Welcome to the Kahoot! Group Earnings Webcast for the First Quarter of 2023. I'm Irma Horvath from Kahoot!. I will be your moderator today. We are very excited to be here with you to give you updates on our progress here at Kahoot!. Let's take a quick look at the agenda. We will start by giving you an introduction. We will proceed to discuss Kahoot!'s financial and operational highlights from Q1. At the end of our presentation, we will take some questions from the chat. Please feel free to share your questions in the chat as we move through. Today, we have with us Eilert Hanoa, CEO of Kahoot!, and Ken Østreng, CFO of Kahoot!. I will now pass it on to Eilert to get us started. Over to you, Eilert. Thank you, Irma, and good morning and good afternoon, everyone, and thank you for taking part in this first quarter presentation and Q&A for our 2023 first quarter. We look forward to taking you through our initial quarter of the year and share some of the highlights as well as our momentum into the mid part of 23 and of course, the focus going forward. Kahoot! is a mission-driven company born out of the idea of making learning awesome. Lifelong learning is one of the greatest catalyst for sustainability, and Kahoot!'s contribution is to develop the best learning tools in the world to engage learners of all ages. This is our motivation for work as hard as we do every day. For those of you on the call that are new to Kahoot!, let me give you a brief introduction to the group. Today, consisting of the core Kahoot! learning and engagement platform with the signature Kahoot! experience, Clever, the leading U.S. K-12 digital classroom, connecting educational providers with millions of students and teachers, and more than 97,000 schools all over the U.S. Finally, our full suite of complementary learning applications developed and acquired over the last few years. This combination put us in a good position at the intersection of learning and audience engagement needs, with a unique opportunity to grow and make a positive impact, reaching learners across segments, demographics, and geographics. What sets us apart is our highly scalable software platform with hundreds of millions of users in the ecosystem of global partners, brands, and engaging content. This gives us low operational cost and high gross margins. Our very powerful brand, loved by learners of all sorts, spanning user segments, geos, and demographics as well, of course, our long-lasting commitment to innovation and product-led growth. It is the user experience and engagement that creates the basis for our viral spread and conversion to paid usage, not the traditional paid marketing. Let's switch over to our first quarter. We experienced a still restricted market environment in the first part of the quarter, continued with a headwind from the last quarter of last year. Given this context, I think we delivered well, both in terms of top-line growth on the group level of 18% on the revenue and approximately 11% in invoiced revenue for the quarter. Excluding Clever, billings grew 14% year-on-year to $28 million. Clever billings in Q1 was $9.6 million, similar as the first quarter last year. Our paid subscriptions continued to increase across all business areas in the first quarter with over 35,000 licenses, which 30,000 from professional users in categories including school and work. The total number of paid subscriptions has now reached 1.34 million across all services, which is also up 15% year-on-year. This comes with a minimal customer acquisition cost due to our viral distribution model. We were able to maintain a marginal increase in costs in the last consecutive quarters. This enabled us to reach a very solid all-time high adjusted EBITDA exceeding $10 million for the first time with continued marginal CapEx. It also made us able to deliver a double adjusted cash flow for operations compared to quarter last year, amounting to $8.4 million in Q1. This marks our 14th consecutive quarter of positive operating cash flows, thanks to our scalable business model. The last 12 months, Kahoot! has generated $45 million in free cash flow, and having net cash flow is perhaps the most important factor these days in building a solid business and a long-term growth strategy. Our cash and cash equivalents at the end of the Q1 was a total of $88.7 million and of course, no long-term debt as last quarter. Kahoot! is very fortunate to have a diversified business with three different customer categories as users representing different commercial potential. It is important to note that the strong synergies between the three offerings of these largely coming from the same platform and resources and development teams, hence giving additional scalability to our business model. Under commercial, we gather the group's resources, tools, and solution and content for corporate learning and engagement, including acquired units of Actimo and Motimate. Of course, the flagship Kahoot! 360 as well for all kinds of companies around the world. Under education, Kahoot! at School and Clever makes up the powerful offering for teachers, students, and school owners across the globe. Our consumer and experience category cover both Kahoot! at Home and Kahoot! Academy, our learning platform and marketplace, offering premium content for from educators, from publishers, partners, and brands. Let's look at the business highlights for the quarter. A key driver for the growth was the continued trend in paid professional users, both from education and commercial. As our student learning and audience engagement solutions continue to expand, to address various needs amongst these customer groups, we see the effect also not only with additional subscriptions, but also higher activity on paid accounts. In the current climate, most organizations are now looking for CapEx light and easy-to-implement solutions. Kahoot! is emerging as a great option for training and learning needs for both small and larger organizations across the globe. Professional customers also continue to show strong retention numbers. The dollar retention for our top enterprise and school and districts accounts have remained solid at approximately 120% on a LTM basis also in this quarter as we have seen in the last quarters. Let's take a look at some of the top-level subscription numbers. On the commercial side, we saw approximately 15,000 net new paid subscriptions added, reaching approximately 595,000 in paid subscription, up 16% year-on-year. We continue to see growth across all commercial offerings with good traction across all sales channels. Also important to note that the momentum picked up particularly towards the end of the quarter and has continued into Q2. On education, in the quarter saw 15,000 net new paid subscriptions, reaching approximately 45,000 in paid subscription, up 40% year-on-year. On Clever, the momentum continued also into the second half of the school year, adding several new paid apps and partners, now with a total of over 610 paid apps partners on 920 overall on the platform. Now with K-12 student activity also continuing to grow, Clever now has 25 million monthly active students across 97,000 K-12 schools on the platform, primarily in the U.S. That is a good development both year-on-year and of course from the fourth quarter. This sets up Clever well for the coming back to school, which is the high season for Clever, both on usage and of course rollout of new schools and new apps across the Clever universe. Let me return to the performance of Clever. It very important to note is that in line with Clever billing cycle, we expect financial impact from new application partners as well as from further expansion of Clever's end user group of schools and districts to occur primarily in the second half of the year, in particular the third quarter and back to school. We expect Clever to deliver on a full year basis continued double-digit invoiced revenue growth, and this year with an improved profitability as well. On the consumer and experience side, we saw in the quarter, 5,000 net new paid subscriptions added, reaching approximately 300,000 in paid subscription, up 15% year-on-year. This gave us strong momentum with over 30% growth in billings in March that continued into April. After seeing gradual normalization in the free social users on the Kahoot! platform compared to prior years' pandemic-influenced levels, the month of March was the first comparable month post pandemic. Therefore, it's great to see that we had 175 million participants in total in March alone, which is insane, both showing the new traffic patterns and also indicating a positive growth trends in some of the monthly user metrics on the Kahoot! platform. We continue to have millions of new signups on our platform every quarter. All in all, we're pleased to see a positive development across our metrics that are most important in the first quarter. Through our diversified global portfolio across our user groups, geos, and offerings, we were able to hedge market volatility and also make sure that although a difficult market initially in the quarter, we saw a strong performance in March, and this trend continued also into April across our different user segments. We are privileged to be working with some of the truly awesome brands and enterprises across industry verticals and geos, including H&M, Louis Vuitton, Gucci, Amazon, Decathlon, British Airways, and many more. The quarter saw a great influx of both new deals and expansion of already existing customers' relationship. Some of the highlights are Sodexo, the global food service and facility management company with over 400,000 employees in 55 countries, where we were able to start our partnerships in Sweden in the quarter. Our brand Actimo now supports Sodexo in their daily interaction with their frontline employees. With Actimo, they've built engagement team for engaging for the teams with a learning culture that enables them to better serve their customers. Another great expansion this quarter was Charter Communications, a leading broadband and cable operator with more than 100,000 employees in the U.S. They were already using Kahoot! 360, but they were now upgrading to 360 Spirit. They will leverage Kahoot! 360 Spirit for new hires onboarding and training across multiple regions. It's a great example of how these companies and their usage is actually accelerating virally internally in their organizations. The same goes for America First Credit Union, one of the largest credit unions in U.S., started using Kahoot! for hybrid employee training back in 2021 with a smaller number of our licenses and expanding in the first quarter as well, adding hundreds of more licenses as they go. Even though our viral platform already is used by companies, institutions, and organizations across more or less all geos, we are still scratching the surface of the opportunities. Even though there is a impressive list of logos, there is still a huge potential for Kahoot! to grow our business in the quarters and years to go through the extension of new customers and, of course, expansion within the existing customers you see on this overview. With that, let me give the word over to you, Ken, for a financial update on the first quarter. Thanks, Eilert. Good afternoon and good morning, everyone. I'm very pleased to take you through the numbers for a solid first quarter of 2023. From a finance perspective, our focus in Kahoot! is about continued scalable growth, expanding profitability, and solid cash flow generation with disciplined capital allocation. In terms of continued profitable growth, the financial development over the past three years as of the first quarter confirms that we have a proven scalable business model. Our 10x billing growth to $173 million over the last three years as of the first quarter is driven by organic growth in number of paid subscriptions and effect from acquired companies. Revenue growth follows recognition of the billed annual subscriptions over the term period, driving the 14x increase over the last three years for the end of the first quarter to a 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 end of the first quarter. For that last 12-month period, adjusted EBITDA increased 62% year-on-year to approximately $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 last 12 months, free cash flow increased 50% year-on-year to $45 million, up from $30 million for the prior 12-month period. The four-quarter operating run rate visualizes the scalability of the Kahoot! operating model, with billing of approx $173 million for the last twelve months, with a corresponding operational cost base of approximately $118 million. As you can see in the chart, we have operating model leverage with a modest quarter-on-quarter growth of the operational cost base. This comes through the low customer acquisition cost, a scalable platform supporting all customer categories globally, with infrastructure costs for both free and paid users included in the current cost base. We have a capitalized business model with minimal CapEx required to support the scale of the operations. Now on to the quarterly development. We have a billing seasonality through the year, and that's impacted by back-to-school season for both Clever and Kahoot! in the third quarter and regular business seasonality through the year. The recognition of billed prepaid annual subscriptions translates into continued quarter-on-quarter revenue growth through the year, with a first quarter revenue up 18% year on year. With regards to the revenue distribution through the year, we had approximately 48% of the full year 2022 revenue in the first half year and 52% in the second half of the year. Adjusted EBITDA continues to improve both year on year and quarter -on -quarter, with an Adjusted EBITDA growth of 75% year on year, reaching all-time high of $10 million in the first quarter this year. The Adjusted EBITDA margin increased from 17%- 25% compared to the first quarter last year. Our free cash flow generation follows the billing seasonality, with the majority of the free cash flow in the second half of the year. In the first quarter, we had approx 100% year-on-year growth in free cash flow. Our proven scalable business model, combined with ability to drive profitable growth in acquired companies as part of the group, is demonstrated by our Adjusted EBITDA margin expansion over the last five quarters. On to the year-on-year development for the first quarter. The almost 6x growth in billings for the first quarter to $37.6 million over the past three years is driven by organic paid subscription growth and the acquisition of Clever, fully included here in this table from the first quarter 2022. The billing translates into more than 10x revenue development over the past three years, growing from approx $4 million in the first quarter 2020 to more than $40 million in the first quarter this year. Conversion of free to paid users and account expansion is driving growth in the number of paid subscriptions across all customer categories. By the end of the first quarter, we reached approx 1.35 million paid subscriptions across all services in the group. From a geo perspective, the U.S. and Canada continue to develop as the major revenue region for Kahoot! and has, over the past three years, increased its share of full-year billing from 46%- 65%. For Clever, the billing seasonality is in particular centered around the third quarter as the largest quarter, both from a billing and growth perspective, aligned around the back-to-school season. As the number of app partners increase through the year on the Clever platform with a financial impact mainly in the third quarter, driving the billing seasonality and the annual growth. Now on to EBITDA and cash flow development. Following a continued year-on-year improvement, Adjusted EBITDA was up 75% year-on-year in the first quarter, with an Adjusted EBITDA margin of 25% versus 17% in the first quarter last year. Cash flow from operations almost translates into free cash flow due to the business model with minimal CapEx required to support the scale of the operations. Kahoot! turned cash flow positive in Q4 2019 and has remained cash flow positive since. The operational cost base had a modest year-on-year growth in the first quarter of 6%. In addition to the regular operating expenses, there are calculated share-based compensation expenses deriving from the group's equity program. I want to reiterate that these calculated expenses 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, and that was 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 run rate cost based on the vesting schedule of current outstanding instruments will decline approx 50%. For the end of the first quarter, outstanding instruments and the equity program was NOK 32.9 million, of which approximately 50% of the instruments are non-dilutive at today's share price. At current share price, this translates into less than 4% dilution of outstanding shares on a fully vested basis. Calculated payroll tax fluctuations fluctuates with the share price development and the cash effect on the payroll tax will be offset by the cash payments to the company for the strike price of an exercise of the equity instruments. Now on to the cash position development. In Q1, we doubled our cash flow from operations compared to the first quarter last year. Net cash outflow from investments in the first quarter was $23 million, and that is due to a $22.4 million deferred payment for prior year's acquisitions, in line with the agreed payment schedule. Outstanding deferred considerations for the Clever acquisition per the end of the first quarter amount to approximately $17 million and will be payable on a quarterly basis over the next few years. For the last 12-month period, adjusted cash flow from operations was $46.9 million, and that is up 55% compared to the last 12 months per the end of the first quarter last year. For the last 12 months, net cash outflow from investments were $32.4 million, and that again, was driven by the payment for deferred and contingent considerations for prior year's acquisitions. Considering capital allocation, the group does not 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. Now on to our outlook. We reiterate our full-year outlook with continued double-digit year-on-year growth in billings, delivering a recognized revenue exceeding $170 million with modest annual growth in operational 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 this year, continued year-on-year growth in billings, delivering recognized revenue of $41 million-$42 million with a 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, reiterating the long-term growth potential and scalable ambition, targeting approx 40% cash conversion in 2025 as percentage of billings. Further information will be provided on the Investor Day, June 7th, 2023. By that, I'll hand over back to our CEO, Eilert. Thank you, Ken. Really good to know then that we had close to 40% cash EBITDA in the first quarter already on the group level if we exclude Clever as such. We are on to a good start and to deliver on that long-term ambition. We had started off the year well, so let me round off by looking forward. The positive pickup in momentum from the latter part of Q1 has continued into Q2, and a rich product roadmap and strong pipeline makes me very optimistic about the quarters to come. With clear priorities for 2023, with a focus to extract more value from our scalable platform and lean operating model to generate continued double-digit growth and to improve cash generation further. Our long-term commitment to product-led growth will of course also continue. We are firm believers that constant innovation and developing steadily better solution is what will be the most sustainable long-term way of attracting and converting users to our platform and attracting paying customers to all our solutions from the Kahoot group. Of course, most importantly, to continue to build the brand, which is always about what products are beneath the brand and appearance. Fortunately, we are in a position to continue to invest in new products and revenue streams for cycles ahead because of our profitable and scalable business model. Product innovation is very much part of our culture. At the group level, around half of our total staff and cost is devoted to product development. The first quarter saw exceptional yield from our R&D initiatives, fueling a rich lineup of new solutions and offerings to both school, work, and home. Some of these have been released already, and others will be released in the market in the coming quarters. One integral part of our product roadmap is to take advantage of the best available technology at all times. In the coming product lineups, we will continue to innovate on all aspects of usage of the Kahoot! platform, including new AI-based features to optimize efficiency of content creation and ease of use, and of course, amplifying the capabilities of our solutions, making these even more powerful in the hands of our all our users. This opportunity to truly deliver a great experience is even greater with the Kahoot! question bank as a foundation for our platform, including over one billion questions created by our users. Imagine the opportunities with AI features and these curated questions made by millions of teachers and really packaged at the fingertips of all users really wanting to have great presentations and use of Kahoot! going forward. We really look forward to soon launching to the market these several new features and offerings, helping both our free users and paying subscribers, whether you're a teacher, a professional, a student at home, or an individual just wanting to have a social great event. As previously announced, we will host an Investor Day coming up in June. Our focus for the day will be to provide the investor community and our many shareholders more in-depth information about our longer term plans, including an update on our overall strategy as a group with breakdown on different business areas, financial ambitions on the next coming years, operational and commercial plans for these ambitions, and of course, present out our new and updated product roadmap, including exciting new features, including AI. We will also provide an update to our preparations for a possible secondary listing of the company. With that, I want to thank you everyone for attending to this presentation and give the word back to our moderator for the Q&A. Thank you, Eilert, and thank you, Ken. We are now ready to move to the Q&A session, as the final section of the presentation. We have received many questions in the chat. We're going to start with this one. Given your comments in your Q4 release concerning weaker macro effects in customer spending, what are you seeing currently in the different segments, Eilert? That's a great question, I think, even though we see a change in the behavior, from being, as we all know, a difficult market at the end of the fourth quarter, basically continuing into the beginning of first quarter and then slowly but firmly improving throughout the last part of first quarter and into the second. There's no doubt that we've had our lesson learned, and are preparing differently for the quarters to come in order to make sure we have a better hedge strategy to be able to deliver on our ambitions, even if there would be new rounds of headwinds in the future. I think we see a more optimistic mindset, both when it comes to school owners, or EdTech partners, as we talked about on the app side of Clever business model. We see that also reflecting in corporate attitude, both in Europe and the U.S. We think that the general consumption combined with, now compare numbers on after COVID is, all in all, a fairly good starting point and flow into the second quarter. Thank you so much. There is a lot of interest around AI. We received a question from multiple participants. How do you see generative AI affecting content providers versus software platforms? Yeah. That's a great question and we're still early days when it comes to the maturity of the services and also the maturity of how the services will be consumed from an IP, from a security, from a deployment perspective, and also cost perspective. That said, there is no doubt that generative AI and AI in general will both help develop great software services such as Kahoot! from a creation, hosting, and learning or studying perspective, and it will also impact parts of the content creation and content offering for a lot of companies outside of Kahoot!'s both segments and company per se. We believe that a strong... I think you will see that from many companies, those who are delivering tools and platforms and creation tools will benefit and thrive from implementing AI as a part of the creation process or as a part of the presentation process, whether it's PowerPoint on one side of the fence or a solution like creating Kahoot!, as you saw on the example, or even for graphic tools, and we will even see movies created partly with AI services embedded into the process. There's a big difference from the part of business which is based on selling standard content versus those who are selling or offering platforms where you basically sell the tools and the toolbox. We strongly believe that if you are in the tools, platform, and toolbox, side of the business, this will be not for free, but it will be a positive contribution to the toolbox you can offer to your customers. Thank you. We have seen user engagement metrics declining as we have exited the pandemic. Have you seen any signs of bottoming out? We see a slightly change in pattern. Of course, the last month of compare pandemic was February, so it will probably be a few more months before you can sign up too many long-term trend lines. All in all, we see, and that's of course important, that we are able also to adapt to the different user patterns, whether it's larger group on-site, smaller groups on Zoom calls, and the frequency, the use case, and also the needs is of course also evolutionary changing, whether it's in school or at home or at work. That's also why we are, as mentioned several times today, so focused on delivering new value propositions, more functionality, and better experiences as the Kahoot! platform can be used in many new scenarios than what we are currently used at. Some of these new features we will be able to launch for our customers in the coming months, and we truly believe that that also will drive a different frequency of usage for professionals and for also for free users, and hopefully, as a consequence, of course, also drive more momentum when it comes to conversion and upgrade. Across the board, using the trend lines we see, but not taking for granted that we necessarily on the like for like product offering will have the same trends going forward, and therefore continuing to invest in better products, better services, and more value, regardless whether you use Kahoot! once a month, once a week, or several times a day in the time to come. Thank you so much. We have received a question from Christian Statteland from Arctic. Monthly active users on Clever seem to taper off with last month on growth of 8%. Could you elaborate on this and how it affects revenue in Clever? It's, of course, the number of students using Clever for different purposes is not a constant. It's depending on the on the apps on the platform and the value of the platform, in addition to, of course, logging into to Clever. As we are adding more schools, and it's used in classroom, we also expect the number of students to continue to grow in a ratio with that. That said, of course, the monthly active users can use it once or many times a month, and so it's both a number of students and it's the frequency of use and the value of the usage that are the driving factors for us. We will continue to invest in making sure that it's a great solution for those who are using it for maybe just one session, a day or a week, depending on the topic or depending on the school, and of course, those who are using it all the time as teachers and as students, going forward. We expect to continue to be able to grow both the number of apps, the value of the platform, and the number of students, going forward on Clever as well. Thank you. The next question is for Ken. You have been able to maintain modest cost-based developments for several quarters. How are you going to continue this given the inflationary pressures and your growth ambitions? Yeah. We will continue with what we've been delivering up until the past, five, six quarters, with a prudent cost development across our operation. We will keep our team fairly stable in terms of size, and we will of course focus on continued operational excellence across all functions in the business and make sure we can extract synergies enabling further kind of bandwidth to fuel the growth within the current team. That's basically what we're up against as we are every quarter. Thank you. The next question is from Oliver Pisani from Carnegie. You are adding 35K paid subscriptions quarter-on-quarter versus 60K in Q4. Why the deceleration? What is the driver behind the falling number of active accounts in commercial quarter-on-quarter? Q1 is normally slightly slower than Q4 when it comes to adding net new subscribers. That's also the trend we saw this year. That said, of course, we are never satisfied with the number of seats we are adding, so we will always strive to continue to add more. That goes without saying that that's why we're also launching new products and new initiatives to make sure that we take those opportunities as there's still room to grow in all aspects of our business. The activity on the platform in a specific quarter can also be, of course, as mentioned, related to different use cases. The way we are now structuring the number of active accounts in commercial, meaning on the business side, on the core Kahoot! platform, is also impacted by a slightly better way going forward that will provide the free tools and the free trials for professional customers. Hopefully that will also drive more usage while you are evaluating the product, but also more importantly, better conversion to paid users in the next cycle. A lot of the initiatives we have been talking about for the last two quarters are about improving that funnel and also improving the value proposition in the hands of the users. I think we will see some good results of that coming out now in this quarter. Thank you so much. Felix Kujala is wondering, from Morgan Stanley, if you can give any commentary on core Kahoot! platform paid subscription in Q1. Is growth mainly driven by the other apps, or does core Kahoot! still grow paid subscription on a quarter-on-quarter basis? Yeah. It's very much based on, I would say, the core Kahoot! platform and the viral growth around that platform, which generated $75 million in trading last year. What we are also doing, and it's a great question related to the other apps, as we are more and more integrating and packaging the value, not necessarily code line, but the value deriving from the code of, for example, DragonBox. During this quarter, you will see great new web services that are subsets of the DragonBox value proposition that will be 100% in-integrated in both the Kahoot! app for students, but also on the website that the teachers can launch in the classroom. Of course, that again will drive the subscriptions on the Kahoot! platform, basically using, as outlined many times, the acquisitions of our products as injections to drive more value creation on the platform, but also more subscription on the core Kahoot! platform going forward. The answer is both. We are selling more net Kahoot! subscription from Kahoot! as such, but we hope that we will have more effect of the accelerated growth from the other apps and even conversion of other subscriptions into the Kahoot! platform by integrating and building a subset of the functionality as web service on kahoot.com. Thank you. We have time for one more final question. How will you reach the target of approximately 40% cash conversion in 2025? I can maybe start and Ken you can finish up. I think for those who've been following Kahoot! for a few quarters will see that we have been fairly focused on making sure that we have a consistent and scalable cost base. That's both how we structure the most expensive part of our business, which is investments in new products and services, and making sure that we have a good way to manage that going through the different phases of the company, but also the different cycles of and market conditions. We continue to do so, that's very much in our plan to have a good and tight model for managing that in a way that we think it's possible to have a much higher yield and scale of what you're already seeing delivered from us in the quarters and years to come without increasing the cost accordingly. This is something that from a organizational perspective, needs to be built, trained, and lived. It's not something you can decide per se overnight. Having that positive momentum that you see now from the shipment of new products, new partnerships, and value from Kahoot!, we believe is a great sign of how this is actually playing out for us, and hopefully that effect will be easier to see every quarter going forward. Ken? Yes. If you look at the last year, the Kahoot! group, excluding Clever, delivered approximately $105 million in billing, with close to 35% free cash flow conversion for the full year last year. If you look at the whole of the group in the last 12 months, we've delivered a cash EBITDA margin of 32%. That's 32%, and that's thanks to our scalable business model and operating platform. So 40% should absolutely be achievable. Thank you so much, Eilert, and thank you so much, Ken. Thank you all so much for joining us today, and for your questions. Please reach out if we didn't get to your questions today, and see you again soon.