Welcome to Nitro's Q1 2022 update. I'm delighted to introduce Sam Chandler, Co-founder and Managing Director, and Ana Sirbu, CFO of Nitro. They will be providing us with a short presentation this morning. We'll follow it with Q&A. Just some housekeeping. If you wish to ask any questions, please do so via the Q&A facility on this webinar. Then when we get to the Q&A session, I'll be moderating and I can cover off any of the questions. I might hand across to Sam to take us through the deck. Thanks, Sam. Thanks so much, Ron. Well, good morning, good afternoon, and good evening, everyone. Wherever you are, welcome to our first ever 4C investor update webinar. This one, of course, covering Q1 2022. As Ron said, I'm Sam Chandler, co-founder and CEO, and we also have Ana Sirbu, our CFO, with us today too. We're gonna do a short presentation for you, and then we'll move into the Q&A. Just a reminder, right off the top, as always, that all figures we present are in U.S. dollars. The first thing I wanna talk about today are the Q1 highlights. It was a really strong quarter, and we saw continued high revenue growth, record cash receipts. ARR was up 61% year-on-year, including Connective, 40% excluding. This was driven by primarily the continued success of our Nitro productivity platform, as well as Connective eSign offering. It's really wonderful to see that customers around the world are continuing to choose Nitro to accelerate their business processes, make people more productive, reduce compliance costs, enhance the security of their signing workflows and much more. In parallel with the sales success, we saw these record cash receipts of $70 million. That's up 42% from Q1 2021. Those cash flows, combined with the strong balance sheet that we started the quarter with, put us in a very strong financial position as we enter Q2. We have over $42 million in cash and no debt. Another key milestone for the quarter was subscription revenue reaching 72% of total revenue. It's kind of amazing to think that we only began our transition to a subscription business in 2016 and had zero ARR prior to that. Yet last year we delivered over $46 million in ARR. This year, in fact, is the first year that ARR and total revenue will be approximately the same. While our subscription business did start very small a few years ago, it's now overwhelmingly dominant. The next thing I'd like to provide some updates on is our Connective acquisition integration. Just a quick intro for Connective first. This was a truly transformative transaction for us. It gives us a complete spectrum for eSigning capabilities. It's established us as a global leader in enterprise and high trust signing. It allows us to compete successfully around the world. Actually with this acquisition, we also got a wonderful team. They are mostly based in Connective's Antwerp headquarters, but also in other locations around Europe. As you can see here, the acquisition has driven explosive growth in our eSigning transaction volumes. Including Connective's over 20 million eSignatures last year, our total signing volume leapt from just 1 million signatures in 2020 to over 22 million by the end of last year. We closed the acquisition at the end of last year in December, and we've been working hard to integrate the products and the team since. We're very pleased today to report that we've hit our key Q1 integration milestones. You know, top of the list was really the consolidation of the teams into a single new organizational design. That is complete. We also launched during the quarter, data residency support for the U.S. and Australia. This means that customers who are focused on data sovereignty, that is ensuring that data resides in specific jurisdictions, for security and privacy and compliance and other reasons, can now do so. This is particularly relevant for our highly regulated customers in industries like financial services and healthcare, as well as state and local and federal government signing use cases too. You know, thanks to the incredible product offering that we now have, with a combination of Nitro Sign and Connective's features together, and also this expanded and extremely capable team that we have, we're very excited about our ability to attack the entirety of the $17 billion eSigning market opportunity. In terms of attacking that opportunity, actually, one of the key factors in enterprise software success is research analyst coverage. It often determines which vendors get selected to participate in RFPs. Many customers actually look at these reports as a first step before evaluating any new software. Actually we're thrilled to report that Nitro has launched into the eSign category with a bang, and we've been named by GigaOm in their latest Radar report as a top three leader. That's out of a field of 14 selected vendors. What's striking about that is that Nitro was not recognized in the category previously. You know, to enter a category like this as a top three leader is really highly unusual. Usually you would start in some sort of a challenger or outer position and work your way up or in. When we acquired Connective, we were very clear in saying that we believed that this would immediately establish Nitro as the third truly global enterprise eSign vendor. To have this Radar report come out just a few months later is a truly wonderful validation of that. We were recognized for many things, but it includes, you know, our expansive feature set, our global product capabilities, the power of the Nitro platform offering, the expansive nature of that offering, best-in-class security capabilities that we now have with Connective, native support for advanced and qualified eSignatures leveraging digital identities, where Connective really excels, and in fact, in our view, is the strongest offering on the market anywhere for high trust signing, and many more things. I'm very proud of both the Connective and the Nitro teams for creating a solution offering that made this recognition possible. Please note that if you want to read the report yourself, it's available on the Nitro website. In fact, if you just look at the very top of the site, there's a banner advertising the report, so you can click through and download. Finally, one more thing from me before I hand over to Ana. We just wanna call out a few major wins during the quarter. We have today and including Connective's over 1,000 business customers. We have over 13,000 you know combined business customers today, and many of those are household names and using Nitro at scale. Among our largest customers, like ExxonMobil or GE and many more, the typical deployment runs to tens of thousands of licensed users. During Q1, we celebrated a number of big logo wins, both new customers and renewing and expanding customers. You can see from this slide that our scaled customers really span, you know, geographies and industries and in fact, even extend into space. You know, Blue Origin is one customer we're very proud of, but we're also very proud of industrial giants like Continental and Sandvik, major energy companies like BP or Exelon or NRG, you know, big banks, the top four U.K. banks like Lloyds, and global real estate leaders like Colliers. All in all, a very good quarter. You know, a great way to start the year with some major logo wins. With that, I'll hand over to Ana to provide a recap of our 2021 results for context and provide an update on guidance for 2022. Thanks, Sam, and hello, everyone. I'd like to start by providing a brief overview of the scale of our business at Nitro by taking a quick look at our fiscal year 2021 financial highlights. As a reminder, our fiscal year is the same as the calendar year, and our financials are reported in U.S. dollars. 2021 was a year of strong growth. Annual recurring revenue or ARR at the end of 2021, including Connective, was $46.2 million, and that is up 62% year-over-year. ARR excluding Connective was $40.1 million U.S. dollars, representing an increase of 41% year-over-year. We have successfully continued to deliver high growth rates at increasing levels of scale. Nitro completed 2021 with total revenue of $50.9 million, which is up 27% compared to 2020. Subscription revenue increased by 59% year-over-year. Due to strong execution during the year on both revenue and costs, our operating EBITDA loss of $7.6 million was in line with the upgraded guidance that we provided in January earlier this year. We finished the year with over $48 million in cash, and as Sam already outlined, we finished the past quarter with over $42 million in cash. Now, on the next slide, I'd like to provide a brief update on our 2022 outlook. Through 2022, Nitro will continue to focus on the integration of Connective as well as its platform product strategy to drive increased adoption of the company's PDF productivity, eSigning, and analytics solutions across new and existing customers in all our segments, enterprise, mid-market, and SMB. Nitro has made changes to its operating plan for fiscal year 2022 and is reducing certain costs, given its ability to realize greater investment efficiencies while maintaining its robust growth strategy in the $28 billion global PDF productivity and eSigning software market. These changes are expected to deliver the following results for 2022, including a significantly reduced EBITDA loss, reflecting enhanced business efficiencies. Firstly, our operating EBITDA loss outlook is improving to be between $15 million and $18 million. Previously, it was between $18 million and $21 million. At the same time, our ending ARR outlook remains unchanged between $64 million and $68 million, representing a range of 39%-47% growth versus 2021. Similarly, our revenue outlook remains the same as we shared in February, between $65 million and $69 million, representing 29%-36% growth versus 2021. Finally, in terms of profitability, Nitro expects to move toward a cash flow breakeven profile in the second half of 2023. In terms of definition, please note that a cash flow breakeven profile refers to having positive operating cash flows after taking into account net working capital, CapEx and any lease or tax payments. With that, our initial remarks are completed, and we would like to open for the Q&A section of our call. Sorry. Thanks, Sam, and thanks, Ana. You think after 2.5 years of lockdowns and Zooms, I wouldn't get caught on the mute button. Just to remind everybody, Q&A is now open, so please put your questions in the Q&A box. Not the chat, the Q&A box, and then I can moderate. Maybe we can start, Sam, a question for you just on the acquisition of Connective and the integration. How has that been responded to by customers? How are they? Have they been positive in terms of the extra service they can get in the product? Can you give us a bit of an overview of that, please? Yeah, sure. The feedback's actually very positive. We've had a number of customers who were demanding or asking for the features that Connective had that we did not have prior to the acquisition. We had customers actually beginning to test Connective immediately upon the announcement, really, of the transaction and certainly post-close. That began with gusto. Really, what Connective gives us is enterprise and high trust signing capabilities that we didn't have previously. Many of our customers who had deployed Nitro Sign even for simply signing use cases or simpler, perhaps I should say, signing use cases. Many of them have been graduating to more advanced forms of signing from their initial use cases and to higher volumes where the Connective offering, you know, fits perfectly. You know, we actually had managed to get about one third of our enterprise customers to adopt Nitro Sign, even prior to the Connective transaction. We've had a great number of opportunities actually emerge, cross-sell opportunities, just in the last few months. During Q1, we had over 100 cross-sell opportunities for Connective emerge within our Nitro Sign customer base. Very positive. There's a new economic model for Connective, where it is a volume-based model for essentially all of our premium signing plans now. Customers responded well to that as well. The fact that we can offer now kind of a fixed price model for certain kinds of signing, where that makes more sense for certain use cases, and then also a volume-based model for higher volume, and more advanced forms of signing, you know, where that pricing model actually fits better, means that our customers kind of now get the best of both worlds. Maybe just sticking on the theme of Connective for the moment. We've got a whole bunch of questions that have just been put in. We'll try and do as many as we can within the timeframe from this call. Can you provide some examples of how Nitro and Connective have teamed together to win new customers? Yes. The Connective and Nitro teams are working together in terms of the go-to-market motion. I referenced earlier that one of our key goals for Q1 that was to have a consolidated, integrated organizational design. We are effectively complete on that. What that means is that the teams are now kind of, you know, in one single org chart, so they're all on one team. Every Connectivian is now a Nitronaut. We still have dedicated Connective sales reps, and we have dedicated Connective product specialists and solutions engineers and so on. The Nitro team is able to sell Connective, and the Connective team is able to sell Nitro. The first order of business really last quarter was getting all of our go-to-market team members enabled, you know, to cross-sell their respective products. That's been a pretty intensive process over the last two or three months to kind of get the knowledge in the organization up to a level that allows us to be successful selling, you know, essentially a new product. I mean, Nitro is a new product for the Connective team and vice versa. The teams are working together. You know, Nitro reps are quite often prosecuting the sales motion, you know, directly with a Nitro customer, but with, you know, Connective resources supporting. We kinda have some specialists in each of our regions who are helping the Nitro team, which is much larger as a selling organization than the relatively small Connective team. We're trying to provide essentially that Connective knowledge out into the go-to-market organization by way of those product and kind of solution specialists. Yeah, the teams are working kind of side by side and hand in hand. We've had the opportunity to get the teams, some of the teams together already, you know, in the first few months of this year. Yeah, really good sort of cultural fit, which we've talked about throughout the transaction. The teams get along fabulously. I think a real shared commitment to success. Yes, the joint selling is already in flight. A couple of questions for, or just further on, excuse me, on Connective. Can you speak to the performance of Connective in the first quarter versus plan? In terms of, can you quantify any cross-sell of eSign year- to- date and how that's tracking versus the $2.5 million synergy plan? I'd be happy to take the first part of the question and then, Sam, if you wanna chime in on the synergy side. With regards to performance in the first quarter, for Connective, that has been in line with plan, both in terms of the top line, so added ARR as well as revenue, and also in terms of expenses. You know, Q1 is performing according to plan. Yeah, just to touch on synergies. We weren't planning for any synergy revenue in Q1. If you look at kind of how we've factored synergies throughout the year, there's a little bit this quarter. You know, Q1 was all about enablement. Q2 is kind of all about getting the train rolling on selling, and the bulk of the synergies, you know, are in the second half. As I mentioned earlier, we have over 100 opportunities, you know, from the first quarter alone, and that's from, you know, a standing start, so to speak. Yeah, lots of demand out there, lots of interest from current customers. I expect actually as the year progresses, that we'll get a lot more inbound activity, as we become kinda more established in eSigning and off the back of this GigaOm report. You know, we were essentially, you know, kind of a, I guess not a leading player in eSigning prior to this acquisition. We did some eSigning, but it was simple eSigning. We were building out our own capabilities. As a result, if you were looking for an eSign vendor, you know, prior to this transaction, you know, Nitro would not have necessarily stood out as, you know, a top vendor. Now we do, you know, thanks to kind of the product itself standing on its own two feet, but also thanks to the validation we're getting from reports like the GigaOm Radar Report. That in combination with what we're doing with our kind of marketing, digital marketing strategy in particular, I think will start driving a lot more new customer interest in eSigning. That's already started. We would expect that to really ramp in the coming months. I think one interesting thing to note actually about where we're seeing the opportunities come from is that it's very evenly distributed amongst our regions, or should I say, maybe a better word is proportionally distributed amongst our regions. You know, prior to the connective transaction, we had about typically, you know, historically about 50% of our revenue in North America, 40% in Europe, 10% in APAC, you know, slash rest of world, mostly APAC. With Connective, because that business was European-focused, now we're a bit more 45, 10 in terms of kind of North America versus Europe versus APAC. Interestingly, the eSign opportunities that are emerging are sort of split proportionally that way as well. The demand profile, you know, appears to map very neatly, you know, to kind of where our geographic split of revenue is today. Thanks, Sam. Thanks, Ana. Question for Ana. We've got a lot of questions that have come in around the improved EBITDA guidance. Can you give or shed some light on where the reduced spend or efficiencies are coming from? What's changed in the cost base to lift that guidance? Yeah, you know, as we have progressed through the first, you know, now close to four months of the year, we have been able to realize greater efficiencies throughout the business. That has translated into lower anticipated OpEx. There isn't a particular cost line that is really bearing most of this reduction so to speak. It is pretty well distributed kind of between the different cost lines in terms of sales and marketing, R&D and G&A proportionally. Kind of across the board. Just maybe if we can touch on, we'll keep on the financial questions for the moment. In terms of the cash flow break even, can you clarify the definition of cash flow break even in the second half of 2023, and how the market should think about how that maps to operating EBITDA? Yeah. The way we think about cash flow breakeven, you know, to perhaps just quickly pause on the definition of that. We look at that as, you know, our operating cash flows after taking into account net working capital, CapEx, and any lease or tax payments. You know, kind of that if you wanna think about it starting with an operating EBITDA starting point, then you would look at operating EBITDA and then adjust for net working capital, as well as for CapEx and any tax payments or lease payments. In terms of, you know, I think one important item for folks to keep in mind is that we, being a SaaS business, have a net working capital tailwind or advantage given the fact that we bill once every year, and that is upfront. You know, when we sign an agreement with a customer, say it's a three-year agreement. We bill yearly at the start of the year. We have, through that, a strong sort of tailwind from a net working capital perspective. Just to kind of keep that in mind as, you know, our ARR grows, our billings will be always in line with kind of the ARR at that point in time. Of course, ARR at a point in time is always greater than kind of if a company is growing, then the revenue kind of looking back at a certain period. Of course, we have the billings from our perpetual online revenue as well. Just to highlight that. Just another query that's just come in in terms of a point of clarification on the cash flow breakeven. Is that on an exit run rate, or is it for the whole half or just quarter four? Overall, we are trending towards that cash flow breakeven profile, you know, towards that second half of the year in 2023. We are not making a definitive comment in terms of specific timeframe. That being said, you know, the management team is certainly committed to achieving that overall cash flow breakeven profile, you know, by the second half of 2023. Thanks, Ana. Maybe one or two more questions for Ana. Sam, I haven't forgotten you. We'll come back to you on a couple of the more market questions that we'll close out on. Just maybe flipping to ARR, Ana. In terms of the ARR dollar growth from calendar year 2021 to calendar year 2022, can you give an indication on what's driving that growth? Is it organic growth in Connective, cross-sell, existing customer expansion? Can you give a sense of that split? Yeah, it is all of the above. If we take a look at our overall ARR guidance range, that is in the range of, you know, $64 million-$68 million for the year, for the end of the year, 2022. At the midpoint of the range, it's $66 million, which is approximately $20 million greater than ARR at the end of 2021. You know, a meaningful part of that is from expansion as well as a meaningful part of that is from the new customers. We also are looking to add, of course, the synergies bit. The synergies are about $2.5 million of that as well. Thanks, Ana. I might one last question for you, and then I'll go back to Sam. Q1 receipts at $17 million is running in line with the top end of ARR and revenue guidance. Can you help us understand any lumpiness in receipts which would be extrapolated? Generally, we don't have much lumpiness in receipts. You know, in terms of our contracts, we continue to bill on an ongoing basis. I would just highlight that, you know, the way to think about our billings is again with that network and capital kind of tailwind in mind. You know, towards the end of the year, our run rate for cash receipts will be our target ARR at the end of the period, plus the typical run rate for our perpetual revenues. You know, our billings will trend higher than our typical ARR at any given point in time. I'll give you a break, and I'll go back to Sam. Maybe just a couple of questions before we close out because I know we're coming up to the end of the session. Can you, Sam, briefly please talk to the demand trends you're seeing in Europe in light of recent events and any changes in buying behavior? Yeah. The short answer is we haven't really been able to observe any material changes. I think, anecdotally, what I've heard, you know, in Europe, year to date, at least since the outbreak of hostilities, is that, you know, the main effect has been in organizations that have supply chain, you know, effects or implications. That doesn't seem to have been a big factor, across our customer set, at least at this point. You know, I think the European market for us is still looking really strong. I mentioned before that, you know, we were previously, slightly, you know, kind of overweight in North America relative to Europe, and now it's a bit more balanced, once you add in Connective's revenue, just in terms of our, you know, geographical revenue mix. The European value proposition that we have is very strong. You know, we talked about high trust signing, you know, today and of course, with the Connective transaction. Our high trust signing offering is really the strongest in the market, particularly for Pan-European use cases, where digital identities, you know, for signing are really dominant. You know, I think the fact that we have such a strong value proposition in Europe, you know, is making the European market particularly interesting for us. It makes us particularly competitive in Europe. We haven't actually sort of been able to witness or observe any change in demand factors here, at least at this point. Question on competitive landscape, how has that changed? Given the strong growth that Nitro is generating, how long before the big guys notice Nitro? Well, look, we were well known by Adobe certainly in the PDF productivity category. I think based primarily on some of the large, you know, logo wins that we've had. We've been, you know, well established in that space for many years. In eSigning, I think we're on the radar now. Well, we're in the Radar Report. That was not intended to be a pun. We're definitely kind of on the map, so to speak, with that sort of recognition. You know, the great thing about that recognition is that, you know, a lot of customers do rely on these reports to kind of decide which vendors they wanna include in a request for proposals process. The net result of being in this report is that we will now be included, typically alongside the other two leaders who were named in that report, who are, as you might expect, DocuSign and Adobe. We'll be showing up, you know, in every RFP that typically requires, you know, three vendors to be evaluated. We'll be one of the three. I think, yeah, I think we're gonna be visible. What we have to rely upon is our ability to be differentiated now and differentiated into the future. I think across the product and service offering or the product offering perhaps from the service experience, I think we're a very, very compelling solution. We already were with PDF productivity, given that we were, you know, a better product for IT, a better product for end users, connected to analytics, which is completely unique in market, and half the total cost of ownership. Now we have an eSigning solution that is stronger in high-trust signing than any other player in the market. Clearly the leader in Pan-European high-trust signing use cases. Very, very capable. And again, actually similarly to our PDF productivity, pricing value proposition, roughly half the total cost of ownership of the leading, you know, eSign brand. I look. I think, you know, we've got a very strong position now and we expect the markets to be competitive. These are very big markets. They're very attractive for obvious reasons. You know, we're just pleased to be in a strong position and to be kind of, you know, vaulted into the very core of the eSign market in particular, you know, so swiftly, you know, on the back of the Connective acquisition. Final question, 'cause I know we're over time and everyone got things to do today. It's a busy day for everybody. Just final question. In terms of momentum in Q1, what was driving that? Was it new clients, expansion of existing clients, and how do you see that momentum continuing through this year? It's really a mix of all of the above. It really is. You know, on the acquisition expansion and Connective fronts. Kind of per my earlier comments on how I see particularly the eSigning opportunity evolving over the course of the year, I think the strongest momentum in the second half is almost certainly going to be, I think, probably in new customer acquisition as well as Connective cross-sell, in those two areas. Like, we're already. We've always been very strong with expansion renewals. It's why we've had strong net revenue retention rates, you know, strong gross retention rates and strong net revenue retention rates as well. That's a motion that we've proven we can do well. We haven't been as good at new logo acquisition in the past. We made, you know, some changes to our sales organization last year to try and drive more specialization across the motions and that's, you know, proven to be successful. I think in the second half, as that matures, and as the team gets fully enabled with Connective and as the impact of, you know, reports like the GigaOm report, start to drive our reputation as an eSign player on a standalone basis, you know, I think that's where we're gonna see the momentum from kind of Q1, Q2 really translating into, you know, some exciting bookings and revenue results. Thanks, Sam, and thanks, Ana, for your time this morning presenting the Q1 quarterly performance results and also taking investors and brokers today through those results and answering these questions. Apologies, there were a couple of questions we've just run out of time on, but hopefully we'll get a chance to answer them direct, going forward. Thanks again for your time this morning and, have a good day, everybody. Thank you. Thanks, everyone. Thank you.