Welcome to the Nitro Full Year 2022 release call. Today with us, we have Sam Chandler, CEO, and Ana Sirbu, CFO. We will shortly pass to Sam and Ana for a short presentation, followed by live Q&A, where questions can be submitted via text or asked via audio. Over to you, Sam. Thanks so much, David. Good morning or good afternoon or good evening, wherever you are. Welcome to Nitro's results presentation for the 2022 financial year. I'm Sam Chandler, and with me today is our CFO, Ana Sirbu. Today, I'll provide a quick business update and overview, and then Ana will take us through the FY22 financial results. After that, we'll move to Q&A. Before we start, as always, just a reminder that we have a calendar fiscal year, and all the figures presented today are in US dollars. To kick off here, Nitro at a glance. We had a strong 2022 despite the macroeconomic backdrop, and with ARR growth of 27%, subscription revenue growth of 50%, and ending ARR of $59 million, we were pleased with the full year picture in the end. Our key SaaS metrics last year also remained strong, with gross retention of 93% and net revenue retention of 113%. Last year was also a year of several milestones. We delivered over 30 million e-signatures for the first time. We passed through 1.3 million active licensed subscription users, we broke through 14,000 business customers across 179 countries. We finished last year with over 340 Nitronauts from 29 different nationalities living and working in 16 different countries and speaking 43 languages. Today we have offices or hubs in eight key locations, including Melbourne, where we were founded, San Francisco, which has been our global headquarters since 2009, as well as London, Dublin, Antwerp, Toronto, Budapest, and Paris. Just as we've been scaling our footprint around the world, so have we scaled our product offering. From our beginnings in desktop PDF productivity, we've expanded to e-signing, electronic identity services for high-trust workflows and cross-platform support for Mac and Mobile. Nitro Pro remains our original, you know, founding product, remains the leading alternative to Adobe Acrobat. Just last year, PCWorld said it was the quote-unquote, "strongest alternative to Adobe Acrobat." Nitro Sign, following our acquisition of Connective in late 2021, has also now been recognized as one of the top three e-signing platforms by industry analysts. GigaOm last year said that Nitro Sign has quote-unquote, "emerged as a leader with best-in-class functionality," and that we have an e-signature solution for almost any use case. Identity Hub, which is our electronic identity product, offers the most comprehensive eID verification capabilities of any vendor in e-signing, which enables the highest of high-trust workflows in industries including banking, healthcare, government, and many more. Smart Docs, which is our workflow engine, provides all the template and document generation functionality to enable fully automated e-signing. Nitro Analytics remains completely unique in market, offering our customers the ability to track and measure and prove their digital transformation ROI. Every month, we track and report on billions of product events with the only true productivity and workflow intelligence solution in the category. A really comprehensive product platform today. The breadth of these capabilities across that platform combined with our compelling pricing and packaging models and our leading service experience, they really create pretty enviable competitive advantage. If you look at that here, you know, we are a single vendor now for multiple solutions, including PDF productivity, e-signing, eID services, and more. Our products are easier to use for end users. They're easier for IT to deploy. With our now market-leading eID support, following our Connective acquisition, we are number one in high-trust workflow capabilities, offering more eID support in more countries than anybody else. This is gonna be particularly important as the whole world moves towards high-trust eID-backed workflows as the new standard for all document transactions in the future. As I mentioned before, Nitro Analytics remains a clear differentiator. These capabilities aren't offered by anybody else and really provide a valuable, actionable perspective on the usage and ROI of the entire Nitro platform, as well as our customers' digital transformation journey more broadly. Our customers get all of this for a total cost of ownership that's typically 30% less than other leading solutions and with absolute best-in-class service. You shouldn't really just take our word for it. I think the proof of the product and service experience that we are delivering is in our NPS and customer satisfaction scores, which are genuinely category-leading. You know, we have an average CSAT of 95%, sometimes even higher, and an average NPS of 53. Depending on where that's measured, we can often measure well into the 60s. I think perhaps the best proof points of all here really are our customers who trust us with their document productivity and workflow at scale. You can see here household names from right around the world, you know, in virtually every industry. Some of the world's largest banks and insurers, manufacturers, energy firms, including, you know, two super majors like BP and ExxonMobil. Global icons here like Nestlé, American Express, Caterpillar, FedEx, Lufthansa, just to name, you know, a few, they all rely on Nitro every day. While we serve customers of all sizes, from individuals and small businesses right up to the Fortune 500 or global 1,000 that you see here, our largest customers have an average of well over 20,000 employees using Nitro products every single day, completing, you know, many millions of productivity and workflow tasks every month. So, you know, over 14,000 happy business customers now, a really cool milestone. Millions of satisfied users. I think that's perhaps our proudest achievement. With that quick business overview and update, we'll go to Ana for an overview of our FY22 results. Thank you, Sam, and hello, everyone. I'm happy to share with you our 2022 financial results for the year ended 31 December 2022, in which we achieved strong results in a challenging economic environment. Please note again that all of our reporting is in U.S. Dollars. To start, I will provide a few financial highlights of our 2022 performance. We ended the year with $58.8 million in ARR, which is an increase of 27% relative to 2021. Our 2022 total revenue came in at $66.8 million, representing year-over-year growth of 31%. Of Nitro's total revenue, $50.6 million or 76% was subscription revenue. In 2022, we also saw record cash receipts for customers, up 39% from 2021, for a total of $71.7 million. As Sam pointed out at our trading update last month, that is over AUD 100 million at the current exchange rates and a wonderful milestone for the company. The increase in cash receipts was primarily attributable to an increase in billings arising from multi-year subscription contracts and improvement in debtor collection performance in Q4 of 2022. Nitro continues to make progress towards cash flow break even. Nitro's underlying cash outflows have continued to improve throughout 2022, with underlying cash outflows in the second half of the year substantially reduced to $2.6 million compared to cash outflows of $8.2 million in the first half of 2022. Nitro ended the year with a cash balance of $28 million and continues to remain debt-free. Next, I will provide an overview of our 2022 performance relative to 2021. As mentioned, ARR at 31 December 2022 increased 27% to $58.8 million, which is above the midpoint of our guidance range provided in August 2022. ARR, excluding Connective, increased 26% to $50.6 million. Revenue increased by 31% to $66.8 million, which is around the midpoint of our guidance range provided in February 2022. The corresponding year-over-year revenue increase, excluding Connective, was 18%. Our gross margin continues to be best in class at 90%. Nitro delivered an operating EBITDA loss of $11 million, beating the midpoint of our guidance provided in August 2022. Notwithstanding the prevailing economic uncertainties, Nitro remains confident in the scale of the market opportunity in the years ahead, with fiscal year 2022 being another year of strategic investment in the company's core operations. Nitro's 2022 operational expenses increased 30% to $78.9 million from 2021. Sales and marketing expenses increased 29% to $38 million, representing 57% of revenue. Research and development expenses increased 38% to $18.6 million, representing 28% of revenue. Finally, general and administrative expenses increased 24% to $14.4 million, representing 21% of revenue. Moving now to ARR and key SaaS metrics. As mentioned previously, we finished the year at nearly $59 million in ARR after commencing our recurring revenue journey in 2016 with the launch of Nitro's first subscription offering. When we went public in 2019, just over three years ago, we had less than $17 million of ARR. We added $12.6 million in ARR in 2022, with nearly 60% of that coming in our seasonally stronger second half, despite the increasingly challenging macro environment, ongoing takeover activity, and also taking $5 million of costs out. Our performance on key SaaS metrics like Gross Retention and Net Revenue Retention remained strong at 93% and 113%, respectively. We attained LTV to CAC of 4.4x for the year. Moving on to slide 12, you can see our revenue story over the past three years. We have strong CAGRs for both total and subscription revenue, but it is worth noting that subscription revenue has more than doubled in the period, up nearly 140%. Total revenue is up over 66% in the same period. Here on slide 13, 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. Since launching our business, we have attained the milestone of reaching over 3.3 million licensed Nitro users in total. From a subscription perspective, specifically, Nitro surpassed 1.3 million PDF Pro subscription licenses, reflecting an 89% six-year CAGR. Our subscription customers using Nitro at scale include the household names that Sam mentioned earlier, but also others like Deutsche Bank and General Electric, Siemens, Toyota, UnitedHealth Group, and also many more from every industry and region around the world in which we operate. Finally, we wanted to highlight our balance sheet showing our cash balance of $28 million with no debt. That concludes the financial review. I will hand it over back to Sam. Thanks, Anna. To close today, guys, before we go to Q&A, we would just like to take this quick opportunity to say thank you. It seems fairly likely that this will be our last full year results presentation as a public company, we would like to thank all of you for your support, whether you became a shareholder in Nitro's earliest years as a private company, or at IPO, or even more recently. When we went public in December 19, I talked about how we wanted to build an enduring software company, not just because Australia hadn't produced too many of them, but because we genuinely believed we could be one. We are proud of how far we've come in our three years on the ASX. We know we have a long way to go, but we are proud of how far we've come. At listing, as you can see here, we had $36 million in total revenue. We finished last year with $67 million and a compound annual growth rate over that period of 23%. Our subscription growth story is even stronger. We've really built that business from scratch in the last several years, and in 2019 at listing, we had just $13 million in subscription revenue and $17 million in ARR. Last year, we generated $51 million in subscription revenue and nearly $60 million in ARR for an average annual compound growth rate of 55%. You know, we're very, very proud of these results and we're very grateful for your support over the last several years. I think perhaps our proudest achievement, as I mentioned earlier, is scaling to over 14,000 happy business customers and millions of delighted users. And I'd like to say that I'm personally most proud of the work that our team of over 340 Nitronauts now, has done, you know, to drive this level of growth and success. To the Nitronauts, thank you. You know, none of it would have happened without you. To you, our Nitronauts, our shareholders, our customers, and our partners, thank you very much. As a public or private company, I think Nitro's future is bright. With that, we'll go to questions. Thank you, Sam. If you would like to ask an audio question today, please click the Request to speak button within the broadcast window. To ask a written question, select the Messaging tab at the top of the platform, type your question in the text box, and press the arrow symbol to send. Our first question today is a text question from Kim Wingerei from Michael West Media. Given the good result and seemingly being undervalued by the market at the moment, why is the board so keen to sell? Why not continue to build value for shareholders instead of giving that future value to a private equity firm? Yeah, I can take that. Thanks for the question, Kim Wingerei. Look, whether or not a change of control takes place is ultimately not the board's decision. It is a decision for shareholders. The board can make recommendations about proposals that we've received, but ultimately, the decision, you know, will rest with shareholders and your votes, or your acceptances into a takeover proposal. The company was put into play in August when Potentia announced they had acquired a near 20% position and put forward a takeover proposal, for those of you who can recall, at $1.58 per share. The board and management has subsequently worked really hard to get maximum value for shareholders once a change of control was a possibility or even a probability. I think we're pleased that the bidding ratcheted up from $1.58 - $1.80 and $2.00 and $2.15 and now $2.17 plus with the most recent Potentia proposal. It's worth noting, I guess, that independent experts have confirmed that the current proposals from Potentia and Alludo value the company fairly. They're in the range of what was, you know, developed in terms of an independent expert's re-report from Kroll. Look, given where we are in the economic cycle, I think the valuations put forward are fair. Obviously, it probably should also be noted that in the case of Potentia's proposal, they have provided the option for shareholders to accept some of the consideration in scrip. You know, under the terms of the Potentia proposal, there actually is an option for shareholders to roll into what would be a new unlisted entity to share in that future value creation as well. We currently have no further questions. We'll just give it a moment for any to come through. Just as a reminder, if you'd like to ask an audio question, please click the Request to speak button within the broadcast window. To submit a text question, please click the Messaging tab. I'll just give it a few moments for any to come through. We've still had no questions come through. Sam, I'll hand back to you to sign off. Thank you, David. Thank you again for joining us this morning. Hopefully, we see you again soon. We are very grateful, as I said before, for all of your support over the last three years as a public company. The board will continue to keep you updated as appropriate on the status of the takeover proposals that are currently live in market. We will update you know, as and when it's appropriate and necessary. Thank you, everyone.
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