Good morning, ladies and gentlemen, and welcome to the Nearmap Limited full year 2022 results briefing. My name is Sharon Lee, and I'll be your operator today. At this time, all participants are in a listen-only mode. Following opening remarks from the presenters, there will be an opportunity for a questions-and-answer session. If you wish to register a question, please press star followed by one on your phone, and if you wish to cancel your registration, you may remove yourself from the queue by pressing star followed by two. If assistance is required at any time, please press star followed by 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 Ms. Penny Diamantakiou, Chief Financial Officer. Dr. Newman, please go ahead. Thank you, and good morning, and welcome to the Nearmap FY 2022 results conference call. I have with me Penny Diamantakiou, our Chief Financial Officer. This morning, Penny and I will speak about our full year results, our FY 2023 priorities and outlooks, and then take any questions from the participants on the call. Today, I am very pleased to outline another strong performance from Nearmap in FY 2022. Our company delivered incremental annual contract value, our ACV, of AUD 31.7 million on a constant currency basis. This is a significant step up from the AUD 25.2 million in FY 2021. This reflects both another outstanding performance from our North American business and an improved performance from our Australia and New Zealand business. We now have clearly established our market leadership position in North America and continue to extend our leadership position here in Australia. Our go-to-market strategy continues to produce excellent results in both North America and Australia, and here in Australia, we're close to finalizing our vertical strategy, which suits this market and the opportunity we see ahead of us here. In parallel with the strong growth we are generating, we have delivered these results with a disciplined approach to cash management, ending FY 2022 with a strong cash position of AUD 94 million on the balance sheet and no debt. We consumed less than AUD 20 million of cash in FY 2022, lower than our initial guidance at the beginning of the year of AUD 30 million, excluding, of course, the impact of the litigation expense. This was during a period where we increased our investment in support of our leading research and development initiatives and building out the foundations of our operating model. Our company is in an incredibly strong cash position. We will continue to manage our cash position in a disciplined way, and we have the capacity to use levers at our disposal should our circumstances require. Looking beyond the strength of our ACV performance and our cash position, we have had a very successful year, and there's plenty to inspire us in FY 2022. It was a year where we lived our ambition, and that is to be the source of truth that shapes our livable world. For example, our ImpactResponse product has helped first responders during the rain bomb that flooded large parts of the east coast of Australia. In California, ImpactResponse was there in response to the Dixie Wildfire, the single largest wildfire recorded in California. Our customers rely on us to be the source of truth, especially in times of greatest need, and so we are delivering on our ambition. FY 2022 was also a year where we delivered on our goals, none more so than HyperCamera 3 or HC3. I cannot emphasize enough what an achievement this represents globally. The efficiency and the output of HC3 is unmatched by any commercial system anywhere in the world. HC3 is custom-designed, developed, and built technology. Almost every component has been designed by our team here in Australia using highly specialized materials. I've said this before, but I want to remind everyone today just how complex this is. With the rollout of HC3 systems over the next six months, this will deliver even more content and new product types to our customers. The investment in our AI has also continued. We rolled out our Generation 5 update to our AI content. We now have our insurance and government customers using this content in production, and they are working with our product teams to guide the additional attributes that will assist them in their workflows. FY 2022 was the first year we generated materially positive free cash flow from our North American business, in addition to the profitable and cash-generative ANZ business. This is a sizable shift in the cash position of our company and reflects many years of investment in both our content and the incredible team in North America. A cash-generative business delivering ACV, which now makes up the majority of our group portfolio, is an achievement eight years in the making and demonstrates that our North American business is now self-sustaining and delivering on the opportunity we have always seen in that market. Now, before I hand over to Penny to take you through the financial highlights, I do want to make some brief comments about the litigation in the U.S. District Court. As has been iterated in today's announcement, we continue to believe the allegations against us are fundamentally without merit, and they have had no operational impact on our business. In addition, we have filed a number of inter partes reviews, or IPRs, to the U.S. Patent Office to support our position that the claimant's patents were incorrectly registered. We've also engaged leading IPR specialists to pursue invalidating the claimant's patents, which include patents outside the current litigation. We will continue to vigorously defend the allegations against us. With that, I'll hand over to Penny to take you through the financial highlights of FY 2022. Thanks, Rob, and good morning, everyone. Nearmap has delivered another strong performance in FY 2022, validating the strength of our underlying business model and our vertically aligned strategy. FY 2022 has been a year of continued investment in our core market and technology, together with building out the foundational and operational systems in support of our vertically aligned strategy. We have made considerable progress in relation to streamlining our systems and processes to support the scaling of our business, and as we continue to grow, we will continue to invest. However, there is more to do. Our key highlights include our vertical strategy in North America is now firmly embedded into our organization and is now delivering consistently strong growth. Incremental ACV growth in Australia and New Zealand has improved year-on-year. The building blocks for our continued success and leadership in this market are also in the process of being implemented, and I will touch on that a little later. From a financial perspective, we are on the pathway to delivering operating leverage in our business and generating cash. As Rob mentioned, Nearmap consumed less than AUD 20 million of cash in FY 2022, excluding the impact of the litigation. That meant we ended FY 2022 with AUD 94 million of cash in the bank and no debt, which is an excellent position to be in. We have been disciplined in our approach to cost and cash management, strategically deploying capital where we can see sustainable returns. This has meant we came in well under our cash consumption guidance for the year. We will maintain this discipline as we consider our investments going forward. Now, before I start on the slide deck, I would like to call out that we have included a number of new slides with this result, but in the interest of time, we won't be talking to all of them today. An overview of our key operating metrics can be found on slide six of the accompanying investor presentation. ACV, our primary metric, grew to a reported AUD 168 million, or AUD 160 million when considered on a constant currency basis. This represents an incremental growth in the year of 25%, or AUD 32 million, up from AUD 27 million in FY 2021. This was principally driven by the outstanding performance in North America, which elevated us to the top of the guidance range as outlined at the time of the AGM in November 2021. Positive momentum was maintained in our key operating metrics this financial year, albeit a strategic decision not to renew a customer in North America has impacted some of these metrics at a group and North American segment level in the second half of FY 2022. Retention is a key indicator to the stickiness and embeddedness of our product and the lifetime value of our portfolio. At more than 93%, it continues to show the increasing value our customers derive from their subscriptions and the positive customer experience we are delivering. As we continue to move forward from being a content provider to being part of a solution for our customers, Nearmap will become more deeply embedded into customer workflows, and we should see strong retention rates maintained in the future. We measure the efficiency of our customer-facing sales and marketing teams through the sales team contribution ratio, which we present on a pre-capitalized basis. The contribution ratio ended the year at 85%, slightly down from 89% in FY 2021. We have continued to invest in our sales and marketing team in North America, and we will maintain a focus on ensuring we get the right balance so we can generate strong levels of efficiency from our sales and marketing teams. We measure the efficiency of our capture program through our pre-capitalized gross margin. This decreased from 75% in FY 2021 to 72% in FY 2022, reflecting the increased contribution to gross profit from the North American business, which is earlier in its life cycle and has a cost of capture roughly four times our cost of capture in ANZ. Our gross margin in North America was 54%, an increase from 50% in FY 2021, and reflects the growing leverage within the region as operations continue to scale, even during a year when we expanded the U.S. capture program. In Australia and New Zealand, our gross margin remained strong at 91%, a slight change from 92% in FY 2021, but continues to demonstrate market-leading unit economics that we believe can be repeated in other geographies in time. Slide six also breaks down our ACV performance in more detail and demonstrates the balance that we have across the group incremental ACV growth drivers. New business and net upsell were evenly matched again in FY 2022, 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. You can also see on this slide the progress we continue to make selling more premium and valuing content types to our customers. Customers with access to premium content types represent 73% of our ACV portfolio, and this is up 66% at the end of FY 2021. While the increased penetration of our premium content can enable greater retention and even better customer experience, we have a massive opportunity to drive premium content into the hands of all of our customers. As Rob alluded to, in North America, we generated materially positive segment cash flow for the financial year, as can be seen on slide 10. We went from a position of negative AUD 4.6 million cash flow in FY 2021 to a position of positive AUD 23 million cash flow in FY 2022. We have reached a significant moment for our North American business, and when combined with our cash-generative ANZ business, our combined segment cash flows are now approaching AUD 80 million, double what they were only two years ago. We now move to statutory performance on slide 11. We have reported a 25% increase in revenue growth, driven principally by our performance in North America. Reported operating expenses grew from AUD 55 million-AUD 84 million, reflecting the increased investment in headcount from 361 in June FY 2021 to 462 in June FY 2022, with growth in support of our North American go-to-market strategy, including technology, products, and corporate to support our strategic priorities and scalable operations. Headcount will continue to grow in FY 2023 as we look to hire additional industry expertise in support of our go-to-market strategy to further extend our market leadership. The group recorded underlying EBITDA of AUD 27 million ex-litigation costs in FY 2022, a small increase on the prior year, and an underlying EBIT ex-litigation loss of AUD 23.1 million, which reflects a AUD 5 million increase in depreciation and amortization expense to AUD 50.1 million. Consequently, the underlying net loss grew to AUD 20.4 million from AUD 16.8 million in FY 2021. Reviewing our regional ACV performance, the closing North American ACV portfolio of AUD 64.3 million, as per slide 17, represents 45% year-on-year growth. All verticals contributed meaningfully to this performance, with insurance, government, and roofing growing by a combined 40% over the course of FY 2022. Incremental ACV increased by $19.8 million compared with the growth of $15.6 million in FY 2021. Average revenue per subscription grew another 19% year-on-year, the continuation of a positive trend. As I called out earlier, we made a strategic decision not to renew a customer in North America, which has impacted our metrics at a North American segment level this year. As per slide 17, we reported subscription retention of 93.3%, a contribution ratio of 99%, and a net revenue retention of 120%. Were it not for this decision, we would have reported subscription retention of 97.1%, a contribution ratio of 107%, and net revenue retention of 124%. They are outstanding numbers by any account, and the decision we made sets us up to increase our competitive advantage in the future. Slide 19 shows how we are being successful in North America. Users of our premium content and usage of our premium content continues to grow strongly. It is still early days, but it is clear to see the future growth in our portfolio is coming from the premium content types. In regard to our Australian and New Zealand business, as per slide 20, it continues to extend its market leadership position with a portfolio growth of AUD 5.3 million in FY 2022, an improvement on the AUD 4.6 million of incremental ACV in FY 2021. ANZ performance continues to be driven by the strength of our SME portfolio, again demonstrating the value of scalable and repeatable sales and marketing engines in this region. Portfolio expansion through new business remains a core strength in ANZ. However, we acknowledge net upsell continues to be impacted by downgrades from enterprise accounts, and this is something we are working to improve. I'm also pleased to announce we have our new general manager of ANZ in the business, and work is underway to get us back to a level where we believe the ANZ business should be performing at and further extending our market leadership position in FY 2023. In closing, FY 2022 was yet another year in which we saw strong performance across the core areas of our business. With consistently strong results and with a disciplined cash management approach, we enter FY 2023 with an opportunity to continue to successfully execute on our growth aspirations, our strategy, and our ambition. With that, I'll hand back to Rob to discuss our outlook further. Well, thanks, Penny. As you can tell, very strong results in FY 2022. Now, as we look forward, it's clear that FY 2023 is a year where Nearmap will continue to execute. 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 on our growth aspirations. Before I talk to our priorities, I want to talk about our customers. We now have over 12,000 customers and hundreds of thousands of users who rely on Nearmap to help them in their job and make better-informed decisions. For the first time today, we are publishing our Net Promoter Score, or NPS, as it's widely known. We've watched this data internally for some time, but now we've reached a critical mass of responses to be confident in the reliability and accuracy of our NPS score. That score is 55, which is considered excellent, especially for a B2B or business-to-business company, and reflects the return on our investment in customer success and experience in the recent years. What's driving this? Slide 22 gives some examples of what our customers are doing with our content that is making their life both easier but also delivering efficiency gains and cost savings for them. Don't just take our word for it, as Slide 23 demonstrates. Our customers will tell you for themselves what Nearmap means to them and their businesses and government organizations. I'd also like to make special mention of our incredible team of Nearmappers. Yet again, in FY 2022, through all of the challenges that were thrown at us, the team has remained loyal and passionate about the incredible opportunity ahead of us. Nearmap has an engaged and motivated workforce which continues to grow, and employee engagement levels continue to be top quartile. I want to thank all of our Nearmappers personally for all they have done and delivered for our company in this financial year. Now to our priorities on slide 25. In terms of technology leadership, our clear focus for FY 2023 will be rolling out our world-leading HyperCamera 3. We already have our first system flying here in Australia, and we're targeting the manufacture and deployment of another six systems in the first half of FY 2023, five of which we are targeting for deployment in North America. Despite supply chain challenges, we remain on track to have five HC3 systems ready for the spring leaf-off capture period in the calendar 2023. This can enable us to improve our capture efficiency as well as serve new use cases requiring higher-resolution content derived from altitudes that we currently fly with HyperCamera2. HC3 will also enable us to make enhancements across our product line from its capabilities. For example, more oblique images giving customers additional look angles at a property, improvements in the quality of our 3D reconstructions, and significantly, near-infrared imagery which can display information that normally would not be visible to the human eye. Overall, HC3 will enable us not only to fly more efficiently but deliver even better and expanded product types to our customers. Our priority remains firmly on driving deeper into the North American market, where the opportunity remains significant for our content and where we are achieving excellent results from our go-to-market strategy there. We'll also focus on extending our market leadership in Australia and New Zealand, and we now have, as Penny mentioned, a general manager in place to drive further expansion of our ACV portfolio in FY 2023 and fully implement the go-to-market strategy, which we believe will leverage what we have learned from the North American market. Now, finally, to our outlook, FY 2023 will continue to be a year of investment for Nearmap before we target positive free cash flow in the FY 2024 year. We expect to consume an additional AUD 25 million in cash to be invested in our key strategic priorities in FY 2023 and also reflects the annualization of the cost base of the investments that we've made in the second half of FY 2022. The majority of this additional AUD 25 million investment will be consumed in the first half of 2023. Now, this investment excludes the costs related to the litigation in the United States District Court, which obviously remain uncertain at this time. This would equate to a pro forma cash balance between AUD 66 million and AUD 71 million at the end of FY 2023, ensuring we still have a very strong balance sheet. We'll continue to target 20%-40% ACV growth in the medium to long term and maintain an underlying retention of greater than 90%. These, by the way, are incredible metrics for any business. On our final slide, we give you a little insight into our strategy, which we set two years ago for our 2025 year. There are four key components to the strategy which we believe will drive the success of us as an organization. Our employee engagement is top quartile, and I'm pleased to say that for the second year running, we're actually achieving that target. We set a goal of 50 for our Net Promoter Score, which, as Penny outlined earlier, we're already ahead of that goal with our NPS of 55. We maintain our technology leadership of at least two years over anyone else in the market, which is why our R&D investment is critical, and it's how we believe we are winning in this market. Ultimately, targeting 20%-40% ACV growth, again, something we are achieving today and will continue to target in the future. Nearmap has remained uniquely positioned to be the global leader in the delivery of location intelligence content derived from aerial imagery. Our scalable subscription business model, clear technology leadership, and world-class team have strongly positioned our company to continue its growth in the months and years ahead. Now, before we go to Q&A, I'd like to make a comment about the announcement that was made on Monday. As we announced, we have received a proposal from Thoma Bravo to acquire 100% of Nearmap for AUD 2.10 cash per share. Given due diligence is at an advanced stage, we granted Thoma Bravo exclusivity until Monday, August 22nd. The board continues to assess the proposal and the potential terms. The board will only enter into a definitive agreement if they believe the transaction is in the best interest of all shareholders. As you would appreciate, these discussions are ongoing, so we are not able to provide any further details on their proposal during Q&A today. With that, I'd like to hand back to the operator for questions. Thank you. Thank you. As a reminder, ladies and gentlemen, 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 followed by two. Our first question today comes from Garry Sherriff from Royal Bank of Canada. Your line is open. Please go ahead. Hi, Rob and Penny. A few questions. Firstly, on the FY 2024 outlook of positive free cash flow, can you just clarify? Is that for all of FY 2024, or is it just during a period of FY 2024? Yeah. Hi, Garry. How are you? Yes, it is for all of FY 2024. Okay. Thank you. The cash consumed in FY 2022, the ex-litigation, about AUD 10 million less than you thought. Just want to dig into that. Was that due to supply chain constraints impacting the deployment of the HyperCamera 3? Why was the cash consumed lower than you thought? Yeah, Garry. Not in the main. I mean, for us as a business, we have maintained a really disciplined approach to cost and cash management. We made some decisions during the half where we slowed down hiring. We just looked at our overall cost base, and we were very conscious about the economic climate. As a result of that, it's actually worked in our favor, and it hasn't impacted our business at all. Okay. That's clear. Maybe Rob mentioned about the customer not renewing being a bit of a headwind in the second half. What segment was that, and were they material, and why did they leave? Now, look, that's a choice that we made. As we've talked about before, Garry, as we continue to add value to our content, some of the partners that we've had, we're kind of providing similar content. In this particular case, we found that, look, it's higher value for us to sell our content directly to our customers rather than via this particular channel. Look, it's a short-term impact, but actually, long-term, it's a decision we made where in the medium to long term, it's actually to a benefit for our customers and for our growth. Okay. Last one for me. Just on that litigation cost, for the year, it was just over AUD 10 million versus AUD 2 million the prior year. So that incremental AUD 8 million, I assume, is mainly from the EagleView litigation. Should we be thinking that again, I guess, for FY 2023, just trying to get some form of sense about that litigation cost? Yeah. Let me pick up on that. The AUD 2 million in the prior year, so 2021, remember that litigation was lodged in May, so it was only really a part-year impact of that. And then, of course, we've had a full-year impact of the litigation expense through FY 2022. Look, we're not giving guidance on litigation expenses. You could imagine this is a process that has a number of steps to it. But certainly, look, I think we believe we've got the cash resources to obviously, a strong balance sheet, but also to support what we need to do through litigation through FY 2023 and beyond. Yeah. Thank you. Thanks for clarifying. Yep. Thanks, Garry. Our next question today comes from ZheWei Sim from Macquarie. Your line is open. Please go ahead. Hi, Rob. Hi, Penny. Just two questions from me. One, just following up on the one for the litigation. The costs for that, if I just look on a half-on-half basis, it's kind of increased 85%, which seems like quite a lot. I'm just wondering, what was it that drove the litigation cost to be materially higher in the June half versus the December half? Yeah. Look, I'll pick that up. Thanks, ZheWei. Look, that's why, as I just mentioned to Garry, the process with litigation goes through a number of steps and phases, and sometimes there'll be less cash spend, sometimes there'll be more. In the first half, there was really just kind of getting to understand the case. Now we are involved in discovery. There's external experts involved. We've also, as we mentioned, issued a number of inter partes reviews, and those have a cost associated with them as well. Look, that additional cost in the second half is partly just because of the phasing of the trial, but also because we are much more now on the offensive in relation to the EagleView patent portfolio. We believe that there are some fundamental vulnerabilities in their portfolio, and hence, worthwhile taking that on. Okay. Got it. The other question that I had was just if I have a look at the sales team contribution ratio, it has come down a bit in both the regions. When I kind of look at the direct versus the indirect sales, it does feel like overall, the sales probably was largely in line with expectations, but there was more of a skew towards direct sales expense. It's keen to understand what we might be seeing on cost inflation and separately, how we should think about that mix going forward. Yeah. I think just in regards to the sales team contribution ratio, in North America, we hired a number of new team members, and in particular, our insurance segment as well. That would have, at least for the past half, impacted that, but still a very, very strong result for North America being at 99%. In Australia, we mentioned during the last half that obviously, there was a lot more work we were doing in Australia. We have just finalized the go-to-market strategy. We've just hired our new general manager of ANZ, as we mentioned. We are in a building phase in Australia, but we're really confident that we've got the right plan, the right people in place, and leadership team to drive that forward and continue to make that the success it has been. Okay. For ANZ, would the expectation be that the sales team contribution ratio should not go down further? Or do we think that the strategy that we're putting in place may take, say, more than another six months before we start to see the fruits of that start to bear? Yeah. Look, I think over time, ZheWei, we should expect that sales team contribution ratio to improve. I don't think we should expect it to get back to the same levels as North America. Obviously, the market here is smaller, of course. Yeah, look, I think the investments that we're making now in that market, the improvement that we expect in the enterprise segment, the improvement in terms of customer retention, those things should all help the sales team contribution ratio going forward. In terms of your question on timing, these things don't happen overnight, as you know. We've put the right strategies in place. We've put the right people in place. You should expect most of that impact to be in the second half of 2023, positive impact to be in the second half of 2023. Okay. Perfect. Thanks, Rob. Thanks, Penny. That's all my questions. Thanks, ZheWei. Our next question today comes from Siraj Ahmed from Citigroup. Your line is open. Please go ahead. Hi, Rob. Hi, Penny. Just first question on that free cash or the cash burn or cash investment forecast for FY 2023. Just keen to understand this. If you think that you're growing ACV, let's say at the lower end of 20%, and you take a cash burn forecast, that implies sort of AUD 55 million-AUD 60 million of investment in 2023 or cash investment. Can you just give us some color on what that is going into? The AUD 25 million? Yeah. Exactly. I mean, it sort of implies that your cost base is going up by AUD 55 million-AUD 60 million if you take a 20% ACV growth, right? So. Okay. Yeah. As we've outlined, we will become cash flow positive in FY 2024, but our peak cash burn is actually going to happen in H1 of FY 2023. That'll be mainly continuing our strategic investment in our go-to-market in North America, in ANZ, in our capture program, and also in terms of research and development, particularly with the deployment of HC3. What we will start to see in H2 of FY 2023 is a movement from a cash burn position or cash consumption position to break even to cash accretive. Yep. In terms of that, how much of that would actually be at HC3 in FY 2023? Oh, as in free cash flow in FY 2023? No. In the CapEx that you're investing in FY 2023, how much would be actually for HyperCamera 3? I think a lot of the Siraj, let me pick up there. A lot of the capital investment associated with building HC3, we've already purchased a number of those components in FY 2022, so we shouldn't see significant CapEx associated with HC3 in the first half of 2023. I think most of the cash burn in the first half of 2023 is, as we both mentioned, due to the annualization of the investments that we've made in the second half of 2022 and some additional hiring in the first half of 2023. But as the ACV continues to grow, and as you would expect, kind of the top line will have a more positive impact in the second half of 2023 and a flattening of the expense base into the second half of 2023. That's where you'll start to see most of the cash burn is in the first half and not in the second half. Yeah, the cash consumption is not really related to CapEx on HC3. Okay. That's pretty clear. Second thing, Rob, on that decision not to renew a partner, I mean, is this one of the insurtech partners that you had before? Yeah. Look, that's obviously the place where we've relied heavily in the past with our partners in accessing the insurance segment. We've been working closely with our partners in that space in terms of the value that they add and the value that we add. Look, I've got to say, in general, those conversations have been very productive, and we see those relationships continuing. In one particular case, it was difficult for us to kind of see the value through their channel. They had a pretty good deal to start with, to be honest. Look, it just was an area where we said, "Look, this is better for us to go direct-to-market rather than via them as a partner." That does not say that we are sorry. Let me put that in a positive way. We will continue to work closely with the partners that we have and explore other partners in that space as well. Yeah. I was just going to ask that because you did announce another partnership recently. Just because one thing that will help us is just your exposure to partners. Could you maybe quantify that in terms of the North American ACV, how much the balance is? Yeah. Look, it's primarily within the insurance segment that we have used partners. Obviously, the insurance carriers look for solutions that rely on data or workflow solutions that are beyond what we offer. That's where partners do add significant value to the Nearmap offering. As you're probably also aware, at the end of FY 2022, we announced a partnership with Tyler Technologies to provide a workflow solution in the local government segment. We'll continue to work with partners as it makes sense. We're really looking for partners who will provide either a content or a workflow that we don't have so that the customer gets the complete solution they need. In terms of quantifying that within the insurance segment, we haven't really announced that. Look, increasingly, we are seeing more of our insurance segment being direct. Certainly, the larger deals are those ones that are direct, which is why it does make sense for us for larger insurance carriers to go direct. It is a very broad market in North America, and our partners do add value beyond what we provide with our content. Sure. Last one, Rob. Just in terms of North American ACV growth, you're adding the $10 million or $11 million per half if you exclude the churn. Just expectations into 2023, is the expectation that that remains stable, or do you actually expect incremental ACV to increase on a year-on-year basis? Look, as you would know, Siraj, we don't provide guidance on ACV this early in the fiscal year. We usually like to wait until a little later in the year where we've got a few months of operation behind us and we've got a good view of the pipeline for the second half. You're right. Look, I think the wonderful thing about our North American business now is we are consistently delivering both GACV, so the gross ACV, as well as incremental ACV in that market. I think the conversations that we used to have a couple of years ago is, "When will Nearmap be successful in North America, and can you predict what the future looks like?" I mean, we are well at the point now where we have a scalable, repeatable business model in North America. I'm very proud of what the team has done there. Okay. All right. Just one thing maybe. Any impact from the economic slowdown that you're seeing? Maybe that might be a better way of asking that. Hang on. Say that question again. Are you seeing any impact from the economic slowdown or anything in the US? Yeah. Sorry, Siraj. I missed the question there. Yeah, look, in terms of macroeconomic environment, as you know, the majority of our customers in North America are atypical. They need to provide insurance. They need to provide government services. We have not seen any impacts of macroeconomic conditions on our performance in North America to date. Look, I'll make two general comments. Number one is we are shallowly penetrated into what is a huge opportunity in North America. The second thing comment I'd make is our customers are all looking to digitize their workflow and digitize their businesses, and we fit fairly and squarely into those thematics. At a time when companies or government organizations are looking to reduce costs, they look to digitization. They look to automation of their workflows, and that's exactly where we fit. In many respects, the kind of macroeconomic environment is more of a tailwind than a headwind for us. Thank you. Thanks, Siraj. As a reminder, ladies and gentlemen, if you wish to register a question, please press star followed by one on your phone. Our next question today comes from Chris Gawler from Goldman Sachs. Your line is open. Please go ahead. Yeah. Hi, Rob. Hi, Penny. Thanks for taking my questions. I wanted to ask you quickly just on the North American capture program. In the second half of 2022, it was around $19 million. I mean, how should we think about that heading into FY 2023 and FY 2024, and where should that level out just to get some confidence around your ability to hit free cash flow positive in FY 2024? Hi, Chris. How are you going? Yeah. In FY 2022, particularly in the second half, you would have seen an increase in the capture program in North America. That was a very conscious decision on the team's part to actually take advantage of weather events. They actually leveraged the opportunity to do that. In terms of future outlook, look, our capture program just overall in North America will continue to increase. What we will find is that with the penetration of HC3 and the efficiency of HC3, that the unit cost per kilometer will actually start to reduce. I think we've mentioned before that HC3 actually has a unit economics that is twice that of or twice more efficient than HC2. From an overall per-unit perspective, it actually will reduce over time. As North America starts to increase in terms of scaling and continuing to scale on ACV, we will start to see an accelerated rate of gross margin improvement in North America, which ultimately will also help the overall group. Yep. Great. Maybe just to follow on to that. I mean, previously, I've sort of spoken about balancing the use of HC3 between improving the efficiency of the capture program versus capturing new types of content or products for customers at a lower altitude. Do you mind just sort of talking us through your updated thinking around that? Yeah. Look, I think we've been pretty clear about that. Certainly, the plan would be to use HC3 at the high altitude to provide additional coverage. We know that our customers, particularly insurance companies, etc., the more we cover, the more they can use our product in underwriting, claims, etc. Increased coverage is the first and most important use case and directly tied to ACV. That's what we're doing through FY 2023. Having said that, we will test in the first half of FY 2023 some of those new content types with our customers and use that to build the business cases around, "Should we fly at the lower altitude and deliver these new content types to our customers?" In fact, we know we can deliver some new content types even at the higher altitude with the near-infrared, of course. Look, I think at this stage, think of it as coverage first and then testing of new content types. As we build the business case for those, we'll roll those out over time. Yep. Great. Just lastly for me, just want to touch quickly on Europe. I know you've sort of spoken a little bit about that in the past. Yeah. Just interested to get your updated thoughts on Europe, timing, how you might look to attack it, and sort of look to scale in that market without an initial widescale capture program. Yeah. I think we've talked about it in the past. We've always said we've got North American customers who are interested in European content, "Should we fly it?" as you can probably tell from our performance in FY 2022 and our outlook for FY 2023, we see significant opportunity in the markets we're currently in. In this environment where it's important that we preserve cash, I think focusing our investments where we know we're getting the immediate returns, that's really the focus for this fiscal year ahead of us. Great. Thanks, guys. That's all from me. Yeah. Thanks, Chris. As there are no further questions, I will now hand back to Dr. Rob Newman for some closing remarks. Well, thank you, everyone, for your attention today. Just a couple of quick remarks to close off. As you can tell from our results, we have had a very strong FY 2022. The key metrics in our business, such as ACV, all the driver metrics behind that, very strong. We finished the year with a very strong balance sheet as well, which sets us up well for FY 2023. Some key highlights ahead of us there. Obviously, the rollout of HyperCamera 3, we're very excited about that in terms of what it can do for our business but also believe that we will continue to improve the key metrics in our business in both markets, North America and Australia and New Zealand. With that, I thank you for your attention today and look forward to seeing you all over the next few days. Thank you all. This concludes today's call. Thank you for your participation. You may now disconnect.