributable to acquisitions
- Per 30 September 2021, non-current assets were \$691.4 million, up from \$115.7 million due to goodwill and intangible assets from the acquisitions of Clever, Motimate and Whiteboard
- Total liabilities first nine months increased by \$267.4 million to \$359.4 million per 30 September 2021, whereof deferred tax liability represents \$48.0 million, contract liabilities (deferred revenue) \$54.5 million. Deferred and contingent consideration for acquisitions amounts to \$223.1 million (whereof \$44.7 million are non-current) to be settled in combination of shares and cash.
- The Group has no interest-bearing debt and equity ratio of 61% per 30 September 2021
1 Restated, ref. note 1 and 8 to the interim consolidated financial statements in the Q3 2021 report
Cash flow statement
| Q3 2021 | Q3 2020 | YTD 2021 | YTD 2020 | FY 2020 | |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 12.1 | 5.4 | 20.9 | 10.4 | 17.4 |
| Net cash flow from investing activities | (245.8) | (0.1) | (265.3) | (0.2) | (34.4) |
| Net cash flow from financing activities | 0.5 | (7.0) | 195.9 | 24.5 | 231.1 |
| Net change in cash and cash equivalents | (233.2) | (1.6) | (48.5) | 34.8 | 214.1 |
| Cash and cash equivalents at begin, of period | 440.5 | 73.4 | 256.1 | 40.9 | 40.9 |
| Effects of exchange rate changes on cash | (0.9) | 0.8 | (1.3) | (3.1) | 1.2 |
| Cash and cash equivalents at end of period | 206.4 | 72.5 | 206.4 | 72.5 | 256.1 |
| Adjusted cash flow from operating activities 1 | 7.4 | 5.4 | 17.8 | 10.4 | 17.4 |
1Adjusted for cash outflow for acquisition and listing cost, and cash inflow related to share based payment
Comments:
- Adjusted cash flow from operations for Q3 was \$7.4 million, up 38 YoY, YTD adjusted cash flow from operations of \$17.8m, up 71% YoY
- Cash flow from investing activities of -\$245.8 million in Q3 due to payment for the acquisition of Clever. For the first nine months 2021, cash flow from investing activities was - \$265.3 million which includes the acquisitions of Motimate, Whiteboard and Clever.