Welcome to the Kahoot! earnings webcast for Q3 2021. I'm Amanda Taselaar from Kahoot!, and I will be your moderator today. We are excited to be here with you to give you updates on our progress here at Kahoot!. We will discuss the financial and operational highlights, strategic and business highlights, as well as the outlook for the rest of the year. Today, we have with us Eilert Hanoa, CEO of Kahoot!, and Ken Østreng, CFO of Kahoot!. I will now pass it off to Eilert to get us started. Off to you, Eilert. Thank you very much, Amanda, and thank you very much everyone for attending this session of our Q3 numbers. First, let's start with the market environment. We, as you know, have the nature of Kahoot!'s offering, which is all about making learning awesome, both for education sector, for personal use in the home market and of course, for corporations. It gives us a fairly good understanding on what's happening in the marketplace and the demand for at least our services. We see a fairly good development through the third quarter. A growth in all of these very important areas for us when it comes to interest for the product, when it comes to the total use of the Kahoot! platform versus last year. And also, of course, with Clever coming on board and having their own very thorough and in-depth view on especially the U.S. K-12 markets, where they can really see how the back to school is happening across all classes and with all tools that are used on their platform. When we see that they have this, great growth, close to 20% year-on-year on the top 100 apps on their own platform, in the back to school this year, this also shows us that the total transition to digital learning tools that has happened faster because of the pandemic, truly, is something that we have all learned from and we will continue to use as a new strength in how to become more efficient and use digital tools more efficiently, even if we are luckily back to something more of a normal situation. Ultimately, our platform, which is really helping our companies to become more efficient and very much, in addition to schools and to any social use, making learning more awesome, which is also the mission of Kahoot!, of course, helping us building our leading learning platform going forward. The momentum around our platform and also the way we can continue to thrive through developing great new services, more value, great onboarding on new users in all categories, and of course, as always, try to improve a little bit in every aspect of how we are conducting our operation. This combined is what builds the relevance of the Kahoot! brands, the relevance, more importantly, of the Kahoot! services. Of course, at the end of the day, making learning more efficient, which is what and why anyone would use time and energy and money on the Kahoot! platform. That's what we have also been experiencing through the Q3 highlights. As I'm sure you can see from this slide, we have had good growth on the top line, both of course on the core Kahoot! group, but also with great contribution from Clever in the last month of the third quarter, which also goes to show the scale of usage and the commercial dimension of the company, reaching $27.8 million in recurring revenue. The scalability also that we are continuously building upon when it comes to how to use the resources and making sure that we also can show for our financial scalability as we are growing both the organization, but more importantly, offering great services to our customers. Having a strong operational cash flow this quarter is a good way to see that that's something we are continuously focusing on. We also see that the growth we've had are now helping us reach our 1 million paying seats milestone, which of course is truly a great milestone for us as we started this journey of commercial seats back in 2018. Also giving us a great uplift from last year, both through acquisitions and through, of course, organic growth. We also see, and we will talk more about that later, larger corporations using Kahoot! more structurally, in the way they are making learning assets available internally. We also see the viral adoption continuing, reaching 1.9 billion participating players last 12 months, and also over 30 million active accounts, and also the usage of the platform now reaching 300 million sessions, in the last 12 months on the platform. Of course, on top of all the operational both achievements and initiatives we have, we're very happy that we've been able to complete the transaction with Clever on the first of September, and that we have now been able to work closely with the Clever team for the last two months on how we together can build out something that really gonna make the difference going forward, based on the 95,000 schools that are using the Clever platform. Of course, the 175 new team members that are joining the Kahoot! group. All in all, a very interesting and busy quarter with a lot of new initiatives that pave the way for us to continue to deliver great new initiatives again in Q4 and in 2022. We have very strong, I would say, lineup of companies and organizations, including schools that have been onboarded and also renewing with us this quarter. It's great to see that Kahoot! is not just engaging and exciting solution that you will use at home or in the class or to study, but also a tool that is really resonating professionally. I think the lineup from this quarter shows that this is something we continue to build out. Of course, these great companies are providing us with good insight into use cases in how this is really making a difference for corporations around the world. With all the initiatives and all the products and all the services we have on the Kahoot! platform, because there is a good variation in assets, we have a very interesting total addressable market that we can try to reach with our initiatives. We have structured this around five main initiatives going forward. That is also where we are to streamline our operations, both the Kahoot! offerings, but also the acquisitions we've done for the last 12 months, which includes over five companies in addition to Clever. The five main business areas work, school, home, academy, with a great marketplace and area of premium collections of content. Of course, last but not least, the Clever platform with all the opportunities that resides inside the Clever family. We will walk through all these in the briefing after the financial read-through. The most important is the fundamental commercial dynamic across these different categories that are positive, and they are driven by the growth engine of Kahoot!, which is all about the viral growth. We have all these users on free plans and paid plans at home, at school, work, that are using Kahoot! to truly spread the word to make learning awesome and seeing is believing. We have the brand, we have the community with 9 million teachers on the Kahoot! Platform that can not only consume Kahoot!, but also create and share knowledge on our platform. Of course, the content created by our users, making Kahoot! a truly platform company and really making sure that the quality of the assets, whether it's made by teachers, by partners or by the user, is available and able to access for everyone on the platform. Soon to be over 100 million public kahoots available on the platform. All this combined is what really drives the growth of Kahoot!, and which is also giving us the opportunity to focus on innovation with fantastic feedback, both positive and less positive, of course, in this very interesting and dynamic environment to continuously improve and make a better offering for all our users. I think this is a great segue over to you, Ken, to talk about the numbers behind what we're doing in the third quarter. Thank you, Eilert, and good afternoon, everyone. We are pleased to report strong results for our third quarter, and I'll talk through some of the financial highlights for the quarter. We saw strong organic user growth on the Kahoot! platform in the third quarter with more than 30 million active accounts in last 12 months, and that's up more than 40% year-on-year. The growth in paid subscriptions continued and reached 1 million in the third quarter, up 180% year-on-year. The organic increase in paid subscriptions from the second quarter was more than 80,000. Our key metric, invoiced revenue, reached $27.8 million in the third quarter, up 139% year-on-year, and Clever contributed $5.7 million for the month of September as part of the Kahoot! group. Invoiced revenue excluding Clever in the third quarter came in at $22.1 million, which is up 90% year-on-year. For the first nine months, invoiced revenue was $67.5 million, and that is up 143% year-on-year. Deriving from Kahoot!'s recurring revenue business model, annual recurring revenue increased to $124 million by the end of the third quarter, whereof Clever contributed with $44 million. The scalability in the Kahoot! business model is visualized by the positive development on adjusted EBITDA, with continued increase both year-on-year and quarter-on-quarter. For the third quarter, adjusted EBITDA was $6 million, representing 25% EBITDA margin. For the first nine months, adjusted EBITDA grew by $13.3 million year-on-year to $13.8 million. We have a scalable business model with increased leverage, where infrastructure cost for both free and paid users is included in our operational cost base. It's important for us to continue to develop the company, demonstrating continued financial scalability, translating into strong cash flow from operations. In the third quarter, we saw continued solid development in adjusted cash flow from operations of $7.4 million and $17.8 million year to date, and that's up more than 70% year-on-year. Third quarter cash flow from operations represented 31% margin of operating revenue. By end of the quarter, we had a cash balance exceeding $200 million. Of course, on the M&A side, the main event in the quarter was the completion of the Clever acquisition in the beginning of September. Moving on to the next slide, as a reminder, let's keep in mind, Kahoot! started its commercial journey a bit more than three years ago. By the end of 2018, we had north of 40,000 paid subscriptions, and during the following 11 quarters, we've increased paid subscriptions to more than 1 million, both through strong organic growth and through acquisitions. We finished the third quarter with more than 335,000 paid at school subscriptions, 435,000 at work, and 245,000 at home paid subscriptions. Following the commercial launch in 2018, we invoiced clients for $1.7 million in the fourth quarter 2018, which has grown quarter-on-quarter to $27.8 million in the third quarter this year. Moving on to some operational metrics on the Kahoot! platform. The user growth on the Kahoot! platform the last 12 months continued in the third quarter, reaching 30 million active accounts with more than 300 million hosted games, with a total of 1.9 billion participants and 64% year-on-year growth on number of paid subscriptions. Moving on to the full year 2021 outlook. As mentioned, we started our commercial journey in 2018 with a small invoiced revenue number, growing that to $13 million in 2019 and to $45 million in 2020. For the full year of 2021, the Kahoot! group expects to exceed $107 million in invoiced revenue, up from the $45 million last year, 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 this year. Clever is expected to exceed $47 million in invoiced revenue for the full year, implicating 29% year-on-year growth. For the fourth quarter this year, 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 completed Clever transaction, the company is exploring the opportunity for a secondary listing and expecting to conclude the assessment before the end of the first quarter next year. Let's move on to our 2022 ambitions. As per the previous slide, reported invoiced revenue for this year is estimated to exceed $107 million, which implies a pro forma invoiced revenue in 2021 exceeding $138 million. For 2022, the current ambition for the Kahoot! group, including Clever, is to reach $190 million-$200 million in invoiced revenue. The operational cost base is expected to represent approximately 70% of invoiced revenue, which indicates approximately 30% cash conversion of invoiced revenue. The long-term ambitions for the Kahoot! group will be disclosed with the fourth quarter 2021 report. With that, I'll hand over to Eilert again. Thank you, Ken. Let's see, how we are doing on the business areas, which is of course the core of our operation. First, before we start on the individual areas, I think taking into consideration that we've been able to, just through the last 12 months, do both the acquisitions of Drops, Actimo, Motimate and, of course, Whiteboard, in addition to the main acquisition of Clever, we've been able to also build out these areas of business in a very different way than what we had just 12 months ago. This has been a very interesting and transformational journey for the company, not only because of the pandemic, but also because it has helped us sharpen exactly what to develop, how to package our services, and also how to deliver more value to each of these customer segments. There's no doubt that with the new lineup that we presented in this presentation, in the beginning of this presentation, we also have a much richer offering that we can continue to build on, in order to both convert better, from free to pay, but also to increase spending with our customers from basically pay to pay more. With this platform, with the great partners we have, and with the acquisitions and our organic growth and development, we believe that we have the perfect setup for 2022 and beyond. Let's start out with Kahoot! at Work. In Kahoot! at Work, of course, is about how can you use Kahoot! in a professional setting in a corporation, whether it's for training of new employees or existing staff, for partners, for customers, for engagement, for training of more boring topics, and even for continuous personal development. Of course, in the interactive presentation to spice up already existing presentation in PowerPoint or in Google Slides. This is what really Kahoot! is all about, and this is also why and how Kahoot! is consumed by all our customers around the world using Kahoot! at Work. During Q3, we saw larger corporations starting to be more engaged and interested in Kahoot! going forward. We, as you know, come from individual plans, which is what Ken referred to when we started back in 2018, where it was possible to buy a $10 per month plan for any professional users, bringing your own service to work. Through the transition into team plans and smaller organizations, and now as we can cover all these three main areas, from the individual plans from $10 and up to enterprise plans, which can be up to $100,000 a year on logo customers. Of course, having this flexibility built into the Kahoot! at Work offering, from selling the same services structured for each of these user groups with different price points and different attributes, obviously gives us a huge advantage in how we can scale with the customer as the customer grows the usage of Kahoot! or grows the organization using Kahoot!. This is across different industries. It's across the way it's used in companies, it kind of added to the organization, whether it's brought by an employee, both by a department or through the more traditional purchasing routes. It's definitely showing that Kahoot! is not just consumed in one particular way or area, but across the different spaces that any company will use for learning. I think on this slide, you see great companies that really are helping us not only to use Kahoot! and expand their internal reach, but also are helping us with great feedback on how they want to see the product evolve in the future. What's really interesting is that on this slide, not only have we been able to work with these companies over time, like Facebook, starting out with a single license from one employee and now using it structurally for sales training. If we look across our different companies or our top logo customers, we see that just during the last 12 months, they were running sessions with more than 1.5 million participants in the top five customers combined. We also saw that they had over 150,000 sessions launched in the last 12 months combined in a live setting, which is either a Zoom or in a meeting, in a town hall, in a training session. In addition to that, the same amount of sessions they were using for remote training and asynchronous training. All this speaks to the importance of the investments we've done in the product, in the services, in the ability to flex between a live audience or a remote audience using Zoom, using the town hall, and be able to have a consistent learning platform like Kahoot! to deploy the information and create engagement and making sure that everyone really pays attention as this is happening in companies. Which has been a huge challenge for any organization in the last 18 months. Of course, this also brings us into what we're really focused on to try to build out the functionality in the Kahoot! offering. With courses for Kahoot! 360, which we just launched now, and we're very excited about what this really means of change for our customers, you can not only do a traditional nice to have Kahoot! session at the end of the meeting or to create engagement instantly, but you can package the whole training day or the whole course for the week on the Kahoot! platform. You can deploy it as a homework or a self-study, or you can run it as a way to manage your seminars or the work sessions throughout the days for various speakers, for various trainers, for different departments, for asynchronous, whether it's different time zones or even different audiences at different point in time, but still getting this live engagement aspect of the training. This is something we really believe will make a difference when it comes to how these great companies can use the Kahoot! platform going forward. A great example to extend this experience is to look at the integration we did with the just launched iPadOS iOS 15.1 that includes Apple SharePlay. Which means that you can actually share the whole Kahoot! experience on a FaceTime-like session and use one device to both interact with your trainer or with up to 30 colleagues. You can have live game interaction, whether it's brainstorming or two-way sharing of information or of course, the more traditional quiz, in addition to self-study, all while you are distributed, whether it's on the workplace, workstation, or in a lockdown at home. This is a great way to see standard technology delivered from world-class companies like Apple, combined with available functionality in the operating system and using Kahoot! to have a full delivered platform for training in marginal cost and zero IT management cost to make it happen. Of course, this brings us over to school because the same applies, of course, for any teacher or any school or educational institution. How can we package our courses? How can we use the course functionality to not only having a Kahoot! in class, but add the documents, whether it's a PDF, the videos, instruction videos, or learning videos, together with questions, feedback loops, and ways to share this with the students, whether it's as homework or prep for exam or in the middle of a workshop in class. Not only that, we have also added the Kahoot! Math Labs, which is our first really interesting activity you can introduce into a course, which makes the course concept even coming more to life. We're super excited about showing you more of the activity aspects of the courses in later presentations as well. This is truly a game changer. Again, following with our customers in the same way as we have evolved in business, we have been evolving our way to package our services for educational institutions from the initial teachers bring their own Kahoot! license at work up to on school, on campus level, and now also into school districts in the U.S. and North America and around the world. We see this great feedback, of course, everything from need for handling privacy, compliance to GDPR or COPPA rules, and ways to deploy content that is either district-specific or school-specific. That is also something that has a huge value to be able to share across the platform. Integration with Clever obviously helps us deploy this and also use the already current infrastructure available for the schools. If you look at the next slide, we see all these great schools, institutions, and districts that have been onboarding and really seeing a great new drive around using Kahoot! structurally in larger settings. This is both due to better functionality from us as we launched our first Kahoot! EDU edition back in December last year, less than nine months ago. Then as we have been building out this with great feedback for the last nine months and had this fantastic back-to-school energy in the whole ecosystem of K-12 and universities, we were also able to deliver better functionality from class rosters, from the upcoming features for students, and of course, more importantly, the courses package that also brings this to life for all the teachers around the world. With 9 million teachers already used to Kahoot!, this is a fantastic opportunity. Last but not least, using Kahoot! as an individual at home, whether it's with your family, whether it's as a student or as a kid, or in any social setting. This is also something that we are truly amazing to be able to work with because with our upcoming new initiatives, this is also really where we see the most of the users today, but also where all the recruitment into both professional use and more great content is coming from. Let's just start out with our newest member to the Kahoot!+ family, which is the Kahoot! Kids app, which we presented to you before, which will be launched before the holidays. We are super excited about this because it gives a fantastic value proposition to either kids in the youngest age or those who need to have images as answering alternatives to learn. With the great read out loud technology that we're using from the Azure platform from Microsoft, we're able to also provide this in native languages for our users. This app will be available in 13 languages now by the end of this year. Not only that, we're also today having our first initial launch of Kahoot!+ Study, which is the first time we have a specific offer for higher ed students, which we believe is a perfect companion for students to use Kahoot!, whether it's for social study together with others or at home to cram for exam. With the upcoming courses functionality that will provide great content packages for students, this is also opening up a new opportunity for us in the next year, and the time to come. Again, very excited about what's happening on the social and personal use front as well. Of course, this ties nicely into Academy, and more importantly, into the Academy Marketplace, which is really the strength of the Academy platform, where we have great partners, we have a portal for knowledge, we have the ability for teachers to connect on the Academy platform, and we will continue to invest and build out all these functionality to build this ecosystem out, really making it a true platform for all teachers and educators and other domain experts to provide their courses in the future. With the Marketplace, not only can teachers continue to both use for free, consume great courses that are there, but they can also now create and provide commercially courses going forward. In a few months, we will really open the doors to this alternative, and not only for teachers, but for any creator, any domain expert, whether you're a driving instructor or you have the best barista in town, or you just have your specific areas of expertise that you would like to share with others for free or through a commercial structure. This, again, will open a new dimension to 98% of users on the Kahoot! platform that are not paying for a software license, in addition to, of course, the hundreds of thousands of paying customers that we have in the personal use space on Kahoot! as well. All in all, a fantastic lineup of initiatives that combined will deliver what we believe is a great platform for 2022. This wouldn't be possible if it wasn't for our partners. Both those partners who are using Kahoot! to distribute their content in a great way, as we have seen on the academy and on the Kahoot! discovery page, but also in with our technology partners such as Apple, Microsoft, and Google, and Amazon, where we are doing great integration, joint initiatives, great way to package content, which we wouldn't be able to do alone, without this very important infrastructure, and competency hubs in our industry. Last but not least, we have Clever. Of course, all this ties together. Having the Kahoot! Marketplace, the EDU, the apps, the engagement from kids, and be able to also provide this on the Clever platform with over 1.4 million active teachers, 22 million active students, every month, and now with 95,000 schools using Clever is truly also opening the door for another ecosystem and even a more, I would say, efficient and interesting distribution of the Kahoot! assets and also enriching the Kahoot! offering by plugging into the Clever API and using the functionality of the Clever platform going forward. Of course, with Clever's massive reach and impressive efficiency for teachers and schools and school owners, this is also something we will continue to invest in and making sure that we can maximize going forward from a user perspective and from any aspect of the usage of the Clever platform. Because our motto, as we were so lucky to have Clever as a part of our family, is to make learning awesome together. This is about extending our U.S. reach, which is already very strong with Kahoot! and Clever together, but also seeing that we can thrive even more with Kahoot! as a first-class citizen from using the platform of Clever as good as possible. That goes both for EDU, it goes for the individual teacher, and it will also be relevant for students in the future using student apps. We see that the opportunity to go international together is great, both with the functionality on the Clever platform, that we can either package consistently to the U.S. experience in some markets, and we can use parts of the stack in other markets. We see that we can do vertical integrations going forward, where we have this deep integration and where the Kahoot! service can rely on the pipelines which already are provided by Clever instead of building it from scratch. Of course, we have the operational scale, where us, as, one family can use the best of both teams to do better product development, better roadmaps, and of course, the go-to-market part of this can also be aligned even further going forward in the U.S. We're super excited about everything we can do better for the back-to-school next year, both with the Clever team, experience, bandwidth, and reach, and adding to that the Kahoot! ecosystem and organization. Truly showing that it's possible to deliver a fantastic valuable position for the students, for the teachers, and for school admins on the Clever platform next year in the U.S. and outside. All in all, very interesting and good dimension to the Kahoot! story with Clever on board. With that, let's do a short summary before we go into the Q&A session. We have this very good ecosystem platform, as you have seen now, from different views, both covering school, home, and work, and academy, which is really a scalable platform for us with viral growth, with a very efficient way for us to continue to develop new functionality and a better value propositions for all user groups, as Courses is a great example of. We have a good partner ecosystem, both on the tech side, but also on the content side, which will help us also to not only provide their great insight and IP, but also force us to build an even better, value proposition for our users going forward. We have all this summed up in basically five main initiatives that we will push for in the coming quarters, both when it comes to the investments in products and features, but also on how we will position Kahoot! in the marketplace. Both with Kahoot! 360 Spirit in the professional market and of course, the Kahoot! at Work in general, how we will work with Kahoot! EDU as the educational institution licensing, in addition to the teacher licenses and everything that goes with the school platform. We will have the Kahoot!+, including also the upcoming Kahoot!+ Study and Kahoot! Kids, in addition to the Family subscription, of course. We have the Marketplace, which is tying nicely into all these four other boxes, being able to both provide a great marketplace for creators, for consumers, for teachers, for parents going forward, in addition to, of course, any other domain expert also in the professional space. Last but not least, we have Clever and the leading learning platform they provide, which we'll continue to build out and really expand, with the flavors from the rest of the Kahoot! stack, in addition to the 400 other partners that are working with us in Clever to distribute their assets on the Clever platform, both in the U.S. and are really eager to get started on the international distribution as well. That's Clever, together with their upcoming app store, is also another amazing opportunity for us that we can align with the initiatives we just talked about. All in all, in Q3, we saw our strong growth continuing. We had a healthy back to market, I would say back to school or back to work, season, which is showing also that we get traction on the initiatives we have started on, and we can definitely continue to build out, both on what we see in the marketplace, but also what we hear from our customers directly. The scalability is, of course, as always, important for us because it's a proof of concept that what we do from an investment perspective also will be relevant in the next cycle. We will continue to work on the commercialization routines and also the commercialization rollout of both existing services, but also alignment of the acquisitions and new initiatives that we are getting from our acquired units. We will never stop develop the new and great services inside the main initiatives that we just talked about to make sure that anyone onboarding the Kahoot! train will have a better experience every time they revert to the platform, because that's the only way to get a consistent and sustainable customer base over time. We will continue to launch initiatives around that, both on the product side, but also on the commercial side of course. Last but not least, getting Clever on board with their great performances in last part of Q3 and also with their forecast for fourth quarter is of course great for us, especially when it comes to the opportunities they open together with us for the next cycle. With that, thank you very much. I'll hand back to Amanda. Thank you, Eilert, and thank you, Ken. We will now move to the Q&A section. We will begin by answering questions from some of our analysts, and if there is time, we will answer questions submitted in the Q&A chat. Thank you for the questions that have been submitted, and you can continue to submit them there. We will start with a question from our analyst from DNB, Frank Maaø, and you can unmute yourself so that you can ask your question out loud. Go ahead, Frank. Yes. Hi. Can you hear me? Yep, we can hear you. That's great. So yeah, thanks for taking the question. I would like to just ask you, Eilert, about you know, some of the trends on the subscription side as we now have one month of Q4 behind us. You raised the Q4 guidance today, mainly based on the performance of Clever, but also confirmed the non-Clever part of Kahoot!. Could you talk a little bit about how you have seen now since April, May, the churn trends developing and also kind of more the gross additions of onboarding of new clients and renewals as you go into a very important quarter, especially for the business part for that work segment? Thank you. Thank you. Yeah, I mean, of course, as you know, we have a very diverse business when it comes to user base, from students using Kahoot! free forever and up to corporations using Kahoot! more structurally for their processes, as we just covered. Of course, the similar renewal pattern, whether it's a family using Kahoot! for one month or it's a business using Kahoot! for a more of a programmatic way deployed in their organization is of course also very different. The short version, I think, is, and that's very important, is that the way that consumers and that also includes businesses as any business is conducted by a I would say a consumer-ish way to purchase services these days needs to be continuously impressed by features, by value, and by real use in order to continue to subscribe to any service these days. I think that cycle has been accelerating, meaning that what you used to expect from a provider maybe now is at least twice the speed, which means again that the need for us and for anyone else to invest in order to keep those customers is more functionality and faster delivery of that functionality. That is of course, again, why one of the most important reasons for 3 of the initiatives we talked about today, the courses, the Marketplace and the new plans for both personal, and of course on the business side with Spirit. Having not only kind of the same line as last year and renewing customers on the, if you will, the same value proposition, but constantly making sure that we can provide an upgrade from a user experience or from a premium experience is absolutely important. To that point, we continue to evolve on that. As we covered on our Q2 presentation, we were not smart enough on pacing ourselves on this during the second quarter and the first quarter this year. That's why hopefully that will also be reflected in what we presented today on going forward, gearing up our initiatives and doing that slightly different going forward. I believe that it will be possible for us to both increase the average spending with customer, but also the way or the number of services may be a better way to say it, the number of services that the customer can consume from us, whether you're using Kahoot! free and buying a course, for example, on the Marketplace, or you are having a premium subscription with us and so forth. Making sure that we have all these initiatives in place and they're ready for 2022 is definitely an important part of our execution. Well, thank you, Eilert. So far, have you actually seen these trends as we have gone into the fall and through October kind of materialized in the consumer sign-up trends or subscription trends? I would say slightly. It's maybe having consumers in general, I guess, will be more interested in buying services during winter, at least in the northern hemisphere. It's a kind of a high season for us from starting out with Halloween and through the springtime. Yes, we have the seasonality also working for us. More importantly is of course that the services we provide and the content we provide are both relevant and valuable. We see the trend that is going in the right direction. We are, as mentioned, launching just in the coming days and weeks, several new initiatives that will hopefully also broaden out or giving us a even better platform for this going forward. Great. Thank you. Thank you for your questions, Frank. Thank you, Eilert. We will move on to our next analyst question, and we would love to hear from Katherine Tait from Goldman Sachs. Katherine, you can go ahead and unmute. Hi there. Can you hear me now? Yes. Hello. Fantastic. Hi, everyone. Thank you for the presentation, Eilert and Ken. Just wanted to get a sense, you've obviously continued to be successful in gaining, growing that paid subscription base. But as you sort of think about the revenue progression and I suppose the implied ARPU as a result of that, can you just talk us through, you know, my impression was that the, I suppose, implied ARPU for your corporate business customers was clearly a lot higher than for your other segments. And with that sort of segment growing, you know, more quickly, just keen to understand, you know, the mechanics of, you know, how we should expect that ARPU to kind of progress over the development for the next few quarters as well. Thanks very much. Thank you, Katherine. I think there are two dimensions to that. Obviously, the sort of average customer buying a license and doing some upgrading to Pro or buying Pro and upgrading to Premium, that's a kind of average positive development on ARPU that you would expect. And we try to trigger that, of course, through adding more great features in all plans. But of course, the best features in the Premium plans. What is also impacting on the ARPU development as a whole for the business space is of course, that we also introduce new plans which are on the lower price points. Like, Spirit is a good example where let's say that you onboard a company with 100 employees on the Spirit plan. The average price per user will be lower, whether versus if that company buys a handful of presenter licenses for one for HR and one for event department as an example. I think that those two effects will probably offset each other, at least in the short term, and be more of a neutral to slightly positive ARPU development than a major changes. We will, of course, try to maximize the number of paid seats through basically the users of Kahoot! more than trying to optimize the ARPU on existing presenter licenses only going forward. Probably that is something we need to spend more time on in the coming quarter presentations on how that's gonna play out, as it will be over time, more and more two separate tracks to reach out to these two ways of selling to corporations. Great. Thank you. Maybe just one follow-up. I think previously you had said that the work segment was around two-thirds of your revenue. Can you give us a sort of updated breakdown, post Clever, like how the revenue breaks down between work, school, home, and I guess academy as well, which I presume is small today, but yeah, just a breakdown would be really helpful. I think excluding Clever will be fairly similar, split between work and school and home. Slightly increasing on the school side, actually, which is good of course. Of course with Clever that changes substantially next year. We will look into that breakdown when we get into the next calendar year. When it comes to Academy, of course, that's not generating any material revenue as of now. We will see also how we will report out on the Marketplace revenue, as that's of course a slightly different way of doing a transaction than selling software licenses in the next year. Perfect. Thank you very much. Thank you, Katherine. Thank you, Katherine. We will now move on to a question from our next analyst from ABG, Øystein Lodgaard. Øystein, you can go ahead and unmute. Thank you very much for taking my question. I had a couple of questions on the business segment. First of all, you previously talked about partners as an additional distribution channel for your business products. Are there any updates you can give here, some partners you've signed or something, or some news you can give here? Thank you for that, Øystein. I think in short, we can say that we continue to work with partners to see how we can expand our distribution of reaching out to Kahoot! customers in the future. We already have partners that are helping us distribute the Kahoot! licenses to specific customers, more on a deal-by-deal perspective. That's something we see that, especially with the new functionality that we have talked about a little bit today, is becoming more relevant. We really look forward to be able to announce something around that in the not distant future. Great to hear. A second question on the viral distribution model for the business product. Of course you have a lot of business summits, events you do, other ways to market your products. Are you seeing a lot of inbound requests from businesses that wants to try Kahoot! 360 and 360 Spirit? I mean, we see a lot of inbound interest. We obviously always want to have more. We do believe that some of the changes, meaning the in extensions we do, especially around the courses functionality, will help us with that in the coming months and quarters. We have some great stuff. We will talk more about that. We are planning to have a specific Kahoot! at Work event for investors or for the financial market later this quarter, where we will go more into detail on how the ecosystem around Kahoot! at Work will probably develop as well. Looking forward to it. Thank you very much. Thank you. Thank you for your question. We'll move on to the next question from our next analyst from Arctic, Kristian Spetalen. Please go ahead and unmute yourself. Thank you. Can you hear me? Yes. Yes. Perfect. I also have a question around the Kahoot! 360 and 360 Spirit. I was wondering how long is the typical implementation cycle for the Kahoot! 360 Spirit, and how many employees are actually working with implementation and sales there? Okay, I mean, Kahoot! 360 Spirit can be used without any of the traditional implementation per se. We do provide single sign-on for those companies who want to have a more efficient way to log in if it's a larger usage of employees across the organization. It doesn't really require any traditional deployment per se in the sense that you can onboard, let's say 100 or 500 employees by sending out an email with a link that will automatically and activate and in a sense generate your account on your company workspace. There are several ways of using that mechanism that can be used to deploy Kahoot! 360 Spirit across an organization. That's some of the elements we will also talk about more in the workshop I referred to. When it comes to the sales organization across Kahoot!, if we exclude the Clever part of the organization, approximately 40-something employees are focusing on sales across Actimo, Motimate, Kahoot!, and of course handling any kinds of feedback or key account management follow up. We already have sales force that we and then back to my last point on the summary slide are also seeing how we can orchestrate to get more leverage and more structured forward-looking effects of that resources in 2022 into our enterprise and larger customer accounts. Both in schools, school districts across the world, but of course most importantly for commercial and larger organization customers. Okay. Thank you for the clarification there. Can you say anything about how many deals you aim at closing per month or how many enterprises you think are serviceable within the next 3-4 years? Oh, I don't think I have a good number answer to that. I think we will be definitely able to scale our capacity if and when any volume of customers are to be, let's say, handled to be using the Kahoot! platform. It's not gonna be a limitation to our organization to manage that for sure. Okay, that's fair. Thank you. Thanks a lot for taking my questions. Thank you, Kristian. Thank you, Kristian. We'll go to our next analyst question from JP Morgan. Marcus Diebel, you can go ahead and unmute yourself and ask your question. Yeah, Eilert, hi. It's Marcus. Just a question on Work and the question also on in regards to the sales force here. I mean, clearly looks pretty promising. In the past you commented on relatively low requirements on a sales force to roll out this business. Has this changed? And can we assume kind of like the high operational gearing in the business that you were talking about in the past, or has anything changed in this regard? Thank you. Thank you. I think that it hasn't really changed, but of course we got some additional sales force with the acquisition of Actimo and Motimate. What we talked about now was the aggregated sales force across the organization. In the core Kahoot!, it hasn't had to change that much. That said, of course, when we have a great experienced team, we wanna use that even more efficient across the group. And that's of course what we will also do as we align Actimo, Motimate and Kahoot! at Work, and the Kahoot! 360 Spirit initiatives in the coming quarters. There are some great opportunities both for cross sales, up-sales and, of course, extending the usage of the platform with these different customers that already are using one or, in future, hopefully flow of several of these platforms we can provide. Last but not least, we also see that being able to combine these great features into one solution is what really is the top of the list for the customers that see the value of this. That's something we're gonna continue to work on and align our initiatives and also align the services. It's more of a comprehensive, complete offering and complete user experience for all employees in the current customer base we already have in the group. Perfect. Maybe in this regard, I mean, going forward, maybe if you think about the fourth quarter and the full year presentation, can you maybe share with us a little bit more in terms of type of guidance you're considering in this regard? I mean, will we get, like, detailed views on marketing spend maybe going forward? Also one of the questions was with the organic revenue growth that you obviously highlighted now, is that something that we can assume to receive every single quarter or how should we think about this? Well, I think you're addressing an important point. We really need to see how we will present the group going forward for 2022, both due to, of course, getting Clever on board, but also because of the main initiatives that we talked about. What we're doing around Kahoot! at Work, EDU, and home with the Kahoot!+, and how we can align both internally our resources, but also how this best can be reflected in our reporting out to the financial market. That's something we'll spend the coming months on making sure that we have in place for the next year. We really welcome your input on that, of course, as always. Fantastic. Yeah. No, thanks a lot. Thank you, Marcus. Thank you for your questions, Marcus. We will now move to answering some of the questions from the Q&A chat. Many of them have already been answered from these previous questions. We don't have much time left, so we will be brief. The first question, Eilert, from many of our attendees is: Is there an update on plans for the potential U.S. Nasdaq listing? Okay, thank you. I would say that Ken covered this briefly in his presentation today, that we need to close the year as we have now had Clever as a part of the group for one month. We will have one quarter with Clever on board in the group during the fourth quarter this year. Being able to audit and prepare the full group for any secondary listing opportunity after that. Therefore also, we will come back from the board of directors and of course management to the market after end of year and during Q1 on what the plans definitive plans will be and how they will be outlined. That's very much in accordance to what we also have on our slides. That's consistent from our last presentation as well. Thank you, Eilert. We have time for one more question, and I will ask you to be very brief in your answer. Another question is: Could you please talk a bit about how Clever makes money? What portion of revenue is generated from subscriptions, or transaction fees, if any, and where is the potential for revenue growth here? Great. That's a great question. I'll again try to be brief. In short, today, the majority, and that's more than 90% of revenue is coming from the app partners that Clever has that are basically using Clever to distribute their great assets to schools and teachers and students around the U.S. That. Think of it as an app store where you pay for the distribution and integration to the Clever API, which basically means that your offerings comes to life in a secure platform easy to single-click access repository, which is a great way for anyone maybe without the muscles of the biggest companies in the world to do that. Even Google are using Clever for this part, this particular purpose, to distribute Google Classroom. Last point is, going forward, of course, in addition to the distribution of apps, there will also be opportunities for the revenue share on the App Store that Clever will provide for both schools and individuals going forward. We definitely believe that there are opportunities, in addition to international distribution, to use Clever's great platform to add new commercial streams on top of the existing business model that we already have well established today. Thank you, Eilert. Thank you for all your questions. If we didn't get to your question, please feel free to reach out to the Kahoot! team. I will pass it to you, Eilert, for the final word. Thank you, Amanda. Thank you very much everyone for listening in. Hopefully we'll be able to cover the majority of the questions out there. Do not hesitate to connect with us. Very happy to follow up offline. Thank you very much for attending, and we look forward to reconnect with you in the next presentation.