Good morning, and welcome to the Nitro Software investor briefing call. Today, we have with us Nitro's CEO, Sam Chandler, and CFO, Ana Sirbu, to present Nitro's first half results for the period ending 30 June 2021. Following management's presentation, we will open up to Q&A from the audience. Now, over to Sam to kick us off. Thanks, Alex. Good morning, everyone, and welcome to Nitro's results briefing for the half year ended June 30, 2021. We've had a very busy first half, continued sales momentum, the launch of our platform strategy, even our first acquisition as a public company. Lots to talk about today. I'm Sam Chandler, our Co-Founder and CEO. With me on the line today is Ana Sirbu, our CFO. I'll be talking about our business 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 our business strategy and the outlook for the balance of the year. After that, we'll go to questions. Just a reminder that all the figures we present today are in US dollars. Let's kick off with a quick intro to Nitro and move into the first half financial highlights. We're a document productivity software company, and we're driving digital transformation in organizations of all sizes right around the world. We help our customers move to 100% digital document workflows, eliminate paper, and accelerate their business processes. We now count over 12,000 organizations as business customers. That is, this is our definition, a customer with 10 or more licensed users, and that's in 155 countries today. We also have deployments in 68% of the Fortune 500. While some of those deployments may be small, they provide a base from which to expand. Actually today, 10% of the Fortune 500 are what we call scaled customers with 100 or more licensed users. Just as you'll find Nitro in the largest companies in the world, you'll also find us in small and medium-sized businesses, in governments and universities. Iconic companies like Caterpillar, Lloyd's, and even Jeff Bezos's Blue Origin run on Nitro, as does the European Parliament. I think what's probably most exciting about where we are today is not what we've already achieved, but rather what lies ahead and the scale of the opportunity. We're obviously a fast-growing B2B SaaS company with high growth and high-quality subscription revenue. We're operating in some very large global markets. This year, though, we've evolved really considerably. We've become a platform offering. With that expansion in product capabilities into e-signing and workflow, our total potential market opportunity has also more than doubled. We'll continue to invest very heavily in R&D to further develop our competitive position and enhance the value we can offer to customers of all sizes. While we're investing in R&D, we'll also continue to scale our go-to-market organization. Over the last 18 months, we've made a number of key and notable sales leadership hires, and more broadly, we've completed a very significant bench-building initiative everywhere across the business. We've brought aboard senior talent with experience at some of the world's fastest-growing, and/or largest technology companies. Places like Intuit, Marketo, LinkedIn, and CapitalG. Moving on now to slide 6. I want to give you a quick overview of the Nitro Productivity Platform today. Although we're best known for PDF productivity and, of course, our Nitro PDF Pro product, which was the first alternative to Adobe Acrobat, and today is the leading replacement, we've already moved more broadly into document productivity and workflow. Our Nitro Sign product, which we launched last year and made available with the full commercial release last month, is fast being adopted by old and new Nitro customers alike. We'll touch on that a little bit more in a moment. Nitro Analytics, which is our completely unique in-market product that delivers productivity and workflow intelligence and adoption and ROI insights and benchmarking capabilities, is also a product that's seen significant success with our customer base and helps them understand and measure their digital transformation journey. If you look at the products that you see here today in Nitro PDF Pro, Nitro Sign, and Nitro Analytics, you have all the tools that you need to work digitally, to work with PDF documents, to send documents of all kinds for signature, to digitize business processes and eliminate paper and really collaborate from anywhere. Thanks to Nitro Analytics, you can do all of this and quantify and prove the results. Speaking of results, let's take a look at the headline financial results for the half year. It's clearly a story of continued high growth, a dominant recurring revenue business now, and a robust balance sheet. If you look at the first half of the year, ending ARR finished at $33.8 million. That was up 56% year-on-year. Total revenue for the half was $24.1 million, and subscription revenue was up 66% year-on-year. Our operating EBITDA loss was $3 million, and we ended the half with over $38 million in cash in a strong position, continued strong position to pursue organic and inorganic growth opportunities. I think what I'd point out here on this slide is that the scale of our subscription business is really clear from this chart and the numbers that you see presented. It's particularly important to remember that we actually only began this subscription transition in 2016. We didn't have a subscription business at all in 2015. In 2021, here we are forecasting over $40 million in ARR at the midpoint of our guidance range. Really impressed with how that business was built from scratch. Moving now to slide eight and some of the product highlights for the half. In addition to the emerging scale that's in our subscription business that we just talked about, you can see our product usage scale here. Over 1.4 billion documents were opened in Nitro Pro in the half. That's up 48% year-on-year. That's even after the stunning growth we saw in 2020 as a result of the pandemic-driven shift to the usage of the digital document tools. Similarly, we saw a 91% increase in total usage activity by Nitro Pro users. In Nitro Sign, which as we said, we just launched last year, we delivered over 1 million e-signatures in the first half of 2021, which is roughly the number that we delivered in the entirety of 2020. We saw a massive 336% growth in Nitro Sign business users year on year. If you sort of zoom out and think about this in a work from anywhere world, digital document tool usage has obviously exploded, and what we're seeing is that usage is here to stay. Moving on to slide nine now. Because digitization is a must-have, not a nice-to-have, those tailwinds and the underlying, what we would describe as a multi-generational shift to digital work, are the factors that are driving our investment strategy. The markets that we operate in were already very large, but they just got larger. The pace of spending by businesses on digital transformation worldwide has really accelerated. This year, and indeed in 2022 and beyond, you can see us focused on the areas that you see here to continue to deliver more value for customers and indeed more value for shareholders. Most of our investment, of course, is in people, just like any software company. At the beginning of this year, we had about 180 Nitronauts, and by the end of this year, we'll have about 250 Nitronauts. About 70 new additions to the team over that 12-month period. Most hires are in the product and go-to-market organizations, and in addition to investing in our organic product roadmap, we'll deploy capital strategically into acquisitions where it makes sense, specifically focused on product roadmap. In terms of first half highlights, to touch on some of those things and dig in a little further. There's a few points here I'd like to call out. In product, clearly the full commercial availability of Nitro Sign in conjunction with a relaunch of our pricing and packaging was the major milestone. We also released our Nitro Sign Salesforce integration, and we completed our first acquisition as a public company. We acquired PDFpen, which is a popular suite of PDF productivity tools for Mac, iPad, and iPhone. In go-to-market, we've executed the most significant sales model evolution in Nitro's history, with a shift to specialized sales roles everywhere and an account-based everything strategy. That shift is really paying dividends. It's improving our ability to win new business, as well as expand and renew our base. In addition to all of that, we hired our first ever Global VP of Channel this year, and we're really transforming the way that we go to market leveraging partners. Finally, as you'll see from this presentation, if you visited our website recently, we've executed a brand refresh, as well as a whole new site architecture. The redesign and the rebranding much better position us as the enterprise company that we've become while ensuring that we serve every customer segment and channel effectively. Let's take a quick look at some of those H1 highlights in a little bit more detail. First up here is the commercial launch of Nitro Sign. In July last year, we launched Nitro Sign as a standalone product. We decided to make it available initially at no cost to help organizations dealing with the sudden transition to remote work and also to promote awareness and drive adoption of the product. That promotional period was a success, and now Nitro Sign is no longer free, and it is fully commercially available. We've delivered over 2 million e-signature requests since the beginning of last year. 14% of our Nitro customer base adopted Nitro Sign so far. In the first half of this year, we also released our Salesforce integration. That allows us now to support sales contract workflows, with the world's most popular CRM solution. If you look at the traction here, you can really expect that this continues. Over time, we expect most customers to have adopted Nitro Sign. Every single organization in the world has a need of some sort for e-signing. We also expect that a lot of those customers will graduate to some sort of paid plan over time. In terms of that pricing and packaging and what customers pay, Nitro Sign is now available, essentially, in two ways. We bundle simple e-signing in our Nitro Sign Essentials plan as part of a standard Nitro Productivity Platform subscription. Alternatively, a customer can buy more advanced e-signing capabilities as a standalone product, essentially adding it on to their Productivity Platform subscription. Nitro Sign Essentials is available for purchase on a standalone basis for individual users as well. Essentially, if you are an existing Nitro customer adopting e-signing for the first time, you can make use of that Nitro Sign Essentials plan at no additional cost to get up and running with basic signing. Once you start to add more users and you want team management controls or advanced integrations like the Salesforce one we just talked about, or features like custom branding, you need to add on the Nitro Sign Advanced or Enterprise plans. If you're not a Productivity Platform customer already, or you don't have an immediate need for PDF productivity, you can try Nitro Sign for a limited time in a business trial, and then either purchase Essentials, Advanced, or enterprise, depending on your needs. Plenty of flexibility there. Moving on to slide 13. Another product highlight from the first half was our acquisition of PDFpen. This expands our native PDF productivity capabilities to Mac, iPad, and iPhone. We've seen significant increase in Mac use in the enterprise in the last couple of years, and that's been coupled with rapid growth in tablet-based mobile document productivity for field and factory workers. Mac desktops and laptops are everywhere, and the two most popular tablet mobile devices are typically Microsoft Surface, which we support today with Nitro PDF Pro for Windows, and the iPad, which we now support with PDFpen. We're already selling PDFpen. The PDFpen branding continues today during this transitional period, but those products will soon become known simply as Nitro PDF Pro for Mac, iPad, and iPhone. We think that we can now provide PDF productivity on virtually every device in a customer's environment. In the long run, we actually expect Mac and mobile to contribute 10%-15% or more of total revenue. Just two more quick things before we jump into some case studies. The new website and brand, we're really excited about the energy in the new brand and how this fits in the market. If you put these two things together with the all-new Nitro Productivity Platform pricing and packaging, we're already seeing that the new website and our marketing materials are noticeably more performant. It looks better, it's performing better, and we hope you like it too. Moving to slide 15, just to celebrate some of our key sales wins at the half. We had some excellent new customer wins and expanding and renewing customers, many of them household names. Names like Fortune Global 500 companies like Continental, Fortune 500 companies like Bank of New York Mellon, Thermo Fisher, Cigna, and UnitedHealth. We were also pretty thrilled to bring Silicon Valley Bank aboard as a substantial customer. They have been our key banking partner, Nitro's key banking partner on our journey from Australia to Silicon Valley and beyond. I'd also be remiss not to point out that when Blue Origin flew Jeff Bezos into space last month, mission control was PDFing with Nitro. We thought that was pretty cool. It made for nervous watching for some of us. We're just glad that the mission went well. Some excellent new customer additions in the period. With that, let's take a look at two quick customer spotlights before I hand over to Ana Sirbu for the financial update. This first spotlight here is a leading U.S. real estate brokerage. They started with 2,000 Nitro licenses in 2018, replacing an Acrobat deployment in its entirety. With the real estate market booming during the pandemic and their head count doubling, the customer actually used Nitro Analytics to prove Nitro ROI, and nearly doubled the size of their Nitro footprint. That was supporting remote work, and signing use cases specifically in collaboration, digital document collaboration use cases specifically. Interestingly, they also used Nitro Analytics data to drive specific paper and print production initiatives. We're expecting further growth actually, in this account this year. The second spotlight here is a large global oil and gas services provider, and they deployed Nitro at the beginning of last year, starting with 1,100 users. Just nine months later, that expanded to over 1,800 users. As a result of the pandemic, had also rapidly adopted Nitro Sign. In fact, in the first half of last year, they eSigned over 16,000 documents, with a resulting improvement in supply chain process, reduced printing costs, and some measurable productivity gains. We see enormous growth potential in this customer, too. I think you can see the common themes here. We start with a sizable footprint in these enterprise accounts every time, and then product adoption increases, eSigning takes off, and the customer continues to scale with us. We're really excited about delivering our complete platform vision inside these accounts over time. With that, I'll hand over to Ana for an in-depth look at the financials. Thank you, Sam, and good morning, everyone. I'm thrilled to be presenting our financial results for the first half of the 2021 fiscal year. Our financial performance reflects the company's strategy and product vision presented by Sam, both exhibiting Nitro's growth and momentum in the market, as well as our investment in building and scaling the Nitro Productivity Platform. From a financial results perspective, the first half of 2021 was first and foremost a period of strong growth. Today I'll provide an overview of our performance relative to the first half of 2020. Please note again that all our reporting is in U.S. dollars. As you all know, ARR is our number 1 key metric. We increased ARR significantly to $33.8 million at the end of June, which is up 56% year on year. In parallel with ARR, our subscription revenue for the first half of 2021 also grew at a fast pace to $15.1 million, up 66% year-on-year, driven by strong demand for Nitro's products, including both new customer acquisition and existing customer expansion. Given our deliberate focus on driving subscription sales, perpetual revenue declined by 9% compared to the prior year. Again, that 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 92%, because our subscription business has a slightly lower cost of sales. In terms of our operating expense profile, sales and marketing expense increased to $14 million, up 62% year-on-year, representing an increase from 46% of revenue in the first half of 2020 to 58% of revenue in the first half of 2021. This reflects the significant investment in Nitro's go-to-market strategy and in its sales, marketing, and customer success teams, in line with the continued scaling of the business. We're making very conscious investments in our go-to-market engine and are focused on strong unit economics. Research and development expense increased to $5.8 million, up 46% year-on-year, representing an increase from 21% of revenue in the first half of 2020 to 24% of revenue in the first half of 2021. This reflects Nitro's ongoing commitment to product innovation and the evolution of the Nitro Productivity Platform, including Nitro Sign, our exciting Nitro Analytics roadmap, and much more. Finally, general and administrative costs increased to $5.3 million, up 22% year-on-year, representing a decrease from 23% of revenue in the first half of 2020 to 22% of revenue in the first half of 2021. This demonstrates increased efficiency and economies of scale in the company's supporting functions. As a reminder, operating EBITDA is EBITDA before share-based payments, foreign exchange gains or losses, and one-time expenses related to M&A. At Nitro, like many SaaS companies, we focus on operating EBITDA as a proxy for cash flow. Our operating EBITDA in the first half of 2021 was a $3 million loss compared to a small $300,000 profit in the first half of 2020. This reflects our investment in the growth and scaling of the business, as we highlighted earlier. Our operating EBITDA performance in the first six months of the year was better than our original forecast, given strong revenue performance and greater cost efficiencies. We want to share a brief reminder that over the years from 2018 to 2020, Nitro has proven that it can operate close to operating EBITDA breakeven while growing its subscription business significantly. 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. In terms of how we think about our financial profile overall, the key point to make is that we are investing for growth and scale, and our definition of growth is at least 30%, if not 40% 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 to slide 20, we wanted to highlight the consistency of Nitro's strong top-line performance. On the left chart, as mentioned earlier, ARR at June 30 was $33.8 million, representing a 60% two-year CAGR. Correspondingly, on the right chart, we have also had strong subscription revenue growth over the last two years with a CAGR of 63%. We are very pleased with our top-line performance on ARR and subscription revenue and feel confident that we will maintain our strong pace of growth going forward, as well as maintain attractive unit economics. SaaS is all about creating customer value efficiently and then compounding that value, and that is exactly what we're investing in and how we're operating. Our year-over-year total revenue growth accelerated in the first half of 2021 to 27%, which is meaningfully higher than our year-over-year total revenue growth a year ago of 14%. This acceleration reflects our successful transition to a subscription business model, given that subscription revenue is now the majority of our revenue. Subscription revenue comprised 63% of total revenue for the first half of this year, up from 48% in the first half of 2020. 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. Next, on slide 22, we wanted to further highlight our successful transition to a SaaS company by looking at the subscription share of revenue in the business sales channel specifically. As a reminder, Nitro's business sales channel comprises sales executed by Nitro sales team and excludes online e-commerce sales via Nitro's website. The business sales channel generates the majority of Nitro's revenue. It constituted 73% of Nitro's total revenue in 2020. In the business sales channel, 85% of revenue in the first half of 2021 was subscription, up from 72% in fiscal year 2020. New bookings in the business sales channel are effectively entirely from subscription contracts, and the last small remaining set of maintenance and support agreements will likely be converted to subscription contracts this year. Therefore, this transition is on target to be effectively completed by the end of this year. On slide 23, we wanted to also showcase our successful journey to becoming a SaaS company through the trend in the number of our subscription licenses. 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 2.8 million licensed Nitro users in total, of which approximately 900,000 are active subscription users at the end of June 2021, reflecting a 118% four-and-a-half year CAGR. Our subscription customers include household names such as UnitedHealth Group, Bank of New York Mellon, and Howden, 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 the first half of 2021 and are working hard to strengthen these metrics even further going forward. Obviously, our number one SaaS metric is ARR, which you see on the right, but we've already talked about that, so we'll look here at some of the key indicators of SaaS health, as shown on the left. Nitro saw a gross retention rate, or GRR, of 95% relative to 12 months ago. GRR is a measure of how much of the ARR dollar value of your customer base from 12 months ago is still retained at the end of the current reporting period. This includes the impact of full or partial cancellations, but excludes ARR from expansion or new subscription customers. GRR is the inverse of churn, so this 95% number represents a 5% ARR dollar churn rate compared to one year earlier. For net retention rate, or NRR, Nitro achieved 114% net retention versus 12 months ago. For those not familiar with NRR, it is very simply a measure of how much the ARR value of your current customer base changes in a 12-month period before adding any new customers. It is the% change in the ARR of the current customer base measured from a starting point of 100%, and then accounting for both expansion and churn. Our number of 114% at the end of the first half of 2021 essentially means that our ARR from existing customers grew 14% in the year before we sold to a single new customer. Given that we know that our churn rate was 5%, in order to reach 114% NRR, this means that we attained a very healthy expansion rate in the base of 19%. Over the last 12 months, almost all our expansion in the base has been through upsell. That is, selling more licenses. Going forward, we expect a balanced contribution from both upsell and cross-sell given the full commercial launch of Nitro Sign last month, as well as the acquisition of PDFPen, which added Mac and mobile functionality and also closed in July. We achieved a 4.5 ratio for lifetime value to customer acquisition cost, speaking to the strength and efficiency of our go-to-market motion. Very simply, this metric means we are realizing a lifetime value per customer that is 4.5x 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 ROI. We wanted to highlight our balance sheet showing our strong cash balance with no debt. We finished the first half of 2021 with $38.6 million in cash and cash equivalents. The acquisition of PDFpen for $6 million in cash closed in July and was not reflected on the balance sheet as of June 30, 2021. Our balance sheet puts us in a strong position to continue to invest in both organic and inorganic growth. We know that as shareholders, you want us to put our capital to work to create more value. In 2021, we are 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. Thank you so much, Ana. Guys, we'll wrap up with a quick refresh on the scale of the market opportunity. We'll talk about our product vision and strategy and the growth levers that are driving us to $100 million in revenue and beyond in the next few years. Close out with just a reiteration of our forecast or guidance for the full year. Firstly, the market opportunity. We estimate a $28 billion opportunity in PDF productivity and e-signing alone before we contemplate the additional potential TAM in our broader platform product vision. This isn't a finger in the air estimate of market size. This is a ground up model. It's based on taking the customer contract values that we're already achieving today by segment and multiplying them by the total number of potential accounts worldwide by segment. We're using our own customer data for the contract values, and we use LinkedIn data to estimate the total universe of target organizations. Actually, both assumptions could be considered conservative because the contract values we achieve in the future will likely be higher than those that we're achieving today. Of course, LinkedIn isn't used by everyone, or consistently in every country. Look, not unsurprisingly, our market size estimates broadly correlate with estimates by other leading vendors in these categories. If you take just the two largest players in PDF productivity and e-signing today. Those two companies are currently on track to generate about $4 billion in revenue in these two categories in the next 12 months. The scale of SaaS markets shouldn't really be a shock to anyone today, even though these numbers would've seemed crazily large even just a few years ago. Some of you may have seen the latest Bessemer and Forbes Cloud 100 numbers released earlier this month, covering the world's largest private and public SaaS companies. Of course, in those numbers, the average valuation of a Cloud 100 company is over $5 billion, with an average ARR multiple of 34x. It's an exciting time to be in SaaS, and we are hugely excited about the runway in front of us for truly significant scale to $100 million in revenue and well beyond. In terms of how we get to that scale, well, it's partly about product vision, strategy, and roadmap, and partly about go-to-market. Our vision is to provide flexible and connected tools that put the power of Nitro to work across every device and workflow, allowing our customers to transform their entire organization with a single solution. That's our product vision in a nutshell. Most customers want fewer software vendors doing more for less. They want more value, more customization, more personalization, and they want all the applications or ecosystem to talk to each other effectively and intelligently. Our goal really is to add more value to more of the document lifecycle, and over time, become really deeply embedded in our customers' critical business processes. From the strong position that we've established in productivity, we have already, of course, begun to expand into workflow with e-signing, and you should expect more workflow capabilities from us in the future. You'll also see more automation, more API and SDK capabilities, as well as ever more advanced analytics and business intelligence tools. This expansive platform vision will continue to be supported by the best customer success team and program in business. Based on our long history in PDF productivity and our new beginnings in e-signing and what you can sort of hear and see here and have heard from us in terms of our future roadmap, our evolution from a single product company to a multi-product company and to a platform, I think has become pretty clear. As we look ahead at this enormous opportunity for our current product offering and our expanded platform vision, you'll see us taking advantage of all of these growth levers for scale. We'll continue to win new customers, especially via the channel in the enterprise. We'll continue to expand aggressively within the existing customer account base, as Ana talked about, through both upsell and increasingly cross-sell, Nitro Sign and more. As you've seen, our roadmap is big on both vision and delivery, and just this year, we've taken several major leaps forward, both organically and inorganically, and you should expect this to continue. There may be more acquisitions in our future as we bring the platform vision to life and accelerate our time to market. Look, we are excited by our traction on all of these levers today, but we firmly believe the best is yet to come. We've significantly evolved the way we go to market and what we sell in the first half of this year, but we expect the rate of progress to continue or in fact increase in the second half of this year and into 2022. To close out today, just to quickly reiterate our recently upgraded guidance, and again, a reminder that all these figures are in USD. Ending ARR this year expected to be between $39 million and $42 million, in line with our Q1 guidance. Total revenue is now expected to be between $47 million and $50 million. That's compared to the $45 million-$49 million range that we provided previously. Our operating EBITDA loss is now expected to be in the range of $9 million-$11 million. That's comparing to the $11 million-$13 million loss guidance provided in Q1. The primary factor there in revenue and EBITDA, operating EBITDA, is a higher return on investment from our first half initiatives, and that's driving both the top and bottom lines. With that, guys, we'll go to questions. Thank you all for your time today, and I think more importantly, thank you for your continued support. Thank you, Sam. We have received a few questions. The first, do you expect similar seasonality first half versus second half in incremental ARR to FY 2020? Thank you. Yeah, I can maybe take that and head to Ana if you want to add to it. Yes, I think we do, in a nutshell. Like most enterprise software companies, our Q4 is usually our biggest quarter. Therefore, you tend to see more of your bookings for the year generated in the second half. Is there anything you wanted to add to that, Ana, in terms of the proportionality? No. We do anticipate a general similar path, and Q4 is the strongest quarter. Q2 is the stronger quarter in H1. Thank you. We've received another question. Can you please provide some additional color on the change to go-to-market strategy? Who are your partners and how are they incentivized? Yeah. There's probably a couple of things to point out on the evolution in go-to-market this year. The first is the restructure of our sales organization. The sales model has really evolved into a specialized sales model where we are focused on acquiring new customers with a dedicated customer acquisition team and focused on expanding and renewing customers with a dedicated existing customer account management team. That change, that reorganization, in conjunction with the emphasis on channel, are probably the two big differences in how we go-to-market this year. Notwithstanding, of course, that we're now starting to cross-sell. In terms of the partner question. Specifically, we haven't really been focused on channel in a global way, in a kind of global coordinated way until very recently. What we have found is that in the enterprise, that's a very effective way to acquire new customers. I think what you'll probably see indeed this year and next is that our partner ecosystem will change in a couple of ways. I think the core traditional reseller software partner set will largely remain the same. Those are the household names, at least in enterprise software that people know, like Insight, and SoftwareOne, the very, very big traditional reseller partners. I think you'll see us continuing to invest in those partners, but the scale at which we operate with those partners will increase substantially. I think also you'll see us starting to partner with a different kind of solution provider, specifically with value-added resellers and solutions integrators. If you look at the platform strategy and how it's evolving, there is going to be an opportunity for partners increasingly to sell services on top of the Nitro Productivity Platform. As it gets more complex, as the configuration and customization options increase, as the API and SDK capabilities expand. That will really open us up to a different kind of partner. I think you'll see, in a nutshell, the existing partner base sort of strengthening, the core partners that we already have developing further, and then kind of a push into, yes, this different kind of more value-added partner over time as well. Another question. Of the subscription revenue growth, can you break up what is the contribution of growth from existing customer dollar growth, i.e., net revenue retention percentage? I can take that one. From an NRR perspective, we do disclose that on a half-yearly basis. For the first half of 2021, our NRR was 114%. This is reported based on our ARR. We have another question. Can you talk about how far you are through third-party integrations? Have you got the most important ones now integrated? I think the integration roadmap for us is really a, in one sense, a never-ending roadmap. You should probably expect us to be pushing new integration launches every single quarter, certainly every single half. Salesforce was really key because customer contracts are quite often high velocity in organizations that are doing a lot of customer contracts, therefore, in order to really fully support the sales function and the signing opportunity there, we really need to have Salesforce. The Salesforce integration release is really, really key. I think what you will probably see in this half, in the second half, and indeed next year, are more integrations rolling off that integration production line. It will be other applications that help us support the different lines of business where e-signing can get deployed. Those lines of business are typically HR, legal, procurement, and sales. There's not often a significant integration set around legal necessarily, but there are pretty significant integration sets around procurement with companies like ServiceNow. Significant integration sets around sales, like with Salesforce, as we've just released. With HR, I think there are probably a number of companies we would be looking at there in terms of our first major integrations, like Workday. I think you should expect to see those integrations coming down the pipe in the coming quarters. We're happy with where our integration set is today. It's been focused very much on the Microsoft stack, which is where our customers are living and working predominantly. We will go to many more integrations over time. In the future, you should expect dozens of integrations. Received another question. Has the commercial launch of Nitro Sign improved win rate in PDF productivity or allowed you to shorten sales cycle as customers adopt Sign first before adopting PDF productivity? It's probably too early to make a comment about sales cycle because we've only released it last month, and our small business sales cycles are 30 days. Our mid-market sales cycles are kind of three months, and our larger sales cycles are typically about 6 months. We're sort of mid-flight in terms of measuring sales cycle impact. From a win rate point of view, I think the short answer is yes. Clearly, having e-signing capabilities is of benefit as it relates to solving for our customers' e-sign requirements. Also in helping us win PDF productivity business, because the bundling of Nitro Sign Essentials provides a really frictionless way for our customers to get up and running with e-signing from Nitro without having to look to another vendor. We're definitely seeing that in terms of price positioning and defense in deals and our ability to differentiate in a sales cycle, those things are really benefiting from the availability of Nitro Sign. I think as we continue to evolve Nitro Sign towards more and more advanced and complex e-signing use cases as the product does more, it makes us even more competitive. Our investments in that area are pretty significant. I think you should watch closely for how that roadmap evolves over the next two to four quarters, because I think the evolution in capabilities will be pretty dramatic. A further question. Can you give any color on how the M&A pipeline is progressing, and any comments on the board's appetite for bolt-on or step-change acquisitions? Yeah. Look, we've done a lot of work on M&A, as I think we've communicated in the last 18 months. The activity that we have underway right now, and indeed, of course, the PDFpen acquisition that we already completed, really is the result of a year and a half's worth of work. We have a strong pipeline. I would certainly say that. You should expect more transactions from us in the future. I think the appetite is very strong at board level and management level for anything that accelerates our product roadmap and brings that platform vision to life sooner. There's clearly a window in time opportunity right now. The demand for digital transformation tools has just soared during the pandemic. We see this as kind of a multi-year macro tailwind in the enterprise, where it often takes years to retool large organizations. We want to be at the table winning that business. I think in terms of further differentiation, supporting more use cases, penetrating new markets with those enhanced product capabilities, those are all things that are very, very interesting to us. We continue to be motivated by and focused on product roadmap accelerating opportunities, and we have a strong pipeline of them. Regarding the sales and marketing spend, can you give any insights around the hunter-farmer split of that spend and how traction is going with each? Ana, do you want to take that one? Happy to. As you all know, we are investing in scaling our go-to-market strategy as well as teams this year. We do have very specific quota assignments with regards to our new and our existing customers. Everything so far has been going well and we have seen performance track to our targets. We will continue to invest according to our plan for this year and likely continue scaling very meaningfully next year as well. Thank you. We're at time. We'll take one last question here. Could you please provide some more commentary along the pathway to $100 million ARR? Is this organic or acquisitions? I think the short answer is it's both, but it is predominantly organic. Although, if you think about the kinds of acquisitions that we are contemplating, because they're all product focused, it's less about bolting on an adjunct business, and much more about actually bringing technology into the Nitro Productivity Platform. Even an inorganic growth strategy is actually kind of an organic growth strategy as well because it's really feeding the platform. It will be a combination of both, but we've been pretty clear that we want to get to $100 billion in revenue in really the next two or three years. We can get there organically at current course and speed. We think we can just get there a little bit faster with meaningful acquisitions. We certainly have some of those in the pipeline. All right. Well, that takes us to time for this presentation. Thank you, everyone, for your questions. Thank you, Sam and Ana, for your time. We're shortly going to close the platform and the webcast. Thank you, everyone, for your attendance today. Hope you have a lovely day. Thanks, everyone.