With a particular emphasis on where we are, what we're seeing in the market, how we feel we're positioned with customers moving into calendar 2022. I'd like to leave as much time as possible for Q&A discussion at the end of the presentation. In terms of the FY21 year-end review, our financial year finished in March. There were clearly some far-reaching impacts of COVID-19, particularly through calendar 2020 in North America. Despite IKE and our core customers being classified as essential businesses, it was still a period of real challenge and high uncertainty. In particular, our customers, these really large infrastructure providers, were not, in many cases, particularly well set up to move to remote work and remote operation. We're really excited about where we've landed as we come into the FY2022 year. As the pandemic hit more than 12 months ago, we adopted a plan to try to stay on the front foot as much as we possibly could and really try to develop talent, our processes, look for opportunities to build new products and to acquire new businesses that weren't faring as well through the pandemic. I feel as though we achieved some very important strategic milestones through this year. Our goal was to be able to bounce forward as fast as we could when the inevitable happened from a pandemic perspective. Our customers and our industry have really got back to work. I think the very good news for shareholders and stakeholders is that since January of this year, we've seen really heightened activity, and Ike's been in a position to be able to move with our customers and move forward strongly. In terms of the year that's been from an FY21 perspective, from a group perspective, revenue was down around 5% on prior calendar period. We had particular impacts through Q1, so the period of April to June of 2020, and then Q3, which was the second wave of COVID-19 in North America, which was pretty devastating from a health perspective. That's where we had a lot of customers and projects that deferred through that period of time. From an operating cash perspective, we were at just over NZD 3 million from an operating cash flow loss through the period to plan. We finished the year with approximately NZD 40 million of cash and receivables from a balance sheet perspective. I think the most important item for shareholders and investors has been the continued shift in terms of the products and solutions that we deliver to our core communications and utility segment here in North America. Through this year, approximately three-quarters of our revenue came from transaction and recurring subscription sources. That's the blue bar in this chart, not withstanding the COVID impacts. I think this is a really important transition in terms of increasing the quality and predictability of our revenue and our growth as we move forward. I won't read these slides verbatim. I think some key metrics within that operating revenue line that we just looked at for the year, and these are metrics that on a quarterly basis we'll be reporting moving forward. We had NZD 4.6 million of subscription revenue coming from our customers. We've got 284 enterprise subscription customers using IKE platform products. We generated NZD 2.3 million of transaction revenue. Our business model is a platform subscription to accessing the IKE products and then a transaction fee based on the number of pole transactions that come through our system. There were 53,000 approximately billed pole transactions through the FY21 period. That's a really key driver for us in terms of growth and the item that we focus on a lot as we talk about FY22 and forward. Our focus from a market perspective has just become tighter and tighter around the communications segment and the electric utility segment here in North America. We feel that that market timing is optimal. We dramatically speed up network development processes for both of these groups, and we feel we're in the right place at the right time in terms of macro market factors. We'll talk a bit more around some customer proof points and also some of the momentum that we've had coming out of calendar 2021. Through the first five months of this calendar year, we've won new contracts of approximately just under NZD 9 million in the context of a NZD 9.3 million revenue year for FY 2021. We have focused very hard on team and talent. While a lot of our quasi competitors and other businesses operating in our market through COVID-19 that furloughed or laid off a lot of staff. Ike reduced pay across the leadership team and the board, but we kept our entire team together, and we've worked really hard on recruiting new talent, which I think sets us up very well for the growth year that we believe we have in front of us. Again, this is a snapshot of the P&L for the FY 2021 year. I won't go through it page by page. This presentation document was released to be read without commentary. We've included all of this detail in the release document. In terms of where we are from a calendar 2021 perspective, from January as COVID impacts lifted, and particularly now that the vaccine is rolling out across North America. We've had a lot of customers. These are all existing customers. None of these contracts surprised us. They were pipeline or deferred deals, we've been fortunate to close additional business with AT&T, a very big investor in fiber and 5G infrastructure across the U.S. We announced Crown Castle have standardized on Ike. They're the largest shared communications infrastructure company operating in the U.S., standardizing on Ike for aspects of their fiber and pole-related work. Growing our account with Corning, who not only build and ship the most fiber optics across the North American market, but also assist their companies to deploy the fiber, which is where we help them. Some important expansion proof points across the electric utility space, which we'll talk to in a bit more detail. Just stepping up a couple of levels. From an ikeGPS standpoint, why we jump out of bed in the morning and our team jumps out of bed in the morning, is we support some really meaningful broader market demands. North America is a long way behind in terms of providing fiber and broadband access to the nation. This is a country where we still have a lot of folk that have to drive to a Starbucks car park or a Taco Bell car park to access broadband. It became a very heightened problem with everyone moving to work from home over the last 12 months. We're really trying to assist communications companies to get networks to market faster. This is a slide we've presented over the last 12 months or so. We do really feel like we're in the right place at the right time. Just massive investment into fiber and 5G networks. Huge expected investment coming into rural broadband development across North America. Ike and our platform, we dramatically speed up aspects of deploying networks. The productivity gains we deliver really matter to the communications companies and engineering companies that are developing these networks. There's a lot of them, more than 200 communications companies competing to get to market the fastest, and more than 1,000 engineering companies that support the communications groups. This isn't a winner-take-all market opportunity. I think the winner can take the best in terms of customers. That's really where we aim, is to win the best and the largest customers operating in this segment. If we take a 10-year lens of Ike and how we can move from a NZD 130 million, NZD 140 million market cap today to a billion-NZD-plus business. A 10-year lens, this comes from the electric utilities in the North American market. This photograph here is of a power pole that's failed. The power infrastructure is at the top of the pole on the right-hand side of the road. You can see just how many other infrastructure companies and service providers are attaching to every one of these assets. Hundreds and hundreds of millions of these poles across North America. Every time anyone touches a pole, it needs to be engineered and designed and then built to standards, and that's really what we help electric utilities achieve and also the folk that are touching these power poles. There's also a lot of the electric utility groups. More than 3,200 utilities. More than 200, they call them investor-owned utilities, but these are the big publicly listed groups that tend to own a portfolio of electric utility companies. They all face the same problem with aging infrastructure. A lot of legal liability, a lot of regulatory liability. They all want to deliver safe and reliable power. Ike, our solution, we strive to make this engineering design maintenance process much faster, of much higher quality. This is where we're going as a company. We talk about the IKE PoleOS and creating the pole operating system for the North American marketplace. What we've set about doing is moving from where we were four or five years ago, essentially a device company, but building solutions that solve distinct and complementary problems for these same core customers. A lot of words on this slide, but we now have the IKE Office solution. It's a web-based analytics platform and also tools, field tools, to go and capture pole-specific information. We now have IKE Insight. It's an AI platform to process drone imagery, LiDAR imagery, smartphone imagery, and bring pole insights out of these really, really large datasets and solve some unique problems. We have IKE Structural, which is a pole loading software platform used by five of the 10 largest IOUs in North America. That's taking all the input data in and making engineering assumptions from there. We layer that all on with what we hope can be the best customer experience in the industry, specific to the North American market. We touched on this in the word release document from yesterday, just around how we see the transition and upsell of IKE solutions across these really large infrastructure companies, and just thought it was useful to set out here an example customer. This is a Fortune 100 electric utility group. They have five similar electric utilities in their portfolio. The transition for IKE has been a really interesting one. One of these utilities was an IKE PoleForeman customer, was paying us around NZD 20,000 per annum to use the IKE PoleForeman IKE Structural product. That gave us a privileged entry point to come in and help solve a very specific problem around a network assessment. In October 2020, we signed a NZD 700,000 phase one project that followed a fast pilot, that went live and was delivered successfully through November, December through to March of this year, notwithstanding some COVID-19 delays on their side. In May, we announced the contract extending to an additional NZD 1.2 million phase two contract. It's now close to a NZD 2 million contract that we'll deliver primarily through this FY22. We're only processing around 350,000 of their poles for one specific application, and they're a much larger business. They have 1.3 million, 1.4 million poles in their network, and they have a lot more problems as well. We're engaging with them now around IKE Insight, so our AI platform to solve some other issues for them. This is the way customers can develop over time, and how we can introduce our different solutions or different apps into a customer over time. Just from a proof point perspective, we are now working with many of the biggest names in the business and brands in the business. We're at different stages with a lot of these different businesses, but as at March, we had 284 enterprise customers that were subscribing to the ikeGPS platform, and that's a key metric for us, is to continue to grow the number of subscribers. We're looking to create decades-long relationships with these groups and be the partner they can't live without. Just a sneak peek in terms of some new branding and presentation around presenting ikeGPS as the Pole OS company that will be coming to market soon. As I mentioned, our business model is that there's a platform subscription. Doesn't matter what product or app you're working with, there are transaction fees that layer on top of the platform subscription, typically billed on a per pole basis, because that's the way our industry does business. Then we offer other value-add products, such as IKE Analyze, such as IKE University. Some real-world productivity metrics as to why customers buy, why customers work with us. We're driving really meaningful speed to market, cost reduction or quality improvements across many of these groups. It's the reason why we go to market directly with a direct sales team. It's the reason why we have confidence in terms of where we sit today and how we can continue to deliver value over time. Just an example here of IKE University. When the pandemic struck, we prioritized standing up a remote education and a remote deployment system called IKE University. We now have a very scalable online system that allows all of our customers to come in to learn about IKE technology, to get going in the field and get productive, and also to be able to interact with IKE and our team. Those kind of education elements are very important for embedding IKE inside our target customers. Just touch quickly on team and talent. We focus hard on building a really industry expert group of people that sit around IKE. We're really fortunate and pleased to be able to bring Eileen Healy onto the board of ikeGPS earlier this year. Eileen is an industry veteran out of the communications market based in San Francisco. Eileen, through two startup companies or high-growth companies that Eileen's founded, works with many of the very largest communications group operating across the U.S., and a few of them are listed there, the AT&T, T-Mobile, Vodafone, Verizon, et cetera. Lastly, the Ike team. This is a bit of a mix in terms of our group today, we're pole people, we're pole experts. We sell directly. We're building a brand based around Ike, we're building a delivery model directly, we really think there's an opportunity to build enormous brand equity around delivering the best customer experience in the market. These are some of our folk, we focus on making our customers as successful as possible. With our business model, once customers are using our technology, the more successful they are, the more successful we are. The cash register rings as more and more poles are processed through our products and platforms. Thank you. With that, Simon, I'll pass back over to you for Q&A and if you could just let me know any questions that have come through. Great. Thanks, Glenn. Thanks for the presentation. Just a reminder, if you did want to submit a question, please do so via the Q&A button at the bottom of the screen. First question, Glenn, from the highlights page on page three, analysis on 100,000 poles at only NZD 4.20 per pole. What analysis is this, and what does it cost ikeGPS? It's a good question. A customer can access our platform, they pay us a subscription, and they can use our tools and our products and software to do their own analysis of the data they're collecting using ikeGPS tools and platforms. They may be paying us NZD 2, NZD 3, NZD 4 per pole, but they are doing the work of that analysis. That's almost. It's very high margin from an ikeGPS perspective. Now, this differs from another customer that may decide to use IKE Analyze, the IKE Analyze product. What that means is they use our tools to go and collect pole information in the field. They send it back to us into the cloud, and then we do the analysis. We might be charging NZD 25 or NZD 30 per pole to do that analysis and deliver them back a report that they need. There is a real discrepancy between the two. There's a good example recently, actually, of AT&T standardizing ikeGPS around two years ago. They're outsourcing a lot of their engineering today to engineering service providers. We won an engineering service provider. They're doing about 100,000 poles on a self-perform basis, so a lower fee, but it'll be around a NZD 400,000 a year customer. They're now leaning on IKE Analyze to do some of the more complex work. They've added another NZD 100,000 or so of IKE Analyze work over the last month. We get a hybrid across our customer base. Great. Thanks, Glenn. Next question, again, just on the analysis, advanced engineering assessment on 3,000 poles at, say, NZD 40 per pole. What's this analysis, and what does it cost ikeGPS? The analysis in this case is for make-ready recommendations. What that means is our software and our people analyze a power pole, and we make a recommendation about how to move other infrastructure around so that you could attach a fiber line or something similar. In a typical scenario, that type of work is 60%-70% gross margin. Our gross margin across the business this year was 65%, I believe, which had dropped down from 71% the prior year, and it was tied mostly to us keeping some capability that sits in the gross margin line, as we had a slowdown in volume, but we expect that to bounce back up and go in the right direction this year. Great. Thanks, Glenn. Next question. Like the first question, I'm trying to get a sense of platform/subscriptions revenues versus transaction revenues. Thinking about the Fortune 100 electric utility in the presentation on slide 16, what share of the almost NZD 2 million of revenue from that customer would be classified as platform/subscriptions revenue versus transaction revenues? Yeah, good question. In that case, moving forward, that will be around 40% subscription and around 60% transaction revenue. We've detailed for FY21 the split between the subs and the transactions, but we expect the transaction piece to be a real growth engine for us now that projects and customers are really coming back online. Great. Can you just describe the competitive landscape within your industry? There's a lot happening from a quasi-competition perspective around sensing. Take drones, for example. A big driver for us in terms of acquiring Visual Globe is that we want to be agnostic to how data's collected. The real value is analyzing all the data, the big data that gets collected, be it by drones or smartphones or LiDAR or ike devices, and being very pole expert in helping customers actually move their projects through faster. Lots of competitive, pretty interesting developments around sensing. We're building a platform to be able to ingest any of it, is our intent. We're seeing at the other side, there tend to be large engineering service providers, private equity funded, and they're really going after this communication space in particular. Some of them, they're services companies, they're big body shops of hundreds or thousands of engineers, but they're looking to build some technology to make them go faster. We're seeing some quasi-competitive activity there. The difference for ikeGPS is we're building a platform, a technology platform. We want to power the whole industry, and we certainly want to power the engineering service providers, and we want to be the platform for utilities and the comms groups also. Great. Thanks, Glenn. From the highlights on page two, is it fair to assume that turnover of NZD 18 million-NZD 20 million is possible in March 2022 financial year on the current contract run rates? Look, we have booked close to NZD 9 million through the first five months. Keep in mind that the revenue recognition flows through as our customers deliver projects. We try to help them go as fast as possible, but the revenue recognition comes over time. We haven't forecast for this year. We are optimistic we can have a strong year and a solid growth over obviously the previous year behind us. There's some analyst coverage from Bell Potter that have their forecast number. There are some indicators in the market. Great. Thanks. Are you looking at any expansion opportunities outside of the U.S. at this stage? No. The opportunity is so massive in North America. We are still small. This year, we will get to a full-time headcount of just under 100 people, and the more focused we get there. We think if we get things even half right in North America, then we can build a really, hopefully large and interesting business for shareholders. Great. Thanks. What's your legal risk if faulty analysis is performed by ikeGPS or your tools, and that results in a critical pole failure? Do you carry insurance for that risk? We do. W e explicitly aren't liable. Our tools and our software and our delivery, we stop short of the point where an engineering company or a utility stamp it and build to a specification. That liability sits generally with the folk that construct the network, be it the asset owner or the engineering company. We're one step back from that liability risk. Yeah, we obviously carry indemnity cover more generally, but it's not a significant risk. In terms of being tied into some of these massive litigations and where there've been wildfires, et cetera, we're steps back from that. Is there a mechanism whereby you could license or franchise a third party to develop, say, within the European market? That's something that we're looking at. Because of the platform that we're now building, and also because of our revenue model, the way it's developed, it's more partner-friendly in terms of there's recurring revenue and there's transaction revenue over time. We've had some approaches from certain markets. At the moment, it's not something that we're spending time on. I think it will be something that will become more relevant probably over the next 12 months. Great. I think that's the end of the Q&A segment. I might hand it back to you, to Glenn, for closing remarks. No, thank you, Simon. I think we've covered all the key points today. We're optimistic about the year ahead. It's been a tricky year for us, our industry, and m ost businesses. Yeah, look, we're pleased about where we sit today and look forward to keeping shareholders posted on a quarterly basis. Great. Thanks, Glenn Milnes, and thanks all for joining.
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