Earnings Release • Feb 17, 2022
Earnings Release
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Kahoot! Group
OSLO, 17 February 2022 – Kahoot! ASA, (KAHOT) today announced financial results for its fiscal quarter ended 31 December 2021, in-line with the main numbers presented on the trading update 11 January 2022. Kahoot! reports Q4 invoiced revenue of \$39.7m, up 126% YoY, ARR \$133m, up 122% YoY and Q4 92% Gross Margin
«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!
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"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!
In order to enhance the understanding of the Kahoot! Group's performance, the Group presents certain measures and ratios considered as alternative performance measures (APMs) as defined by the European Securities and Markets Authority, and these should not be viewed as substitutes for any IFRS financial measures. The APMs includes Invoiced Revenue, Monthly Recurring Revenue (MRR), Annual Recurring Revenue (ARR), EBITDA, adjusted EBITDA, adjusted cash flow from operations and equity ratio. These APMs are presented as the Group considers them to be important supplemental measures to understand the overall picture of revenue and profit generation in the Group's operating activities.
| Restated 6 | Restated 6 | |||
|---|---|---|---|---|
| USD in millions | Q4 2021 5 Q4 2020 | FY 2021 5 | FY 2020 | |
| Total revenue and other operating income | 33.0 | 11.3 | 91.3 | 29.3 |
| Cost of sales 1 | 2.6 | 1.3 | 7.0 | 3.7 |
| Employee benefit expenses 2 | 13.9 | 5.7 | 35.2 | 14.4 |
| Other operating expenses 3 | 11.1 | 4.1 | 29.7 | 10.6 |
| Total operating expenses | 27.6 | 11.2 | 72.0 | 28.7 |
| Adjusted EBITDA | 5.5 | 0.1 | 19.3 | 0.7 |
| Share based compensation expenses | 3.7 | 2.0 | 10.4 | 3.1 |
| Payroll tax share based compensation | (3.1) | 9.4 | (7.6) | 14.2 |
| Acquisition transaction and listing cost | 0.3 | 1.0 | 6.6 | 1.0 |
| EBITDA | 4.5 | (12.2) | 9.8 | (17.6) |
| Invoiced revenue | 39.7 | 17.5 | 107.2 | 45.3 |
| ARR end of period | 133.0 | 60.0 | 133.0 | 60.0 |
| Adjusted EBITDA margin | 16.6% | 1.1% | 21.1% | 2.2% |
| Cash flow from operating activities 4 | 13.4 | 7.0 | 31.3 | 17.4 |
| Cash and cash equivalents end of period | 107.8 | 256.1 | 107.8 | 256.1 |
1 Cost of sales are third-party sales and distribution cost.
2 Employee benefit expenses include regular operational payroll and employee related benefit expenses. Calculated share-based payment expenses and related payroll taxes for the Group's share option program are not included.
3 Other operating expenses not including acquisition-related expenses and listing cost.
4 Q4 2021 mainly adjusted for \$1.1 million cash outflow for expenses to acquisition and listing cost, \$6.5 million cash outflow held for employee withholding tax for exercised employee share options (reversed effect from Q3), and \$3.3 million cash outflow for social security cost on exercised share options.
5 Includes Clever from 1 September 2021.
6 The Group has as disclosed in the Q3 report updated the model for estimating the recognition of revenue over time (deferred revenue). Please see note 1 and 8 to the interim consolidated financial statements.
o For the full year 2021, total employee benefit expenses were \$38.1 million compared to \$31.6 million for 2020 whereof calculated share-based payment expenses and related payroll taxes for the Group's share option program accounted for \$2.9 million in 2021 vs. \$17.2 million in 2020.
o The operational payroll and employee related benefit expenses (excluding calculated share-based payment expenses and related payroll taxes) were \$35.2 million for 2021 vs. \$14.4 million for 2020. The increase of \$20.8 million is attributable to increased number of employees through acquired companies and organic growth. Number of full-time employee equivalents were 422 by the end of 2021 vs. 182 by the end of 2020.
employee share options (reversed effect from Q3), and \$3.3 million cash outflow for social security cost on exercised share options). For the full year 2021, cash flow from operations was \$23.7 million compared to \$17.4 million for 2020. Adjusted cash flow from operations for the full year 2021 was \$31.3 million, up 80% YoY.
• Cash flow from investing activities amounted to -\$102.5 million in the fourth quarter 2021 mainly due to payment for deferred consideration for the acquisition of Clever. For the full year 2021, cash flow from investing activities was -\$367.7 million which includes the acquisitions of Motimate, Whiteboard and Clever.
The global growth and application of digital learning tools continues to increase at pace with digital adoption accelerating across industries and organizations, with little sign of this development relenting.
Despite a fourth quarter defined by global financial volatility where the end-of-quarter trading environment experienced some disruption as a result of the Covid-19 Omicron variant, Kahoot! has seen continued adoption and application realized across its expanding subscriber bases in all segments and geographies, while also serving 2 billion (non-unique) participants over the last 12 months alone. The popularity of digital tools is further evidenced by Clever´s strong performance during Q4, in particular with its stronghold in the largest learning market in the world, again signaling a robust demand for innovative and efficient digital learning solutions.
In sum, these developments speak to the underlying health of the Group's multi-segment business, where Kahoot!'s core platform and strategically acquired entities have established Kahoot! as an essential tool for digital learning. Vitally, however, the Kahoot! platform and the broader Kahoot! Group's relevance extends considerably further across steadily more diverse use cases, scenarios and learning contexts as a uniquely effective audience engagement tool with myriad potential applications in the classroom, at the workplace, and in the home.
With this perspective and an increasingly diverse portfolio of product offerings for widening demographics, we remain optimistic about Kahoot!'s potential for progressive growth in 2022.
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Used by 97% of Fortune 500 companies, Kahoot! at Work occupies a bespoke space at the intersection of employee engagement, corporate learning, training and culture building. During Q4, the business area finalized some of its largest commercial deals to date, while continuing to expand and enrich its offering with the ongoing integration of mobile learning app, Motimate, and employee engagement app, Actimo. Kahoot!'s bespoke enterprise offering, Kahoot! 360 Spirit, saw the effect of its enhanced offerings, including the newly launched Kahoot! Courses and an updated email verification process for our Player Identifier function, through significant uptake in subscriptions. The Kahoot! at Work business area stands optimally positioned to respond to multiple workplace scenarios we have seen evolve thanks to a diverse portfolio of solutions and plans that deliver the elements to support thriving corporate cultures now, and in the future of work.
Spearheaded by the Kahoot!+ offering, encompassing award-winning Kahoot! DragonBox and Poio apps, Kahoot!'s ad-free platform and apps enables families, students and children to connect and learn in an engaging way at home, either through self-study or family fun. Q4 was a significant quarter for the Home segment's commercialization progress marked by the launches of Kahoot!+ Study, and Kahoot! Kids. The former seeks to make study more fun, impactful and effective, leveraging Kahoot!'s position as a trusted learning tool for hundreds of millions of participating students, while the latter expands Kahoot!'s demographic relevance with a bespoke, pedagogically robust product to engage a family audience which has played 100 million kahoots in the last 12 months.
Educators across the world make learning awesome with Kahoot! by tapping into the vast, inherent potential for playful education experiences to unlock every student's learning potential. During a period of disruption and uncertainty due to the Omicron variant for educators and students globally, Kahoot! further evolved its offerings to more than 9 million teachers (LTM), hundreds of millions of students and thousands of schools, campuses, universities and districts. Kahoot!'s EDU offering was enriched with features such as Team mode - designed to increase collaboration, and particularly relevant during forced hybrid and remote learning circumstances - and the launch of Math Labs by DragonBox, which were well received by educators and students worldwide.
Kahoot! Academy is a global knowledge platform, online community and marketplace which enables anyone to access premium learning content and high-quality learning resources produced and curated by verified publishers and content creators. Q4 was a significant quarter in progressing Kahoot! Academy's commercialization as it marked the launch of the subscription service Kahoot!+ AccessPass. This represents the first commercial service on Kahoot!'s global digital marketplace, where verified creators and partners can monetize premium content. By enabling a marketplace, Kahoot!'s platform opens itself to be harnessed by the burgeoning global creator community to promote, sell and monetize their quality content and expertise. Made possible by the singular viral growth and scale of the Kahoot! brand and platform, these developments serve to strategically position Kahoot! to reach a captive and vast global market of educators and learners.
Born of the desire to save valuable time in the classroom and afford more space for innovative teaching and learning, Clever is a single sign-on portal for teachers and students, and one of the most widely used digital learning platforms by the U.S. K-12 schools. Clever delivered a strong first half of the 21-22 school year, with over 60% of all U.S. K-12 Schools using the Single sign-on platform, featuring more than 740 app partners, whereof approx. 450 paying. The ongoing focus for Clever remains to lay a robust foundation for growth and commercial added-value for its vast network, including the launch of the click-to-buy App Store and international expansion in 2022. Clever and Kahoot! continue to explore synergies and possibilities, with Kahoot! seeking to expand its considerable footprint across K12 schools in the U.S. and Canada. Similarly, efforts will continue to realize the vast potential for Clever to leverage Kahoot!'s global viral footprint to deliver its platform to educators globally.
The Kahoot! Group reiterates the ambition to exceed \$190m in invoiced revenues for 2022, with recognized revenues exceeding \$155m and adjusted cash flow from operations of approx. 35% of recognized revenue.
The Kahoot! Group's annual invoiced revenue cycle is influenced by natural seasonality and market dynamics of key business areas, with the main driver being the back-to-school season for Kahoot! and for Clever in the second half of the year. Expected invoiced revenue split of approx. 40/60 in H1 and H2, in line with previous years.
For the first quarter 2022, invoiced revenue is expected at \$34-35m, representing approx. 80% YoY growth, including effect of Clever seasonality and with solid cash flow from operations.
The Kahoot! Group's ambition is to exceed \$500m in invoiced revenues in 2025, representing approx. 40% annual invoiced revenue growth, whereof approx. 1/3 from Kahoot! at Work, 1/3 from Kahoot! at School including Clever, and 1/3 from Kahoot! at Home & Study including Kahoot! Academy Marketplace.
The operational cost base is over the period expected to be converged to approx. 60% of invoiced revenue which indicates approx. 40% cash conversion of invoiced revenue in 2025.
Financial ambitions outlined does not depend on any material acquisitions in the period.
As previously communicated the Company is exploring the opportunity for a secondary listing. After concluding its initial assessment, the Company has decided that it will continue to explore preparations for a potential secondary listing in the U.S. The Company will update the market in line with applicable regulatory requirements.
The information contained in this report has not been audited and may be subject to change. Please see Kahoot! News on kahoot.com/news to stay up to date on company news and updates.
For the financial year 2022, the company will disclose quarterly financial information in accordance with the published financial calendar.
Eilert Hanoa, CEO Phone: +47 928 32 905 Email: [email protected]
Ken Østreng, CFO Phone: +47 911 51 686 Email: [email protected]
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!
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Overview of active accounts, hosted sessions, and participants (non-unique) on the Kahoot! platform 2 last twelve months per end of quarter.
| (Numbers in millions) | Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1'21 | Q2'21 | Q3'21 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Active accounts LTM | 16.8 | 20.3 | 21.5 | 24.8 | 28.2 | 29.0 | 30.3 | 30.9 |
| USA and Canada | 8.6 | 9.5 | 9.6 | 11.2 | 12.2 | 12.8 | 13.1 | 13.4 |
| Europe | 5.1 | 6.5 | 6.7 | 7.4 | 8.9 | 8.8 | 9.3 | 9.8 |
| Asia Pacific | 1.6 | 2.1 | 2.4 | 2.6 | 2.8 | 2.7 | 3.2 | 3.3 |
| Latin America and The Caribbean | 0.9 | 1.4 | 1.8 | 2.4 | 2.9 | 3.2 | 3.2 | 3.1 |
| Africa, The Middle East, and India | 0.5 | 0.8 | 0.9 | 1.2 | 1.4 | 1.4 | 1.4 | 1.4 |
| By category $\frac{1}{2}$ : | ||||||||
| Work | 0.3 | 0.4 | 0.5 | 0.5 | 0.6 | 0.5 | 0.6 | 0.7 |
| School | 6.0 | 6.4 | 6.9 | 7.6 | 8.3 | 8.7 | 9.1 | 9.3 |
| Home & Study | 10.4 | 13.5 | 14.2 | 16.7 | 19.3 | 19.7 | 20.6 | 20.9 |
| Hosted sessions LTM | 217.6 | 210.2 | 223.8 | 250.5 | 278.9 | 303.5 | 314.2 | 310.5 |
| USA and Canada | 110.3 | 97.8 | 101.8 | 115.6 | 129.3 | 146.3 | 149.1 | 142.0 |
| Europe | 64.5 | 64.3 | 66.2 | 71.9 | 80.3 | 84.5 | 88.4 | 91.7 |
| Asia Pacific | 22.0 | 23.3 | 24.6 | 25.5 | 26.4 | 26.8 | 30.7 | 32.6 |
| Latin America and The Caribbean | 12.7 | 14.7 | 18.6 | 22.6 | 26.6 | 29.7 | 29.7 | 28.8 |
| Africa, The Middle East, and India | 8.0 | 10.0 | 12.5 | 14.8 | 16.4 | 16.2 | 16.3 | 15.4 |
| By category $\frac{1}{2}$ : | ||||||||
| Work | 2.7 | 2.7 | 3.1 | 3.9 | 4.6 | 4.6 | 4.9 | 5.8 |
| School | 79.0 | 68.7 | 76.9 | 94.3 | 112.3 | 129.6 | 134.0 | 131.4 |
| Home & Study | 135.9 | 138.8 | 143.8 | 152.2 | 162.0 | 169.3 | 175.3 | 173.2 |
| Participants (non-unique) LTM | 1,305 | 1,245 | 1,339 | 1,492 | 1,619 | 1,855 | 1,927 | 1,976 |
| USA and Canada | 742 | 655 | 683 | 760 | 818 | 973 | 1,005 | 1,012 |
| Europe | 344 | 347 | 360 | 392 | 423 | 472 | 493 | 525 |
| Asia Pacific | 126 | 128 | 143 | 152 | 160 | 171 | 191 | 207 |
| Latin America and The Caribbean | 59 | 73 | 99 | 124 | 148 | 168 | 168 | 164 |
| Africa, The Middle East, and India | 34 | 42 | 54 | 65 | 69 | 70 | 70 | 68 |
| By category $\frac{1}{2}$ : | ||||||||
| Work | 19 | 20 | 23 | 28 | 31 | 32 | 35 | 43 |
| School | 877 | 812 | 880 | 1,006 | 1,135 | 1,341 | 1,381 | 1,407 |
| Home & Study | 409 | 413 | 436 | 459 | 453 | 481 | 510 | 526 |
1Category is based on account registration data.
2 All user data from the Kahoot! platform not including other services in the Kahoot! Group.
Usage metrics, particularly in the Americas, were influenced due to shutdown of schools and some disruption of normal business activity due to Omicron pandemic restrictions end of Q4.
| (Numbers in thousands) | O1'20 | Q2'20 | Q3'20 | Q4'20 | Q1'21 | 02'21 | Q3'21 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Paid subscriptions 3 | 202 | 270 | 360 | 675 | 760 | 933 | 1,015 | 1,110 |
| Work | 83 | 100 | 105 | 245 | 255 | 403 | 435 | 490 |
| School | 91 | 125 | 180 | 230 | 275 | 295 | 335 | 365 |
| Home & Study | 28 | 45 | 75 | 200 | 230 | 234 | 245 | 255 |
3 Including acquired units from time of acquisition. Actimo were included with 125K in Q4 2020, Drops with 100K in Q4 2020, Whiteboard with 7K in Q1 2021 and Motimate with 130K in Q1 2021.
| Restated | Restated | ||||
|---|---|---|---|---|---|
| USD in thousands | Note | Q4 2021 | Q4 2020 | FY 2021 | FY 2020 |
| Revenue from contracts with customers | з | 33,022 | 11,255 | 91,016 | 29,143 |
| Other operating income | з | 30 | 249 | 175 | |
| Total revenue and other operating income | 33,022 | 11,285 | 91,265 | 29,318 | |
| Cost of sales | 2,629 | 1,283 | 7.029 | 3,717 | |
| Employee benefit expenses | 14,518 | 17,110 | 38,105 | 31,625 | |
| Other operating expenses | 11,366 | 5,126 | 36,351 | 11,553 | |
| Operating profit/(loss) before deprec. and amortiz. (EBITDA) | 4,509 | (12, 234) | 9,780 | (17, 577) | |
| Amortization of intangible assets | 3.246 | 861 | 8,848 | 1.897 | |
| Depreciation | 465 | 220 | 1.357 | 685 | |
| Operating profit/(loss) (EBIT) | 798 | (13, 315) | (425) | (20, 159) | |
| Financial income | (66) | 116 | 432 | 372 | |
| Financial expenses | (63) | (134) | (205) | (329) | |
| Net change in fair value of financial instruments | 661 | 848 | 2,371 | 848 | |
| Net foreign exchange gains (losses) | 981 | (15, 290) | (641) | (15,908) | |
| Net financial income (expenses) | 1,513 | (14, 460) | 1,957 | (15,017) | |
| Profit/(loss) before income tax | 2,311 | (27, 775) | 1,532 | (35, 176) | |
| Income tax | (771) | (564) | (1,838) | (656) | |
| Profit/(loss) for the period | 3,082 | (27, 211) | 3,370 | (34,520) | |
| Profit/(loss) for the period is attributable to: | |||||
| Equity holders of Kahoot! ASA | 3,082 | (27, 211) | 3,370 | (34,520) | |
| Earnings per share in USD | |||||
| Basic earnings per share | 0.01 | (0.06) | 0.01 | (0.09) | |
| Diluted earnings per share | 0.01 | (0.06) | 0.01 | (0.09) |
| Restated | Restated | |||
|---|---|---|---|---|
| USD in thousands | Q4 2021 | Q4 2020 | FY 2021 | FY 2020 |
| Profit/(loss) for the period | 3,082 | (27, 211) | 3,370 | (34,520) |
| Other comprehensive income/(loss): | ||||
| Items that might be subsequently reclassified to profit or loss: | ||||
| Exchange differences on translation of foreign operations | (1.597) | (1.391) | (8.751) | (1,927) |
| Item that are not reclassified to profit or loss: | ||||
| Exchange difference on translation to another presentation currency |
$\overline{\phantom{a}}$ | 21,597 | $\overline{\phantom{a}}$ | 17,413 |
| Total comprehensive income/(loss) for the period | 1,485 | (7,005) | (5, 381) | (19,034) |
| Total comprehensive income/(loss) is attributable to: | ||||
| Equity holders of Kahoot! ASA | 1,485 | (7.005) | (5, 381) | (19,034) |
| Restated | |||
|---|---|---|---|
| USD in thousands | Note | 31.12.2021 | 31.12.2020 |
| ASSETS | |||
| Goodwill | 2 | 510,207 | 77,757 |
| Intangible assets | 2 | 173,284 | 34,373 |
| Property, plant and equipment | 633 | 409 | |
| Right-of-use assets | 2,928 | 3,165 | |
| Deferred tax asset | |||
| Total non-current assets | 687,052 | 115,704 | |
| Trade receivables | 11,764 | 3,157 | |
| Other current assets | 5,304 | 3,247 | |
| Cash and cash equivalents | 107,765 | 256,120 | |
| Total current assets | 124,833 | 262,524 | |
| TOTAL ASSETS | 811,885 | 378,228 | |
| EQUITY AND LIABILITIES | |||
| Share capital | 4 | 5,707 | 5,228 |
| Share premium | 651,581 | 357,383 | |
| Share-based payments reserves | 15,496 | 5,542 | |
| Foreign currency translation reserves | (10, 272) | (1,977) | |
| Accumulated deficit | (76, 758) | (80, 128) | |
| Total equity | 585,754 | 286,048 | |
| Lease liabilities | 2,044 | 2,312 | |
| Deferred tax liability | 46,288 | 5,843 | |
| Other non-current liabilities | 43,084 | 15,447 | |
| Total non-current liabilities | 91,416 | 23,602 | |
| Lease liabilities | 1,007 | 964 | |
| Current tax liabilities | 4 | ||
| Trade payables | 5,359 | 1,817 | |
| Contract liabilities (deferred revenue) | 60,772 | 30,686 | |
| Other current liabilities | 67,573 | 35,111 | |
| Total current liabilities | 134,715 | 68,578 | |
| Total liabilities | 226,131 | 92,180 | |
| TOTAL EQUITY AND LIABILITIES | 811,885 | 378,228 |
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| Share-based | Translation | |||||
|---|---|---|---|---|---|---|
| Share | Share | payment | differences | Accum. | Total | |
| USD in thousands | capital | premium | reserves | reserves | deficit | equity |
| Balance at 1 January 2020 (As reported) | 1,473 | 92,621 | 2,095 | $-50$ | $-40,113$ | 56,026 |
| Correction of opening balance (note 8) | $\sim$ | ۰ | $\sim$ | ۰ | $-716$ | $-716$ |
| Balance at 1 January 2020 (Restated) | 1,473 | 92,621 | 2,095 | $-50$ | $-40,829$ | 55,310 |
| Profit/(loss) for the period | $\blacksquare$ | ۰ | ۰ | $-34,520$ | $-34,520$ | |
| Currency translation differences | 334 | 21,480 | 378 | $-1,927$ | -4,779 | 15,486 |
| Total comprehensive income/(loss) for the period | 334 | 21,480 | 378 | $-1.927$ | $-39.299$ | $-19,034$ |
| Issuance of shares | 3,421 | 253,520 | ۰ | $\sim$ | 256,941 | |
| Transaction costs on equity issues | $\blacksquare$ | $-10,238$ | $\blacksquare$ | ۰ | $\sim$ | $-10,238$ |
| Share option program | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 3,069 | 3,069 | ||
| Balance at 31 December 2020 (Restated) | 5,228 | 357,383 | 5,542 | $-1,977$ | $-80,128$ | 286,048 |
| Profit/(loss) for the period | 3,370 | 3,370 | ||||
| Currency translation differences | $-456$ | $-8,295$ | $-8,751$ | |||
| Total comprehensive income/(loss) for the period | $-456$ | $-8,295$ | 3,370 | $-5,381$ | ||
| Issuance of shares | 479 | 302,700 | ۰ | $\sim$ | 303,179 | |
| Transaction costs on equity issues | $\blacksquare$ | $-8,502$ | $\blacksquare$ | ۰ | $\sim$ | $-8,502$ |
| Share option program | ۰ | ۰ | 10,410 | ۰ | $\sim$ | 10,410 |
| Balance at 31 December 2021 | 5.707 | 651.581 | 15,496 | $-10.272$ | $-76.758$ | 585,754 |
| Restated | Restated | |||
|---|---|---|---|---|
| USD in thousands | Q4 2021 | Q4 2020 | FY 2021 | FY 2020 |
| Cash flows from operating activities | ||||
| Profit/(loss) before income tax | 2,311 | (27, 775) | 1,532 | (35, 176) |
| Adjustments for: | ||||
| Paid taxes | (6) | |||
| Depreciation and amortization | 3.711 | 1,081 | 10,205 | 2,582 |
| Net interest income | (63) | (134) | (205) | (329) |
| Share-based payments expense | 3.656 | 2,004 | 10,410 | 3,069 |
| Change in trade and other receivables | 1,440 | (483) | (781) | (280) |
| Change in contract liabilities (deferred revenue) | 6,784 | 6,203 | 15,757 | 15,879 |
| Change in trade payables | 1,468 | 286 | 2,752 | 591 |
| Change in other current assets and other liabilities | (16, 460) | 25,687 | (16, 384) | 30,720 |
| Interest received | (66) | 116 | 432 | 372 |
| Net cash flow from operating activities | 2,781 | 6,985 | 23,712 | 17,428 |
| Cash flows from investing activities | ||||
| Payment for acquisition of subsidiary, net of cash acquired | (102, 390) | (34, 227) | (366, 965) | (34, 227) |
| Payment for intangible assets | (1) | (562) | ||
| Payment for property, plant and equipment | (61) | (50) | (216) | (214) |
| Net cash from investing activities | (102, 452) | (34,277) | (367,743) | (34, 441) |
| Cash flows from financing activities | ||||
| Proceeds from issuance of ordinary shares | (114) | 215,825 | 196,575 | 241,931 |
| Transaction costs on issuance of ordinary shares | ۰ | (9,055) | ۰ | (10, 237) |
| Repayments of lease liabilities | (290) | (175) | (991) | (537) |
| Paid interest on lease liabilities | 1 | (20) | (89) | (78) |
| Net cash from financing activities | (403) | 206,575 | 195,495 | 231,079 |
| Net increase/(decrease) in cash and cash equivalents | (100, 074) | 179,283 | (148, 536) | 214,066 |
| Cash and cash equivalents beginning of the period | 206,403 | 72,493 | 256,120 | 40,851 |
| Effects of exchange rate changes on cash and cash equiv. | 1,437 | 4,344 | 181 | 1,203 |
| Cash and cash equivalents as of end of period | 107,765 | 256,120 | 107,765 | 256,120 |
Kahoot! ASA (the Company or Kahoot!), the parent company of the Kahoot! Group (the Group) is a public limited liability company incorporated and domiciled in Norway, with its head office in Fridtjof Nansens plass 7, 0160 Oslo. The Company is listed on Oslo Stock Exchange has the ticker "KAHOT".
The condensed consolidated interim financial statements consist of Kahoot! ASA and its subsidiaries. As a result of rounding differences, numbers or percentages may not add up to the total.
These interim condensed consolidated financial statements for the twelve months ending 31 December 2021, have been prepared in accordance with IAS 34 Interim Financial Reporting, and authorized for issue by the board of directors on 16 February 2022. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for 2020.
The accounting policies applied in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2020, except for the following changes in the principles applied (the changes are described below):
As of 1 January 2021, the parent company Kahoot! ASA changed its functional currency from NOK to USD. The indicators of functional currency changed in the second part of 2020. The company had strong growth in the last year and revenue is mainly denominated in USD, while the expenses are mainly denominated in NOK. However, financing has also moved from NOK to USD, evidenced by the contributions from capital increases held in USD.
The effect of a change in functional currency is recognized prospectively from the date of change, considered to be 1 January 2021.
Kahoot! ASA translates all items into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost.
For the translation of equity items to the new functional currency the exchange rate at the date of the change of functional currency are applied. This means that no additional exchange differences arise on the date of the change. For the subsequent changes, equity items will be translated using their transaction date rate.
The comparable figures are not restated.
The Group has as disclosed in the Q3 report assessed the changes made to the product sold to schools for the school year 2021-2022 (1 August 2021 to 31 July 2022) and concluded that the changes in the product, its functionality and how the product is used and benefits the students, teachers and schools now satisfies the criteria of performance obligation over time.
As a result, the Group has as of 1 August 2021, changed the revenue recognition principles for the license revenues for DragonBox sale to schools from at point in time to over time, meaning that the license revenue is recognized over the subscription period (typically over 12 months).
The comparable figures for 2020 are not restated.
During the second half of 2021, the Group has as disclosed in the Q3 report updated the model for estimating the recognition of revenue over time (deferred revenue). The effect of the change in accounting estimates results in an increase in the balance of contract liabilities (deferred revenue), offset by lower recognized revenue for previously reported periods.
The effect of the change in accounting estimates can be summarized as follows:
Contract liabilities (deferred revenue) increased by \$1,716 thousand as per 31 December 2020, offset as reduced recognized revenue (revenue from contracts with customers) of \$1,716 thousand in 2020.
The effect on recognized revenue in 2020 can be attributed to the following quarters:
| USD in thousands | Reported | Effect | Restated |
|---|---|---|---|
| Q1 2020 | 4.215 | (371) | 3,844 |
| Q 2 2020 | 5.576 | (418) | 5,158 |
| Q3 2020 | 9,238 | (208) | 9,030 |
| Q4 2020 | 12,005 | (720) | 11,285 |
| FY 2020 | 31,034 | (1,716) | 29.318 |
See note 8 for the complete restated consolidated statement of profit or loss, consolidated balance sheet and consolidated statement of cash flows for 2020.
Clever Inc. ("Clever") was acquired by a purchase of 100% of the shares effective from 1 September 2021. Clever, one of the most widely-used digital learning platforms in U.S. K-12 education was acquired for enterprise value (EV) of \$435 – 500 million on a cash and debt-free basis, including a performance-based element for 2021-2022. The first part of the initial consideration was settled by a combination of cash and issuance of 7,300,765 shares in Kahoot! ASA at a subscription price of NOK 64.77 per share.
The performance-based element relating to Clever is determined based on certain operational metrics at the end of 2021 and end of 2022. Given the contingent liability will be determined and settled in the future, the nominal value is discounted to present value. Present value of the contingent liability relating to the acquisition was recognized at \$63,033 thousand, whereof \$47,877 thousand was current. The main three factors used in assessing the fair value of the earnout is forecast of probability, cash flow and discount rate. The discount rate applied for Clever was 8.5%.
In December 2021, the second payment was settled by a combination of cash and issuance of 3,121,747 shares in Kahoot! ASA, whereof 2,605,887 shares at a subscription price of NOK 64.77 per share, and 515,860 shares at a subscription price of NOK 48.08 per share.
The amounts recognized at the date of acquisition in respect of identifiable assets acquired and liabilities assumed are set out in the table below, using the exchange rate as of 1 September 2021 for Clever.
Goodwill from the acquisition of Clever is attributable to synergies and will lead to additional value for the Group's subscription-based product offering when combined with the Kahoot! products.
Transaction costs of \$2,877 thousand arose as a result of the acquisition. These have been recognized as part of other operating expenses in the statement of statement of profit or loss.
Since the acquisition date 1 September 2021, Clever has contributed with \$15,305 thousand to the Group's revenue and negative net income contribution of \$1,603 thousand to the Group's total profit. If the acquisition of Clever had occurred on 1 January 2021, the revenue for the Group would have been \$117,160 thousand and the Group's profit would have been \$304 thousand.
17
| USD in thousands | Clever |
|---|---|
| Purchase consideration | |
| Cash consideration | 368,212 |
| Shares issued | 76,669 |
| Contingent liability / earn-out | 63,033 |
| Total purchase consideration | 507,914 |
| Brand | 72,647 |
| Technology | 31,339 |
| Customer relationships | 32,172 |
| Property, plant and equipment | 344 |
| Trade and other receivables | 8,480 |
| Cash and cash equivalents | 9,657 |
| Deferred tax liability | (40, 629) |
| Trade payables and other current liabilities | (16, 855) |
| Total net identifiable assets acquired at fair value | 97,154 |
| Total purchase consideration | 507,914 |
| Goodwill | 410,760 |
| Net cash outflow arising on acquisition | |
| Cash consideration | 355,268 |
| less: cash and cash equivalents acquired. |
|---|
| Total cash consideration |
Motimate AS ("Motimate") was acquired by a purchase of 100% of the shares effective from 22 April 2021. Motimate, an employee engagement and learning app provider for organizations of all sizes was acquired for a total consideration reflecting an enterprise value (EV) of \$25 – 27 million on a cash and debt-free basis, including a 2021 performance-based element. The initial consideration was settled by a combination of cash and issuance of 1,104,994 shares in Kahoot! ASA at a subscription price of NOK 93.90 per share. A total of \$5 million of the initial cash consideration was deferred and settled in the fourth quarter 2021 by a combination of cash and issuance of 274,357 shares in Kahoot! ASA at a subscription price of NOK 93.90 per share
The performance-based element relating to Motimate is determined based on certain operational metrics at the end of 2021. Given the contingent liability will be determined and settled in the future, the nominal value is discounted to present value. Present value of the contingent liability relating to the acquisition was recognized at \$1,814 thousand, whereof all is current. The main three factors used in assessing the fair value of the earnout is forecast of probability, cash flow and discount rate. The discount rate applied for Motimate was 12.5%.
The amounts recognized at the date of acquisition in respect of identifiable assets acquired and liabilities assumed are set out in the table below, using the exchange rate as of 22 April 2021 for Motimate.
Goodwill from the acquisition of Motimate is attributable to synergies and will lead to additional value for the Group's subscription-based product offering when combined with the Kahoot! products.
Acquisition costs of \$275 thousand arose as a result of the transaction. These have been recognized as part of other operating expenses in the statement of statement of profit or loss. Since the acquisition date 22 April 2021, Motimate has contributed with \$2,999 thousand to the Group's revenue and negative net income contribution of \$1,010 thousand to the Group's total profit. If the acquisition of Motimate had occurred on 1 January 2021, the revenue for the Group would have been \$92,029 thousand and the Group's profit would have been \$2,438 thousand.
| USD in thousands | Motimate |
|---|---|
| Purchase consideration | |
| Cash consideration | 11,866 |
| Shares issued | 15,412 |
| Contingent liability / earn-out | 1,814 |
| Total purchase consideration | 29,092 |
| Brand | 4,085 |
| Technology | 3,448 |
| Customer relationships | 998 |
| Property, plant and equipment | 4 |
| Trade and other receivables | 476 |
| Cash and cash equivalents | 2,522 |
| Deferred tax liability | (1, 361) |
| Trade payables and other current liabilities | (1,225) |
| Total net identifiable assets acquired at fair value | 8.947 |
| Total purchase consideration | 29,092 |
| Goodwill | 20,145 |
| Net cash outflow arising on acquisition | |
| Cash consideration | 11,723 |
| Less: cash and cash equivalents acquired | 2,522 |
| Total cash consideration | 9,201 |
Digital Teaching Tools Finland Ltd ("Whiteboard.fi", hereafter referred to as Whiteboard.fi) was acquired by a purchase of 100% of the shares effective from 23 February 2021. Whiteboard.fi, an online whiteboard tool for teachers and classrooms that helps engage students both in the physical classroom and through remote learning was acquired for an initial consideration of \$6 million, in addition to a performance-based element up to \$6 million depending on Whiteboard's performance in 2021-2022. The initial consideration was settled by a combination of cash and 184,892 new Kahoot! ASA shares at a subscription price of NOK 110.39 per share.
The performance-based element relating to Whiteboard.fi is determined based on invoiced revenue targets in 2021 and 2022 subject to EBITDA margin and a net cash flow conversion condition. Given the contingent liability will be determined and settled in the future, the nominal value is discounted to present value. Present value of the contingent liability relating to the acquisition was recognized at \$4,314 thousand, of which \$2,702 thousand was noncurrent. The main three factors used in assessing the fair value of the earnout is forecast of probability, cashflow and discount rate. The discount rate applied for Whiteboard.fi was 12.8%.
The amounts recognized at the date of acquisition in respect of identifiable assets acquired and liabilities assumed are set out in the table below, using the exchange rate as of 23 February 2021 for Whiteboard.fi.
Goodwill from the acquisition of Whiteboard.fi is attributable to synergies and will lead to additional value for the Group's subscription-based product offering when combined with the Kahoot! products.
Acquisition costs of \$241 thousand arose as a result of the transaction. These have been recognized as part of other operating expenses in the statement of statement of profit or loss.
Since the acquisition date 23 February 2021, Whiteboard.fi has contributed with \$697 thousand to the Group's revenue and positive net income contribution of \$21 thousand to the Group's total profit. If the acquisition of Whiteboard.fi had occurred on 1 January 2021, the revenue for the Group would have been \$91,370 thousand and the Group's profit would have been \$3,648 thousand.
| USD in thousands | Whiteboard.fi |
|---|---|
| Purchase consideration | |
| Cash consideration | 3,600 |
| Shares issued | 2,402 |
| Contingent liability / earn-out | 4,314 |
| Total purchase consideration | 10,316 |
| Brand | 982 |
| Technology | 1,188 |
| Customer relationships | 341 |
| Property, plant and equipment | 12 |
| Trade and other receivables | 68 |
| Cash and cash equivalents | 293 |
| Deferred tax liability | (502) |
| Trade payables and other current liabilities | (312) |
| Total net identifiable assets acquired at fair value | 2,069 |
| Total purchase consideration | 10,316 |
| Goodwill | 8,246 |
| Net sach outflow asising an acquisition |
| Net cash outflow arising on acquisition | |
|---|---|
| Cash consideration | 3.600 |
| Less: cash and cash equivalents acquired | 293 |
| Total cash consideration | 3.307 |
The Kahoot! Group has one segment: software to make learning awesome. The market for Kahoot!'s software is global. The chief decision maker will therefore follow up revenue and profitability on a global basis. This is consistent with the internal reporting submitted to the chief operating decision maker responsible for allocating resources and assessing performance as well as making strategic decisions.
| Restated | Restated | |||
|---|---|---|---|---|
| USD in thousands | Q4 2021 | Q4 2020 | FY 2021 | FY 2020 |
| Subscription revenue - recognized over time | 31,668 | 10,928 | 88,823 | 26,030 |
| Sale to schools - recognized over time 1 | 842 | ۰ | 1,258 | |
| Sale to schools - recognized at point in time 1 | $\sim$ | 115 | ۰ | 2,235 |
| Other revenue - recognized at point in time | 512 | 212 | 935 | 878 |
| Total revenue from contracts with customers | 33,022 | 11.255 | 91,016 | 29,143 |
| Other operating income | $\sim$ | 30 | 249 | 175 |
| Total revenue and other operating income | 33.022 | 11.285 | 91.265 | 29,318 |
1 See note 1 for description of the change in revenue recognition principles for sale to schools. The 2020 license revenues for sale to schools are recognized at point in time.
Kahoot! ASA only has one class of shares, and all shares have the same voting rights. The shareholders are entitled to receive dividends as and when declared and are entitled to one vote per share at General Meetings of the Company.
| Number of shares |
Share capital (NOK) |
Share capital (USD) |
|
|---|---|---|---|
| Balance at 1 January 2021 | 446.091.967 | 44,609,197 | 5.228.090 |
| Issued during the year | 40.489.512 | 4.048.951 | 479.265 |
| Balance at 31 December 2021 | 486,581,479 | 48,658,148 | 5,707,355 |
The share capital is fully paid and has a par value of NOK 0.10.
At the Annual General Meeting of Kahoot! ASA on 8 June 2021, the Board of Directors were authorized to increase the share capital by up to NOK 9.63 million through the issuance of up to 96.3 million new shares in connection with (i) mergers, acquisitions, equity raises and (ii) exercise of share options. The Board of Directors were authorized to acquire treasury shares with a total nominal value of up to NOK 1,418 thousand.
Information relating to the Group's Employee Option Plan, including details of options issued, exercised, and lapsed during the financial year and options outstanding at the end of each reporting period, is set out in note 17 in the 2020 Annual Report. The table below shows the development in the Company's share capital in 2021.
| Change in | New | Nominal | ||||
|---|---|---|---|---|---|---|
| Date of | share capital share capital | value | Number of total | Subscription price | ||
| registration | Type of change | (NOK) | (NOK) | (NOK) | issued shares | per share (NOK) |
| 24 Feb 21 | Share capital increase | 12,162 | 44,621,359 | 0.10 | 446,213,585 | 116.30 |
| 9 Mar 21 | Share capital increase | 18,489 | 44,639,848 | 0.10 | 446,398,477 | 110.39 |
| 27 Apr 21 | Share capital increase | 110,499 | 44,750,347 | 0.10 | 447.503.471 | 93.90 |
| 3 May 21 | Share capital increase | 18,604 | 44,768,951 | 0.10 | 447,689,510 | 86.62 |
| 20 May 21 | Share capital increase | 2,500,000 | 47,268,951 | 0.10 | 472,689,510 | 68.00 |
| 10 Sep 21 | Share capital increase | 319,510 | 47,588,461 | 0.10 | 475,884,610 | $ 1\rangle$ |
| 17 Sep 21 | Share capital increase | 730,077 | 48,318,538 | 0.10 | 483,185,375 | 64.77 |
| 16 Dec 21 | Share capital increase | 339,610 | 48,658,148 | 0.10 | 486,581,479 | 2) |
1) Share option exercise with NOK strike price: 31/20/17.13/16.06/16/13.3333/10/8.3333/6.6667/1.6667
2) Share issue with NOK subscription price: 93.90/64.77/48.08
| Total of 41,700 shareholders per 14 February 2022 | Shares (m) | % | |
|---|---|---|---|
| 1. | Glitrafjord AS | 41.2 | 8.5% |
| 2 | Goldman Sachs International | 28.9 | 5.9% |
| з | Datum AS | 28.0 | 5.8% |
| BNP Paribas | 20.0 | 4.1% | |
| 5 | Creandum III LP | 20.0 | 4.1% |
| 6 | J.P. Morgan Securities Plc | 20.0 | 4.1% |
| 7 | State Street Bank and Trust Comp | 18.6 | 3.8% |
| 8 | Citigroup Global Markets Inc. | 13.5 | 2.8% |
| 9 | State Street Bank and Trust Comp | 13.1 | 2.7% |
| 10 | Folketrygdfondet | 12.8 | 2.6% |
| 11 Versvik Invest AS | 11.2 | 2.3% | |
| 12 | The Northern Trust Comp, London | 10.1 | 21% |
| 13 1 | Newbrott AS | 7.6 | 1.6% |
| 14 | Euroclear Bank S.A./N.V. | 6.9 | 1.4% |
| 15. | Datum Invest AS | 6.6 | 1.4% |
| 16 State Street Bank and Trust Comp | 6.5 | 1.3% | |
| 17 | JPMorgan Chase Bank, N.A., London | 6.1 | 1.3% |
| 18 | Citibank, N.A. | 5.7 | 12% |
| 19 | Nordnet Bank AB | 5.7 | 1.2% |
| 20 J.P Morgan AG | 5.7 | 1.2% | |
| Other | 198.1 | 40.7% | |
| Total outstanding shares | 486.6 | 100.0% | |
| Outstanding share options | 25.1 | ||
| Total no. of shares (fully diluted) | 511.7 |
Investors with shareholding exceeding 5%: SoftBank, Glitrafjord (CEO, Eilert Hanoa) and Datum Group.
In the fourth quarter, the Group acquired services for \$75K from Glitrafjord AS, a company 100% owned by the CEO.
No events that have significantly affected or may significantly affect the operations of the Group have occurred after 31 December 2021.
During the second half of 2021, the Group has as disclosed in the Q3 report updated the model for estimating the recognition of revenue over time (deferred revenue). The effect of the change in accounting estimates results in an increase in the balance of contract liabilities (deferred revenue), offset by lower recognized revenue for previously reported periods.
The effect of the change in accounting estimates can be summarized as follows:
Contract liabilities (deferred revenue) increased by \$1,716 thousand as per 31 December 2020, offset as reduced recognized revenue (revenue from contracts with customers) of \$1,716 thousand in 2020.
• FY 2020: Deferred cost of sales (classified as other current assets) increased by \$73 thousand as per 31 December 2020, offset by reduced cost of sales of \$73 thousand in 2020.
See note 1 break-down of which quarters the restated revenues are attributed to.
Below is restated comparative figures for 2020.
For 2020, currency translation differences relating to goodwill and intangible assets arising from the acquisitions of Actimo and Drops were included in net foreign exchange gains (losses) under consolidated statement of profit or loss instead of as exchange differences on translation of foreign operations under consolidated statement of comprehensive income or loss.
As a result, net foreign exchange losses were overstated by \$ 1,602 thousand, whereas exchange differences on translation of foreign operations were understated by \$1,602 thousand. Effect on equity is a reclassification between foreign currency translation reserves and accumulated deficit. The correction had no effect on cash balances.
Below is restated comparative figures for 2020.
| As reported | Kahoot! | Drops | Restated | |
|---|---|---|---|---|
| USD in thousands | 2020 | Adj 2020 | Adj 2020 | 2020 |
| Revenue from contracts with customers | 30,859 | (1,720) | 4 | 29,143 |
| Other operating income | 175 | 175 | ||
| Total revenue and other operating income | 31,034 | (1,720) | 4 | 29,318 |
| Cost of sales | 3,790 | (73) | ۰ | 3,717 |
| Employee benefit expenses | 31,625 | ۰ | 31,625 | |
| Other operating expenses | 11,553 | ۰ | 11,553 | |
| Operating profit/(loss) before deprec. and amortiz. (EBITDA) | (15,936) | (1,647) | 4 | (17, 577) |
| Amortization of intangible assets | 1,897 | 1,897 | ||
| Depreciation | 685 | ۰ | 685 | |
| Operating profit/(loss) (EBIT) | (18, 517) | (1,647) | 4 | (20, 159) |
| Financial income | 372 | 372 | ||
| Financial expenses | (329) | ۰ | (329) | |
| Net change in fair value of financial instruments | 848 | ۰ | ۰ | 848 |
| Net foreign exchange gains (losses) | (17,510) | 1,602 | ۰ | (15,908) |
| Net financial income (expenses) | (16, 619) | 1,602 | (15,017) | |
| Profit/(loss) before income tax | (35, 136) | (45) | 4 | (35, 176) |
| Income tax | (656) | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | (656) |
| Profit/(loss) for the period | (34, 481) | (45) | 4 | (34,520) |
| As reported | Kahoot! | Drops | Restated | |
|---|---|---|---|---|
| USD in thousands | 2020 | Adj 2020 | Adj 2020 | 2020 |
| Profit/(loss) for the period | (34,481) | (45) | 4 | (34,520) |
| Other comprehensive income/(loss): | ||||
| Items that might be subsequently reclassified to profit or loss: | ||||
| Exchange differences on translation of foreign operations | (325) | (1,602) | (1,927) | |
| Item that are not reclassified to profit or loss: | ||||
| Exchange difference on translation to another presentation | $\overline{\phantom{a}}$ | 17,413 | ||
| currency | 17,413 | |||
| Total comprehensive income/(loss) for the period | (17,392) | (1,647) | (19,034) |
| As reported | Kahoot! | Drops | Restated | |
|---|---|---|---|---|
| USD in thousands | 31.12.2020 | Adj 2020 | Adj 2020 | 2020 |
| ASSETS | ||||
| Goodwill | 77,745 | 12 | 77,757 | |
| Intangible assets | 34,373 | ۰ | 34,373 | |
| Property, plant and equipment | 409 | 409 | ||
| Right-of-use assets | 3,165 | ۰ | 3,165 | |
| Deferred tax asset | ||||
| Total non-current assets | 115,692 | 12 | 115,704 | |
| Trade receivables | 2,671 | ۰ | 486 | 3,157 |
| Other current assets | 3,316 | 73 | (143) | 3,246 |
| Cash and cash equivalents | 256,120 | $\overline{\phantom{a}}$ | ٠ | 256,120 |
| Total current assets | 262,108 | 73. | 343 | 262,524 |
| TOTAL ASSETS | 377,800 | 73. | 355 | 378,228 |
| EQUITY AND LIABILITIES | ||||
| Share capital | 5,228 | ۰ | 5,228 | |
| Share premium | 357,383 | ۰ | 357,383 | |
| Share-based payments reserves | 5,542 | 5,542 | ||
| Foreign currency translation reserves | (375) | (1,602) | ۰ | (1, 977) |
| Accumulated deficit | (79, 373) | (45) | 4 | (80, 130) |
| Total equity | 288,406 | (1,647) | 4 | 286,047 |
| Lease liabilities | 2,312 | ۰ | ۰ | 2,312 |
| Deferred tax liability | 5,843 | ۰ | 5,843 | |
| Other non-current liabilities | 15,447 | ۰ | 15,447 | |
| Total non-current liabilities | 23,602 | 23,602 | ||
| Lease liabilities | 964 | 964 | ||
| Trade payables | 1,817 | 1,817 | ||
| Contract liabilities (deferred revenue) | 27,899 | 1,720 | 351 | 30,686 |
| Other current liabilities | 35,111 | ٠ | 35,111 | |
| Total current liabilities | 65,791 | 1,720 | 351 | 68,578 |
| Total liabilities | 89,393 | 1,720 | 351 | 92,180 |
| TOTAL EQUITY AND LIABILITIES | 377.800 | 73 | 355 | 378.228 |
| As reported | Kahoot! | Drops | Restated | |
|---|---|---|---|---|
| USD in thousands | 2020 | Adj 2020 | Adj 2020 | 2020 |
| Cash flows from operating activities | ||||
| Profit/(loss) before income tax | (35, 136) | (45) | 4 | (35, 177) |
| Adjustments for: | ||||
| Paid taxes | ||||
| Depreciation and amortization | 2,582 | 2,582 | ||
| Net interest income | (329) | (329) | ||
| Share-based payments expense | 3,069 | ۰ | 3,069 | |
| Change in trade and other receivables | 279 | (73) | (486) | (280) |
| Change in contract liabilities (deferred revenue) | 13,807 | 1,720 | 351 | 15,878 |
| Change in trade payables | 591 | 591 | ||
| Change in other current assets and other liabilities | 32,191 | (1,602) | 131 | 30,720 |
| Interest received | 372 | 372 | ||
| Net cash flow from operating activities | 17,426 | 17,426 | ||
| Cash flows from investing activities | ||||
| Payment for acquisition of subsidiary, net of cash acquired. | (34,227) | ۰ | (34, 227) | |
| Payment for intangible assets | ||||
| Payment for property, plant and equipment | (214) | (214) | ||
| Net cash from investing activities | (34, 441) | ٠ | (34, 441) | |
| Cash flows from financing activities | ||||
| Proceeds from issuance of ordinary shares | 241,931 | ۰ | 241,931 | |
| Transaction costs on issuance of ordinary shares | (10, 237) | (10, 237) | ||
| Repayments of lease liabilities | (537) | (537) | ||
| Paid interest on lease liabilities | (78) | (78) | ||
| Net cash from financing activities | 231,079 | ۰ | 231,079 | |
| Net increase/(decrease) in cash and cash equivalents | 214,064 | ۰ | 214,064 | |
| Cash and cash equivalents beginning of the period | 40,851 | 40,851 | ||
| Effects of exchange rate changes on cash and cash equiv. | 1,205 | 1,205 | ||
| Cash and cash equivalents as of end of period | 256,120 | 256,120 |
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