Welcome to the Kahoot! Group Investor Day 2023. I'm Irma Horvath from Kahoot!, and I will be your moderator today. We are very excited to be here with you today to give you updates on our progress here at Kahoot!. Today's presentation will be divided into two main parts. In the first section, Kahoot!'s CEO, Eilert Hanoa, and CFO, Ken Østreng, will provide an overview of the company's strategy and plans for the coming years, as well as outlining long-term ambitions. We will also hear from Trish Sparks, CEO of Clever. The first section will conclude with a Q&A before we move on to the second part, which will cover the group's three main business areas, relevant product updates, as well as commercial plans. Please feel free to share your questions as we move through in the Ask a Question tab on the right-hand side of your screen. With that, I would like to hand over to Eilert. Thank you, Irma, welcome everyone. Good morning and good afternoon. We've been looking forward to this year's investor presentation. Today we will look at Kahoot!'s longer-term ambitions and plans, provide more visibility to our path forward, and share more insight with you. We have a packed agenda. Buckle up. I'm pleased to have with me a number of colleagues in the Kahoot! Group leadership team, who will walk you through how we think about a very exciting future over the next couple of hours. Let me kick it off with some key summary points from today's presentation, as I know many of you will be eager to understand this better. First of all, as we report in our Q1 presentation, we saw a slightly more positive trend in our user activity on the platform in the end of Q1, and I'm happy to report that also in May, we saw a positive increase on several parameters of activity on the platform, including year-on-year growth on activity, active accounts in May standalone. Further to this, on top of our automated business, we are seeing key account sales on our core Kahoot! platform offerings, both by number of deals and sizes. It's increasing significantly year to date on a LTM basis. We see continued adoption of new paying apps on the Clever platform, currently driving approximately 20% growth in activity. In the longer term, we are targeting a trajectory of more than 20% annual growth in billings in the period following this year's guidance through 2026. With our strongly scalable platform, we maintain our target for delivering a group-wide cash EBITDA at approx 40% in 2025 and onwards. We are announcing today that we are taking a next step in our preparations for a secondary listing, with our plan to do a dual listing on Nasdaq during next year. We're also announcing our first wave of features based on generative AI into our product suite. You will see a number of other new offerings as well, with a focus on increased engagement for all our 25 million users on the platform across home, school, and work, including our new initiative, Kahoot! GO, that I'll talk more about later. I believe we are in an inflection point as a company, and we have a very promising year ahead of us, including the coming years. We're already a world-leading digital engagement brand. Today I'm pleased to tell you that we have never had more advanced activities on our platform, never had more products and offerings already available for the market. On top of our already strong suite of learning solutions, all of this on a stable cost run rates, which also Q2 cost in line with Q1, confirming last six quarters trend. As the pandemic is finally behind us, I'm happy to see positive trend shift in usage, with growth in active accounts for the first time post-COVID in May, that really gives us that extra empowerment in this drive. We will go more into detail on all this today. Before we continue, let me remind you of the fundamentals in the Kahoot! business model. Recurring revenues, high-margin revenues, extremely scalable business model, and extremely low marketing costs. This results in a strong cash flow, steady surfacing more in each added incremental revenue growth. As a profitable company with very healthy cash reserves, we are in a fortunate position to continue building an enduring company for long-term. Regardless of the macroeconomic environment, we're well positioned to continue doubling down on key initiatives, including expanding our products and AI innovations efforts going forward. In the initial section of today, we're looking more into the Kahoot! opportunity. Let's start with our point of departure for the next cycle. Kahoot! has never been stronger than it is right now, when you're looking at the total strategic operational aspect of the business, at both volumes, quality, and commercial outlook. On Kahoot!, we had, last 12 months, we had 25 million active accounts on our core platform, performing over 250 million learning sessions for some 1.6 billion on unique participants. We expect to reach an accumulated 10 billion participants at the end of this summer since the launch of Kahoot! back in 2013. We see a steady growth of new paying subscriptions, with now over 1.3 million paying subscribers across all products and services, and also increasing conversion to paid, focused on the most attractive user segments, talking to the gradual long-term conversion of our platform. As we will show today, we are also seeing gradually increasing ARPU and ticket size following the evolution of our products and use cases, all based on the recurring nature of our business model. Of course, we are continuing to grow. One can increasingly see the scalability of our business model with relative low cost for each new unit of revenue, hence increased profitability. Now proven through the 14th consecutive quarter of positive cash flow from operations. Kahoot! is in a privileged position to have a diversified portfolio of business or around 25 million active accounts LTM across both different geos, demographics, and segments, gives us flexibility, resilience, and creates opportunities. Last year, we set out a strategy focused on three main components on our business, spanning from commercial, gathering the group's resources, tools, and solutions for corporate learners and engagement across all kinds of organizations. Education, with both strategic infrastructure provider, Clever, and Kahoot!'s variety of offerings for schools, districts, and teachers from the kindergarten to the higher education. Consumer and experience, that cover both our offerings to home, including children, social, and students. Here you also find Kahoot! Academy, Kahoot! Marketplace, and great premium offerings of content from educators, publishers, and brands. It's important to understand the strong synergies between the three. Offerings to all three segments are largely coming from the same platform and resources, giving additional scalability. Over the last two years, we have built up onto our platform offerings from previous acquisitions to branch out further in each segment and complement our solutions going forward, taking advantage of Kahoot!'s viral spread and close to zero cost of acquisition of customers. I believe we are approaching an inflection point of our monetization journey to become a diversified scale leader in software-based engagement to end customers across commercial, education, and consumer and experience segments, and all in all stages of lifelong learning. Kahoot! operates across some very large categories of growing addressable markets, totaling over $50 billion. We are currently only scratching the surface of these segments, we believe we are well-placed in the intersection between the large TAMs that can take advantage of this going forward. Across our segments, there are some impactful market drivers that give a long-term tailwind in different ways. Fundamentally, digital adoption and application of digital tools continues to increase also after the pandemic. There are also continued need for education, for upskilling and reskilling. In fast-moving world life, learning becomes a necessity. It is further fueled by the rapid development of the new technologies, including generative AI, also creating an opportunity to power up software platforms. More to come on this. Almost weekly, we receive new research confirming the effect of gamification on learning outcomes. Corporate culture is king, make employees' engagement and communication more important than ever with increasingly disperse workforces. Finally, we expect to see more consolidation in a still fragmented market, which for us, as a centrally placed market leader, can offer new and very exciting opportunities. Even though Kahoot! is already being used in 200 countries and regions around the world, roughly 80% of our active account Kahoot! users today are in North America and Europe. This leaves us with a great opportunity to deepen the penetration in some of the very heavily populated markets with huge TAMs. We are now fueling our viral model further by ramping up our commercial offerings, in addition to international markets, and localization initiatives, as we continue our language localization efforts for increased accessibility and usage in markets in the Middle East, Asia, LATAM, and more. Kahoot! has become a global household brand, setting us up for the next growth cycle, and Kahoot! now stands on the threshold of an important milestone. This summer, we will pass some 10 billion non-unique participants since our launch. It means that we will essentially have educated a whole generation of users, created an enormous group of followers, exposing them to our brand and the signature experience of engagement. All the number of brands visible to billions are impressive. The most important attribute to the Kahoot! brand in, is, in my opinion, the meaningful and lasting exposure and interaction for each iteration you have with Kahoot! An active cognitive experience, like playing Kahoot!, creates an emotional connection that is more sticky than a passive exposure, like a quick ad banner or similar. This is substantiated both by YPulse, confirming Gen Z's affinity to Kahoot!, and the Fast Company's Brands That Matter List of 22. These are both testaments to the close relationship that we have built with our users. I'm also pleased to note that 50% of new accounts are created by 13 to 30 years olds. This strong relationship and brand loyalty from an early age carries the potential to translate into loyal customers and sustain revenue for the company. Our strong brand equity makes me proud, more importantly, it makes me excited about the opportunities for further growth it gives us, making, introducing new products and services. It enables entering new adjacent market segments, as we have done from home and school to enterprise, and from quiz to the learning platform to wider audience engagement services. It supports the conversion from free to paid usage, it opens the door to strategic partnerships and collaborations. We are already harvesting from this, true amazing partnership with some of the strongest brands in the world, including Disney, Amazon, NASA, LEGO, United Nations, WHO, McGraw Hill, and many, many more, this is just the beginning. The Kahoot! flywheel of growth is viral and synergetic. The massive free usage generates promoters that introduce the platform in new departments, classes, or settings. With no paid marketing and zero customer acquisition costs, this leads to more paid upgrades. As we continue to add more functionality for broader use case and improve user experience, this is spiraling into your usage and higher conversion. We invest heavily in new functionality, and we never invested more for even broader use inside companies, as you will see today. We're pleased to see that for the first time since the pandemic, activity on the platform again is increasing. Engagement is on significantly higher levels compared to pre-pandemic to era back in 2019. We're observing a trend shift with year-on-year growth in monthly active users and hosted sessions on the core Kahoot! platform in May 2023, versus last year. We have selected just a fraction of our existing enterprise customers to illustrate the vast footprint Kahoot! has across industries, sectors, and geos. Even though these are all large companies, Kahoot! is today being used in organizations of all sizes, from small to the Fortune 500 companies. It is very, very important to note that even though we are being used within these organizations, we still have a huge opportunity to grow and to leverage the power of Kahoot! group vibe. This represents a huge wide space opportunity for us. A typical journey with Kahoot! is to start with a relatively few seats in one team or department. These first pioneer users expose their product to others in different settings, in internal and external meetings, and establish a usage pattern. The word spreads internally about engagement or platform sparks. Kahoot! is all about engagement and seeing and is believing. With a fairly low cost, many customers add more seats and upgrade to a larger enterprise account as they go and as they please, our platform spreads. This was the case with Pfizer, Webcor, the U.S. Federal Communications Commission, and many more in this slide. Another example is Rentokil Initial, the global pest control company. They started out with a few licenses in 2020, today they run global sales training with Kahoot! and have engaged more than almost 25,000 non-unique participants in the last 12 months through their platform, that's how it often works. We have larger U.S. telcos with hundreds of thousands of participants last 12 months, using Kahoot! as a way to make engagement around their conference. Our position in the U.S. has always been strong, even from inception of the company. When the product spread like wildfire in classrooms around the continent, it was encouraging to see this documented also in the reportings coming out this last year, pointing to the strength of the tools in U.S. schools. Also quite amazing to see that both Kahoot! and, or very important platform, Clever, came out amongst the top 10, only surpassed by Google services. With Clever's fantastic setup, both when it comes to the reach of students, teachers, 97,000 schools, K-12, and over 10,000 school districts, it's no doubt that the strategic position we have with the Clever platform as a distribution for any kind of learning material digitally into the world's leading school market, connecting technology and education providers with American students, teachers, and schools, is truly recognized in this overview. This is a fantastic opportunity for me to hand over to Trish to let us hear more about Clever's latest status. Trish? Yes, thank you, Eilert. Hello, everyone, I'm Trish Sparks, CEO of Clever, and I'm a former teacher, so I bring a very specific lens to this role, and I'm incredibly passionate about serving the millions of teachers and students that use our Clever platform. Some of you may have attended the meeting we had around this time last year, and for those of you that didn't join last year, I'll definitely share a bit about the fundamentals of Clever and what we do. It's important to note that we've had a really exciting year since that meeting. In the last year, we've seen tremendous growth of our network and our school and application partner ecosystem. We launched some exciting new security offerings, Clever MFA+. We now have a new joint offering with Kahoot! in the Clever portal, which is very exciting, and we're continuing to make progress on our international expansion, so it's been a big year. Before we dive into our progress on those things and our future plans, I'll spend a little bit of time just anchoring us on the problems that Clever currently solves. You all may have heard of Dan Carroll. He's one of Clever's co-founders, and he actually started his career in the classroom as well, and then he became a school tech director. Clever was, in the early days, really created specifically to solve the problems that Dan experienced, because what he realized was that the problems he was experiencing were really common to most of the other classrooms as well. As a tech director, the more schools he managed, the worse the edtech challenges became. There were all these isolated data systems that required painful manual processes to cover, to copy data from one system to another, and it just led to an endless stream of tech support tickets from frustrated teachers and students. The more technology use grew, the worse it got. The Clever co-founders knew that these were solvable problems, and it didn't have to be that way. It didn't have to be the status quo. The problem is, it wasn't just bad for IT people, these problems blocked students from accessing and using their edtech for learning. At Clever, we believe technology is a powerful lever that can make education more equitable and engaging, and it also has the ability to advance education around the globe, which is what we're focused on now. Clever is on a mission to connect every student to that world of learning. On the next slide, you'll see in the past 10 years, you know, there's really been an explosion of learning applications. Clever's developed an essential infrastructure for that edtech to work great in the classroom. We really serve three primary user groups. The first one, of course, is students. You know, they get easy access to all of their edtech applications with Clever. The platform is specifically designed for the K-12 environment, so there's no URLs that students have to remember. The single sign-on technology makes it really easy for even the youngest learners to access their resources with QR codes, like their badges. Also our teachers. Teachers get to focus on teaching. They get to focus on instruction. You know, imagine being a teacher and having to help all of your students log in before you can even start a lesson. You know, I mentioned I started my career as a teacher in the classroom, and I can tell you, nothing is more frustrating for a teacher than to waste time that should be spent on learning. With Clever, they don't have to do that. Our third user group, we, you know, we serve our IT administrators at school districts. Now they have a scalable, secure way to manage all of their apps and create accounts and administer passwords. Edtech app developers and publishers can focus on creating great content instead of having to deal with all of the integration and implementation headaches. The infrastructure and network we've built simplifies EdTech rollout so that every student can just log in directly to their digital learning applications and learn. Over the last five years, we've seen an average number of apps used at school in our network rise significantly. The increased amount of EdTech usage brings more and more data management, integration, and security issues for schools. The good news is, these are issues that Clever is uniquely positioned to solve. Smooth EdTech rollouts. This is something that is ideal for folks but doesn't always happen until you use Clever. Smooth EdTech rollouts means that students and teachers have easy access to the tools that the school districts have purchased for them and that they are investing in. With Clever, we've created a single sign-on portal and classroom experience so that all of their edtech apps are all in one place, and they don't have to go searching around different places for different apps. So it's all in one place. It's in the Clever portal. So when students and teachers use the Clever portal, there's no need to remember multiple usernames and passwords. This digital classroom is actually one of the first places where teachers and students go in their school day, early in the morning, you know, log in to Clever and get going. We've leveraged that visibility pretty well by launching a new experience that allows teachers to launch a Kahoot! directly from their Clever portal. So that's something that also has happened in the last years. They can launch Kahoot! We've made that super seamless for them. The functionality is still pretty new so far, but we've already had over 20,000 unique users log into the Kahoot! app through the Clever Library. That's exciting, and I'm sure there will be more to come there. On this next slide, we're gonna sit on this one for just a minute. There's a lot to this slide. It's kind of an eye chart. There's a lot going on here, but this is where the most important area for you to be able to understand the Clever business model and what we provide to our schools. Clever's backend APIs are the foundation to create a seamless rollout experience for IT administrators and an engaging classroom experience. If you want a secure and reliable platform where students log in and everything just works, you've got to have great infrastructure on the back end. Applications need to connect to school databases. They need data to provision their user accounts and provide personalized experiences, and without Clever, frankly, this is a nightmare, but we handle all of that. There are over about 100 commonly used commercial databases that schools use, referred to as school information systems. With Clever, schools using any of those databases can connect to any application. We've integrated with almost every school database out there in the U.S. so far, and that way, application developers can just plug into Clever one time and use their software anywhere. This gives app developers time back to do what really matters so that they can create software that helps their students learn. Clever actually has a pretty unique and innovative business model in EdTech. It's really focused on maximizing network growth. Schools don't pay for the core, the core platform. Over the last 10 years, they never had. They get rostering and the SSO portal for free. Schools have the option now to purchase paid security products and services, which then drives additional revenue growth, but that core product is free. We've reached incredible scale with this approach, achieving over 97,000 schools. Eilert mentioned that earlier, including 97 of the top 100 school districts. Those include school districts like New York and Los Angeles and Miami and all of those. What's interesting is that school districts usually ask the application vendors to work with Clever, it's the EdTech vendors, our application partners, that pay Clever to use our APIs so that they can more efficiently scale and deploy their software to reach our massive network of schools. That's the value that we provide to them. We currently have about a little over 600 paying partners right now, but we also have about 300 that use some of our free integrations. A lot of times, app partners will start using our free integrations and then eventually upgrade to the paid, Secure Sync integration, is what we refer to as them integrating with our APIs. This is the district and app partner network effect that's really helped us scale over the years. As more districts connect to more partners, our network and business continues to grow. As a result, our network connections have increased 22% in the last year, and Clever has built the largest network of schools in the U.S. Now it's exciting that we're positioned really well to expand this value globally and extend into new product areas like cybersecurity. Next up, right now, you'll see across all the schools in the Clever network, schools have an average of about eight apps on Clever, and the top quartile of Clever schools have an average of 17 apps. When schools get new apps and update their configuration, their value grows for all parts of the network. In the last two years, existing schools grew, on average, their apps on Clever by 39%. This is a great opportunity area for us. If the average number of apps on Clever is only eight, but a lot of schools use 60 or even more apps, that is just white space that we have an opportunity to capture. Not only do we have the large network, but we can go deeper and drive more engagement in the existing network that we have. We've, you know, we've built a strong foundation for increasing value through the network effect. Now we have about 75% of the U.S. K-12 schools on the platform, and we have tons of room to grow users and applications within those schools to extract more value out of the core offering and to continue to grow our footprint. On Clever, you'll find some of the biggest names in EdTech, but also not just the big players, but the next generation of EdTech leaders, because we're really essential infrastructure for applications of all sizes. You'll see here, about 28% of our overall revenue comes from the top 10 partners, and a little less than half of our revenue comes from our 20 largest accounts. The other half of our revenue really comes from a multitude of small and mid-size up-and-coming, application partners. Similar to what Eilert mentioned earlier, our sales strategy is to land and expand. You know, we start by serving a portion of our application partners and our school customers, but then our revenue grows as apps subscribe for more and more of their school customers over time. The good news is, it's also super sticky, our net revenue retention from existing customers was 115% last year. Once they start with us, they stick around, which is great news. Here's a high-level overview of our three key strategies we're focusing on to drive network and revenue growth, both this year and over the next couple of years, the first one is connect anything. Our vision is for easy, secure access in the classroom, it's not completely there yet. We still have room to grow. There's so much more that we can do in our core area, we're in a great position to make that happen, more work to do there. Next, we have secure everything. The quality of our products and focus on the K-12 experience to date means that schools trust us, and they turn to Clever to solve more critical problems. With that brand recognition and awareness and trust, we're bringing new security products to market, and we're working to now become the market leader in the K-12 Identity Management and security space. Again, lots of opportunity and work to do there. Finally, we have expand globally, and this one's pretty self-explanatory. You know, challenges implementing and accessing EdTech aren't unique to the U.S., and so it's a global challenge. We're excited to scale globally and drive international expansion, while also being able to diversify Clever's business model. Now that we've spent time on what we have been doing, let's dive in to each of these a little bit further. We can start with connect anything, and our long-term vision is, as I mentioned, to provide seamless integrations for all systems. While we've solved the use case of getting data from the SIS to learning applications, the technology and learning environment has become so much more complex in schools. They just have a lot more systems than they used to. LMS usage, for example, is creating a lot of new ways of accessing applications, creating more integration needs. Schools want applications to take in data from different systems beyond just the SIS now, schools expect Clever to handle this. You know, they want us to handle the complexity and of all of the systems challenges that happen in schools. We're expanding the types of integrations we support to meet this ever-evolving need in the schools. Clever can connect more district systems to expand revenue opportunities beyond just rostering, so that's a great opportunity for us. With our second strategy on the next slide, secure everything, we really wanna become the leading security company for K-12 schools. We do have a great brand, and we're trusted, and we have, you know, awareness, but right now security is top of mind for our schools, and the number one investment area for school IT leaders. With our deep experience in K-12 identity and data management, we're really uniquely positioned to help schools and applications secure their data with MFA protection and streamlining identity and access for all users with IdM and SSO. Just a while back, we launched a survey to administrators earlier this year, and what we found out was two-thirds of them said that they likely could face a cybersecurity threat this year. Two-thirds! I mean, I was expecting it to be high. I wasn't expecting it to be that high. On average, these attacks cost school districts around one and a half million dollars. So IT leaders are investing in automated tools like Clever's new identity management and MFA tools to secure their districts and, you know, avoid these attacks and the associated cost and inconvenience. With Clever's investment into securing accounts and access for the entire ecosystem, what we protect on Clever has broad and meaningful impacts for all the applications that districts access through Clever. Finally, we're continuing on our journey to expand globally. On the next slide, you'll see, you know, the lack of EdTech infrastructure really slows adoption for schools and EdTech apps around the world, and we are innovating on our platform to make adoption easier for schools and more scalable for partners globally. You know, it took us years to get where we are today in the U.S., but with a phased approach to global expansion, we really believe we can move a lot faster. We've already built the core platform for the U.S., with a simplified rostering and portal experience that we can quickly help schools in Canada, the U.K., and Australia solve the universal challenges with edtech and save teachers time in the classroom, I think we have a fantastic opportunity. Don't forget, you know, we have our large network of application partners, many of those are already, they already have an international footprint, they're really excited for us to expand with them and solve challenges for them outside of the U.S. That's terribly exciting that we have partners that are willing to go global with us. This last slide here, you know, this is just a wrap up, you know, a high-level view of Clever's plan to grow over the next few years. You know, we'll continue to maximize revenue opportunity on our core platform. We still have lots of opportunity there, expanding the network and driving deeper engagement within our existing schools. Through our investments in continuing to expand Clever's network domestically and internationally, we are really positioning ourselves as the leading security solution for K-12 schools. You know, we also have so many opportunities to leverage our synergies with Kahoot! Everything from, you know, sales team synergies to product development, to operational costs, of course, and, you know, ultimately accelerating growth for both Kahoot! and Clever. That's it, everybody. Thank you so much for listening, and now I will hand it back to you, Eilert. Thank you, Trish, great to see how Clever is providing critical infrastructure and a fantastic platform, providing real tools for helping digital learning for, on such a massive user base and scale in the U.S. Extremely impressive, and we're very, very happy to have Clever as a part of our lineup for our further growth. Fundamentally, digital learning continues to grow, and the replatforming of education and learning across work, school, and home is set to continue. Kahoot! will continue to play a role in these trends by concentrating our strategic priorities around these four focus areas: engaging learning, evolving our platform, deeper and broader learning purposes. Corporate learning, to tap into a larger TAM with our core Kahoot! offerings, including, of course, those acquired new offerings now integrated. Digital platform for schools, particularly developing Clever's premium offerings.... and premium content, taking advantage of the ecosystem of partner content, and mobilize a vast community in developing learning content and materials from educational, from educators, from experts of topics, and of course, individuals around the world. Kahoot! platform is one unified platform, which is a set of offerings based on the same technology, same investment, and same set of organizational resources, creating synergies across segments. As we continue adding more features and integrating more acquired offerings onto the core Kahoot! platform, the product itself is getting steadily stronger and richer of functionality. We dedicate more than half our total team to R&D, and most of them are working on our new features, new products, new offerings to improve the user experience for all users, whether they are a student with a freeze license, a teacher in the public school, or a big corporation using Kahoot! for engagement and learning. We are continuing to invest and launch great new services in all these four categories. Very happy today to talk about what we have done on an area that interests many of you these days. The rapid development of AI, and particularly large language models, provide software platforms like Kahoot! with new and powerful capabilities. Today, we extend our long-lasting commitment to innovation and product-led growth by launching the first wave of features, weaving the in generative AI technology on the core Kahoot! platform. This will make learning even more efficient, accessible, and engaging for both creators, learners, and presenters, whether they are in the classroom, in corporate settings, or in any social setting. By adding more value for all users, free and paying, we are supporting the virtual circle based on product-led growth and further fueling the growth of the company. The first AI-powered feature we are launching, that's called Question Generator today, is the first example of how we will enhance the platform with a single text prompt powered by Microsoft Azure OpenAI, and it will be able to generate a complete Kahoot! for you on any topic. We have a great pipeline of additional features that we will enhance with AI, including everything from how information is automatically grouped on ideas based on our similar matching in our brainstorming functionality, improved semantic search across the platform, image generators, co-writing of text, and kahoots, of course, and study tutors, and of course, answer explanations. Every aspect of presenting out kahoots, engaging with the content, learning or teaching, will be empowered by AI features and services over the coming quarters and years. Switching gears a little bit to our business side of corporate learning, we're also very happy to be able to talk about Kahoot! Engaged, which is really our next big initiative for corporations, taking the best from our three corporate solutions, Actimo, Motimate, and Kahoot! 360, and providing a great platform for further expansion in corporations. Engaged combines corporate learning with communication and the productivity aspect. For a few dollars per employee per month, which is extremely efficient price compared to complex and upfront cost, heavy LMSs and other learning platform solutions, this is a as-you-go rollout solution for securing engagement for every aspect of the organization. We will hear more from James on this later on what this really means for our larger customers today and for a lot of new customer opportunities tomorrow. It's all built on existing Kahoot! platform to ensure the global scalability of the solution, fully taking advantage of our efficient cost structure. I'm also very happy to be able to announce today, Kahoot! Go, our new instant engagement tools that we will launch this fall and make available for all 25 million users on the platform during the last part of 2023. This will provide instant engagement in all kinds of settings, it will be able to make you launch any activity with one click, whether you already have a Kahoot! prepared, or you just need a tool to get instant engagement with your team, whether it's in class, at home, or at work. Every week, we have 1 million teachers on the platform using Kahoot! to make sure the classroom is really engaged in learning. With our new quick launch toolbar and Kahoot! GO, we can now provide them all with our latest innovation to enhance learning in new and exciting ways, with 0 preparations, in addition to, of course, traditional way of using Kahoot! for more deeper learning. Not only that, we also have 1 million searches every day for great content on our platform. What we do with Kahoot! We will transform that experience on how you search, discover, combined with how you can create instantly, and enable everyone to be able to participate and provide great experiences on learning. This, of course, is for any topic based on trusted content from trusted partners. With our new Kahoot! Generator, which enables fast AI-assisted creation of the trusted content, and with one click, the user can upgrade for added quality content sources and exciting new learning formats and games experience, and advanced quizzes. It's now you can basically always either find the great quality content from our partners, from our verified educators, from other Kahoot! users, or create your own collection based on available content in seconds. Our Kahoot!. Generator enables fast AI-assisted creation of trusted content, that is really the source of any frustration and uncertainty these days, that it doesn't really give all the value of AI in the hands of teachers and others, unless you can trust the content source. With one click, the user can upgrade for added quality content and making sure that that is really the source of any aspect that you wanna use for building your complete learning session. With rolling out the free Kahoot! GO to all users, we enabled all our billions of current users and new users to quickly create great learning experiences or use all the great content already on the platform, with easy access to subscription or to buy premium content ready to play. We will also provide a platform for increased user value, with higher frequency and a great one-click upgrade path to Kahoot!+ One, which is our first bundle, where we'll combine content and software subscriptions with our new features for all segments. We will also have Kahoot!+ One Premier as the ultimate SKU for those who need all our services and want to share this in their family. With our upgraded toolbox for creating great learning experiences and access to premium seasonal content and gameplay, including our upcoming Season Pass, we think we have a fantastic opportunity to really drive the usage, the experience, and the value of Kahoot! to the next level. With that, I'm happy to hand over to Ken to talk to you more about our scalable and resilient business model. Over to you, Ken. All right, thanks, Eilert, and good afternoon, everyone. My name is Ken Østreng, CFO in Kahoot!, and I do wanna thank you for joining us today to learn more about our business and our products. I'm very pleased to take you through our scalable business model. From a financial perspective, our focus in Kahoot! is about continued scalable growth, expanding profitability, and solid cash flow generation, with a disciplined capital allocation. In terms of continued profitable growth, the financial development over the last three years, per the first quarter, confirms that we have a proven scalable business model. Our 10x billing growth to $173 million over the last three years is driven by organic growth in the number of paid subscriptions and the effect from acquired companies. Revenue growth follows a recognition of the billed annual subscriptions over the term period, driving the 14x increase over the last three years to revenue of $152 million. We have continued improvement in adjusted EBITDA following revenue growth and prudent cost development, with an increase of $41 million over the last three years. For the last 12-month period, adjusted EBITDA increased 62% year-over-year to approx $35 million. Our scalable business model, with marginal CapEx, is proven by the strong free cash flow improvement of $45 million over the past three years. For the past 12 months, free cash flow has increased 50% year-over-year to $45 million from $30 million for the prior 12-month period. Now on to the key elements in our financial component model, enabling our growing annual free cash flow generation. Our growing recurring revenue derives from the prepaid annual subscription model, with a 22% pro forma growth in billings last year, low customer acquisition costs, driven by conversion of existing free users on the platform to paid subscribers and marginal cost for premium plan upgrades. The scalable Kahoot! platform supports all customer categories globally, and we're carrying the similar infrastructure cost for both free and paid users on the platform, so conversion from a free to a paid user doesn't trigger any incremental infrastructure costs. The total platform cost represented approx 5% of our billings for the group in 2022, and our gross margin was 95%. We have a capital-light business model, with minimal CapEx required to support the scale of the operating model. R&D cost is expensed for continuous development and improvement of the platform and our offerings. These are all enablers for free cash flow growth, which was 35% year-on-year in 2022. On to some of the key business drivers. Starting with our automated sales channel, with over 1 million transactions through self-serve prepaid credit card sales driven by conversion of existing free users to paid subscriptions through the viral distribution model. We have key account sales, our inbound-driven sales model, deriving from initial purchases from the viral distribution model. In terms of the billing seasonality, we see that the education customer category is particularly strong in the third quarter and the commercial category in the fourth quarter. Clever, there is a continuous adoption of apps by schools throughout the year that drives growth with the third quarter as the main billing quarter, in line with the back-to-school season. In terms of automated sales, conversion of free users to paid subscribers is a key driver in the continued commercial development. Kahoot! has, over the past four years, increased the number of active accounts on the core Kahoot! platform within the professional user base by 80%, and that is defined as users within the work and school category. Over the same period, the paid subscription ratio of active accounts has almost gone 5x, and that's showcasing the willingness to pay for the Kahoot! offerings. Looking at the evolution of the ARPU development, it is a product-led growth that drives the ARPU increase for the annual cohorts over the past four years, where both Kahoot! work and school users are paying more for new subscription plans over the period compared to what they did some few years back. Our continuous product development results in more feature-rich solutions, enabling a broader set of use cases for all customer groups, which will continue to drive ARPU development across the subscription base. Kahoot! has not had any price increases on existing subscription plans, so our billing growth derives from increased number of paid subscriptions and new sales and upgrades to higher value plans. For our account sales, we see a solid development in both the number of deals and the size of the deals, both from new and existing clients. In this chart, we have outlined the key account sales development for the group, excluding the Clever clients. Over the past two years, we've done 3x in total dollar billing development, measured on a pro forma basis, whereof the Kahoot! platform and the bolt-on acquisitions have both contributed positively in these pro forma numbers. On to the key drivers for Clever. As Trish described in her presentation, Clever has experienced strong development in student monthly active users and the number of paying apps, both long-term and more recently, as outlined here in this chart. Monthly active students on the platform have more than doubled over the past four years, and in Q1 this year, reached 25 million students, which represents approximately half of all the K-12 students in the U.S. The number of apps, another key driver for Clever, has continued to increase, reaching over 610 paying apps on the platform per 1st quarter this year, that's a growth of 100 new apps year-over-year on the platform or 20%. The average number of apps per school has also continued to develop positively, with Clever schools now having an average of approx eight apps on Clever, compared to three apps four years ago. That said, there is still room to grow adoption within schools, evident in the fact that Trish alluded to, that the top quartile of Clever schools have an average of 17 apps on the Clever platform. In summary, the continued positive momentum of usage on Clever sets up Clever well for the coming back-to-school season and beyond. With a high operating leverage in our business, Kahoot! has a proven record of generating increasingly more cash as we continue to grow our top line. As you can see in the chart, we have a modest growth in the operational cost base quarter-over-quarter. That applies to year-over-year as well. This also goes from the first quarter this year to the second quarter this year, as Eilert mentioned. This is thanks to our low customer acquisition costs, our scalable platform, and low infrastructural costs. Again, we have the capital light business model with minimal CapEx required to support the scale of the operations. Now on to calculated share-based expenses. In addition to the regular operating expenses outlined on the previous slide, there are calculated share-based compensation expenses deriving from the group's equity program. I want to reiterate that these calculated expenses, they do not have a cash effect for the company. They are merely calculated expenses included in the IFRS, regardless if the granted instruments are in the money and have a dilutive shareholder effect or not. The calculated share-based expenses increased notably in the second half last year due to the rollout of the new equity program. These calculated expenses will continue to decline through 2023, in particular in the second half of the year. Where we expect the quarterly calculated cost run rate, based on the vesting schedule of current outstanding instrument, to decline with approximately 50%. For the end of the first quarter this year, outstanding instruments and the equity program was $32.9 million, of which approximately 50% of the instruments were non-dilutive at the share price at that time. That translates into less than 4% dilution of outstanding shares. Calculated payroll tax will of course fluctuate with the share price development. As described in the financial compounding model, we have a proven, scalable operating model in Kahoot!. We have a strong gross margin driven by volume scale and marginal third-party sales and distribution costs. As proven in our development over the years, the operating model leverage enables continued revenue increase with a modest operating cost increase, taking us to the 40% cash EBITDA margin. Our capital allocation framework is centered around balance sheets optimization and liquidity, securing a solid financial position. Prudent approach to fund growth, focusing investments into talent and product innovation to secure competitiveness and continued long-term profitable growth. Again, there is this very limited need for CapEx. Considering the capital allocation, the group doesn't need additional capital to grow organically. Furthermore, our current cash position and future cash generation provides us with opportunities, both organic and non-organic alternatives, including M&A and partnerships. From prior years' acquisition, it remains just approx $50 million in deferred consideration to be settled over the coming years. Now on to the US listing preparations. As we communicated to the market previously, we have invested a significant time in exploring the opportunities and implications of a possible dual listing outside of Oslo Stock Exchange. Without going into too much detail, the results of this mapping have been presented to the board, a decision has been made to take the necessary steps to prepare for such a listing at Nasdaq at the appropriate time. Together with our advisors, we will consider the relevant scenarios. We believe that the market will be favorable for a company with Kahoot!'s strategic and financial profile for such listing during 2024. Final timing will be subject to market conditions and satisfactory market interest. Kahoot! is already a top 25 traded stock on Oslo Stock Exchange, with considerable liquidity and trading volumes over time. A dual listing will make the shares more easily available to a broader set of investors and improve liquidity further. Important to note is that the large majority of our revenues, or approximately 65%, and the user base, is also in North America and the U.S. in particular, and approximately 50% of our employees are in the U.S. We believe an alignment between our actual main operating market and place of listing will be natural in the next stage for the company. In conjunction with such dual listing, we believe that our strong cash-generating capabilities will offer opportunities to deploy capital for the benefit of shareholders through targeted joint ventures or partnerships, or possibly targeted acquisitions. Kahoot! will update the market further on details of the process during our second quarter presentation in August. On to our outlook. We reiterate our full-year outlook for 2023, with continued double-digit year-on-year growth in billings, delivering recognized revenue exceeding $170 million, with a modest annual growth in operating cost base and adjusted EBITDA exceeding 40% year-on-year growth, with solid free cash flow. We delivered on our outlook for the first quarter. For the second quarter of 2023, there is continued year-on-year growth in billings, delivering recognized revenue of $41 million-$42 million, with modest quarterly increase in operational cost base, resulting in year-on-year improvement in adjusted EBITDA and free cash flow. For the long-term ambition, we're reiterating the long-term growth potential and scalability ambition, targeting 40% cash conversion, cash EBITDA margin in 2025 as percentage of billings. Let's talk about our long-term ambitions. First off, we believe the market over the next three years will slightly improve compared to the last year, and that we're well set up to take advantage of that. Our long-term ambition, which is based on our underlying assumptions and expectations to our performance going forward, we expect to see growth in billings in excess of 20% average annually for the group as a whole between 2024 and through 2026. With the three main business areas representing commercial, already in 2022, representing approx $60 million in billings, we anticipate growth driven by strong key account sales and continued growth in automated sales. Education, including both Kahoot! and School and Clever combined, approximately $90 million in billings in 2022. We'd like to grow on par with the rest of the group. Consumer and experience, which grow at a rate above group average, but from a lower base of approx $20 million in 2022. We are confident we can deliver this level of revenue growth on a continued modest cost growth in operating expenses, translating into a 40% cash EBITDA margin in 2025 and onwards. Keep in mind, at the last 12 months basis, we are currently operating at approx 39% cash EBITDA margin, but then not taking into account Clever, which is continuously improving their profitability and cash flow as part of the Kahoot! Group. To put some additional flavor to our long-term organic outlook, we have ongoing growth initiatives. Increased conversion rate and improvements across customer channels, increasing cross-sales for the group's product suite. Potential for further strong growth in large account deals and size within both existing and new clients. Clever, with significant white space to grow within existing user base, adding new app partners to core rest or service. Other key growth accelerating initiatives includes driving further conversion from product-led value add-on, including AI, with 50% of our staff in engineering and product. We have Clever with a natural add-on sales app store for education, monetizing K-12 parents' ecosystem, and international expansion. We have new revenue streams from content creators through marketplace. The continued modest increase in operational cost base, resulting in year-on-year margin improvement long term. Let me wrap up with a quick summary of what you've heard today. From a financial perspective, our focus in Kahoot!, it's about continued scalable growth, targeting average annual billing growth of more than 20% between 2024 and 2026. Expanding profitability with a 40% cash EBITDA margin by 2025, and annually growing free cash flow with limited CapEx required to support the operating model. By that, I'll hand over back to Eilert. Thank you, Ken. Really great to hear the full overview of the financial part of our business model. We continue with our priorities for 23. They have not changed since our last presentations, it's all about the scalability of the platform. It's all about making sure we are evolving the platform, as you heard already, and we'll hear more after the Q&A. Our continued integration in of our acquired offerings and building out new great offerings for all users. Continue to develop and commercialize our premium offerings on the Clever platform, unlock new revenue streams, both with partners, with all our educators and other content providers on the Marketplace. Of course, deployment of group resources to innovation, and you will see that hopefully on a higher frequency than ever before. Wrapping up before the Q&A, our brand and central position in the learning and audience engagement market provides a unique opportunity for us to partner with learning companies across the ecosystem, and also extract synergies, being part of our platform and create the go-to site for learning across all our business areas. You heard about our new initiative, Kahoot! GO, today, and with all the acquired assets that are building up that fantastic value proposition that Kahoot! GO with a quick launch toolbar provides, we have so much new opportunities ahead of us with our existing companies and assets and of course, offerings for our customers. Of course, with the exciting acquisitions that we have done the last couple of years, helping us to build out these great offerings. In each business area and drive growth, we will continue to pursue these strategic opportunities, whether they are joint ventures, partnerships, or also bolt-on acquisition, maintaining, of course, our discipline, both strategic and financial profile. Thank you very much for attending this first part of today's presentation, and I'm handing over back to Irma for the Q&A for this one. Thank you so much. We are now ready to move on to the Q&A. The first question is for Trish. It comes from Pete-Veikko Kujala from Morgan Stanley. Trish, the question is: If the average school uses 60 apps, why are only eight used through Clever? Even top quartile has over 70% apps not used through Clever. How do you drive penetration further within existing Clever schools? Yes. There's usually two reasons that not all the apps are on Clever yet. I prefer to think of it as yet. They will be eventually. One is that the edtech can be purchased at a school level, or at a teacher level, or at a classroom level, and when that happens, sometimes that connection with the district administrator to make sure it's connected on Clever takes a while after that purchase has been completed. Sometimes it's just a disconnect within the district. One of the actions that we take for that specifically is to proactively work with the district administrators, making sure that they know all of the apps that are available on Clever, all of the apps that they have in their schools, and make sure that as many of them as possible are connected through Clever. We do that pretty diligently, and that's one area that we can increase the connections. The other area is when an application has not yet built their Clever integration. There are applications within a school that do not have a Clever integration yet, we consider those our prospects. That's the area that we can grow, add more new paying application partners, and also increase more connections on the Clever portal. Thank you so much. The next question is also for you, Trish. Out of the growth initiatives that you mentioned, where do you expect to see the biggest revenue contribution in the next two or three years? I still think in the next two or three years, the largest growth opportunity is within our core platform, for just the reason that we discussed. There's still so much white space in our core platform, not only to expand our network, but to go much deeper in engagement in our network. The global initiative, you know, we'll continue ramping that up a little bit and our new paid products, but the vast majority of the growth will still be in the core platform in the next two to three years, I think. Thank you, Trish. Next question is for Eilert. This is a question that has been mentioned by several people in the chat. You target an average growth of about 20%. What are the elements for growth to accelerate from the current level we've seen the couple of last couple of quarters? Yeah, absolutely, that's a great question. I truly hope that we have been able to at least touch on some of those drivers, both when it comes to the activity in general, where we're seeing now a slightly new trend coming out of the pandemic and the compare pandemic. The initiatives we're doing for both the free customers with Kahoot! GO, the initiatives we're doing for corporate customers with both what we do on Engage, but also in general, improving the tools and also providing the same simplicity as the GO provides to individuals and teachers for corporate customers, as we will hear more about after the break. Of course, that we have a very proactive organization when it comes to both developing great new products, services, and adding new opportunities for commercial upgrades, whether it's from free to pay or pay to pay more. Last but not least, we do believe, and that is, of course, very important in today's market, that the offers we have is actually more compelling to large organizations due to the lack of need for investment in CapEx, upfront commitment, whether it's consulting or deployment. As we will hear more about later, it's really a offering that is in line with the current times and with the opportunities we have to scale our platform, which drives both through, of course, top-line growth, but also through the bottom-line growth. Thank you. We can see that there was a lot of curiosity around this next question that goes for Ken. Your ambition is to reach 40% cash conversion by 2025. What are the key drivers to achieve this? I wanna start off by saying that we've never started a year with a stronger and bigger team than we do in 2023, compared to the start of any other year. We have a really solid team now, and we're scaled to handle growth based on our current setup. That is the first thing, and the other thing is that we actually have, in parts of our business, as alluded to in the presentation, we have already close to 40% cash conversion- cash EBITDA on the old Kahoot! side of the business. We can see now that we're gradually developing the entire group in that direction. We know the model scales. We have a strong year-on-year improvement in free cash flow, and by continuing in the same trajectory, we will get to the 40% margin. Thank you for that. Given the plans, to list Kahoot! on Nasdaq, do you expect to raise capital in conjunction with that? What would the potential capital be used for? I'm happy to answer that. That's of course, always an opportunity. As we have presented out today, our business model, or scale, or growth, or success does not require any additional funding. On the contrary, we expect to continue to build a cash reserve for potential strategic opportunities, whether they are partnerships where the cash per se will not be spent, but which is important part of being a solid partner. Of course, also for bolt-on acquisitions that might be interesting, or not to forget, joint ventures with other great companies that are interested in doing joint forces projects going forward. Based on that, yeah, I think it's an opportunity, but not a requirement, and definitely not something that we have decided to do at this point. Thank you. Still on this topic of the secondary listing, there is a question from Emil Kruttsengen from DNB: "On the secondary listing, how much do you expect this to cost, both non-recurring and recurring costs? Why do you think this is worth it? I'd be happy to answer that. When it comes to the cost for the secondary listing, we will, of course, revert to that at a later stage. What's important to highlight here is that we have already done investments in that regards, and that's that we have actually done the PCAOB audit, which is a much more extensive audit than the regular ISA audit, and that is to make sure that we have numbers that are compliant with our SEC listing. That's been conducted both for 2021 and our 2022 numbers, and that's included in our reported cost items for both 2021 and 2022. Thank you. The next question is from Ashden Logart from ABG, and either for Eilert or Ken: "You seem to put more emphasis on M&A today than in recent presentations. Have private multiples started to come down to a level where you can find accretive opportunities, and what areas are you looking for in terms of M&A opportunities? That's a great question, and there's no doubt that we're starting to see a different mindset in general when it comes to strategic opportunities, whether it's acquisitions or joining forces. We see larger corporations doing carve-outs of existing great businesses, but the doesn't fit the structure anymore. We see also companies that are both public and private are thinking differently about the need for capital and the cost of capital. We do believe that the combination we have of extremely strong balance sheet, that we have been able to continue to grow, that we have an opportunity to drive gravity towards our platform with, viral growth, and sign-ups, and customer, creation, is, of course, a very important elements in such partnership discussions, whether they are, financially or operationally or both, related. The energy in the room is definitely changing. We do believe, as in the coming quarters, we will also see a even further, change in the mindset around valuation. Thank you. There is another question from Pete-Veikko Kujala from Morgan Stanley. The question reads: "Your long-term operating model for 2025, excludes future marketplace revenue. What are your expectations for marketplace revenue? Does it drive the 2024-2026 growth targets to a meaningful degree? I'm happy to answer that. On a high level, I think what we saw today, and hopefully we'll see on the rest of today's presentation, is that the combination of a tool where we basically blend in the best offerings from what is today on Marketplace, the opportunity to subscribe to content from partners, the opportunity to buy courses, to find content sources that are trustworthy, combined with our new AI services, is a very unique, valuable position for any presenter, any teacher, any parent, or any student who want to have a more engaging learning experience. Combining the all the ingredients and initiatives that we built under the marketplace, including our AccessPass, Kahoot! Academy, and the opportunity to both buy individual courses and now very soon, also subscribe to content from educators, is something we are extremely, let's say, think of, as important to build the full growth of the platform. As we also announced today with Kahoot!+ One bundle, elements from Marketplace will be bundled into those offerings. The seamless integration, both from a use perspective, but also from a subscription perspective, will be across the traditional kahoots, the free tools, the paid tools, the free content, and also premium content going forward. That's why, for us, what we have been able to build on Marketplace, and that we now can bring into Kahoot! GO and into Kahoot! One, is really the next level of value we can provide our users. Excellent, thank you. We have one more question before we take a short break and then continue into the second section of the event. It's about a question that excites everyone on the panel today. When do we expect to start monetizing the various AI features that you have been developing? Do you expect it to be a significant revenue contributor already this year? Yeah, another great question. Absolutely. The AI features, per se, of course, is not something that we will sell or charge for separately. AI, as we also outlined, will empower and basically enhance and make our existing products more powerful. Because in the end of the day, what Kahoot! provides, it's a great engaging experience. If we can help you create your material faster or prepare it, whether you have it already, you want to create it with an AI service, or you want to use a great course already created by someone else, that's, of course, all in all, helping you get a great session faster and hopefully cheaper from both time and money perspective. Same goes for when you are presenting out, using AI to enhance the presentation. That might be because you're able to look up additional information that you're discussing. You are able to, as we outlined, structure the results from voting or from feedback loops that you are running as a part of the session. Or of course, also adding new features, whether it's generating additional content or initiatives on the spot, that will also be a big game changer for the millions of teachers using Kahoot! every month. Last but not least, as a student, if you can both use trustworthy sources of content but continuously generate new ways to basically slice the cake of knowledge, we do believe that that is also helping to inspire the learning from the young child level and up to university level. We will have a basic offering available for free, and then in the Kahoot! One bundle and subscription, you will have, of course, the most advanced features and the most extended tools available, both for creation, hosting, and learning. Yesterday, we launched our first initiative on AI, which is now available for teachers with a paid subscription, so they can start to really get to know how they can use the first, I would say, very important, but first step of our AI implementation on our platform. Thank you so much, Eilert, Trish, and Ken. This concludes the first Q&A, but don't worry, there will be more opportunities for questions after the second part. We will now go on a quick break, five minutes, and please come back after that because then we'll look at the three main business areas, some product updates, and commercial updates as well. We'll see you shortly. Welcome back, everyone, from the short break. We're very happy to have you back at the Kahoot! Investor Day 2023. We'll start off by watching a short video. Enjoy. I'm very happy to introduce the first speaker of the second part, James Micklethwait, who is going to give us an insight into the world of Kahoot! at Work. James? Thank you, Irma. Hello, everyone. It's great to be with you here today. I hope you enjoyed that video. First, a deep dive, which is into Kahoot! at Work. Let's jump straight in. What I'd like to cover today is three things in this presentation. The first, I'm just gonna talk to you a little bit about the value proposition for those of you who aren't so familiar with Kahoot! at Work. Secondly, I'm gonna tell you a little bit about the growth drivers of our business, what's driving the business today. Then I'm gonna finish off by telling you about three areas that we're particularly excited about, that we believe will take our business to the next level in the coming years. This first slide is all about the current value proposition. As you can see, once again from the video, we're all working very hard at Kahoot! to make work engaging in the Kahoot! at Work team. What that boils down to is a value proposition that comes to life in three different ways. The first, and perhaps the most famous, is all about audience engagement. You could see it on the faces in the video. It's a live experience. People are experiencing something together in a group, and what we find, and we're constantly inspired by our customers, is that it can be used in so many different settings, whether that's training, meetings, events, workshops, you name it, Kahoot! is used in all of those settings. It also can be used in person, remotely, or a combination of the two, and I'll talk a little bit about that later. The brand there is we call Kahoot! 360. It's the professional edition of Kahoot!, and it has a range of advanced professional features that are not available in other personal editions. Next, we operate in the corporate learning segment, and for those of you familiar with the corporate learning market, you'll know that learning or training is delivered both live and asynchronously. In this segment here in particular, you can't be present in the corporate learning offering, and so self-paced learning is what happens here. We have products, including Motimate, that joined the Kahoot! family a couple of years ago, that deliver engaging, self-paced, interactive and crucially content-rich journeys. Because the instructor's not there, you need to be able to deliver content in those experiences. Finally, we also operate in the communication segment, specifically for non-desk workers, as the picture shows. Retail is one of the industries we have particular strengths, but there are many others. The problem our products solve here, fundamentally, is all about communication. It starts with communication, enabling HQ and managers to communicate with frontline workers, when they often don't have an email address. Our offering has been considerably strengthened in this area by Actimo joining the family a couple of years ago. Taken all together, Kahoot! at Work's offerings, this is what we are, and we're happy to be used by 97% of the Fortune 500 to engage, train, and connect both employees internally, but also external audiences as well. All right, let's move on to the second part, which is all about the drivers of our business. Some of which have been touched on upfront, by Eilert and by Ken, I'm gonna try and bring them to life for you in this section about what they mean for Kahoot! at Work specifically. Kahoot! at Work is driven by viral growth, like all of the Kahoot! segments are, and viral reach, which then in turn drives the growth of our business. We think about our growth drivers in terms of three motions: online sales, which is product-led, and there is zero human interaction with the customers. It's fully automated. Inbound assisted sales, requests that come from customers, looking to get more value from the Kahoot! platform. The final area is key account development, and that's where we have an established relationship with a customer, and we're actually actively reaching out to the customer and working with that customer to help them grow and be more successful. Let's unpack those three areas a little bit more. On the next slide, you'll see how that feels from a customer perspective. If we think about the customer journey, it all begins with viral reach, and what we find is many of our Kahoot! at Work customers have previously participated in a Kahoot!. You'll be aware from our official numbers, round about 40 million participants pin into a Kahoot! session every year. It's a very large amount of reach when we talk about viral reach. Some of those will then go on and become individual users and purchase a subscription. This is where, if you like, the customer journey begins. We're very excited because we think we're in a very privileged position to be able to say that we have 45,000 individual customers. That's organizations, not individuals with one license, multiple individuals in one license inside an organization. This is separate organizations who have a paying relationship with Kahoot! at Work. From this point on, this is where the relationship grows, and with our customers, they get more value from our products, and then their usage of Kahoot! grows, and then revenue to our business follows from that. The second track that I mentioned earlier, typically what happens is when somebody, for example, in a learning and development team, is a key ideal customer profile, they'll try out a one license, and then when that goes well, they will reach out to Kahoot!, send us an email, saying they'd like to buy a team license at... The inbound request comes in, we talk to the customer, inspire them with what's capable in the platform, and then off they go. The final track that I mentioned before is when we get towards enterprise usage. That, as I mentioned before, is often slightly larger accounts, and it's where we look at the usage that a customer is getting from Kahoot! It may be quite fragmented, I'll give some examples later, and we have a proactive conversation with the customer to inspire them again, to help them grow using Kahoot! solutions. Let's bring that to life with some examples. Next slide, please. With regards to product-led growth, the first of those three levers, we're constantly working on a number of tracks in this area to improve. We've, there have been a number of initiatives in recent months, and we'll continue to push these in the years going forwards. The first is a constant ambition to increase the conversion of casual users, of which there are many, to professional plans. Specifically, we see onboarding, the onboarding journey from free to pay, as being absolutely crucial in this respect. This year, in 2023, we've been testing some new approaches which allow, for example, free users to try our full feature set, test drive it before buying it. This is not a freemium offering, this is more about trying out everything that Kahoot! has to offer so that our users can see the value it can bring them, so that they then upgrade. The second track is about increasing product usage. We constantly are running a series of campaigns. We call them use case adoption campaigns, that is all about packaging up the amazing features we have on the Kahoot! platform into very clear and concrete use cases, that's not from us, but we publish them back to our users, making everyone aware of just the amazing variety of use cases and ways that Kahoot! Can be used with, combined with some very practical templates alongside them, that customers can get started in those use cases and try them out very quickly and efficiently. The third track is around viral growth. Kahoot! of course, it is an engine in itself. It delivers viral growth. It markets and sells our product almost automatically. Of course, we don't sit still. We're constantly, with the product team and the product marketing teams, restlessly thinking about how we can optimize those viral loops inside the product. We can encourage collaboration, which in turn pulls new users into the product. We can think about the participant experience, which in the work segment is particularly interesting, because there's no reason, theoretically, why all 40 million of those participants in a year can't be inspired to become a presenter and create their Kahoot! account. Those are the kind of things that we're working on in this area. Next slide, please. Moving to the second growth lever, the scalable inbound model. I hope this chart gives you a flavor of what that actually generates. This inbound lead model, over time, is has once again, put us in an incredibly privileged position, which is it's yielded multi-seat accounts, so this means team or enterprise accounts, in every industry and in every geography around the world. We're very proud of the quality of these brands, and of course, this is just a fraction of the total number of customers. We have thousands of multi-seat customers as well. This shows that we have both the quality and the quantity of customers coming out of this viral growth model, in turn, that has 2.5 times doubling, 2.5 times increase in invoiced revenue for multi-seat accounts. You can see this model is delivering both qualitatively and quantitatively. Of course, the other important takeout, which I think has been mentioned before, but I will reiterate, is we are not done with these brands. We have a foot in the door with every single one of these brands, but we are nowhere near reaching our potential on these. There's a huge amount of opportunity, even within these brands, let alone with the brands that are not yet on this chart. Next slide, please. If I give you one example that was on that chart, let's talk briefly about Meta. This is not a new customer story, but that's precisely why I'm sharing it with you, because Meta has been with Kahoot! for a long time, and we've developed that relationship over the years. The reason why I think it's interesting to share it with you again is because this year, in 2023, we celebrated another major expansion of the Meta account, so more licenses. We've passed 1,000 centrally managed presenter licenses. Remember, 1,000 presenter licenses, it results in engaging tens of thousands of employees. It's not about employees now, this is presenters who are engaging many more, multiple times more employees with those licenses. The evolution of this story has been interesting. It began back at literally with viral growth and unpaid plan. The first centralized account we had with Meta was actually in Latin America. The use case was corporate learning, and it was all about training sales teams. That was a significant and sizable account. The account has continued to grow, the viral growth has spread inside the organization, and crucially, it's now managed as what we would describe as an enterprise account. That means that central IT distributing them across the business to the areas that need it most. That's a very concrete example of a high-quality brand that has made that journey together with Kahoot!, right from viral reach all the way through to enterprise account. Next slide, please. The final track, the third track, of our growth lever, is all about developing key accounts. As I said before, another way of expressing this is quite simply helping our customers to grow. We have those 45,000 unique organizations who have a paying relationship with Kahoot!, and we also know exactly how much data and who within those organizations is getting most value from our product. What we're able to do, is therefore work together with our customers, using sales playbooks and work with our customers to understand how they can consolidate their accounts, how they can get more value from the features they have, and also expand into new use cases and help them grow and help them succeed. The logos on this slide are examples of new deals that fall into this category in 2023. All of these accounts, we've taken a proactive approach and are working on significantly expanding those accounts based on the relationship we have with those customers. When you add all of that up, this is a chart that we're very proud of. You can see that in terms of invoiced revenue for slightly larger deals, and this is the comparison compared to the chart that we shared earlier, $5,000+ deals, we're seeing very, very strong growth. Four times, 4.4 times growth in invoice revenue since 2021, but also in the larger accounts side of our business in Kahoot! at Work is growing very, very healthily at this time. Next slide, please. One example, again, to bring this to life for you, is Amazon. Now, unsurprisingly, perhaps because Amazon is a massive employer around the world, we have a very varied and multifaceted relationship with Amazon. We're lucky that they are a customer who engage with Kahoot! on many different levels, both centrally, purchasing multiple licenses. Examples of that would be, for in the training space, AWS Educate has a centralized account for delivering corporate learning. Also we've worked with Amazon, and you'll hear more about this later, in the area of brand engagement. Helping Amazon with its goals to inspire children around the world, to learn about computer science and engineering, and ultimately come to work for Amazon. That's a great example of the power of the Kahoot! platform and our presence across multiple segments, is that we can start those relationships and nurture those relationships in the corporate segment, and then build out and tap into new budgets like marketing and ESG in a completely separate area of the business, all based on strong product usage and a real value deriving from the product, which makes it so much easier for us to expand horizontally into other parts of the business. Needless to say, it's very hard to summarize, when there are hundreds of thousands of Amazon accounts with Kahoot!, what the single reason for choosing Kahoot! is, but it all comes down to engagement at the end of the day. All right, moving on, to the third part of my presentation, I want to talk about the growth opportunities ahead. You will have heard in Eilert's presentation, the work segment. We're not changing tracks here. The three growth opportunity areas are very much the same segments that we're in right now, but we have some exciting ideas that we believe are really going to change the game in this area, give us a much stronger value proposition, and over the years to come, take the business to the next level. The three areas are the instant audience engagement, which is gonna help us unlock new user segments and higher frequency of use in that key audience engagement area. The second area is corporate learning, engaging corporate learning. We've got an exciting announcement. I'm gonna tell you more of what Eilert teased earlier about Kahoot! Engage. The third is around non-desk workers. Once again, we're making progress on integrating our products and strengthening our value proposition, so we think that's gonna be very significant. Let's dive into each of these. On the first one, in terms of audience engagement, just to set the scene here, why does audience engagement matter? Well, it continues to be an issue. Hybrid working remains something that is here to stay. All the research that we see is showing that, and that's absolutely how our customers are using Kahoot! today. 70% of Kahoot! at Work sessions that are hosted live are with an audience where at least part of that audience is remote. Some is all remote, but roughly half are all remote, and roughly half of that number are hybrid, so some in the room and some out of the room. What we find in our own research, the Workplace Culture Report that we published this year, is that significant engagement issues still exist in meetings and in presentations, those issues are particularly acute when the audience is remote. This word cloud here on the chart here is actually the output of our research. Know that when many people told us they were often disengaged in virtual meetings and presentations. We asked them, "Well, what is it you're doing when you're disengaged? What do you do?" I think this just brings to life rather wonderfully the scale of the problem. It's not that people are slightly zoned out, maybe not paying slight attention. They're doing completely different things. We have significant proportions of people who are working on their side hustle. We have people who are doing personal things, playing with their pet, doing the laundry. A whole raft of different use cases just show that just because someone is in a virtual meeting, they literally are not there. Tools like Kahoot! have an indispensable role in having a constant connection with the audience, and a two-way relationship between the presenter and the audience in that experience. Let's talk about instant engagement. On the next slide, the reason why we think this is exciting is because, as I alluded to earlier, we see a huge amount of white space of bringing the incredible world-class engagement, that is almost indisputable, that Kahoot! brings to a much more spontaneous use case. Right now, a Kahoot! session is a planned experience. You need to create a Kahoot!. As the slide says here, it takes round about 30 minutes to create the average Kahoot!, and then you plan the meeting and invite the participants. All in all, it can take a number of days, actually, from the moment you decide: I want to have a Kahoot! session, to the time it's actually delivered. It's great. It's a fantastic experience, but what if we could unlock something that allowed the engagement of Kahoot! to happen without any planning and in just a matter of minutes? Well, that's exactly what this instant engagement track is about, and we've got some very specific ideas, and I'm gonna show you a walkthrough of one of those ideas. The concept fundamentally is that you can... Kahoot! is there, it's very easily available in front of mind, and in just a couple of clicks, you can quickly spin up Kahoot! activities that allow you to engage with an audience. They can be ready to go. You can customize them yourself. It's entirely up to you. The key outcome of that, of course, is that Kahoot! can be used just so much more frequently, because it's not planned. It's just so much easier to get value from the product. We've seen many more use cases opening up as a result. In the work segment, this will be a freemium offering, a premium offering, excuse me, a premium offering, we will make it possible to try out some of the functionality for free. Once again, we're very product-led, and we very much believe in allowing users to try and get the value from Kahoot! first, and it being them that chooses to upgrade because they're so impressed by the value that they see. One area that's very interesting commercially for this as well, in regards to licensing as well, is we see this as a potential game changer for our team usage. Typically, what we often see inside a team at work, in a workplace, is that one person, a presenter, maybe a manager, will have a Kahoot! license, and perhaps the others don't feel the need to do it. With a tool like this, which is so more frequently used, this is the kind of proposition that we believe will be persuading teams to get Kahoot! licenses, presenter licenses for everyone in the team, not just one or maybe two people. That is where we see the growth in particular coming from this from a commercial perspective. Let's bring that to life a little bit, and go through a journey of what that would look like. Imagine, you are in a Zoom call, and on the sidebar, you may be aware that in January of this year, we launched app for business users. 10 million paying Zoom subscribers around the world have the Kahoot! logo by default on the sidebar of their Zoom experience. Kahoot! is front of mind, and if they click that icon, they can open up the Kahoot! app, which is shown here on the right-hand side of the screen. With the instant engagement proposition, what you get straight away is this two, three-click experience that gets you to the magic of Kahoot! without all of the pre-work. Let's take in this example, an example. I decide I want to do a brainstorm with my team. We have a product launch, and we're not quite sure what we're gonna call it. I click Brainstorm in this, and if we go to the next slide, immediately, there is no creator. I'm launched into this screen. A brainstorm is simply one question. I can quickly type the question here. Once I'm done, I press Enter and start the session. Immediately. Next slide, please. Immediately, you can see there that we're straight in the business of onboarding all of the participants into the session. QR code is a way to onboard users into Kahoot! now that's quicker and easier than ever. For the participants, it's quicker and easier than ever, but quickly we onboard everyone into this brainstorm. Next slide, please. We collect the ideas in the Kahoot! way. This is a feature that already exists. The ideas come in, we push them back out to a vote, and then we celebrate the ideas with the most votes from the group. You can see there, in literally a few clicks, and this total experience probably takes about five minutes for a brainstorm. I am in a meeting, this can be of some scale, and I can come out with a consensus view of everyone in that meeting, of what the best idea to this particular problem that I posed to the group. Really the instant engagement. We're very excited about this and look forward to rolling this out later in 2023. Moving on to the next initiative. In the corporate learning segment, I'm gonna switch gears a little bit now. We're out of the only live experience, and we're into a space, as I mentioned before, which is a combination of live instructor-led training, but crucially, asynchronous corporate learning as well. I just want to set the scene here by saying, I think there has never been a greater need for engaging corporate learning. Why do I say this? I'm sure many of you will be aware because it is much, much written about and discussed right now, there is a reskilling crisis in the world, that the World Economic Forum is predicting will result in 60% of the workforce, that's us, needing to be reskilled by 2027. A massive amount of change, of course, brought about by technology and the need to reskill as a result of that. Which, of course, means a greater than ever need for corporate learning. Time and again, when we research, and again we did this year in our Workplace Culture Report, we find that despite the importance of learning and how important employees say it is to them, they literally say, and most employees will say, they're much more likely to stay with their employer if they get good training, because everybody cares about their development. People consistently report a subpar, not good enough corporate learning experience. We found one in three online learners saying they're often disengaged, and we found that online training was the number one use case cited for disengagement of all of the possible use cases. There's a need for engaging corporate learning, and of course, that is exactly what we do at Kahoot! Next slide, please. I have a couple of customer stories that will bring engaging corporate learning to life. The first of which is in the live instructor-led training part of corporate learning. Avanade is an IT consultancy founded by Microsoft and Accenture. They currently use Kahoot! to deliver virtual instructor-led training as part of Microsoft Fundamentals Accelerator training program. The problem they had is that for their staff to be effective in their roles, they need to pass a Microsoft certification and this particular certification. They use Kahoot! to engage their employees. They could be new joiners or existing employees. They train them on this, after that, they're prepared, they then sit the official certification. What we heard, and we were lucky that have a great relationship with Avanade. We were very lucky to welcome to the Kahoot! Work Meetup this year. What they told us is that it had a fantastic effect on their business. Not only did Kahoot! improve learner engagement, but you can see the effect on business results. For them, it was all about certification. The effect of using Kahoot! in this program doubled the rate of certification compared to previously when they didn't use Kahoot! One other thing I'd like to talk about this use case, which I think is interesting, is that Kahoot! is unusual in that it enables what I call collaborative learning. By that, I mean, it's not just people in learning development teams who need to create and distribute learning content. With Kahoot!, many more people can do it. We were delighted to hear that Avanade were engaging up to 100 subject matter experts inside the organization, and it was a game changer for them because those people were much more engaged to give their knowledge. They had the knowledge, but they didn't have the way to share their knowledge. Those people could pass their exams. It was a very powerful way to get outside of L&D and to engage a wider group inside the organization with training. The second use case in this area is on the next slide, and this is in the area of asynchronous training. Strawberry Hotels, based in the Nordics, We're very excited to have them join the Kahoot! family. They are using Motimate, and they are using Kahoot! to deliver asynchronous training at scale to 15,000 employees. This is a relatively new account for us, the reasons why Strawberry chose Motimate and Kahoot! was ultimately all about the end-user experience, which is why we are so passionate about that and continue to invest more and more every year in making that better. Kahoot! was chosen because it's intuitive and it's incredibly user-friendly, and once again, like Avanade, it's very easy to produce content and to reach all employees inside the organization. For this customer, asynchronous delivery is crucial. They don't have, in their ways of working, a moment where people can get together and consume things live. That's why it's essential to be able to offer both live and asynchronous learning. When you take these two use cases together as just examples, in my view, we have a truly unique corporate learning proposition. There is not one single vendor in the world that offers world-class, engaging, live instructor-led training solutions, as well as in highly engaging, self-paced learning experiences. That is what our customers tend to need. They often want both of these. Some want one and the other, but to be able to offer our customers both is truly unique. Next slide. I talked about non-desk workers. This is very much a continuation of the second track because corporate learning is extremely relevant to non-desk workers as well. I just wanna go step back one level because with this segment, I want to say non-desk workers, I mean, people who work and they don't work at a desk, as the name suggests. They often work shifts, and as a result, they have a very different way of working, and delivering both communication and training is very different often than to desk workers. The key barrier that most of our customers, who've come to us through from Actimo, come to us with, is communication. That is where the conversation often starts when it comes to non-desk workers, because believe it or not, 80% of frontline workers don't even have an email address. Even if it was possible to email them, and risk the open rate problem that many people see, in that case, you just can't reach them 'cause they don't have an email address. They look to Kahoot! for solutions for an employee app to be able to deliver day-to-day communication to frontline workers. One trend, which we're seeing, that's really picking up in the last 12 months, that talks to the previous section I went through, is that as well as communication, which we believe over time will become table stakes for frontline workers, is a huge increase in interest for corporate learning in this area as well. Because this segment is significantly lagging desk workers in terms of investment by corporations, both in technology and in training, this is where the growth is potentially gonna be biggest. We have some estimates suggesting a $40 billion market for corporate learning amongst non-desk workers by 2027, double the current level. It's absolutely staggering the size of this market. For us to be a learning offering to this segment, we believe is very exciting indeed. Next slide, please. A couple of examples, of non-desk communication in the portfolio today. Compass Group, once again, we're very happy and proud to work together with Compass Group. They're a massive facilities management organization that operates around the world with 400,000 employees across 40 different regions. Today, their HR team uses a Kahoot! product, Actimo, to deliver communication, onboarding, and some upskilling to 50,000 non-desk workers across 16 different markets. We absolutely are delivering communication to non-desk workers at scale today, which gives us full confidence, that going forwards, we can take this to the next level and grab that enormous opportunity that I outlined on the previous slide. The quote here nicely illustrates, why Kahoot! adds value. It's not just about delivering communication, it's those company culture benefits that come with Kahoot! That quote could be frankly written about any of the products in the Kahoot! portfolio right now. That's exactly what we do, communication and learning, which, at the same time delivers cultural benefits, for company culture at the same time. Final case study in this area is AT&T. This is a Kahoot! customer, using Kahoot! actually live, but in a non-desk setting at scale. AT&T has over 1,000 Kahoot! licenses. The model here, which I hear from many customers I talk to around the world, is actually to get In this case, these are the technical specialists who work in the field and install equipment, for example, in homes, together for a team updating them on company news, and also crucially, training them in product knowledge. Of course, it's that human connection at the same time. We think this shows the AT&T model, and the Compass model shows we've got something very powerful that is working very well with customers and will be even more powerful when we put it together. To conclude on this section, we are very excited about Kahoot! 360 Engage that I mentioned earlier, because for the first time, we are bringing together the entire expertise of the Kahoot! Group, Motimate, Actimo, and Kahoot!, and we are integrating those value propositions into one single app. Just earlier this year, we launched a content format that we call Story as part of Kahoot! courses, which simply represented the ability for us to for our customers to create engaging learning content inside a Kahoot! course, so that you can combine engaging content with an engaging Kahoot! assessment as well to create the world's most engaging courses. The key point I wanna make, though, is that that was entirely inspired by Motimate. All of the knowledge in the Motimate team and all the feedback we had from customers makes us extremely confident that this value proposition will resonate. That's why with 360 Engage, we think we have the most engaging corporate learning in the world, any type of learning, live or self-paced. In addition, in the coming years, we'll also be building out the communication proposition in exactly the same way. Once again, in exactly the same way, building on the skills in the Actimo team and integrating into one single proposition to give to our users all around the world. It will have productivity tools that have been alluded to. Create kahoots is extremely exciting, but in the work segment, the thing that gets us most excited is closed datasets. Being able to put some boring content in to into the Kahoot! platform, and using AI, we provide a first draft of the world's most engaging learning experience, which whoever's responsible for that, can then just edit, finalize, and then push out to users wherever they are. We think this is gonna be a game changer in the corporate learning and communication segment as well. 360 Engage is coming. It's rolling out in the next months. The price point is around $5 per employee, and once again, with the reach that we have with Kahoot! all around the world, as I mentioned before, moving to an employee-based licensing, with a value proposition that's so much stronger for every employee, is also gonna be very significant for us commercially. That's the three sections. This is my final slide now to wrap up what we've had, what you've heard today. First of all, product-led growth. At the end of the day, for us, everything starts with product usage. That's how we make the business fly. If we can inspire our users, paying or not, to try something out, they will see the value, and then the commercial returns follow. In the audience engagement section, you've heard about how we see a massive opportunity to stimulate much more spontaneous use of the fantastic engagement that exists all around the world with Kahoot! Today, we think that takes this area to the next level in terms of presenter licenses. In corporate learning, you've just heard how we've got an exciting new product we're launching right now this year. There's an immense upside here going forwards to tap into all of the relationships we have around the world in the area of corporate learning. To extend that even further into the non-desk space... customers the ability to communicate as well as deliver learning to their frontline workers. It's exciting times for Kahoot! at Work. We're looking forward to the coming months and the coming years. I'm now gonna pass over to my good colleague, Sean, who's going to tell you about the education segment. Great. Thank you so much, James, and hello, everybody. My name is Sean D'Arcy, and I head up the Kahoot! at School and Home business areas. Super good to be here with you guys today. What I wanted to do is really start off my part with this awesome statistic, which is that 60% of educators in the U.S. and 25% of all educators in the OECD countries turned to Kahoot! to make learning awesome in the last 12 months. I hope you'll agree that this is really a truly incredible foundation upon which we can build up our education business. On the next slide, you'll see that our goal is really to make learning playful and powerful for simply everybody in education. For students, that means a variety of ways to play and tools to create and study. For educators, that means a powerful teaching toolkit, and we'll show you some more about that in a minute, plus new ways to save time and energy. For institutional admins and school leaders, it really means about connecting and empowering teachers and students with that playful learning. What I'd like to do is show you how this value all comes together with a school that has deployed our Kahoot! EDU solution. Let's have a look at that video. Kahoot! is a great tool for you to use as you wanna use it. It's adaptable to whatever you need. If you wanna make it a game, a learning tool, team mode or individual mode, it's very user-friendly. You could type your own questions. If you don't wanna type your own questions, search something up, you can edit it, making it your own, become your Kahoot! I think it engages students. It keeps them on task. It's a great way for them to study. We have a lot of our students that create their own Kahoots as a review after a unit or even to study for an exam that's coming up, so it's great that it's not just a teacher-led platform, but it can be a student-led platform as well. The more you use it and the way you use it in your classroom, it really can be like part of the lesson and a really positive thing, not really kind of like just letting kids play games, 'cause it's more than a game, you know? That was, of course, awesome. Let's take a closer look at the value that Kahoot! creates for students, educators, and institutions, and let's kick that off with students. On the next slide, you'll see that, you know, if you ask me, I believe the secret to Kahoot!'s success is that we always put learners at the heart of what we do. In the last 12 months, we've seen 1.2 billion student players from teacher-hosted Kahoots on the platform. Slight dip from the pandemic, now rebounding and growing strong. When we ask our teachers just what they consider as the biggest hurdle in their profession, they tell us it's student engagement. Moreover, when you ask admins, who need to make decisions about what edtech to keep, they put student engagement at the very top of their list, ahead of cost and even ahead of driving student learning outcomes. Simply put, student engagement remains the absolute most important job to be done in education, and Kahoot! is truly the best positioned to help. That's why this back to school, we are really taking student engagement to the next level. We wanna boost game variety with new student-led game modes. We've already launched several game modes so far, and we have even more on the way. We're also nurturing student engagement with gamification, with a new rewards program, and also collectibles. We're also enhancing the overall experience with premium, time-limited game packs. You can see an example here of the space pack, which includes, we know, customizable characters and skins that we know kids will love. Students are, you know, doing a heck of a lot more than playing on the Kahoot! platform. Over 10 million students' accounts were active in the last 12 months, and over half of them were using Kahoot! for things like study, creating presentations, and assignments. For us, this stacks super well with the sort of post-pandemic shift towards holistic teaching and student-led learning. This back to school, we are looking at how can we empower students with new ways to take charge of their learning? Not just passively playing along, but being in the driver's seat and really take charge of what they're learning. We really wanna motivate students to review on their own, synchronously with new solo game modes such as Chill Art Solo Edition, and then also develop future-ready skills, like collaboration with new team activities such as the Multiplication Crew, which you can see here, where everybody is playing on their own, but contributing to a team goal. Last, but certainly not least, we want to continue to enhance these experiences via our student passes proposition as part of our Kahoot! + and Kahoot! EDU offerings. Now that we know that students are taking charge of their learning, let's have a quick look at what's in store this upcoming school year for educators. Teachers have been turning to Kahoot! as the leading tool for engaging review and lightweight assessment globally. Here's a fun fact for you: over the past 10 years, teachers have actually contributed more than 1 billion Kahoot! questions to the community question bank. This is a community project. We also saw 8.5 million teachers on the platform in the last 12 months, and importantly, more than 450,000 have upgraded at the end of the 1st quarter this year, primarily to actually access this enhanced teaching toolkit. Of course, there's plenty of room to grow from here. Kahoot! is, of course, famous for engaging review and assessment. That's why most teachers are using Kahoot! today. This back to school, we really want to add even more usefulness to the teaching toolkit. We wanna make instruction interactive, more interactive with student reactions, as you can see here on this image. in addition, we really want educators to be able to capture those teachable moments, what spontaneous quick launch sessions, and I think you saw some of that with James' presentation. To be able to actually stop and create one of these quick launch sessions and drive a discussion in a classroom will really make a big difference for educators. We also want to deliver full lessons and assignments that combine Kahoots, content, and activities with courses. We're really excited about the fact that courses can now be assigned, and of course, added to your learning management and classroom management systems. Now educators will truly have a powerful, not only assessment and review tool, but a multipurpose toolkit that's end-to-end and enhanced in Kahoot!+ and Kahoot! EDU. Educators need more than just powerful teaching tools. What they need is more time to teach. In fact, over a third of teachers say the one thing that would help the most is having more time to teach. This post-pandemic trend is that teaching staff are short on demand and larger classes are becoming the norm. It's reported that two-thirds of U.S. teachers are covering extra classes. School leaders are also getting ready for this by adding even more educators and substitute teachers. At the same time, teachers are searching more and more on the Kahoot! platform for help, for ready-made kahoots, more and more over the last 12 months. Kahoot! is really well-positioned to really help these educators save time and, of course, energy. This school year, of course, we want to help them be even more productive. We've seen some of this already from both Eilert and a little bit from James as well. Craig will actually come up in a bit, and he'll tell you more about our content channels, where educators can get new Kahoots and courses from their favorite creators, just like they would on a YouTube channel, and Craig, again, will cover that. With Kahoot! GO, we've seen a little bit of that already. We'll offer convenient one-click Kahoots that combines your premium content and game experiences, and these will, of course, be perfect for substitute teachers. Last but not least, we're launching, of course, the AI-assisted creation available on Kahoot!+ and Kahoot! EDU. You see that, a GIF of that here, this will really help educators create Kahoots in a fraction of time and improve their Kahoots. We have some feedback from our ambassadors already. I was surprised to learn that it's not just about creating the new kahoots, it's about making the existing kahoots even better. There's another group, of course, that's concerned about educator well-being and productivity, and that's, of course, the school admins and school leaders. Let's have a look at what's coming up for them this school year. Like we saw from that East Meadow video earlier, more and more K-12 institutions are simply discovering just how effective Kahoot! can be to help them scale up engagement and empower both educators and learners in a do-it-all package. Moreover, we're super well-positioned with our 8.5 million teachers, as the majority of teachers actually directly influence buying decisions in their district.... Moreover, the number one purchasing concern for admins is that products that they buy will sit on the shelf and never get used, and we know they'll never have that problem with Kahoot! All in all, we are very well positioned to grow our K-12 institution business. This year, we're gonna be growing our institution footprint, and the way we're gonna do that is by offering a free basic version of Kahoot! EDU that will enable teacher collaboration. We will mass migrate institutions over to Kahoot! EDU Basic by leveraging school and teacher groups and the teacher networks. We know these teachers are gonna wanna upgrade their teaching toolkits, so we'll give them the tools to really amplify their influence within Kahoot! and actually make requests directly to their admins. In short, the admin will upgrade via either online or via our sales team. In addition, we are gonna see some real synergies between Kahoot! and Clever this school year. For example, on the left, you can see the Kahoot! quick launch, which enables educators and students to simply skip the entire Kahoot! pin in and get straight into the learning. Kahoot! EDU Basic, which I already mentioned now, will be auto-enabled for every Clever district to enjoy. With more than 75% of U.S. schools on the Clever platform, we can really, truly create value and scale together in the next upcoming school year. Let's change it up and talk a little bit about higher education. Just like K-12, Kahoot! has an incredible footprint in higher ed, with over 97% of the global top 500 universities Kahooting. What's more is that we have a strong commercial beachhead with single and multi-license paid accounts at 82% of those institutions. Frankly, we just love higher ed. It represents approximately 10% of the teacher users, but delivers over 25% of the revenue. Reasons for that is we have strong student rollover from K-12. Students just get it, and they're often recommending that universities and professors and teaching assistants get Kahoot! It's also importantly a strategic stepping stone for Kahoot! into professional use in companies and, of course, educational institutions, as students are a short way away from graduating and joining the workforce. Speaking of students, post-pandemic, 59% of students want their courses to be completely or partially online. Now, we heard that also from James earlier. It's the same for higher ed. Students want to be more online. The hybrid solution is really important to do that. The good news is we have near-perfect product market fit for hybrid student response, which enables review, attendance, and lightweight assessment. Things are going great, but where do we go from here? We are building upon our student response success with even more use cases. Just like as James showed, we want to power up the hybrid interactive instruction with more sessions that can energize and spur discussion. We also can now deliver courses with full certification, and we can embed them into learning management systems, which is what our customers are asking for. Moreover, we can actually empower students with study toolkits that are enabled in Kahoot! EDU. We'll hear a bit more about the functionality from Alex a bit later on. That's not the only opportunity in higher ed. Higher ed institutions are also spending thousands of dollars to acquire every new student every year. With Kahoot!, they can fully brand that experience to support student acquisition and admissions. In summary, we are really building on the already awesome foundation we have established. 8.5 million teachers on the platform, engaging with hundreds of millions of students, covering 60% of U.S. schools and 25% of OECD countries. This year, we're gonna increase the frequency of use on the platform, and we're doing that already by leveling up the game variety with game modes and gamification tools like rewards, and really empowering student-led learning with tools such as solo game modes. We wanna accelerate upgrades, of course, and we're doing that by adding even more value to the teaching toolkit that teachers already love, but we're gonna give them more time-saving features, like the AI creation that we saw earlier. We also wanna expand our educational footprint with Kahoot! EDU by leveraging teacher networks in Clever. We want to double down on higher ed as our most commercially efficient vertical. In short, we're very well-positioned to build the education business while we continue to make learning awesome for students, teachers, and school events. With that, I'd like to pass you over to Liv to tell you a bit more about our consumer and experience business area. Thank you. Thank you, Sean. Hello, everyone. I am here today to talk to you about how we strive to make learning entertaining. Our consumer products bring social entertainment, lifelong learning, and premium, ready-to-play content together to amplify engagement in all social settings. Our goal is to leverage our globally loved brand, as mentioned earlier in the presentation by Eilert, and the virality of the product to really make Kahoot! a household name and commodity around the globe. The global reach of Kahoot! is huge, with hundreds of millions of participants engaging with Kahoot! in social settings. In the last 12 months alone, over 140 million Kahoot! sessions have been hosted by users for social gatherings and learning. They're hosting awesome trivia nights, birthday celebrations, weddings, and other events to connect and bring people together, but not only in person, also in hybrid settings. This is illustrated beautifully by one of our users who has used Kahoot! to connect 23 of her extended family members living across four different states. They range from age between two years old all the way up to 73 years old. I think this is a fantastic example of how people are using Kahoot! to connect today. We've also seen over the past 12 months over 25 million students using Kahoot! to prepare for and ace their exams. They're studying with friends, they're using flashcards, while at the same time setting and achieving learning goals with premium, ready-to-play content. This is all in addition to the 1.2 billion students mentioned by Sean previously, that are interacting with Kahoot! in their classrooms. On to our youngest of learners. Over the last 12 months, 27 million young learners and their parents have been engaging with Kahoot! as a safe learning alternative to screen time. They are engaging with our toolkit of playful learning apps to build core skills such as math, reading, and language learning. Now let's take a closer look into social entertainment and how family and friends are using Kahoot! socially and for family learning. Kahoot!+ is being used to connect people through fun and social engagement. It combines social entertainment, family learning, and premium, ready-to-play content, all in one unique offering. We will use the phenomenal engagement on the platform to further continue to deliver value to our users by streamlining how they create and consume content. It is extremely important for us that users have all the possibilities to host great social events at their fingertips, whether they're preparing for a special event or wanting to have some instant fun. For example, we have all created special Kahoots for a relative or friend's birthday to celebrate them while creating a fun and engaging party for guests. This is exactly why we continue to develop the functionality and features within the Kahoot! platform, to ensure quick and easy creation of great self-generated content. We want to help users create their content seamlessly and with minimal effort. We therefore provide the possibility to create Kahoots from over 1 billion existing questions within our question bank, or quickly create great games using our latest features powered by AI. For those wanting to instantly host awesome game nights with no preparations required, they're able to access premium, ready-to-play content from known and trusted educators and partners for any social event. As you can see here, content is at the heart of our offering for consumers. Our Discover page within the platform brings content to life for our users. It's making content more convenient, discoverable, and accessible. This is a super powerful tool to get creators' content into the hands of our users. Let's have a closer look at our verified educator community. Learning is easier and more engaging with great content. To truly amplify and accelerate engagement for our users, high-quality, ready-to-play content truly is key. Together with verified educators and partners, we've been continuously building a library of free-to-access, as well as paid, content to support our users in every social and family learning setting, whether it be a Friday news of the week quiz with your family or a trivia night with friends on a Saturday evening. Our community of thousands of verified educators and creators scalably generate and curate high-quality content across languages, topics, and segments. With all of this great content, we wanted to provide verified educators more opportunities to both monetize and market their content. So today I'm super happy to announce and introduce to you all Kahoot! Channels for Creators. This is an even better opportunity for our creators to offer both free and paid content, all of which is seamlessly integrated in our Discover page, as previously shown. Channels for Creators is a unique way for creators to organize and package their content. It provides them with a more stable opportunity for both monetization, recognition, as well as engaging with their audience. For end users, they gain access to a pack of high-quality content they both need and love. They also get access to a unique creator community, where they can interact and engage with individual creators. When subscribing to a channel, users gain access to all of the content within that individual channel, also including ongoing, newly added content, so it's always up to date. This is truly a win-win situation for both creators, users, and Kahoot! With over 9,000 verified educators and creators in our community across 140 countries-... Combined with the engagement of millions of Kahoot! users on the platform, now also new engaging ways to package and distribute their content, creators are really eager to continue creating great content and connecting with our consumers. It's not only our verified creators, educators who are creating great content, it's also our fantastic partners. Now I'm super happy to hand you over to Craig, who's going to walk you through the opportunities that Kahoot! Channels will provide to our partners. Thanks, Liv. Hi to everyone online. With the launch of Channels, Kahoot! is stepping up the visibility of partner content. This will unlock truly greenfield opportunities for our partners to further strengthen their brands with their free access content, and to further build their businesses via subscriptions to their Kahoot! Channels. With Channels built to support more content formats in the future, our partners will soon be able to leverage even more of their own pre-existing content on Kahoot!. Channels will offer seamless access to the millions of Kahoot! users already enjoying high-quality partner content. This has clear benefits for both our users and our partners, and our partner numbers continue to grow. Year after year, an ever-increasing number of organizations reach out to Kahoot! to develop a partnership, attracted by the magic that only Kahoot! Can bring to learning, and by the audiences we support globally, of course. For partners, Kahoot! offers audience reach and engagement opportunities like no other. Of course, our fantastic partners supercharge Kahoot! engagement, driving increased usage and frequency. I want to thank all of our partners, if any of you are listening right now. Kahoot! audience affinity for partner content can be appreciated through usage data, and the value of this brand engagement is recognized not only by our partners, but also by leading media organizations, such as Fast Company, who note several of our esteemed partners in their Brands That Matter write-up for Kahoot!, as you can see here. Kahoot! will deliver even more partner value through new content and experiences moving forward. For students, new content collections will be released related to careers, such as the existing content from Amazon, showcased here, and those associated with higher education degree programs. This higher ed content will be developed by institutions from around the world, which will, in turn, support the admissions goals of these higher ed partners, as mentioned earlier by Sean. Kahoot! will take engagement to the next level with partner game packs, giving easy access for teachers and their students to enjoy great learning content within a fully partner-themed environment. This is super exciting. For professionals, including educators, Kahoot! will build out a professional development content library with the support of our partners, thus further developing the value proposition for Kahoot! audiences as individual learners to leverage the Kahoot! platform for skills development. Digital certificates associated with these PD courses will also be shareable, leading to added awareness and new Kahoot! Users. Never to be left out, kids and young students will be fully supported with exciting end-to-end partner gameplay experiences. Collectively, these additions will support new value and increased frequency of use. Our audiences and our partners have much to look forward to. As presented by Eilert earlier, with the release of Kahoot! GO, every user on Kahoot! will have easy access to an expanded range of content and engagement formats supported by partners. This takes the overall Kahoot! value proposition for our partners and our audiences to the next level. For the Kahoot! user wanting to find or create a great Kahoot! from partner content in seconds, Kahoot! will leverage AI to make this a reality. In this model, the vast amount of content from interested publisher partners will be included, thus offering an entirely new way for partners to expose their content. Very importantly, using the same technology, our partners themselves will be able to create Kahoot! libraries of their own in only minutes, something I can tell you they've been asking for for years. With Kahoot!, each and every partner will remain 100% relevant and even more valued in the age of AI, further supercharging learning on Kahoot! Of course, Kahoot! will continue to strengthen existing collaborations with our key partners, several of which can be seen on screen. We will work with these already significant partners to deliver new and industry-leading products and experiences for Kahoot! audiences by the end of the year. In summary, it's going to be an exciting second half of the year. Thanks for your interest in the partners section today. I'll now hand things over to Alex. Thank you, Craig, hello, everyone. I'm Alex Remen, and I'm a Product Director, and I've been at Kahoot! for the last six years. Let's continue our deep dive into consumer and experience, we'll first look at how Kahoot! creates engaging learning experiences for young learners and students. I will explain how we will continue to accelerate growth and commercialize further our products for these audiences. We have 27 million active young learners the last 12 months on our Kahoot! platform and Kahoot! apps. It's the biggest and fastest growing segment on our platform. What is truly unique about Kahoot! is how kids can find quizzes and learning experiences for any topic in our huge library, and if not, the parents can easily create their own in minutes. For the youngest kids, 2 to 13, we have recently launched Kahoot! Kids as a standalone app on the app stores, where kids can play free daily challenges. With our Kahoot! Kids subscription, starting at $3.99 a month, learners unlock unlimited playtime with all our learning experiences for kids from Kahoot!, Kahoot! Kids, DragonBox, and Poio. Parents also unlock more personalization options and can control screen time for their kids. Our strategy with learners eight years and up is to continue to develop more fun ways to learn while playing, including solo game modes and multiplayer games, and enhancing those game experiences with additional seasonal packs, game characters, accessories, and rewards. We really think more variety of gameplay will make kids want to play and learn even more with Kahoot! Secondly, we believe that by helping kids find the right learning experience for their interests and needs, we'll keep the kids even more engaged. To do that, we'll develop personalized learning paths, which you can see a mock-up of the parent view, so that the parents can partake in their kids' learning journey. Since this relationship with the parents is a key differentiator for us, we aim to make it even easier for parents to curate and create quizzes for their kids. Achieving these three goals, we'll really be able to make it more fun while learning with Kahoot! and also drive more value to the parents with personalization and learning reports. On the student side, we have more than 25 million active students the last 12 months using the Kahoot! platform or the Kahoot! apps. Studying with Kahoot! is a social and fun experience, whether it's by playing a live Kahoot! together, one of our new game modes, or with their friends virtually. With our Kahoot!+ subscription, students can unlock all our learning toolkit, including the newly launched study goals, superpower their class presentations, or create virtual study groups. Since we launched our new game modes at back to school last year, we've had amazing reception from both students and teachers. Since launch, more than 70 million participating players have joined a game with one of our new game modes. We're now super excited to be creating new solo game modes, where some will be similar to our newly launched game modes, and some will be new, dedicated learning experiences. We think that these will be very engaging and fun ways for students to learn at their own pace. Students, in general, benefit from most of our other advances and innovations that we develop. For instance, they will benefit from how we'll make it even easier to find and create content, as well as how they will be able to generate content using AI. We also have some student-centric initiatives that we believe will really accelerate the student-driven usage on our platform and commercial results. First of all, when we asked students what they were struggling with at school, they responded that they need help planning their study time, and they were struggling with lack of motivation. This is why we have recently launched weekly learning goals, where students are able to set a topic and a time per week they aim to study. What's really great about our weekly learning goals is that it not only reminds students to study, but it also helps them to find relevant content. The next step will be to make it really personalized and super flexible. By making very specific goals with relevant content, we'll make it even easier for students to get started studying. This fall, we'll also launch rewards for students that complete their study goals with game characters and other rewards. I'll get back to rewards on the next slide, we're excited to see how rewards and gamification can help motivate students to complete their own study goals. The next student initiative we're working on is a way to use generative AI to deepen learning with AI, with AI explanations. When students are studying at home or on the go, they often need more context or more explanations than what is provided with their course or Kahoot! to really understand the topic. on the far right on this screen, you have seen how we imagine such explanations where AI can help us close those learning gaps. Our new reward system will boost student engagement. New characters will be available to unlock by playing and studying. With our upcoming Season Pass, students will be able to unlock even more rewards. The characters that they unlock are saved to their player profile and can be used forever. Season Passes will be both available as standalone and as part of Kahoot! One later this year. To summarize the consumer and experience section, we aim to help our users reach next-level engagement, learning, and entertainment. To do that, we will unleash kids' learning power by building personalized learning paths. We'll make it even easier to create and use ready-to-play content for awesome game nights. For students, we'll make study engaging with weekly learning goals, rewards, and AI explanations. With our partners and Verified Creator community, we'll continue to build a great library of premium content, including channels and content generation that will supercharge our users' learning and entertainment. Thank you for watching. That's all from me, and now I will hand it over to Irma and another Q&A session. Thank you so much, Alex. It's already time for the second Q&A session. The first question is for James in commercial. James, out of the three areas that you mentioned, where do you see the biggest growth opportunity? Great question. I mean, as I covered in the presentation, we really genuinely see a huge opportunity in all three of the areas that I outlined. If I had to pick one, I think given our relatively stronger starting position in the audience engagement side, I would go for corporate learning. There's a very large and established and strong market there right now. I think that's probably the biggest potential. The non-desk side of things, I think, in the long term, has even greater potential, but I would pick corporate learning for the sort of next cycle as the biggest opportunity. Thank you so much. The next question was submitted by Emilie Krutnes Engen from DNB, and this is for Eilert. Can you please elaborate on the synergies from bringing Actimo and Motimate features onto the Kahoot! platform? To what extent is it the same decision-maker that acquires Kahoot! and Actimo or Motimate subscriptions? Thank you. That's a great question, and of course, we will continue to invest in both Actimo and Motimate, which have more new features and a higher frequency of new features than ever before. In addition to that, we take the absolute most popular features that we have seen the great team from Actimo and Motimate building over years, really working together with the big corporations that James talked about, and rebuild those same features on the Kahoot! platform. The reason for this is because we have tens of thousands of Kahoot! installations around the world, which can then, basically without zero deployment, start using the employee app for communication, for learning, for all the features that they need in their organization to make engaging learning and communication. This is both a way for us to extend that great experience from Actimo and Motimate to all the Kahoot! customers without having to onboard a new platform, and at the same time, use the scalability of the Kahoot! platform from a financial and from a cost perspective. Thank you. This next viewer is interested more in education. Sean, how do you see the synergies between verified creators and teachers on your platform? Yeah, great question. I guess the best way to look at that is there are kind of two camps of educators going on into the platform. The first are very lean in, and they wanna create, and take their creations and of course, use them in the classroom. The other group are less... They're a bit more passive, and they're looking for support. They are searching and going to our Discover, and trying to find, you know, Kahoots that might fit their needs. I think what we're trying to do with Verified Creators is essentially help those creators really graduate to the next level and take their creations, and really showcase them, and organize them under the new Channels feature, so that that other group, the teachers, can actually find that content in a more, in a easier way, essentially. They're basically both essential, obviously. There's the, you know, we have mass market of teachers who are coming onto the platform and the Verified Creators, which are really creating and now curating this content. Looking ahead, what's really great about this is that, you know, there are, of course, monetization and commercialization opportunities with those creators who are creating those Channels. It's not just about frequency of use, you know, helping those teachers, you know, engage with the platform. It's also an opportunity for those educators to actually generate some income, and of course, there's a revenue share on our side as well. I think it's a very symbiotic way for us to both drive more engagement and frequency of use on the platform for educators and also, of course, create a new revenue channel that we haven't done so previously. Thank you so much. This next question is for Craig. What are the advantage for partners to be on the Kahoot! platform? That's a great question. I speak with partners every day. I guess I can start by saying that every partner is different. They all have different goals and their own unique perspectives related to, for instance, audiences of interest, wanting to reach educators or students or corporates. Of course, we on the Kahoot! platform are interested in working with the most esteemed and relevant partners. That being said, we support a wide range of partner types, both from the for-profit sector, as well as many nonprofit organizations, whose missions are aligned with ours. That said, there are some clear advantages for any partner, regardless of their specific profile, to be on the Kahoot! platform. One of these is elevating the brand engagement level factor in their content, using our software. Another is to reach and engage our large and very active audiences around the world. They kind of work together, of course. Kahoot!, as mentioned, I believe earlier, has over 1 million searches conducted per day on the Discover page. These are all active users looking for fantastic content, which partners have, and we have 1 million teachers on the platform every week. If that's the audience that the partner is looking to reach, it's a pretty good benefit or advantage of being on the platform. I will also say, as mentioned in the sessions earlier today, with the advent of channel subscriptions and AI-supported Kahoot! generation tools, the value propositions or advantages, of course, expand. That's fantastic. Thank you so much. We have time for one more question. Our final question comes from Oliver Pisani from Carnegie to Eilert. Does the Kahoot! Generator AI feature utilize your own content data to enhance the product, or is it 100% based on OpenAI's pre-trained model? In our first launch of our Generator, we are using Microsoft Azure OpenAI. That's obviously pre-trained. That's the first service we are providing, as we outlined today. Going forward, we will continue to add new services, including services where we will have specific datasets, and basically then make sure that the AI service is only doing extract from that specific data. That might be from a partner, like Craig presented. That might be a partner like or a strong relationship we have with Britannica, who would like to have a one repository of content, exploited for creating Kahoots on that specific topic. It might be on the more generic, inside a vast area of sources from a publishing house, or similar. It might also be services that we can provide in the future for customers of ours on the corporate side, that are using this service to aggregate up knowledge from internal documents that are not sensitive, but extremely efficient to put in the hands of the end user on our Kahoot! Engage app. We do believe there are several tracks here, which will both include the OpenAI service as we all know them in addition to those more closed-captioned content repositories where AI services will run solely on that specific source. Thank you so much. This is all that we have time for from the Q&A section, I believe I'm handing over to Eilert to wrap up the presentation tonight. Thank you, Irma. Thank you very much everyone presenting out today. Hopefully, this has been a good session for everyone listening in, to really hear the high-level initiative overview that we are working on in Kahoot! every day and every night. I really hope that the value across all our different areas, from the lifelong learners at home, to the school in the classroom, to the big corporation, and even the small startups, that are using our technology to make engagement and learning more awesome. Hopefully, also, all the trends we talked about today, both what we have been able to build so far, the foundation we have on solidity from a financial, from a technical, from a product, from a brand, from organizational, and from a customer-based perspective, also comes across. That we have this unique opportunity to continue to build all these great new initiatives without jeopardizing the solidity of our current operation. We also, announced the additional initiatives we're doing, both when it comes to the secondary listing, but also, most importantly for me, and I know for the whole team, about new products and services that will really, really make a difference for our customers, where you have instant engagement with one click, even if you've never been to the kahoot.com service before. For everyone listening in, thank you very much for your attention. Stay tuned. It's not gonna be a summer holiday, yet. We have a lot of new initiatives and announcements in the coming weeks and months, and we have a great new event next week at the EDU Summit, for teachers around the world to see all the great new services that will be really helping the school year after summer to be engaging. Thank you, all!