https://newsweb.oslobors.no/message/543824
Tuossa traiding update
Third Quarter 2021 - Financial and Operational Highlights
● 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 (non-unique) globally, up 44% YoY.
● Reached more than 1 million 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 the third quarter, 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) exceeded $27.5 million in the third quarter, up 137% YoY, including Clever, which contributed $5.5 million for the month of September as part of the Kahoot! Group. Excluding Clever, invoiced revenue in the third quarter grew $10.4 million YoY to $22 million, up 90%. For the first nine months invoiced revenue grew $39.4 million YoY to $67.1 million (including Clever for September), up 142%.
● ARR (Annual Recurring Revenue) of $124 million, up 288% YoY, whereof Clever contributed with $44 million from its U.S. ecosystem partners.
● Cash flow from operations (excluding payment of listing and acquisition cost) exceeded $6.5 million, up 25% YoY, with positive contribution from Clever, and approx. $17 million for the first nine months, up 66% YoY.
● Cash and cash equivalents as of September 30, 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.
● The acquisition of 100% of the shares in Clever was completed effective September 1, 2021 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. The total consideration will be settled by a combination of approx. 82% cash and 18% Kahoot! shares. At closing a net cash consideration of $245 million was paid, and 7.3 million Kahoot! consideration shares were issued at a subscription price of NOK 64.77 per share.