Ladies and gentlemen, thank you for standing by and welcome to the Nitro Software 2020 Results Webinar. At this time, all participants are in a listen-only mode. Following the presentation, there will be a question and answer session. We will be taking questions via telephone and online via the web on your screen. To ask a question via the telephone, please press star one on your telephone keypad. To submit a question online via web panel, please type your question in the Q&A box located in the middle of your screen. Please be advised that this webinar is being recorded. I would now like to hand the webinar over to your speaker today, Sam Chandler. Thank you. Please go ahead. Thank you, Daniel. Good morning, everyone, and welcome to Nitro's FY 2020 Results Briefing. 2020 was our first full year as an ASX company after our IPO in December of 2019. While it probably wasn't the year that any of us anticipated, for Nitro, it actually brought not just challenges, but also opportunity. We have strong results to present today. Despite the pandemic, and actually in part because of it, our story as a newly public company is not just one of continuity, but actually increasing market tailwinds and accelerating growth. I'm Sam Chandler, our Co-Founder and CEO, and with me today is Ana Sirbu, our CFO. Today, I'll be talking about our business and performance highlights, then I'll turn it over to Ana to run through our financial results. It's back to me for an update on business strategy and the outlook for the second half. After that, we'll go to questions. Just a reminder, we'll remind you a few times today, that all the figures we present are in U.S. dollars. Before we get into the 2020 results, I do want to do a quick intro to Nitro for those who are less familiar with the business. We're a document productivity software company. We were founded in Melbourne in 2005. We're headquartered today in San Francisco, we serve nearly 12,000 customers around the world in 154 countries. Even though we're best known for PDF productivity, and we started out selling to smaller businesses, today we're delivering measurable digital transformation outcomes at some of the largest companies in the world. We have deployments today at over two-thirds of the Fortune 500, more importantly, we're increasingly able to count those customers as scaled customers. That is, customers with thousands or tens of thousands of Nitro users. Companies like Caterpillar, GE, ExxonMobil, Lloyds, BP, Grant Thornton, lots of household names are relying on Nitro every day to digitize documents and accelerate their workflows and be more productive. In the Fortune 10 alone, we actually have over 45,000 licensed Nitro users across three of the biggest brands in corporate America. Of course, we are really just getting started. Nitro today is really a reflection of our past, our present, and our future. We've evolved from a perpetual licensing model, selling one-time licenses to SMBs, to a recurring revenue business where the majority of our sales today come from larger customers. Since beginning our subscription and enterprise focus in 2016, we've built a high-growth, high-quality SaaS business, and we're proud to present those results and more of those impressive results today. As our annual recurring revenue scaled from zero to 10s of millions dollars, the market opportunity and the product strategy has also scaled with it. I think you'll see today that not only have we evolved from a single-product company to a multi-product company, with a correspondingly larger addressable market, but we're becoming a document productivity platform. We've continued to invest in R&D, as we scale, and our go-to-market organization is also scaling with that. Our goal, very simply, is to build a very substantial business. Over the last 12 months or so, actually, we've assembled an incredible leadership team. We'll talk more about them shortly. The markets that we play in already support $2 billion plus revenue businesses in each of PDF productivity and e-signing. I think what you'll see today is that the total market opportunity here is even larger than that. Combined with the digital work tailwinds that we're seeing as a result of the pandemic, it's a very exciting time to be building a company like Nitro. Moving on to slide seven now. Before we get into the 2020 results, a quick refresh on the product platform. Our core and standard offering today is the Nitro Productivity Suite. You see it here. It's available exclusively on a subscription basis. It includes Nitro Pro for PDF productivity, Nitro Sign for e-signing, Nitro Analytics for insights and intelligence. These products are supported by what is unquestionably the best customer success organization in the market. This is the team that is deploying Nitro to those household names that I mentioned, to up to tens of thousands of employees at a time. With the Productivity Suite, you get all the tools you need to give everyone in your organization PDF productivity, e-signatures, and powerful analytics that lets you measure and prove digital transformation results. I think it's worth saying that while we're still best known for PDF productivity, and our typical customer lifecycle today begins with a large Nitro Pro deployment, our footprint within our customers is increasingly expanding to include Nitro Sign. The value of Nitro Analytics actually grows as the adoption of Pro and Sign scales. Let's talk about the 2020 results. That's what we're all here for. As you can see, the headline numbers on slide eight, I want to draw your attention first to the chart on the right, actually. ARR is Nitro's number one financial metric. It represents recurring revenue, almost all of which is the Nitro Productivity Suite. 2020 was a record year both for ending ARR as well as new ARR added. We began selling subscription in 2016, and after starting from scratch, five years later, you can see us approaching $30 million in ARR, again, U.S. dollars. We finished 2020, $3.3 million higher than our prospectus forecast on ARR. That was 64% growth, actually. That $27.7 million number represents 64% growth over the last year. Really significant growth. Total revenue actually for the year was $40.2 million, right in line with the prospectus forecast. Subscription revenue growth is paralleling our ARR growth. We expect total revenue growth to catch up in the future, but right now, subscription revenue growth for the previous year at 61%. Of course, we achieved these high growth rates efficiently. You can see here, looking at EBITDA and cash. We ended the year with nearly $44 million in cash. Very strong position, and it was an excellent year on all the financial metrics that really matter. Ana's going to go into more detail on both shortly. A single summary, I guess, is that we met or exceeded our own expectations and our prospectus forecast, in a year disrupted by a pandemic. This positions us obviously extremely well for this year and beyond. Moving now to slide nine. I want to give you a bit of a sense of both the scale in our business today and the growth rates that we're seeing, but specifically through the lens of product usage. Nitro Pro, again, that's the product that we're best known for and which we launched in 2005. Users opened over 2.2 billion with a B, documents in Nitro Pro in 2020. We don't even track every single document open. This is a very conservative number. The actual number would be significantly even higher than that 2.2 billion tracked. The total time spent in the application increased by 160% as remote and digital work really took off. Even in Nitro Sign, which is a new product, and we released it last year as a standalone offering, we saw well over one million e-signature requests and nearly 900% increase in business users, which of course is really key to our enterprise strategy. Jumping to slide 10. I think this is a pretty cool screenshot actually. It's one of our internal systems dashboards, and it's pretty staggering how global the usage is for both Nitro Pro and the much newer Nitro Sign. What you can see here, Nitro Pro is orange, Nitro Sign is in blue. This is all reporting directly from Nitro Analytics. In any given 24-hour period, in this case, this is the December 1st last year, we literally have Pro and Sign users everywhere from our tier 1 regions of North America and Europe and APAC, right down to the Cook Islands, Madagascar, Mauritius, the Falklands, Nigeria, Kazakhstan. You can even see a lone, if you look right at the top of the screen, you can see a lone Nitro Pro user in Svalbard in Norway, inside the Arctic Circle, presumably happily PDF-ing away in the dark of the polar night, waiting for the sun to come up in January. All jokes aside, while we're primarily focused on our tier 1 regions today, and that's where a majority of our revenue was derived last year, I think this usage map indicates that our total addressable market and our real potential is truly completely global. As we look back on a year of successful financial metrics, operational metrics, and product metrics, a key theme you will see emerging is one of foundation building. Let us dive into these growth and scale foundations in a little more detail to provide some color. To first highlight this incredible base building I mentioned, you can see 12 senior hires, director level up to VP and C-suite, right across every area of the business. Ana, who is going to take over this presentation shortly, she joined us from the fintech rocket ship BlueVine, after a really successful investing career at Silver Lake and CapitalG. Maria Robinson joined as our first ever CMO, after helping to build multi-billion dollars SaaS businesses at companies like Intuit and Citrix. We've got Sam Thorpe, our former head of product strategy, who rejoined Nitro actually as our Chief Product Officer. He brings not only a couple of decades of product leadership experience, but also very deep knowledge of the document productivity and workflow space. Mark Flanagan, who you see here too, Mark led Marketo's business in Europe as part of that leadership team that drove that company to a $5 billion acquisition by Adobe, and he's come aboard to run global sales. In turn, the functional teams that these leaders have hired in a short time is extraordinary. In terms of talent, Nitro has just never been in a stronger position. With respect to the growth and scale in the subscription business specifically and the extent to which it's already dominant, I think this slide focused on business sales bookings makes it really clear. Business sales revenue represented about three-quarters of our total revenue last year. We're sharing this bookings data in addition to revenue because it's a much better indicator of the current sales mix. Revenue lags bookings, as many of you would appreciate, and it includes contributions from sales in prior periods. The bookings mix is actually the best possible measure to answer the question of: What's the sales team selling right now? In 2016, when we started selling subscription, less than 15% of our business bookings were subscription. Fast-forward to the second half of last year, and 92% of our business bookings were subscription. On a deal count basis for the full year, 96% of all deals above $10,000 ACV were subscription. In short, five years after starting on this journey to become a SaaS company, we are one, and we expect the transition to subscription to be effectively complete for this business sales channel this year. Online sales or our e-commerce operations are perpetual right now and will be for a little while. That channel is a strong and efficient cash generator, and we will transition to subscription in the future. Shifting to slide 14 now, please. You can see some of the scaled customers that we won or renewed or expanded last year. When we talk about scaled customers, we refer to customers with thousands or tens of thousands of licensed Nitro users. We've got over 11,700 business customers today. A business customer has 10 or more licensed Nitro users, and we added customers in every key region and vertical around the world in 2020. You can see FTSE and ASX 100 names here like BP, RBS NatWest, Westpac, Fortune 500 names like L3Harris and Southern Company. Some of the largest companies on the European continent, like Adecco, the hiring giant, and Sandvik, the big Swedish industrials company, many others. You also saw scaled customers renewing or recommitting or expanding their Nitro partnerships, companies like GE, Toyota, and the Fortune number two and number three company, ExxonMobil. Even though it was a challenging year for the broader economy, our ability to win new business and grow existing customer relationships only strengthened. The other point I want to make on this slide, actually, because we get this question a lot, is our ability to go to market hasn't been compromised by a shift to virtual first or virtual only work. In fact, quite the opposite. We actually haven't observed any material difference in our ability to reach or sell to or support customers of all sizes at a time when almost all knowledge workers are working remotely and not traveling. In fact, on balance, I think the greater productivity that we're seeing by reducing business travel, combined with the ubiquitous adoption of video conferencing, it's actually allowing higher quality virtual interactions with customers everywhere, and it's a distinct advantage over the old model. Our go-to-market has evolved, but certainly has not been hindered. In fact, as I said, perhaps quite the opposite. Speaking of virtual only interactions, let's talk about Nitro Sign. The days of having to go to your lawyer's office or the customer's site to execute contracts or do the print, sign, scan, mail dance, they're nearly over. We launched Nitro Sign as a satellite offering last year in direct response to the pandemic. There's been an accelerating trend towards e-signatures, of course, pre-pandemic. The swift rise in sort of digital only work has really brought with it kind of explosion in demand. Initially we made Nitro Sign available at no cost for most use cases anyway to drive awareness and adoption and help organizations with the sudden shift to remote work. With that said, we actually are starting to sell Nitro Sign today. A customer case study in a moment will show that. We do expect to end the mostly free promotion before the end of the first half. The product launch and promotions, it's been a wonderful success. As I said, Nitro Sign was used to deliver nearly 1.1 million signature requests last year and with massive growth in business users. We're very excited about the potential for Nitro Sign, both as a key pillar of our vision for the Nitro document productivity platform, but also as a standalone product. In terms of how we're bringing products, sorry, to market, in 2020 and how we think about our customer operations, specifically kind of sales, marketing, and customer success. We've restructured our sales organization to provide for a separate and dedicated focus on both new customer acquisition and account expansion. That's actually supported by a global account program that's driving all of our sales and marketing and customer success activities right across the entire customer life cycle. We've also evolved our customer segmentation to better reflect our increasing focus on the enterprise. All of these foundational go-to-market initiatives are in place now, but you can expect to see us continuing to invest in and scale them in 2021 and beyond. Finally, before I hand over to Ana, just two quick customer case studies for you. The first spotlight here is one of the largest railway network operators in Europe. They have over 40,000 employees, and they manage about 20,000 mi of track. Nitro first sold into this customer in June 2019. We actually replaced Adobe Acrobat for 10,000 employees kind of on day one. We've subsequently expanded those productivity capabilities to another 1,500 users. That's pretty typical. We come in, we displace the incumbent, and then we expand pretty rapidly. Our land expand is very key to our model. When COVID-19 hit last year, though, there was a sudden demand for remote signing tools, and so Nitro Sign was immediately deployed for the first time. Initially on, I think, eight use cases, and expanded a range of approval and change request workflows that were all previously paper-based. If you look at this, we were a trusted software vendor with Nitro Pro deployed at massive scale already. One in every four employees at this very large company was already using Nitro every day. Deploying our e-signing capabilities was a very natural evolution. We've had actually such success with this customer that we're anticipating substantial scaling of both our Nitro Pro and Nitro Sign footprints this year. I think this customer is a great example of how our seat at the CIO's table for PDF productivity opens the door very naturally to e-signing and other product opportunities. The second case study today is our largest Nitro Sign only deployment yet, and it actually has an annual contract value that started in the $10s of thousands. This customer is actually the largest non-profit healthcare organization in its state, with 10 hospitals and actually over 20,000 team members if you include volunteers. They're a great example of the potential of Nitro Sign as a standalone solution and a new way for us to acquire Nitro Productivity Suite customers with Nitro Sign first. In this case, the customer was really looking for a solution that could be deployed quickly, and they needed a great user experience, and they wanted some specific security features, and they wanted to be able to measure process acceleration. We showcased Nitro Sign, the pilot, looking at specific HR and claims workflows, and that won us the deal. We delivered immediate results. Contract generation times went literally from days to minutes on initial deployment. We even had some new hire onboarding wins in the order of 90% productivity improvements. We've already deployed actually to additional use cases and with many more to follow. I want to highlight here that while Nitro Sign remains mostly free to many users while our launch promo continues, this customer is a great example of early monetization efforts and also the prices that organizations are willing to pay for premium enterprise e-signing. It shows that we have an enterprise-grade, scalable, and indeed saleable e-signing product already. We see many more Nitro Sign first customers in our future. With that, I'll hand over to Ana to walk us through our financial results in some more detail. Thank you, Sam. Good morning, everyone. I joined the Nitro team in Q3 last year, and I'm thrilled to be presenting our financial results for our first full year as an ASX company. I've had the pleasure of meeting many of our investors over the past six months or so, and I'm looking forward to meeting more of you this year. I became a Nitronaut because I saw an incredible combination of team, market opportunity, product vision, and momentum. With that in mind, I'm very pleased to be sharing results that I think are a strong validation of that assessment and my belief in the company. From a financial results perspective, fiscal year 2020 was first, and foremost, a year of strong growth. To start today, I'll provide an overview of our performance relative to 2019. Please note again that all our reporting is in U.S. dollars. As Sam highlighted, ARR is our number one key metric. We increased ARR significantly to $27.7 million, up 64% year-on-year. In parallel with ARR, our subscription revenues also grew at a fast pace to $21.2 million, up 61% year-on-year, driven by strong demand for the Nitro Productivity Suite. Given our deliberate focus on driving subscription sales throughout the year, perpetual revenue declined by 16% compared to the prior year. This is due to our managed transition from perpetual licensing to a subscription business model. Commensurate with the increase in subscription sales, Nitro was able to further improve our already best-in-class gross margin to 91%, because our subscription business has a slightly lower cost of sales. In terms of our operating expense profile, sales and marketing expense increased to $20 million, up 7% year-on-year, primarily related to hiring additional sales and marketing talent to drive short and long-term growth. We are making very conscious investments in our go-to-market engine and are focused on strong unit economics. As such, you will see that our revenue growth has significantly outpaced any sales and marketing investment. Research and development expense increased to $9.4 million, up 30% year-on-year, as we ramped investment in our document productivity platform vision and responded to the large and growing market opportunity. Almost all of this increase is in new headcount focused on product innovation, including Nitro Sign, our exciting Nitro Analytics roadmap, and much more. Finally, general and administrative costs increased to $9.2 million, up 31% year-on-year, given our higher expenses as a public company, as well as key hires and other investments ahead of Nitro's future growth. While G&A costs as a percentage of revenue were higher than we would like in a normal year, they will return to lower or normalized levels in 2021 and beyond as we continue to scale. In terms of how we think about our financial profile overall, I think the key point to make is that we're investing for growth and scale. The definition of growth is 30% or more in ARR growth, and scale in a SaaS company is at least $100 million in ARR. As long as we can maintain high growth rates, we will continue to invest to achieve scale. Our core SaaS unit economics, which we will talk about shortly, show clearly that we are getting a strong return on our sales and marketing investment. If the unit economics are there, we look next to appropriate benchmarks for OpEx as a percentage of revenue. Measured against other similar U.S. enterprise software companies with high growth rates, we believe that these sales and marketing, as well as research and development costs as a percentage of revenue, are appropriate and prudent. Moving now to a comparison to our prospectus forecast. I am pleased to report that our performance last year was at or above forecast across most financial metrics. As Sam mentioned earlier, we're pleased to announce that we have exceeded prospectus forecast expectations on the metrics that matter the most, like subscription ARR, which exceeded the $24.4 million prospectus number by $3.3 million or 14%, providing us a strong starting point for 2021. 2020 revenue was $40.2 million, in line with our prospectus forecast, and specifically exceeding forecast by 5% for subscription revenue while trailing forecast by 6% for perpetual revenue, given our deliberate subscription business model shift is materializing even faster than planned. This overall revenue performance is particularly strong given the differing revenue recognition dynamics between perpetual licensing, where revenue is recognized upfront, and subscription, where revenue is recognized over time. We're very pleased with our overperformance on subscription revenue and feel confident that top-line growth will continue to significantly outpace the investments we make in the business. As previously noted, our growth margin came in at 91%, not just higher than 2019, but also two percentage points higher than prospectus forecast. Our operating EBITDA loss was $2.4 million, or roughly $1.6 million better than our prospectus forecast operating EBITDA loss of $4 million. As a reminder, operating EBITDA is EBITDA before share-based payments and foreign exchange gains or losses. At Nitro, like many SaaS companies, we focus on operating EBITDA as a proxy for cash flow. The favorable 2020 operating EBITDA results are primarily due to slower pace of hiring, especially in the first half of 2020, as Nitro was assessing the implications of COVID-19. The company then returned to its normal pace of headcount growth in the second half of the year, hiring right across the business and around the world. Our 2020 EBITDA loss was $6 million, or approximately $0.7 million behind the prospectus forecast of $5.3 million, given higher share-based payments associated with the bolstering of our leadership team, which Sam highlighted earlier. In conclusion, we're very pleased with our top-line overperformance on ARR and subscription revenue and feel confident that top-line growth on the metrics that matter most will continue to significantly outpace the investments we make. SaaS is all about creating customer lifetime value efficiently and then compounding that value, and that is exactly what we're investing in and how we're operating. Moving to slide 22. On the left chart, as discussed already, we had strong year-on-year subscription revenue growth of 61%. You can also see that from 2017, we have had a CAGR of 93% for subscription revenue. You can really see our recurring revenue building from almost nothing to meaningful scale. Our total revenue growth last year was 13%, but over time, we expect our overall revenue growth rate to reflect that of our subscription business as it becomes increasingly dominant in our business model. As Sam showed earlier, it is already dominant in terms of what we are selling today, and revenue will also catch up soon. On the right chart, you can see our operating EBITDA performance over the last four years. We wanted to underscore that over the past three years, Nitro has proven that it can grow its subscription business significantly while operating close to EBITDA breakeven. We may elect at times to invest at a faster pace, such as this year in 2021, in order to scale the business even faster. We have demonstrated that we can run the business at effectively breakeven whenever we choose to. Moving now to slide 23. We wanted to spend another minute on ARR, given that, as we already mentioned earlier, it is our number one key metric. Looking back to 2017, which was our second year of a subscription business model, we have grown ARR from $4.4 million- $27.7 million at an 85% three-year CAGR. We also added a record of $10.9 million in new ARR last year, which is 63% more than the $6.7 million in new ARR added in 2019. Here on slide 24, we wanted to further highlight our successful transition to a SaaS company. To give you some sense of scale and how far we have come, this slide shows performance back to 2016, our very first year of subscription. We now have over 2.6 million licensed Nitro users in total, of which over 850,000 are active subscription users at the end of 2020, reflecting a 134% four-year CAGR. We also surpassed 3,000 subscription customers last year with a corresponding 153% CAGR. This number includes all the well-known customers that Sam mentioned earlier, household names like GE and BP, but also many more from every industry and region around the world in which we operate. Moving on to our key SaaS metrics. We are very proud of our performance in 2020 and are working hard to strengthen these metrics even further in 2021. Obviously, our number one SaaS metric is ARR, which you see on the right, but we've already talked about that. We'll look specifically here on this slide at some of the key indicators of SaaS health, as shown on the left. Nitro saw a gross renewal rate of 85% during a year in which the macro environment was very challenging. Renewal rates is, of course, the inverse of churn, so this 85% number represents a 15% dollar churn rate. 2020 was somewhat impacted by businesses affected by COVID. While 85% is still a strong performance, especially given the circumstances, this number is not really reflective of just how sticky Nitro's newer enterprise cohorts of customers are. Our newer, larger customers renew at much higher rates than this. In fact, over time, as the proportion of larger customers in our renewing ARR base increases, we actually expect our renewal rates to increase to 90% or more. For net revenue retention, Nitro achieved 117% last year, which is best in class, certainly top quartile when compared to similar private and public SaaS companies. This shows how successfully we are expanding within our current customer base. For those not familiar with NRR, it is very simply a measure of how much the recurring revenue value of your current customer base changes in a 12-month period before adding any new customers. It is the percentage change in the value of the current customer base, measured from a starting point of 100%, and then accounting for both expansion and churn. Our 2020 number of 117% essentially means that our recurring revenue from existing customers grew 17% in the year before we sold to a single new customer. Given we know that our churn rate was 15%, in order to reach 117% NRR, this means that we attained a very high expansion rate in the base of 32%. Today, almost all our expansion in the base is coming from upsell. That is, selling more licenses. As Sam will explain later, we expect a balanced contribution from both upsell and cross-sell in the future, especially as we ramp Nitro Sign and launch other new products and features. Thus, we believe our NRR can materially increase over time. Finally, we achieved a 3:1 ratio for customer lifetime value to customer acquisition cost, speaking to the strength and efficiency of our go-to-market motion. Very simply, this metric means we're realizing a lifetime value per customer that is over three times the cost of acquiring that customer. Our strong LTV to CAC unit economics give us high confidence in our ability to invest in our business for rapid scaling while maintaining a strong return on investment. Finally, we wanted to highlight our balance sheet, showing our strong cash balance with no debt. We finished 2020 with $43.7 million in cash and cash equivalents, which was $5.8 million higher than our prospectus plan of $38 million in cash. We also did not see any material impact on cash flows or receivables during the year, despite the macroeconomic environment, which is a testament to the strength inherent in global subscription software businesses. Our balance sheet puts us in a strong position to invest in both organic and inorganic growth. In fact, we know that as shareholders, you want us to put our capital to work to create more value. In 2021, we're doubling down on the increasing market opportunity and the momentum in our business and investing for further growth. That concludes the financial review. I will hand it over back to Sam to walk us through Nitro's business strategy and outlook. Thanks so much, Ana. To finish up today, before we go to questions, I want to talk about our strategy, I'll talk about the market opportunity, the investments that we're making in 2021, and the outlook for the year. First, a little bit of context. As a result of the COVID-19 pandemic, the digital and remote work genie is really out of the bottle. Of course, on one hand, this might simply be the continuation and acceleration of arguably a long-established trend, but the scale on which this transformation has occurred and its speed and its permanence really can't be underestimated. Because this is a truly global pandemic, the changes in the way that we work are universal. In less than a year, you've seen video conferencing capabilities become ubiquitous. Any cultural barriers to virtual meetings have been knocked down. Both the technological and social obstacles to true digital-first work have been eliminated in literally a matter of months worldwide. We're not going back to the old ways. Look, that's not to say that physical meetings won't still happen. They will. There will still be a physical layer to the way that we work where it makes sense. I think the point I want to make is that work is now digital or virtual first. Digital is now the default mode. It's the primary channel. We have a saying at Nitro that once you Nitro Sign, you never go back. It's the same with Zoom and other tools. Solutions for digital work are a must-have now for every organization, and they've become, and are becoming ubiquitous. Speaking of ubiquity, I want to just quickly talk here about the PDF format, because it's kind of important to the vision. PDF remains the de facto standard for electronic document interchange. It is the number one file type as a proportion of total documents stored in every enterprise digital asset library. PDF documents are truly everywhere, every industry, every role, yet the tools to work with them are not as pervasively deployed yet as they could or should be, we're trying to change that. While PDF isn't all we do, it is such a fundamental building block in the world of digital documents. It's so critical to end-to-end digital transformation. It's why we remain excited 15 years later about the potential for ubiquitous PDF productivity. In particular, ubiquitous PDF productivity that's connected intelligently to a broader document productivity platform like the one that we're building. This is really core to our mission and our product vision, and it really interplays with e-signing workflow, quite beautifully. Speaking of e-signing, the world is even earlier in the adoption curve here. E-signing's been around for a long time. It was Bill Clinton who signed the E-Sign Act 21 years ago. Adoption's been increasing rapidly in recent years, but it's really taken the kind of widespread technological and societal change we've just talked about for it to really take off. Despite this progress, though, this chart may surprise some of you. The market remains largely, mostly unpenetrated. It's an enormous opportunity. The chart you see here is e-signing usage, in U.S. organizations. This is Gartner DocuSign data. America's by far the most advanced large country when it comes to the adoption of e-signing. This is clear even in our Nitro Analytics data. Even in the U.S., only 40% of companies are using e-signing at all. Of those, only one in 10 consider themselves to be widely deployed. Outside the U.S., the situation is even worse or even better, depending on your point of view. Pre-pandemic, most of the surveys of e-signing adoption outside the U.S. show that something like 90% of organizations had no e-signing capabilities. In short, the global market opportunity, even though e-signing is very much a topic [Non-English content], the opportunity remaining is immense and it's very early days. This actually leads us to Nitro's first-ever bottoms-up TAM analysis, which some of you will be really interested in, I'm sure. Studious observers of this space would've already seen that both Adobe and DocuSign doubled their TAM estimates on their most recent earnings calls. At Nitro, we'd actually been working on a detailed TAM analysis that was calculating market size, in a probably a very similar way, I suspect. We're actually releasing that today, and you can see the numbers are quite similar too, if you are familiar with Adobe and DocuSign's. We were actually able to triangulate these numbers with several different methodologies. In the end, what you see calculated here and the chosen methodology is actually very simple. In terms of the basis for the size of the total market, we've used publicly available data from LinkedIn, and we're just counting the number of potential Nitro customer organizations in each of our sales segments. We think LinkedIn's a great proxy for knowledge workers, and it's also conservative because it's not used by everyone. In terms of the basis for the revenue potential per organizational account, in the case of PDF productivity, we've just used our average contract values that we're already achieving today for the Nitro Productivity Suite, per segment. Really simple. For e-signing, we've done extensive research to understand what market-leading e-signing vendors are achieving in terms of contract values per segment. Then we've discounted those values for our own anticipated pricing and packaging. If you multiply those potential ACVs per product and per segment across the known total potential account universe, that's how we arrive at the $11 billion TAM for PDF productivity and the $17 billion TAM for e-signing. A $28 billion TAM total. Please note that this analysis is actually only focused on our core categories of PDF productivity and e-signing. It does not actually reflect the broader and even larger TAM of the document productivity platform vision that we have. You'll hear me talk a lot about the size of SaaS markets today. They truly are extraordinary. To go with that very large opportunity, we've got multiple levers for growth, fortunately. I'll go through this really quickly because we're coming up on time. We're obviously increasing our go-to-market reach and scale this year with some targeted investments. We also have the dedicated team now that's focused on expansion, and I think the key point I want to make here is that almost all of our account expansion, what drives that NRR number that Ana talked about previously, that's come from upsell. That is selling more licenses, more of the same thing. In the future, we actually expect an even balance between upsell and cross-sell. The cross-sell being new plans, features, products, et cetera. Finally, I think as we continue to look pretty aggressively, but in a, I'll say a very disciplined way at M&A, you should expect probably a transaction or two from us in the future. We've said that before. We'll keep saying it. We've looked at over 1,000 companies so far. We haven't pulled the trigger yet. We will be disciplined acquirers to the extent that we want to be accelerating our product roadmap that way. Watch this space. In terms of key investments this year, and I think it's probably pretty obvious at this point in the presentation, we're investing heavily in both building out our document productivity platform vision and the go-to-market machine. The opportunity in front of us is enormous. Demand's accelerated, you're seeing digital transformation spending that was previously planned over many years, really being accelerated into the next couple of years. With that momentum in our business and the momentum in the market, especially given the size of the balance sheet, as you just saw in Ana's section, the time to invest is now. While we ran a close to operating EBITDA breakeven over the last three years, we'll be investing more significantly this year, as we continue building a truly substantial enterprise software company. In terms of what that company is, I think it's really best understood through the lens of this product vision. This product vision that you see here is to build the world's first document productivity platform. From the PDF productivity and e-signing capabilities that we're delivering today, to broader workflow technologies around document automation and AI-powered features. The vision here really puts us at the core of every organization's document productivity needs. Whether customers start with PDF productivity, as has typically been the case historically, or e-signing, as you saw in the case study today, or something else in the future roadmap. It's really all about bringing the value of the Nitro platform and the expanding insights and intelligence and automation that those connected applications can deliver. If you spend time with CIOs, what you learn is that customers want fewer vendors. They want fewer vendors doing more in a more integrated and efficient way at a lower cost, and we are truly brilliantly positioned to serve those kind of goals. Our evolution over the last 15 years is pretty clear. From a single product to the Productivity Suite today, from perpetual licensing to an enterprise subscription software company. With this push into eSignature, we now have an even larger market opportunity. I think in the next 15 years, I want to be really clear that our goal is to build a substantial company. We expect it to be one of the great Australian software companies, we're really building what you could call digital transformation as a service. It's much like Office 365. That's probably the parallel for all of you to keep in mind. Office 365 is this wonderful collection of integrated applications that have become a platform, we've got a very similar model in mind. Even our partner model is evolving in a similar way. The reach and the value add that that shift will allow us is truly profoundly different to how we go to market today. While Nitro's partners today are only selling software, in the future, just like Microsoft's partners, we expect them to also be selling implementation, consulting, software development, analytics, other services on top of that platform. What you see reflected here on this slide is continued evolution across both product and go-to-market, and the scaling of both the potential market size as well as the business model. To bring it back, guys, to 2021 and close this out, finish with our guidance for the year. You can see we're forecasting continued very aggressive growth in ARR. Over 40% growth in ARR, even at this scale, with over $40 million expected in the midpoint of the range. This will be driven by the productivity suite in Nitro Sign and the continued enterprise focus. Revenue is forecast between $45 million and $49 million. The operating EBITDA loss, excluding stock-based payments and FX, is expected to be in the $11 million- $13 million range. It'll be a year of high growth, strategic investment, and scaling right across the business. We're investing this substantial balance sheet that we have in people, in product, in our go-to-market. Accordingly, we're expecting to deliver really top quartile ARR growth rates. With that, we'll finish today and move to questions. Thank you all for your support during 2020 and our first year as a public company, and a very special thank you to those of you who supported us at IPO and before our IPO. We're very grateful to have every single shareholder on this journey with us, and we look forward to continuing to deliver superior returns over the long term. Thanks, guys. With that, we'll go to questions. Operator, we might take some questions that have been submitted. We might just take one of those and then perhaps you can remind everybody what we need to do to submit a phone question. The first question that we have submitted today, guys, and this is related to my last point about M&A. Is there a gap in product or elsewhere that you're looking to plug via M&A? I think that the main comment here is that all of the acquisitions that we're looking at are product roadmap-focused. That is, we would be accelerating features or capabilities that we have in our product vision and bringing them to life for our customers sooner. I wouldn't say there's any one specific gap that we're looking to plug. I think if you consider that slide I showed previously with the document productivity platform vision laid out, I think you could conceivably see transactions anywhere across that spread of application areas. It's really the full gamut of productivity and workflow capabilities. We're looking in our core areas of PDF productivity. We're looking out into workflow. We're looking at document processing, forms automation, contract lifecycle management. There's a big world out there of enterprise software in this space and tens of billions in annual spend. We're just looking for smart additions to our roadmap that will really help us increase share of wallet. Every time we sit down at that CIO's table that I referenced before, and we have a significant scale of deployment for Nitro already, we want to be able to introduce other products into that conversation, and really help our customers deliver true digital transformation. With that, I might call on the operator to call for phone questions, and we'll go to those. Thank you. Currently, there are no phone questions. If you want to ask a question on your phone, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound or hash key. That is going to be press star one if you want to ask a question on your phone, and if you want to cancel your request, press the pound or hash key on your phone. With that, I'll just hand it over to you then, Sam, while we wait for the queue to come in. Sure. I can answer. There's been another question submitted in the Q&A, which I'm happy to take. We've got a question here about our security incident last year. I think the question is, how do we feel about security risks? We've got a couple of questions actually on this front, particularly in light of the big SolarWinds hack that everyone was made aware of last year. On security incident, I guess, yeah, quick comments. We had a security incident in late September. We identified it and reported it. It actually concerned an unauthorized access to a Nitro database that was primarily used for Nitro's free online services. Nitro Pro wasn't affected, nor was Nitro Analytics. When we became aware of the incident, we responded immediately, and after an initial investigation, we were back online, and secured and everything the same day. We concluded our investigation actually and closed that out in December. There is an update on our website, to that effect that you may not have seen. It had no material impact, the incident, on our 2020 results, nor do we expect it to have an impact on our 2021 results. In terms of follow-up, we've engaged with leading cybersecurity experts. We've implemented an evolved and upgraded security posture, and we're also expanding the security team and our security infrastructure pretty significantly this year. Look, 2020 was a year of many major security incidents, and the SolarWinds one that one of you has referenced is probably the most obvious and biggest sort of PR example. Even our competition actually has had these incidents in the past on multiple occasions. We were disappointed to have our first security incident in 15 years, but we're confident that we've responded really well to it. The feedback from customers in that respect has been really positive. Operator, any questions from the phones? Yes, we do. We have a question from Ross Barrows from Wilsons Advisory. Ross, please go ahead. Great. Thank you. I just have two questions. Just on the net revenue retention of 117% in FY 2020. I notice you're not giving any guidance on that, but can you perhaps give some historical context on where that number is higher, lower or, I guess, in line versus previous years? Yeah, I can maybe start there, and then Ana may want to add to it. It's a lower number actually than we have seen in our previous periods. Of course, our renewal rate was a little bit lower as well. Given that it's a factor of both the renewal rate as well, or the churn, as well as expansion in the base, both those things kind of affect it. The number has been higher, as I said, and we actually expect it to be higher again going forward. An interesting quirk of our subscription transition journey is that we actually started selling subscription to our largest customers first. What that essentially meant was we had very high renewal expansion rates, as you typically do in larger customers, in the earlier cohorts. Then as we made subscription available to mid-market and SMB customers, where you typically do see lower renewal and expansion rates, that has an impact on renewal rate and on NRR. The key point to make, though, is that we are very focused on the enterprise, specifically sort of the mid-market and above, going forward. As the proportion of dollars in our renewing base becomes more proportionally comprised of larger customers, we do expect that that NRR number will increase. I think Ana mentioned this earlier, our renewal rates in the enterprise are significantly higher than the total renewal rate that we report. We have almost infinite expansion runway in those large accounts. Long story short, Ross, and thanks for the question, it's down a bit and a little bit impacted by COVID-19 as well last year, but we expect it to trend well north of that. We've reported NRR as high as 130% or more. I would also add that on a go-forward basis, the go-to-market investments that Sam highlighted will enable us to have an even greater focus within our broader team on expansion. That will come, as we've highlighted in the presentation, both from upsell as well as from cross-sell going forward. That's great. Thanks. Just one other quick one on slide 42 in the appendix where you do break down the incremental ARR that's been added. The three categories there, new and expansion, relatively understandable. Does flip just refer to customers that come from a perpetual licensing? These are customers that we have as maintenance and support agreements, which were and continue to be, of course, annual agreements that we refresh every year. That being said, this particular set of customers, they've been converted to subscription contracts from those maintenance and support contracts. The reason we included this slide in the appendix is because we have received questions. It's actually on the prior slide. We have received questions on this from investors in the past. We wanted to just indicate that, in fact, we are getting to the very tail end of converting any maintenance and support agreements over to subscription agreements. As you can see, it was just about a quarter of the added ARR during 2020. We have even less of that flip motion to continue in 2021. In 2021, this transition should be completed fully. Yeah, I think just one other comment on that too is that we thought it was worth sharing, Ross, because we got the question a lot. Actually, if you look historically, the contribution to our total ARR from customers that were shifting from the old model to the new has been the absolute minority. In fact, the 27% you see there is proportionally higher than it would have been previously because we've made a bit more of an effort to move remaining customers across. The absolute majority of all of our ARR, close to $30 million today, the absolute majority of it has come from the new subscription customers and that expansion within the base, not the flipping of maintenance and support contracts. That was great. Thank you. Appreciate it. There are no further telephone questions. Just a reminder, if you want to ask a question over your telephone, please press star one and wait for your name to be announced. I'll hand it back over to you, Sam. Thanks, Daniel. Yeah, we've got some more questions appearing, and we've got a couple of minutes left, so we'll just try and tackle whatever we can. Question from Mitch Fogarty. What's the expected revenue model for Nitro Sign? Is it planned to be volume-based? The answer is yes, in part. It will be a hybrid pricing model. We will include a certain amount of Nitro Sign, almost like a starter pack, in the Nitro Productivity Suite offering. This enables any Nitro customer to basically get started with Nitro Sign. Generally, e-signing business models or pricing models tend to be linked to volume, at least in part. I think what you'll see is that we'll end up with some customers who actually are on a fixed price per user per year model for kind of simple e-signing in smaller volumes. Then those customers who need more advanced e-signing features, and who need significant volume support, will essentially be additionally on a Nitro Sign specific pricing model that is tied both to volume and additional features and power and complexity. We've also got a question here around LTV to CAC, and a question of where we expect it to head. Ana, do you want to take that one? Yeah. In terms of LTV to CAC, we are always focused on making sure we maintain a strong ratio in that regard. As highlighted in 2020, we had a ratio of 3:1 LTV to CAC. We are looking to also make sure that we invest for growth. We anticipate that we'll be able to maintain the same or better levels of LTV to CAC going forward. Thanks, Ana. Another question in the list here is around our Nitro Sign free period. The question is, we'd previously talked about ending that free promo, well, mostly free promo period at December 31, but now we're pushing it back, and why is that? In short, we're loving how that promo is working for us. It's driving a ton of awareness and a ton of adoption. It's a really great sort of market seeding exercise for us. We're not in a hurry to monetize Nitro Sign. We're sort of proving we can do it, as the case study we shared today illustrates. We do expect to basically close off that promo in whole or in part before the middle of the year. We thought that given the pandemic was kind of continuing and our customers were still loving the promo, we would extend it a little further. We won't extend it, at least in its current form, beyond the middle of the year. Guys, look, with that, we are at the top of the hour. We'll need to close out the Q&A and wrap there. If we didn't get to your question, apologies, but please feel free to reach out to us offline. We're here and available to take questions. Thank you again for joining us today. This concludes the NTO 2020 Results presentation. Thank you very much for your time and your support. Thank you. This now concludes our webinar for today. Thank you for your participation, and you may now disconnect.