OSLO, 16 February 2023 - Kahoot! ASA, (KAHOT) today announced financial results
for its fiscal quarter ended 31 December 2022

o Recognized revenue of $39 million for the fourth quarter, up 18% YoY. For the
full year $146 million, up 60% YoY.

o Invoiced revenue (billings) of $43.9 million for the fourth quarter, up 10%
YoY. For the full year $169 million, up 58% YoY (up 21% YoY on a full-year pro
forma basis).

o Adjusted EBITDA of $9.6 million for the fourth quarter, representing a margin
of 25% versus 17% in the fourth quarter 2021. For the full year $30.3 million,
up 57% YoY.

o Operating cash flow of $17.3 million for the fourth quarter, up 28% YoY. For
the full year adjusted operating cash flow of $42.7 million, up 37% YoY. Cash
and cash equivalents increased to $104.8 million by end of 2022. The Kahoot!
Group has no interest-bearing debt.

o Net new 60K paid subscriptions for the fourth quarter, of which 40K from
professional user categories. The Kahoot! Group exceeded 1.3 million paid
subscriptions by the end of the year, up 18% YoY.

"Through 2022 the Kahoot! Group has progressed its leadership in global digital
learning, entering the new year with a stronger company and a stronger product
than ever, with half our team devoted to building solutions for the future. We
delivered on our cash flow guidance for the full year and generated the highest
number of net new paid subscriptions quarterly in 2022, with particular momentum
in the Kahoot! At Work segment in the fourth quarter. The core Kahoot! platform
(excluding acquisitions) exceeded $75 million in invoiced revenues, over 20% YoY
growth, for the full year and more than 700K paid subscriptions.

At the same time, end-of-year growth in billing volume ended below our
expectations. The current macro environment is driving more cautious
decision-making and longer sales cycles, which resulted in lower than expected
revenue growth from our year-end activities. We are not satisfied with our sales
performance at the end of the year, and in response we will take additional
steps to adapt to current market circumstances, and ensure further improvements
in our commercial model. We remain committed to continuous innovation of our
market-leading solutions and delivering cash-generative, sustainable and
profitable growth."

- Eilert Hanoa, CEO of Kahoot!


Please find enclosed the Q4 2022 presentation and report.


Fourth Quarter 2022 - Financial and Operational Highlights

o Invoiced revenue (billings) was $43.9 million in the fourth quarter, up 10%
YoY, including Clever, which contributed $12.9 million. Excluding Clever,
invoiced revenue in the fourth quarter grew $4.1 million YoY to $30.9 million,
up 15% YoY. 

o For the full year 2022, invoiced revenue grew $61.8 million YoY to $169.0
million, up 58%. Kahoot! Group full year excluding Clever approx. $104.5
million, up 18% YoY. Clever full year exceeding $64 million, up 29% YoY on a
pro-forma basis.

o The strengthening of the USD in 2022 compared to 2021 resulted in more than $4
million negative impact on invoiced revenue for 2022. The U.S. and Canada as the
largest region represented 65% of the Kahoot! Group's invoiced revenue in 2022.

o Total revenue and other operating income of $39.0 million, up 18% YoY. For the
full year 2022, total revenue and other operating income grew $54.7 million YoY
to $146.0 million, up 60%. 

o Annual Recurring Revenue ("ARR") of $156 million, up 17% YoY. 

o Total operating expenses (excluding share-based compensation expenses and
related payroll taxes) were $29.3 million in the fourth quarter, up 6% YoY.

o Adjusted EBITDA of $9.6 million, up 76% YoY. For the full year 2022, adjusted
EBITDA grew $11.0 million YoY to $30.3 million, up 57%.

o Adjusted cash flow from operations of $17.3 million for the fourth quarter, up
28% YoY, and $42.7 million for the full year 2022, up 37% YoY.

o Cash and cash equivalents per the end of 2022, totaled $104.8 million. The
Group has no interest-bearing debt.

o Total number of paid subscriptions exceeded 1.3 million across all services,
up 18% YoY, representing an organic increase of 60,000 from the previous
quarter, of which 40,000 from professional user categories. At the end of the
fourth quarter, Commercial reached 580,000 paid subscriptions, Education reached
435,000 paid subscriptions and Consumer & Experience reached 295,000 paid
subscriptions.

o Active accounts on the Kahoot! platform (over the last twelve months) was 25.8
million, with more than 268 million hosted sessions, and a total of approx. 1.7
billion participants (non-unique) globally.
 

"Despite the lower than expected growth in billings in the fourth quarter and
more demanding market conditions, we maintained consistent cost levels in line
with previous quarters, resulting in all-time high adjusted operating cash flow
of $42.7 million and adjusted EBITDA of $30.3 million for the full year. This is
achieved due to our scalable business model and effective unit economics,
demonstrated both before, under and after the pandemic. Our current operating
capacity can deliver even stronger results, enabling continued invoiced revenue
growth on par with the 2022 proforma growth level, with modest operational cost
increase yielding further improvements in operating cash flow and adjusted
EBITDA." 	
					 
  - Ken Østreng, CFO of Kahoot!



For further information, please contact:

Eilert Hanoa, CEO 		
Phone: +47 928 32 905
Email: eilerth@kahoot.com
 
Ken Østreng, CFO 		
Phone: +47 911 51 686
Email: keno@kahoot.com

Jonas Forslund, Director Investor Relations
Phone: +358 40 595 0968
Email: jonasf@kahoot.com


About Kahoot!
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. Since launch, Kahoot! has hosted hundreds of millions of learning
sessions with over 9 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, Spain and Poland. Kahoot! is listed on the Oslo Stock Exchange under
the ticker KAHOT. Let's play!

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© Oslo Bors ASA, source Oslo Stock Exchange