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KnowBe4, Inc.

knowbe4.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2022 10-Q, filed Nov 14, 2022. Its latest SEC filing is a SC 13G/A from Feb 15, 2023.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells cloud-based security awareness training and simulated social engineering tests, along with tools for security response and compliance, to organizations of all sizes.

How Did They Make Money?

Organizations buy subscriptions to access KnowBe4’s cloud platform. They are billed in advance, with most subscription revenue earned over the contract term and a portion tied to downloadable content earned when it is provided.

FY2021 revenue

Who Were Their Customers?

Organizations of all sizes and across industries buy the platform, either directly through inside sales teams or through channel partners and managed service providers. Customers typically roll it out across their workforce.

Did Revenues Turn Into Profits?

Not on paper. It lost $11.8M in FY2021, but brought in more cash than it spent: $73.8M of free cash flow.

Operating income, FY2021
−3% of revenue
▲ +327% (Loss) vs FY2020 (−$1.5M, −1%)
Net income, FY2021
−5% of revenue
▲ +387% (Loss) vs FY2020 (−$2.4M, −1%)
Free cash flow, FY2021
30% of revenue
▲ +87% vs FY2020 ($39.4M, 23%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q3 FY2022, the three months to Sep 30, 2022
Revenue
▲ +34%
vs $64.1M in Q3 FY2021
Net income
▲ Now profitable
vs −$1.6M in Q3 FY2021
  • Feb 6, 2023 Vista completed its acquisition of KnowBe4, taking it private. KnowBe4 shares ceased trading and were delisted from Nasdaq after the transaction closed.
  • Oct 13, 2022 KnowBe4 agreed to merge with Vista and become its wholly owned subsidiary. The agreement set cash consideration for common shares, subject to closing conditions.

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