Good morning, ladies and gentlemen. Welcome to the Nearmap Ltd FY 2021 results briefing. My name is Nora Stad, and I'll be your operator today. At this time, call participants are in a listen-only mode. Following opening remarks from the presenters, there will be an opportunity for a question and answer session. If you wish to register a question, please press star one on your phone. If you wish to cancel your registration, you may remove yourself from the queue by pressing star two. If assistance is required at any time, please press star zero on your phone and wait for a conference call coordinator. Please also note this call is being recorded. I would now like to turn the call over to Dr. Rob Newman, Chief Executive Officer and Managing Director of Nearmap Ltd. Dr. Newman, please go ahead. Thank you. Good morning, welcome to the Nearmap FY 2021 results conference call. I have with me this morning Andy Watt, our Chief Financial Officer and recently appointed as our Chief Growth and Operations Officer. This morning, Andy and I will speak about our full-year results, our outlook, and then open the line for questions for participants on the call. Today, I am very pleased to report another strong performance from our company in FY 2021. Across all key metrics in our business, we have shown growth and improvement. A highlight was Nearmap delivered a second consecutive record half of incremental annual contract growth, our ACV, in North America. The outcome was that our North American business achieved in one year the equivalent of incremental ACV expansion in the previous two on a constant currency basis, demonstrating the acceleration that is in our North American business. This has been an unprecedented year, and to deliver a record performance in such a challenging economic environment is a validation of our refined go-to-market strategy, which is clearly working well. Our FY 2021 performance enabled us to easily exceed the top end of our initial ACV guidance range set at the time of our AGM and has delivered increased return on investments that we have been making in the recent years. In a year unlike one we have seen before, our company's unique value proposition has been further validated. Our growth has continued because we are providing content and solutions which enable businesses and government organizations to continue to operate remotely and adopt digitalization to drive the structural change we are seeing in the way businesses and governments are going to operate in the future. What has also driven our FY 2021 performance is the investment we have continued to be making in our technology. Technology is at the heart of our company, and we have made some significant investments over the past 12 months. I'm going to touch on just two such examples. FY 2021 was the first year of commercial availability of Nearmap AI. I consider Nearmap to be the best in the world in delivering wide-scale artificial intelligence content derived from aerial imagery. In one year, we have gone from beta testing AI content to delivering millions of attributes to our customers, a phenomenal amount of data and insights from our wide-scale AI content. The investment in our AI has continued, expanding the use cases and the number of attributes available for our customers. From just 17 attributes at the beginning of FY 2021, we now have hundreds of attributes available. That's an enormous amount of information we are generating from the content that we collect every day. Even though we've only had Nearmap AI commercially available for one year, the ACV associated with our artificial intelligence content has continued to increase. Nearmap AI has proved a great commercial success for our company and a key differentiator in our industry verticals. This year, we achieved another breakthrough. We tested our next generation of already world-leading aerial camera systems, our HyperCamera 3. I want to give some context on this milestone. We started looking into this new camera system a little over two years ago. The first year was pure research. Can we actually solve the physics and science problems that need to be overcome to build our next generation camera system? A year later, we said yes, and in the last 12 months, we have been developing what we needed to build a prototype of HyperCamera 3 and put one in the sky. There have been some real significant technology challenges that we have needed to overcome. The first is to put a camera in a plane that's over 20,000 feet above the Earth, bouncing around in turbulence and taking photos with a resolution of five centimeters or better. The next challenge is getting enough light into that camera that's over 20,000 feet away from the image that it's capturing. You also need to consider the impact of flying that high and that fast. It's a little like the problem of trying to take a photo of a Formula 1 car that's driving past you at full speed. After two years of dedicated research and development to solve these complex problems and technological challenges, in June this year, our world-class team of engineers achieved that result. How did we do it? The only way to solve such complex problems is to custom design, develop, build, and test your own technology. Every component part of our prototype was designed at Nearmap using highly specialized materials and processes. There are a number of component parts involved, one of which, if extended over 200 m or two football fields, could only vary in height by the width of a human hair. For another of these parts, there are 20 different manufacturing processes and six different manufacturers involved in building that part. This can only happen with precision techniques and highly specialized applications. These parts cannot be bought off the shelf that in any way would come close to good enough for what we're trying to achieve. That's how challenging the process has been. We've been able to do that in an environment that's also challenging. We've had to work from home. We've had shutdowns in manufacturing facilities. We've had a global shortage of electronics parts. Despite all of those challenges, our team has delivered. Our world-class team has demonstrated an inspiring level of passion and commitment this year, and I sincerely thank them for everything they have done for our customers and our shareholders. This work means that Nearmap will be able to further extend its already significant technology leadership position. What is the implication of this? We now have a camera system unmatched by any commercial system. It extends our ability to deliver our content and significantly improve the unit economics of our capture program, and the quality of our 3D data we derive is a step change in fidelity. Now, looking beyond our technology, Nearmap remains in a position of financial strength. We have been disciplined in allocating our capital post the capital raise in September 2021. Excluding the cost of the capital raise, Nearmap consumed less than AUD 5 million of cash in FY 2021. This leaves us well prepared for the step-up investment in FY 2022, ensuring that we build on our market leadership position and accelerate our growth opportunities. Our industry is always evolving, remains dynamic, and it's important to continue to invest, reinforcing our market leadership and taking advantage of the large global opportunity that we can address. Nearmap has continued to provide certainty for our customers in what remains a very uncertain time in our world. Whether it be the resilience and reliability of our business to deliver consistently updated content for our customers, an ever-expanding product suite, an increase in our technology leadership, the passion of our people to support our customers, or the strength of our financial position, the certainty we provide to our customers ensures that we will remain a trusted and valued partner to them. I'd also like to make a special mention of our incredible team of Nearmappers. For all the challenges that have been thrown at us during FY 2021, the team has remained loyal and passionate about the opportunity ahead of them. I thank them all personally for what they have done and how they have delivered on all of our objectives for the year. As a final point, as announced this morning, it gives me great pleasure to again confirm the promotion of Andy Watt to Chief Growth and Operations Officer and Tony Agresta to General Manager, North America. Andy and Tony have been with Nearmap since 2016 and know our business and industry inside out. As we scale our company for growth, it is important to have high caliber leaders in our team. Considering the leadership qualities of Andy and Tony that they have consistently demonstrated, they clearly have exactly what we need. These are highly deserved promotions, and I look forward to working with them very closely as they build out our teams, our customers, and execute on our go-to-market strategy. As Andy transitions into this new role over the year, I will be recruiting a new CFO to take on the responsibility at what is a very exciting time for our company. Personally, Andy, I'd like to thank you for the outstanding contribution you have made as our CFO over the past five years. With that, I'll hand over to Andy to walk us through our financial results for FY 2021. Good morning, everyone, and thanks, Rob. I appreciate those comments. Likewise, I'm very excited to be taking on a new role. Even more excited to doing this at a pivotal time for Nearmap, as we look to accelerate growth in our business. With our world-leading technology, our ever-expanding library of groundbreaking features and content, and with a growing team of highly motivated, highly skilled employees, the bar is already set very high and with strong momentum behind us. It's gonna be an exciting journey to lead and to be part of for everyone. Before we look to the future, let's review what was an incredibly successful FY 2021. The last 12 months have been a period of strong growth for our company, providing further validation of the strength of the underlying business model and our vertically aligned strategy. Our key metrics continued to perform well, especially in North America, which has gone from strength to strength in FY 2021 under this new strategy. We've seen strong growth in premium content uptake, driving increased returns across our portfolio and demonstrating the benefits of previous investments made into core areas of the business. Despite an economic environment which remains challenging, our growth has continued across both of our core regions, demonstrating the resilience of our business model and the certainty that our content provides to our customers as they navigate periods of ongoing disruption. Nearmap has come through FY 2021 in a very healthy position, which I'll now talk to in more detail. An overview of our key operating and financial metrics can be found on Slide 6 of the accompanying investor presentation. As always, I'll begin today by talking about our primary metric, ACV, which grew to a reported AUD 128 million, or AUD 134 million when looked at on a constant currency basis. This represents incremental growth in the year of 26%, or AUD 27 million on a constant currency basis, and was driven by that record performance in North America that Rob referred to. This was well in excess of the guidance range as outlined at the time of the AGM in November, and also exceeded the revised targets as guided to during the second half of the year. Positive momentum continued in each of our key operating metrics. Retention is the key indicator of the stickiness of our product and the lifetime value of our portfolio. At more than 93%, and an increase of 3 percentage points from FY 2020, it shows the increasing value our customers derive from their subscriptions and demonstrates the benefits of the investments made over the past two years into our customer success programs. A core foundation of our go-to-market strategy is to ensure that we invest in new and existing product and content types, embedding Nearmap more deeply into customer workflows and becoming an invaluable resource within their organization. Strong levels of retention show that we are executing well, and we expect this to continue as we roll out new content and features over the coming years. We measure the efficiency of our customer-facing sales and marketing teams through the sales team contribution ratio. We made a change to our sales incentive program in FY 2021 to reflect the more mature nature of our sales and customer retention programs, and in accordance with the relevant accounting standard, we now capitalize some of those commission payments to the balance sheet. Details of the change can be found on Slide 32 of the investor presentation, but note that the change has no impact on cash, is consistent with the accounting treatment used by many other SaaS technology companies, and for ease of comparison, we continue to present sales team contribution ratio on a pre-capitalized basis. On this basis, the contribution ratio ended the year at 89%, up significantly from 54% in FY 2020. The ratio is greater than 100% in North America for the second consecutive half year period, even as we continue to invest in our customer-facing sales and marketing teams. This gives us growing confidence in the capability of our team, in the strength of our vertical strategy, in our ability to deliver strong returns from ongoing investments as we scale the North American business in support of the large and growing market opportunity. We measure the efficiency of our capture program relative to the revenue base through our pre-capitalized gross margin. This increased from 69% in FY 2020 to 75% in FY 2021, reflecting strong revenue growth in the year of 17% to AUD 113 million, at a time when we kept the cost of our capture program relatively flat. Our gross margin in North America was 50%, an increase from 32% in FY 2020, and reflects the growing leverage within the region as operations continue to scale. In Australia and New Zealand, the margin remains strong at 92%, a slight uptick from 91% in FY 2020, highlighting the market-leading unit economics that will enable similar margins to be repeated in other geographies. Our capture program is the key step in the content creation engine, and I'll let Rob talk more about how this program will evolve in FY 2022. The final number I want to talk to on the summary slide is cash. The September capital raise and share purchase plan added net proceeds of AUD 92 million to our cash balance, and we closed FY 2021 with more than AUD 123 million of cash in the bank. Excluding the capital raise, Nearmap consumed less than AUD 5 million of cash in FY 2021. As always, we've been disciplined in our approach to cash management, selectively deploying capital where we can see line of sight of returns. Working capital has been further enhanced by an improved cash collection cycle and debtor aging profile. This enables us to accelerate our capital deployment in FY 2022 in support of our go-to-market strategy, investing in the specific growth and scale initiatives as outlined at the time of the capital raise. Slide 8 breaks down our ACV performance into more detail and demonstrates the balance that we have across the group incremental ACV growth drivers. New business and net upsell were very evenly matched in FY 2021, demonstrating the success that we continue to have in bringing new customers to Nearmap, as well as the focused efforts to drive net upsell through our land and expand strategy. This slide also shows the progress we continue to make selling more premium and value-adding content types to our customers. Customers with access to premium content types now represent 2/3 of the ACV portfolio, an increase from just over half of the portfolio at the end of FY 2020. This demonstrates the growing opportunity to provide higher value solutions that penetrate more deeply into customer workflows with the dual benefit of higher contract values and better rates of retention. We continue to invest in new and expanded content types in support of this strategy. Looking at statutory performance on Slide 10, driven by strong ACV and revenue performance, group EBITDA for FY 2021 was AUD 24 million, up AUD 9 million on the prior year, and with a consequent improvement to the net loss position, which halved to AUD 19 million. Reported operating expenses grew from AUD 98 million- AUD 102 million, reflecting the gradual step up of investment into the business following the September capital raise. Headcount increased from 284 in June FY 2020 to 361 in June FY 2021, with growth across all functions in ANZ and North America. Headcount will continue to grow in FY 2022 as we look to hire additional industry expertise in support of our go-to-market strategy to further extend our leadership position. It should be noted that operating expenses, EBITDA, and net loss were favorably impacted by the change to the structure of the sales incentive plan mentioned earlier. With AUD 6 million of commission costs capitalized in the second half of FY 2021. Keeping with the flow of the slides, I'll return now to review regional ACV performance. As has been previously stated, the key driver of ACV portfolio growth was the record performance in North America, with incremental ACV growing by AUD 15.6 million compared with growth of AUD 6.1 million in FY 2020. As can be seen on Slide 14, average revenue per subscription grew by 28% year-over-year, a positive trend that evidences that larger North American organizations are deriving increasing value from our unique content types. We saw marked improvement in subscription retention from 83%- 93.5%, and a 21% increase in subscriptions. The closing ACV portfolio of AUD 44.5 million represents 54% year-over-year growth. All verticals contributed meaningfully to this, with insurance, government, and roofing growing by a combined 48% over the year, such that they now comprise 2/3 of the North American portfolio. Accelerating this growth is the primary focus for us in FY 2022 and beyond, with Tony Agresta building further strength and depth into the go-to-market team. Our ANZ business continues to extend its market leadership position with portfolio growth of AUD 4.6 million in FY 2021. ANZ performance continues to be driven by the strength of our SME portfolio, again demonstrating the value of a scalable and repeatable sales and marketing engine in this region. Portfolio expansion through new business and upsell was consistent with FY 2020. As we mentioned in the February results announcement, a softer performance from the team responsible for enterprise accounts meant that this segment saw higher than normal levels of downgrade activity. In these situations, Nearmap's primary focus is to invest in the customer relationship with a view to the benefits of that ongoing engagement over the longer- term. We strengthened our sales leadership over the course of FY 2021 and are in a stronger position to extend our ANZ market leadership position heading into FY 2022. Finally, Slides 17 and 18 serve as a great reminder of our achievements to date and the growth trajectory in North America. Revenue continues to accelerate at a greater pace than at the same stage of a development in our ANZ business. From a cash flow perspective, we consumed less cash in North America than at any time since we established a full survey program many years ago. Just under AUD 5 million of cash outflow in FY 2021 shows the ability to run the North American business towards a break-even position and highlights the growing operating and financial leverage enabled by previous investments. In closing, FY 2021 was a year in which we saw strong performance across each of the core areas of our business. Our market-leading technology enabling higher value content and product types, our sales and marketing teams forging deeper relationships and deriving greater value from new and existing customers, and our world-class operations team, once again showing that this is an area in which we continue to excel and to derive a growing competitive leadership position. With record results and with the selective and disciplined deployment of capital funds in FY 2021, we enter FY 2022 in an incredibly strong position and ready to deliver on our long-term growth aspirations. With that, I'll hand back to Rob to discuss our outlook further. Thanks, Andy. We look towards FY 2022, it's shaping up as yet another pivotal year for Nearmap. We have set ourselves a number of strategic priorities to continue to make Nearmap a great place to work, to deepen our engagement with our customers, to further extend our technology leadership, and as a result, continue to deliver to our growth aspirations. Terms of technology leadership, a clear focus for FY 2022 will be HyperCamera 3. We have continued the prototype testing of this new and revolutionary camera system, the results thus far give me the confidence in our previous guidance that we expect commercial rollout of these systems during FY 2022. The scale of the opportunity in North America, it's highly likely we will begin initial deployment of these systems in that market. This can enable us to improve our capture efficiency as well as serve new use cases requiring higher resolution content by flying at the same altitude as HyperCamera 2. We'll continue the execution of our go-to-market strategy in North America, and I want to talk about what that actually means. As Slide 20 outlines, we break that strategy down into four component parts. First, it's about operational regionalization. We recognize that each region we operate in is unique, and we will give our people the autonomy to make the decisions based on the best outcome for the region that they operate in. In recent months, as you will have seen, we have increased the investment in expanding our world-class team so that each region is resourced to drive the growth and meet the needs of the customers in their respective markets. We have positioned our regions for success, and that will continue in FY 2022. Secondly, and we've talked about this before, it's about industry verticalization. Within each region, we will focus on several core industry verticals, where those customers derive the most value from our knowledge, expertise, leading products, and content types. As you will have heard us talk about before, we refined our strategy at the end of FY 2020 to focus on core industry verticals such as insurance, government, and roofing in North America, and establishing dedicated sales, marketing, and product teams to support those verticals. We'll continue investing in those teams, and in FY 2020, adding industry specialists, targeted marketing programs, and delivering tailored industry vertical solutions to support the growth in each vertical. With these components in place, it allows us to further increase our customer orientation. We have put in place the teams, the processes, and really importantly, the culture to focus on how we can add value for our customers and help them solve their most complex and difficult challenges. Our customers place an enormous value on the certainty and the content we deliver. Going that extra mile to give them a better user experience and assist them with the solutions they require is a core capability we'll continue to enhance in FY 2022. Finally, the fourth part of the go-to-market strategy is about workflow integration. We will invest in new and existing product and content types, embedding Nearmap more deeply into our customers' workflows and becoming an invaluable resource in their organizations. Our expanding content and ongoing investment in technology capabilities will continue in FY 2022, enabling our content to be more deeply embedded, either directly or via our trusted and valued partners, as we scale our product offering and serve even more customers in the new year. In support of this four-part go-to-market strategy, we'll continue investment in our operational systems and data to support the strategy and deliver a superior experience for our customers. Nearmap is already a very data-led organization, but as we increase in scale and invest in new and expanded content types, it is important our decisions are based on market-leading operational systems and informed by the best architecture to harvest the data about our customers available to us. We'll also continue evaluating geographic expansion, but our near-term priority remains firmly on driving deeper into the North American market, where the opportunity remains significant for our content. A key part of this is expanding our coverage footprint in North America in the United States in FY 2022. We're doubling down on our footprint by providing our customers with access to 130,000 unique sq mi of additional coverage. This will deliver coverage for 80% of the population, will expand to 1,740 urban areas, and have more than 300,000 unique sq mi captured annually. A significant step up in our program. We'll continue to extend our market leadership in Australia and New Zealand, and we'll have the sales leadership in place to drive the expansion of our ACV portfolio in FY 2022 and adopt ultimately a similar go-to-market strategy in Australia and New Zealand as we have in North America. We will continue to assess opportunities for organic and inorganic growth. However, our focus remains on driving returns from the investments we have made in our new and expanded content types. Finally, to our outlook for FY 2022. That year can be characterized as a year of investment for Nearmap as we capitalize on the momentum that exists in our industry and in our business. As we outlined at the time of the capital raise in September last year, we expect AUD 30 million of the capital raise proceeds to be deployed into key FY 2022 growth initiatives, which will support the four foundations of our go-to-market strategy. This excludes costs related to the litigation in the United States District Court, which do remain uncertain at this time. We'll continue to target 20%-40% ACV growth in the medium to long- term and maintain an underlying retention greater than 90%. If we capitalize on the strong momentum within our North American business, I would expect the ACV from our North American portfolio to approach or surpass that of the Australian or New Zealand portfolio during the course of FY 2022. There are many people on this call and webcast today who are in lockdown or navigating restrictions across Australia, now New Zealand, and North America. It's important we recognize there is still uncertainty associated with the pandemic, and as such, the global macroeconomic environment. However, as has been the case throughout this pandemic, our business is well-positioned to support our people and our customers during this time. As I said before, FY 2021 was a year unlike any other. Through it all, the opportunity in front of our company has remained significant and unchanged. There is a strong balance sheet to fund increased investment and innovation in FY 2022 and to scale our business for growth. Nearmap has remained uniquely positioned to be a global leader in the delivery of location intelligence content derived from aerial imagery content. Our scalable subscription business model, clear technology leadership, and a world-class team have strongly positioned our company to continue our growth in the months and years ahead. With that, I'll now hand back to the operator for questions. Thank you. Thank you, sir. Ladies and gentlemen, as a reminder, if you wish to register a question, please press star followed by one on your phone. If you wish to cancel your registration, you may remove yourself from the queue by pressing star two. We'll pause for just a moment to assemble a queue. We'll take our first question from Owen Humphries from Canaccord. Your line is open. Please go ahead. Good day, Andy, Rob. Can you hear me? Yes. Yeah, we can hear you. Hi, Owen. Good day, guys. Just congratulations on the results. Just targeting that 20%-40%, I've got two questions here. 20%-40%, obviously, it's a very wide range. Given the momentum you've seen in the business, particularly in North America, particularly in that second half, can you just talk me through, I guess the 20%-40% range? Obviously, it's a wide range, and it's not specific to FY 2022, but can you just maybe touch on why the wide range? Yeah. Look, I'll pick up on that, Owen. Thanks for that. Look, we've consistently talked to that 20%-40% ACV growth over the medium to long- term. As you look out into the further years, we see there's an incredible opportunity for our company, and you can achieve very high growth rates in those outer years as well. Obviously, predicting precisely what the growth rate would be three to five years from now is difficult. I think 20%-40% ACV growth represents a very, very strong growth for a company. It represents also the size of the opportunity that's ahead of us and also shows that we believe that we've got a leadership position in the market. We stand behind that growth range. In terms of FY 2022, specifically, given the momentum, would you just kind of expecting that to be towards the upper end? Look, we're obviously early into FY 2022. What we normally do is around the time of the AGM is give, as we've kind of by that stage four months into the year, that gives us a chance to be more precise about guidance for FY 2022. We'll be consistent with prior years and give more precise guidance around that timeframe. The share price has obviously been impacted in the last little while from EagleView and the litigation case going on there. There wasn't much talked about on the conference call, and I'm not sure you can talk too much about it. Maybe, can you provide us expected timing or internal expectations around when a resolution can be achieved with EagleView? I think the important message out of the results is that we continued to upgrade our guidance throughout FY 2022, sorry, FY 2021. What that's showing is that our business has not been impacted by that EagleView case. We continue to grow our business. We continue to see our customers support us. They continue to value the content that we have. I think the really important part of the message here is that our business continues to grow in North America. You don't achieve record results like we have. Sorry, let me restate that. It just shows that the impact of that case on our business is not there. In terms of timing, these things can take a long period of time. Those are issues, it's a legal process, and because it's a legal process, we don't comment on that. Fair enough. A question around, we've done some calls with some of your customers, just around the upsell from these new products, particularly around the AI. Can you just maybe talk around where we are in terms of attributes, how many customers have taken up this product? Give us an example of the upsell you've received from a customer if they take up an AI product, just to kind of see where you are with that product initiative. Yeah. What we're seeing is really good traction with our enterprise and larger government customers for the Nearmap AI product and content type. As I mentioned in my opening remarks, that's gone from being a very small number of attributes to now well over 200 attributes that are available. Probably more importantly, we've packaged those attributes up so that they suit the use cases of our customers. Seeing very strong traction with insurance, seeing very strong traction with local government as well, again, two key industry verticals for us. They represent a significant upsell opportunity for us over just the imagery contracts that we have. Some of those are very sizable. We're talking 6+ figure deals for our AI content. Largely what we're seeing there is not a large number of customers, but it's larger enterprise customers making significant commitments to Nearmap AI. Really demonstrating that that's a commercial product and we have leadership in delivery of that type of product. Over to Leeshai. Thank you. We will take our next question. It comes from Siraj Ahmed from Citi. Your line is open. Please go ahead. Hi, it's Siraj Ahmed. Hi, Rob and Andy. Hi, Siraj. Just three questions. I'll just start with the first one. Just on FY 2022, I understand that you give guidance at the GM. Can you, last year you did mention that growth was in line with the year before. What are you seeing now, just both in North America and ANZ? Especially in ANZ, are you seeing an improvement in things? Yeah, good question, Siraj. Yeah, we didn't talk to that. Look, the start of our fiscal year is like the start of each of the fiscal years in prior years. We're seeing that same kind of growth profile. We're confident about where we're headed for our Q1. We are seeing the continued momentum in the enterprise sales in North America as well as our SME business in Australia, New Zealand. As I mentioned previously, our enterprise sales efforts are improving in Australia as well, and we should expect to see some of the impact or results of that over this half. Yeah, I think, again, not being quantitative, but being qualitative, it's a good start to the year. Just on that, Rob, you previously mentioned that the capital raise from last year should get your growth to the higher end of the 20%-40%, right? More like a 30%-40% in FY 2022. I know it's early days, is that still the expectation? Look, it really comes down to the results of the investments that we make over FY 2022. Those investments, we've really been starting to put in place those investments now through the back end of FY 2021. Those investments will continue through FY 2022. Most of the investments we make are either in new content types or, as you heard about today, the expanded coverage footprint in North America. We wouldn't expect to see immediate results from those investments. Certainly through FY 2023 to 2025, you would start to see an improvement in growth as a result of those investments. Yeah, consistent with what we said at the capital raise. Got it. Can you quantify, you are seeing the AI take up, but can you actually put an ACV figure to the AI component of things? Look, we don't typically break out ACV by content type. There's a couple of reasons for that. Number one, and probably the most important, is that often with our customers we sell a bundle. For example, our insurance customers might buy imagery plus AI, or a construction company might buy imagery plus 3D, and they buy that as a bundle, or it might be an enterprise license and so on. It's very difficult for us to say X% of this particular deal is associated with AI and the remainder is associated with imagery. It's difficult for us to do that. That's really the primary reason we don't break it out. Having said that, look, I think we gave you some indication of the metrics. We have subscriptions for tens of millions of AI attributes already within that first year. That gives you a feeling, and I mentioned previously, we're signing contracts with 6-plus figure deals for that content where it is sold as a standalone. It gives you a feeling for that has taken off very well for us. Great. Last one for me, maybe one for Andy. Just on the AUD 30 million investment, should we be reading it that the cash cost for next year increases by AUD 30 million? Or is it run rate should be higher than that? Is that AUD 30 million higher than what you thought about last year when you did the raise? Or is it consistent with expectations? Yeah. Thanks, Iraj. No, that's consistent with our expectations. I think we saw, as you talked about, the cash consumption and the working capital management through FY 2021 was very strong. We ended with a very strong balance sheet at June 30th. The investments that we've talked about, the 3 A's that we've talked about investing in, so deeper penetration into sales and marketing and product and content for the verticals, the HyperCamera ROI, which Rob has spent a lot of time talking to, and then the general scaling of our operations, those are still the areas that we're focusing on. That AUD 30 million is as we've expected and as we've spoken about before, from the time of the capital raise. It's an AUD 30 million cash investment, on top of what we've already seen today. All right. Thank you. Thanks, Siraj. We'll take our next question from James Bales from Morgan Stanley. Your line is open. Please go ahead, James. Hi, guys. Thanks for taking my questions. I'd like to start with gross margin. Can you maybe talk to why North American gross margin declined in the second half and what your expectations are for 2022? Yeah. James, as always, very analytical and very on top of the numbers, let me pick up on that one. In the first half of FY 2021, you'll have seen that we had a slightly lower cash cost of capture. We didn't capture quite as much through the first half of 2021, we really stepped that up through the second half of FY 2021, that continues into FY 2022 with the expanded capture program. The cost of capture increased. The revenue has continued to increase, just at that point in time, there was a little bit of a rebalance of the gross margin. Overall, you can see the trend clearly on an annualized basis, continuing a very strong upward trajectory and continuing to show the operating leverage in our North American business. Got it. Maybe a little bit more to follow up on some of those sales team contribution ratios. You sort of made reference to the fact that a lot of the upsell you've got in the U.S. has been some big deals with big customers. How much runway do you see in that ability to cross-sell these value-added products? How sustainable is that elevated sales efficiency? Yeah. That's another good question there, James. You're right as you call that out. If you look at the, again, you'll get to the analyst pack and all the details in due course, you'll see the number of subscriptions that we added through the course of the year and that increase in ARPS, really reflective of the combination of bringing new customers to the business, but also our ability to upsell existing customers with our new content types, and the runway remains very strong there. 2/3 of our overall portfolio have access to premium content, but as we delve more deeply into those customers, our ability to serve further content types to those customers is significant. Our growth strategy moving forward, that 20%-40% ACV growth, is a combination of bringing new customers and continuing to work with our existing customers to provide more content types. Of course, the investments that we're making currently and through the course of FY 2022 will give us even greater cross-sell opportunity moving forward. The runway, to answer your specific question, James, remains strong and growing. Got it. In ANZ, the sales efficiency isn't where you'd want it. Can you maybe talk to what gives you confidence that it turns around in FY 2022? I guess, is 100% still a realistic target for ANZ given its maturity? Yeah. We're always very pleased with the performance of the SME business in Australia, and that continues to perform at a very predictable and very strong rate. We've outlined previously that some of that softening, a lot of that softening really comes through the enterprise space, and that's largely due to internal matters within our control. We've enhanced sales leadership, and we've got Tania Joly in to run the ANZ sales team. She comes with very strong enterprise experience. We're really looking to bring the lessons that we're learning out of the North American business and bring them back to ANZ as well, so that we can ensure that we strengthen our enterprise selling opportunity. Actually, if you look at the premium content uptake in ANZ, it is lagging behind that we see in North America. Again, as we get a more sophisticated selling engine and selling into our customers, we believe that we've got a very strong pathway forward for enterprise sales. Over the course of FY 2022 and into FY 2023, we expect to see that part of our business perform better, and that will then take us back towards that 100% ratio. We still believe that the ANZ business has strong growth potential. We've spoken before around AUD 8 million-AUD 9 million per year, and we believe that's still relevant today. Got it. Maybe one last one. The new customers that you've been adding, especially in North America, can you give us any color on whether you think that this is white space that you're opening up or whether these guys had incumbent providers that you've taken share from? Yeah, good question, James. I'd say it's actually a mix of both. Some of these solutions that we're providing is definitely white space. They haven't had these solutions before. As I mentioned in my opening remarks, the increasing trend towards remote working, and particularly in the industries like insurance, where there are further digitalization of their business. Those are really white space, and we're there first. That's very good news. Also, if you look at our customers such as local government, they may have had an existing provider, maybe a local bespoke flyer for them or something like that, and they're seeing the benefits of a subscription access to content that's frequently updated. It's really a combination of both of them taking market share as well as entering white space and being the leader in that white space. Got it. Thanks for the help. I appreciate it, guys. Cheers. Thanks, James. Thanks, James. Ladies and gentlemen, as a reminder, please press star one to ask a question. That is star one to ask a question. Our next question comes from the line of Wei Sim at Macquarie. Your line is open. Please go ahead. Hi, guys. Thanks for taking my question. Congratulations, Andy, on the new role. I've got a few here. The first one is just in regards to the metrics that were provided on Slide 6, in terms of the contribution and comparable numbers. I just wanted to double-check that those numbers for the previous year have been restated for the accounting changes and that they're comparable. That's the first question. Yes. Hi, Wei. How are you doing? Thank you for your comments at the beginning. Yes, just to be very clear, we've actually made sure that we represent the FY 2021 contribution ratio numbers under the traditional format, so pre-capitalized. The like-for-like comparison is there. We don't cause any confusion there. Okay, great. The next question I have is just in terms of our mix of the growth going forward from upsell as well as from new business. Do we have any thoughts or any comments that we can talk about around that for both ANZ as well as the North American market? Yeah, good question, Wei. I think if you look at our business over the long- term, you'll see there's always a good balance between new business and upsell. Now, if you zoom down on any one quarter or any one half, you might see that upsell has exceeded new business or vice versa, new business has exceeded upsell. Looking forward, we don't see any change in that. I think if you look out over the long- term into the future, you'll see a good balance of new business and upsell, and we're well positioned for both. We're seeing a lot of customers that we have not been able to penetrate, hence new business, but we've also seen a lot of our existing customers, great opportunity to upsell with additional product or the premium content types. You should see that. I think FY 2021, if you look at the results, it was almost perfectly balanced between new business and upsell. That was a good year. If you looked actually within the halves, it might not have been essentially that way. Again, I think no change in that going forward. Okay, got it. Perhaps just the last question from me is just in regards to the investment that we're deploying in FY 2022. Are you able to give any senses to, within our go-to-market strategy, the four pillars that you spoke about, how that will be allocated? Thanks. Thanks. Look, I think, obviously that investment goes into a mix of rollout of HyperCamera 3, a go-to-market strategy in North America, and obviously some of our core systems, as I mentioned. In terms of where the investment is going in North America and our go-to-market strategy, it's what I mentioned in the opening remarks briefly, was the putting industry specialists into our teams is a key program going on at the moment. Putting, for example, general managers in place for a specific vertical that come from within that industry. Things like building out specific marketing programs, maybe even account-based marketing for, again, those industry verticals where there's large enterprise customers. It's those kinds of things where the investment will be made in FY 2022. Also, but already planned and already underway, we have a number of product solutions on our product roadmap that are specific to each industry vertical. Those are where the investments will be made in FY 2022. A lot around industry specialization would be the short answer to your question. That's perfect. Thank you very much. Cool. We'll take our last question from Luanne from Citi. Your line is open. Please go ahead. Hi, it's Luanne. I just had a couple of questions just building on the one earlier around the AUD 30 million investment. Are you able to put any numbers towards that in terms of the breakdown for HyperCamera 3 go to market in your core systems? As Rob's mentioned, we're at the point now where we're beginning to really get into the final development stages of the HyperCamera 3 evolution. We expect that we'll have systems flying over the course of this year. Of that AUD 30 million, an allocation of that, it goes to our new camera systems, but also goes to that expanded capture program that we spoke about as well. We're not quantifying at this stage where that investment goes. Given the comments that Rob and I have been making over the course of the call, you can get a good sense that there's obviously a good allocation that goes towards the camera systems and the capture program. There's a good allocation that goes to our ongoing development of new content types. There's a further allocation to the scaling of our operational system. It's not quite a third, a third, a third, but it won't be far away from that when you look at the breakdown. Sure. Thank you. Just one last one from me. Could you talk to the competitive environment in North America? Are you seeing any changes there? Let me talk to that. Look, I think there's a couple of established players in North America. If you look at our position in North America, we're growing very significantly. To have 54% ACV growth in a 12-month period of what was a reasonable base really shows that, as I mentioned before, we're entering white space that those competitors aren't even able yet to address. We're able to take share where there's solutions that just don't meet the quality of the product that we have. We're very confident about the growth rate that we have going into FY 2022 as well in North America. I think if you look at where Nearmap is positioned in North America, we clearly have a leading product. We clearly have a better solution in our subscription solution, and that's evidenced by the results you saw in FY 2021, and we expect to continue into FY 2022. Thank you. That was all. Thank you. We have no further question. I'll hand over the call back to Dr. Newman for some closing remarks. Please go ahead, sir. Yeah. Thank you, everyone, for listening in, and thank you for the questions. Just a couple of key comments. I think the key messages here are our North American strategy has been validated. We've achieved record growth there, and so that establishes, as I said, both the strategy is working as well as our leadership position in North America. We should all be confident in that. As we look forward, I think in every dimension of our business, whether it's our focus on our customers, the people that we have, our technology leadership, and our strong financial position, we are very well-positioned to continue to extend our leadership in FY 2022. With that, I thank you all for listening in today and look forward to catching up with many of you over the next few days. Ladies and gentlemen, that concludes today's conference. Thank you for your participation.