OSLO, 4 May 2023 - Kahoot! ASA, (KAHOT) today announced financial results for
its fiscal quarter ended 31 March 2023
o Revenue of $40.5 million for the first quarter, up 18% YoY.
o Billings (invoiced revenue) of $37.6 million for the first quarter, up 11%
YoY.
o Adjusted EBITDA of $10.0 million for the first quarter, up 75% YoY.
o Adjusted operating cash flow of $8.4 million for the first quarter, up 100%
YoY.
o Net new 35K paid subscriptions for the first quarter, of which 30K from
professional user categories. The Kahoot! Group reached 1,345K paid
subscriptions by the end of the first quarter, up 15% YoY.
"I am pleased to report solid performance through the first quarter, with double
digit revenue growth and significant increase in profitability.
Kahoot! showed resilience and continued viral growth in a difficult market
environment in the first part of the quarter. The long-term growth of
professional users continued, with larger customers taking advantage of our
expanding suite of solutions, resulting in an increase in paid subscriptions and
activity on paid accounts. We noted a positive shift in sentiment across key
customer segments in March, extending into the second quarter.
I am proud to see Kahoot! making a difference to millions of users, be it in the
classroom, boardroom, or the living room, reaching over 260 million hosted
learning sessions with over 1.6 billion participants, in the last twelve months.
We will continue to expand user value for creators, presenters, teachers,
students and learners, as we develop new solutions and integrations, including
new AI based features. I am excited about our strong product pipeline, with a
host of new solutions for both school, work, and home."
- Eilert Hanoa, CEO of Kahoot!
Please find enclosed the Q1 2023 presentation and report.
First Quarter 2023 - Financial and Operational Highlights
Total revenue and other operating income in the first quarter grew $6.1
million YoY to $40.5 million, up 18%.
Billings (invoiced revenue) were $37.6 million in the first quarter, up 11%
YoY, whereof Clever contributed $9.6 million which is in line with the first
quarter 2022. Excluding Clever, invoiced revenue in the first quarter grew $3.5
million YoY to $28.0 million, up 14% YoY.
Annual Recurring Revenue ("ARR") of $159 million, up 15% YoY.
Total operating expenses (excluding share-based compensation expenses and
related payroll taxes) were $30.5 million in the first quarter, up 6% YoY.
Adjusted EBITDA in the first quarter grew $4.3 million YoY to $10.0 million,
up 75%.
Adjusted cash flow from operations in the first quarter grew $4.2 million YoY
to $8.4 million, up 100%.
Cash and cash equivalents per the end of the first quarter 2023, totaled $88.7
million. The Group has no interest-bearing debt.
Total number of paid subscriptions reached 1,345,000 across all services, up
15% YoY, representing an organic increase of 35,000 from the previous quarter,
of which 30,000 from professional user categories. At the end of the first
quarter, Commercial reached 595,000 paid subscriptions, Education reached
450,000 paid subscriptions and Consumer & Experience reached 300,000 paid
subscriptions.
Active accounts on the Kahoot! platform (over the last twelve months) was 24.6
million, with approx. 267 million hosted sessions, and more than 1.6 billion
participants (non-unique) globally.
"Kahoot!'s scalable platform, agile operations and diversified business model
contributed to robust performance in the first quarter